SANTA FÉ AQUARIUS – MULTI MARKET MULTI-STRATEGY (LONG TERM INVESTMENT FUND)

SF Aquarius FIM LP Management

“Focus on Sustainability – Combining fixed income with directional trading and arbitrages in equities”

March 2010

Fund distributed by BNY Mellon Serviços Financeiros DTVM S/A. The investment in the fund is not covered by either the administrator or by the investment manager. The fund does not have any insurance policy to cover losses and is not guaranteed by the Fundo Garantidor de Crédito - FGC. Past performance is no guarantee of future results. Potential investors should read carefully the fund´s offering documents before any investment decision is made. This fund invests in derivative instruments as part of its investment policy. Investment in this fund can involve significant risks and investors could lose all or a substantial portion of his/her investment. If the losses exceed the net asset value of the fund, the Brazilian regulation states that investors may be asked to cover the excess losses.

The material contained herein is for informational purposes only and should not be considered as offer to sell, or the solicitation of any offer, to buy or sell any securities or any other financial instruments. SANTA FÉ Porfólios does not offer any shares of funds or any other security.

Disclaimer

Goal:

Obtain returns greater than CDI (Brazilian Interbank Rate) through a diversified portfolio

of strategies, using the diversity of financial instruments, seeking an appropriate balance

between risk and return. Target Group:

Ordinary investors seeking higher, above average returns than those generally obtained

in the financial market, with a higher, above average volatility than that of the fixed

income assets available in the market.

Methodology:

Act on the following markets: stocks, commodities, financials and their derivatives in

Brazil and abroad, including purchasing, sale, covering, hedging, spreads and arbitrage,

following capital allocation methodologies with rigorous risk control.

Expected Result:

Yields above mid and long term fixed income securities rates with low volatility.

SF Aquarius FIM LP

1981 2002 2007 2008

Founded in 1981, as an investment consulting company, SANTA FÉ started its activities managing resources from its partners and a group of customers that was following its founder, Fernando Cardoso Luis Bueno.

During its 30 years of management, SANTA FÉ kept a familiar structure, gathering its tradition and experience with a unique and personal service to its customers.

Santa Fé is an independent asset management company that operates in the Stock Market since then.

January: Santa Fé launches the fund Aquarius FIM LP.

Since 2006, the team decided to reduce it´s volatility by 2% to 3% and be more conservative.

Until that, our fund achieved great performance above our bechmark(CDI).

During last year, Santa Fé became signatory to PRI – Principles for Responsible Investment. These principles are a series of voluntary practices adopted by a group of institutional investors and asset managers comitted to integrating environmental, social and corporate policy.

Santa Fé also participates in CDP - Carbon Disclosure Project. Its mission is to facilitate a dialog between investors and companies, backed by high quality information in search of rational answers to global climate change

Beside that, Santa Fé is hardily engaged with many social projects like:

• Lar da Benção Divina• Smiles for books

January: Nearly US$ 82 million of AUM. Of this, 55% comes from foreign investors, 30% from individual porfolios and 15% from our Fund – Aquarius FIM LP.

July: The Investment Committee started a new strategy to reach institucional clients, like national and international family offices and assets allocators.

September: Santa Fé develops the Agribusiness Department December: Forecasts opening Off Shore Fund.

Santa Fé has always made decisions in light of its regard for the human being; valuing interpersonal relations, social responsibility and respect for the environment. The company helps manage the Lar da Benção Divina, an institution set up 50 years ago. Today it is a day-care center, accredited by the Municipal Government of São Paulo, catering to 200 children.

