Schroders Multi-Asset Investments

For Financial Intermediary, Institutional and Consultant Use Only. Not for redistribution under any circumstances.

Alternative Access

Schroder Liquid Alternatives IE FIM

Head of Multi-Assets Products, Americas

Adam Farstrup

2

Multi-Asset Investments and Portfolio Solutions (MAPS) Long standing history of partnering with clients

Managing multi-asset mandates since 1947

Diversified business managing outcome-oriented strategies:

– Wealth Preservation, Risk-Controlled Growth, Income, Inflation, Risk-

Mitigation and Advanced Beta

Over 110 investment professionals in London, New York, Zurich, Hong

Kong, Singapore and Sydney

Managing over $115bn of assets for clients globally

Source: Schroders as of June 30, 2016. *Abridged list.

First mandate by country*:

1947 UK

1978 Hong Kong

1980 Switzerland

1990 Australia

2007 USA

2011 Canada

2012 Brazil

2012 China

Intermediary

Institutional

UK

Asia Pacific

Americas

Europe

AUM by region AUM by client type

Investor Outcomes Aligning our resources and thinking with our clients’ investment goals

Source: Schroders. The Multi-Asset team has expressed its own views and opinions and these may change. There is no guarantee that investor outcomes can be achieved.

Investor Outcomes

Wealth preservation Risk-controlled

growth Income Inflation protection Risk mitigation

Risk-based approach

to protecting real

purchasing power while

limiting losses

Delivering long-term

growth with superior

risk-adjusted returns

through diversification

and dynamic asset

allocation

Aims to deliver a

diversified income

stream with global and

regional solutions

Aims to protect

from inflation or

inflation-shocks

Seeks to control overall

risk in a client’s

portfolio of assets or

liabilities

3

Inflation Protection

Diversified Growth

Global Multi-Asset Income

Volatility capping

Risk-Managed US Eq

Strategic Beta

Alternative Risk Premia

For certain investors, Advanced Beta strategies offer an efficient means for capturing risk premia through a rules-based approach

Advanced Beta Strategies

0

2

4

6

8

10

31 October 2008 30 September 2015

Risk-Free Rate Duration Risk Premium Credit Risk Premium

Risk premium: expected return for

assuming a source of risk

Risk premia: building blocks of asset

classes

Asset classes: composed of one or more

risk premia

Example: US investment grade credit

Breaking an asset class down into risk premia

From asset classes to Risk Premia Understanding risk and return drivers

Source: Schroders, Datastream, 30 September 2015. US investment grade credit is represented by the BofA Merrill Lynch US Corporate Index

Shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell

4

(Yield %)

Defining Liquid Alternatives

Liquid Alternatives A new tool in the tool kit

6

Source:1McKinsey Global Asset Management Growth Cube; Preqin; HFR, 31 July 2014. Does not include retail alternatives (i.e. mutual funds, ETFs, and registered closed end funds).

Passive Long only

active Alternatives

Liquid Alternatives

Access to alternative investment

strategies in a regulated mutual

fund format

Liquid alternatives offer improved

transparency and liquidity

They can offer better risk

adjusted returns

Interesting for portfolio

construction due to reduced

volatility and decorrelation

characteristics

43% growth in liquid alternative

universe over the last 5 years 1

Smart Beta

Liquid alternatives defined Uncorrelated, liquid, transparent and cost efficient

Liquid alternative funds are typically benchmark unconstrained with a total return or absolute return objective.

They may take both long and short positions using leverage (within UCITS limits). They can offer access to

traditional alternatives asset classes in a liquid form.

7

Source: Schroders

Liquid Alternative characteristics

Typically benchmark unconstrained

Ability to take long and short positions

Portfolio diversification benefits

Use of leverage

At least twice monthly dealing

Greater transparency

May offer protection in down markets

Reasons to allocate

1 2

Access unique

sources of Alpha

Reduce directional market risk

Strengthen the risk return

profile of a portfolio

4

Enhanced liquidity and transparency compared to

traditional alternatives

3

Equity Fixed Income Other

Core

Small/Mid/Large Cap

Growth/Value/Blend

Sector Specific

Sovereign

Investment Grade

High Yield

Aggregate

Cash

Liquid

Alternatives

Equity diversifiers:

Equity Long Short

Market Neutral

Bond diversifiers:

Absolute Return

Credit Long Short

Relative Value

Portfolio diversifiers:

