3. For the cross-border valuation analysis, what discount rate would you use to discount the Brazilian real cash flows of the project? Is it possible to conduct cross-border valuation without calculating foreign currency cost of capital?

Exhibit 1. Brazilian Investment Cash Flows Forecast (Price and Costs Increased by 9% Each Year) (thousands of R$ ) Exhibit 1. Brazilian Investment Cash Flows Forecast (Price and Costs Increased by 9% Each Year) (thousands of R$ )