History

2009

History

SANTA FÉ has always made decisions in line with its regard for the human being, valuing interpersonal relations, social responsibility and respect for the environment. Four pillars supports the firm´s commitment to clients:

Seeking top gains with low risks

Solid custody, auditing and controllership

partners

Correct valuation of people and

interpersonal relations

Working for a better world

PERFORMANCE SOLIDITY SERVICE SUSTAINABILITY

Accumulated Performance Between - January 2008 until March 2010 Annual Return - 2008 / 2009 / 2010

0 %

15 %

30 %

45 %

60 %

75 %

90 %

1 05 %

1 20 %

1 35 %

1 50 %

1 65 %

1 80 %

1 95 %

2 00 8 2 00 9 20 10

Fix e d In co m e S e c u rit ie s ( C D I) S an ta Fé A q u a riu s F IM

C r is is Sc e n ar io

S to c k M a rk e t f al ls

m o r e t h a n 40 % an d S F

A qu ar ius r is e s m o r e

t h a n 1 3 %.

P r os p e rit y S ce n a rio

St o c k M a rk e t r is e s m o r e t h a n

80 % a n d S F A q u a riu s h a s a

tu rn o v e r u p 4 0% o n t he F ixe d

In co m e S e c ur it ie s

-50,0%

-40,0%

-30,0%

-20,0%

-10,0%

0,0%

10,0%

20,0%

30,0%

40,0%Ja

n-08

Mar

-08

May

-08

Jul-0

8

Sep-

08

Nov

-08

Jan-

09

Mar

-09

May

-09

Jul-0

9

Sep-

09

Nov-

09

Jan-

10

Mar

-10

Aquarius CDI Ibovespa

25,98%

10,15%

29,61%

Our Differential :

Ì We offer full customer service, personal and exclusive;

s Fully independent firm. Our commitment is with the investor; eliminating conflicts

of interest and ensuring that decisions should be taken exclusively to obtain the best

result for the investor;

n 30 years of Tradition with a familiar structure since the company´s launch;

i Strong Risk Control;

r Social Responsible Investment.

Social Commitment

t Lar da Benção Divína: Is an institution set up 50 years ago. Today it is a day-care center, accredited by

the Municipal Government of São Paulo, attended by 200 children. SANTA FÉ participates directly in the

administration and also acts as fundraiser, having obtained support from large local and international companies.

n Smiles for Books: SANTA FÉ is also helping provide children access to education, through partnership

with local rural communities creating educational opportunities, establishing educational infrastructure and

libraries.

SF Aquarius FIM LP

About SF Aquarius FIM LP Management Company: Santa Fé Portfolios LtdaManager: Paulo Battistella BuenoAdministration: BNY Mellon Serviços Fin DTVM S/ACustody and Settlement : Bradesco S/AAuditor: KPMGANBID Classification: Multi-Market with Equities without Leverage Minimum Initial Investment: R$ 1.000,00 (One thousand)

Maximum Initial Investment: None, once the maximum percentage of FUND shares that can be held by a single share holder, i.e. fifty percent (50%), is complied with.Minimum Handling: R$ 500,00 (Five hundred)

Minimum amount in subsequent purchases / sales: R$ 500.00

Minimum outstanding balance: R$ 500,00

Grace period: N/A

Date of Conversion of Quota : Same day of the request rescue (Time limit until 14h ) for value under or equal to R$ 1.000.000 (One Million). And for value above in the 3th business day.

Date of payment of rescue: First business day following the date of conversion of quotas for value under or equal to R$ 1.000.000 (One million). And for value above in the 4th business day.

ADM rate: 2% per year.Rate Performance : 20% above CDI (Brazilian Interbank Rate) IOF: Free for applications with more than 30 days Taxation: Long TermTax fees by a securities portfolio with an average tenor above 365 days:

22,5% until 180 days20% between 181 and 360 days17,5% between 361 and 720 days15% above 720 days

Partners Manager Fernando Cardoso Luis Bueno - Partner and Head of Complaince Area

Fernando Bueno is the founding partner of Santa Fe, acting in the capital markets for 35 years. Coordinated the deployment of the markets for Gold and Futures in Brazil, being a pionerer on using Technical Analysis of the markets in portfolio managing. In the period from 1971 to 1981 he was managing partner in Bueno, Vieira, Pereira Lopes & Associates CVC SA, an institution of recognized market leadership, Member of the Board of BOVESPA - BOVESPA (1974-1976.; Founder and vice chairman of the National System of Compensation Business with the Commodities Term SA (1977-1981). Fernando has a Bachelor of Law from the University of Sao Paulo, and also studied Financial Administration at Stanford University - CA - USA

