IP | Investidor Profissional

IP-Value Brazil is a Class of IP Investment Fund Ltd, which is an open-ended investment fund organized as a limited liability exempted company, incorporated under the provisions of the Companies Law (2001 revision) of the Cayman Islands.

Investment Manager: Investidor Profissional Gestão de Recursos Ltda.
Net Asset Value Calculator: BNY Mellon Serviços Financeiros DTVM S.A.
Brazilian Custodian:Banco Bradesco S.A.
Bank: UBS AG, Stamford Branch, CT (USA)
Registrar and Transfer Agent: UBS Fund Services (Cayman) Ltd.
Auditor: Deloitte & Touche.

The investment objective of the IP-Value Brazil Class is to provide sophisticated investors with substantial long-term returns comprised of capital appreciation (capital gains, dividends and interest income) by investing principally in companies listed on the São Paulo Stock Exchange ("BOVESPA"), which in the Investment Manager's opinion are trading at a substantial discount to their intrinsic value.

The strategy of the IP-Value Brazil Class is to identify and invest in companies whose prevailing share prices, in the Investment Manager's judgment, do not reflect their intrinsic values, and to hold such investments until such fair value is reflected in their market prices.

IP's investment team follows a disciplined value-oriented, long-term approach. Thorough fundamental analysis is carried out in order to identify companies that are trading at far less than their intrinsic values.

In some investment cases of the portfolio IP may act as an active investor. Members of the investment team maintain close contact with the managers of the top holdings in order to understand their motivations, better anticipate their behavior, and, in some cases, help in the matters in which IP has competitive know-how.

Portfolio turnover is low; purchases are only made after the team has carried out extensive analysis, leading to a firm conviction regarding the investment. Holdings are usually maintained for more than two years.

IP-Value Brazil Class invests in a concentrated manner, since the team does not believe in diluting the best investment ideas with inferior ones.

The fund can have up to 10% of its NAV invested in companies listed in stock exchanges other than Bovespa.

PERFORMANCE (US$)	IP-Value Brazil *
Since Inception (1)	4,020.22%
Performance in US$ (1)Inception of IP-Value Brazil: December 29, 1995
*IP-Value Brazil is an offshore mirror of IP-Participações, a long-only equities fund based in Brazil and managed by Investidor Profissional. Both funds hold the same positions, the only difference being cash, held in dollars for IP-Value Brazil and in reals for IP-Participações. Although IP-Participações had its inception on 02/26/1993, its offshore mirror was not created until 12/29/1995. For reference, we show IP-Participações performance in dollar terms for the period between 02/26/1993 and 12/29/1995. To make it easy to differentiate, every time we show an IP-Value Brazil performance number affected by IP-Participações' performance, it will be in italics.

Subscription: Daily, in the first business day immediately following receipt of cleared funds and the Subscription Agreement.
Minimum Initial: US$ 100,000.00
Minimum Additional: US$ 100,000.00

Redemption: Last business day of each calendar quarter, subject to a previous notice of 30 business days. Payment of redemption proceeds shall generally be made within 10 business days following the Redemption Day.
Minimum Redemption: US$ 100,000.00
Minimum Balance Left: US$ 100,000.00

Management Fee:
2% per year of the Net Asset Value per Share, accrued daily and paid monthly.

Performance Fee:
15% of the increase of the Net Asset Value per Share, accrued daily and paid monthly or on redemption, subject to a high-water mark.

For additional information regarding IP-Value Brazil Class, please contact us by phone at (55 21) 2104-0506 or by e-mail at contactus@investidorprofissional.com

Disclaimer

This document is published exclusively for the purpose of providing information and conferring transparency to the management carried out by Investidor Profissional, and it is not the Offering Memorandum of the IP Brazil Fund SPC nor of the IP Investment Fund, Ltd. (Funds) and is not to be considered as an offer for the sale of shares of the Funds or of any other security.

The Funds are not listed on the Cayman Islands Stock Exchange and are accordingly prohibited from making an invitation to the public in the Cayman Islands.

"Public" for these purposes does not include any exempted or ordinary non-resident company registered under the Companies Law or a foreign company registered pursuant to Part IX of the Companies Law or any such company acting as general partner of a partnership registered pursuant to section 9(1) of the Exempted Limited Partnership Law or any director or officer of the same acting in such capacity or the trustee of any trust registered or capable of registration pursuant to section 70 of the Trusts Law.

No registration statement has been filed with the United States Securities and Exchange Commission or any State Securities Authority with respect to the offering of shares in the Funds.

The shares in the Funds have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Act").

Shares in the IP Brazil Fund SPC may only be offered, sold or otherwise transferred directly or indirectly to any United States citizen or resident or to any corporation, partnership, trust or other entity chartered or organized under the laws of any jurisdiction in the United States of America, its territories or possessions in private placements exempt from registration pursuant to regulation D of the Act.

Shares in the IP Investment Fund, Ltd. may not be offered or sold within the United States or to any US Person.

This document is not destined to investors with residence in Brazil.

The Funds may not be offered, sold, redeemed or transferred in Brazil.

The offer and sale of shares of the Funds in certain jurisdictions may be restricted by law.

Before subscribing for the shares, each prospective investor should (i) carefully read and retain the Offering Memorandum of the Funds and the relevant Supplement or Annex in respect of the portfolio and/or class of shares; (ii) consult with his/her/its own counsel and advisors as to all legal, tax, regulatory, financial and related matters concerning an investment in the Funds.

Past performance does not guarantee future results.

Investidor Profissional takes no responsibility for the accidental publication of incorrect information, nor for investment decisions taken based on this material.

Access to this document or use of the services or information provided herein is prohibited by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law, rule or regulation.

Este documento não destina-se a investidores residentes no Brasil.

As cotas do IP Brazil Fund SPC e do IP Investment Fund, Ltd. não são registradas na CVM e não podem ser oferecidas, distribuídas, resgatadas ou transferidas no Brasil.