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SDA Hedge FIMSDA Hedge FIM

SDA Absoluto 30SDA Absoluto 30

SDA Bolsa FIASDA Bolsa FIA

20102010

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.

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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

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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 MAIN CHARACTERISTICS

SDA HEDGE FIM

MANAGEMENT FEE: 1.5%PERFORMANCE FEE: 20%

AUM: R$ 265 Million

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

SDA HEDGE FIM

Average VOL.² 1.18%

Average VaR 0.07%

Year 2009 2010*¹Since

Inception*¹SDA Hedge 11.04% 3.79% 444.33%Benchmark¹ 9.90% 4.28% 251.70%

Perf. Above Benchmark 1.14% -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 months 0

¹ Risk Free Interest Rates * Net of all fees, based on administrator figures

¹ Up to 06/30/10

DAILY LIQUIDITY

FUND

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SDA Hedge - Fund vs. Index comparison

* IFMM-A: Multimarket Funds Index - BTG PactualCDI: Risk Free Interest Rate - Funds Benchmark

SDA Hedge - Performance attribution 2009

0,00%

5,00%

10,00%

15,00%

20,00%

25,00%

30,00%

SDA Hedge CDI IFMM-A *

11,04% 9,90%12,99%

25,86%23,48%

21,35%

2009 (left) and 24 months (right)

11,04%1,28%

0,05%1,15%

0,58%

9,90%-1,93%

-3,00% 2,00% 7,00% 12,00%

TotalLong/ShortEquity Vol.

Fixed IncomeForexCash

Costs

NET SURPLUS: 1.13%

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Stress Tests Average

Negative (red) -1.37%

Positive (green) 5.40%

SDA Hedge FIM - Portfolio Stress Test - Daily

  Stress Scenerios

Positive Negative

Fixed Income -3% 6%

Ibovespa 15% -15%

Dolar -10% 10%

LONG VOLATILITY BIASLONG VOLATILITY BIAS

-10%-5%0%5%

10%15%20%25%

jan

-05

mar

-05

mai

-05

jul-

05se

t-05

no

v-05

dez

-05

mar

-06

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6ag

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6o

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06d

ez-0

6fe

v-07

abr-

07ju

n-0

7ag

o-0

7o

ut-

07d

ez-0

7fe

v-08

abr-

08ju

n-0

8ag

o-0

8o

ut-

08d

ez-0

8fe

v-09

abr-

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0

Stress Otimista

SDA ABSOLUTO 30 FIM

MAIN CHARACTERISTICS

MANAGEMENT FEE: 2.0%PERFORMANCE FEE: 20%

AUM: R$ 325 Million

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

Year 2009 2010*¹Since

Inception*¹SDA Absoluto 21.39% 4.95% 39.31%Benchmark ¹ 9.90% 4.28% 21.37%Perf. Above Benchmark

11.49% 0.67% 17.94%

SDA Absoluto 30 - Performance

SDA ABSOLUTO 30

Average VOL.² 3.82%

Average VaR 0.40%

² Volatility (Base 252 days); Source: Quantum Axis

* Net of all fees, based on administrator figures¹ 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 Pactual¹ Ars. Composto: Multimarket Funds Index - Arsenal InvestimentosCDI: Risk Free Interest Rate - Funds Benchmark

0,00%

5,00%

10,00%

15,00%

20,00%

25,00%

SDA Absoluto CDI IHF-A ** IFMM-A * Ars. Composto ¹

21,39%

9,90%

20,94%

12,99%

16,17%

2009

MAIN CHARACTERISTICS

SDA BOLSA FIA

MANAGEMENT FEE: 2.0%PERFORFORMANCE FEE: 20%

AUM: R$ 2 Million

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

Year 2009 2010* Since Inception*SDA Bolsa 89.81% -12.73% 39.58%

Ibovespa Index (bmark) 82.66% -11.16% 23.32%Perf. Above Benchmark 7.15% -1.57% 16.26%

SDA Bolsa FIA - Performance

* Net of all fees, based on administrator figures

¹ Up to 06/30/10

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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).

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

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Risk Management - Segregation of Activities

Manager

Administrator

Custody of Assets

Independent Auditor

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Carlos F. Mello – (Senior Trader, Fixed Income)Carlos F. Mello – (Senior Trader, Fixed Income)

Fernando Palermo (Senior Trader, FX)Fernando Palermo (Senior Trader, FX)

Felipe Teatini (Junior Trader, Cash Equivalents)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 – Luiz Vasconcellos – (Senior Trader, Long & Short)(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

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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 - Back Office SupportMorena Santiago - Back Office Support

Back-Office Team

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SDA Hedge FIMSDA Hedge FIM

SDA Absoluto 30SDA Absoluto 30

SDA Bolsa FIASDA Bolsa FIA

20102010