1 SDA Hedge FIM SDA Absoluto 30 SDA Bolsa FIA 2010

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 12, comprising: 7 traders/portfolio managers, 1 analyst, 2 Back- Office workers and 2 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 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 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 SDA - AUM Evolution AUM: R$ 285 Million AUM: R$ 375 Million AUM: R$ 2 Million SDA HEDGE FIM SDA ABSOLUTO 30 FIM SDA BOLSA FIA

5 Investors - All Funds AUM: R$ 640 Million *The distributors are Family Offices and Funds of Funds from independent and/or Bank Asset Managers

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$ 265 Million FUND LAUNCHED IN SEPTEMBER/2001

SDA HEDGE FIM Average VOL.²1.18% Average VaR0.07% Year *¹ Since Inception*¹ SDA Hedge11.04%3.79%444.33% Benchmark¹9.90%4.28%251.70% Perf. Above Benchmark1.14%-0.49%192.63% 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 74 Months below benchmark 31 Negative months0 ¹ Risk Free Interest Rates* Net of all fees, based on administrator figures ¹ Up to 06/30/10 DAILY LIQUIDITY FUND

8 SDA Hedge - Fund vs. Index comparison * IFMM-A: Multimarket Funds Index - BTG Pactual CDI: Risk Free Interest Rate - Funds Benchmark SDA Hedge - Performance attribution 2009 NET SURPLUS: 1.13%

9 Stress TestsAverage Negative (red)-1.37% Positive (green)5.40% SDA Hedge FIM - Portfolio Stress Test - Daily Stress Scenerios PositiveNegative Fixed Income-3%6% Ibovespa15%-15% Dolar-10%10% LONG VOLATILITY BIAS

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$ 325 Million FUND LAUNCHED IN JULY/2008

Year *¹ Since Inception*¹ SDA Absoluto21.39%4.95%39.31% Benchmark ¹9.90%4.28%21.37% Perf. Above Benchmark 11.49%0.67%17.94% SDA Absoluto 30 - Performance SDA ABSOLUTO 30 Average VOL.²3.82% Average VaR0.40% ² Volatility (Base 252 days); Source: Quantum Axis * Net of all fees, based on administrator figures ¹ Risk Free Interest Rates ¹ Up to 05/31/10

SDA Absoluto - Fund vs. Index comparison ** IHF-A: Hedge Funds Index - ANBIMA * IFMM-A: Multimarket Funds Index - BTG Pactual ¹ Ars. Composto: Multimarket Funds Index - Arsenal Investimentos CDI: Risk Free Interest Rate - Funds Benchmark

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 BOLSA FIA ENSURING A DIVERSIFICATION OF ALPHA STREAMS. IN 12 MONTHS RETURNED 22% VS. 18% OF ITS BENCHMARK (IBOVESPA INDEX) TRACKING ERROR (2010) % AIMS TO OUTPERFORME THE IBOVESPA ALL EXPERTISE ACQUIRED DURING 10 YEARS OF MANAGING LONG & SHORT STRATEGY IN MULTIMARKET FUNDS IS TRANSFERRED TO SDA BOLSA FIA ENSURING A DIVERSIFICATION OF ALPHA STREAMS. IN 12 MONTHS RETURNED 22% VS. 18% OF ITS BENCHMARK (IBOVESPA INDEX) TRACKING ERROR (2010) % SDA BOLSA FIA MANAGEMENT FEE: 2.0% PERFORFORMANCE FEE: 20% MANAGEMENT FEE: 2.0% PERFORFORMANCE FEE: 20% AUM: R$ 2 Million FUND LAUNCHED IN MAY/2007

Year *Since Inception* SDA Bolsa89.81%-12.73%39.58% Ibovespa Index (bmark)82.66%-11.16%23.32% Perf. Above Benchmark7.15%-1.57%16.26% SDA Bolsa FIA - Performance * Net of all fees, based on administrator figures ¹ Up to 06/30/10

15  Frederico Valporto  Frederico Valporto is the Managing partner responsible for Compliance and Risk Management. Worked for Merrill Lynch (1999) and Thomson Financial ( ).  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).  Funds managed by SDA Gestão de Recursos are not exposed to credit risk, except for sovereign brazilian debt.  Additional risk management is also provides by BTG Pactual (Fiduciary Administrator). Risk Management

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

17 Carlos F. Mello – (Senior Trader, Fixed Income) Carlos F. Mello – (Senior Trader, Fixed Income) Fernando Palermo (Senior Trader, FX) Felipe Teatini (Junior Trader, Cash Equivalents) Guilherme Schiller – (Senior Trader, Equities) Guilherme Schiller – (Senior Trader, Equities) Guilherme Motta (Junior Trader, Equities) Guilherme Motta (Junior Trader, Equities) Luiz Vasconcellos – (Senior Trader, Long & Short) Luiz Vasconcellos – (Senior Trader, Long & Short) Philipe Guimarães (Senior Trader, Long & Short) Philipe Guimarães (Senior Trader, Long & Short) André Carvalho (Senior Trader, Offshore) André Carvalho (Senior Trader, Offshore) Management Team

18 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 - Back Office Support Back-Office Team

19 SDA Hedge FIM SDA Absoluto 30 SDA Bolsa FIA 2010