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Monthly PairTrades, Recommendations for September 2008 Energias do Brasil, the Sale of a Non-Core Business Stake - Positive News Monthly MomentumTrack, Long/Short Strategies Based on a Momentum Model Brazil SpreadTrack Flashnote, Buy PETR3 / Sell PETR4 Copeinca-Recovering Prices and Acquisitions Lead to Strong Growth in 2Q08 Brazil Central Bank Monthly Report, July 2008:Here Comes the Deceleration - but Still a Solid Start to 3Q08 BRAZILIAN HOMEBUILDERS-2Q08 Wrap-Up: Operationally Strong, but Cash Concerns Remain SUL AMERICA-2Q08 - What Went Wrong? Introducing YE09 TP Banco do Brasil, Waiting for an Entry Point; Introducing YE2009 Target Price Antofagasta-Copper Shining Like Gold, Reiterating Buy, Setting YE2009 Target Price Chile AFPS ASSET ALLOCATION The Divestiture of Local Equities Continues Brazil SpreadTrack Flashnote-BUY PETR4 / SELL PETR3 Porto Seguro-A Defining Moment-Downgrading to Hold and Introducing YE2009 TP Localiza-Maintaining our Positive View despite the Higher Cost of Debt; Brazilian Health Care-2Q08 Wrap Up: DASA Confirmed; Amil & OdontoPrev Surprised Chilean Mutual Fund Track, Mutual Funds Net Sellers of Local Equities in July CHILE EARNINGS WRAP-UP 2Q08-A Positive Quarter in an Unsupportive Environment CONCHA Y TORO:Still Bullish on Exports and FX; Maintaining Buy Tractebel-2Q08 Results: Buying Opportunity on Negative Market Reaction ITAUSA-Higher Upside Potential for Itausa than for Itau, Introducing 09 TP Medial's new CEO: Positive Outlook despite the Challenges AFJPs, Total Equity Portfolio Declined on Lower Prices OHL-2Q08 Slightly above Estimates; the Focus should Remain on the Federal Concessions Tegma-2Q08 Results: Slightly Above Estimates Due to Higher-than-Expected Number of Cars Transported BIOMASS NEW ENERGY AUCTION-Sweet or Salty? Auction Disappoints, but Companies Disclose Expansion Plans BRAZILIAN HOMEBUILDERS RESULTS-The Good, the Bad and the Neutral SANTANDER SHORTTRACK AUGUST 2008:Short Interest in Brazilian Equities Saraiva, Seasonally Weak 2Q08 Results Offset by Good News for the National Book Programs Guararapes, Mixed 2Q08 Results with Top-Line Growth Offset by Higher Expenses CSN, 2Q08 Results Strong as Expected; EBITDA Margin at New Higher Level LUPATECH-Results Improved Significantly in 2Q08; Introducing YE2009 Target Price Romi-Leveraged in Brazil, with a Growing Worldwide Footprint; Setting YE2009 TP USIMINAS-Operating Performance Slightly Below Our Expectations in 2Q08; Conf. Call COPEL:2Q08 Better than Expected on Lower-than-Expectde Electricity Costs ELETROPAULO:2Q08: Topping Consensus and in Line with Our Forecast; Highlight is DY of 6.2% Lojas Renner, 2Q08 Results: Slower SSS due to Tough Comps, but in Line with Guidance Multiplan, 2Q08 Results: Positive Figures Boosted by Top-Line Growth WEG-Turning Energy Efficiency into Cash; Reassuming Coverage CORPBANCA-On Standby; Introducing Year-end 2009 Target Price UNIBANCO-Updating EPS Estimates; Introducing 2009YE Target Price Magnesita-2Q08 Results:Lower than Expected on Weak Volumes; Good News in Conference Call Equatorial 2Q08 Results-Negative on Much-Weaker-than-Expected Volumes AMIL-2Q08 Results: Remarkable Results; Growth with Profitability CPFL Energia, Negative 2Q08 Results on Rate Revision; Positive Highlight is DY of 7.6% WATCHING YOUR NEIGHBOR-Net Divestiture from Chilean ADRs Iguatemi-2Q08 Results: Positive Operating Results; but Weak at the Bottom Line Duratex-Recurring EBITDA Margin Weakness Persists Braskem 2Q08 - Consolidation Consolation to Come; Raising to Hold/Marketperform Petrobras Does It Again in 2Q08-Introducing YE2009 Target Price Brazil SpreadTrack-PN/ON Spread Forecast CESP-2Q08 Results: Weak on Higher Provisions and Personnel Expenses Flashnote CAP-Expansion Plan for Steel Division; Strong 2Q08 Results Lojas Americanas-2Q08 Results: Sales Growth Overshadowed By Negative Impact of Credit Operation SANTANDER SHORTTRACK JULY 2008:Short Interest in Brazilian Equities - Special Monthly Edition B2W:2Q08 Results As Expected: Robust Pace of Growth Maintained BR Malls-2Q08 Results: Positive Figures Fueled by FX Gains and Margin Expansion Itau-Downgrading to Hold, Introducing YE'09 Target Price, Cutting EPS Estimates ULTRAPAR-Marginally Higher-than-Expected 2Q08 Results-Introducing YE09 TP TIM 2Q08: Another Set of Weak Results, Guidance Revised Downwards Credicorp-Strong Operating Growth in 2Q08; FX Translation Loss Hurts Bottom Line Energias do Brasil-Escelsa's Energy Rate Adjustment-Positive News VCP-First Step for the Creation of a Brazilian Pulp Champion Braskem-2Q07 Results Slightly Above our Expectations-Introducing YE09 TP Intergroup-Interbank Leads a Strong Performance in 2Q08; Net Income Up 37% YoY Randon-Staying On Track; with a Strong 2Q08 FLASHNOTE-ABYARA:Price Tag of R$490 Million for Brokerage Division Cia. Hering:2Q08 Results: Robust Top Line, and Operating Profit Growth Continues CBD: 2Q Results: Operating Efficiencies More than Compensated for Lower Gross Margins BRADESCO: Headwinds from Lower Fees, Margins and Higher Taxes BRAZIL STRATEGY AUGUST 2008: When Is the Time to Buy? Bancolombia-One-Time Gains and Healthy Top-Line Growth Offset Higher Provisions in 2Q08 Argentina Electricity Sector-A Rate Revision Finally on the Horizon? Bradesco-2Q08: A Quarter to Forget La Polar-Cheap and Cheerful, but Riskier Colbun-Strong 2Q08 Results Significantly above our Estimates Endesa Chile-Strong 2Q08 Results Driven by Chilean Operations SANTANDER SHORTTRACK AUGUST 2008-Short Interest in Brazilian Equities PairTrades, No Recommendations for August 2008 MomentumTrack, Long/Short Strategies Based on a Momentum Model
