1. 1 SDA Hedge FIM SDA Absoluto 30 SDA 130-30 2010

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 13, comprising: 8 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 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. 4 SDA - AUM Evolution AUM: R$ 215 Million AUM: R$ 490 Million AUM: R$ 2 Million SDA HEDGE FIM SDA ABSOLUTO 30 FIM SDA BOLSA FIA

5. 5 Investors - All Funds AUM: R$ 705 Million *The distributors are Family Offices and Funds of Funds from independent and/or Bank Asset Managers

6. 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$ 220 Million FUND LAUNCHED IN SEPTEMBER/2001

7. SDA HEDGE FIM (2010) Average VOL.²1.24% Average VaR0.08% Year20092010¹ Since Inception¹ SDA Hedge11.04%4.90%450.14% Benchmark¹9.90%5.18%254.71% Perf. Above Benchmark1.14%-0.28%195.43% 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 75 Months below benchmark 31 Negative months0 ¹ Risk Free Interest Rates¹ Up to 07/31/10 DAILY LIQUIDITY FUND

8. 8 Stress TestsAverage Negative (red)-1.26% Positive (green)5.32% SDA Hedge FIM - Portfolio Stress Test - Daily Stress Scenerios PositiveNegative Fixed Income-3%6% Ibovespa15%-15% Dolar-10%10% LONG VOLATILITY BIAS

9. 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$ 490 Million FUND LAUNCHED IN JULY/2008

10. Year20092010*¹ Since Inception*¹ SDA Absoluto21.39%6.57%41.46% Benchmark ¹9.90%5.18%22.41% Perf. Above Benchmark 11.49%1.39%19.05% SDA Absoluto 30 - Performance SDA ABSOLUTO 30 (2010) Average VOL.²3.85% Average VaR0.28% ² Volatility (Base 252 days); Source: Quantum Axis * Net of all fees, based on administrator figures ¹ Risk Free Interest Rates ¹ Up to 07/31/10

11. 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$ 2 Million FUND LAUNCHED IN MAY/2007

12. Year20092010*Since Inception* SDA Bolsa89.81%-2.21%51.82% Ibovespa Index (bmark)82.66%-3.49%32.03% Perf. Above Benchmark7.15%1.18%19.79% SDA Bolsa FIA - Performance * Net of all fees, based on administrator figures ¹ Up to 08/24/10

13. 13  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).  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

14. 14 Risk Management - Segregation of Activities Manager Administrator Custody of Assets Independent Auditor

15. 15 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

16. 16 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

17. 17 SDA Hedge FIM SDA Absoluto 30 SDA 130-30 2010