1. 1 2011

2. SDA Gestão de Recursos Overview Produce non correlated absolute returns Focus on Brazilian financial arbitrage opportunities Produce non correlated absolute returns Focus on Brazilian financial arbitrage opportunities Objective: Structure: Investment team of 15, comprising: 7 traders/portfolio managers, 4 analysts, 3 Back-Office and 1 IT staff. Features: Multiple Equity arbitrage strategies, Fixed-Income and FX volatility arbitrage opportunities. Long Volatility Bias. Focus on liquid instruments Market Neutral 10 years of experience managing SDA HEDGE. SDA ABSOLUTO leveraged Fund was launched in 2008. Multiple Equity arbitrage strategies, Fixed-Income and FX volatility arbitrage opportunities. Long Volatility Bias. Focus on liquid instruments Market Neutral 10 years of experience managing SDA HEDGE. SDA ABSOLUTO leveraged Fund was launched in 2008.

3. 3 SDA Gestão de Recursos Overview Strategies: Characteristics : 1.Volatility Arbitrage - Seeks distortions among options with different strike prices and expiration dates 2.Statistical Arbitrage - Long/Short strategy employing statistical process 3.Strategic Allocation - Seeks to invest in contrarian strategies to the dominant market trend with excelent risk/return relation 4.Flow Trading - Seeks trading opportunities during temporary supply and demand imbalances 5.Yield Curve Trading - Seeks opportunities associated to distortions among the yields of fixed income instruments with different maturities Emphasis on tranparency - Daily NAV. Weekly updates, monthly letters and conference calls Manager’s incentives aligned with investor’s interests (partners invest roughly 100% of liquid asset in SDA Funds) Substantial technology investment: Direct connectivity to markets; Bloomberg; Bloomberg Anywhere; FGV daily inflation monitor; MAPS Risk Management System.

4. MAIN CHARACTERISTICS CAPITAL PRESERVATION LOW VOLATILITY: AVERAGE 1.5% LOW VaR UTILIZATION: AVERAGE 0.15% - CAP 1% LIQUIDITY: DAILY THE FUND GENERATED A GROSS TRADING SURPLUS EVERY YEAR SINCE INCEPTION. CAPITAL PRESERVATION LOW VOLATILITY: AVERAGE 1.5% LOW VaR UTILIZATION: AVERAGE 0.15% - CAP 1% LIQUIDITY: DAILY THE FUND GENERATED A GROSS TRADING SURPLUS EVERY YEAR SINCE INCEPTION. SDA HEDGE FIM MANAGEMENT FEE: 1.5% PERFORMANCE FEE: 20% MANAGEMENT FEE: 1.5% PERFORMANCE FEE: 20% AUM: R$ 80 Million FUND LAUNCHED IN SEPTEMBER/2001

5. SDA HEDGE FIM (2010) Average VOL.²0.70% Average VaR0.06% Year200820092010 Since Inception* SDA Hedge13.35%11.04% 8.49% 490.11% Benchmark¹12.37%9.90% 9.74% 286.85% Perf. Above Benchmark0.98%1.14% -1.25% 203.26% ² Volatility (Base 252 days); Source: Quantum Axis SDA Hedge - Historical Performance* * Net of all fees, based on administrator figures Since inception Months above benchmark 76 Months below benchmark 40 Negative months0 ¹ Risk Free Interest Rates * Up to 05/31/11 DAILY LIQUIDITY FUND

6. SDA ABSOLUTO 30 FIM MAIN CHARACTERISTICS SEEKS ABSOLUTE RETURN OF OVER 10% HIGH VOLATILITY: ABOVE 5% VaR UTILIZATION: AVERAGE 0.75% - CAP 5% 30 DAY REDEMPTION CALL NOTICE SIMILAR STRATEGIES TO SDA HEDGE, WITH HIGHER LEVERAGE SEEKS ABSOLUTE RETURN OF OVER 10% HIGH VOLATILITY: ABOVE 5% VaR UTILIZATION: AVERAGE 0.75% - CAP 5% 30 DAY REDEMPTION CALL NOTICE SIMILAR STRATEGIES TO SDA HEDGE, WITH HIGHER LEVERAGE MANAGEMENT FEE: 2.0% PERFORMANCE FEE: 20% MANAGEMENT FEE: 2.0% PERFORMANCE FEE: 20% AUM: R$ 290 Million FUND LAUNCHED IN JULY/2008

