BRADESCO GLOBAL FUNDS Brazilian Hard Currency Bond Fund USD I

As of 31/03/2019

Fund Description Calendar Year Net Returns (USD %) The fund seeks to maximize medium term returns by investing 30,0 primarily in Dolar-denominated Brazilian Corporate and 23,0 20,9 Government bonds issued abroad. Investment approach based 20,0 on robust credit research, market and macro monitoring and 9,5 9,7 9,2 9,0

duration analysis. 10,0 7,3 3,9 3,8 3,6 3,1 1,0 0,8 0,0 0,4 Fund Facts -1,1

Fund Size $ 77,7 million -10,0 -4,4 -8,2 Inception Date 26/11/2010 -20,0

Domicile Luxembourg -15,7 -30,0 Legal Status SICAV / UCITS Return 2019 YTD 2018 2017 2016 2015 2014 2013 2012 2011 Base Currency US Dollar Subscription / Redemption Daily Brazilian Hard Currency Bond Fund USD I CS Corporate Index 0-6 /A B TR * Settlement Day 3 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 Hard Currency Bond Fund USD I 0,0 4,83,83,8 29,912,825,0 ISIN LU0560844796 LU0560843715 CS Brazil Corporate Index 0-6/A B TR * 0,4 3,9 3,9 7,2 34,0 30,1 49,6 Ticker BBG BGBGBIU LX BGBGBRU LX Annual Fee (%) 0,75 1,35 Inception Date 26/11/2010 26/11/2010 Minimum Investment 1,000,000 US Dollar 5,000 US Dollar Asset Allocation Quality Diversification ** % % EUR R GBP R Government 34,2 BBB 11,4 ISIN LU0566752720 LU0858360992 Government Related 6,1 BB 68,8 Ticker BBG BGBGBRE LX BGBHGBR LX Corporate Bond 56,0 B 13,9 Annual Fee (%) 1,35 1,35 Cash & Equivalents 3,8 Not Rated 5,9 Inception Date 26/11/2010 28/12/2012 Minimum Investment 1,000 Euro 1,000 Pound Sterling

Portfolio Characteristics Top 10 Holdings Average Eff Maturity 5,71 Maturity Date Fund (%) Average Eff Duration 5,73 Brazil (Federative Republic) 05/01/2023 8,8 Yield to Maturity 4,92 Brazil (Federative Republic) 20/01/2034 5,3 Brazil (Federative Republic) 07/04/2026 4,6 Average Credit Quality BB Trade Inc 24/10/2027 4,4 Global Finance B.V. 17/03/2044 4,2 Brazil (Federative Republic) 07/01/2025 4,1 Centrais Eletricas Brasileiras S.A. 27/10/2021 4,0 Cosan Luxembourg S.A. 20/01/2027 3,9 Brazil (Federative Republic) 13/01/2028 3,9 S.A. (Grand Cayman Branch) 15/01/2025 3,8 Total number of positions 32

* CS Brazil Corporate Index is reference indexes, not following the "5/10/40" rules. The fund has no official benchmark. ** Bloomberg Composite Rating, a blend of Moody's, S&P, Fitch and DBRS ratings. Not Rated contains Cash. BRADESCO GLOBAL FUNDS Brazilian Hard Currency Bond Fund USD I

Fund Investment Objective About BRAM To obtain a superior return in the medium and long term, by investing mainly in the Brazilian external debt market. Investments will be made BRAM was created in 2001 from the consolidation of Bradesco’s asset based on risk and interest yield curve analysis, as well as fundamental management divisions and Bradesco-owned asset managers, bringing credit research on the corporate and public issuers. together over 40 years of expertise in the Latin America market. BRAM has an excess of US$152 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 is a Fund Investment Policy wholly owned subsidiary of , Brazil’s largest privately- Diversified portfolio invested in the Brazilian external debt market, such as owned bank. Brazilian Eurobonds issued by Brazilian Corporations in the international markets as well as in Brazilian Global Bonds issued by the Brazilian National Treasury abroad, both in USD or in any other foreign currency.

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 Review:Year-to-date, the fund’s performance of 3.8% was driven by falling US Tel. +55 11 3847 9028 interest rates and bond spreads, especially long-term issues. In Brazil, the focus of [email protected] the government is to negotiate and address structural problems, with volatility www.bradescoasset.com depending on the political ability of the coalition to secure the necessary votes. During the last quarter of 2018, five-year credit default swaps dropped 31 basis points (bps) to 180 bps. Abroad, volatility cooled as the Fed took a more dovish tone and trade negotiations between China and the US progressed well. In the US, the economy continues to grow, but uncertainties about the pace and continuity of Global Distributor this growth, as well as the outlook for inflation, have led the Federal Reserve to Banco Bradesco Europa S.A. keep a more “dovish” stance, cooling US interest rate pressure. The 10-year Treasury fell 31 bps in the quarter, from 2.72% to 2.41%. 29, Avenue Porte-Neuve L-2227 Luxembourg Outlook: Locally, investor sentiment should remain positive, however, with some volatility as the government enters into the process of implementing a number of pro-market measures. Elsewhere, the respite in trade tensions between the US and China, and the more dovish tone from the Fed should provide support for emerging markets. Transfer Agent, Custodian Bank and Administrator BNP Paribas Securities Services, Luxembourg Branch 60, Avenue J.F.Kennedy L-1855 Luxembourg

Auditor KPMG 39, Avenue J.F.Kennedy L-1855 Luxembourg

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

Contacts

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

Bradesco Global Funds – Brazilian Hard Currency Bond Fund USD 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.