We are pleased to share the management report for Fama LatAm Climate Turnaround FIA IS for the fourth quarter of 2024.

In this document, we discuss the responsibility companies hold regarding their value chains. In the case of banks, loans granted to institutions that finance deforestation-related activities not only contribute to the climate crisis but also expose their own portfolios to regulatory and market risks. Therefore, the financial sector also plays a key role as a catalyst for systemic change by directing capital toward regenerative sectors such as sustainable agriculture and green infrastructure.

In this context, and as part of the ongoing construction of our portfolio, we invested in Banco do Brasil— the largest financier of agribusiness in Brazil. We believe the bank has a significant opportunity to incorporate climate factors into its lending practices, thereby increasing the resilience of its balance sheets and ensuring the maximization of risk-adjusted returns for its shareholders. Moreover, it can explore opportunities related to environmental assets and the enhancement of natural capital within the financing chain in an innovative and responsible manner.

For 2025, we are optimistic about the performance of our portfolio. We are confident that there is still substantial value to be unlocked from the companies we have invested in, and that we will be able to complete the remaining portfolio allocations. Thanks to the success of the engagement strategies initiated in 2024, the synergies with our investee SLC Agrícola e Marfrig are progressing rapidly. In this year of 2025, with COP30 taking place in Brazil, we expect to strengthen this relationship and generate strong outcomes, sharing the success stories of our investees within the context of this important international forum.

We wish you an excellent read!