The Fund has not been, nor will it be, registered in the Federative Republic of Brazil. The shares of the Fund may not and will not be publicly offered in the Federative Republic of Brazil nor will the shares be publicly offered in any jurisdiction. The securities offered hereby have not been filed with or approved or disapproved by any regulatory authority of any country or jurisdiction, nor has any such regulatory authority passed upon or endorsed the merits of this offering or the accuracy or adequacy of this offering memorandum. Any representation to the contrary is unlawful.

The investment manager nor its directors or employees, in compliance with the regulations issued by the Brazilian authorities, in special by the Brazilian Securities Commission - CVM, will not be, in any event, involved or will be responsible for any offer, distribution or sale of shares of the Fund. Such offer, distribution or sale will be carried out directly by distributors or other services providers of the Fund.