BRADESCO GLOBAL FUNDS Brazilian Equities Mid Small Caps USD I

As of 31/03/2020

Fund Description Investment Growth

The fund seeks to maximize returns by investing in publicly listed Time Period: 30/08/2011 to 31/03/2020 Mid and Small Cap Brazilian Equities – defined as those excluding the 25 largest constituents of the IBrX (´s 100 most liquid 140,0 stocks index). 120,0 Fund Facts 100,0 Fund Size $ 61,8 million

Inception Date 30/08/2011 80,0 Domicile Luxembourg 60,0 Legal Status SICAV / UCITS

Base Currency US Dollar 40,0 2012 2014 2016 2018 2020 Subscription / Redemption Daily Settlement Day 2 Brazilian Equities Mid Small Caps USD I

Trailing Net Returns (USD %) Share Class Information Since 1 M 3 M YTD 1 Y 3 Yrs Inception USD I USD R ISIN LU0670732071 LU0670731933 Brazilian Equities Mid Small Caps USD I -40,5 -50,5 -50,5 -35,3 -14,7 -33,8 Ticker BBG BREMSIU LX BREMSRU LX Annual Fee (%) 0,80 1,50 Inception Date 30/08/2011 29/11/2011 Minimum Investment 1,000,000 US Dollar 5,000 US Dollar Sector Allocation (%)

EUR R GBP R Utilities ISIN LU0670732584 LU0860816957 Consumer Cyclical

Ticker BBG BREMSRE LX BREMRAG LX Financial Services Annual Fee (%) 1,50 1,50 Industrials Inception Date 29/11/2011 28/12/2012 Technology Minimum Investment 1,000 Euro 1,000 Pound Sterling Consumer Defensive Basic Materials

Healthcare

Holdings-Based Style Map Real Estate

Communication Services

Energy

Giant 0,0 5,0 10,0 15,0 20,0 25,0 30,0

Risk Statistics Top 10 Holdings Std Dev 48,74 Sector Fund (%) Bradespar SA Participating Preferred Financial Services 6,1 Alpha Alpargatas SA Participating Preferre Consumer Cyclical 5,4 Beta CPFL Energia SA Utilities 5,4

Mid Large R2 Sul America SA Unit Financial Services 4,4 Sharpe Ratio (arith) -0,29 Eneva SA Utilities 4,4 Tracking Error Minerva SA Consumer Defensive 4,0 CESP - Cia Energetica de Sao Paulo Utilities 4,0 Aliansce Sonae Shopping Centers SA Real Estate 3,9 SA Consumer Cyclical 3,9 Metalurgica SA Participating Basic Materials 3,4 Micro Small Deep-Val Core-Val Core Core-Grth High-Grth Total number of positions 33 BRADESCO GLOBAL FUNDS Brazilian Equities Mid Small Caps USD I

Fund Investment Objective About BRAM To obtain a superior return in the medium and long term by investing mainly in Brazilian companies with small and medium market capitalization. BRAM was created in 2001 from the consolidation of Bradesco’s asset The investment management method used is, by using a bottom-up management divisions and Bradesco-owned asset managers, bringing approach (stock picking), to select the eligible companies according to their together over 40 years of expertise in the Latin America market. BRAM has potential growth, their strategy, their macroeconomic environment and the an excess of US$ 140 billion of assets under management from Brazilian, quality of the management of these companies. 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- Fund Investment Policy owned bank. Diversified portfolio with minimum of 85% of its net assets in shares and equity-related securities issued by Brazilian companies with small and middle market capitalization values, which are not included among the 25 largest holdings in Brazilian Stock Index – IBrX. At most 15% can be invested in stocks with greater liquidity and market capitalization, provided they are not included among the 10 largest holdings of the IBrX. Portfolio is mainly invested in shares and equity-related securities issued by Brazilian companies listed on the Sao Paulo Stock Exchange, including Brazilian Depository Receipt (BDR), American Depository Receipts (ADR) and International Depository Receipts (IDR).

Manager Note for Brazilian Equities Mid Small Caps USD I BRAM - Bradesco Asset Management S.A. DTVM Av. Brigadeiro Faria Lima, 3064, 7th Floor Portfolio Manager Quarterly Commentary Sao Paulo - SP, Brazil Tel. +55 11 3847 9028 [email protected] Review www.bradescoasset.com The fund fell by 50,5% during the period against a strong correction of the IBOVESPA in the first quarter by 51.3%. The coronavirus pandemic spreading across the globe was the main reason for this underperformance. Containment and social distancing policies have Global Distributor brought economic activity to a standstill, which was decisive in the collapse Banco Bradesco Europa S.A. of equity prices. The fund, which was previously positioned to take 29, Avenue Porte-Neuve advantage of higher local growth, became more dependent on assets L-2227 Luxembourg related to exports (most notably commodity-linked companies) because their prices are denominated in USD, which has increased almost 30% against the BRL, as well as utilities, as these companies have greater Transfer Agent, Custodian Bank and Administrator stability in revenues, in times of economic uncertainty. On top of BNP Paribas Securities Services, Luxembourg Branch that, we increased the fund's cash position by up to 10% at certain times. 60, Avenue J.F. Kennedy L-1855 Luxembourg Outlook The consequences of containment measures are yet to be adequately measured. However, it is certain that activity should continue to fall for at least several months of the current year. In light of this, the fund will have Auditor a lower risk profile going forward, increasing the share of companies less KPMG affected by the sharp slowdown in activity such as online commerce, 39, Avenue J.F. Kennedy software producers, leaders in sectors and those with very low leverage, in L-1855 Luxembourg addition to the sectors mentioned above (commodities producers and utility companies).

Registered Status This fund is currently registered for sale in Luxembourg, Portugal, Spain, Italy, Peru

Contacts

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

Bradesco Global Funds – Brazilian Equities Mid Small Caps 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.