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Santander MomentumTrack-Long/Short Strategies Based on a Momentum Model Santander Pair Trades-Recommendations for April 2009 TAM:4Q08 Results below Estimates at the Operating Level and in Line at the Bottom Line MAGNESITA:Very Poor 4Q08 Results on High G&A Expenses; Leverage Is the Main Concern CSN:In Line 4Q08 Results; Conference Call Highlights Natura -Good Looks Do not Come Cheap-Initiating Coverage VALE: Expectations Continue to Deteriorate-Downgrading to Hold COELCE 4Q08 Results: Testing Credit Market Soon; Dividend Yield of 15.1% from 2008 Results EMBRAER:4Q08 Operating Results in Line with Estimates; the Scenario Remains Challenging CYRELA BRAZIL REALTY:Consistent 4Q08 Performance despite the Previously Announced Sales Drop ELETROPAULO-Net Income Rose Significantly 12.1% DY on the Table for 2H08 Medial-Weak 4Q08 Results; Higher SG&A Offset Better-than-Expected MLR SANTANDER SHORTTRACK MARCH 2009-Short Interest in Brazilian Equities FLASHNOTE-GAP:Proposed Strong Dividend & Buy-Back; Upgrading to Buy Flashnote PDG Realty-PDG Announces R$ 276-Million Debentures Issue Brazil Central Bank Monthly Report::Decelerating, as Expected FLASHNOTE-BRAZILIAN HOUSING:Housing Package Execution Is Still a Serious Question Suzano-4Q08 Results: Top Line above Estimates CEMIG -4Q08 Results Call: Positive LT Message with ST Pitfalls FLASHNOTE:BRAZILIAN HOUSING-Additional Inputs in Anticipation of the Package Announcement Copel-Conference Call Takeaways: Positive on Tariff Adjustment, Negative on Higher CAPEX Brazil SpreadTrack-PN/ON Spread Forecast COPA HOLDINGS S.A:Now Boarding; Initiating Coverage with a Buy Rating PDG Realty-Results Slightly Below Expectations but Showing Strength in Relative Terms CIA. HERING:4Q08 Results: Derivatives Loss Overshadows Healthy Operating Results ENERGIAS DO BRASIL:Upgrading to Buy - Greater Visibility on Funding GOL: Worse-than-Expected 4Q08 Results Reported; Capital Increase Announced COPEL 4Q08-Higher-than-Expected Cost Line FLASHNOTE-SANTANDER PAIR TRADES MARCH 2009:Stop Loss Reached: Stop Loss Long LIGT3 / Short ELPL6 SÃO CARLOS:Another Quarter with Good (and Uneventful) Results; Is Eldorado Tower Up for Sale? CEMIG:Still Strong 4Q08 Results IGUATEMI:4Q08 Results: Ending Brazilian Malls' Reporting Season on a High Note FLASHNOTE-SUL AMERICA:"Thursday's at Santander:" Sul America's Outlook for 2009 PAIR TRADES FLASHNOTE:STOP GAIN REACHED-STOP GAIN LONG CYRE3 / SHORT DURA4 CYRELA COMMERCIAL PROPERTIES:4Q08 Results: In-line Across the Board SARAIVA:4Q08 Results: Another Good Quarter, as Expected; Positive Surprise on EBITDA MULTIPLAN:4Q08 Results: Another Display of Operating Resilience; Better-than-Expected FFOPS ESTÁCIO:4Q08: Weak; Lower-than-expected Operating Results; but Positive Call Highlights LOG-IN:Mixed 4Q08 Results; Tougher Times Expected for 1H09 BM&F BOVESPA:No Surprises on Operating Front; Good Cost Control OHL:4Q08 Results: Conference Call Highlights BRAZIL STRATEGY MARCH 2009-On the Way to a U Shape CBD:Defensive but Pricey; Lowering Year-end 2009 Target Price CHILE - WATCHING YOUR NEIGHBOR FEBRUARY:Net Investment in Chilean ADRs MUTUAL FUND TRACK FEBRUARY:Divestures in Local Equities Continues TRACTEBEL:4Q08 with Call Highlights: Good Operating Results Offset by Higher Capex Guidance GERDAU-Good Bye Blue Sky - Downgrading to Underperform B2W-4Q08 Results: Maintaining Margin Stability Even with Slower Pace of Sales Growth DASA-4Q08 Results: Weak, Operating Results Lojas Americanas-4Q08 Results: Many Positive Surprises BRMALLS-Even More Resilient than We Expected in 4Q08 TIM PARTICIPACOES:Main Highlights from Meeting with Top Management Brazil Utilities-Interest-Rate Easing Cycle - Who Is Likely to Benefit? ALL-4Q08 Results: Operating Level In Line; Bottom Line Below Estimate;w/ Conf Call Klabin-In Line 4Q08 Results; EBITDA Blurred by Accounting Changes Brazil Pre-Salt Watch Issue 8:Stake in a Pre-Salt Block for Sale? Potentially Yes; Key Implication for Petrobras CCR -4Q08 Results: Still Good Results; Conference Call Highlights SANTANDER MOMENTUMTRACK FLASHNOTE-STOP GAIN-CLOSE THE TRADE Amil:4Q08 Results: Mixed, but with a Weak Bias; Conference Highlights GAFISA-As Expected, 4Q08 Was Mostly Below Expectations FLASHNOTE: ALL-New Agreement with Cosan for Sugar/Ethanol Logistics — Positive Brazil Homebuilders-4Q08 Preview: Numbers Hit by the Macro Turmoil and Blurred by Accounting Changes PETROBRAS-Adjusting Estimates and Price Target ENERGIAS DO BRASIL-4Q08 Conference Call Highlights: Positive Tone on Funding Randon-4Q08 Results: Still Solid, Slightly Higher than Estimates AMBEV :Weak 4Q08 EBITDA in Line Reflecting Wet Weather, Tough Brazil Beer Volume Comp BRAZILIAN INCOME PROPERTIES-4Q08 Preview: Another Quarter of Resilient Growth FLASHNOTE-LIGHT:Highlights of Light's Annual Meeting - Aggressive LT Guidance Flashnote-PDG Takes Ownership in Goldfarb to 100% SANTANDER PAIR TRADES MARCH 2009:Recommendations for March 2009 SANTANDER MOMENTUMTRACK MARCH 2009-Long/Short Strategies Based on a Momentum Model Brazil Education: 4Q08 Preview: Not a Trigger; Waiting for 1Q09 Outcome for Intake X-RAY SERIES: HEALTH INSURANCE-Healthcare Insurance Segment: Heading for a Slowdown in 2009 CBD-4Q08: Healthy Operating Performance Offset by Higher Financial Expenses Brazil Food Cost and Price Trends:Lower Grain & CYRELA BRAZIL REALTY-Time to Tactically Jump In; Upgrading to Buy BANCOLOMBIA-High Provisions Offset Strong NII Growth in 4Q08 Tenaris-Lack of Catalysts in a Deteriorating Environment; Downgrading to Hold TIM PARTICIPACOES:Tim's 4Q08 Results: Back-to-Basics Strategy Bearing Fruit
