Funds

DYBRA Fundo de Investimento em Ações

Investment Objectives

The FUND adopts an investment philosophy that is exclusively based on fundamental analysis, seeking, through an active approach towards the companies, consistent medium and long term results with low volatility and little concern for immediate liquidity.

Investment Policy

The FUND’S investment policy aims to provide superior medium and long term returns to its shareholders through asset allocation in a diversified portfolio of equity or other instruments issued by companies that the ADMINISTRATOR considers to be undervalued.

Prospective Clients

The FUND is exclusively designed for individuals that are partners, administrators or employees of the Administrator and/or of companies linked, controlled, affiliated or in any way belonging to the same economic group, as long as these individuals fulfill the present legal requirements inherent to the qualified investor status that is required. Shareholders that lose, at any moment, the previously described status will be able to maintain their investments in the FUND, not being able, however, to purchase additional shares.

Risk Profile

The risk assessment of the ADMINISTRATOR accompanies the whole process of investment decisions. The risk of a particular asset is not determined numerically, through the precise definition of the variance of return around the average. It is incorporated throughout the fundamental analysis process. In regards to measuring the portfolio risk, the method used is mainly bottom-up, emphasizing the risk of each asset. Additionally, the ADMINISTRATOR also considers issues like the diversification of subjacent sectors and its implications on the portfolio’s concentration. *The fund has initiated its activities on 02/14/2007

Technical Information

Minimum investment: R$ 100,000.00

Minimum Additional Investment and Redemption: R$ 5,000.00

Investment NAV: The subscription will be converted using the NAV of the next business day following the date of the investment (T+1).

Redemption Conditions: The withdrawal will be converted using the share value of the ninetieth day following the “Withdrawal request” (T+90), or, if the ninetieth day was a non-business day, it will be converted on the next business day following the ninetieth day. The financial settlement of the withdrawal will occur 3 business days after the conversion (T+3).

Lock-up period: None

Management Fee: 0,20% per year

Performance Fee: None

Adjustment of Performance Fee: None

Income Tax: 15% of the nominal gain for Brazilian taxed investors and 10% for foreign investors incorporated in a non-tax heavens.

Auditor: PwC PricewaterhouseCoopers

Administrator: Dynamo Administração de Recursos Ltda

Manager: Dynamo Administração de Recursos Ltda

Inception date 14/02/2007

Documents (only in Portuguese)

Regulamento

Política de Voto

Manual de Precificação Bradesco

Demonstração de Desempenho (Anexo IV-Item 3)

Formulário de Informações Complementares