Annual Report 2011

ANNUAL REPORT 20 years

2010-2011

Summary

2

1

Message from the Board Our big dream is that one of the scholars of Fundação Estudar can become a future President of the Republic or to have their important contribution to society recognized by a Nobel Prize. pg. 4 — 5

3

Mission, Vision and Values We want to be the best community of Brazilian transformers united by knowledge, merit and ethics, and recognized for the excellence in inspiring and contributing to the development of Brazil. pg. 6 — 7

4

Timeline Some of the major events in Fundação Estudar over its 20 years of history. pg. 12 — 13

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5

Brazilian Scenario The higher education is undergoing significant changes, which cast a fresh look at education as the driving force behind the development not only of individuals, but also of an entire nation. pg. 8 — 11

Operating Model The aim is increasingly offer opportunities for personal and professional development for young, intelligent and determined Brazilians who believe in their transforming capacity to change the country. pg. 14 — 15

Positioning Focus in the dissemination of relevant contents, in the support to projects that identify and reward talented students and in expanding partnerships with universities. pg. 16 — 17

8 10

7

Events Workshops, courses and lectures that allow to enhance the professional and personal development of young people with potential to become future leaders. pg. 18 — 21

Scholars 2011 There are 31 young scholars of Fundação Estudar in undergraduate, graduate courses and academic exchange. pg. 22 — 33

Partners Companies, universities and people committed to encouraging high quality education as a way to ensure the training of young people with potential to generate positive impact on the country. pg. 44 — 45

12 Masthead pg. 52

9

Impact The majority of scholars of Fundação Estudar has already given its share of contribution to the Brazilian society.

Meet four examples. pg. 34 — 43

11

Donations Some scholars, besides paying off their scholarship, also make donations to Fundação Estudar, contributing, thus, to the sustainability of its activities. pg. 46 — 50

MESSAGE FROM THE BOARD Grow to transform

History shows us that countries which, years ago, chose to invest decisively in the production and dissemination of knowledge raised not only their intellectual and productive capacity, but also their relevance in the international scenario. By prioritizing education, the nations now considered the most developed have also managed to reduce the socioeconomic differences and, thereby, improve the quality of life for all. Offering young talents a quality education is, therefore, generate more suitable conditions so that they can make more difference in their nations.

It was with this thought that, 20 years ago, Fundação Estudar began its activities in Brazil. At that time few young Brazilians had access to the best universities in the world. Also rare were the initiatives of support or funding that could guarantee a high level education to those who demonstrated high capacity for achievement and strong commitment to the country’s growth.

Over the years, to better contribute to the formation and direction of the community of scholars, Fundação Estudar has been retrofitting its guidelines and fronts of acting. It has gained new sponsors and supporters, has firmed several strategic educational partnerships and has created an Endowment Fund to foster the perpetuation of the institution.

Recently it has also enhanced its position, adopting as a focus to identify, integrate, develop and encourage

young potential Brazilian transformers, whether they are future scholars of Estudar or not. To achieve this, besides the investment in the dissemination of contents relevant to this entire extended community, the institution begins from this year on, to support major awards of development and excellence.

As a result of these actions, we expect that an increasing number of young people can have access not only to the teaching of the best universities in the country and the world, but also to programs and events that aim to share knowledge and innovation and to strengthen the relationship with references of work in their fields. Thus, they will expand the opportunities for personal and professional growth of the whole community and they will be able to multiply these experiences.

Brazil is big and has a very young population.

Thousands are the promising students and the ones with transformative potential, who by means of mentoring, monitoring and access to opportunities for excellence can go much further than they would go alone. Our big dream is to help in the formation of a future President of the Republic or a future Brazilian Nobel Prize. We know that the next 20 years will be of dreams, challenges and a lot of work. For this, we hope to have the support, the pluck and the talent of people, universities and companies that, like us, bet in good people to make a better Brazil.

Board of Trustees of Fundação Estudar

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Mission, Vision and Values

MISSION

STRENGTHENED GUIDELINES

-6-

Since the beginning of its activities, Fundação Estudar has always been governed by solid guidelines, which could steer its actions in a structured way, in order to achieve the goals established.

At the end of 2010, the Council of Fundação Estudar, together with a team, re-evaluated its challenges and goals and, after conducting a survey focused on the profile and aspirations of young Brazilians, decided to improve its positioning, also reshaping the mission, vision and values of the institution.

To create opportunities for good people do bigger and improve Brazil.

VISION

To be the best community of Brazilian transformers united by knowledge, merit and ethics, and recognized for the excellence in inspiring and contributing to the development of Brazil.

VALUES t t t t

Meritocracy Excellence Ethics Belief in the knowledge as a transforming element t Sense of community t Determination and Overcoming t Capacity to contribute

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BRAZILIAN OUTLOOK Potential to Grow

- indicate that only 11% of Brazilians in this age group have a university degree. Among the OECD countries, the average (28%) is more than the double of Brazil.

“The Education has advanced greatly in recent years but still needs to evolve a lot,” said Marcelo Knobel, pro dean of undergraduate courses at Unicamp.

According to him, today only 13% of college-age young Brazilians (18 to 24 years) are in higher education. “In Korea, this figure is 80% and the global average is 35% to 40%. So to get there, there is still a lot to do. “

Globally, higher education is undergoing significant changes, which cast a fresh look at education as the driving force behind the development not only of individuals, but also of an entire nation. “This is a particular and exciting time for higher education in the United States, Brazil and worldwide. It is a time of extraordinary challenges and changes - and great opportunities as well - for the universities, “said Drew Gilpin Faust, president of Harvard University, on his first visit to Brazil at the invitation of the Fundação Estudar.

In Brazil, the challenges are really great. Despite being one of the largest economies in the world with positive future prospects for their economic, political and social development, the country needs to expand, and much, its offer of education, but without sacrificing quality.

Within this context, higher education institutions play an important role as actors of the more prominent changes. “It is our responsibility [of the universities] to educate students who can understand the world in all its complexity and that, especially in the face of challenges and diversity, they are crucial to make a positive difference in the lives of others,” says Drew.

According to the latest Census of Higher Education, Brazil has about 6 million students. In absolute terms or in relation to a not too distant past, it can even be considered a significant quantitative. On the other hand, it is still small. A survey conducted by the expert in analysis of educational data Ernesto Faria, based on a report from the Organization for Economic Co-operation and Development (OECD), places Brazil in the last place in a group of 36 countries when it is assessed the percentage of graduates in the population of 25 to 64 years old. The figures - which refer to 2008 -8-

PUBLIC AND PRIVATE - The number of vacancies in prestigious public universities and that develop cutting-edge researches is still insufficient, forcing more than 75% of the Brazilian youth to enroll in private institutions of higher education. “What is worrying is that many of these colleges are focused on profitability, and the quality of teaching is more than doubtful,” says Marcelo.

This opinion is shared by João Grandino Rodas, dean of the University of São Paulo (USP), who also attended the Great Universities Cycle about Harvard.

“On the one hand we have a small number of the oldest and most traditional universities, which are in the majority considered the best, on the other hand we have a large number of private institutions, but few of them of utmost importance,” he says. For him, the biggest challenge of the public universities is want to be excellent and at the same time, try to serve everyone. “We know this is somewhat difficult, if not impossible.”

Another problem of Brazilian higher education is that there is an excess of courses being offered by private universities in areas such as Business and Law, theoretically cheaper and accessible to young people who do not manage to join public universities. “It is necessary to review the distribution and standardize the quality level of higher education,” Marcelo argues.

For him, the Brazilian education also needs to diversify the opportunities for youth access to universities, redesigning the entrance exam, for example, and create greater capillarity between the educational institutions so that students can change course more easily. “It is also necessary to rethink the curricula, which are much more tied up than in European or American universities.”

INTERNATIONALIZATION - The education experts also agree that the internationalization of education is the watchword for universities around the world.

This is, for example, one of the pillars of Insper (Institute of Education and Research), established in 2007. “Unfortunately the Brazilian environment for research and development does not create yet sufficient incentives for continuous improvement and pursuit of excellence,” said Claudio Haddad, president of Insper.

