We are very pleased to present our first Management Report for the LatAm Climate Turnaround Fund, covering the second quarter of 2024. This fund was born with a clear mission: to prove that decarbonization is a sound investment.

During this period, we made our first investment in SLC Agrícola, one of Brazil’s most prominent agricultural commodity producers, with significant potential to capture economic value through regenerative farming practices and zero deforestation.

We believe that supporting better management of climate transition risks and opportunities among major greenhouse gas emitters will lead to more attractive financial returns—and this first investment reinforces our conviction in that thesis. Our goal is to turn each investee into a benchmark within its sector, driving a paradigm shift capable of transforming the entire value chain it belongs to.

Following this investment, we have deepened our focus on nature-based solutions and the valuation of natural capital as levers of value creation, exploring new potential investments directly or indirectly connected to the agribusiness sector.

Together, we will explore this new frontier of investment in the true climate transformation of the real economy.

Thank you very much for your trust and partnership. We hope you enjoy the read and remain fully available for any questions or further discussions.