BRAZIL EQUITY RESEARCH DAILY

28 March 2011

Settlement: 31 Mar. 2011

FOR IMPORTANT DISCLOSURE INFORMATION, INCLUDING DISCLOSURES RELATED TO THE U.S. DISTRIBUTOR OF THIS REPORT, PLEASE REFER TO THE LAST 4 PAGES OF THIS REPORT.

This research was prepared by BES Securities do Brasil S.A. CCVM Av. Brig. Faria Lima, 3729 Mezanino 04538-905 – São Paulo - Brazil

Research Released • CESP (CESP6, BUY, PT R$33.0): 4Q10 Results Preview

• LIGHT (LIGT3, NEUTRAL, PT R$28.4): 4Q10 Results Review

• ANHANGUERA (AEDU3, BUY, PT R$45.8): Adding recent acquisitions…

Today’s Comments • MACROECONOMICS: Economic activity abroad and inflation in Brazil

• AES TIETE (GETI3, BUY, PT R$23.9 – GETI4, NEUTRAL, PT R$23.8): 4Q10 conference call highlights

• ELETROPAULO (ELPL4, NEUTRAL, PT R$26.8): 4Q10 conference call highlights

• COPASA (CSMG3, BUY, PT R$40.0): Operating figures for Feb/11 / 1Q11 IOE announcement

• VIVO (VIVO4, BUY, PT R$64.6): Share swap ratio of 1.55 with Telesp

Main Economic Figures

Date Local Time (BZ) Country Indicator Reference BES Estimates Consensus Last28-Mar-11 08:00 BR Brazilian FGV Construction Costs (MoM) MAR 0,43% - - 0,39%28-Mar-11 08:30 BR Brazilian CB's Focus Report - IPCA 2012 25-Mar - - - - 4,80%28-Mar-11 09:30 US US Personal Income FEB - - 0,4% 1,0%28-Mar-11 09:30 US US Personal Spending FEB - - 0,5% 0,2%28-Mar-11 09:30 US US PCE Core (MoM) FEB - - 0,2% 0,1%28-Mar-11 09:30 US US PCE Core (YoY) FEB - - 0,9% 0,8%28-Mar-11 11:00 ME Mexican Global Economic Indicator IGAE JAN - - 6,0% 4,1%28-Mar-11 11:00 US US Pending Home Sales MoM FEB - - 0,9% -2,8%28-Mar-11 16:00 AR Argentinian Economic Activity Index (MoM sa) JAN - - - - 1,1%28-Mar-11 20:30 JP Japanese Jobless Rate FEB - - 4,9% 4,9%28-Mar-11 20:30 JP Japanese Overall Hhold Spending (YoY) FEB - - 0,0% -1,0%

Forecast

Source: Bloomberg

Ibovespa Top Gainers Daily chg. m shares Latest PriceBRTO4 6.17% 4.562 19.80

TNLP3 4.95% 3.739 29.28

TNLP4 4.82% 3.148 0.87

TLPP4 3.53% 7.894 25.24

TM AR5 3.45% 9.872 23.06

Ibo vespa - T o p Lo sers D aily chg. m shares Latest P rice

EM BR3 -6.05% 3.302 23.90

ECOD3 -3.75% 2.751 31.85

USIM 5 -2.54% 3.976 3.83

USIM 3 -1.97% 4.622 13.92

NATU3 -1.69% 3.908 45.36

Other Sto ck M arkets Last D aily C hg. YT D C hg.

North America

Dow Jones US 12.221 0.41% 5.55%

Nasdaq US 2.743 0.24% 3.40%

S&P 500 US 1.314 0.32% 4.47%

Europe

Dax Xetra GR 6.946 0.18% 0.47%

IBEX 35 SM 10.710 -0.42% 8.63%

CAC 40 FP 5.592 -0.69% 9.97%

FTSE 100 LN 5.901 0.34% 0.01%

PSI 20 PL 7.854 -0.18% 3.50%

Asia

Nikkei JP 9.536 1.07% -6.77%

TOP 40 SJ 4.150 -0.30% -4.55%

M erval AR 3.349 - -4.96%

IGPA CI 45 0.09% -7.62%

BUX HB 122 0.29% 18.68%

JCI IJ 0 -0.16% 0.39%

IPC M X 3.069 -0.57% -1.68%

RTS RU 2.041 0.67% 15.32%

R elevant D ata Last D aily chg. YT D

IPCA 0.83% 0.63% 4.29%

IGP-M 0.79% 0.69% -1.62%

Dollar (R$/US$) 1.670 -0.60% -28.65%

Brent (US$) 115.72 0.12% 22.71%

Source: Bloomberg. Note: Latest price refers to the adjusted close of the previous session, unless otherwise stated.

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BRAZIL

EQUITY RESEARCH DAILY

28 March 2011

BES Securities do Brasil S.A CCVM Equity Spain & Portugal – Brazil – Poland

Market Overview

BovespaClose (Points) 67.765

Variation 0,34%Trading Volume (Billion) R$ 5.749

Broker FlowLong & Short ITUB4/BOVA11 Local Asset Management

Meaningful Sales USIM5 Local Asset ManagementMeaningful Buys VALE5 Local Asset Management

Best/Worst PerformersTop Winners BRTO4 8,02% TNLP3 4,28% TNLP4 4,24%Top Losers EMBR3 -5,25% ECOD3 -4,55% USIM5 -3,14%

Macroeconomics Economic activity abroad and inflation in Brazil

On the international front a batch of indicators referring to US economic activity is due to be released, not to mention some figures related to Japanese economy. We believe the most relevant one will be the PCE monthly report, which reveals not only the consumer price index but also the performance of personal income and consumer expenditures. With regard to the latter ones, market expectations point towards growth rates (MoM) of 0.4% and 0.5%, respectively. In Brazil, the economic calendar will bear the Central Bank’s survey concerning inflation (namely Focus) and the Mar11’s INCC, which stands for construction cost index. We forecast a 0.42% MoM increase in this month.

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BRAZIL

EQUITY RESEARCH DAILY

28 March 2011

BES Securities do Brasil S.A CCVM Equity Spain & Portugal – Brazil – Poland

Electric Utilities Cesp (CESP6, BUY, PT R$ 33.0): Expecting good news We reiterate our BUY rating for Cesp with a Dec/11 target price of R$ 33.00 /share based on the assumption of the concession renewal being carried out at a price cap of R$ 51.8 / MWh.

Better top line, but provisions likely to affect 4Q10

We forecast 4Q10 net revenues to be up +12.0% YoY to R$762m, mostly driven by the estimated higher average price of energy sales and an estimated increase in energy allocated in 4Q10. We expect Cesp to book another contingency provision in 4Q10 at the same level as the previous quarter (R$120m), and we estimate total expenses to total R$387m, up 5.0% QoQ and down 53.9% YoY. We forecast 4Q10 adj. EBITDA to increase 10.4% YoY to R$530m, with adj. EBITDA margin down 100 bps – mainly on the back of forecast higher outsourced services. We expect net income to reach R$128m, from a net loss of R$346m in 4Q09 mainly on the back of negative cR$ 500m of one-offs in 4Q09. The financial result YoY should be stable (-0.6%) as the Real appreciated 2.1% in 4Q09 and 1.2% in 4Q10, and 6.8% in 3Q10 leading to a forecast 145.2% higher financial result QoQ.