Thence, the importance of the Brazilian educational institutions to establish partnerships and exchanges with universities abroad.

Studying higher education abroad is a practice that, in fact, is once again gaining more fans in Brazil.

To get an idea, 8,786 Brazilians are enrolled in higher education in the United States, attending undergraduate, graduate or studying English, according to the latest edition of the annual report Open Doors report, prepared in 2010 by the Institute of International Education (IIE). The numbers are still well below those of China, which has 128 thousand students in the United States, and India, with 105 thousand students. And yet, they guarantee Brazil the first place among the Latin American countries.

“The internationalization of higher education is now a reality and I believe strongly in the role of NGOs and institutions that like Fundação Estudar support education at various levels, helping to develop leaders that in the medium or long term, may transform the reality of our country”, adds Marcelo Knobel, Unicamp.

“Harvard is proud to be associated not only with Estudar and its founders but also with the many outstanding students whose education has been made possible by Estudar’s support.”

Drew Gilpin Faust, president of Harvard University -9-

FROM ABROAD TO HERE

Brazilian Outlook

Number of students from other countries enrolled in Brazilian universities

n/a 0 /1

09

20

BRAZILIANS IN THE UNITED STATES

2.777

9 /0

2.702

08

20

20

Number of Brazilian students enrolled in American universities

0

08 7/

2.524 07

20

/ 06

2.328

6

/0

5 00

2

8.786 6

05

2009/10

8.767

20

2008/09

7.578

1.554 4

0 20

2007/08

7.126

1.994

/ 04

0 3/

1.345 3 /0

20

2

760

717

1 /0

20

2005/06

7.244

/0 01

20

2006/07

7.009

1.064

02

00

1

9 99

594

00

/

9 /9

555

8

9 19

98

2004/05 19

7.799

2003/04

8.388

2002/03

8.972

* Source: Open Doors: Report on International Educational Exchange, 2010.

/ 97

9

19

424 386

97 6/

6

9 5/

9 19

2001/02

8.846

2000/01

THE LARGEST UNDERGRADUATE COURSES IN BRAZIL

8.860

1999/00

8.052

Administration is the course with the highest number of enrollments in the country

1998/99

6.982

1997/98

6.168 5.497

1996/97

business administration

17.1%

law

12.7%

pedagogy

8.2% 5.6% 4.6%

engineering

1995/96

nursing social communication accounting

* Source: Open Doors: Report on International Educational Exchange, 2010.

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4.0% 4.0%

physical education

3.2%

languages

2.8%

biological sciences

2.6%

others

35.1%

* Source: Latest Higher Education Census, released in early 2011.

Only considers courses that the students presently attend .

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Timeline

2006

1991

2007

Beginning of the activities of Fundação Estudar

1999

Creation of the Board of scholars as a tool to perpetuate Fundação Estudar

National coverage of the selection process, with the completion of local phases

2002

2008-2009

Changes in the selection process and concession of scholarships also for courses of Public Policies

Creation of the Endowment Fund and the new structure for Institutional Development (fund raising)

2003 Increase of the number of Board members

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2010 Grant of scholarships to law courses, creation of the Executive Committee and the participation of the first scholar as a member in the Council Board

2004 Structuring of activities in three work fronts: Selection Process, Careers and Networking

Modernization of the strategic guidelines of the institution

2005

Grant of scholarships for Engineering and increase of number of partners

2011 New positioning of the brand Fundação Estudar, seeking to provide contents more relevant to the young talents in a comprehensive way and to expand the relationships with universities around the world

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Operating Model

IN CONSTANT EVOLUTION

At the beginning of its activities, Fundação Estudar focused on the undergraduate and graduate courses in Business and Economics, but was gradually incorporating into its scholarship program courses in other areas such as Laws, Public Policies, Education and Engineering. In order to have an even closer relationship with the scholars and to provide them a continuous growth, it has also begun to act more strongly in the areas of professional development and networking events.

Fundação Estudar has been continuously improving its operating model to increasingly offer opportunities for personal and professional development for intelligent and determined young Brazilians who believe in their transformative capacity to change the country.

Aware of the developments of higher education in Brazil, Fundação Estudar has also adopted a new positioning in early 2011 to support and share knowledge with the whole community of young transformers, regardless whether they are scholars of the institution or not. To achieve this, it has focused its activities in the dissemination of relevant contents, in the support to projects that identify and reward talented students and in expanding partnerships with universities.

GOVERNANCE - In December 2010, to ensure a more structured monitoring of its activities, Fundação Estudar decided to reshape its governance structure and create the Executive Committee.

Gathering members of the Board, scholars who were already members of the former Alumni Board and the executive team of the institution, the Executive Committee has a meeting every month to monitor the progress of various projects of Fundação Estudar and discuss new opportunities and proposals.

Another initiative recently adopted is the policy of volunteering. Through it, the prominent scholars involved with Fundação Estudar lead strategic projects, especially those that need the mobilization of the entire community of scholars.

Many scholars have also helped in fund raising for the Endowment Fund. Launched in 2008, this Fund follows the model of the Endowment Funds of the great American universities and aims to allow Fundação Estudar to continue growing and impacting an increasing number of people.

SOURCES OF FUNDING IN 2011

individuals

14.9 %

companies 53.4 %

scholars

founders

15 %

16.7 %

DISTRIBUTION OF THE ANNUAL BUDGET BY SOURCE OF FUNDS (2006-2010) - IN% founders: 7.9% 2006

individuals: 0.8% companies: 48.5% scholars: 42.8% founders: 33.2%

PERPETUATION - To guarantee the permanence of its actions, Fundação Estudar counts on the valuable contribution of various companies and people that believe in the transformation of Brazil by encouraging the formation of their future leaders.

2007

2008

2009

The path to achieve the self-sustainability of the institution also involves engaging the community of scholars. Besides participating in various activities and share their experiences with the new ones, 58% of the degree scholars have already returned to Fundação Estudar the full value of the scholarship granted.

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2010

individuals: 2.5% companies: 34.1% scholars: 30.2% founders: 23.9% individuals: 12.7% companies: 27.7% scholars: 36% founders: 25% individuals: 9.4% companies: 34.4% scholars: 31.2%

founders: 18.43% individuals: 17,07% companies: 37.45% scholars: 26.4%

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POSITIONING

“I thought it was a simple talk about possibilities of exchange, and not that it would gather people with the importance of those who were present. It was really a very rewarding experience”, he says.

More contents and partnerships, with excellence

With the positioning adopted in 2011, Fundação Estudar began to focus its activities aiming at dissemination of contents and initiatives relevant to the development of young Brazilians. For this, in addition to expanding its partnerships, the institution has also decided to invest in the growth of its reputation by making its operations more known around the country.

As part of the Educational Partnerships are the actions related to partnerships with schools and universities in Brazil and abroad to promote the work of Fundação Estudar and attract new talents. “This mission, which has always existed, has been expanded with the goal of developing a deeper relationship with the educational institutions, forming long term partnerships,” explain Renata Moraes, coordinator of the project within the institution.

One of the initiatives is the Great Universities Cycle, a program aiming to introduce to students, young professionals, executives and academic Brazilians the opportunities for personal and professional development offered by the most prestigious institutions of higher education in Brazil and abroad. Besides bringing to the discussion the role of the higher education, the lectures transmit to the participants the spirit of the universities and provide discussion and exchange of knowledge among current students and distinguished alumni.

Held in March 2011, the first event of this cycle had as a theme one of the world’s most prestigious universities: Harvard. Among the audience, composed of scholars of Fundação Estudar, executives and entrepreneurs from various fields, was present Pedro Ferrazoli Ciambra, only 17 years old. Attending the 4th year of the Technical Education Integrated with High School in Mechanics, at IFSP - Federal Institute of Education, Science and Technology of São Paulo (formerly CEFET), Pedro was invited to attend the event by winning two silver medals at the Brazilian Math Olympiad of Public Schools, and a gold medal at the Olympiad of robotics at school.

