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Your Acceptance of These Terms of Usage

By accessing this website (the "Site") and accessing and/or utilizing any services offered and/or made available by Itaú Corretora de Valores S.A. (“Itaú BBA”) and/or by its affiliates through this Site (the "Services"), you expressly agree that you accept these Terms of Usage. Please be further advised that we reserve the right to change these Terms of Usage from time to time in our sole discretion without prior notice to you other than posting of any such changes on the Site. If you object to or in any way disagree with these Terms of Usage, you may not make use of this Site or any Services offered or provided hereby.

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This Site may contain links to Internet sites maintained by third parties (the "Third Party Sites"). Please note that when you click on one of these links, you may be moving to another provider's website. Itaú BBA makes no representations concerning any Third Party Sites, their respective contents or the suitability or appropriateness of the products or transactions described therein. Our providing a link to a Third Party Site does not constitute an endorsement or authorization thereof or an affiliation therewith.

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Itaú BBA and Itaú Securities are brand names and marks used by Itaú Corretora de Valores S.A., by its subsidiaries and affiliates worldwide and by other companies of the Itaú Unibanco Group. Itau BBA USA Securities, Inc. is an affiliate of Itaú Corretora de Valores S.A. and a member of SIPC and FINRA.

Disclaimers for Research Reports

Ratings(1) : Definitions(2), Dispersion(3) and Banking Relationships(4)

(1) The ratings used herein (Outperform, Market Perform and Underperform) correspond approximately to Buy, Hold and Sell, respectively.

(2) Ratings reflect the analyst’s assessment of the stock price performance in the medium term compared with market average. Recommendations will remain valid until the analyst changes the rating, which may happen as a result of news or simply due to a change in the stock price (there is no defined time horizon). Companies are grouped into industries, according to their similarities. The industries are: (i) Banking & Financial Services, (ii) Consumer Goods & Retail + Food & Beverage, (iii) Healthcare + Education, (iv) Steel & Mining + Pulp & Paper, (v) Oil, Gas & Petrochemicals + Agribusiness, (vi) Real Estate, (vii) Telecommunications, Media and Technology, (viii) Transportation, Manufacturing and Logistics, (ix) Utilities, and (x) Equity Strategy.

(3) Percentage of companies covered by Itaú Corretora de Valores S.A. within this rating category.

(4) Percentage of companies within this rating category, for which Itaú Unibanco S.A. or any of its affiliated companies provided investment banking services over the last 12 (twelve) months, or which may be provided during the next 3 (three) months.

Relevant Information

This report has been produced by Itaú Corretora de Valores S.A (“Itaú BBA”), a subsidiary of Itaú Unibanco S.A., regulated by the Securities and Exchange Commission of Brazil (CVM), and distributed by Itaú BBA or one of its affiliates (altogether, “Itaú Unibanco Group”). Itaú BBA is the brand name used by Itaú Corretora de Valores S.A., by its affiliates or by other companies of the Itaú Unibanco Group.

This report aims at providing information only and does not constitute, and should not be construed as an offer to buy or sell, or a solicitation of an offer to buy or sell any financial instrument, or to participate in any particular trading strategy in any jurisdiction. The information herein is believed to be reliable as of the date on which this report was issued and has been obtained from public sources believed to be reliable. Itaú Unibanco Group does not make any express or implied representation or warranty as to the completeness, reliability or accuracy of such information, nor does this report intend to be a complete statement or summary of the investment strategies, markets or developments referred to herein. Opinions, estimates, and projections expressed herein constitute the current judgment of the analyst responsible for the substance of this report as of the date on which it was issued and are, therefore, subject to change without notice. Prices and availability of financial instruments are indicative only and subject to change without notice. Itaú Unibanco Group has no obligation to update, modify or amend this report and inform the reader accordingly, except when terminating coverage of the issuer of the securities discussed in this report.

The analyst responsible for the production of this report, whose name is highlighted in bold, hereby certifies that the views expressed herein accurately and exclusively reflect his or her personal views and opinions about any and all of the subject issuers or securities and were prepared independently and autonomously, including from Itaú BBA, Banco Itaú BBA S.A and other group companies. Because personal views of analysts may differ from one another, Itaú BBA, its subsidiaries and affiliates may have issued or may issue other reports that are inconsistent with, and/or reach different conclusions from, the information presented herein. The analyst responsible for the production of this report is not registered and/or qualified as a research analyst with the NYSE or FINRA and is not associated with Itau BBA USA Securities, Inc. and, therefore, may not be subject to Rule 2711 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

An analyst’s compensation is determined based upon the total revenues of Itaú BBA, a portion of which is generated through investment banking activities. Like all employees of Itaú BBA, its subsidiaries and affiliates, analysts receive compensation that is linked to global earnings. Therefore, analyst’s compensation can be considered to be indirectly related to this report. However, the analyst responsible for the content of this report hereby certifies that no part of his or her compensation was, is, or will be directly or indirectly related to any specific recommendation or opinion herein or linked to the pricing of any of the securities discussed herein. Itaú Unibanco Group and the funds, portfolios and securities investment clubs managed by Itaú Unibanco Group may have a direct or indirect stake equal to no more than 1% (one percent) of the capital stock of the companies, and may have been involved in the acquisition, sale or trading of such shares in the market.

