INSTITUTIONAL

PRESENTATION

July 2018

COMPANY OVERVIEW

Background

Founded in 1999; based in SP, Brazil

Around USD 1.7 billion AUM1

Approximately 50 Employees / 60% Investment Professionals

Became part of Principal Financial Group in April, 2012

Investment Focus Multi Alpha Generation Strategies & Multi Distribution Channels

Investment ApproachCombination of an in-depth top down analysis with bottom-up asset

picking

Key Investment Strategies /

Products

Actively managed equity long only funds, equities long short, macro,

structured funds (real estate, credit and timber), asset allocation and

offshore investment products

Partnership with

The Principal®

In April 2012, Principal acquired 60% stake of Claritas capital. In

March 2016 Principal acquired the remaining stake.

The Principal is a leading global financial company with presence in

over 19 countries, 22 million clients² and U$673.8 billion assets under

management3

¹ As of: 06/29/2018 – AUS: BRL 1.36B of Principal Funds

²As of: 12/31/2017³3As of: 03/30/2018

3

PRINCIPAL FINANCIAL GROUP®

• Leader in global investments management

offering pension funds, insurance and asset

management for institutional clients and

individuals.

• Founded in 1879 and a member of Fortune

500®. The Principal Financial Group stocks

are traded in NASDAQ (under the

initials“PFG”).

• Working with pension funds and institutional

clients since 1941.

4

WORLDWIDE PRESENCE

5

Real Estate

MULTI-BOUTIQUE MODEL

6

MULTI-BOUTIQUE MODEL

7

STRENGTHS

• Key elements of our active management strategy

– A disciplined, repeatable investment process

– Multidisciplinary approach: combination of bottom-up stock picking with an in-depth top down analysis

– Local presence: on the ground research teams

– Independent, proprietary fundamental research

– Emphasis on risk management

– Experienced and diverse Investment team with complementary skills and backgrounds

• Compliance and Alignment of Interests

– Directors have substantial part of their wealth invested in the same funds offered to investors

– Focus on asset management: no conflicts of interest

• PFG partnership (since April 2012)

– Access to buy-side global research and international asset management know-how.

– Strong compliance requirements, infra-structure and legal controls

8

MAIN EXECUTIVES

Partners share a long-term working relationship and over 20 years of experience with leading financial

institutions.Apr/2012 – Principal

Financial Group®

acquires 60% of Claritas.

Mar/2016 – Principal

Financial Group®

acquires the remaining

stakes of Claritas.

9

88 89 90 91 92 93 94 95 96 97 98 99 0 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Carlos Ambrosio

Helder Soares

Ernesto Leme

Cassiano MorelliABC

Brasil

Eduardo Morais

Mario Issa

Damont Carvalho BRAM ABN

Paulo Frade

Flávio Castanheira

Citibank Matrix

Rio

Bravo

Salomon Matrix HBS Goldman Sachs

Claritas

Claritas

UBS

Salomon Matrix

Citibank

Matrix

Crefisul Fator Matrix Boston

JPM Fator

Banco das Nações Focus

Claritas

Claritas

Claritas

Claritas

Claritas

Claritas

JPM

PFG

Brasil

GP

Thomson Financial Claritas

Board

Roberto Walker acting as President

Senior Investment

Committee

Executive Committee

Commercial and

Products

Committee

Equitie

s

Macro

Cre

dit

& F

IDC

s

Tim

berland

Real E

sta

te

Institu

tional

Dis

trib

ution

HN

WI

Local

Dis

trib

ution

Risk & Compliance

Committee

CIO

Helder Soares

CCO

Ernesto Leme

COO

Cassiano Morelli

CEO

Carlos Ambrosio

Structured Products

Mario Issa

Aff

luent

Str

ate

gic

Decis

ion

Ma

kin

gE

xe

cu

tio

n

Wealth Management

Committee

Inte

rnational

Dis

trib

ution

Opera

tions

Ris

k

Le

ga

l &

Com

plia

nce

IT &

Ad

min

istr

ation

Clie

nt

Serv

ices

Mark

eting

HR

Credit Committee

Pro

ducts

Fin

ance

ORGANIZATIONAL CHART

10

STRATEGIES AND CLIENT DIVERSIFICATION

¹Total assets under management as of May 2018: USD 1.9 billion.

