AVISO LEGAL:
Esta comunicação eletrônica (“Comunicação”) tem caráter meramente informativo e foi
preparada com base nas informações públicas disponíveis até a data acima indicada
pelas equipes de Análise Macroeconômica e de Análise de Empresas da Safra
Corretora.
As informações expressas nesta Comunicação são obtidas de fontes consideradas
seguras, tendo sido adotadas precauções para assegurar a sua confiabilidade. A
análise foi elaborada com boa-fé e zelo.
As opiniões expressas nesta Comunicação não constituem oferta de compra ou de
venda de títulos ou valores mobiliários, ou de instrumentos financeiros de quaisquer
espécies.
As opiniões aqui expressas podem ser alteradas sem prévio comunicado e decorrem
das análises e quadro econômico-conjuntural refletido em seu teor. Alterações nesse
quadro econômico-conjuntural podem prejudicar o teor da análise e recomendação que
ora se expressa.
Investimentos/aplicações em títulos e valores mobiliários envolvem risco, razão pela
qual não há garantia de rentabilidade ou lucratividade de qualquer espécie. A Safra
Corretora não pode ser responsabilizada por decisão de investimento em valores
mobiliários, esteja essa decisão lastreada ou não nas recomendações expressas nesta
Comunicação. O risco em investimentos dessa natureza pode implicar, conforme o
caso, na perda integral do capital investido ou ainda na necessidade de aporte
suplementar de recursos.
Nenhuma parte desta Comunicação poderá ser reproduzida, distribuída ou copiada, no
todo ou em parte, sem o prévio consentimento da Safra Corretora. Informações
adicionais relativas aos documentos ora discutidos nesta Comunicação serão prestadas
mediante solicitação.
DECLARAÇÂO DO ANALISTA – IN CVM Nº 388/03:
O Analista responsável pela elaboração desta Comunicação declara que:
I – A presente Comunicação foi produzida de forma independente e autônoma,
inclusive em relação à Safra Corretora, instituição de vínculo do Analista, e reflete
única e exclusivamente suas opiniões pessoais;
II – Não mantém qualquer vínculo com pessoa natural que atue junto à(s)
companhia(s) cujos valores mobiliários foram analisados nesta Comunicação;
III - A Safra Corretora não possui participação acionária, direta ou indireta, igual ou
superior a 1% (um por cento) do capital social de quaisquer das companhias cujos
valores mobiliários foram objeto de análise na presente Comunicação;
IV – Não é titular, direta ou indiretamente, de valores mobiliários de emissão da(s)
companhia(s) ora analisada(s) que representem 5% (cinco por cento) ou mais de seu
patrimônio pessoal, tampouco está envolvido na aquisição, alienação ou intermediação
de tal percentual de valores mobiliários no mercado. Além disso, o Analista, ou seus
parentes de até 2º grau, não atua como consultor, diretor, ou conselheiro da(s)
companhia(s) analisadas nesta Comunicação;
V - Não recebeu e nem recebe remuneração por serviços prestados, ou mantém
quaisquer relações comerciais com as companhias cujos valores mobiliários foram alvo
de análise na presente Comunicação, ou com pessoa natural ou pessoa jurídica, fundo
ou universalidade de direitos, que atue representando o mesmo interesse dessas
companhias;
VI - Que sua remuneração está atrelada ao desempenho da Safra Corretora em suas
operações financeiras e negócios em geral, não estando vinculada à precificação de
quaisquer dos valores mobiliários emitidos por companhias analisadas nesta
Comunicação, tampouco às recomendações aqui expressas.
INFORMAÇÕES IMPORTANTES SOBRE O GRUPO SAFRA:
As sociedades integrantes do Grupo Safra, assim como os fundos, carteiras e clubes de
investimentos em valores mobiliários administrados por integrantes do Grupo Safra, ao
qual a Safra Corretora pertence:
I - Podem possuir participação acionária, direta ou indireta, igual ou superior a 1%
(um por cento) do capital social de quaisquer das companhias cujos valores mobiliários
foram objeto de análise na presente Comunicação e podem estar envolvidas na
aquisição, alienação e intermediação de tais valores mobiliários no mercado;
II - Podem receber remuneração por serviços prestados, bem como ter relações
comerciais com a(s) companhia(s) analisadas nesta Comunicação ou com pessoas
naturais, jurídicas, fundos, ou universalidade de direitos que atuem representando o
mesmo interesse dessa(s) companhia(s).
IMPORTANT GENERAL DISCLOSURES:
This electronic communication (“Communication”) is provided for informational
purposes only and does not constitute or should not be construed as an offer to buy or
sell or 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 Communication was issued and has been
obtained from public sources believed to be reliable. Safra Corretora does not make
any representation or warranty, express or implied, as to the completeness, reliability
or accuracy of such information, nor is this Communication intended to be a complete
statement or summary of the securities, 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 Communication as of the date in
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. Safra Corretora has no obligation to update, modify or amend this
Communication and informs the reader accordingly, except when terminating coverage
of the issuer of the securities discussed in the Communication.
