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SDA Gestão de Recursos Overview

Objective:

Structure: Features:

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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.

MAIN CHARACTERISTICS MAIN CHARACTERISTICS

SDA HEDGE FIM

MANAGEMENT FEE: 1.5%PERFORMANCE FEE: 20%

AUM: R$ 80 Million

FUND LAUNCHED IN SEPTEMBER/2001FUND LAUNCHED IN SEPTEMBER/2001

SDA HEDGE FIM (2010)

Average VOL.² 0.70%

Average VaR 0.06%

Year 2008 2009 2010Since

Inception*SDA Hedge 13.35% 11.04% 8.49% 490.11%

Benchmark¹ 12.37% 9.90% 9.74% 286.85%

Perf. Above Benchmark 0.98% 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 months 0

¹ Risk Free Interest Rates * Up to 05/31/11

DAILY LIQUIDITY

FUND

SDA ABSOLUTO 30 FIM

MAIN CHARACTERISTICS

MANAGEMENT FEE: 2.0%PERFORMANCE FEE: 20%

AUM: R$ 290 Million

FUND LAUNCHED IN JULY/2008FUND LAUNCHED IN JULY/2008

Year 2009 2010Since

Inception*SDA Absoluto 21.39% 8.88% 48.35%Benchmark ¹ 9.90% 9.74% 33.50%Perf. Above Benchmark

11.49% -0.86% 14.85%

SDA Absoluto 30 - Performance*

SDA ABSOLUTO 30 (2010)

Average VOL.² 2.05%

Average VaR 0.23%

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

MAIN CHARACTERISTICS

SDA 130-30

MANAGEMENT FEE: 2.0%PERFORFORMANCE FEE: 20%

AUM: R$ 1.5 Million

FUND LAUNCHED IN MAY/2007FUND LAUNCHED IN MAY/2007

Year 2009 2010 Since Inception*SDA Bolsa 89.81% 4.22% 58.06%

Ibovespa Index (bmark) 82.66% 1.04% 30.77%Perf. Above Benchmark 7.15% 3.18% 27.29%

SDA Bolsa FIA - Performance** Net of all fees, based on administrator figures

* Up to 05/31/11

SDA SOCIAL FIXED INCOMEMAIN CHARACTERISTICS

MANAGEMENT FEE: 0,35%PERFORFORMANCE FEE: NONE

AUM: R$ 1 Million

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• 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 – Luiz Vasconcellos – (Senior Trader, Long & Short)(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

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Frederico ValportoFrederico 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

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Frederico Valporto – (Senior Manager, Frederico Valporto – (Senior Manager, Risk and Compliance)Risk and Compliance)

Fernando BranasFernando Branas - Risk and IT analyst - Risk and IT analyst

Francisco Santos - Back Office SupportFrancisco Santos - Back Office Support

Morena Santiago - Investors SupportMorena Santiago - Investors Support

Back-Office Team

SDA FRACTAL

MAIN CHARACTERISTICS

SDA FRACTAL

Dr. Fernando SaldanhaDr. Fernando SaldanhaPhD 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 AraújoFelipe AraújoGraduated 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.

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Risk Management - Segregation of Activities

Manager

Administrator

Custody of Assets

Independent Auditor