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Private automatic branch exchange. The term originally used for telephone exchanges in companies was PBX, or private branch exchange, referring to the equipment that required the manual intervention of a human operator to complete calls. Over time, PBXs were updated, and this procedure was automated. Nowadays, the terms PBX and PABX are used interchangeably.

PABX Extension

Internal terminal connected to a PABX, composing the PABX phone line extension set-up.


Processes for calculating the cost of breaching an obligation [Processos de Apuração de Descumprimento de Obrigação.

Paper Money

The legal tender of a country, not convertible into coins of precious metal (gold or silver).


Alternative service plan for obligatory offers [Plano Alternativo de Serviço de Oferta Obrigatória].


Basic monthly plan.


Private branch exchange, or private operator, consists of a switchboard for private use that is connected to the national telephone network.


Personal communications system or SMP [Serviço Móvel Pessoal] in Brazil.

Peak Price

Highest price reached for a security during a trading session.

Pension Fund

Set of resources raised by contributions from employees and the company itself, managed by an entity linked to it, whose destination is the investment in a diversified portfolio of stocks, other securities, and property.

Performance Fee

Amount charged by the manager on the portion of the investment fund‘s profitability that has a variation that is above the rate set as a reference. It can also be charged in addition to the management fee.


Acronym for "Plano Gerador de Benefícios Livres" translated as Free Benefit Generator Plan. Is a Private Pension Fund created in 1997 whose main characteristic is the collection of income tax at the time of redemption.


The General Competition Target Plan (PGMC) is a regulation that allows the adoption of asymmetric measures regarding the key market players - companies that, based on a set of criteria, are considered holders of Significant Market Power (they are called SMPs).


Personal identification number - numerical code used to restrict access to a given service only to authorized persons.


Acronym in Portuguese that identifies the preferred stock. Preferred stock gives the holder priorities in both the distribution of dividend, fixed or minimum, as well as the redemption of capital. Preferred stock, however, does not give the stockholder voting rights in the company‘s General Meeting, or restricts the exercise of this right. If the company changes control, the treatment is different for the holders of preferred capital stock.


The National Broadband Plan was created by Decree 7175 of May 12, 2010, aiming to expand telecom infrastructure and services by broadening access to the population and seeking the best conditions of price, coverage and quality. The goal is to provide access to broadband (with a minimum speed of 1 Mbps) for 40 million Brazilian households by 2014.


A set of financial instruments combined for resale.

Portability Billing

Document standardized by the Portability Implementation Group [Grupo de Implementação da Portabilidade] (GIP) - a temporary entity set up by ANATEL to implement portability) that registers the request submitted by a user and enables the entity to follow up on each stage of the portability process; this request must be kept for a minimum of five (5) years, and may be requested by ANATEL and any time during this five-year period.


Set of securities and contracts of an investor or investment fund.


One form of payment for telephone services. Postpaid contracts require the user to accept a service subscription price and to receive a bill after a set period of telephone use.

Pre-Tax Income

Earnings Before Income Tax of a company.

Predecessor Companies

The operators created in January 1998 as result of the dismantling of the land-line operations controlled by one of the operators controlled by Telebrás.

Preferred Stock

Also known as preferred shares (PN), give the holder priority at the time of distributing dividends, whether fixed or minimum, and in the case of redemption of capital. Preferred stock, however, does not give the stockholder voting rights in the company‘s General Meeting, or restricts the exercise of this right. If the company changes control, the treatment is different for the holders of preferred capital stock.


Positive difference between the amount paid and the equity‘s nominal value.

Premium Offer

Reimbursement paid to third parties as a premium for capturing clients who have high consumption levels of telephone services from other operators.


One form of payment for telephone services. Prepaid systems require the client to pay for credits ahead of time prior to using the phone. Credits are purchased as cards, which can be bought in retail POS or directly through prepaid phone credit terminals at ATMs or operators‘ stores.

Present Value

Current value discounted at an interest rate of a flow of future payments or receipts.


The Pension Fund for the Employees of Banco do Brasil.

Price Protection

Reimbursement paid to third parties for the purpose of guaranteeing a profit margin in the sale of devices included in promotional offers.

Price/Earnings Ratio

P/E - Quotient of dividing the price of a stock on the market at an instant by its annual net earnings. Thus, the P/E is the number of years it would take to recover the capital invested in buying a share by receiving the profits generated by a company. This interpretation, however, assumes that the earnings per share will remain constant and will be distributed each year.


Use of certain criteria to establish purchase price or sell price of a stock, security, etc.

Primary Deficit

Refers to the amount the government spends more than it collects, excluding interest payments on public debt.

Primary Market

Where stocks, bonds, and securities from new issuances are traded for the first time. Companies turn to the primary market to complement the resources they need in order to finance their expansion projects or their involvement in other activities.

Primary Surplus

Refers to the amount the government spends below what it collects, excluding interest payments on public debt.

Private System

Form of telecommunications service provided under authorization granted by ANATEL.


Process for transferring share control from the government to private institutions or individuals through auction.


Rate of return on an investment.


Relationship between the current value and the amount paid for an investment. The current value is represented by the price of investment plus the income already distributed by the issuer or company responsible (dividends, bonuses, premiums, interest, subscription rights, etc.).

Profitability Index

Relationship between the current and the initial capital of an investment made in shares of a company.


The prospectus of an investment fund includes the information that investors need to know about the fund‘s operation. It is a document prepared by the managers of investment funds and public offerings of securities, which allows the investor to know the characteristics of the investment.


Legal entity that provides value-added services through the public telecommunications network and is responsible to public phone subscribers for the service.

Public Debt

Amount determined without duplication of the financial obligations of the public sector undertaken by virtue of laws, contracts, agreements, or treaties, and by conducting credit transactions for a amortization period exceeding 12 months.

Public Offer to Purchase

Proposal to purchase a specific lot of shares at a given price in a transaction subject to interference.

Public Offer to Sale

Proposal of a placement to the public of a certain number of shares of a company.

Public System

Form of telecommunications service provided under concession or permission, obligating the provider to provide services that ensure universality, quality and continuity.


A rapid change in the amplitude or characteristic of a wave or flow of energy.

Put Option

The right granted to the holder of an option to sell to the writer, if he so desires, a standard lot of shares for a price previously stated on the expiration date of the option.