2010E results may not be sufficient to pay 10%

Cesp bylaws guarantee a minimum 10% return on book equity value if there is sufficient net profit. However our 2010E net profit forecast reaches only 84% of the minimum return, which would total a DPS of R$1.53 (8.4% return). Discounting the IOE distributions in 1Q, 2Q and 3Q, and in 4Q, we estimate that with the release of 4Q10 results, a DPS of R$ 1.26/share is likely to be approved, giving a dividend yield of 4.4% on the 24/Mar closing price.

4Q10 results are due to be released on Wednesday, March 30th, after market close

Alexandre Kogake Claudio - (11) 3074 7327, akogake@bessecurities.com.br Gabriel Nunes Laera - (11) 3074 7322, glaera@bessecurities.com.br

Light (LIGT3, NEUTRAL, PT R$28.4): 4Q10 Below forecasts – maintain NEUTRAL

Light released weak 4Q10 results owing to lower-than-forecast volumes (-3.1% YoY), higher manageable costs, and dividends below expectations. The positive highlight of the result was the energy loss reduction (19 bps QoQ). We carried out our review based on the BRGAAP adjusted figures (our calculations). We maintain our NEUTRAL rating with a target price of R$ 28.8 per share.

• Consolidated net revenues were flat YoY (-0.6%) at R$ 1.5bn in 4Q10, 5.8% below our forecast and 4.6% below Bloomberg consensus owing to the YoY electricity distribution volume decrease of 3.1%. Residential and commercial segments decreased by 1.7% and 3.9% YoY respectively on the back of lower temperatures. • Adjusted consolidated EBITDA (deducting other costs and profit sharing) increased by 3.8% YoY to R$356m, 15.1% below our forecast and 5.6% higher than Bloomberg consensus. Manageable expenses increased by 1.2% YoY and 37.0% QoQ owing to the voluntary redundancy program provision one-off of R$32m (146 employees) and costs relating to maintenance and quality improvement of the grid. • Net financial expenses were 44.2% higher than our forecast on the back of a negative actuarial adjustment of R$43m (R$49m positive in 4Q09). • Net income was 55.5% below our estimates and 39.8% below Bloomberg consensus, decreasing 57.6% YoY. The IFRS impact of the exclusion of regulatory assets and liabilities was R$177m, 22.6% below our estimate of R$228m. Total net impact of the IFRS adoption was R$152m given the negative effect of the rise in D&A expenses. • Lower-than-expected net profit and IFRS adjustments result in a DPS announced by Light of R$1.72, 28.7% below our forecast. The proposed dividends of R$351m is based on YE2010 results, the payment date will be set at a as yet unscheduled General Shareholders' Meeting and corresponds to a payout of 64% of adj. net income and a dividend yield of 6.0% relative to the closing price of 25/Mar.

The 4Q10 results Conf. Call is scheduled for Wednesday, March 30th, at 11:00am (EST). Phone: (+1) 786-924-6977 (USA & other countries) Password: Light Alexandre Kogake Claudio - (11) 3074 7327, akogake@bessecurities.com.br Gabriel Nunes Laera - (11) 3074 7322, glaera@bessecurities.com.br

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BRAZIL

EQUITY RESEARCH DAILY

28 March 2011

BES Securities do Brasil S.A CCVM Equity Spain & Portugal – Brazil – Poland

Education Anhanguera (AEDU3 BUY PT R$ 45.8): Adding recent acquisitions… We have adjusted our 2011 estimates for Anhanguera, leading to an increase in our Dec/11E PT from R$ 44.6 to R$ 45.8. Despite the current limited upside potential, we reiterate our BUY rating on Anhanguera as we expect positive news flow to come from the potential acquisitions following the recent capital increase.

We have incorporated two acquisitions made at the beginning of March/11: i) CTS (a new unit with capacity for 800 students), and the acquisitions from IBMEC Group ii) (Imapes + Uirapuru), which added 1,509 students. We have also delayed 1Q11 students acquisitions to later in the year (we expected 17,500 in 1Q11 vs. 1,509 students achieved by 24/Mar). This change should be positive for the company in 2011E as we do not expect any margin pressure from the acquisitions in 1Q11. We maintain our FY2011E acquisition expectations.

…with no big changes

The company has acquired 1,509 students in 1Q11 (vs. 17,500 estimated) with investments of about R$ 5.1m (vs. R$ 110m expected). Besides the reduction in 1Q11E, we have moved these acquisition numbers to the last 9M11E. We believe signing up 68,000 students in the last 9M11 will be achievable since the company is very well capitalized after the offering that generated R$ 844m. The negative impact of 3.5% in the 2011E student base is a result of moving acquisitions from 1H11 to 2H11, missing the mid-year intake.

The increase in margins, mainly in 2011E, is a result of our postponed acquisitions as we do not expect any margin pressure from the acquisitions in the 1Q11. Also as we project acquisitions in the middle of the quarter, it is possible we may not see margin pressure in the whole of 2Q11.

4Q10 Results Preview

Anhanguera will report its 4Q10 results on 29/Mar/11. The 4Q is traditionally the weakest in the education sector as a result of graduations and end-of-year drop outs and no student intakes. The companies are now all focused on the 2011 intake process, which began in November. Therefore, we do not expect any major news from the results. We forecast net revenues of R$ 229.9m, adjusted EBITDA of R$ 38.9m and a net profit of R$ 6.0m. Our revenue and adjusted EBITDA estimates are 5.6% and 15.4% below Bloomberg consensus.

Luis Felipe Bresaola - (11) 3074 7321, lbresaola@bessecurities.com.br

Electric Utilities AES TIETE (GETI3, BUY, PT R$23.9 – GETI4, NEUTRAL, PT R$23.8): 4Q10 conference call highlights We list the highlights from AES Tietê’s 4Q10 results conference call:

• Capex: 2011E company guidance is cR$150m and management believes this would also be the 2012 level. From 2013, the modernization of its power plants will continue, but management believes that capex will decrease.

• Re-contracting of expiring contracts: as expected, management did not give any new information about its strategy to sell its contracts that will expire in 2015.

• Green fields: Management says it is fairly confident that it will put its gas fired thermo power plant up for auction in 2H11. However, there was no news on a gas supply contract, which is currently the biggest bottleneck.

Opinion. Neutral. AES Tiete did not disclose any relevant news about the re-contracting of its expiring contracts and the thermo power plant, as expected.