Event Driven

CTA/Macro

Catastrophe Bonds

Evolution of portfolio construction with liquid alternatives A simple but effective approach to diversification

8

Source: Schroders as at 31 May 2016

Schroders AUM breakdown Broad liquid alternatives capability within the firm

9

Source: Schroders, as at 31 December 2015

GAIA

Liquid Alternatives

UCITS Funds

Firm AUM

$6bn

$16bn

$148bn

$462bn

Why alternatives? The benefits of low correlation to traditional asset classes

Natural diversification

Traditional ‘diversification’ is not as diversifying as it seems

Risk-based diversification can help, but we can lose sight of expected returns

Alternative investments provide a source of natural diversification in the portfolio, where alternative drivers of

risk are uncorrelated with traditional risk premia

But investing in only one alternative investment is not enough to effectively diversify a portfolio…

Schroder Liquid Alternatives IE FIM provides access to a broad range of liquid alternative strategies,

offering diversification and access for Brazilian investors

10

Alternatives Experience

Actively managed portfolio of alternative investments

Strong absolute return with low volatility

Helps solve governance issues with accessing

alternatives

Our investment objective

Diversified Completion Fund Actively managed portfolio of alternative investments

12

Source: Schroders, as at 30 June 2016. Rolling 12 month beta measured against an equity comparator comprised 60% FTSE All Share and 40% FTSE World ex UK hedged to

sterling. The provision of this data does not constitute investment advice and should not be relied upon for making investment decisions. Performance has been shown in sterling,

gross of the standard annual management charge of 0.30% p.a. net of the fees and expenses of the underlying funds.

Managing portfolio risk relative to equities

Average beta since inception is 0.15

Property

Event Driven

High Yield Debt

Emerging Market Debt

Credit Arbitrage

Infrastruc-ture

Commodities

Convertible Arbitrage

Alternative Risk Premia

Insurance Linked

Securities

Convertibles Global Macro

Fixed Income Relative Value

Leveraged Loans

CTAs

Absolute return

target of

cash + 4% p.a.

Low sensitivity to

equities

(beta less than 0.3) -1,0

-0,5

0,0

0,5

1,0

2009 2010 2011 2012 2013 2014 2015 2016

Rolling 12 month beta

Breadth of the alternatives universe Cast your net as widely as possible

13

Continuously researching the alternatives landscape for new opportunities

Active Asset Allocation Absolute Return Strategies Strategic Alternatives

Commodities

High Yield Debt

Emerging Markets Debt

Leveraged Loans

Convertible Debt

Cash

Currency

Convertible Arbitrage

Global Macro

CTAs

Event Driven

Fixed Income Relative Value

Credit Arbitrage

Global Macro

Insurance-Linked Securities

Property

Infrastructure

Alternative Risk Premia

Source: Schroders

Performance and Risk Risk summary

14

Source: Schroders, as at 30 June 2016. Risk is defined as standard deviation of monthly returns. All data since inception of DCF and annualised unless otherwise stated.

DCF Composite

Index

MSCI

World

HFRI FoF

Composite

CDS

Composite

Annualized Return 4.6% 2.4% 0.3% 0.1% 4.0%

Annualized Volatility 4.2% 14.5% 17.5% 5.4% 5.5%

99% C.F. VaR 2.5% 11.0% 15.1% 5.5% 3.8%

% of positive months 63% 57% 51% 60% 56%

Sharpe Ratio 0.93 0.11 -0.02 -0.12 0.60

Maximum Drawdown -9% -38% -53% -21% -10%

Worst Month -2.3% -11.8% -19.0% -6.5% -3.8%

Composite

Index

MSCI

World

HFRI FoF

Composite

CDS

Composite

Alpha 0.3% 0.4% 0.4% 0.2%

Beta 0.17 0.13 0.50 0.40

Correlation 61% 56% 65% 53%

Up Capture Ratio 0.14 0.09 0.87 0.50

Down Capture Ratio 0.16 0.07 0.33 0.25

DCF

Composite Index*

MSCI World

HFRI FoF Composite

CDS Composite**

-1,0%

2,0%

5,0%

0,0% 10,0% 20,0%

Risk (%)

Schroder Liquid Alternatives IE FIM

Mandate’s Profile

16

Schroder Liquid Alternatives IE FIM

Investment Objective: seeks high risk-adjusted returns in the long term, with low correlation to

traditional asset classes

Absolute return target

of

5%- 8% p.a.