AUS = BRL 1.3B of Principal Funds as of May 201811

Open Funds 35%

Asset Alocation 23%

Structured 18%

International Offering 24%

Affluent 2%

HNWI 21%

3rd Party 47%

Institutional 30%

AUM (BRL MM) AND KEY MILESTONESApr– Strategic partnership with

Principal Financial Group

As o

f: 0

6/2

9/2

018

Aug - Inception of Claritas Hedge - one

of the first Brazilian macro funds.

Dec - Inception of Claritas

G4 Fund - Class Brazil

Long Short.

May - Long Only Value Strategies

begin.

Dec - Inception of Claritas

Long Short - the first Brazilian

long short equity fund.

Jan - Long only strategy launched

with Claritas Ações.

Jan - Start of ABS activities.

Jun - Launch of first local fund for

institutional investors.

Mar – Acquisition of

the remaning stake

by PFG®

12¹Total assets under management as of June 2018: USD 1.7 billion.

AUS = BRL 1.36B of Principal Funds as of June/2018

-

1.000

2.000

3.000

4.000

5.000

6.000

7.000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

International Offering

Asset Allocation

Structured Funds

Open Funds

● High Yield

● Preferred Securities

● Global Equity

● LatAm Equity

(index aware)

International

Exposure

INVESTMENT STRATEGIES

● Long / Short Equities

● Value

(biased towards small

and mid caps)

● Enhanced Ibovespa

(index aware)

● Macro

Open Funds Structured Products

● Timberland

● Real Estate

● ABS

● Conservative

● Moderate

● Bold

● Aggressive

● Tailor Made

Asset Allocation

13

SERVICE PROVIDERS &

AWARDS

SERVICES PROVIDERS

CustodianFund

AdministratorFund Auditor

15

MOST RECENT AWARDS

Claritas Inflação Institucional – 3 stars

Claritas Ações – 3 stars

Claritas Institucional – 3 stars

Ano 1

3 –

No 7

3 –

June / 2

015

Claritas Institucional FI Multimercado -

Excellent

Ano 1

9 –

No 2

74 –

Septe

mber / 2015

Claritas Institucional FI Multimercado -

Excellent

Apri

l /2

016

Claritas Institucional FI Multimercado -

Excellent

Claritas Valor Institucional FIC FI Ações

- Excellent

Octo

ber /2

016

Claritas Inflação Institucional – 5 stars

Dezem

ber /2

016

16

Claritas Inflação Institucional –

Excellent

Claritas Ações FI - Excellent

Apri

l/2

017

Octo

ber

/2017

Claritas Inflação Institucional –

Excellent

Claritas Ações FI - Excellent

Claritas Hedge FIC FIM – 5 estrelas

Decem

ber/2

017

Av. Brigadeiro Faria Lima, 4221 | 4° andar

04538-133 | São Paulo - São Paulo | Brazil

t + 55 11 2131 4900 | f + 55 11 2131 4930

www.claritas.com.br

This presentation has been prepared for informational purposes only and is intended only for the designated recipients hereof, contains confidential information and may also be legally privileged. It is neither intended, nor should be

considered, as an offer, solicitation or recommendation to buy or sell shares of any investment fund managed or sponsored by any entity of Claritas Administração de Recursos Ltda. (“Claritas”) nor should it be construed as such in any

jurisdiction where such offer, solicitation or recommendation would be illegal. This presentation is not intended to be, nor should be considered, a basis for any contract for sale or purchase of any security, loan or other financial product, or as

an official confirmation, or statement of Claritas or its affiliates. It is not intended to provide specific advice for you, and should not be relied upon in that regard. You should not act or rely on any information provided herein without seeking the

advice of a professional. This presentation contains assumptions, estimates, illustrations and indicative values (the “Information”), which may be amended at any time thereby impacting on the outcome of the presented business. Although