Alexandre Kogake Claudio - (11) 3074 7327, akogake@bessecurities.com.br Gabriel Nunes Laera - (11) 3074 7322, glaera@bessecurities.com.br

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BRAZIL

EQUITY RESEARCH DAILY

28 March 2011

BES Securities do Brasil S.A CCVM Equity Spain & Portugal – Brazil – Poland

Eletropaulo (ELPL4, NEUTRAL, PT R$ 26.8): 4Q10 conference call highlights Eletropaulo (ELPL4, NEUTRAL, PT R$ 26.8) hosted its 4Q10 results conference call on March 25th, and we highlight:

• Opex: part of the 2010 cost increase was due to efforts to improve its quality indicators, mostly training and insourcing, which management believes has a permanent benefit and would take the 2011 costs associated with quality below the 2010 actual figures. ELPL also paid consultancy services for organizational restructuring in 2010, which may result in USD9m / year savings according to company estimates;

• Dividends: the current practice of 100% distribution based on IFRS results, which adds back a PP&E equity adjustment, should be maintained;

• Capex: 2010 capex of R$682m was 32% higher YoY and 2011 guidance maintains this high level (2011E of R$ 720m). Most part of the capex is associated with system expansion, customer service and maintenance, and so ELPL believes that most of it would be recognized by the regulator in its asset base (RAB);

Opinion: Management’s comments about the part of the increase in costs being non-recurring reduce our concerns a little, but the changes in the distribution tariff revision methodology are not priced in in our view and makes us maintain our NEUTRAL rating on Eletropaulo.

Alexandre Kogake Claudio - (11) 3074 7327, akogake@bessecurities.com.br Gabriel Nunes Laera - (11) 3074 7322, glaera@bessecurities.com.br

Copasa (CSMG3, BUY, PT R$40.0): Operating figures for Feb/11 On March 25th Copasa released its operating figures for Feb/11. This month Copasa signed a sewage concession contract with Perdões, a town with 18,000 inhabitants. The small increase in total billed volume of 1.5% YoY was strongly influenced by a short billing cycle (-3.8% YoY). If we consider the volume adjusted by the billed days, the YoY growth in the Feb/11 would be 5.5%, 4.1% above our estimate (considering a 30 day billing cycle).

Operating Highlights unit Feb11 (a) 1Q11E (b) (a) / (b) Jan11 MoM Feb10 YoY

# of units¹ thousand 6,834 6,897 -0.9% 6,812 0.3% 6,574 4.0%w ater thousand 4,278 4,272 0.1% 4,267 0.3% 4,140 3.3%sew age thousand 2,557 2,625 -2.6% 2,546 0.4% 2,434 5.0%

Billed volume ² 1.000 m3 83,628 86,276 -3.1% 86,821 -3.7% 82,368 1.5%w ater 1.000 m3 51,890 52,995 -2.1% 53,932 -3.8% 51,487 0.8%sew age 1.000 m3 31,738 33,280 -4.6% 32,889 -3.5% 30,881 2.8%

Volume per unit m3 / un. 24.5 25.1 -2.1% 25.6 -4.0% 25.1 -2.3%w ater m3 / un. 12.1 12.4 -2.2% 12.6 -4.0% 12.4 -2.5%sew age m3 / un. 12.4 12.7 -2.1% 12.9 -3.9% 12.7 -2.2%

Municipalitiesw ater concession un 616 616 0.0% 613 0.5%sew age concession un 215 214 0.5% 199 8.0%w ater operation un 603 603 0.0% 603 0.0%sew age operation un 162 162 0.0% 151 7.3%

Days Billed days 28.0 31.2 -10.3% 29.1 -3.8% 1-Unit: potential subdivisions of client’s building. E.g. a building with 10 apartments has one connection and 10 units / Source: Copasa and BES Securities. 2-Average value (estimated), taking into account the total of the quarter.

Opinion: Neutral. We believe these figures will have a neutral impact on the company's share price. If we look at January and February adjusted figures by the billed days in our forecast Copasa’s total billed volume is in line with our 1Q11 forecast.

Alexandre Kogake Claudio - (11) 3074 7327, akogake@bessecurities.com.br Gabriel Nunes Laera - (11) 3074 7322, glaera@bessecurities.com.br

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BRAZIL

EQUITY RESEARCH DAILY

28 March 2011

BES Securities do Brasil S.A CCVM Equity Spain & Portugal – Brazil – Poland

Copasa (CSMG3, BUY, PT R$40.0): 1Q11 IOE announcement

Last Friday (25/Mar) the General Board of Directors Meeting of Copasa (CSMG3, BUY TP R$40.0) announced a gross distribution of R$39.4m as 1Q11 Interest on Equity (IOE), or R$ 0.343 per share. The amount declared comes from the decision of maintaining the distribution of dividends as interest on at thirty-five percent (35%) of net income – thus an implicit variation in 1Q11 net profit of 0.76% YoY to R$112.6m can be obtained. The company also indicated the percentage of net profit to be distributed will be reevaluated at the decision on 2Q11’s IOE, considering the impact arising from the tariff adjustment, the Company's financial situation, the investment program, macroeconomic conditions and other relevant factors. The company’s shares will be traded ex-IOE from 1/Apr and the payment will take place within 60 days of the distribution date.

Alexandre Kogake Claudio - (11) 3074 7327, akogake@bessecurities.com.br Gabriel Nunes Laera - (11) 3074 7322, glaera@bessecurities.com.br

Telecom / Media / Technology VIVO (VIVO4, BUY, PT R$ 64.6): Share swap ratio of 1.55 with Telesp On March 25th Vivo (BUY, PT of R$ 64.6) and Telesp (not rated) released the share swap ratio between them. It will be 1.55, which is very close to market ratio of 1.58. As a consequence we do not expect a significant reaction in Vivo’s share price today. The company also informed that Anatel has already approved the integration of the companies. The next step should be approval by the CVM (Brazilian Securities and Exchange Commission) and then by the minorities of both companies through an Extraordinary Shareholders’ Meeting convened for April, 27th. Caimi Franco Reis - (11) 3074 7334, creis@bessecurities.com.br

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BRAZIL

EQUITY RESEARCH DAILY

28 March 2011

BES Securities do Brasil S.A CCVM Equity Spain & Portugal – Brazil – Poland

Macro Calendar

Date Local Time (BZ) Country Indicator Reference BES Estimates Consensus Last28-Mar-11 08:00 BR Brazilian FGV Construction Costs (MoM) MAR 0,43% - - 0,39%28-Mar-11 08:30 BR Brazilian CB's Focus Report - IPCA 2012 25-Mar - - - - 4,80%29-Mar-11 10:30 BR Brazilian Private Banks Lending FEB - - - - R$993.0B30-Mar-11 08:00 BR Brazilian FGV Inflation IGP-M (MoM) MAR 0,69% 0,67% 1,00%30-Mar-11 08:30 BR Brazilian Central Bank Quarterly Inflation Report -

IPCA 20121Q11 4,90% - - 4,80%

30-Mar-11 15:00 BR Brazilian Central Govt Budget FEB R$0.0B - - R$14.1B

31-Mar-11 10:30 BR Brazilian Primary Budget Balance FEB R$3.3B - - R$17.7B31-Mar-11 10:30 BR Brazilian Net Debt % GDP FEB 40,2% - - 40,1%31-Mar-11 - - BR Brazilian Long Term Rate - TJLP 30-Apr 6,00% - - 6,00%01-Apr-11 08:00 BR Brazilian FGV CPI IPC-S 31-Mar 0,71% - - 0,69%01-Apr-11 09:00 BR Brazilian Industrial Production sa (MoM) FEB 1,4% 0,7% 0,2%01-Apr-11 09:00 BR Brazilian Industrial Production YoY FEB 6,0% 4,6% 2,5%01-Apr-11 10:00 BR Brazilian PMI Manufacturing MAR - - - - 54,6

