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  This presentation has been prepared by TAG Investimentos Ltda. (TAG) and may not be reproduced or distributed to anyone, in full or in part, for whatever purpose, without the prior written consent of TAG. Additional information on the presentation and investment opportunities can be obtained on request.

  This presentation is intended for information only and is not and must not be interpreted as being an offer or solicitation of the purchase or sale of any financial instrument or of participation in any specific business strategy. All opinions contained herein are given in the context and situation existing at the time of publishing, and may change without notice, and they do not take into account the investment objectives, financial situation or specific needs of any individual investor.

  This material is for the use of TAG and may not be regarded as material for sale or publication, and it may be used to simulate future results on the basis of past information, without any guarantee that the simulated results will actually be achieved over time.

  Some of the information given herein may be obtained from market sources. TAG takes every care in collecting and handling this information, but takes no responsibility for the accidental publication of incorrect data.

  We believe that the information contained herein is reliable, but we do not warrant that it is accurate or complete. The opinions, estimates, investment strategies and views expressed in this document represent the judgment of our investment strategists who work for our clients, based on current market conditions, and may be changed without notice.

  The investment strategies and views contained in this document may differ from those expressed for other purposes or in other contexts by other market strategists. The views and strategies described herein may not be appropriate for all investors.

  The people responsible for this report hereby certify that the opinions expressed herein reflect correctly and exclusively their personal views and opinions concerning all the issuers and securities analyzed, and that they have been produced independently. The people responsible for the preparation of this report are not registered or qualified as research analysts with the NYSE or FINRA; they are therefore not subject to the restrictions of Rule 2711 about communications with a company under analysis, public appearances or trading in securities held in a research analyst’s account.

  Investors who wish to purchase or trade in the securities mentioned in this report must obtain the corresponding documents relating to the financial instruments and the stock exchanges, and confirm its content. The final decision on an investment lies with the individual investor, taking into account the different risks, charges and commissions.

  The units of Mutual Funds (FIP), Real Estate Investment Funds (FII) and Investment Funds set up as closed condominiums can only be redeemed on the expiry date of the fund, but units can be amortized pursuant to the regulations or as decided by unit holders’ meetings. These funds may concentrate the portfolio on a small number of illiquid assets, and this can lead to capital losses by unitholders which may exceed the amount of the original investment.

  Investment funds indicated as investment choices may use derivatives strategies, or invest in funds that use them, as part of their investment policy. Such strategies, when followed, may result in substantial capital losses for unitholders, even losses exceeding the amount of their original investment, in which case the unitholders may be required to invest more to cover the fund's losses.

  All Mutual Funds (FIC) mentioned in this document are authorized to invest in investment fund units that apply their resources in overseas assets, as and up to the limits permitted by their regulations.

  These investments may vary in terms of price and value. To assess the performance of an investment fund it is recommended that a period of at least twelve months be analyzed. Past performance is no guarantee of future profitability.

  Investment funds are not guaranteed by the fund administrator, the fund manager, by any insurance mechanism or by the Credit Guarantee Fund (FGC).

  Investors are urged to read the fund prospectus and regulations carefully before investing.

  This material is distributed on the basis that it provides no accounting, legal or tax advice. Consult a legal or tax advisor that you trust.

  Yields indicated are pre-tax.

  For queries or complaints, contact TAG Investimentos, by phone at + 55 11 3474-0000 or by email ouvidoria@taginvest.com.br.

TAG Investimentos
TAG Investimentos
TAG Investimentos
TAG Investimentos
TAG Investimentos
SÃO PAULOAv. Brig. Faria Lima 3311 - 12º floorItaim Bibi - São Paulo - SPPostal Code: 04538-133Telephone: (11) 3474-0000
PORTO ALEGREAv. Carlos Gomes, 300 - 7• andar
Bairro Três figueiras,
Porto Alegre, RS
CEP: 90480-000
Copyright © 2016, TAG. All rights reserved.

The information contained herein is only informative. Past profitability does not represent assurance of future profitability. Investors are urged to read the fund prospectus and regulations carefully before investing. Investment funds are not guaranteed by the fund administrator, the fund manager or by the Credit Guarantee Fund (FGC). To assess the performance of an investment fund it is recommended that a period of at least 12 months be analyzed. The profitability disclosed is not net of taxes; for more information about products and risk of funds, please contact our Customer Service Center.