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This was also the impression of Kawoana Trautman Vianna, 18 years old. Registered in the 5th year (curricular internship) of Fundação Escola Técnica Liberato Salzano Vieira da Cunha, Kawoana - who in 2011 was in the 4th place in the area of Medicine and Health Science of the International Science and Engineering Fair (Intel ISEF) - told that the testimonies of the Brazilian students who have experienced studying at Harvard was what most caught her attention. “They were people who had the same experience I’m going through, that grew within the same culture, sharing the same language and the same reality. See that their entrance at Harvard was possible made me believe I can achieve the same, “she says.

SUPPORT TO AWARDS - It is as part of this strategy of recognizing and inspiring new young talents as Kawoana and Pedro that Fundação Estudar is also launching an award in 2011. The goal is to recognize newly college undergraduates of any courses and universities that have interest and potential to change Brazil for better, either working in the government, or creating innovations or working for education.

Partnerships are also being firmed to reward high school students with better performance in competitions of Exact and Sciences through the insertion in the community Estudar, professional mentoring and scholarships to study English. Among the contests that will be supported from 2011 on, there are the Brazilian Math Olympiad of Public Schools (OBMEP), which has 19 million participants, and the Brazilian Math Olympiad (OBM), with 100 000 students, besides others in areas of Chemistry, Physics, Astronomy and Sience and Technology fairs.

According to Professor Suely Druck, from the Institute of Mathematics, of Fluminense Federal University (UFF) and academic director of OBMEP, the Brazilian people has a lot of talent and intelligence, but it is necessary the support from private enterprises and non-governmental organizations to develop these skills. “With this initiative, Fundação Estudar puts itself in a position of collaboration extremely important to solve a problem that the country is facing, which is revealing talents in various areas,” she says.

MORE CONTENT - The Marketing Area of Fundação Estudar gather four areas: Events, Digital, Institutional and Public Relations. Within the Events area the idea is to promote regular meetings with experts in their fields, who can share their experiences with the younger ones. The Digital area has as mission the dissemination of the relevant content - such as studies, blogs and videos - to the community of potential leaders in the future. “The goal is that this material can impact an increasing number of people, regardless whether they are scholars of Fundação Estudar or not,” said Rodrigo Carraresi, Marketing coordinator.

SCHOLARSHIPS AND PROGRAMS - It is within the new area of Products that are gathered all the initiatives that Fundação Estudar develops to support and influence young people who have leadership profile identified. “This young man can be either a potential scholar or any other who, for various reasons, will not participate in the selection process of the institution,” explains Tiago Mitraud responsible for the Products area.

To do so, Fundação Estudar aims to replicate its already traditional mentoring programs to other institutions through partnerships with networks that can benefit other people. The Career Orientation Program (POC) will also be spread to the entire extended community. The same should happen with networking events.

GROWTH STRATEGY

FE Awards

Example of cases

Partnership of Excellence FE Community

Relationship with qualifiers Wide and open content

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Events

INSPIRING ENCOUNTERS

To form leaders increasingly complete, Fundação Estudar organizes throughout the year various workshops, courses and lectures in order to make them reflect about their personal and professional choices and outline their goals in a planned way.

Fundação Estudar believes that to excel in the job market, in the public life or in their own business, people need to have not only an excellent academic education but also access to knowledge and experiences that enhance their performance and work for their success.

The Careers Programs, for example, are concerned to meet the scholars´needs at their different professional moments. For those who are still at university, for example, the Career Orientation Program (POC) offers information about the job market in an individualized way. The Mentor Training Workshop, on the other hand, offers to the undergraduate scholars the opportunity to evaluate their trajectory and the organizational processes they are included in order to become better coaches and mentors.

One of the activities of greater impact for the scholars is certainly the Mentor Program. In this program, pairs are formed in a way that the most experienced guide, through monthly meetings, the new ones about the career. Last year, about 25% of the scholars of Fundação Estudar expressed interest in the program.

Now, with the new positioning of the institution, the idea is that more people can benefit from the initiative.

KNOWLEDGE EXCHANGE - Throughout the year, Fundação Estudar promotes the interaction among the community of scholars, professionals and partners from various organizations. In informal meetings, outstanding professionals in their areas of expertise are invited to share their experiences. These meetings are also a great opportunity for the participants to increase their knowledge and networking.

That is what happened recently in April 2011, in the premiere of the series Brazilian Transformers, whose aim is to invite people that are references in their fields and fully committed to the transformation of the country to share their experiences and views with young people seeking to follow the same path. In the first event of this series, the guest was Vicente Falconi, a consultant to large companies and technical advisor of INDG (Management Development Institute MDI). “Management is the method. And method is not common sense, is humility. It means you set a goal and recognize that you do not know how to get there.

This is a good goal, because to achieve it you need to seek knowledge”, said the consultant in his opening speech.

Every year, after the selection of the new scholars, Fundação Estudar also conducts a meeting for the entire community of scholars, partners and sponsors.

In each edition new speakers are invited and they announce two awards: Scholar of the Year, an award that honors a member of the community for his/ her successful career, social impact and commitment to Fundação Estudar, and the Volunteer of the Year, to the scholar who most collaborated with the institution’s activities during that period.

Guilherme Leal, managing partner of Natura, founder of Arapyaú and sponsor of Fundação Estudar, was the guest of honor at the 2010 Annual Meeting. In that occasion, Colin Butterfield, MBA scholar in 2002 at Tuck School of Business, and Carlos Henrique Lobão Pegurier, scholar at MIT in 1996, won The Scholar of the Year and the Volunteer of The Year, respectively.

Between July 2010 and July 2011 were conducted several meetings of this kind, covering varied subjects as business opportunities in the mobile marketing, reflections on biodiversity and the climate in business and the transition from government to private enterprise.

Scholar of Economics at Ibmec-MG in 2006, Daniel Rodrigues Ribeiro is one of the assiduous participants in the events sponsored by Fundação Estudar. “In these meetings, I always make good contacts and friendships with people who, like me, want to make a difference in the world or in what they propose to run,” says the 24 year-old young man who now works in AmBev. “I try to go to all, especially those related to topics such as entrepreneurship and business management, which are the areas that interest me most,” he says.

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Events

Brazilian Transformes with Vicente Falconi

Guilherme Leal, from Instituto Arapyaú, talks during the 2010 Annual Meeting

Breakfast with Paulo Basílio, president of ALL Logística

The scholars Carlos Henrique Pegurier and Henrique Freitas

Harvard in Brazil: : Drew Faust (Harvard), Susan Lyons (Harvard), Claudio Haddad (Insper) and Jorge Dominguez (Harvard)

Vicente Falconi, founder of INDG

The scholar Renato Mazzola in speech during the 2010 Annual Meeting

Interaction and exchange of experiences at the 2010 Annual Meeting

Audience during the event Great Universities: Fundação Estudar presents Harvard in Brazil

Harvard´s President Drew Faust

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Scholars during event of the series Leadership in Practice

The scholar Lycia Hossaka

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Scholars, 2011

new generation

Selective and based on meritocracy, the selection process of Fundação Estudar for granting scholarships for undergraduate and graduate students is held every year, always in the first semester.

The scholarships range between 5% and 95% of the amount claimed by the candidate. In the case of scholars enrolled in public universities, the scholarship helps defray expenses with textbooks, language courses and housing.

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In 2011, the Selection Process set as its flagship the scholarships for undergraduate courses. “We decided to expand our activities in this area, seeking to identify profiles of students with excellence that can make better use of the opportunities for personal and professional growth that Fundação Estudar offers,” said Thais Junqueira Franco Xavier, executive director of Fundação Estudar. “Therefore, when we closely monitor

On this page, from left to right, Emanuel de Abreu Pessoa, Cássio Kendi Takamori and Guilherme Malik Parente. On the previous page, Maria Luísa Cantadori, Marco Aurélio de Barcelos Silva and Dorival Bordignon Júnior

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Scholars, 2011

the evolution of these young people since the beginning of their universitary education, our contribution becomes more effective,” she explains.