01-Apr-11 11:00 BR Brazilian Trade Balance (FOB) - Monthly MAR $1000M - - $1199M

01-Apr-11 11:00 BR Brazilian EXPORTS - US$ million MAR $18400M - - $16733M

01-Apr-11 11:00 BR Brazilian IMPORTS - US$ million MAR $17400M - - $15534M24-28/MAR - - CH Chinese Leading Index FEB - - - - - -

28MAR-01APR 00:00 GE German Retail Sales (MoM) FEB - - 0,4% 0,4%28-Mar-11 09:30 US US Personal Income FEB - - 0,4% 1,0%28-Mar-11 09:30 US US Personal Spending FEB - - 0,5% 0,2%28-Mar-11 09:30 US US PCE Core (MoM) FEB - - 0,2% 0,1%28-Mar-11 09:30 US US PCE Core (YoY) FEB - - 0,9% 0,8%28-Mar-11 11:00 ME Mexican Global Economic Indicator IGAE JAN - - 6,0% 4,1%28-Mar-11 11:00 US US Pending Home Sales MoM FEB - - 0,9% -2,8%28-Mar-11 16:00 AR Argentinian Economic Activity Index (MoM sa) JAN - - - - 1,1%28-Mar-11 20:30 JP Japanese Jobless Rate FEB - - 4,9% 4,9%28-Mar-11 20:30 JP Japanese Overall Hhold Spending (YoY) FEB - - 0,0% -1,0%29-Mar-11 - - GE German Consumer Price Index (YoY) MAR P - - 2,2% 2,1%29-Mar-11 03:45 FR French Consumer Spending (YoY) FEB - - 4,8% 2,4%29-Mar-11 05:30 BR British GDP (QoQ) 4Q F - - -0,6% -0,6%29-Mar-11 07:00 ES Spain publishes Central Government budget data - - - - - - - -29-Mar-11 10:00 US US S&P/CS Composite-20 YoY JAN - - -3,2% -2,4%29-Mar-11 11:00 US US Consumer Confidence MAR - - 65,0 70,429-Mar-11 20:50 JP Japanese Industrial Production (MoM) FEB P - - -0,1% 1,3%

30-Mar-11 - - EU European Commission Issues Quarterly Report on the Euro Area - - - - - - - -

30-Mar-11 04:00 ES Spanish Retail Sales (Real) (YoY) FEB - - - - -4,7%30-Mar-11 06:00 EU Euro-Zone Business Climate Indicator MAR - - 142,0% 1,4530-Mar-11 06:00 EU Euro-Zone Economic Confidence MAR - - 10750,0% 107,830-Mar-11 06:00 EU Euro-Zone Indust. Confidence MAR - - 6,0 6,530-Mar-11 06:00 EU Euro-zone Services Confidence MAR - - 11,3 11,130-Mar-11 09:00 CH Chilean Industrial Production (YoY) FEB - - 4,5% 4,0%30-Mar-11 09:15 US US ADP Employment Change MAR - - 210K 217K30-Mar-11 13:00 CH Chinese G-20 Seminar Nanjing - - - - - - - -

30-Mar-11 20:00 IR Irish Central Bank Releases Banking Stress Test Results - - - - - - - -

30-Mar-11 23:00 NZ NZealand NBNZ Activity Outlook MAR - - - - 36,6

Forecast

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BRAZIL

EQUITY RESEARCH DAILY

28 March 2011

BES Securities do Brasil S.A CCVM Equity Spain & Portugal – Brazil – Poland

Date Local Time (BZ) Country Indicator Reference BES Estimates Consensus Last31-Mar-11 03:00 BR British Nat'wide House prices nsa(YoY) MAR - - -0,6% -0,1%31-Mar-11 03:45 FR French Producer Prices (YoY) FEB - - 6,2% 5,6%31-Mar-11 04:55 GE German Unemployment Rate (s.a) MAR - - 7,2% 7,3%31-Mar-11 06:00 EU Euro-Zone CPI Estimate (YoY) MAR - - 2,3% 2,4%31-Mar-11 09:00 CH Chilean Unemployment Rate FEB - - 7,3% 7,3%

31-Mar-11 09:30 CA Canadian Gross Domestic Product MoM JAN - - 0,5% 0,5%

31-Mar-11 09:30 US US Initial Jobless Claims 26-Mar - - 380K 382K31-Mar-11 10:45 US US Chicago Purchasing Manager MAR - - 69,0 71,231-Mar-11 11:00 US US Factory Orders FEB - - 0,5% 3,1%31-Mar-11 11:00 US US NAPM-Milwaukee MAR - - - - 63,031-Mar-11 13:00 CO Colombian Urban Unemployment Rate FEB - - 12,9% 14,7%31-Mar-11 20:50 JP Japanese Tankan Lge Manufacturers Index 1Q - - 6,0 5,031-Mar-11 22:00 CH Chinese PMI Manufacturing MAR - - 54,3 52,2

31-Mar-11 23:30 CH Chinese HSBC Manufacturing PMI MAR - - 52,4 51,701-Apr-11 04:15 FR French PMI Manufacturing MAR F - - 56,6 56,601-Apr-11 04:45 IT Italian PMI Manufacturing MAR - - 58,0 59,001-Apr-11 04:55 GE German PMI Manufacturing MAR F - - 60,9 60,901-Apr-11 05:00 EU Euro-Zone PMI Manufacturing MAR F - - 57,7 57,701-Apr-11 05:30 BR British PMI Manufacturing MAR - - 60,9 61,501-Apr-11 06:00 EU Euro-Zone Unemployment Rate FEB - - 0,1 9,9%01-Apr-11 08:30 CH Chilean Central Bank Meeting Minutes - - - - - - - -

01-Apr-11 09:30 US US Change in Nonfarm Payrolls MAR - - 192K 192K

01-Apr-11 09:30 US US Change in Private Payrolls MAR - - 222K 222K01-Apr-11 09:30 US US Unemployment Rate MAR - - 8,9% 8,9%01-Apr-11 09:30 US US Avg Hourly Earning MOM All Emp MAR - - 0,2% 0,0%01-Apr-11 09:30 US US Avg Weekly Hours All Employees MAR - - 34,3 34,201-Apr-11 11:00 US US ISM Manufacturing MAR - - 61,0 61,401-Apr-11 11:00 US US ISM Prices Paid MAR - - 82,9 82,001-Apr-11 11:00 US US Construction Spending MoM FEB - - 0,5% -0,7%01-Apr-11 12:00 ME Mexican Central Bank Economists Survey APR - - - - - -01-Apr-11 - - CO Colombian Monetary Policy Meeting Minutes - - - - - - - -01-Apr-11 - - PE Peruvian Consumer Price Index (YoY) MAR - - 2,4% 2,2%

Source: Bloomberg, BES Investimento.

