Investor Presentaiton

50 70 Where we are coming from: FX - BRL/USD, adjusted for inflation 190 170 1 150 130 110 90 Jun/94 Dec/94 Jun/95 Dec/95 Source: Central Bank of Brazil 2 N Jun/96 Dec/96 Jun/97 Dec/97 Jun/98 Dec/98 Jun/99 Dec/99 Jun/00 Dec/00 Jun/01 Dec/01 Jun/02 Dec/02 Jun/03 Dec/03 Jun/04 Dec/04 Jun/05 Dec/05 Jun/06 Dec/06 Jun/07 Dec/07 3 A Jun/08 Dec/08 Jun/09 Dec/09 Administração de Recursos DYNAMO

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