Estimates ALL

Currency	Indicator

Earnings Estimates Recommendations & Price Target (R$)		Download SpreadSheet
# of Brokers: 18		Fiscal Year: 2010	Format: BRGAAP
Consensus Recommendations		Consensus Price Target
Buy	76%	Mean	19.60
Sell	0%	Standard Deviation	2.59
Hold	24%	Highest	23.00
		Lowest	14.40

Recommendations & Price Target Detailed by Brokers
Brokers	Recommendations	Recom. Last Rev.	Price Target (Preferred Share)	Price Target Last Rev.
Ágora Corretora	1	12/23/2009	19.50	12/23/2009
Banco Fator	4	5/10/2010	19.00	5/10/2010
BES	1	5/11/2010	20.50	5/11/2010
Bradesco	1	3/9/2010	23.00	3/9/2010
Brascan Corretora	1	12/3/2009	17.57	12/3/2009
BTG Pactual	2	11/11/2009	16.00	11/11/2009
Espirito Santo	1	5/11/2010	20.50	5/11/2010
Goldman Sachs	2	9/24/2009	22.60	9/24/2009
HSBC	1	12/10/2009	20.00	12/10/2009
Itaú	1	1/13/2010	15.20	1/13/2010
JP Morgan	1	2/9/2010	23.00	2/9/2010
Link	1	5/11/2010	N/A	5/11/2010
Merrill Lynch	1	7/20/2010	21.00	7/20/2010
Morgan Stanley	N/A	7/20/2010	N/A	7/20/2010
Raymond James	2	6/4/2010	14.40	6/4/2010
Santander	1	5/12/2010	19.00	5/12/2010
Sterne Agee	1	3/9/2010	20.00	3/9/2010
Votorantim Corretora	1	1/29/2010	22.30	1/29/2010

Ratings for Recommendations:
The definitions for analysts' recommendations may vary depending on the brokerage, but, in general, they may be defined as:
1 = Overweight/Buy: over the next twelve months, analysts expect this stock will outperform the average total return of the stocks in the analysts' coverage universe.
2 = Neutral/Hold: over the next twelve months, analysts expect this stock will perform in line with the average total return of the stocks in the analysts' coverage universe.
3 = Underweight/Sell: over the next twelve months, analysts expect this stock will underperform the average total return of the stocks in the analysts' coverage universe.