Forecast

Corporate Calendar

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BRAZIL

EQUITY RESEARCH DAILY

28 March 2011

BES Securities do Brasil S.A CCVM Equity Spain & Portugal – Brazil – Poland

Company Date Events DetailTransmissão Paulista 28-Mar 4Q10 Release BeforeCyrela 28-Mar 4Q10 Release AfterMultiplan 28-Mar 4Q10 Release AfterCopel 28-Mar 4Q10 ReleaseGafisa 28-Mar 4Q10 ReleaseEven 28-Mar 4Q10 ReleaseCemig 28-Mar 4Q10 Release AfterInpar 28-Mar 4Q10 Release AfterGafisa 28-Mar 4Q10 ReleaseCyrela 29-Mar Conference Call 4Q10Multiplan 29-Mar Conference Call 4Q10Even 29-Mar Conference Call 4Q10Copasa 29-Mar 4Q10 ReleaseAnhanguera 29-Mar 4Q10 ReleaseEquatorial 29-Mar 4Q10 ReleaseInpar 30-Mar Conference Call 4Q10Brookfield 29-Mar 4Q10 ReleaseCopel 30-Mar Conference Call 4Q10Cesp 30-Mar 4Q10 Release AfterBrookfield 31-Mar Conference Call 4Q10MRV 31-Mar 4Q10 ReleaseMRV 1-Apr Conference Call 4Q10

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BRAZIL

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28 March 2011

BES Securities do Brasil S.A CCVM Equity Spain & Portugal – Brazil – Poland

Daily Volume EPS EBITDA*

6M avg CAGR CAGR

LAST HIGH LOW (R$m) (R$m) 09-11E 10E 11E 10E 11E 09-11E 10E

BANKINGBBAS3 BRASIL ON BUY 41.4 45.2% 28.5 33.9 23.5 1.4% -6.4% 160.903 81.539 22.7% 7.4 7.1 1.6 - - 22.1% 5.1%

REAL ESTATE

BISA3 BROOKFIELD ON BUY 13.3 66.5% 8.0 10.2 6.3 1.9% -3.4% 20.298 3.472 67.4% 9.7 6.1 1.3 6.6 4.9 48.5% 2.4%

CCIM3 CCDI ON SELL 7.2 6.9% 6.8 8.8 4.3 -0.4% -11.9% 776 765 9.1% 6.0 9.6 1.0 3.8 6.8 16.8% 3.9%

CYRE3 CYRELA ON NEUTRAL 25.4 65.8% 15.3 26.2 14.7 1.4% -31.6% 77.776 6.468 7.1% 10.4 7.7 1.5 9.2 6.8 12.9% 2.3%

GFSA3 GAFISA ON BUY 19.3 89.6% 10.2 14.8 9.3 1.1% -12.5% 59.516 4.396 -63.5% 13.5 10.7 1.2 7.9 5.7 25.7% 1.8%

EDUCATION

AEDU3 ANHANGUERA ON BUY 45.8 16.5% 39.3 42.1 22.0 0.8% -0.4% - 5.738 104.3% 34.6 16.6 5.1 26.4 17.7 45.0% 0.5%

ESTC3 ESTACIO ON NEUTRAL 31.7 22.2% 26.0 27.8 17.4 -0.5% -7.9% 8.303 2.128 60.9% 28.0 14.7 3.6 19.7 11.5 36.9% 1.7%

KROT11 KROTON UNIT BUY 29.0 44.4% 20.1 23.7 12.5 -0.6% -5.7% 3.430 1.314 - neg. 24.4 1.6 219.8 15.7 63.0% 0.0%

ELECTRIC UTILITIES

GETI3 AES TIETE ON BUY 23.9 9.4% 21.9 22.5 14.9 -0.7% 1.4% 3.777 8.325 3.2% 10.3 10.0 11.6 6.4 6.4 5.5% 9.2%

GETI4 AES TIETE PN NEUTRAL 23.7 -1.3% 24.0 25.0 16.8 0.4% -0.3% 10.127 9.144 3.2% 11.3 11.0 12.8 7.0 6.9 5.5% 9.3%

CMIG4 CEMIG PN BUY 33.6 17.0% 28.7 29.9 22.8 -1.0% 10.5% 38.767 19.580 6.4% 11.4 8.8 1.7 7.7 5.9 14.6% 9.0%

CESP6 CESP PNB BUY 33.0 17.1% 28.2 30.3 20.4 0.9% 3.8% 21.918 9.246 -14.1% 18.1 11.4 1.0 7.9 5.6 21.5% 5.5%

COCE5 COELCE PNA SELL 29.8 -5.4% 31.5 32.9 24.0 0.0% 13.3% 1.884 2.457 -2.0% 5.4 7.2 1.8 4.3 5.4 -0.8% 11.7%

CPLE6 COPEL PNB BUY 51.6 20.2% 42.9 45.6 32.1 1.0% 6.0% 26.034 11.766 -1.4% 12.4 9.9 1.2 7.6 4.9 12.5% 2.0%

ELPL4 ELET. METROPOLITANA PN NEUTRAL 26.8 -16.9% 32.3 34.6 26.2 0.2% 7.1% 21.673 5.386 -16.0% 4.1 7.4 1.5 3.9 5.2 1.7% 24.9%