Paulo Battistella Bueno – Partner Manager of the Fund SF Aquarius LP FIM

Paulo Bueno has been a partner at Santa Fe since 1989 and the manager of the Santa Fe Fund Aquarius. He is also the director responsible for the management of portfolios for domestic and foreign investors, specialist in risk control and one of the first to use Technical Analysis of the markets in portfolio management. Participated in the Annual Telerate Technical Analysis Conference in New Orleans (LA), Los Angeles (CA) and Washington (DC) in U.S. Paulo has a Bachelor of Law from the University of Sao Paulo (USP).

Sergio Bueno Battistella - Partner and Head of Agribusiness Area Sergio Bueno has been a partner at Santa Fe since 1987 and has extensive experience in national and international financial markets, having worked in the management of Investment Clubs, Investment Funds and Portfolios at Santa Fe for more than 15 years. He is a specialist in developing hedge and risk control strategies for portfolio management. Currently he is dedicated to the structuring of new products related to agribusiness. Sergio has a Bachelors in Business Administration by the FGV – Fundação Getúlio Vargas (1990).

Sergio Luiz Gilani - Manager of the Fund SF Aquarius LP FIM Sergio Gilani has been a consultant and manager of portfolios in Santa Fe since 1983. He has worked in Crefisul Investment Bank S/A as an assistant controller and in the BOVESPA (BOVESPA) as an auditor of brokerage companies. Participated at Telerate Technical Analysis Annual Conference in New Orleans (LA) and also participated on the International Stock Market - New York and Chicago (USA) Seminars in 1986. Sergio has a Bachelors in Business Administration, from the Paes de Barros University and had a specialization in finance at the School of Administration Getúlio Vargas (FGV-SP).

� Risk Control: V@R, Stress Testing, Trailing Stops

R Control Allocation: Portfolio proposed x Risk Implemented

o Monitoring of performance: Indexes are used to measure the volatility, the rate of return and Sharpe Generalized.

Investment PolicyInvestment Policy

Goal: We believe the best way to achieve consistency in investments is

through a disciplined asset selection process.

� Scenarios : Investment Committee;

t Research: External Analysts;

s Consensus: Construction of Portfolio

� Implementation: Portfolio Manager;

Investment ProcessInvestment Process

Investment Committee Structure

� Broad evaluation of both the internal and the external political and economical scenario.

Market evaluation (Stock Market, FX, Interest Rates, Securities, Foreign Debt).

n Macro trades are defined for each market.

n The Committee defines an allocation of market risk (ex.: 50% of the risk will be allocated to interest rate, 25% on Stock market, 25% in FX).

k Following this risk allocation, managers structure the positions in accordance to each investment policy

i Amongst our strategies, managers use technical analysis (Graphics) and Market Timing;

t The Investment Committee determines the stress scenarios used to calculate the portfolio´s risk.

Administration, NAV Calculation and Accounting

N The BNY Mellon Serviços Financeiros DTVM is responsible for the SF Aquarius FIM LP Compliance

e Risk Control is also implemented by BNY Mellon Serviços Financeiros DTVM S.A, as well as a strong internal control developed by our management team. (V@r and Stress Testing)

s The Investment Committee analyzes all open trades on a weekly basis, which enables the decision-making as to whether maintain, increase or decrease the portfolio’s positions.

I. Opportunity

II. Insurance

III. Risk Control

IV. Low Volatility

V. Sustainability

Management Guidelines:Management Guidelines:

I.I. Opportunity :Opportunity :

° Equities and Options

i Market Timing

i Agility

II. Insurance:II. Insurance:

i The directional trades have always some kind of insurance (hedge) to:

t Avoid losses in case of maximum stress

c Serve as “balance” to reduce volatility

e Our confidence in the market defines the intensity and the form of the insurance

III. Risk Control:III. Risk Control:

IV. Low Volatility:IV. Low Volatility:

t Our risk limit is 2 x CDI (Brazilian Interbank Rate) per month; what means that in the worst scenario, the fund could have negative returns of 1 CDI. However, since 2003, we had no negative months and in 2006 we implemented a strong risk control mechanisms.

v We control the positions individually

o 10% STRESS TEST limit

l Goals

l Annualized volatility around 5%

i Performance around 140% of the CDI (Brazilian Interbank Rate)

Our insurance strategies protect against major losses and also reduce our volatility that is around 5% per year.

