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BTG Pactual appreciates your visit to this website ("BTG Pactual Website") on the worldwide web ("Internet"), and your interest in our services and products. Your privacy is extremely important to us, and we want you to feel at ease when visiting our site. We will take the utmost care to protect your personal data that is collected, processed, and used during visits to the BTG Pactual Website.

By accessing the BTG Pactual Website, you accept this Privacy Statement ("Statement").

If you do not agree with this Statement, do not proceed to further web pages of the BTG Pactual Website.

This Statement, and the information and materials contained on the BTG Pactual Website may be updated from time to time, without prior notice to users. We therefore ask you to consult this Statement on a regular basis. The last line of this text indicates when the Statement was last updated.

What are the purpose and the scope of this Statement?

BTG Pactual, its subsidiaries, and affiliated branches ("BTG Pactual" or "We") are committed to safeguarding the personal information that we collect from individuals who use the BTG Pactual Website.

Accordingly, BTG Pactual has developed this Statement to describe the type of data, and how it will be collected from users of the BTG Pactual Website, and the purposes for which BTG Pactual may collect, share, and disclose information.

BTG Pactual also explains the precautions that will be taken to keep your data secure and confidential.

This Statement applies to any information obtained by BTG Pactual through your use of the BTG Pactual Website. It is not applicable, however, to any other websites controlled by third parties not affiliated with BTG Pactual that may be accessed by electronic references ("links") available on the BTG Pactual Website ("Third Party Sites").

Please review the privacy statements of Third Party Sites as BTG Pactual is not to be held responsible for the content or the privacy practices of Third Party Sites, neither does it have any influence thereupon.

The terms of this Statement are subject to any (i) additional terms of disclaimers or other contractual terms that you have entered into and/or may enter into with BTG Pactual, such as, for example, other privacy statements (with that which is most specific always prevailing); and (ii) any applicable laws and regulations.

What information do we collect from you and for what purpose?

When you visit the BTG Pactual Website, our web server automatically records your IP (Internet Protocol) address, the website from which you visit us, the type of browser software used, and the web pages you actually visit, including the date and duration of use.

In addition, we collect personal data which you provide through the BTG Pactual Website, such as, for example, when you enter personal details (e.g. name, gender, address, e-mail address, phone/fax number) on a registration page or if you sign up for an email newsletter.

BTG Pactual will use your personal data only for the purposes of technical administration and research & development of the BTG Pactual Website, as well as customer and user administration and marketing.

We use your personal data to inform you about our services and products only in line with applicable laws and regulations.

How do we collect and store information from you?

BTG Pactual may use cookies and page tags to make your visit to the BTG Pactual Website more interesting.

"Cookies" are small files stored on your hard disk. There are two different types of cookies: session cookies are temporary, and erased when you close your browser. Persistent cookies remain on your hard drive until you erase them or they expire.

BTG Pactual uses persistent cookies to determine whether there has been any contact between your computer and us in the past. Cookies are only valid for your computer. Most browsers automatically accept cookies. Should you choose to do so, you can prevent cookies from being stored on your hard drive by setting your browser to "not accept cookies".

Exact instructions for this can be found in the manual for your browser. You can also delete cookies that are already on your hard drive at any time. If you choose not to accept cookies, you can still visit the BTG Pactual Website.

However, this may result in a reduced availability of the services provided by the BTG Pactual Website.

"Page tags" are small components of JavaScript code embedded in our web pages. Every time you request a new page, your browser will send information to a remote server belonging to BTG Pactual.

Page tags help us to identify the most popular sections of the BTG Pactual Website, and to improve our services. You may deactivate page tags by disabling JavaScript in the security settings of your browser.

However, once JavaScript is disabled, parts of the BTG Pactual Website may not function correctly.

To whom do we disclose information gathered from the BTG Pactual Website?

BTG Pactual may disclose your information to its employees, agents, and affiliates inside or outside your country of residence to perform services for BTG Pactual.

Our employees, agents, affiliates and other suppliers who have access to personal data obtained through the BTG Pactual Website are obliged to respect privacy requirements, and are forbidden from using this information for anything other than the distinct usage defined in this Statement.

When transferring personal data internationally, we make sure that we comply with applicable laws and regulations, for example, by entering into agreements which will ensure that the recipients of your information maintain an adequate level of data protection.

We may also disclose your information to governmental agencies or entities, regulatory authorities, or other persons, as either required or permitted by applicable laws and regulations.

Which security measures have been implemented to protect your information?

BTG Pactual uses technical and organizational security measures in order to protect personal data against unauthorized access, accidental or intentional manipulation, loss and destruction.

What factors should be considered when transferring data over the Internet?

The Internet is generally not regarded as a secure environment, and information sent via Internet can be accessed by unauthorized third parties, potentially leading to disclosures or unauthorized use, changes in content or technical failures.

Even if both sender and receiver are located in the same country, information sent via the Internet may be transmitted to other countries, with lower data protection than that in their country of residence.

Please note that we accept no responsibility or liability for the security of your information whilst in transit in the Internet to the BTG Pactual Website.

In order to protect your privacy, we would like to remind you that you may choose other safer means of communication with BTG Pactual that you deem appropriate.

How do we deal with information from individuals under the age of 18?

The BTG Pactual Website does not seek to collect personal data from individuals under the age of 18, since they should have permission from their parents or legal guardian before providing any personal data through the BTG Pactual Website.

How can you access or review your personal data?

Should you have any doubts regarding the processing of your personal data, please contact our Client Service Center by the telephones we make available on the BTG Pactual Website.

Updated on September 10, 2009.

Non-Brazilian Investor

Please, read the following comments about information published in the website.

This document is published exclusively for the purpose of providing information and conferring transparency to the management carried out by BTG Pactual, and it is not the Offering Memorandum of the Funds and is not to be considered as an offer for the sale of shares of the Funds or of any other security.

Some of the Funds are not listed on the Cayman Islands Stock Exchange and are accordingly prohibited from making an offering to the public in the Cayman Islands.

In some cases, no registration statement has been filed with the United States Securities and Exchange Commission or any State Securities Authority with respect to the offering of the Funds shares.

Not all the Funds presented here have their shares registered under the United States Securities Act of 1933, as amended.

This document is not destined to investors with residence in Brazil.

The Funds may not be offered, sold, redeemed or transferred in Brazil.

The offer and sale of the Funds shares in certain jurisdictions may be restricted by law.

Before subscribing for the shares, each prospective investor should (i) carefully read and retain the Offering Memorandum of the Funds and the relevant Supplement or Annex in respect of the portfolio and/or class of shares; (ii) consult with his/her/its own counsel and advisors as to all legal, tax, regulatory, financial and related matters concerning an investment in the Funds.

Past performance does not guarantee future results.

BTG Pactual takes no responsibility for the accidental publication of incorrect information, nor for investment decisions taken based on this material.

Access to this document or use of the services or information provided herein is prohibited by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law, rule or regulation.