The applications for the 2011 Selection Process opened on January 12, ending on March 28. During this period were conducted 28 lectures and information sessions in schools and universities around the country, - 24 -

From left to right, Pedro Montebello Milani, Ronaldo Rozenbaum Paiva, Gabriela Schneider Gugelmin, Tales de Mileto Sousa and Pablo Marcello Baquero

as well as promotional actions in undergraduate degrees in several Brazilian states. As a result, we received 5,891 applications for undergraduate, graduate and exchange scholarships.

From left to right, Renan de Paula Pereira Henrique, Gabriel de Souza Gariglio and Rafael De Simone Matioli

After undergoing tests, group dynamics and interviews, 31 new scholars were approved, being 23 undergraduate students (15 in Brazil, 5 abroad and 3 academic - 25 -

Scholars, 2011

exchanges) and 8 graduate students. Economics, Civil Engineering and Computer Engineering courses are among the most pleaded by the undergraduate scholars, who are between 16 and 23 years old. Most of them are male (78%) and come from the Southeast (83%).

The same profile is observed among scholars of graduation, with 88% men and 62.5% of them

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From left to right, Felipe Diogo Camêlo, Tatiana Miranda Gaspar de Souza, Bernardo Dantas Bandeira, Tiago Tavares Flórido and Renan R. Diniz

from some state in the Southeast. The age varies from 25 to 30 years old, and 62% of the scholars approved in 2011 pleaded graduate courses in Law (LL.M.) and 38%, Business Administration. Independent of the course pleaded, all the approved scholars have in common the fact of gathering characteristics such as academic and professional excellence, high intellectual

From left to right, Edgar Lessa Venâncio, Felipe Navarro Balbino Alves, Marina Palma Copola, Alexandre Souza Ferraz and Rafael Rebouças Peixoto

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GEOGRAPHICAL DISTRIBUTION OF THE CANDIDATES

Scholars, 2011

(Selection Process numbers in 2011) Undergraduate

Brazil

60

entries

Abroad 12

north

entries northeast

411

center west

153

entries

southeast

entries

2.370

entries

361

entries

south

GEOGRAPHICAL DISTRIBUTION OF THE CANDIDATES (Selection Process numbers in 2011)

Graduate

Brazil

59

entries

Abroad 20

north

entries northeast

potential and high ethical standards. In all stages of the Selection Process they have also demonstrated skills as leadership, entrepreneurship, proactivity, creativity and taste for challenges, besides commitment to Brazil and ability to dream big.

From left to right, Thiago JosĂŠ de Melo Cardoso, FĂĄbio Faria de Oliveira Filho, Deborah Barbosa Alves, Rafael Rabelo de Carvalho and Ricardo Cavalcanti de C. Sansolo

150

entries

southeast

entries

1.655

entries

247

entries

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393

center west

south

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Undergraduate abroad and academic exchange

Scholars, 2011

SCHOLARSHIPS OF FUNDAÇÃO ESTUDAR Study programs, by category of scholarship LIST OF THE APPROVED STUDENTS

Undergraduate in Brazil

Undergraduate abroad

Courses

Choice Criteria of institutions

Business Administration, Laws, Economics, Engineering and International Relations

Students Performance National Exam (Exame Nacional de Desempenho de Estudantes) (Enade) and evaluation of undergraduate courses conducted by Guia do Estudante

Under Graduate in Brazil Alexandre Souza Ferraz, 23 years old Electrical Engineering – Unicamp Cássio Kendi Takamori, 21 years old Computer Engineering – ITA

Felipe Diogo Camêlo, 18 years old Economics – FGV RJ

Maria Luísa Cantadori, 21 years old Biomedical Engineering - Poli-USP/ Politecnico di Torino

Master in Laws (LL.M.)

Rankings of the best colleges and foreign universities conducted

by U.S. NEWS and institutions considered by the LLM Guide

Felipe Navarro Balbino Alves, 19 years old Electrical Engineering – ITA

Pedro Montebello Milani, 17 years old Mechanical Engineering – Stanford University

Gabriel de Souza Gariglio, 22 years old Civil Engineering – IME

Tatiana Miranda Gaspar de Souza, 18 years old International Affairs – Brown University

Rankings of the best colleges and foreign universities conducted by US NEWS and the Global MBA ranking conducted by the Financial Times

Rankings of the best colleges and foreign universities conducted by US NEWS

Rafael Rabelo de Carvalho, 19 years old Electrical Engineering – ITA

2009

Renan de Paula Pereira Henrique, 21 years old Civil Engineering – IME Renan R. Diniz, 23 years old Aeronautical Civil Engineering – ITA Ricardo Cavalcanti de C. Sansolo, 21 years old Mechanical Engineering Aeronautics – ITA Ronaldo Rozenbaum Paiva, 21 years old Chemical Engineering – UFRJ Tales de Mileto Sousa e Sampaio, 16 years old Business Administration – UFC

(Number of entries per year)

2008

Rafael De Simone Matioli, 21 years old Business Administration – EAESP/FGV

Rafael Rebouças Peixoto, 21 years old Computer Engineering – ITA

EVOLUTION OF THE SELECTION PROCESS

2007

Lucas Daniel Gonzaga de Freitas, 18 years old Computer Science – Harvard University

Edgar Lessa Venâncio, 22 years old Water Engineering – Unifei-MG

Master in Arts (MA) Focused on Business, Master in Public Administration (MPA), Master in Public Policy (MPP), Master in Science (M. Sc), MIA (Master of International Affairs), Master in Engineering (MEng) and Master in Education (EdM)

2006

Gabriela Schneider Gugelmin, 17 years old Economics - Columbia University

Rankings das melhores faculdades e universidades estrangeiras realizados pela US NEWS

Graduate abroad

2005

Deborah Barbosa Alves, 18 years old Computer Science - Harvard University

Administration, Computer Science, Political Science, Economics, Engineering, Mathematics and International Relations

Master in Business Administration (MBA)

2004

Bernardo Dantas Bandeira, 20 years old Mechanical Engineering - UFRJ / École Centrale de Nantes

2010

2011

Vivian Fowler, 18 years old Business Administration – FEA/USP

Tiago Tavares Flórido, 20 years old Economics – PUC – Rio / University of California – Berkeley

Graduate Dorival Bordignon Júnior, 30 years old MBA – Chicago Emanuel de Abreu Pessoa, 27 years old LL.M. – Harvard Fábio Faria de Oliveira Filho, 30 years old MMM-MBA + Master of Engineering (dual degree) – Kellogg Guilherme Malik Parente, 26 years old LL.M. – Stanford Marco Aurélio de Barcelos Silva, 30 years old LL.M.– UCL Marina Palma Copola, 26 years old LL.M. – Columbia Pablo Marcello Baquero, 25 years old LL.M. – Harvard Thiago José de Melo Cardoso, 28 years old MBA – Wharton

280

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444

838

1.517

6.160

4.234

5.064

5.891

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Scholars, 2011

INSIDE EACH STAGE (Selection Process numbers in 2011)

Scholarship for undergraduate

3.367

Scholarship for graduate

2.524

ent

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test s

551

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call

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w rvie inte r an or schola f ed xcall an e h wit

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88 13

w rvie inte r an or schola f ed xcall an e h wit

08

candidates approved

* Source: Cia de Talentos

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ed call

a nt ume doc r o f

368 60

wit

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238 dyna

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tes ts s en

1.760

lysis

na ta

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158 37

candidates approved

* Source: Cia de Talentos

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IMPACT Leadership by example

SCHOLARSHIPS Division by category, from 1991 to 2011 *

Type of Scholarship

Until 2010

2011

Undergraduate in Brazil Undergraduate abroad MBA in Brazil LL.M. Ph D

146 35

15 5 3 5

Others (exchange and other

116

categories of graduate course)

Strong, inspiring and effective leaders are the common denominator of companies, institutions and government agencies that, in their different areas, promote innovations that favor social and economic development of a whole nation.

Fortunately, the majority of scholars of Fundação Estudar have already given its share of contribution to the Brazilian society, creating even new jobs. At every 10 scholars, at least one decides to undertake their own business and another becomes member of a company.

