GUSTAVO MARINI---------------------------------------------------------------------------------------

• Founding Partner of Turim Investimentos.

• CEO of Santander Brasil Asset Management and Santander Brasil Private Equity, also accumulating the function of Executive Director of Banco Santander S.A. from January 2000 to May 2001. He was responsible for the management of approximately US$ 7 billion in funds as of March 2001 – the most highly awarded asset management in Brazil in the year 2000.

* 13 funds that received a 5-star rating by Exame magazine

* 5 funds in the “Star” category by América Economia magazine, with Invest Tracker analysis

* 5 funds that received the 5-star rating in 2000 in the “Individual Investor” category

* Invest Tracker Award: highest award for CL Institutional and Special Fixed Income funds

* Best Managed Account – Wmercer ranking

• Director of Bozano Simonsen Bank from 1997 to 2000 and responsible for Private Banking and Asset Management. He was also one of the creators of Investshop.com.br, the pioneer and largest at the time virtual home broker in Brazil.

• Garantia Investment Bank from 1985 to 1995 – he worked in several different areas, such as Corporate Finance, Open Market and futures and derivatives, until becoming the main individual responsible for the clients in the Brazilian states of Minas Gerais, Bahia and Rio de Janeiro (Rio de Janeiro office).

• MBA from COPPEAD – Federal University of Rio de Janeiro (UFRJ) and Master of Science (M.Sc.) in Business from the Massachusetts Institute of Technology (MIT).

EDUARDO GOMES DE ALMEIDA -----------------------------------------------------------------------

• Partner at Turim Investimentos.

• Former Director and Partner of Banco Modal S.A. (1999 to 2003). Responsible for the Corporate Finance area. Also responsible for the area of Asset Management and having served as the manager of a private risk fund. He participated in several different capital market operations with companies like Pão de Açúcar, CPFL and América Latina Logística (ALL), among others.

• Corporate Finance and Private Equity Manager of Banco Icatu S.A. (1993 to 1999), having participated in different company acquisitions, such as that of Cia. Vale do Rio Doce, Cia. Paulista de Força e Luz (CPFL), COSERN and Cia. de Petróleo de Manguinhos, sales operations, such as that of EMESA, Pronor and Nitrocarbono capital market operations such as IPOs and the launch of debentures and commercial papers.

• Corporate Finance Manager of Banco Pactual S.A. (1991 to 1993).

• Civil Engineering degree from the Pontifical Catholic University of Rio de Janeiro (1985) and Master of Business Administration (MBA) in Corporate Finance from University of Michigan (1987).

BERNARDO MASCARENHAS ----------------------------------------------------------------------------

• Partner at Turim, Mascarenhas is jointly responsible for the commercial area and new business development.

• From 1998 to 2006, he served as Administrative-Financial Director and Commercial Director of Icatu Hartford Seguros S.A. - IH, where he was responsible for the management of an investment portfolio totaling R$1.4 billion. IH is a joint venture between Grupo Icatu, with distinguished operations in the financial and insurance markets, and The Hartford Group, one of the six largest U.S. insurance companies.

• He previously worked for 18 years in the financial market, where he served director-level positions in the areas of Investment Banking and Asset Management, at Banco Vega and Banco de Montreal S.A. – Montrealbank.

• Besides his experience in the Brazilian markets, he also has international experience, having worked at Bank of Montreal's Treasury Department in Toronto, Canada, where he lived and worked for over two years.

• He earned a degree in Economics from the Pontifical Catholic University of Rio de Janeiro (PUC RJ), and an MBA in Insurance from IBMEC – RJ. He has also attended several specialization courses in Brazil and abroad, covering several aspects of the financial, insurance and re-insurance markets. Mascarenhas also served as Director of the Rio de Janeiro Insurance Companies Trade Association, acting in the Fiscal Council.

NELSON ISAAC ABRAHÃO JÚNIOR -------------------------------------------------------------------

• He is responsible for Asset Allocation ex-Brazil at Turim, which he joined in 2004 with the duty of developing the Macroeconomic Analysis area.

• He became a partner at Turim in 2008.

• Abrahão earned a degree in Economics from the Federal University of Rio de Janeiro (UFRJ) in 2001 and a Master’s in Economics from the Getúlio Vargas Foundation (EPGE-FGV) in 2004.

LEONARDO MARTINS -----------------------------------------------------------------------------------

• Martins has been with Turim since its foundation and in 2003, he assumed the responsibility for the company’s Exclusive Asset Allocation in Brazil.

• In 2008, he became a partner at Turim.

• He earned a degree in Economics from IBMEC-RJ (2002).

PATRÍCIA XAVIER ----------------------------------------------------------------------------------

• Joined Turim in 2001, becoming a partner in 2008, and currently responsible for the administrative area.

• In the period of 1999 to 2001, she was Commercial Manager at Banco Bozano Simonsen and at Investshop.

• From 1988 to 1998, she worked at the United Nations Children’s Fund (UNICEF) in Brasília, and from 1985 to 1988, at the Brazilian Ministry of Health.

• She earned a degree in Pharmacy and Biochemistry from the Federal University of Ouro Preto (1984), and another in Mass Communications from the University of Brasília (1988).

LUIZ ANTONIO SILVA ----------------------------------------------------------------------------------

• A mathematician, Silva joined Turim in 2005, and is responsible for the Information Technology area and for in-house system development.

• In 2008, he became a partner at Turim.

• He earned a degree from the State University of Rio de Janeiro (UERJ) and is a former student of the high school Colégio Pedro II, specializing in the IT technical major.

ANA CAROLINA CARVALHO ----------------------------------------------------------------------------

• Ana Carolina joined Turim in 2006, as an asset allocation analyst. From 2008 onwards, she assumed the Controller position.

• In 2009, she became a Turim's partner .

• She earned her degree in Economics from IBMEC-RJ(2007).