ENBR3 ENERGIAS DO BRASIL ON BUY 46.5 22.9% 37.9 39.9 30.5 -0.3% 0.4% 13.620 6.000 7.5% 11.0 8.6 1.3 6.5 5.7 9.0% 4.5%

EQTL3 EQUATORIAL ON NEUTRAL 12.5 7.7% 11.6 12.7 9.6 0.1% 4.4% 2.536 1.254 0.3% 6.9 7.1 1.3 4.2 4.5 -20.9% 10.6%

LIGT3 LIGHT ON NEUTRAL 28.4 -0.7% 28.6 29.0 18.2 0.4% 12.9% 22.196 5.834 5.7% 11.0 8.7 2.0 6.3 5.4 18.1% 10.5%

TRPL4 TRANS. PAULISTA PN BUY 60.3 17.1% 51.5 56.9 40.4 1.6% -3.2% 7.176 7.828 -3.2% 9.8 9.9 1.8 6.9 7.0 4.6% 9.1%

STEEL & MINING

CSNA3 CSN ON BUY 36.2 39.4% 26.0 35.8 24.7 1.7% -1.6% 80.377 37.864 -15.0% 14.4 9.4 5.0 7.5 6.2 47.0% 2.5%

GGBR4 GERDAU PN BUY 31.8 49.3% 21.3 31.3 19.3 -0.1% -10.3% 146.608 32.057 -27.8% 15.6 10.5 1.6 8.2 5.9 36.7% 1.9%

GOAU4 METAL. GERDAU PN BUY 39.4 57.7% 25.0 38.6 23.1 -0.4% -10.1% 33.865 10.150 - N.A N.A 1.3 N.A N.A - N.A

USIM3 USIMINAS ON SELL 26.3 -10.2% 29.3 32.5 19.8 4.9% 41.2% 18.690 28.899 1.2% 22.6 21.0 1.7 13.2 11.4 42.3% 1.5%

USIM5 USIMINAS PNA NEUTRAL 24.0 13.9% 21.1 31.3 18.0 0.9% 7.6% 123.677 20.806 1.2% 16.3 15.1 1.2 10.1 8.7 42.3% 2.1%

VALE3 VALE ON* BUY 77.4 46.3% 52.9 61.2 41.8 2.0% -2.8% 165.164 275.928 119.6% 10.7 6.5 1.5 7.4 4.5 113.1% 2.3%

VALE5 VALE PNA* BUY 72.3 54.3% 46.8 53.7 36.6 2.5% -1.7% 721.990 244.359 119.6% 9.4 5.7 1.3 6.6 4.0 113.1% 2.7%

WATER UTILITIES

CSMG3 COPASA ON BUY 39.9 50.3% 26.6 29.2 19.7 -1.9% -2.7% 5.560 3.053 -7.2% 6.6 6.9 0.7 5.9 5.3 8.8% 7.6%

SAÚDE SAÚDECREM3 CREMER ON BUY 21.8 40.3% 15.5 19.1 13.0 -2.0% -9.1% 1.047 497 -11.9% 14.9 14.6 3.6 10.2 8.3 12.6% 6.7%

TELECOM / IT / MEDIA

VLID3 VALID ON NEUTRAL 19.5 2.0% 19.1 21.5 12.8 0.7% -3.5% 2.838 976 8.8% 12.2 11.2 2.1 6.6 5.7 10.9% 2.5%

BEMA3 BEMATECH ON NEUTRAL 9.9 30.0% 7.6 10.2 7.4 -1.9% -14.4% 485 395 30.2% 8.3 7.6 1.0 4.6 3.9 11.9% 2.6%

TCSL4 TIM PARTICIPAÇÕES PN BUY 6.5 1.9% 6.4 6.9 4.2 3.4% 23.4% 24.925 15.772 10.3% 60.5 18.8 1.5 5.1 4.0 14.8% 0.4%

VIVO4 VIVO PN BUY 64.6 9.4% 59.1 63.1 41.1 0.4% 19.6% 33.349 23.620 55.2% 18.2 11.4 2.3 4.8 4.2 8.0% 1.6%

* Operating profit growth in the case of Banks. - P/E, P/BV, EV/EBITDA, in x. - Latest price refers to the adjusted close of the previous session, unless otherwise stated.

Source: Company for historical figures, Bloomberg, Reuters, Espirito Santo Equity Research for estimates.

*Multiples based in US GAAP.

Ticker COMPANY Rating Potential Upside

Price (R$) Market Cap

Price Target

(R$)10E

EV/EBITDAP/E DIV. YIELD

Last 52 weeks1d YTD

P/BV

IMPORTANT DISCLOSURES FOR NON U.S. PERSONS 10

BRAZIL

EQUITY RESEARCH DAILY

28 March 2011

BES Securities do Brasil S.A CCVM Equity Spain & Portugal – Brazil – Poland

This report was prepared by BES Securities do Brasil S.A. CCVM, a broker dealer authorized to engage in securities activities in Brasil.

Analyst stock rating

BUY: Expect the company to perform better than the primary market index over the next 12 months.

NEUTRAL: Expect the company to perform approximately in line with the primary market index over the next 12 months.

SELL: Expect the company to underperform the primary market index over the next 12 months.

Espírito Santo Equity Research has issued this report for information purposes only. All the information contained in this report is based upon information available to the public and has been obtained from sources believed to be reliable, but Espírito Santo Equity Research does not guarantee its accuracy or completeness. The opinions expressed herein are our present opinions only, and are subject to change without prior notice. Espírito Santo Equity Research is not under any obligation to update or keep current the information and the opinions expressed herein. This report is not, and should not be construed as, an offer or a solicitation to buy or sell any securities or related financial instruments. The investment discussed or recommended in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Where an investment is denominated in a currency other than the investor's currency, changes in rates of exchange may have an adverse effect on the value, price of, or income derived from the investment. Past performance is not necessarily a guide to future performance. Income from investments may fluctuate. The price or value of the investments to which this report relates, either directly or indirectly, may fall or rise against the interest of investors. The securities mentioned in this publication may not be eligible for sale in some states or countries. Espírito Santo Equity Research does not accept any kind of liability for losses or damages which may arise from the use of this report. This report cannot be reproduced, in whole or in part, in any form or by any means, without Espírito Santo Equity Research specific written authorization. Espírito Santo Equity Research is a research team which aggregates analysts from Banco Espírito Santo de Investimento S.A. and its affiliate BES Securities do Brasil S.A. CCVM.

Receipt of Compensation

BES Investimento do Brasil S.A., - Banco de Investimento, shareholder of BES Securities do Brasil S.A. CCVM and/or subsidiaries have received compensation for investment banking services from Ambev, JBS, Embraer, Autometal, PDG Realty, Tecnisa, BR Properties, Even, Sonae, Brasil Brokers, Hypermarcas, Cemig, Eletrobras, ABC Brasil, Bradesco, Banco do Brasil, Panamericano, Pine, Ecorodovias, OHL, Gerdau, Braskem, Petrobras, Unipar, HRT Petróleo, Fleury, Tim, Droga Raia and Arezzo in the past 12 months.

BES Investimento do Brasil S.A. and BES Securities do Brasil S.A. CCVM participates or has participated, in the last 12 months, as a syndicate member in share offerings of the JBS, Autometal, Inpar, Lopes, PDG Realty, Tecnisa, BR Properties, Even, Sonae, Direcional, Brasil Brokers, Hypermarcas, Estácio, Banco do Brasil, Brasil Insurance, Ecorodovias, Julio Simões, Magnesita, Mils, Multiplus, OSX Brasil, Petrobras, HRT Petróleo, Queiroz Galvão, CAB, Fleury, Droga Raia and Arezzo.

Banco Espírito Santo de Investimento S.A., indirect majority shareholder of BES Investimento do Brasil S.A. CCVM, participates or has participated, in the last 12 months, as a syndicate member in bond issues of the following companies: JHSF, Cemig, Eletrobrás, ABC Brasil, Bradesco, Panamericano, Pine e Julio Simões.

BES Investimento do Brasil S.A. CCVM expects to receive or intends to seek compensation for investment banking services from Eletrobrás, OHL, Julio Simões, Petrobras, Queiroz Galvão, CAB, Telemar, Telemar Norte Leste and Tim in the next three months.

Analyst Certification

Each research analyst primarily responsible for the content of this report certifies that with respect to each security or issuer that the analyst covered in this report: - all of the views expressed in this research report accurately reflect his or her personal views about those securities or issuers mentioned in this report;

- he or she does not maintain relationships with any individual working for the company[ies] covered in this report;

- he or she does not hold, directly or indirectly, securities issued by the company[ies] covered in this report, which correspond to 5% (five percent) or more of the individual assets, up to the date of publication, or is involved in the acquisition, disposal or intermediation of securities issued by the company [ies] in the market;

- he or she does not receive, nor does BES Securities pay for, services provided, nor maintain commercial relations with the covered company [ies], or with individuals, legal entities or funds that act on their behalf; - his or her fixed compensation and eventual variable compensation is not related to pricing of securities issued by the company covered in this report. Any variable compensation is awarded in consideration of the fulfillment of qualitative and quantitative criteria established by the BES Securities board of directors.

11

BRAZIL

EQUITY RESEARCH DAILY

28 March 2011

BES Securities do Brasil S.A CCVM Equity Spain & Portugal – Brazil – Poland

Ownership and Material Conflicts of Interest BES Securities do Brasil S.A. CCVM does not hold direct or indirect stake in the capital of the company (companies) object of analysis(es)/recommendation(s) in this report, but the Grupo Banco Espírito Santo in which it takes part, holds, directly and in some cases indirectly, 1% or more of the equity securities of the following companies: Cia. Providência Indústria e Comércio, Bradesco and Vila Velha S/A and its associated company UNIPAR. Bradesco is a direct shareholder of BES Securities do Brasil S.A. CCVM’ parent company. With the exception of the companies mentioned before, the BES Securities do Brasil S.A. CCVM does not hold direct or indirect stake in the capital of the other companies object of analysis(es)/recommendations in this report, as well as it was not involved in the acquisition alienation and intermediation of securities issued by these companies in the market.

