1. A Transparência e a Sustentabilidade no Mercado de Capitais Curtis Smith, BNYM Regional Director 16 de julho de 2009

3. SRI assets represents 11% of total US AUM SRI assets rose more than 324% (1995: $639 billion / 2007: $2.7 trillion) Key Figures Source: Social Investment Forum. 2007 Report on Socially Responsible Investing Trends in the United States. (*)socially responsible investors comprise individuals and institutions, such as universities, hospitals, foundations, insurance companies, public and private pension funds, nonprofit organizations, and religious institutions. Institutional investors represent the largest and fastest growing segment of the SRI world. Total assets under management in US $25.1 trillion Total SRI assets in US $2.7 trillion

4. How many SRI mutual funds are there? 1995 1997 1999 2001 2003 2005 2007 Number of funds 55 144 168 181 200 201 260 Total net assets ($B) $12 $96 $154 $136 $151 $179 $202 Source: Social Investment Forum. 2007 Report on Socially Responsible Investing Trends in the United States.

5. Top 20 SRI (Social & Environmental) Funds - Global Source: BNYM DRInsight

6. Top 20 SRI (Social & Environmental) Funds - Brazil Source: BNYM DRInsight

7. SRI (Social & Environmental) Funds Distribution By region - Global By region - Brazil Source: BNYM DRInsight

8. SRI Approaches – USA and Europe U.S. and European Investors similar goals, but different approaches and tactics U.S. Europe Negative screening tradition Triple Bottom Line tradition Focus on community (1%) Government Promotion of SRI Activism through Proxy System Engagement with Management Important to understand focus and approach of each investor

11. Review of ESG Practices among Large Emerging Market Companies (March 2009) 40 companies – 4 largest from 10 countries Brazil: Bradesco, Itau, Petrobras and Vale Review - Conclusions: - All companies meet at least some ESG criteria - Company disclosure on environmental aspects better than on social and governance areas. - Brazil and Africa do Sul demonstrate superior disclosure than other countries Emerging Market Disclosure Project

12. Brazil demonstrates high disclosure of environmental issues, particularly compared to China, India and Russia Health and Safety disclosure also strong among Brazilian companies relative to peers Emerging Market Disclosure Project

13. Emerging Market Disclosure Project Survey of ESG Practices among Large Emerging Market Companies (June 2009) 67 emerging market investors – managing over US$ 130 billion Survey Conclusions: - 70% of participants cite lack of ESG disclosure as obstacle to increasing investments - Brazil cited as country making most progress toward ESG disclosure - In Brazil, local market initiatives are cited as important to practices –Bovespa’s ISE and Pension Fund Association Guidelines on SRI (Instituo Ethos)

14. Emerging Market Disclosure Project - Brazil most cited as making positive steps toward ESG disclosure - Itaú Unibanco and Natura earned specific comments: “ Itaú Unibanco provides excellent disclosure of direct and indirect social and environmental risks from banking, including a clear articulation of its activities under the the Equator Principles in line with global best practice standards” “ Natura reflects good disclosure on its systems for managing relations with a disparate agent-based workforce and biodiversity risk management system ”