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| SILVER SPONSORS |

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| OCTOBER 26, 2011, THE METROPOLITAN CLUB, NYC |
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Luiz Carvalho

Portfolio Manager, Risk Manager

Tree Capital
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| Luiz Carvalho is a portfolio manager, risk manager, and research analyst at Tree Capital, an investment management firm that he co-founded and launched in May, 2009. Based in New York, Tree Capital operates a long-short strategy focused on Latin American equities. It is a certified minority-owned firm.
Prior to co-founding Tree Capital, Mr. Carvalho worked at Morgan Stanley from 1996-2008, starting as an equity analyst covering Latin American telecom and media companies. He received several top awards for his analysis work. Most recently at Morgan Stanley, Mr. Carvalho was Managing Director, responsible for Morgan Stanley Latin America Equity Capital Markets from 2006-2008. From 1993-1996, Mr. Carvalho worked as an Associate and Equity Research Analyst at JP Morgan. He graduated with a BS in Electronic Engineering from Mackenzie University (Sao Paulo, Brazil) in 1987, received a graduate degree in Finance from Fundacao Getulio Vargas (Sao Paulo) in 1990, and an MBA in Finance and General Management from the Anderson School at UCLA in 1992. Mr. Carvalho was born and raised in Brazil. |
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