159 26 6

3

* Cancelled and short term scholarships are not included

SEVERAL AREAS Distribution of scholars already undergraduated by segment of operation

Many also hold hierarchical senior positions in companies featured on the national scenario, whether in finance, or in industry or in the service sector. In addition, more than 9% of the undergraduates now work in education, government and third sector institutions, helping to develop programs and create public policies that, in fact, can make a difference in the country.

Inside their baggage, they all have in common a good academic background. Since 1991, Fundação Estudar has awarded 519 scholarships for undergraduate and graduate courses at the best universities in Brazil and in the world in countries like the United States, England and France. Of this total, 164 were for MBA students at institutions abroad and 171 for undergraduate scholarships, being the remaining scholarships distributed among academic exchanges, masters and other graduate categories in several areas.

0

30%

services

financial institutions/ investments

30%

22% industry

9%

commerce

5%

education

2% government

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2%

third sector

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photo: Dani Dacorso

Profile

RONALDO LEMOS,

“Brazil offers many opportunities for those willing to work with the challenges related to the development of the country.”

The advices given by Fundação Estudar decisively reflected in his career. “I remember Jorge Paulo Lemann saying: ‘Go abroad, study, grow your network of contacts, have fun and then return to Brazil, the opportunities are here’.” Upon finishing his MA in 2002, Ronaldo returned to Brazil to be a co-founder of the School of Law, FGV-Rio. While working with education, he has received numerous career opportunities and from there the projects have multiplied.

35 YEARS OLD

CONNECTED WITH THE COUNTRY Who would leave behind the possibility of a career as a lawyer on Wall Street to hold an educational project in Rio de Janeiro, in a particularly difficult time for the city, which faced serious problems of public safety? Ronaldo Lemos, from Araguari Minas Gerais, made this daring choice and now he enjoys excellent results.

Undergraduated in Law at the University of São Paulo (USP), Ronaldo began his career in two parallel lines: as a lawyer, working in the telecommunications sector, and as an academic, teaching Sociology of Law at the University of São Paulo (USP). This “short circuit” between Telecommunications and Sociology led him to work with the Internet, his main motivation to decide for a master’s degree in Law at Harvard, which has one of the leading research centers on the subject.

As a scholar of Fundação Estudar, Ronaldo had the opportunity to meet several people with the same spirit of taking on challenges and contribute to the development of the country.

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Scholar in 2001, LL.M., Harvard University, Harvard Law School (USA) Current Occupation: Visiting fellow at the Center for Information Technology Policy, Princeton University

In 2002 he created the Center for Technology and Society (CTS) of the School of Law, FGV-Rio, in order to consider the question of innovation and development of the country toward technology.

Through the researches conducted in the CTS arose the law project “Marco Civil” of Internet, the result of a partnership with the Ministry of Justice, which encourages entrepreneurship and protects innovation in the net. He also launched in Brazil the Creative Commons, a project which aims to expand the amount of creative works available to the public, allowing the creation of other works on them through licensing law. Another project done by Ronaldo was “Overmundo”, a collaborative portal focused on the Brazilian culture, which is the only Brazilian site that received the world top prize of digital culture, the Prix Ars Electronica.

Ronaldo’s plan is to return to CTS, where several partnerships have already been made, including one with the Inter-American Development Bank on a project about music and technology and another with IDRC (International Development Research Centre), which will start a pilot involving games and education as ways of rethinking the school.

Ronaldo also has interest in the musical area, which ended up in an invitation for him to be curator of the Tim Festival, for many years considered the largest music festival in the country. Today, besides writing every week for the newspaper Folha de S. Paulo and monthly for the magazine Trip, Ronaldo has a program at MTV called Mod MTV, which talks about technology, life and its impact on the economy and society.

What does allow him to do all this? In his opinion is curiosity. “In a world with so much information, it was important for me to be curious and have an emotional relationship with the things I do,” he concludes.

BET ON BRAZIL - Today, at 35, Ronaldo Lemos is at Princeton University, working at the Center for Information Technology Policy, spending a year as a visiting fellow. But in 2012 he must return to Brazil.

“If there is something that can serve as an example in my career is that I have bet in Brazil, where there are many opportunities for those willing to work with the challenges related to the development of the country,” he says.

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Profile

IN SEARCH OF BETTER TREATMENTS As a child, Wilian dreamed of being a doctor.

Dedicated student, he could have followed the profession, but at 15 years old, another area caught his attention. When entering the Military School of Belo Horizonte, his birthplace, Wilian had a chance to do a junior research mentorship at the Federal University of Minas Gerais and develop the project “Foundations for developing new antimalarial drugs.” “This research relating chemistry to medicine fascinated me a lot, because, at that time, my father had lung cancer and I wanted to understand what I could do to help in the treatment of this disease”, he recalls.

After embracing the project, Wilian met the Fiocruz Laboratory of Malaria and was delighted with the infrastructure of the line of research. “I realized how powerful the medicine was and wanted to understand the process of developing new medicines as deeply as possible.” He decided then, to join the Military Engineering Institute (IME) in Rio de Janeiro, which carried out research in this area. To do so, he left the third year of high school in Minas Gerais and went to Colégio Roquette, in Rio By failing to pass the IME entrance exam, he decided to change the course. But shortly after, his father passed away, but before he asked his mother to stimulate Wilian not to give up his dreams. “It was quite difficult, because until that moment I really wanted to do something for my father, but there was no way anymore,” he recalls. However, the strength and support of his mother and sisters have made Wilian come out of the mourning and try again to enter IME. Approved, Wilian started learning how Engineering, together with Chemistry and Biology, could make possible his desire of developing new drugs.

WILIAN CORTOPASSI, 21 YEARS OLD Scholar in 2010, Chemical Engineering, PUC-Rio (Brazil)

Still during the first semester, Wilian attended two conferences presenting his first works related to the research. It was in the second year, in a lecture at IME, that he met Fundação Estudar and decided to participate in the selection process. At that time, Wilian was military, but he was looking for something beyond the quarters that allowed him to become a reference in the field of chemistry applied to health. “I needed to meet people who had a gleam in their eyes to their respective areas and that could help me on my search for new treatments,” he says.

Parallel to the project of Fornix, Wilian has developed several researches at PUC-Rio and IME, and only in the first half of 2011, he had three articles accepted for publication in scientific journals of international prominence. At 21 years old, his goal is to actively participate in projects related to health worldwide, always integrating Engineering with Medicine and, thus, contribute to improving the quality of life of people worldwide. “We are going through a time when technology begins to take care of our health. I want to be ahead of this process, leading this scientific revolution.’’

That was what he did when he was approved by Fundação Estudar. The military activities, however, increasingly made him busy, preventing him from participating in scientific conferences and conduct researches. In an attempt to open the doors of his future, Wilian decided to do the test Challenges of Chemistry in 2010 from PUC-Rio. The bronze medal granted him a full scholarship to study a BA in Chemistry together with Chemical Engineering.

He asked, then, his transfer.

HEALTH IS WHAT MATTERS - Already at PUC-Rio, he began developing a project with Daniel Branco, a former scholar of Fundação Estudar and founder of DMBranco, a company dedicated to health business. Together they devised the Fornix Drug Design, the first Brazilian company to provide computing solutions for the complete development of new treatments. “The idea is to market remedies increasingly affordable and effective, with less toxic issues, for all diseases, from cancer to other neglected diseases, like malaria, dengue and Chagas”, he explains.

“I intend to market remedies increasingly more affordable and effective, with less toxic issues, for all diseases.”

Current occupation: Partner of Fornix Drug and innovation analyst at DMBranco - 38 -

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Profile

we had to think a new way to organize ourselves,” says Claudia Elisa that, during this period, also participated actively in the succession process of the president of the company.

But the challenges did not stop there. In March 2010, a new president assumed the command of the Group and requested the review of the management model and its organizational structures. After the conclusion of this work in June, Claudia Elisa was invited to assume the Market Strategy vice presidency, the area responsible for thinking the future and growth of the company as a group. “My role is to influence and support my peers, either the corporative or the business ones, to constantly look at the future and build projects and initiatives that ensure the achievement of the Group’s vision.”