A global trend over the past few years points to investors seeking out socially

responsible and sustainable companies, in the belief that, in the long run, these

companies will be more apt to face up to economic, social and environmental

threats. Such actions are known as “socially responsible investing” (“SRI”); our

management practices at SF Aquarius reflect this profile; for this reason, the fund

invests, preferentially, in companies included in the ISE – Corporate Sustainability

Index, implemented by BOVESPA. The index is composed of a select group of

companies, highly committed in terms of sustainability and social responsibility.

Consideration is given in the decision-making process to the answers provided by

companies to the annual questionnaire formulated by the CDP – Carbon Disclosure

Project concerning the emission of gases contributing to the greenhouse effect, and

strategies concerning climate change management.

V. Sustainability:V. Sustainability:

Performance - In local currency R$

Aquarius CDI

Rentabilidade - Aquarius x CDI252 Períodos

-2,5%

0,0%

2,5%

5,0%

7,5%

10,0%

12,5%

06/0

4/09

13/0

4/0

920/0

4/0

9

27/

04/

09

04/0

5/0

911/0

5/0

9

18/

05/0

9

25/0

5/0

901/0

6/09

08/0

6/0

915/0

6/0

9

22/

06/

0929/0

6/0

9

06/0

7/09

13/0

7/0

920/

07/0

9

27/

07/

09

03/0

8/0

910/0

8/0

9

17/0

8/0

924/0

8/0

9

31/0

8/09

07/0

9/0

914/0

9/0

9

21/

09/

09

28/0

9/0

905/1

0/0

9

12/

10/0

919/1

0/0

9

26/1

0/09

02/1

1/0

909/1

1/0

9

16/

11/0

923/1

1/0

9

30/1

1/09

07/1

2/0

914/1

2/0

9

21/

12/

09

28/1

2/0

904/0

1/10

11/

01/1

018/0

1/1

0

25/0

1/10

01/0

2/1

008/0

2/10

15/

02/

10

22/0

2/1

001/0

3/10

08/

03/1

015/0

3/1

0

22/

03/

10

29/0

3/1

005/0

4/10

Aquarius

CDI

Volatility

Aquarius

Volatilidade Anualizada - 252 Períodos

0,0%

0,8%

1,6%

2,4%

3,2%

4,0%

4,8%

5,6%

6,4%

7,2%

04/0

6/0

9

04/

13/

09

04/2

0/0

9

04/2

7/0

905/0

4/09

05/

11/0

9

05/1

8/0

905

/25/0

9

06/0

1/09

06/

08/0

9

06/1

5/0

906/2

2/0

9

06/

29/

09

07/

06/0

9

07/1

3/0

907/2

0/09

07/

27/0

9

08/0

3/0

908/1

0/0

9

08/1

7/09

08/

24/0

9

08/3

1/0

909/0

7/0

9

09/

14/

09

09/

21/0

9

09/2

8/0

910/0

5/09

10/

12/0

9

10/1

9/0

910/2

6/0

9

11/0

2/09

11/

09/0

9

11/1

6/0

911/2

3/0

9

11/

30/

09

12/

07/0

9

12/1

4/0

912/2

1/0

9

12/

28/0

9

01/0

4/1

001/1

1/1

0

01/1

8/10

01/

25/1

0

02/0

1/1

002

/08/1

0

02/

15/

10

02/

22/1

0

03/0

1/1

003/0

8/1

0

03/

15/1

0

03/2

2/1

003/2

9/1

0

04/0

5/10

Sharpe Index

Aquarius

Índice de SHARPE Generalizado - 252 Períodos

-1,2

-0,7

-0,2

0,3

0,8

1,3

1,8

2,3

2,8

3,3

04/0

6/0

9

04/

13/0

9

04/2

0/09

04/2

7/0

9

05/0

4/0

9

05/1

1/0

9

05/1

8/0

9

05/

25/

09

06/0

1/09

06/0

8/0

9

06/1

5/0

9

06/2

2/0

9

06/2

9/0

9

07/

06/0

907/1

3/0

9

07/2

0/0

9

07/2

7/0

9

08/0

3/0

9

08/1

0/0

9

08/1

7/09

08/2

4/0

9

08/3

1/0

9

09/0

7/0

9

09/1

4/0

9

09/

21/0

9

09/2

8/09

10/0

5/0

9

10/1