Confidentiality

This report cannot be reproduced, in whole or in part, in any form or by any means, without BES Securities do Brasil S.A. CCVM’ specific written authorization. This report contains information intended solely for the designated addressee. Therefore any disclosure, replication, distribution or any action taken in reliance on it, is prohibited and unlawful.

IMPORTANT DISCLOSURES FOR U.S. PERSONS

This report was prepared by BES Securities do Brasil S.A. CCVM, a broker dealer authorized to engage in securities activities in Brasil. BES Securities do Brasil S.A. CCVM is not a registered broker-dealer in the United States and therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This report is provided for distribution to U.S. institutional investors in reliance upon the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended.

This report is confidential and not intended for distribution to, or use by, persons other than the addressee and its employees, agents and advisors.

E.S. Financial Services, Inc. is the U.S. distributor of this report. E.S. Financial Services, Inc. accepts responsibility for the contents of this report, subject to the terms set out below, to the extent that it is delivered to a U.S. person other than a major U.S. institutional investor. Any U.S. person receiving this report and wishing to effect securities transactions in any security discussed in the report should do so through E.S. Financial Services, Inc. and not through any non-U.S. affiliate of E.S. Financial Services, Inc.

Contact Information:

Andrea Czarniak – Head of Sales (212) 351-6050 aczarniak@esinvestment.com

Joy Bejasa – Equity Research Sales (212) 351-6055 jbejasa@esinvestment.com

Michael Williams – Sales Trader (212) 351-6052 mwilliams@esinvestment.com

E.S. Financial Services, Inc.

New York Branch

340 Madison Avenue, 12th Floor

New York, N.Y. 10173

Each analyst whose name appears in this report certifies the following, with respect to each security or issuer that the analyst covered in this report: (1) that all of the views expressed in this report accurately reflect the personal views of the analyst about those securities and issuers; and (2) that no part of the compensation of the analyst was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the analyst in this report.

The analysts whose names appear in this report are not registered or qualified as research analysts with the Financial Industry Regulatory Authority ("FINRA") and may not be associated persons of E.S. Financial Services, Inc. and therefore may not be subject to the applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account.

Ownership and Material Conflicts of Interest

As of the end of the month immediately preceding the date of publication of this research report, or the end of the second most recent month if the publication date is less than 10 calendar days after the end of the most recent month, Espirito Santo Financial Services, Inc. or affiliates ‘beneficially own’, as determined in accordance with Section 13(d) of the U.S. Securities Exchange Act of 1934, 1% or more of the equity securities of Cia. Providência Indústria e Comércio, Bradesco and Bradespar.

12

BRAZIL

EQUITY RESEARCH DAILY

28 March 2011

BES Securities do Brasil S.A CCVM Equity Spain & Portugal – Brazil – Poland

The research analyst(s), as named on the front cover of this report, have no actual, material conflict of interest of which he or she knows or has reason to know at the time of the publication of this research report.

E.S. Financial Services, Inc., BES Securities do Brasil S.A. CCVM and/or their affiliates, directors, officers and employees may have interests, or long or short positions, and may at any time make purchases or sales as a principal or agent of the subject companies mentioned or referred to in this report.

Receipt of Compensation

BES Investimento do Brasil S.A., - Banco de Investimento, shareholder of BES Securities do Brasil S.A. CCVM and/or subsidiaries have received compensation for investment banking services from Ambev, JBS, Embraer, Autometal, PDG Realty, Tecnisa, BR Properties, Even, Sonae, Brasil Brokers, Hypermarcas, Cemig, Eletrobras, ABC Brasil, Bradesco, Banco do Brasil, Panamericano, Pine, Ecorodovias, OHL, Gerdau, Braskem, Petrobras, Unipar, HRT Petróleo, Fleury, Tim, Droga Raia and Arezzo in the past 12 months.

BES Investimento do Brasil S.A. and BES Securities do Brasil S.A. CCVM participates or has participated, in the last 12 months, as a syndicate member in share offerings of the JBS, Autometal, Inpar, Lopes, PDG Realty, Tecnisa, BR Properties, Even, Sonae, Direcional, Brasil Brokers, Hypermarcas, Estácio, Banco do Brasil, Brasil Insurance, Ecorodovias, Julio Simões, Magnesita, Mils, Multiplus, OSX Brasil, Petrobras, HRT Petróleo, Queiroz Galvão, CAB, Fleury, Droga Raia and Arezzo.

Banco Espírito Santo de Investimento S.A., indirect majority shareholder of BES Investimento do Brasil S.A. CCVM, participates or has participated, in the last 12 months, as a syndicate member in bond issues of the following companies: JHSF, Cemig, Eletrobrás, ABC Brasil, Bradesco, Panamericano, Pine e Julio Simões.

BES Investimento do Brasil S.A. CCVM expects to receive or intends to seek compensation for investment banking services from Eletrobrás, OHL, Julio Simões, Petrobras, Queiroz Galvão, CAB, Telemar, Telemar Norte Leste and Tim in the next three months.

Representation to the Investors

Espírito Santo Equity Research has issued this report for information purposes only. All the information contained therein is based upon information available to the public and has been obtained from sources believed to be reliable. However, Espírito Santo Equity Research does not guarantee the accuracy or completeness of the information contained in this report. The opinions expressed herein are our present opinions only, and are subject to change without prior notice. Espírito Santo Equity Research is not under any obligation to update or keep current the information and the opinions expressed herein. This report is not, and should not be construed as an offer or a solicitation to buy or sell any securities or related financial instruments. The investment discussed or recommended in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Where an investment is denominated in a currency other than the investor’s currency, changes in rates of exchange may have an adverse effect on the value, price of, or income derived from the investment. Past performance is not necessarily a guide to future performance. Income from investments may fluctuate. The price or value of the investments to which this report relates, either directly or indirectly, may fall or rise against the interest of investors. Any recommendation and opinion contained in this report may become outdated as a consequence of changes in the environment in which the issuer of the securities under analysis operates, in addition to changes in the estimates and forecasts, assumptions and valuation methodology used herein. The securities mentioned in this publication may not be eligible for sale in some states or countries. Espírito Santo Equity Research does not accept any form of liability for losses or damages which may arise from the use of this report.

13

BANCO ESPÍRITO SANTO, S.A.

BANCO ESPÍRITO SANTO DE INVESTIMENTO, S.A.

BES SECURITIES DO BRASIL S.A. CCVM Av. da Liberdade, 195 1250 - 142 Lisboa PORTUGAL

Rua Alexandre Herculano, 38 1269 - 161 Lisboa PORTUGAL

Calle Serrano, 88 28006 Madrid SPAIN

Oddział w Polsce - 59th Złota Street Floor V 00-120 WARSAW, POLAND

Av. Brigadeiro Faria Lima, 3729 – Mezanino,Itaim Bibi 04538-905 S. Paulo BRAZIL

U.S. Persons should only contact the New York Office listed above.

