2011 Fitch Ratings

Fitch Ratings – Rio de Janeiro – April 5, 2011: Fitch Ratings has raised the Long-Term National Corporate Rating of Alupar Investimento S.A. (Alupar) and its second debenture issue of BRL250 million, maturing in 2014, from ‘AA-(bra)’ to ‘AA(bra)’, with a stable long-term outlook.

The improved ratings reflect the strengthening of Alupar’s businesses and a broader diversification of its asset portfolio.