2/0

9

10/1

9/0

9

10/2

6/0

9

11/

02/0

911/0

9/0

9

11/1

6/0

9

11/2

3/09

11/3

0/0

9

12/

07/0

9

12/1

4/09

12/2

1/0

912/2

8/0

9

01/0

4/1

0

01/1

1/1

0

01/

18/1

0

01/2

5/10

02/0

1/1

0

02/0

8/1

0

02/1

5/1

0

02/2

2/1

0

03/0

1/10

03/0

8/1

003/1

5/1

0

03/2

2/1

0

03/2

9/1

0

04/

05/1

0

AWARD of The Best Funds by Exame Guide Magazine

P Who did the survey: Exame Guide from Abril Publishing Company

e Where: The entire brazilian territory

e When: From July 2007 to July 2008

2 Goal: To identify funds that have the best relation between risk and return

and also look at the risk that the investor had to take - the risk is calculated

by the oscillation of the daily quota of funds.

o 5 Star Award: Represents the funds that are among the best 10% in that

Goal

p Santa Fe was in 5th place among the best multimarket funds without

leverage, which received 5 stars in 2008 by Exame magazine Guide

Ranking Guia Exame – ago/2008

Asset Under Management

Santa Fé Portfolios Ltda

Assets Under Management:Funds: US$ 20,16 million (U$/R$1.78)

Individual portfolios: US$ 124.87 millionForeign Investors: US$ 68,64 million

CEO – Fernando Luis Cardoso Bueno – fbueno@santafe.com.brFund Manager - Paulo Battistella Bueno – paulo@santafe.com.br

R. Luigi Galvani, 70, 8º andar - Brooklin04575-020 ۰ São Paulo ۰ SP ۰ Brasil

TEL: 55 11 5506-8020 ۰ FAX 55 11 5505-3130

santafe@santafe.com.brwww.santafe.com.br

Administrador / Distribuidor BNY Mellon Serviços Financeiros DTVM S/A (CNPJ: 02.201.501/0001-61)Av. Presidente Wilson, 231, 11º andar, Rio de Janeiro, RJ, CEP 20030-905Telefone: (21) 3974-4600 – Fax: (21) 3974-4501www.bnymellon.com.br/sf

Principles for Responsible Investment & Carbon Disclosure Project

PRI (Principles for Responsible Investment) - In March 2008, Santa Fé Portfolios became a signatory to PRI, an initiative by the UN General Secretariat and implemented by the United Nations Environment Programme Finance Initiative (UNEP FI) and to the UN Global Compact. These principles are a series of voluntary practices adopted by a group of institutional investors and asset managers committed to integrating environmental, social and corporate policy making with processes of investment assessment and decision-making.

CDP (Carbon Disclosure Project) - SANTA FÉ became a signatory to CDP, whose

mission is to facilitate a dialog between investors and companies, backed by high

quality information in search of rational answers to global climate change.

CDP offers the investment community information concerning greenhouse relevant gas

emissions and administrative climate-change strategies. Through its data bank, this

information is available for comparative analysis, adding value to investors and to a

wide range of interested parties.

We believe it is possible to obtain good performance, aligning investors to society’s goals, contributing to the community development and helping to protect the environment.

Meaningful Performance

X,xx%

0,00%

We believe that performance is more than just a number, we believe in meaningful performance.