|BTG Pactual||Samuel Alves||+55 (11) 3383-2450||BUY||R$4.00|
|Bradesco||Victor Mizusaki||+55 (11) 3847-9291||NEUTRAL||R$3.00|
|Eleven Financial||Adeodato Netto||+55 (11) 4302-3340||BUY||R$5.50|
|Itaú BBA||Renata Faber||+55 (11) 3073-3017||OUTPERFORM||R$4.20|
|JP Morgan||Fernando Abdalla||+55 (11) 4950-3463||NEUTRAL||R$2.80|
|Nau Securities||Luis Prieto||-||FAIRLY VALUED||R$3.21|
|Santander||Pedro Bruno||+55 (11) 3012-6016||UNDERPERFORM||R$3.00|
Santos Brasil Participações is covered by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Santos Brasil Participações´ performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Company or its management. Santos Brasil Participações does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. The Company does not warrant that the above list of analysts is complete nor updated, and the information herein provided are subject to the authorization of the analysts.