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Chile AFPS Asset Allocation-Net Divestiture of Local Equities Driven by D&S Tender Offer BRAZIL CENTRAL BANK MONTHLY REPORT-Credit Deceleration: It Is Here BRASCAN-Climbing the Leader Boards, Will Valuation Follow? Initiating Coverage with a Buy CPFL -Mixed 4Q08 Results-Dividend Yield of 4.1% for 2H08 VALE-Extremely Weak 4Q08, Due to High COGS and Non-Recurring Items SANTANDER SHORTTRACK FEBRUARY 2009-Short Interest in Brazilian Equities EGB Weekly, 2/20/09 BRAZIL: The Year We Live Dangerously Watching Your Neighbor-Net Investment in Chilean ADRs PETROBRAS-On the Road with the CEO, Visiting Global Energy Funds-Several Takeaways! Localiza-4Q08: Good Results when Adjusted for the Extraordinary Depreciation Expense GERDAU: 4Q08: Stronger Than Our Estimates (but We Were at the Bottom of Expectations) Iochpe Maxion 4Q08 Results-Operationally, in Line with Estimates Usiminas:4Q08 Results: Stronger Than Expected, but Now Just a Thing of the Past Banco do Brasil -4Q08 Results-Using Up Excess Provisions ahead of the Downturn Flashnote AGRA:Agra and Veremonte Acquire the Control of Abyaraat Very Attractive Terms Lojas Renner-4Q08: Slower Sales, but Better-than-Expected Operating Results MINERVA:Overexposed to Russia? Downgrading to Hold CSN-It Is Time to Cash-in on the Outperformance; Downgrading to Hold REDECARD:Raising Estimates and Target Price: Something You Haven't Seen Lately Romi-4Q08 Results Weaker than Expected; Operating Performance Hurt by Low Volume ECOPETROL-4Q08: Much Weaker Margins despite Higher-than-Expected Bottom Line Equatorial-Positive Non-Recurring Items from Light; 21.2% Dividend Yield Contax 4Q08 Results: Operationally Good, Financially Solid MUTUAL FUND TRACK JANUARY 2009:Divestures in Local Equities Continues; Fuelled by D&S Tender Offer Telesp Part-4Q08 Results: Cost-Cutting Protects Margin LIGHT-4Q08: Positive Non-recurring Items Boost DY to 10% Level; Call Highlights Brazil Strategy February 2009 : V Shape or U Shape? WEG-4Q08 Results: Neutral, as Expected; Bottom Line Hurt by Currency Variation Sao Martinho - Company Reported Improved Operating Results for 3QFY09 Brazilian Toll Roads, February: Decelerating to Cruising Speed Vivo's 4Q08 Results - Definitely Several Steps Ahead of its Peers Redecard, 4Q08 Comes In Above Our Forecast and Consensus; Decoupling from Crisis FLASHNOTE :ROSSI RESIDENCIAL- Further Insight into 4Q08 Performance Provided Brazil Industrials - 4Q08 Preview, Not at the Bottom Yet Brazil Food & Beverage 4Q08 Earnings Preview BRAZIL: Second Santander Healthcare Trip-Takeaways FLASHNOTE-BRAZILIAN PULP & PAPER FEBRUARY 2009 BM&F BOVESPA: Into The Slowdown-Initiating Coverage CHILE FUNDS & FLOWS-Local Investors Continue to Divest BRAZILIAN HOMEBUILDERS-Stocks Seem to Have Bottomed Out; Is It Time to Jump In? Credicorp4Q08:Write-downs and Madoff Loss Cut Earnings; Banking Business Remains Strong POST CANCUN WRAP-UP 2009:Latin America Weathering the Storm BRAZIL: No Place to Run FLASHNOTE-PAIR TRADES-STOP GAIN REACHED:CLOSING TRADE LONG CYRE3/SHORT RSID3, NET RETURN INTERGROUP-4Q08 Net Income Up 47% QoQ, but Down 6% YoY on Interseguro Loss USIMINAS-Pricey for the Bitter Year Ahead - Downgrading to Underperform BRADESCO-4Q08 Results - Building Provisions Ahead Of the Downturn BANORTE-Bank Reports Weak 4Q Results, Capital Ratios Take a Hit ANDEAN STRATEGY:2009 Market Outlook Brazil Oil Law Watch - Issue #11 Santander PairTrades, Recommendations for February 2009Santander MomentumTrack, Long/Short Strategies Based on a Momentum ModelBRAZILIAN TELECOM & MEDIA JANUARY 2009-4Q08 Preview: Unscathed by the Crisis, So Far