The financial instruments discussed in this Communication may not be suitable for all
investors. This Communication does not take into account the investment objectives,
financial situation or particular needs of any particular investor. Investors should
obtain independent financial advice based on their own particular circumstances before
making an investment decision on the basis of the information contained herein. If a
financial instrument is denominated in a currency other than an investor’s currency, a
change in exchange rates may adversely affect the price or value of, or the income
derived from, the financial instrument, and the reader of this Communication assumes
any currency risk. Income from financial instruments may vary and its price or value,
either directly or indirectly, may rise or fall. Past performance is not necessarily
indicative of future results, and no representation or warranty express or implied, is
made herein regarding future performances. Safra Group does not accept any liability
whatsoever for any direct or consequential loss arising from any use of this
Communication or its content.
This Communication may not be reproduced or redistributed to any other person, in
whole or in part, for any purpose, without the prior written consent of Safra Corretora.
Additional information regarding the financial instruments discussed in this
Communication is available upon request.
BRAZILIAN LEGISLATION: CVM INSTRUCTION 388/03:
The analyst responsible for the production of this Communication hereby certifies that:
I – This Communication reflects solely and exclusively his/her personal opinions,
having such opinions been produced independently and autonomously from any party,
including from Safra Corretora. Because the personal views of analysts may differ from
one another, Safra Corretora, its subsidiaries and affiliates may have issued or may
issue reports that are inconsistent with, and/or reach different conclusions from, the
information presented herein;
II - Does not maintain any relationship with any individual who has business of any
nature with the company(ies) analyzed in this Communication;
III – Safra Corretora does not have a direct or indirect stake equal to, or higher than,
1% (one percent) of the capital stock of the company(ies) mentioned in this
Communication;
IV – Does not, nor any member of his/her household, hold, directly or indirectly, more
than 5% of their personal net worth in any securities issued by the company(ies)
analyzed in this Communication in his/her personal investment portfolio, nor is (s)he
personally involved in the acquisition, sale or trading of such securities in the market.
Neither the analyst(s) nor any member of the analysts’ household serves as an officer,
director or advisory board member of the company(ies) analyzed in this
Communication;
V – Has not received nor will receive any compensation for services rendered to or
have any commercial relationship with the company(ies) mentioned in this
Communication or any individual or entity representing the interests of such
company(ies);
VI - Receives his/her compensation based upon total revenues of Safra Corretora, a
portion of which is generated through investment banking activities. Like all employees
of Safra Corretora, its subsidiaries and affiliates, analysts receive compensation that is
impacted by overall profitability. For this reason, analyst’s compensation can be
considered to be indirectly related to this Communication. However, the analyst
responsible for the content of this Communication hereby certifies that no part of his or
her compensation was, is, or will be directly or indirectly related to any specific
recommendation or views contained herein or linked to the pricing of any of the
securities discussed herein.
RELEVANT INFORMATION REGARDING SAFRA GROUP:
The affiliates of Safra Group, as well as mutual funds, portfolios and other investment
vehicles managed by entities of the Safra Group:
I – May own direct or indirect stake equal to, or higher than, 1% (one percent) of the
capital stock of the company(ies) mentioned in this Communication and may be
involved in the acquisition, sale or trading of such securities in the market;
II – May receive payment for services rendered to or have any commercial relationship
with such company(ies) or any individual or entity representing the interests of such
company(ies).
Additional Disclaimer to U.S. Investors: Safra Securities LLC, a FINRA/SIPC member
firm, is distributing this Communication in the United States and accepts responsibility
for the content of this Communication. Any US Person receiving this Communication
and wishing to effect any transaction in any security discussed in this Communication
should do so with Safra Securities LLC at 546 5th Ave, 2nd Floor, New York, NY.
Additional Disclaimer to UK Investors: The communication of this Communication is
not being made and has not been approved by an authorised person for the purposes
of section 21 of the United Kingdom Financial Services and Markets Act 2000.
Accordingly, this Communication is not being distributed to, and must not be passed
on to, the general public in the United Kingdom, and is only for circulation to persons
outside the United Kingdom or to persons within the United Kingdom falling within the
definition of investment professionals (as defined in Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), or to
other persons to whom it may lawfully be communicated in accordance with the Order.
Additional Disclaimer to Argentinean Investors: This Communication has been provided
to investors upon request.
Additional Disclaimer to Mexican Investors: Safra Corretora is not supervised by the
National Banking and Securities Commission (CNBV). Therefore, no prior authorization
has been required by Safra Corretora to CNBV to provide this Communication.