collected from reliable and selected sources, Claritas does not ensure the accuracy, updating, precision, adequacy or veracity of the Information provided herein. No representation is made that any transaction can be effected at the

values provided herein. Neither Claritas nor its affiliates, directors, officers or employees assume any responsibility whatsoever for any direct or consequential loss or damage arising from the use of, or reliance upon, any information in this

presentation. Neither Claritas nor its affiliates, directors, officers or its employees shall have any legal responsibility to ensure that any client acts in accordance with a applicable law or regulation. The past is not necessarily a guide to the

future performance. Any performance figures presented herein are gross of taxes. Investors must note that an investment in any investment fund managed or sponsored by Claritas is subject to risks. The value of investments may fall as well

as rise and investors may not get back the amounts invested. Pursuant to the regulations enacted by ANBIMA (“The Brazilian Financial and Capital Markets Entities Association”), an analysis of at least 12 (twelve) months is recommended

when evaluating investment fund’s performance. BEFORE MAKING AN INVESTMENT DECISION, PLEASE READ THE RELEVANT PROSPECTUS, THE FUND’S RULES AND OTHER OFFERING MATERIALS IN THEIR ENTIRETY.

INVESTMENT FUNDS PERFORMANCE IS NOT GUARANTEED BY FUND ADMINISTRATORS OR FUND MANAGERS, OR BY ANY CAPITAL PROTECTION MECHANISM OR THE BRAZILIAN CREDIT GUARANTEE FUND (FGC).

Nothing in this presentation constitutes investment, legal, tax or other advice nor is it to be relied upon in making an investment decision. This presentation is not directed to any person in any jurisdiction where (by reason of that person's

nationality, residence or otherwise) the availability of the information contained herein is prohibited. This presentation may not be reproduced, distributed or published by any recipient hereof for any purpose. ANBIMA description available on

the complementary information form. Principal Global Investors, LLC is the investment adviser, and has appointed Claritas Investments as the sub-investment adviser to the Fund. The information in this document has been derived from

sources believed to be accurate as the dates related on each page. Information derived from sources other than Principal Global Investors or its affiliates is believed to be reliable; however, we do not independently verify or guarantee its

accuracy or validity. The information in this document contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The general

information it contains does not take account of any investor's investment objectives, particular needs or financial situation, nor should it be relied upon in any way as a forecast or guarantee of future events regarding a particular investment or

the markets in general. All expressions of opinion and predictions in this document are subject to change without notice. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their

employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions in this document. All figures shown in this document are in

U.S. dollars unless otherwise noted. This document is issued in: Principal Global Investors is not a Brazilian financial institution and is not licensed to and does not operate as a financial institution in Brazil. Nothing in this document is, and

shall not be considered as, an offer of financial products or services in Brazil. This presentation is intended for sophisticated institutional investors only. Principal Global Investors is the asset management arm of the Principal Financial Group

® (The Principal ®)¹ and includes the asset management operations of the following subsidiaries of The Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Principal Enterprise Capital, LLC; Spectrum Asset

Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors; Edge Asset Management, Inc.; Morley Financial Services Inc.; Finisterre Capital, LLP; Origin Asset Management, LLP; Principal Global Investors (Europe) Limited;

Principal Global Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.; Principal Global Investors (Japan) Ltd.; Principal Global Investors (Hong Kong) Ltd.; CIMB-Principal Islamic Asset Management Sdn. Bhd.; and the majority

owned affiliates of Principal International, Inc. Assets under management includes assets managed by investment professionals of Principal Global Investors under dual employee arrangements with other subsidiaries of The Principal and

assets managed in accordance with investment advice provided by Principal Global Investors through the delivery of a model. ¹"The Principal Financial Group" and "The Principal" are registered trademarks of Principal Financial Services, Inc.,

a member of the Principal Financial Group.

claritas@claritas.com.br

17

São Paulo

Av. Brigadeiro Faria Lima, 4221 | 4° andar

04538-133 | São Paulo - São Paulo

Saiba o que a Claritas pode fazer por você:

claritas@claritas.com.br | www.claritas.com.br