CLAUDIA ELISA DE PINHO SOARES, 43 YEARS OLD

ALWAYS LOOKING OUT FOR THE FUTURE When she joined Grupo Pão de Açúcar in August 2008, the carioca Claudia Elisa knew she would have many new challenges ahead. This, by the way, was the major motivation that made her leave Goiás, where she was responsible for the financial and personnel management of the dairy company Leitbom, and return to São Paulo to assume the Human Resources vice presidency of Grupo Pão de Açúcar, at that time with 65 thousand employees.

This scenario, however, has changed throughout 2009, starting with the 100% acquisition of the wholesaler Assai Atacadista, completed in the first semester. In July it was announced the purchase of Ponto Frio, and in December 2009 it was established the association with Casas Bahia, which caused the staff number reach 155,000 people. “We stopped being a food retailer and became a multi-businesses group. For this reason - 40 -

Scholar in 1997, MBA, INSEAD (France) Occupation: Market Strategy Vice President of the Grupo Pão de Açúcar

ACCUMULATED EXPERIENCE - In functional terms, the current project is like a return to origins, as Claudia Elisa has a degree in Business Administration from PUC-Rio. “The Market Strategy is much grounded in numbers and analysis, which was where I sailed in throughout my career,” she says. During college, she interned in marketing at Souza Cruz and Banco Bozano, Simonsen.

After completing higher education, Claudia Elisa interned in England and Germany and as soon as she returned to Brazil she participated in 1991, in a selection process in AmBev (at that time Brahma), becoming a trainee.

In 1997, after covering different functional areas at Brahma (Finance, Logistics, Sales and Distribution), Claudia Elisa decided it was time to do an MBA abroad. She applied for a scholarship at Fundação Estudar and studied at INSEAD in France. Back to Brazil, she received several job offers, but she was looking for a different experience. She signalized, then, to the staff of Brahma that she would like to work in the manufacturing area and eventually became manager of Fratelli Vita, a water and isotonic plant located in Bahia. A little later, already married and with her first child, she took a management position in Venezuela. Two years later, in 2001, returned to Brazil to assume the financial and logistics management of the Direct Distribution Center, in Rio de Janeiro.

After this work, Claudia Elisa returned to São Paulo as corporate manager of the Controller department of the Finance Board and, in September 2005, assumed the management of Career and Development in the People & Management area at AmBev. When she realized the amount of new technical concepts to learn, she then made her second MBA, this time in Human Resources at FIA-USP. In February 2007, she became People & Management Sales Director. In a group of 54 professionals who then occupied directing positions in the North Latin America zone, she was the only woman. She remained in AmBev until April 2008, when she accepted the proposal of Leitbom.

Now as the head of the Market Strategy of Grupo Pão de Açúcar, Claudia Elisa continues to have a very busy schedule, including at least one international business trip per month. Her free time is to enjoy with her husband, married for 14 years, and the three children, 12, 9 and 7 years. She also practices running and weight training and enjoys singing, dancing and playing piano. And in everything she does, she leaves her trademark: “The enthusiasm and perseverance to transform the environment around me, according to the functions I get as challenges.”

“My role is to influence and support my peers to constantly look at the future and build projects and initiatives that ensure the achievement of the Group’s vision.”

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discoveries constantly happening and a large quantity of unanswered questions,” he says.

Profile

EDUCATION - Determined to try the academic career, Marcelo began a master’s degree in Neuroscience at ITA. “I thought the academic career would give me something else, an advanced knowledge in a new subject, which has everything to burst in the future.” The master, however, was eventually stopped when Marcelo won a scholarship of Fundação Estudar to do his doctorate at the University of Pennsylvania.

SEEKING MORE KNOWLEDGE Weighing just over a pound, the brain directs the functions that ensure the reproduction and survival of the human species. Not coincidentally, this fascinating machine has been studied by scientists around the world for centuries, but there is still much to be unveiled. It was precisely this possibility, combined with great future prospects for the neuroscience in Brazil, which led Marcelo to do a doctorate in the United States.

MARCELO GOMES MATTAR, 25 YEARS OLD Scholar in 2010, PhD in Psychology, University of Pennsylvania (USA) Current Occupation: researcher focusing on brain oscillations, memory and computational neuroscience

“My goal is to undertake in the neuroscience area and contribute to its advancement in Brazil.” exchanges, which was an enviable figure, considering the previous average of 30 exchanges per year that they had achieved in the whole São Paulo.”

But this attraction to the possibility of exploring the unknown that Marcelo feels did not start today.

With only 7 years old, the young scientists built a small home lab for dismantling electronic equipment and then reassemble them. “I also bought several magazines of projects and loved to construct small electronic transmitters, radios and even little robots,” said Marcelo, who has never had difficulties in learning all subjects at school.

It was also during the undergraduate period that Marcelo had the greatest experience of leadership and coordination of projects until now. As president of the Cultural Department of ITA, he was the leader of a team of about 20 people responsible for promoting various cultural events in the city of São José dos Campos, some of them large ones. “Among the names we managed to take to ITA through the Cultural Department are Geraldo Azevedo, Arnaldo Antunes and Yamandú Costa, besides several film directors and renowned writers.”

At 17, the young man moved from Divinópolis-MG to São José dos Campos, Sao Paulo to study Electronic Engineering at the Aeronautical Institute of Technology (ITA). During the course, he extensively traveled abroad and worked for two years in AIESEC, a student organization that seeks to promote intercultural understanding through the promotion of professional exchanges. This experience led Marcelo to his first experience as an entrepreneur by opening, with a group of friends, a subsidiary of the exchange company World Study in São José dos Campos. “For two years we sold almost 100

The professional experiences were various as well.

In 2006, Marcelo worked with supply chain in the pharmaceutical company Altana Pharma (now Nycomed). Shortly after he moved to Switzerland, where he worked for eight months in the logistics giant UPS, and back to Brazil he stayed a semester at Credit Suisse. But it was in 2009, while working with research on “Brain and Cognitive Sciences” at MIT, that Marcelo decided to give a new direction to his life. “I was pleasantly surprised to discover an area of science that was just starting out with great

- 42 -

During the master period, the subjects of his researches were neuroprosthesis and neuronal connectivity. Now in his doctoral course his focuses have been brain fluctuations, memory and computational neuroscience. “I was never satisfied in studying the brain as a single organ of the human body, as Medicine or Biology do. I wanted to understand the brain as a data processing device, which works similarly to a computer. Hence the relationship between neuroscience and Engineering”, he explains.

After completing his PhD in the United States, Marcelo plans to return to Brazil and invest in research in neuroscience, either opening research institutes in the area, or opening courses at universities, aiming to train capable professionals.

“My goal is to undertake in the neuroscience area and contribute to its advancement in Brazil.”

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SPONSORS (JULY/2010 TO JUNE/2011)

PARTNERS Supports needed

MAINTAINERS (Over R$ 500.001,00) Fundação Brava Fundação Lemann Marcel Herrmann Telles EGREGIA CUM LAUDE SPONSORS (Donations between R$200.001,00 - R$500.000,00) Guilherme Peirão Leal - Instituto Arapyaú Instituto Semeia Itaú-Unibanco Luiz Seabra - Instituto Vivavida SUMMA CUM LAUDE SPONSORS (Donations between R$100.001,00 - R$200.000,00)

In order to develop its work with increasing excellence and range, Fundação Estudar counts on a wide network of partners. About 53% of the annual budget of Fundação Estudar comes from contributions from corporations, universities, colleges, institutions and professionals committed to encouraging high quality education as a way to ensure the training of young people with potential to generate positive impact on the country. Currently, there are more than 30 corporate sponsors, which contribute with financial resources for the maintenance of the operation and for the different projects of Fundação Estudar, on several levels.

Ambev Cyrela Brazil Realty Florian Bartunek Itaú BBA GP Investimentos Moise Yacoub Safra

The group of operational partners consists of companies of various segments that donate products and services enabling the administrative activities and the programs of the institution. This is the case of A.T. Kearney, which performs pro-bono projects for Fundação Estudar since 2008, helping the institution in its strategic and management needs. But the support to Fundação Estudar also brings benefits to A.T. Kearney. “Our consultants feel fulfilled being able to develop projects that help Fundação Estudar continue its mission and expand its operations,” said Silvana Machado, vice president of the consulting. “In addition, the contact with Fundação Estudar allows the interaction with talented young people who may be future consultants at A.T. Kearney.”