7. Year20092010 Since Inception* SDA Absoluto21.39%8.88%48.35% Benchmark ¹9.90%9.74%33.50% Perf. Above Benchmark 11.49%-0.86%14.85% SDA Absoluto 30 - Performance* SDA ABSOLUTO 30 (2010) Average VOL.²2.05% Average VaR0.23% ² Volatility (Base 252 days); Source: Quantum Axis ¹ Risk Free Interest Rates * Net of all fees, based on administrator figures * Up to 05/31/11

8. MAIN CHARACTERISTICS AIMS TO OUTPERFORME THE IBOVESPA ALL EXPERTISE ACQUIRED DURING 10 YEARS OF MANAGING LONG & SHORT STRATEGY IN MULTIMARKET FUNDS IS TRANSFERRED TO SDA 130-30 ENSURING A DIVERSIFICATION OF ALPHA STREAMS. FUNDS FOLLOWS A 130% (LONG) AND 30% (SHORT) STRUCTURE. TRACKING ERROR (2010) - 5.12% AIMS TO OUTPERFORME THE IBOVESPA ALL EXPERTISE ACQUIRED DURING 10 YEARS OF MANAGING LONG & SHORT STRATEGY IN MULTIMARKET FUNDS IS TRANSFERRED TO SDA 130-30 ENSURING A DIVERSIFICATION OF ALPHA STREAMS. FUNDS FOLLOWS A 130% (LONG) AND 30% (SHORT) STRUCTURE. TRACKING ERROR (2010) - 5.12% SDA 130-30 MANAGEMENT FEE: 2.0% PERFORFORMANCE FEE: 20% MANAGEMENT FEE: 2.0% PERFORFORMANCE FEE: 20% AUM: R$ 1.5 Million FUND LAUNCHED IN MAY/2007

9. Year20092010Since Inception* SDA Bolsa89.81%4.22%58.06% Ibovespa Index (bmark)82.66%1.04%30.77% Perf. Above Benchmark7.15%3.18%27.29% SDA Bolsa FIA - Performance* * Net of all fees, based on administrator figures * Up to 05/31/11

10. SDA SOCIAL FIXED INCOME MAIN CHARACTERISTICS SEEKS TO DELIVER RETURNS SIMILAR TO BRAZILIAN RISK FREE INTEREST RATES NO EXPOSURE TO PRIVATE CREDIT RISK ALL MANAGEMENT FEE IS DONATED TO AN INSTITUTION WE SUPPORT IN RIO DE JANEIRO, CALLED “SOLAR MENINOS DE LUZ” WHICH HELPS RASING AND FEEDING MORE THAN FOUR HUNDRED CHILDREN AND THEIR FAMILIES. TO LEARN MORE ABOUT THE PROJECT PLEASE VISIT www.meninosdeluz.org.br SEEKS TO DELIVER RETURNS SIMILAR TO BRAZILIAN RISK FREE INTEREST RATES NO EXPOSURE TO PRIVATE CREDIT RISK ALL MANAGEMENT FEE IS DONATED TO AN INSTITUTION WE SUPPORT IN RIO DE JANEIRO, CALLED “SOLAR MENINOS DE LUZ” WHICH HELPS RASING AND FEEDING MORE THAN FOUR HUNDRED CHILDREN AND THEIR FAMILIES. TO LEARN MORE ABOUT THE PROJECT PLEASE VISIT www.meninosdeluz.org.br MANAGEMENT FEE: 0,35% PERFORFORMANCE FEE: NONE MANAGEMENT FEE: 0,35% PERFORFORMANCE FEE: NONE AUM: R$ 1 Million

