This important legal notice is an integral part of this advertising material and has been prepared exclusively by Ativore Gestora de Recursos Ltda. ("Ativore"), in its capacity as fund manager. Investors should carefully read the key information sheet, the detailed analysis prepared by Ativore and the fund rules before investing. Investment funds are not guaranteed by the administrator, the manager, any insurance mechanism or the Credit Guarantee Fund - FGC. CONFIDENTIALITY - This material is strictly confidential and is intended solely and exclusively for its recipient(s) and must not be copied, reproduced, transmitted or distributed, in whole or in part, without the express agreement of Ativore.

NOT A COMPLETE DOCUMENT - This material presents summarized information and is not a complete document. Therefore, potential investors should read the fund's regulations, especially the "Risk Factors" section, to assess the risks to which the fund is exposed, as well as those related to the issue, the offer and the shares, which should be considered for investment in the shares.

NOT AN OFFER TO SELL - The information provided in this material is for informational purposes only and should not be considered as an investment recommendation or an offer to sell any securities. This presentation and the information contained herein should not be considered as financial, legal, accounting, tax or investment advice or for any other purpose. The information contained in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, pay up or otherwise acquire any of our securities or the securities of our subsidiaries or affiliates, nor should it form the basis of, or be relied upon in connection with, any agreement to purchase or subscribe for any of our securities or those of any of our subsidiaries or affiliates, nor should it form the basis of, or be relied upon in connection with, any contract or commitment.

INVESTMENT RISKS - Although the manager maintains a risk management system, it is not possible to predict all risks, nor can we assess the impact of all factors in our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially and adversely from those anticipated. Therefore, there is no guarantee of complete elimination of the possibility of losses to the fund and we cannot guarantee future results, level of activity, performance or achievements. All clients must recognize and accept the risks associated with any type of investment, including those described in this advertising material and in the fund rules. Such risks include those inherent in an investment in real estate, systemic risk, and atypical trading in active markets, as well as specific risks associated with the use of leverage, the prolonged lack of liquidity of your investment for periods of many months or years with limited ability to resell, and the potential risk of losing your entire investment. These statements are inherently uncertain and the recipient(s) of this material are advised not to place undue reliance on such forward-looking statements as predictions of future performance or otherwise, and should be able to bear any losses.

PROJECTIONS MAY NOT MATERIALIZE - Any anticipated returns or expectations projected in this advertising material do not represent and should not be considered, at any time and under any circumstances, as promises, guarantees or suggestions of minimum or guaranteed future returns to investors. Hypothetical performance results have many inherent limitations and there are often differences between hypothetical performance and actual performance achieved. Past performance is not a guarantee of future performance. In view of the uncertainties involved in estimates and forward-looking statements, investors should not rely on them in making a decision to invest in this fund. Potential investors should make their investment decision taking into account their financial situation, investment objectives, level of sophistication and risk profile. The recipient(s) of this material are encouraged to contact Ativore to discuss the procedures and methodologies, including assumptions, used to calculate the investment performance information, as well as any other aspect of the potential investment presented herein.

TAX INFORMATION AND OTHER COSTS - Investors should independently consider, in their projections and individual assessment, the tax burden and operating expenses incurred at each stage of the transaction, particularly with respect to any double taxation treaties, rules on international remittances, distribution of profits and gains, or repatriation of funds, as well as local or international taxes applicable to this type of investment.

DISCLAIMER - The decision to invest in the fund's shares is the sole responsibility of investors and requires a complex and thorough assessment of its structure, as well as the risks inherent in the investment. It is recommended that potential investors evaluate, together with their financial and legal counsel, to the extent they deem necessary, the risks associated with this type of asset Although the authors of this material have taken every precaution to ensure that the information contained herein is not false or misleading, neither Ativore, nor any of its directors, officers, employees, representatives, affiliates or agents shall have any liability whatsoever arising from this material, affiliates or agents shall have any liability whatsoever arising out of any error or misstatement of fact or opinion presented, or even for the carelessness in preparation or publication, of the materials and communication herein, nor for any loss, direct or indirect, arising out of actions or decisions derived from the use of the information contained in this advertising material or in third party materials received or reviewed by you in the course of our advice. This material does not represent a commitment on the part of Ativore or any of its affiliates, partners, officers or agents to permit or make available any products described herein. Abstention from Public Offering - No action has been taken to permit a public offering of the Fund in any jurisdiction where action for that purpose is required. This material and any other documents relating to the Fund do not constitute an offer or solicitation in any jurisdiction in which an offer or solicitation is not authorized, or in which the person making the offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make such an offer or solicitation. Offering in Brazil - The offering of the Fund will not be conducted by any means that would constitute a public offering in Brazil under Law No. 6,385, dated December 7, 1976, or under Resolution No. CVM 160, dated December 29, 2003. The issuance, placement and sale of the Fund have not been and will not be registered with the Brazilian Securities Commission or any other Brazilian regulatory authority. Any representation to the contrary would be untrue and illegal. Documents relating to the Fund may not be furnished to the public in Brazil, as a public offering is not being conducted in Brazil, nor may they be used in connection with any offer to subscribe for or sell the securities to the public in Brazil. Offering outside Brazil - Any private or public offering or distribution of the Fund in any jurisdiction must comply with the national regimes applicable to the jurisdiction in question. Recipients of this material and any other documents relating to the Fund are encouraged to and should inform themselves about the conditions and requirements imposed by the regulatory and supervisory bodies of their respective locations before investing in the Fund and assess the impact and risks to which they may be exposed by investing in the Fund. The above list of disclaimers is not exhaustive and other risks and uncertainties may cause results to differ materially from those contained in Ativore's forward-looking estimates and projections.

DISTRIBUTION IN THE UNITED STATES - The Fund has not been registered under the US Securities Act of 1933, as amended (US Securities Act), or under the securities laws of any state of the United States, nor are such registrations contemplated. The interests will be offered and sold pursuant to the exemption provided by section 4(a)(2) of the US Securities Act and Regulation D, and any applicable state securities laws, other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made. In addition, the Fund has not been, and will not be, registered under the US Investment Company Act of 1940, as amended (US Investment Company Act) in reliance on an exemption from registration set forth in Section 3(c)(7) hereof. Any US Person acquiring interests will be required to represent and warrant to the Fund that such person is: (i) an "accredited investor" as defined in Rule 501(a) of Regulation D of the US Securities Act; and (ii) a "qualified purchaser" as defined in section 2(a)(51) of the US Investment Company Act. Neither the Manager nor the relevant Advisers are registered as investment advisers under the US Investment Advisers Act of 1940, as amended.