IBERIAN EQUITY RESEARCH IBERIAN EQUITIESOil & Gas, Food Retail Construction, Real Estate ManagementFilipe Rosa +351 21 330 2184 Juan Carlos Calvo +34 91 400 5316 João Baptista Pereira +351 21 330 9503Head of Research Portugal Head of Research Spain Head of Iberian Equitiesfrosa@besinv.pt jccalvo@esinvestment.es jpereira@besinv.ptManuel Albuquerque +351 21 330 2173malbuquerque@besinv.pt Utilities & Renewables International Equity Sales

Fernando Garcia, CFA +34 91 400 5280 Manuel Paiva Raposo +34 91 400 0902 José Peixoto +351 21 319 9740Telecoms fgarciag@esinvestment.es Head of Sales Spain Head of Sales PortugalNuno Matias +351 21 330 2133 Felipe Echevarría +34 91 400 5449 mraposo@esinvestment.es jpeixoto@besinv.ptnmatias@besinv.pt fechevarria@esinvestment.es Ana Oliveira +44 207 456 9125 Nuno Brito e Cunha +351 21 319 9730

ana.oliveira@execution-noble.com nbcunha@besinv.ptIberian MidCaps Banks, Insurance, General FinancialsNuno Estácio +351 21 330 2276 Juan Pablo López, CFA +34 91 400 5273 New York OfficeMidCap Coordinator jplopez@esinvestment.es Pedro Marques +1 212 351 6051nestacio@besinv.pt María López +34 91 400 5331 Iberian Equity SalesRui Dias +351 21 330 21 57 mlopez@esinvestment.es pmarques@esinvestment.comrdias@besinv.pt

Domestic Equity SalesPharma, Food Media, Leisure and Travel Pedro Llamas +34 91 400 0902 Pedro Santos +351 21 319 9755Luis Navia +34 91 400 5271 María Martínez +34 91 400 5272 Spanish Accounts Portuguese Accountslnavia@esinvestment.es mmartinez@esinvestment.es pllamas@esinvestment.es pmsantos@besinv.pt

Barbara Romeu +34 91 400 0902Cement, Pulp & Paper Spanish AccountsJoão Pedro Mendes +351 21 330 2154 bromeu@esinvestment.esjmendes@besinv.pt

Equity TradingNigel Williams +34 91 400 5358 Susana Ferreira da Silva +351 21 319 9756

Macroeconomic Research Head of Sales Trading Spain Head of Sales Trading PortugalCarlos Andrade +351 21 310 6493 nwilliams@esinvestment.es ssilva@besinv.ptChief Economistcaandrade@bes.pt Trading Desks

Madrid +34 91 400 5399 Lisbon +351 21 319 9750

POLISH EQUITY RESEARCH POLISH EQUITIESBanks, Insurance, General Financials Utilities, Construction ManagementSzymon Ożóg, CFA +48 22 347 4040 Maciej Hebda +48 22 347 4043 Rodrigo Carvalho +48 22 347 4030Head of Research Poland mhebda@esinvestment.pl Head of Polish Equities, Equity Salessozog@esinvestment.pl rcarvalho@esinvestment.plKamil Stolarski +48 22 347 4048kstolarski@esinvestment.pl Equity Trading

Miguel Passos +48 22 347 4017 Aleksander Mazur +48 22 347 4013Media, Telecoms Construction & Real Estate, Consumer Head of Equity Trading amazur@esinvestment.plAdrianna Kocięda +48 22 347 4042 Maria Szymańska +48 22 347 4045 mpassos@esinvestment.pl Wojciech Jóźwik +48 22 347 4019akocieda@esinvestment.pl mszymanska@esinvestment.pl Paweł Tofil +48 22 347 4014 wjozwik@esinvestment.pl

ptofil@esinvestment.pl Artur Zaręba +48 22 347 4018Industrials Sebastian Kosakowski +48 22 347 4016 azareba@esinvestment.plWojciech Kozlowski +48 22 347 4047 skosakowski@esinvestment.pl

BRAZILIAN EQUITY RESEARCH BRAZILIAN EQUITIESOil & Gas, Sugar & Ethanol Consumer ManagementGilberto Pereira de Souza +55 11 3074 7325 Luis Felipe Bresaola +55 11 3074 7321 Rui Marques +55 11 3074 7103Head of Research Brazil lbresaola@bessecurities.com.br Head of Brazilian Equitiesgsouza@bessecurities.com.br rmarques@bessecurities.com.br

Utilities & Infrastructure Financials & Real Estate Equity Sales Equity Trading, BM&FAlexandre Kogake +55 11 3074 7327 Gustavo Schroden +55 11 3074 7356 André Julião +55 11 3074 7392 Luiz Eduardo Sposito +55 11 3074 7393akogake@bessecurities.com.br gschroden@bessecurities.com.br ajuliao@bessecurities.com.br lsposito@bessecurities.com.brGabriel Laera +55 11 3074 7322 Rodrigo Manso +55 11 3074 7412 Karin Augustinská +55 11 3074 7390 Gustavo Vieira de Oliveira +55 11 3074 7394Glaera@bessecurities.com.br rmanso@bessecurities.com.br kaugustinska@bessecurities.com.br goliveira@bessecurities.com.br

Ricardo Copia +55 11 3074 7398 Jorge Alexandre de Almeida +55 11 3074 7010rcopia@bessecurities.com.br jalmeida@bessecurities.com.br

Diogo Vinicius de Andrade +55 11 3074 7369Mining, Steel, Pulp & Paper Telecoms, Media, Technology New York Office dandrade@bessecurities.com.brJuliano Navarro +55 11 3074 7320 Caimi Reis +55 11 3074 7334 Andrea Czarniak +1 212 351 6050 Marcos Prado +55 11 3074 7410jnavarro@bessecurities.com.br creis@bessecurities.com.br aczarniak@esinvestment.com mprado@bessecurities.com.br

Joy Bejasa +1 212 351 6055 Mauricio Albernaz +55 11 3074 7009jbejasa@esinvestment.com malbernaz@bessecurities.com.br

Ney Mendonça de Aquino +55 11 3074 7340Macroeconomic Research Lisbon Office naquino@bessecurities.com.brJankiel Lima dos Santos +55 11 3074 7344 Igor Maresti +351 21 319 9735 Simone Klein +55 11 3074 7011jsantos@besinvestimento.com.br imaresti@besinv.pt sklein@bessecurities.com.brFlávio Zientara Serrano +55 11 3074 7343 Xiaomao Chen +351 21 319 9786 São Paulo Desk +55 11 3074 7400fserrano@besinvestimento.com.br xchen@besinv.pt bes_securities@bessecurities.com.br

Management Supervisory Analyst Corporate AccessJosé Martins Soares +351 21 330 2140 Jane O'Sullivan +34 673 909 714 Rita Gonzalez +351 21 319 9740Global Head of Equity Research Supervisory Analyst/Editor Analyst & Corporate Mark etingjmartinssoares@besinv.pt josullivan@esinvestment.com rgonzalez@besinv.pt

– This report was prepared by the Equity Research Team from BES Securities do Brasil S.A. CCVM –

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