11. 11 Carlos F. Mello – (Senior Trader, Fixed Income) Carlos F. Mello – (Senior Trader, Fixed Income) Guilherme Schiller – (Senior Trader, Equities) Guilherme Schiller – (Senior Trader, Equities) Luiz Vasconcellos – (Senior Trader, Long & Short) Luiz Vasconcellos – (Senior Trader, Long & Short) Fernando Palermo (Senior Trader, FX) Fernando Palermo (Senior Trader, FX) Philipe Guimarães (Senior Trader, Long & Short) Philipe Guimarães (Senior Trader, Long & Short) André Carvalho (Senior Trader, Offshore) André Carvalho (Senior Trader, Offshore) Felipe Teatini (Trader, Cash Equivalents/Invs. Relation) Felipe Teatini (Trader, Cash Equivalents/Invs. Relation) Guilherme Salgado (Trading Support, FX and Equities) Guilherme Salgado (Trading Support, FX and Equities) Management Team

12. 12  Frederico Valporto  Frederico Valporto is the Managing partner responsible for Compliance and Risk Management. Worked for Merrill Lynch (1999) and Thomson Financial (1999-2002).  All traders follow pre-established risk limits and a strick stop-loss policy.  SDA uses “MAPS Risk Management Software” as a tool to evaluate risks in its portfolio and also measure the Funds Value- at-Risk (VaR).  SDA uses the system “AMS” to register all trades and match them to brokerage houses trading reports.  Additional risk management is also provided by BTG Pactual (Fiduciary Administrator). Risk Management

13. 13 Frederico Valporto – (Senior Manager, Risk and Compliance) Fernando Branas- Risk and IT analyst Fernando Branas - Risk and IT analyst Francisco Santos - Back Office Support Morena Santiago - Investors Support Back-Office Team

14. SDA FRACTAL MAIN CHARACTERISTICS ALPHA GENERATION MAINLY THROUGH “MARKET-TIMING” FUTURES CONTRACTS USED TO MINIMIZE TRANSACTION COSTS STRATEGIES PORTFOLIO OPTIMIZATION TO MINIMIZE VOLATILITY AND CORRELATION TO MARKETS “TREND-FOLLOWING” STRATEGIES FOCUS ALPHA GENERATION MAINLY THROUGH “MARKET-TIMING” FUTURES CONTRACTS USED TO MINIMIZE TRANSACTION COSTS STRATEGIES PORTFOLIO OPTIMIZATION TO MINIMIZE VOLATILITY AND CORRELATION TO MARKETS “TREND-FOLLOWING” STRATEGIES FOCUS

15. SDA FRACTAL Dr. Fernando Saldanha PhD in Economics from the Massachusetts Institute of Technology, Dr. Fernando Saldanha has over 30 years experience in economics international and financial services. Before becoming a member of SDA, Dr. Saldanha has worked with Rock Creek Group to develop an ETF-based hedge fund replication, and was currency strategist at Tudor Investment Corporation, a hedge fund based in Greenwich, Connecticut. Was also Expert in Emerging Markets and Portfolio Manager at Global Fixed Income Group at Lord, Abbett & Co Dr. Saldanha has worked for 10 years at the World Bank in Washington, DC. as Senior Financial Officer of the Asset & Liability Management and Derivatives Group in the Treasury Finance Department, where he participated at the administration of a derivatives portfolio and was responsible for the administration of fixed income portfolios. Felipe Araújo Felipe Araújo Graduated in Economics at UFRJ and experienced in research in microeconomics and the use of econometric models, Felipe Araujo develops under the direction of Dr. Fernando Saldanha, the area of quantitative funds. His focus is on the development of mathematical models and systems developments applied to economics.

16. 16 Risk Management - Segregation of Activities Manager Administrator Custody of Assets Independent Auditor