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SDA Hedge FIM SDA Absoluto 30 SDA Bolsa FIA

SDA Hedge FIM SDA Absoluto 30 SDA Bolsa FIA. 2010. 1. SDA Gestão de Recursos Overview. Features:. Structure:. Multiple Equity arbitrage strategies , Fixed-Income and FX volatility arbitrage opportunities . Long Volatility Bias. Focus on liquid instruments Market Neutral

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SDA Hedge FIM SDA Absoluto 30 SDA Bolsa FIA

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  1. SDA Hedge FIM SDA Absoluto 30 SDA Bolsa FIA 2010 1

  2. SDA Gestão de Recursos Overview Features: Structure: • MultipleEquityarbitragestrategies, Fixed-Incomeand FX volatilityarbitrageopportunities. • LongVolatility Bias. • Focusonliquidinstruments • Market Neutral • 10 yearsofexperiencemanaging SDA HEDGE. SDA ABSOLUTO leveragedFundwaslaunched in 2008. • Investmentteamof 12, comprising: 7 traders/portfolio managers, 1 analyst, 2 Back-Officeworkersand 2 IT staff. Objective: • Producenoncorrelatedabsolutereturns • FocusonBrazilian financial arbitrageopportunities

  3. SDA Gestão de Recursos Overview Strategies: VolatilityArbitrage - Seeksdistortionsamongoptionswithdifferentstrikepricesandexpiration dates StatisticalArbitrage - Long/Short strategyemployingstatisticalprocess Strategic Allocation - Seeks to invest in contrarianstrategies to thedominantmarkettrendwithexcelentrisk/returnrelation Flow Trading - Seeks trading opportunitiesduringtemporarysupplyanddemandimbalances Yield Curve Trading - Seeksopportunitiesassociated to distortionsamongtheyieldsoffixedincomeinstrumentswithdifferentmaturities Characteristics : • 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 SDA HEDGE FIM AUM: R$ 285 Million SDA ABSOLUTO 30 FIM AUM: R$ 375 Million SDA BOLSA FIA AUM: R$ 2 Million

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

  6. SDA HEDGE FIM FUND LAUNCHED IN SEPTEMBER/2001 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. AUM: R$ 265 Million MANAGEMENT FEE: 1.5% PERFORMANCE FEE: 20%

  7. SDA Hedge - Historical Performance* * Net of all fees, based on administrator figures DAILY LIQUIDITY FUND ¹ Risk Free Interest Rates * Net of all fees, based on administrator figures ¹ Up to 06/30/10 ² Volatility (Base 252 days); Source: Quantum Axis

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

  9. SDA Hedge FIM - Portfolio Stress Test - Daily LONG VOLATILITY BIAS 9

  10. SDA ABSOLUTO 30 FIM FUND LAUNCHED IN JULY/2008 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 AUM: R$ 325 Million MANAGEMENT FEE: 2.0% PERFORMANCE FEE: 20%

  11. SDA Absoluto 30 - Performance ² Volatility (Base 252 days); Source: Quantum Axis ¹ Up to 05/31/10 * Net of all fees, based on administrator figures ¹ Risk Free Interest Rates

  12. 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

  13. SDA BOLSA FIA FUND LAUNCHED IN MAY/2007 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) - 4.84% AUM: R$ 2 Million MANAGEMENT FEE: 2.0% PERFORFORMANCE FEE: 20%

  14. SDA Bolsa FIA - Performance * Net of all fees, based on administrator figures ¹ Up to 06/30/10

  15. Risk Management • Frederico Valporto is theManagingpartnerresponsible for ComplianceandRisk Management. Worked for Merrill Lynch (1999) and Thomson Financial (1999-2002). • Alltradersfollowpre-establishedrisklimitsand a strickstop-losspolicy. • SDA uses “MAPS Risk Management Software” as a tool to evaluaterisks in its portfolioandalsomeasuretheFundsValue-at-Risk (VaR). • Funds managed by SDA Gestão de Recursos are not exposed to credit risk, except for sovereign brazilian debt. • Additionalrisk management is alsoprovidesby BTG Pactual (Fiduciary Administrator) . 15

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

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

  18. Back-Office Team Frederico Valporto – (Senior Manager, Risk and Compliance) Fernando Branas- Risk and IT analyst Francisco Santos - Back Office Support Morena Santiago - Back Office Support 18

  19. SDA Hedge FIM SDA Absoluto 30 SDA Bolsa FIA 2010 19

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