Illustrations, indicative values and further information provided herein are for informational purposes only and should not be construed as an advertisement with respect to the purchase or sale of shares of any investment fund. No information provided herein constitutes a solicitation, offer or recommendation to buy or sell shares of any investment fund managed or sponsored by Constellation nor should it be construed as such in any jurisdiction where such a solicitation, offer or recommendation would be illegal. Any offering is made only pursuant to the relevant offering document and further constitutive documents, together with the current financial statements of the relevant fund, if available, and the relevant subscription application, all of which must be read in their entirety. No offer to purchase securities will be made or accepted prior to receipt of those documentation and the completion of all appropriate documentation. Past performance of a fund is no guarantee as to its performance in the future. The value of investments may fall as well as rise, investors may not get back the amount of money invested and currency movements may have a negative as well as positive influence on returns. Pursuant to ANBID (“The Brazilian National Association of Investment Banks”) regulations, an analysis of at least 12 (twelve) months is recommended when evaluating investment fund’s performance. Investment funds’ performance is not guaranteed by the fund’s service providers, Constellation, the Brazilian Credit Guarantor Fund – FGC or any other insurance mechanisms whatsoever. Nothing in this presentation constitutes an advertisement, investment, legal, tax or other advice nor is it to be relied upon in making an investment decision, nor is intended for public use or distribution.