There is no guarantee that this fund will have the tax treatment for long-term funds. The administrator and manager will make greater efforts to maintain the composition of the fund's portfolio, in accordance with the tax treatment applicable to funds considered to be long-term.

Investors who seek differentiated performance and understand the nature and extent of the risks involved.

Manager: E2M Investimentos LTDA

Administrator: Nova Futura C.T.V.M LTDA

Custodian: Banco BM&FBovespa de Serviços de Liquidação e Custódia SA

Auditor: Crowe Horwath Bendoraytes & Cia Auditores Independentes ANBIMA Classification: Multimercado Multiestratégia

Start Date: 12/07/2010

Transactions: Initial investment: BRL 20,000.00

Minimum transaction amount: BRL 5,000.00

Minimum maintenance balance in the fund: BRL 20,000.00

Administration Fee: 0.60% p.a.

Performance Bonuses: 20% on the profitability that exceeds 100% of the CDI variation.

Application: Until 3:30. Quota of D+1.

Redemption: Until 3:30. Quota of D+1. Financial settlement D+4.

Income Tax: Fund quotaholders will be taxed by income tax at source on the last business day of May and November at the rate of 15% (fifteen percent) and upon redemption of quotas, according to the decreasing rate depending on the period of application described below:

a) 22.5% (twenty-two point five percent) – applications with a term of up to 180 (one hundred and eighty) days; b) 20.0% (twenty percent) – investments with a term of 180 (one hundred and eighty) days to 360 (three hundred and sixty) days; c) 17.5% (seventeen point five percent) – investments with a term of 360 (three hundred and sixty) days to 720 (seven hundred and twenty) days; d) 15.0% (fifteen percent) – investments with a term of more than 720 (seven hundred and twenty) days.

Grace Period: None. Daily liquidity.

This presentation was prepared by E2M Investimentos and may not be reproduced or redistributed to any person, in whole or in part, for any purpose, without prior written consent. The information contained herein has the exclusive purpose of providing transparency and disseminating information about the company, its professionals and the managed funds. They do not constitute an offer to sell shares in the funds or any other securities mentioned or in any type of investment advice and should not be used for this purpose. Investments in investment funds are subject to the risk of loss of invested capital, therefore, investors should be aware, as they may fluctuate in terms of price and value. The final decision regarding investments must be made by each investor, according to their profile, taking into account the various risks involved and the non-recovery of the invested capital. Careful reading of the fund's prospectus and regulations is recommended before investing funds. Investment funds are not guaranteed by the administrator, the portfolio manager, any insurance mechanism or even the Credit Guarantee Fund – FGC. Equity funds may be exposed to significant concentration in assets of a few issuers, raising them to the resulting risks. The reported profitability is not net of taxes and past profitability does not represent a guarantee of future profitability. Pursuant to ANBIMA's regulations, in order to evaluate the performance of investment funds, an analysis of periods of at least 12 (twelve) months is recommended. The information contained in this website is in line with the fund regulation, but does not replace it. Careful reading of the prospectus and regulation is recommended, with special attention to the clauses relating to the objective and investment policy of the funds, as well as the provisions dealing with the risk factors to which the fund is exposed. It is also important to point out that all communication made through the World Wide Web is subject to interruptions or delays, which may prevent or impair the sending and receiving of updated information.