BRADESCO GLOBAL FUNDS Brazilian Fixed Income USD I

As of 3/31/2017

Fund Description Calendar Year Net Returns (USD %) The fund seeks to maximize medium term returns by investing 80.0 primarily in Real-denominated Brazilian Government and Corporate bonds. Investment approach based on robust credit 60.0 50.0 research, market and macro monitoring and duration analysis. 48.3 40.0 38.6 17.4 15.8

20.0 15.2

Fund Facts 13.1 8.6 5.6 6.4 4.1 1.9 Fund Size $ 9.1 million 0.0 0.5 -0.7 Inception Date 9/28/2009 -1.1 -1.7 -1.2 -4.4 -20.0 -6.2 -10.9 Domicile Luxembourg -11.8

-40.0 -23.9

Legal Status SICAV / UCITS -28.0 -34.7 Base Currency US Dollar -60.0 Return 2017 YTD 2016 2015 2014 2013 2012 2011 2010 Subscription / Redemption Daily

Settlement Day 3 Brazilian Fixed Income USD I IRFM (1) Benchmark CDI (1) Reference

Trailing Net Returns (USD %)

Share Class Information Since 1 M 3 M YTD 1 Y 3 Yrs 5 Yrs Inception

USD I USD R Brazilian Fixed Income USD I 0.5 13.1 13.1 42.1 -1.8 -7.6 19.9 ISIN LU0447459685 LU0447459503 IRFM (1) -0.9 8.6 8.6 35.1 8.0 1.5 35.0 Ticker BBG BRAFIXI LX BRAFIXR LX CDI (1) -1.4 5.6 5.6 27.0 2.3 -3.2 21.8 Annual Fee (%) 0.60 1.00 BRL/USD -2.4 2.5 2.5 11.6 -28.9 -42.5 -43.6 Inception Date 9/28/2009 9/25/2009 Minimum Investment 1,000,000 US Dollar 5,000 US Dollar Asset Allocation Quality Diversification (2) % % EUR R Government 39.2 BBB 4.7 ISIN LU0508552956 Corporate Bond 40.2 BB 77.9 Ticker BBG BGBFIRE LX Cash & Equivalents 20.6 B 7.4 Annual Fee (%) 1.00 Not Rated 10.0 Inception Date 9/25/2009 Minimum Investment 1,000 Euro

Portfolio Characteristics Top 10 Holdings Average Eff Maturity 7.48 Maturity Date Fund (%) Average Eff Duration 5.23 Federative Rep 7/1/2018 12.0 Yield to Maturity (3) 11.42 Brazil Federative Rep 5.625% 1/7/2041 8.9 Average Credit Quality BB Brazil Federative Rep 4.25% 1/7/2025 6.0 Trade 5.75% 1/30/2021 5.3 S A 5.15% 6/15/2022 5.2 Secretaria Tesouro Nacl 10% 1/1/2023 4.4 Glbl Fin B V 8.75% 5/23/2026 4.1 Brazil Federative Rep 7.125% 1/20/2037 4.0 Brazil Federative Rep 4.875% 1/22/2021 3.9 Itau Unibanco Hldg Sa Reg S 0.83375% 8/6/2022 3.8 Total number of positions 20

(1) Converted into US dollars using WM11/Reuters rates. (2) Bloomberg Composite Rating, a blend of Moody's, S&P, Fitch and DBRS ratings. Not Rated contains Cash. (3) Government portion in BRL. BRADESCO GLOBAL FUNDS Brazilian Fixed Income USD I

Fund Investment Objective About BRAM To obtain a superior return in the medium and long term over the IRF-M Index, by investing mainly in the Brazilian debt market. Investments will BRAM was created in 2001 from the consolidation of Bradesco’s asset be made based on risk and interest yield curve analysis, as well as management divisions and Bradesco-owned asset managers, bringing fundamental credit research on the corporate and public issuers. together over 40 years of expertise in the market. BRAM has an excess of US$160 billion of assets under management from Brazilian, Asian and American retail, private, corporate and institutional clients. BRAM has strong investment capability in fixed income and equities. BRAM Fund Investment Policy is a wholly owned subsidiary of , Brazil’s largest privately- Diversified portfolio invested in the Brazilian debt market, such as Brazilian owned bank. Government bonds issued by the Brazilian National Treasury, Brazilian corporate bonds, Time Deposits and Eurobonds issued in USD or in any other currency by Brazilian companies.

Manager Portfolio Manager Quarterly Commentary BRAM - Bradesco Asset Management S.A. DTVM Av. Brigadeiro Faria Lima, 3064 7th Floor January - March Sao Paulo - SP, Brazil Tel. +55 11 3847 9171 Review: Economic activity in Brazil showed signs of a gradual recovery in [email protected] 1Q17. Confidence indicators in all sectors rebounded in the first quarter, www.bradescoasset.com most notably consumer confidence (+6.8% in the quarter) and industrial business confidence (+4.0% over the same period), revealing heightened optimism going forward, as most gains were led by improving expectation components. With inflation and its main components continuing to fall and fiscal reforms Global Distributor making progress in Congress, the central bank signaled the possibility of Banco Bradesco Europa S.A. more aggressive interest rate cuts: we expect an additional 425 bps in cuts 29, Avenue Porte-Neuve throughout this year, with the Selic rate ending 2017 at 8.00%. We believe L-2227 Luxembourg that this continuous easing in monetary conditions will make way for a more robust economic recovery. The fund posted a strong performance in the first quarter mainly due to the overall compression of the yield curve. Our longer duration positioning Transfer Agent, Custodian Bank and Administrator worked well in the period and benefitted from the more dovish tone of the BNP Paribas Securities Services, Luxembourg Branch Central Bank. Our corporate bond portion of the fund profited from the 60, Avenue J.F. Kennedy strong spread compression in the first quarter of the year. L-1855 Luxembourg Outlook: Bradesco Asset Management economists are expecting BCB to increase the pace of cuts to 100bp over the next two meetings (from 75bp before), taking the Selic rate to 8% by the end of 2017. Observed inflation Auditor and expectations have moved lower, which combined with a supportive KPMG external backdrop should allow a more aggressive easing. 39, Avenue J.F. Kennedy The DI rates are pricing-in 321bp of cuts for the next 12-months, we L-1855 Luxembourg believe bond yields can continue to move lower as the BCB delivers. Additionally, we note that Moody’s revised Brazil’s sovereign outlook to stable (from negative) while maintaining the Ba2 rating. While upgrades Registered Status still seem far away, it is a step in the right direction that may maintain the This fund is currently registered for sale in Luxembourg, , and strong momentum for local markets. Italy

Contacts

Luiz Osório Leão Filho Priscila Dorvillê Simão Ramirez Monica P Almeida DD: +55 11 3847 9561 DD: +55 11 3847 5188 DD: +55 11 3847 5464 [email protected] [email protected] [email protected]

Bradesco Global Funds – Brazilian Fixed Income 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.