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

2. SDA Gestão de Recursos Overview Objective: Structure: Features:

3. 3 SDA Gestão de Recursos Overview Strategies: Characteristics : 1.Volatility Arbitrage - Seeks distortions among options with different strike prices and expiration dates 1.Statistical Arbitrage - Long/Short strategy employing statistical process 1.Strategic Allocation - Seeks to invest in contrarian strategies to the dominant market trend with excelent risk/return relation 1.Flow Trading - Seeks trading opportunities during temporary supply and demand imbalances 1.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 SDA HEDGE FIM 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 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 SDA 130-30 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