Morgan Stanley Santander Brasil Bernardo Vieira Hees Marcelo Faria Parodi

Fundação Estudar also counts on the important support of volunteers like Flávia Faugères, that in 2010 helped the institution to redefine its mission and vision.

“To do so, we studied the education in Brazil, the DNA of Fundação Estudar and its scholars and the educational institutions of excellence inside and outside the country,” she says. “We also designed together the plan of partnerships and communication of Fundação, in order to speak to a larger number of potential Brazilian transformers.”

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MAGNA CUM LAUDE SPONSORS (Donations between R$50.001,00 - R$100.000,00) Cargill / Cargill Foundation Fundação Filantrópica Arymax Instituto Votorantim CUM LAUDE SPONSORS (Donations between R$25.001,00 - R$50.000,00)

Criacittá DMagrella DMRH Everton Ballardin Flávia Faugères FSB Comunicações Harvard Business School Executive Education ICTS Global Vicente Falconi Campos – Instituto de Desenvolvimento Gerencial (INDG) Insper Isabela Abram Coaching Practice MBA Empresarial MoiP Obra Vídeos Primeira Escolha Subway Link Tatiana Gaz Vella Trend-i Vieira, Rezende, Barbosa e Guerreiro Advogados Virid

EDUCATIONAL PARTNERSHIPS – Throughout its 20 years of operation, Fundação Estudar has partnered with some of the best higher education institutions in Brazil and abroad, like MIT, Princeton, London Business School, INSEAD, ITA and UFRJ. The good relationship with the universities not only opens doors for the dissemination of the activities of Fundação Estudar, as well as approaches the institution to the young talents, encouraging the identification of potential scholars.

SPONSORS (Donations between R$10.001,00 - R$25.000,00)

The criterion for selection of Brazilian universities whose students are eligible for scholarships has been the good performance in the National Student Performance Exam (Enade) and in the evaluation of the Guia do Estudante (Student Guide), a specialized publication that is a national reference in the quality of higher education. For international schools is considered the assessment of major rankings of undergraduate and graduate level.

ALL - América Latina Logistica Carlos Brito Francisco Antunes Maciel Müssnich Isabel Lustosa Veirano e Ricardo Camargo Veirano Lars Reibel Luis Stuhlberger Tecnisa Verônica Allende Serra

The renowned Harvard University is one of the oldest partners of Fundação Estudar. “The commitment to educational opportunities and the excellence to inspire innovation and entrepreneurship has been the ‘core’ of the efforts of Fundação Estudar since the beginning of its operations 20 years ago,” said Drew Gilpin Faust, president of Harvard University, in her first visit to Brazil, when he honored the opening of the Great Universities Cycle.

CONTRIBUTORS (Donations between R$2.500,00 - R$10.000,00)

Another major educational partner of Fundação Estudar is Yale University, where many of the young people apply to the selection process. “By investing in some of Brazil’s brightest minds in the future, Fundação Estudar is changing the country’s intellectual scenario and inspiring a new generation of leaders with a broad global perspective”, said Michael Cappello, director of the Yale World Fellows Program.

Alexandre Ferraz de Marinis Ana Paula Martinez André Reginato Carlos Henrique Miyaki Elsen Christian Carvalho Carmo Hans Lin Ricardo Alário Arantes Rodrigo Ferraz Pimenta da Cunha Rosiane Pécora SUPPORTING SERVICES Associação Escola Graduada de São Paulo – Graded School Americanas.com A.T. Kearney

Strategic alliances like these have been, for 20 years, allowing Fundação Estudar to invest in the selection and training of young Brazilians with potential to become leaders one day. The institution hopes to continue with the support and motivation from their current partners and other universities, companies or individuals that identify with our mission and could, in some way, contribute to the personal and professional development of the whole community of young talents.

- 45 -

Donations

The commitment of the entire community of scholars is the path to able a greater number of transforming young people the access to the opportunities for personal and professional development offered by Fundação Estudar. Aware of this, many scholars have also already returned to the institution the full amount of the scholarship received.

Some scholars, besides paying off their scholarship, also made donations to the institution, thus contributing to the sustainability of its activities. Currently, the donations of the Fundação Estudar’s community already account for about 30% of the budget.

PERPETUATE IS THE NEED

The model of self-sustainability adopted

by Fundação Estudar involves the active participation of the group of scholars in the maintenance of its activities. Some scholars help with fund raising, others participate in the selection process of new scholars, and many also give their contribution as mentors. In 2010, scholars remained active in the programs of career guidance and networking.

FINANCIAL CONTRIBUTIONS OF SCHOLARS Donations received during the last five years, in Reais (R$)

2006

670.000

2007

436.309

2008

455.454

2009

635.874

2010

467.067

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- 47 -

SCHOLARS WHO PAID OFF THEIR SCHOLARSHIPS SINCE 1991 By name and year of the granted scholarship

SCHOLARS WHO PAID OFF THEIR SCHOLARSHIPS IN 2010 - 2011 Between July 2010 and June 2011

Breno Machado MBA - London Business School, 1997

Luciana Veloso Rocha Portolese Baruki Administração - FGV-SP, 1999

Carolina Peloso Vieira de Andrade Administração - FGV-SP, 2001

Luis Fernando Yamaniski Cassiano MBA em Tuck School of Business, 2008

Daniel Abbud Sarquis Aiex Economia, PUC - Rio, 2005

Luiz Ricardo Barbosa Galdi Delgado Economia - Insper, 2005

Daniel Barcelos Vargas LL.M. - Harvard University Harvard Law School, 2005

Mariane Akemi Hotta MBA - Harvard University Harvard Business School 2007

Éder José Martins MBA - Dartmouth College Tuck School of Business, 2002

Mateus Affonso Bandeira MBA - University of Pennsylvania The Wharton School, 2002

Fábio Alexandre Jung MBA - University of Pennsylvania The Wharton School, 2003

Matheus Meirelles Damasceno Ferreira Economia - IBMEC - RJ, 2001

Fábio Cefaly de Campos Machado Intercâmbio - FGV - EAESP, 1998

Pedro Rodrigues Jaime MBA - Northwestern University Kellogg Graduate School of Business, 1999

Felipe Holzhacker Alves Engenharia de Minas e Energia Colorado School of Mines, 2001

Raquel Fleury Corrêa MBA - Duke University Fuqua School of Business, 2000

Fernanda Ferreira Bastos LL.M. - Columbia University Columbia Law School, 2006

Renato Antonio Secondo Mazzola MPP Tufts University, 2003

Flávio Raposo de Almeida Engenharia de Produção - UFRJ Intercâmbio para École Centrale de Nantes, 2008 Francisco Loffredi Rodolfo Administração com concentração em Marketing Boston University, 1992

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Wesley Lucio Cavalcante Melo Administração - FEA -USP, 1999

Adelmo Hideyoshi Inamura Adriana Pozzani Affonso Parga Nina Alberto Winkler Blanco Alexandre de Barros Cruz e Guião Alexandre Ferraz de Marinis Alexandre Houara Lordello Alexandre Valério De Wilde Ana Beatriz Santos Gama Ana Fernandes Kertesz Ana Gabriela Machado Pessoa Ana Paula Cavalcanti de Oliveira Fontes Ana Paula Martinez Ana Silvia Antunes Andre Caldas Oliveira André Ferrari André Luis Abram André Luiz Miranda e Silva André Reginato André Sapoznik Andrea Narholz Diaz Antônio Henrique Prado Antônio Vicente La Camera Arkhan Helu Augusto Alves Tannure Bernardo Barroso Gattass Bernardo Vieira Hees Breno Toledo Pires de Oliveira Bruno Pessôa Serapião Carlos Fernando Vieira Gambôa Carlos Henrique Lobão Pegurier Carlos Henrique Miyaki Carlos Watanabe Cauê Costa Moreira Amaral César Munehiro Arata Claudia Elisa de Pinho Soares Claudio Galeno de Araujo Filho Cláudio José Carvalho de Andrade Cláudio Maurício Freddo Colin Butterfield Cristiane Rembowski Fernandes Cristina Artimonte Farjallat Cristina Haruko Kawamoto Dalbi Sebastião Arruda Jr. Daniele Valadão Levy Daniela Barone Soares Daniela Fusco Alcaro Danilo Gamboa Dercio Santiago Silva Júnior Diego Luis Milred Edison Yu

