This publication has been prepared solely for the purpose of information and analysis and is for the use of the recipient only. It does not constitute, nor is it intended to constitute, an offer or invitation to any person to buy any of the products referred to. Neither this document, nor its contents, is to be reproduced, transmitted, or made available to any person other than the recipient.,
It is distributed in Brasil by the Administration Office of CAPITAL MERCHANT BANK LTDA.
Avenida Angélica, no.2601, 11th Floor, 111, Sao Paulo – S.P. Brasil, Tel Nr (0xx11)3242-9407 Fax Nr (0xx11)2306-7567
Contact per email:, and elsewhere in the world by the same Administrative Office or by an authorized affiliated person or representative.
The information in this publication is given in good faith and has been obtained from associated companies and other sources believed to be reliable at the time of preparation. None of the Companies, their associates nor any person involved in the preparation of this publication is under any obligation if any of them become aware of a change or inaccuracy.
None of the Companies, their associates nor any person involved in the preparation of this publication accepts any liability or responsibility whatsoever for the accuracy or completeness of this publication and none of them makes any representation or warranty in relation thereto. The Companies, each of their associates and every person involved in the preparation of this publication expressly disclaim all liability for any loss or damage of whatsoever kind (whether foreseeable or not) which may arise from any person acting on any statements contained in this publication notwithstanding any negligence, default or lack of care.
Copyright © 2003 Capital Merchant Bank Ltda. and/or its affiliate companies. All rights reserved.For Privacy Policy, click here, for information on warranties and important legal information click here.


All material available on the Site, unless otherwise specifically indicated, is subject to copyright with all rights reserved. The material is freely usable for browsing purposes only and requires express mention of CAPITAL MERCHANT BANK in the event the material, or any part thereof is reproduced in any form, written or electronic. Additionally, any re-publication of this material requires the express consent of CAPITAL MERCHANT BANK Links to the site or use for any public or commercial purpose are subject to CAPITAL MERCHANT BANK´s prior written permission.

Linked Web Sites

On this web site you may be offered links to other sites. Following links to any other off-site pages or other web sites shall be at the user's own risk. CAPITAL MERCHANT BANK has not reviewed any of the web sites linked to this web site and does not endorse any responsibility for their content not the products, services or other items offered through them.