Investors Alert

I. Pursuant to CVM Instruction 332, the company is exempted from registration with the CVM. except for the information listed in Article 3, paragraph 3 of CVM Instruction 332, whose disclosure by the company shall be informed by the depositary through the system IPE (as explained below, on the Operational Description, in item 11, the title saw - "Available Information"), investors must obtain at your own risk and information relating to the company, as such information is made public by the company in the jurisdiction where they have their head in the jurisdiction where they are dealt in the shares represented. Any descriptive information contained herein relating to the operating company are obtained based on information available to the public and there is no warranty or representation, express or implied, by the Depositary that such information is accurate or updated.

II. The purchase of Unsponsored BDRs Level I in accordance with CVM Instruction 332, are eligible for: (i)Financial institutions, (ii) investment funds, (iii) portfolio managers and securities consultants authorized by CVM in relation to their own resources, (iv) the closed pension fund, or (v) individuals and companies with investments exceeding R$ 1,000,000.00 (one million of reais) ("qualified investors" ). Intermediary institutions should, as a condition to the acquisition of BDR, establish the framework for the investor as an investor enabled.

III. Without prejudice to the above, the BDR can be purchased by non-resident investors in Brazil, provided that (i) meet the registration requirements of CVM Instruction Nº 325 of January 27, 2000, and Resolution Nº. 2,689 of 26 January 2000, and are classified as (i) commercial banks, investment banks and similar institutions, regulated and supervised by government authorities, (ii) investment funds regulated and supervised by government authorities, (iii) the closed pension funds regulated by government authorities or (iv) individuals and companies with headquarters or domicile abroad, with investments exceeding R$ 1,000,000.00 (one million of reais).

IV. The BDRs and the underlying shares are not and should not be considered as an object offered to the public in Brazil, in the United States or in any other jurisdiction.

V. The programs and the BDRs have not been nor will be registered with the Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended. Investors residing outside Brazil may purchase BDRs in Brazil if they comply with the registration requirements of CVM Instruction 325 of January 27, 2000, and CMN Resolution 2689 of January 26, 2000.