Investor Presentaiton

Where we could be headed: Dramatic changes in Capital Markets Capital Markets Recent Changes - More than 100 companies went public in 5 years (less than 10 in previous 15 yrs) - At least another 50 issued secondary public offerings - Almost BRL 200 billion (USD 100 billion) were raised - Ownership and corporate governance have made significant strides - Brazilians are developing an equity ownership culture - Market for BRL denominated corporate debt is emerging DYNAMO Administração de Recursos

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