Investor Presentaiton

Banco Itaú : A final note - Brazilian banks performed very well during the crisis and have emerged stronger - Among many reasons, we think one should be singled out: - STATUTORY DIRECTORS, BOARD MEMBERS AND CONTROLLING SHAREHOLDERS OF BRAZILIAN BANKS HAVE THEIR ENTIRE NET WORTH AT STAKE IF THEIR BANKS FAIL. ALL THEIR PERSONAL ASSETS ARE FROZEN FOR THE DURATION OF THE LIQUIDATION PROCESS AND MAY BE USED TO COVER ANY SHORTFALL. THERE IS ALSO A TAIL OF 12 MONTHS -Would the excesses in the banking industry in the US and Europe have happened if this rule had been in place? DYNAMO Administração de Recursos

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