2003 1995 1996 1994 1996 1998 1995 1996 1995 2000 2006 2004 2005 1995 2000 2000 1999 1995 1995 1996 1994 1995 1996 1994 1995 1998 1992 2001 2001 1997 1996 1997 1999 2002 1996 1997 2000 1993 1999 2002 1994 2000 1995 1993 1995 1995 2004 2002 1993 1995 1996

Eduardo Andre Bottino Roma Eduardo Fontana Hoffmann Eduardo Medeiros Rodrigues Eleonora Pizarro Motta Elsen Christian Carvalho Carmo Everton Lopes Bonifácio Fabiana Sandra Eggers Fábio Marcel Fossen* Fábio Santiago da Silva Fábio Vidal Armaganijan Felipe Bomfim Ferreira Felipe Faissol Janot de Matos Fernanda Haydée Pasquarelli Fernando Octávio Mazza Baumeier Fernando Quintana Merino Filipe Bonetti Alves Flávia Marques Barros Flávio Campello Costa Flávio Eduardo Sznajder Floriano Paulino da Costa Neto Francisco José Bastos Santos Gabriel Felzenszwalb Gilberto Ribeiro Gisele Simões Everett Gregor Masini Monteiro de Andrade Guilherme Bokel Catta-Preta Guilherme Cavalcanti Piereck Guilherme Medeiros Bastos Hadriano Domingues Hans Lin Heny Gabay Hugo Botelho Barra Isabel Lustosa Veirano Ivo Luis de Sá Freitas Vieitas Jr. Jacob Gabriel Nicocelli da Silva Jaime Pfaltzgraf Ribeiro Jaime Schlittler Silva Filho Janaina Martins Soares Janete das Neves Inverno Macedo Jayme Chataque de Moraes João Henrique Guerra João Mauricio Giffoni de Castro Neves Joaquim Pedro Andrés Ribeiro Jorge Guimarães Laranjeira Júlio André Kogut Júlio Cesar Attílio Leonardo Bourbon Cabral Leonardo Goldfeld Lissa Collins Luis Felipe Berthi Abboud Dau Luis Fernando Gustavo de Castro Luis Heitor de Queirós Gonçalves Luiz Claudio Valmont Luiz Felipe Echenique Wielandt Luiz Fernando Barreto Silva Luiz Gustavo Lamego Alves Luiz Raul Delgado de Andrade

2002 1996 2005 1993 1996 1999 1996 1998 1999 2001 2005 2001 1998 1993 1993 1996 1995 1998 1996 1994 1994 2005 1992 1994 1995 1992 1998 1998 1996 1996 1994 1998 1995 1994 1998 1992 1998 1999 2000 2004 1999 1991 1997 1996 2004 1997 2003 1995 1992 1999 1995 1994 2003 1994 1996 1993 1993 - 49 -

Lycia Akiko Hossaka 1998 Manoela Olbrich de Souza Andrade 1996 Marcela Dutra Drigo 2000 Marcello Marreco Sardenberg de Mattos 2000 Marcelo Amaral Moraes 1993 Marcelo de Carvalho Navarro 1994 Marcelo Faria Parodi 1996 Marcelo Leite Moura e Silva 1996 Marcelo Lyra Machado de Carvalho 2006 Marcelo Luiz Mendes Soares da Silva 1996 Marcelo Moreira Russo 1999 Marcelo Santos Barbosa 1996 Marcelo Santos Ribeiro 1996 Márcia Andrea de Almeida Wolff 1992 Márcia Ghitnick 1994 Marco Simonovitch 1995 Marcos André Gonçalves de Macedo 1993 Marcos Fernandes Vianna 1992 Maria Fernanda Lima da Rocha Barros 2006 Maria Isabel Mussnich Pedroso 2004 Mariana de Oliveira Casella Aversa 2007 Marie Louise Conilh de Beyssac 1994 Marília Artimonte Rocca 1994 and 1998 Mario José das Neves 1991 Mark Mercante Amorim 1995 Marta Mendes Miguel 2001 Martin Jochmann* 1993 Matheus Meirelles Damasceno Ferreira 2003 Monica Rossi Duarte Neves 1994 Maurício França Junior 1997 Murilo Mattos Chaim 1996 Nelson Lopes Puccini 1995 Nilo Martins de Andrade Filho 2002 Olavo Hartveld Cunha 1996 Patrícia Andrade Paviani 1996 Patricia Regina Verderesi 1996 Paula Volpatto Fagundes 2004 Paulo André Piereck da Cunha 1996 Paulo Haroldo Mannheimer 1998 Paulo José Marques Soares 1997 Paulo Thiago Passoni 2003 Pedro de Freitas Almeida Bueno Vieira 1997 Pedro Loffredi Rodolfo 1992 Pedro Marcus Lira Palma 2001 Pedro Paulo Alves de Brito 1997 Pedro Salgueiro Teles Ribeiro 2004 Peter Lerner Mintzberg 1996 Piero Rodrigues D´Avila 2002 Renato Oliveira Furtado 1997 Renato Proença Prudente de Toledo 2004 Ricardo Alário Arantes 2001 - 50 -

Ricardo Camargo Veirano Ricardo de Oliveira Barreto Ricardo Marques Garcias Ricardo Mollica Jourdan Ricardo Tadeu Almeida Cabral de Soares Rodolfo Aranha Alves Barreto Rodolfo de Souza Senra Rodolfo Magno de Carvalho Coelho Rodrigo Augusto Pereira Zago Rodrigo de Almeida Pizzinatto Rodrigo Leonardo Anunciato Rodrigo Peixoto Galvão Rodrigo Perazzi Musiello Rodrigo Vilardo Vella Rogério de Deus Oliveira Rogério Frota Melzi Rogério Rocha Mascarenhas Rosineide Wanderley Tinoco Rubens Mario Marques de Freitas Sérgio Luis Guedes D’Ávila Sergio Messias Pedreiro Sérgio Vailati Filho Silvia Molinar de Almeida Simone Lahterman Stephanie de Souza Mayorkis Tamy Ymei Lin Valéria Marinho Freundt Veronica Allende Serra William I Wei Tsui

1994 1991 1999 1998 1994 1997 2005 1993 1999 2006 1997 1993 2002 2003 1994 1999 2000 1997 2004 2001 1994 2006 2002 2000 1998 1998 1993 1995 1996

Masthead

FOUNDERS

Carlos Alberto da Veiga Sicupira Jorge Paulo Lemann Marcel Herrmann Telles BOARD MEMBERS

Anna Victoria Lemann Antonio Carlos Augusto Ribeiro Bonchristiano Cecília de Paula Machado Sicupira Marcelo Santos Barbosa Paulo Cezar Castello Branco Chaves de Aragão EXECUTIVE COMMITTEE

Jorge Paulo Lemann Marcelo Santos Barbosa Rodrigo Leonardo Anunciato Thais Junqueira Franco Xavier FE TEAM

Ivan Sarmento de Oliveira Mariana Caraponale Renata Moraes Rodrigo Carraresi Thais Junqueira Franco Xavier Tiago Mitraud Victor Paolillo Neto FUNDAÇÃO ESTUDAR

Av. Nove de Julho, 5.109 – Mezanino Jardim Paulista – São Paulo/SP 01407-200 – Brasil MANAGING EDITORS

Ivan Sarmento de Oliveira Rodrigo Carraresi ART DIRECTOR

Tatiana Gaz Vella ILLUSTRATIONS

Alice Abramo EDITORIAL

ICI Comunicação PHOTOGRAPHY

Everton Ballardin PRINTED BY

Gráfica Águia - 52 -