Low sensitivity to

equities

(beta less than 0.35)

Source: Schroders

Portfolio: seeks to achieve objective by delivering access to a broad range of liquid alternative

strategies drawn from Schroders global platform delivered locally in Brazil

Investment Structure

17

Local Vehicle – Global Expertise

Local Currency Hedged FoF

Fund Management: Schroders Brasil

Portfolio Manager: Huang Seen

Fiduciary Administrator and Custodian: BNY Mellon

Weekly liquidity

Schroders Liquid Alternatives

Absolute Return Strategies

Internally and Externally Managed

UCITs Regulatory Framework

Long Short Equity

Long Short Credit

Merge and Arbitrage

Fixed Income Relative Value

Event Driven

CTAs

Sydney Zurich New York London Hong Kong Singapore

Multi-Asset Investments and Portfolio Solutions Team Investment team of over 100 professionals

International Funds’ selection and rebalancing

Local FoF implementation

Investment Process

Internally managed

• Schroder ISF European Equity Absolute Return

• Schroder ISF European Alpha Absolute Return

• Schroder ISF European Total Return

• Schroder ISF QEP Global Value Plus

• Schroder ISF Asian Total Return*

• Schroder AS UK Dynamic Absolute Return

Externally managed

• Schroder GAIA Egerton Equity*

• Schroder GAIA Sirios US Equity

• Schroder GAIA Paulson Merger Arbitrage

• Schroder GAIA Indus PacificChoice

Eligible Funds Weekly or daily liquidity products

19

Source: Schroders as at October 2016 * Fund is hard closed. Schroder ISF: Schroder International Selection Fund. Schroder AS: Schroder Alternative Solutions, Schroder IF:

Schroder Investment Fund

Internally managed • Schroder ISF Strategic Bond

• Schroder ISF Asian Bond Absolute Return

• Schroder ISF EMD Absolute Return

Externally managed

• Schroder GAIA BSP Credit

Externally managed • Schroder GAIA BlueTrend

• Schroder GAIA Two Sigma

Diversified Fund

MAPS Manager Selection team Team highlights

Responsible for

– Identification and monitoring of external funds

for MAPS portfolios

– Passive investments, active investments

– Open-ended funds, listed vehicles and

segregated accounts

Veto right for manager decisions

20

Source: Schroders

Strong governance framework centred around

monthly Manager Selection Investment Committee

Focus on proprietary research and genuine insights,

not quant-based screening

Benefit from relationships with other allocators

across the Schroder group

Team of four professionals Experience across traditional and alternative asset classes

Martin Blank, CFA

Head of Research, Manager Solutions

Saeed Patel, CFA Jane Turner, CFA Richard Hallos, CFA

Investment Manager Selection Full due diligence performed based on key requirements for a given strategy

21

Source: Schroders, as at 30 April 2016

Experience

Track record and skill

Investment process

Integrity

Size

Reputation

Investment

due diligence

Risk management capabilities

Fit with regulatory requirements

– Investment diversification rules

– Asset eligibility

– Market & liquidity risks

Preliminary

regulatory

compatibility

assessment

Initial review of available regulatory, marketing, and personnel materials

Full documentation review covering all key business areas

Onsite visit including thorough validation of all points and processes raised in the documentation review

Operational

due diligence

GAIA Investment Committee

Investment Process Seeking diversification and high risk-adjusted returns

Source: Schroders

Universe Initial

Portfolio

Portfolio

Rebalancing Quarterly

Portfolio

Monitoring

Schroders Product

Range

Minimum AUM

– USD 25 mn

Minimum Experience

– Strategy: 3 years

Minimum Liquidity

– Weekly

Defined Target Capital

Allocation for each

Asset Class/Strategy

(60/30/10) of International

Portfolio

Equally-weighted funds’

allocation within each

strategy type

Local FoF will invest

from 67% to 85% into

International Portfolio.

The Local FoF will be

hedged to BRL using

USD Futures traded at

BM&F

Quarterly Risk

Committee – Schroders

Brazil

Quarterly Multi Asset

Committee Review

Capital and Risk

Allocation Review at

least Quarterly

Risk characteristics of

the underlying fund

strategies will be

reviewed quarterly.

