UBS Administradora

This material was prepared by UBS Administradora de Valores Mobiliários Ltda. ("UBS WM Brazil"), authorized entity from the Securities Commission to provide financial advisory and administration of third party resources.

This is only an information material and should not be considered as a recommendation, offer or analysis of securities.

UBS WM Brazil is not responsible for any use that the recipient will give the information contained herein.

This material is exclusively to recipient use. There should not be (i) copied, photocopied, or duplicated in any way or form, or(ii) redistributed to third parties without express UBS permission.

UBS Brasil Administradora de Valores Mobiliários Ltda. adopts the Mark to Market Manual of Banco Itaú Unibanco, which is third-party provider contracted to provide NAV calculation services.