Disclaimers

– Our materials do not constitute analysis reports, as defined at Instruction No. 598/2018 of the Securities and Exchange Commission of Brazil (CVM), nor a securities consultancy, as defined at CVM Instruction No. 592/2017.

– The contents are merely informative and should therefore not be interpreted as text, investment recommendation, monitoring report, study or analysis about securities and their issuers that could help or influence investors in the investment decision-making process.

– Investments or applications in bonds and securities involve risks, and may imply, as the case may be, in the partial or full loss of the capital invested, or even in the need for supplementary contributions of funds.

– Our publications and all their text and graphic elements constitute protected copyrighted work, and all rights are reserved.

– Valora Gestão de Investimentos shall not be deemed responsible for direct or indirect losses or lost profit damages arising from the use of our material for any purpose.

– Any references and past profitability do not in any way mean a guarantee or predictability of future profitability.

– Investment in funds is not guaranteed by the administrator, manager, any insurance mechanism, or by the Credit Guarantee Fund (FGC). Our materials should not be considered the only source of information to support any investment decision. Among other sources, the investor is recommended to read carefully the Bylaws, the Complementary Information Form, and the Essential Information Sheet, if any, before investing.

– The opinions expressed in our materials may be changed without notice and do not constitute an offer to buy or sell securities or financial instruments of any kind. Therefore, Valora Gestão de Investimentos disclaims any and all responsibility for any losses arising from decisions made by investors based on the content of this material. For more information, please visit: www.valorainvest.com.br

For contact, suggestions, complaints, or queries:

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ouvidoria@valorainvest.com.br

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