Main parameters:

Quarterly process to

review deviation from

target allocations and

results

Consider addition of

newly available funds

and closure of existing

funds

Future enhancements

possible as universe of

strategies broadens

22

Equally weighted with currency hedge

23

Performance Simulation

Cumulative Return (Jan/13 – Ago/16)

Source: Quantum Axis., Schroders. As of 31/08/2016 The simulation considers performance of a buy and hold portfolio and foreign exchange hedge simulated via selling futures index USDBRL. THE

INFORMATION IN THIS MATERIAL IS BASED ON TECHNICAL SIMULATION, AND ACTUAL RESULTS MAY BE SIGNIFICANTLY DIFFERENT.

66%

48%

63%

0%

10%

20%

30%

40%

50%

60%

70%

jan-13 abr-13 jul-13 out-13 jan-14 abr-14 jul-14 out-14 jan-15 abr-15 jul-15 out-15 jan-16 abr-16 jul-16

Schroder FoF Liquid Alternatives (100% invested) CDI Schroder Global Liquid Alternatives (80% invested)

Return (p.y.) Vol. (p.y.)

Schroder FoF Liquid Alternatives (100% invested) 18,1% 3,9%

Schroder Global Liquid Alternatives (80% invested) 17,1% 3,1%

CDI 13,1% 0,1%

Local FOF. vs.

Indices IMA-B Ibovespa CDI Top 5 MM*

Correlation 0,37 0,25 0,10 0,11

Future Research and Development How can we enhance alternatives access

24

1. Broaden the platform of alternative strategies and consider thematic groupings (i.e. long bias vs. market neutral, etc.)

2. Better separate between alpha and beta

The understanding of what drives returns has evolved over the past few decades

The pursuit of ‘alpha’ is difficult and expensive

Some returns traditionally thought to be ‘alpha’ can be explained by alternative risk premia

Alpha

Market Beta

Alpha

Market Beta

Alpha

Alternative Risk Premia

Source: Schroders. The views and opinions are those of the Multi-Asset team and may change.

** Remove from final presentation **

Alternative risk premia Requirements for inclusion

25

Diversifying

Intuitive

Prevalent

Cost-effective

Exists due to behavioral biases in the market

Observed broadly across asset classes

Low correlation with traditional sources of return

Allows investors to capture hedge fund beta but with greater transparency, liquidity and lower costs

Persistent Whilst the magnitude of the premium can vary over time, it cannot be arbitraged away

Source: Schroders. The views and opinions are those of the Multi-Asset team and may change.

** Remove from final presentation **

A regime-based analysis Assessing the growth/inflation sensitivities

Source: Schroders. Data is simulated and not actual performance. Past performance is no guarantee of future results. Actual results would vary. For full details regarding the

simulation and definitions, please see the information at the end of this presentation.

26

0%

5%

10%

15%

20%

25%

S&P 500 Trend Carry Value Size

High Growth Medium Growth Low Growth

0%

2%

4%

6%

8%

10%

12%

14%

S&P 500 Trend Carry Value Size

High Inflation Medium Inflation Low Inflation

Conditional returns in different “Growth” regimes Conditional returns in different “Inflation” regimes

Growth Intuition

Momentum 0 Indifferent to all. Only sensitive to past and

current prices

Carry + Like insurance. Best after a crisis and over a long

period of time with no crisis/small crises.

Value 0 Best at the end of a long departure from

fundamentals and a recognition of that.

Size + Larger relative impact on small cap as their

sources of financing become less constrained

Intuition

Inflation Intuition

Momentum 0 Indifferent to all. Only sensitive to past and

current prices

Carry + Different monetary policies lead to larger

interest rate differentials

Value - Poor market sentiment caused by high inflation

can result in investors ignoring fundamentals

Size +

Domestic corporates are less susceptible to

margin deterioration caused by rising import

costs

Alternative Risk Premia Simulated Returns - Empirical Evidence (Feb 1982 – Dec 2014)

Biographies

Biographies

28

Adam Farstrup, CFA

Multi-Asset Investments, Head of Multi-Asset Product, Americas

Joined Schroders in 2007 and is based in New York.

Investment career commenced in 1997. Currently, Adam is a product manager for the Multi-Asset Investments

team. Adam is responsible for communicating information about the team’s products to our clients, consultants and

potential clients in North America.

Previously, he was a product manager for Global and International Equities, based in London and later New York.