The financial instruments discussed in this report may not be suitable for all investors. This report does not take into account the investment objectives, financial situation or particular needs of any particular investor. Investors wishing to purchase or otherwise deal in the securities covered in this report should obtain relevant documents relating to the financial instruments and exchanges and confirm their contents. Investors should obtain independent financial advice based on their own particular circumstances before making an investment decision based on the information herein. Final decision on investments must be made by each investor considering various risks, fees and commissions. If a financial instrument is denominated in a currency other than an investor’s currency, changes in exchange rates may adversely affect the price or value of, or the income derived from the financial instrument, and the reader of this report assumes all foreign exchange risks. Income from financial instruments may vary, and therefore their price or value may rise or fall, either directly or indirectly. Past performance does not necessarily indicate future results, and no representation or warranty, express or implied, is made herein regarding future performance. Itaú Unibanco Group does not accept any liability whatsoever for any direct or consequential loss arising from the use of this report or its content, and the investor using this report undertakes to irrevocably exempt the Itaú Unibanco Group from any claims, complaints and/or demands.

This report may not be reproduced or redistributed to any other person, in whole or in part, for any purpose, without the prior written consent of Itaú BBA. Additional information on the financial instruments discussed in this report is available upon request.

As required by the Brazilian Securities and Exchange Commission rules, the analysts responsible for this report indicate potential conflict situations in the table below of “Relevant Information”.
Additional Note to reports distributed in: (i) U.K. and Europe: Itau BBA International plc: This material is distributed and authorized by Itau BBA International plc (Itau BBA UK) pursuant to Section 21 of the Financial Services and Markets Act 2000. The material describing the services and products offered by Itaú Unibanco S.A. (Itaú) has been prepared by that entity. IBBA UK is an affiliate of Itaú. Itaú is a financial institution validly existent under the laws of Brazil and a member of the Itaú Unibanco Group. Itau BBA International plc registered office is 20th floor, 20 Primrose Street, London, United Kingdom, EC2A 2EW and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 575225). Itau BBA International plc Lisbon Branch and the Overseas Financial Branch located in Madeira are regulated by Banco de Portugal for the conduct of business in those offices. Itau BBA International plc has representative offices in France, Germany, Spain and Colombia which are authorised to conduct limited activities and the business activities conducted are regulated by Banque de France, Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin), Banco de España and Superintendencia Financeira de Colombia respectively. None of the offices and branches deal with retail clients. For any queries please contact your relationship manager. For more information go to: www.itaubba.co.uk. Itau BBA UK Securities Limited: This material is distributed and authorized by Itau BBA International plc (Itau BBA UK) pursuant to Section 21 of the Financial Services and Markets Act 2000. This material is directed solely at Eligible Counterparties and Professionals as defined by the Financial Conduct Authority. The material describing the services and products offered by Itaú Unibanco S.A. (Itaú) has been prepared by that entity. IBBA UK is an affiliate of Itaú. Itaú is a financial institution validly existent under the laws of Brazil and a member of the Itaú Unibanco Group. Itau BBA UK Securities Limited registered office is 20th floor, 20 Primrose Street, London, United Kingdom, EC2A 2EW and is authorised and regulated by the Financial Conduct Authority (FRN494837); (ii) U.S.A: Itau BBA USA Securities, Inc., a FINRA/SIPC member firm, is distributing this report and accepts responsibility for the content of this report. Any US investor receiving this report and wishing to effect any transaction in any security discussed herein should do so with Itau BBA USA Securities, Inc. at 767 Fifth Avenue, 50th Floor, New York, NY 10153; (iii) Asia: This report is distributed in Hong Kong by Itaú Asia Securities Limited, which is licensed in Hong Kong by the Securities and Futures Commission for Type 1 (dealing in securities) regulated activity. Itaú Asia Securities Limited accepts all regulatory responsibility for the content of this report. In Hong Kong, any investors wishing to purchase or otherwise deal in the securities covered in this report should contact Itaú Asia Securities Limited at 29th Floor, Two IFC, 8 Finance Street – Central, Hong Kong; (iv) Japan: This report is distributed in Japan by Itaú Asia Securities Limited – Tokyo Branch, Registration Number (FIEO) 2154, Director, Kanto Local Finance Bureau, Association: Japan Securities Dealers Association(v) Middle East: This report is distributed by Itau Middle East Limited. Itau Middle East Limited is regulated by the Dubai Financial Services Authority and is located at Suite 305, Level 3, Al Fattan Currency House, Dubai International Financial Centre, PO Box 482034, Dubai, United Arab Emirates . This material is intended only for Professional Clients (as defined by the DFSA Conduct of Business module) no other persons should act upon it.; (vi) Brazil: Itaú Corretora de Valores S.A., a subsidiary of Itaú Unibanco S.A authorized by the Central Bank of Brazil and approved by the Securities and Exchange Commission of Brazil, is distributing this report. If necessary, contact the Client Service Center: 4004-3131* (capital and metropolitan areas) or 0800-722-3131 (other locations) during business hours, from 9 a.m. to 8 p.m., Brasilia time. If you wish to re-evaluate the suggested solution, after utilizing such channels, please call Itaú’s Corporate Complaints Office: 0800-570-0011 (on business days from 9 a.m. to 6 p.m., Brasilia time) or write to Caixa Postal 67.600, São Paulo-SP, CEP 03162-971.* Cost of a local call.

* Cost of a local call.

CVM 483

Managing Director: Cláudio José Coutinho Arromatte (controlroom@itau-unibanco.com.br)

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Conflicts of Interests