BRADESCO GLOBAL FUNDS Brazilian Equities USD I

Prior Latin America ex- Equity - Fund name and investment policy changed on 27 July 2017 As of 31/03/2020

Fund Description Investment Growth The fund seeks to maximize returns by investing in public Time Period: 26/07/2017 to 31/03/2020 listed companies which carry out a preponderant part of their economic activities in Brazil. 175,0 150,0 125,0 Fund Facts 100,0 Fund Size $ 9,7 million 75,0 Inception Date * 30/05/2014 03/2018 09/2018 03/2019 09/2019 03/2020 Domicile Luxembourg Brazilian Equities USD I Legal Status SICAV / UCITS Calendar Year Net Returns (USD %) - until July 26: Latin America ex Brazil USD I Base Currency US Dollar 30,0 20,6 Subscription / Redemption Daily Settlement Day 2 10,0

-2,0 -10,0 -11,9 Share Class Information -16,8 -30,0

Return 2017 (until July 26) 2016 2015 2014 ** USD I ISIN LU1057802578 Latin America ex Brazil USD I Ticker BBG BGLAXBI LX Risk Statistics Sector Allocation (%) Annual Fee (%) 0,80 Std Dev 47,16 20,5 Inception Date 30/05/2014 Financial Services Alpha 10,10 9,4 Minimum Investment 1,000,000 US Dollar Consumer Cyclical Beta 1,09 7,6 Consumer Defensive R2 96,21 5,4 Utilities Sharpe Ratio (arith) -0,28 5,1 Energy Tracking Error 6,66 4,0 Basic Materials 3,6 Real Estate 3,6 Industrials 2,0 Holdings-Based Style Map Technology 1,4 Communication Services 0,2 Healthcare 0,0 7,5 15,0 22,5 30,0 Giant

Top 10 Holdings Country Sector Fund (%) Vale SA Brazil Basic Materials 8,3 Itau Unibanco Holding SA Participating Preferred Brazil Financial Services 7,5 Bank Bradesco SA Participating Preferred Brazil Financial Services 6,6

Mid Large SA - Brasil Bolsa Balcao Brazil Financial Services 6,0 Petroleo Brasileiro SA Participating Preferred Brazil Energy 4,6 SA BB Brasil Brazil Financial Services 3,2 Ambev SA Brazil Consumer Defensive 3,1 JBS SA Brazil Consumer Defensive 2,9 Petroleo Brasileiro SA Petrobras Brazil Energy 2,8 Itausa Investimentos ITAU SA Participating Preferred Brazil Financial Services 2,6 Micro Small Deep-Val Core-Val Core Core-Grth High-Grth Total number of positions 75 BRADESCO GLOBAL FUNDS Brazilian Equities USD I

Fund Investment Objective About BRAM Bradesco Global Funds – Brazilian Equities aims to obtain a superior return in the long term by investing mainly in equity and equity related securities BRAM was created in 2001 from the consolidation of Bradesco’s asset of companies which have their registered office in, and with an official management divisions and Bradesco-owned asset managers, bringing listing on a major stock exchange or other Regulated Market of Brazil, as together over 40 years of expertise in the Latin America market. BRAM has well as in companies which carry out a preponderant part of their economic an excess of US$140 billion of assets under management from Brazilian, activities in Brazil. Asian and American retail, private, corporate and institutional clients. BRAM has strong investment capability in fixed income and equities. BRAM is a wholly owned subsidiary of , Brazil’s largest privately- owned bank. Fund Investment Policy Diversified portfolio mainly invested in shares and other equity related securities issued by companies and financial institutions listed on the major stock exchange in Brazil, including American Depository Receipts (ADR) and International Depository Receipts (IDR).

Manager Note for Brazilian Equities USD I BRAM - Bradesco Asset Management S.A. DTVM Av. Brigadeiro Faria Lima, 3064, 7th Floor Portfolio Manager Quarterly Comments Sao Paulo - SP, Brazil Tel. +55 11 3847 9028 January-March 2020 [email protected] www.bradescoasset.com Review:

The fund fell 40,1% during the first quarter of 2020. Our cash position Global Distributor was key in defending the portfolio amid the COVID-19 crisis sell-off and Banco Bradesco Europa S.A. ended up being the main contributor to our performance in the quarter, 29, Avenue Porte-Neuve in the period the IBOVESPA Index fell 51,3% in this period. Our L-2227 Luxembourg underweight position in Airlines also helped our performance as the sector was heavily impacted by local currency depreciation and lower flight demand arising from travel restrictions. On the negative side, it's Transfer Agent, Custodian Bank and Administrator worth highlighting our underweight position in Vale, which outperformed BNP Paribas Securities Services, Luxembourg Branch the index on the back of iron ore supply disruption in Brazil/Australia and 60, Avenue J.F.Kennedy the stable demand from the Chinese steel mills. L-1855 Luxembourg

Auditor Outlook KPMG Given the low visibility on the size of the impacts caused by the 39, Avenue J.F.Kennedy COVID-19 crisis, we have decided to reduce the portfolio's active L-1855 Luxembourg allocation, avoiding exposure to companies dependent on an economic rebound and those with higher financial leverage.

Registered Status This fund is currently registered for sale in Luxembourg

Contacts

BRAM - Bradesco Asset Management S.A. DTVM Tel. +55 11 3847 9028 [email protected]

Bradesco Global Funds – Brazilian Equities is registered in Luxembourg. Investors should be aware that past performance is no guarantee of future performance. Price of units may fall as well as rise and is not guaranteed. Investors may not get back the amount originally invested. Before investing in this product please read carefully the latest prospectus to be aware of the risks. Unless otherwise stated all data on this factsheet is unaudited. Bradesco Global Funds units may be offered, sold or delivered in those countries in which they have received marketing authorization.