Investor Presentaiton

Where we could be headed: Retail Sales in São Paulo x VAT collection 200 190 180 170 160 150 140 130 120 110 100 90 2H05 Source: CONFAZ and IBGE 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 Retail - SP I VAT from Retail SP DYNAMO Administração de Recursos

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