Macquarie Brasil Participações Ltda.

Disclaimer:

This communication is being delivered by Macquarie Brasil Participações Ltda. ("Macquarie Brasil") to determined clients of the Macquarie Group and its affiliates. Macquarie Brasil is acting for the purposes hereof exclusively as an authorized representative of the Macquarie Group in the Federative Republic of Brazil, in accordance with Brazilian applicable laws, especially but not limited to Central Bank Resolution No. 2,592, of February 25,1999.  This communication is for general circulation and does not have regard to the particular circumstances or needs of any specific person who may read it.  Macquarie Brasil expressly disclaims all, or any liability and responsibility to any person in respect to anything (and the consequences of anything) done or omitted to be done by any person in reliance on the whole or any part of this communication.  Any views expressed herein are those of the individual sender, except where the sender specifically states that such views are those of Macquarie Brasil. Opinions expressed are current opinions only. Opinions, historical price(s) or value(s) are as of the date and, if applicable time, indicated.  Macquarie Brasil does not accept any responsibility to update any opinions or other information contained in this communication.  Macquarie Brasil and any of its associates may have interests in securities, futures, derivatives or options referred to in this communication, including directorships or performance of investment banking services.  In addition, they may buy or sell those financial products as principal or agent and as such may effect transactions which are not consistent with any recommendations in this communication. The contents of this communication are copyright and confidential to Macquarie Brasil.  This communication has been provided only to specified clients of Macquarie Brasil.  If you are not specifically authorised by Macquarie Brasil any use, copying or other dissemination of this information is illegal and legal proceedings may be commenced against you. This communication is published solely for informational purposes and is not to be construed as an offer to buy or sell, or a solicitation of an offer to buy or sell any financial instrument or to enter into any transaction, and should not be construed as investment advice. This communication is based upon information believed to be reliable but is not guaranteed as being accurate or complete. Past results are not necessarily indicative of future results. Futures, options and derivatives products are not suitable for all investors and trading in these instruments involves substantial risk of loss.  Email transmission cannot be guaranteed to be secure or error-free.  We do not represent that this information is complete or accurate and it should not be relied upon as such.  Except as provided by law, neither Macquarie Brasil or any of it's affiliates makes any warranty as to the accuracy or suitability of this information nor accepts any responsibility for errors or misstatements, negligent or otherwise.  Macquarie Brasil is not an authorised deposit-taking institutions for the purposes of the Australian Banking Act (Commonwealth) 1959 and it's obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542.  Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Brasil, unless expressly noted otherwise.