Adam joined Schroders from RogersCasey, where he was most recently Chief Investment Officer for the multi-

manager solutions group. Prior to that, he was Director of International Equity Manager Research with the same

firm. Adam first joined RogersCasey in 1997 as an analyst.

CFA Charterholder. Member of the New York Society of Securities Analysts

BA in Economics, Muhlenberg College

Simulation:

The simulated volatility for the Global Multi-Asset Income Portfolio on slide 42 from the period from June 30, 2009 through April 18, 2012 is based on a portfolio using a fixed

weighting of 20% equity (see below methodology), 37.5% corporate bonds (ML Global Broad Market Corporate Index), 17.5% high yield bonds (ML Global HY Index), 7.5% EM

corporate bonds (ML EM Corporate Plus Index), 7.5% EM sovereign bonds (ML EM Sovereign Plus Index) and 10% EM USD bonds (ML EM External Debt Sovereign Index).

Transaction costs are not included. The calculation methodology for the equity and fixed income components are outlined below:

Fixed income

To calculate the fixed income element of this simulation we have used Barclays POINT to analyse a model portfolio composed of the fixed allocation in terms of risk factors.

This combination of risk factors is then used to estimate the price return series of the portfolio through time. We then added the average yield over the same period of the

standard indices of the fixed income components of the portfolio to obtain the total return series.

Equity

The simulation was calculated using QEP’s quantitative methodology using a global equity universe. The simulation constructs a portfolio of high quality high dividend payers,

using metrics such as interest coverage, free cash flow and price to earnings, whilst also focusing on value and avoiding dividend cutters. The simulation was constructed to

meet a minimum dividend yield of 2% in excess of the MSCI AC World High Dividend Index.

There could be no assurance that any transactions actually performed in a managed portfolio could have been executed at the times or prices used for the purpose of calculating

the performance in the simulation. No allowance was made in the model portfolio for transaction or advisory fees.

The actual performance of managed accounts is also impacted by non-quantitative factors such as additional stock selection and risk management activities of the portfolio

management team. These factors cannot be modeled predictably and were not used in preparing the underlying quantitative model or the simulated results. The simulated results

are hypothetical results. They do not represent an attempt to show actual performance. They are used only to illustrate the impact of an investment model. They cannot be used to

reflect actual or expected managed portfolio returns.

Important information

29

The returns are presented as gross returns, including cash, reinvestment of dividends, interest and other income earned in the period and are calculated on a trade date basis after

transaction charges (brokerage commissions), but before taxes and management and custody fees. Performance would have been reduced by such fees and the effect of these

fees on performance compounds over time.

As an illustration see the chart below. The value of a $5,000,000 account would be reduced by the following amounts due to the compound effect of the management fees. (This

has been calculated assuming an assumed constant return of 10% per annum* and a hypothetical management fee of 0.75% per annum, which has been applied on a simple

average of opening and closing annual fund values):

*The assumed 10% return is hypothetical and should not be considered a representation of past or future returns. The actual effect of fees on the value of an account over time will

vary with future returns, which cannot be predicted and may be more or less than the amount assumed in this illustration. Actual fees may differ from the assumed rate presented

above. Please consult Part II of Form ADV for a description of the fees.

Important information

30

Gross Value Net Value Compound Effect

1 Year $5,500,000 $5,447,500 $52,500

3 Years 6,655,000 6,466,238 188,762

5 Years 8,052,550 7,675,491 377,059

10 Years 12,968,712 11,782,633 1,186,079

Past performance is not a guide to future returns. The value of investments can fall as well as rise as a result of market movements. Investments in smaller companies may be less

liquid than in larger companies and price swings may therefore be greater than in larger company funds. Exchange rate changes may cause the value of overseas investments to

rise or fall. Less developed markets are generally less well regulated than the US, they may be less liquid and may have less reliable custody arrangements. Investors should be

aware that investments in emerging markets involve a high degree of risk and should be seen as long term in nature. The Strategy will invest in some higher-yielding bonds (non-

investment grade). The risk of default is higher with non-investment grade bonds than with investment grade bonds. Higher yielding bonds may also have an increased potential to

erode your capital sum than lower yielding bonds. The Strategy will invest in Property Funds and Property Investment Companies. It may be difficult to deal in these investments

because the underlying properties may not be readily saleable which may affect liquidity. The use of derivatives involves risks different from, or possibly greater than, the risks

associated with investing directly in the underlying assets. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market

environment.

