Quarterly Letter

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1Q17

1Q18

1Q19

2Q17

2Q18

3Q17

3Q18

4Q17

4Q18

This document is neither an offer to sell nor a solicitation of an offer to buy any interest in any investment fund managed by BC Gestão de Recursos LTDA. An offer or solicitation shall be madeonly pursuant to the current confidential Private Placement Memorandum of each investment fund, restricted to the jurisdictions in which such an offer would be lawful and only to individuals whomeet the investor suitability and the requirements of each investment fund. The information and opinions contained herein have been obtained and are based on sources which are believed byBC Gestão de Recursos LTDA. to be reliable, but the accuracy cannot be guaranteed. Prospective investors should review the current Private Placement Memorandum of the Brasil Capital Fundbefore making an investment decision and should rely on the information contained in such document. Please be reminded that the information provided to you on this performance update isstrictly confidential.