The Firm is an investment adviser structured to provide research services to institutional clients located or domiciled within or outside of the U.S. It is indirectly wholly owned by Itaú Unibanco Holding S.A. (“Itaú”), a reporting company under the U.S. Securities Exchange Act of 1934. The Firm provides services under the name Itaú BBA USA Securities Inc. (“IUSI”). The Adviser is dually registered as a broker-dealer. RESEARCH SERVICES The Adviser offers research reports, other products, and services (“Research Services”) provided by its equity research team (“Research”) to a wide variety of IUSI clients. Under certain circumstances, the Firm provides these Research Services for a fee to certain institutions upon their request. Research Services may include (but are not limited to) any or all of the following types of research products and services, as detailed in a schedule of services under the Terms and Conditions provided to clients and/or any Memorandum of Understanding or other document detailing payment and services (collectively the “Services Documents”):
• Research reports produced by research analysts;
• Other research-related correspondence and communications from research analysts relating to research reports produced by research analysts; and
• Access to research analysts in connection with research conferences, calls with clients and client meetings. The delivery of Research Services does not include trade execution, trading, or brokerage services provided to clients. Our advisory relationship with our clients is strictly limited to the provision of Research Services, and any trades, transactions or orders that may be executed, routed, or otherwise processed through us on behalf of clients will be handled by us (or our affiliates) solely in our capacity as a broker-dealer. Your relationship with us in connection with Research Services commences only after acceptance of all Services Documents, and Research Services are limited only to the Research Services described above. We are not providing, whether through Research Services or any related activities or services that we may be engaged in or provide after acceptance of the Services Documents, any investment advice with respect to your investment portfolio or the management of assets. If you were to engage in securities transactions with

us, we will not be acting as an investment adviser with respect to such transactions absent a specific written agreement by us to so act. 5 Research Services constitute impersonal investment advice, and we have no liability whatsoever for any investment decision, or results thereof, that you or any permitted user makes under the Services Documents in connection with the use of Research Services, or any information or data provided therein, or otherwise obtained or derived therefrom. However, the limitation contained in this paragraph will not in any way constitute a waiver or limitation of any rights afforded to you under state or federal securities laws for the advisory services provided under the Services Documents. Research Services will continue in effect until terminated at any time according to the terms of the Services Documents. Research Services are offered only to institutional clients. More information is contained in this Research Services brochure and is available upon request or through the SEC’s website at http://www.adviserinfo.sec.gov/IAPD/Content/Search/iapd_Search.aspx. IUSI is not responsible for the re-distribution of its research and a person’s receipt of such re- distributed research shall not, by itself, be deemed to create an investment adviser-client relationship between IUSI and any such person. None of the Firm’s activities involve providing discretionary advisory services directly to clients. The Firm provides non-discretionary investment recommendations to certain affiliates and third parties. When providing non-discretionary services, the Firm may provide recommendations and propose trades, but is not responsible for the final investment decision or for causing the trades to be made. Institutional clients include affiliates of the Firm that are engaged in banking, private banking or similar businesses, unaffiliated investment advisers, and other third-party institutions. IMPERSONAL INVESTMENT ADVICE Research Services do not include any evaluation or recommendation by IUSI or our affiliates of the investment guidelines or security selection for a client’s investment portfolio or the management of assets. Research Services are solely impersonal investment advice. IUSI does not manage any assets on a discretionary or non-discretionary basis and therefore has no regulatory assets under management.