The views and forecasts contained herein are those of the Multi-Asset team and are subject to change. The information and opinions contained in this document have been

obtained from sources we consider to be reliable. No responsibility can be accepted for errors of facts obtained from third parties. Reliance should not be placed on the views and

information in the document when taking individual investment and/or strategic decisions.

The opinions stated in this presentation include some forecasted views. We believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds

of what we currently know. However, there is no guarantee that any forecasts or opinions will be realized.

The hypothetical results shown must be considered as no more than an approximate representation of the portfolio’s performance, not as indicative of how it would have performed

in the past. It is the result of statistical modeling, with the benefit of hindsight, based on a number of assumptions and there are a number of material limitations on the retrospective

reconstruction of any performance results from performance records. For example, it may not take into account any dealing costs or liquidity issues which would have affected the

strategy’s performance. This data is provided to you for information purposes only as at today's date and should not be relied on to predict possible future performance.

This document is not an offer or a solicitation to acquire or dispose of an interest in securities or other investment instruments described herein. This document contains outline,

indicative terms for discussion purposes only and is not intended to provide the sole basis for evaluation of the instruments described. Terms are purely indicative and may change

in line with market conditions. Any recipient of this document agrees that the appropriateness of any described structure to its particular situation will be independently determined,

including consideration related to the legal, tax and other related aspects of any transaction.

Schroder Investment Management North America Inc. (“SIMNA Inc.”) is an investment advisor registered with the U.S. SEC. It provides asset management products and services

to clients in the U.S. and Canada including Schroder Capital Funds (Delaware), Schroder Series Trust and Schroder Global Series Trust, investment companies registered with the

SEC (the “Schroder Funds”). Shares of the Schroder Funds are distributed by Schroder Fund Advisors LLC, a member of the FINRA. SIMNA Inc. and Schroder Fund Advisors LLC

are indirect, wholly-owned subsidiaries of Schroders plc, a UK public company with shares listed on the London Stock Exchange. Schroder Investment Management North America

Inc. is an indirect wholly owned subsidiary of Schroders plc and is a SEC registered investment adviser and registered in Canada in the capacity of Portfolio Manager with the

Securities Commission in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec, and Saskatchewan providing asset management products and services to clients in

Canada. This document does not purport to provide investment advice and the information contained in this newsletter is for informational purposes and not to engage in a trading

activities. It does not purport to describe the business or affairs of any issuer and is not being provided for delivery to or review by any prospective purchaser so as to assist the

prospective purchaser to make an investment decision in respect of securities being sold in a distribution.

Further information about Schroders can be found at www.schroders.com/us.

© Schroder Investment Management North America Inc.

875 Third Ave – 22nd Floor, New York, NY 10022

(212) 641-3800

Important information

31

Schroder Fund Advisors LLC, Member FINRA, SIPC

875 Third Avenue, New York, NY 10022-6225

(800) 730-2932

This material regarding the Schroder Liquid Alternatives IE FI Multimercado was prepared by Schroder Investment Management North America Inc. and Schroder

Investment Management Brasil Ltda, in response to a request from the client sent to Schroder and should not be understood as an analysis of any securities,

advertising material, offer to purchase or sell, offer or recommendation of any financial assets or investment. The purpose of this material is exclusively informative

and does not include investment objectives, financial conditions or the particular and specific needs of any shareholders or other investors. The opinions stated in

this material pertain to Schroder and may change at any time. The opinions are based on the date of their submission and do not encompass any fact that may

have arisen after this date, hence, Schroder is not compelled to update this material to reflect such provisions after the submission of the same. This material is for

exclusive Financial Intermediary, Institutional and Consultant and should not be used as support material by other individuals. THIS MATERIAL IS HIGHLY

CONFIDENTIAL AND SHOULD NOT BE REPRODUCED OR DISTRIBUTED, ENTIRELY OR PARTIALLY, TO PERSONS OTHER THAN THE ORIGINAL

RECIPIENTS. The Fund and the distribution of the shares of the same are not registered at the Brazilian Securities Commission "CVM", and therefore do not

meet certain requirements and procedures usually observed in public offerings of securities registered with the CVM, with which investors in Brazilian capital

markets may be familiar. For this reason, the access of the investors to certain information regarding the Fund may be restricted. SCHRODER DOES NOT

GUARANTEE PERFORMANCE.

Important information

32