Company Monteiro Aranha S.A.

Monteiro Aranha SA (MASA) is a Brazil-based holding company engaged in financial, real estate and industrial sectors. Through its subsidiaries, the Company is involved in the management of investment funds; participation in the real estate development; insurance brokerage and administration services; provision of consulting and administration services in the area of real estate investments; development, construction, sale, rental and management of real estate properties; provision of services in the area of telecommunications; distribution of liquefied petroleum gas, fuels and lubricants; production and sale of chemicals; liquid bulk storage; petroleum refining, and forestry, wood supply and production of paper products. As of December 31, 2011, the Company had four subsidiaries: Masa Corretagem de Seguros SC Ltda, Monteiro Aranha Gestao de Investimentos Imobiliarios SA, Timbutuva Empreendimentos Ltda and Oslo Fundo de Investimentos em Quotas de Fundo de Investimento Multimercado.