MARCELO AGUIAR

Marcelo has more than 25 years of experience with Brazilian Equities. Working 5 years at Bozano Simonsen/Santander (1999-2003). 4 years at Merrill Lynch (2004-2006) and 8 years at Goldman Sachs (2007-15). Marcelo worked at Latasa (today Rexam) in the financial department for four years prior to his career as an equity research analyst. Marcelo coverage universe included mostly Latin American companies Mining & Steel and Pulp & Paper sectors. Covered institutional clients in US. Europe. Asia. Middle East and LatAM. Marcelo was ranked in Institutional Investors magazine rankings for several times during his career which includes #1 in LatAm for Mining & Steel and Pulp and Paper in 2006 and #3 in Brazil for Natural Resources sectors in 2007. He was also ranked #2 by Brazilian Exame Magazine among analysts with highest return based stock recommendations during 2004-06. Marcelo has degrees in Economics from PUC-RJ and Post-Graduation in Finance Administration from FGV-RJ.