1235 Classe de Investimento em Ações – Responsabilidade Limitada

The objective of the Class is to provide its participants with real appreciation of their shares over the medium and long term by investing its net assets in shares of the Dynamo Cougar Master Financial Investment Fund (“Master Class”), which is likewise administered and managed by the Administrator, in compliance with applicable legal and regulatory limitations.

The Class will seek to invest at least 95% of its net assets in shares of Dynamo Cougar Master Fundo de Investimento Financeiro (“Master Class”), registered under CNPJ No. 37.916.879/0001-26, which is also administered and managed by DYNAMO.

The Master Class, in turn, will invest at least 67% of its net assets in variable-income financial instruments and/or operational modalities whose principal risk factor is the price fluctuation of shares admitted to trading on the spot market of a stock exchange or of an organized over-the-counter market entity, in accordance with applicable legal and regulatory limitations. The remaining portion may be applied in any financial instruments and/or operational modalities permitted by the regulations.

*See detailed description in the bylaws

The Class is intended for certain qualified investors, as defined under the applicable regulations and specificed in the Class’ appendix.

Due to the high concentration of the Class’s investments in the Master Class, the Class’s risk profile mirrors that of the Master Class. Among the principal risk factors affecting the Class are:

• Capital-Loss Risk: The investment strategies deployed by the Class and the Master Class may expose unit-holders to substantial capital losses, up to and including the complete erosion of invested principal.

• Market Risk: Adverse movements in asset prices and market quotations can materially reduce the net asset value of both the Class and the Master Class.

• Liquidity Risk: A decline in demand for Master Class securities may impair the Class’s ability to meet its obligations in an orderly fashion, potentially resulting in significant transaction losses.

• Concentration Risk: Holdings of the Class and the Master Class may be heavily weighted toward a limited number of issuers, amplifying idiosyncratic exposures and driving heightened NAV volatility.

• Derivative Risk: The use of derivative instruments as part of the investment policy may lead to outsized losses for Master Class participants and, by extension, for investors in the Class.

• Credit Risk: Both the Class and the Master Class are subject to counterparty and issuer default risk, which may erode income and invested capital. Material changes in the financial, economic or political standing of issuers can significantly impair asset valuations and marketability.

For a comprehensive assessment, please refer to the fund’s bylaws, where detailed disclosures and mitigants are set forth.