Varejo. Data Expert Carrinho XP: O que esperar do varejo alimentar

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Os hipermercados foram postos à prova durante a pandemia e falharam. Acreditamos que o sucesso do Atacarejo é um dos principais motivos do fim gradual da proposta de valor do hipermercado, com a pandemia sendo a cereja no topo do bolo para mostrar que o formato perdeu seu lugar na rotina dos consumidores. Com a pandemia, os consumidores concentraram suas compras o máximo que podiam e procuraram a melhor proposta de valor nesse sentido. Isso deveria ter impulsionado o hipermercado, o que não aconteceu e nos leva então a entender que provavelmente o formato perdeu espaço de forma definitiva para o atacarejo (na categoria alimentar), para o ecommerce (na categoria não alimentar) e para aplicativos de proximidade/entrega (frescos). Esperamos, portanto, que o formato continue perdendo espaço daqui para frente.

Atacarejo bem posicionado para ganhar participação frente ao cenário macro mais difícil. Criado em 1964 na Alemanha, o formato foi introduzido no Brasil na década de 70 pelo Makro. Desde então, vem ganhando espaço, atingindo mais de 60% do mercado de alimentos hoje. Originalmente, o formato era exclusivo para o canal B2B, mas foi evoluindo e ganhando espaço entre pessoas físicas, com períodos de crise se mostrando um gatilho de fluxo ao impulsionar o consumidor final a buscar um melhor custo/benefício. Como resultado, os varejistas têm investido na melhoria da experiência nas lojas do formato, agregando mais serviços (como frios, café, açougue) e também no layout das lojas (adicionando ar condicionado, iluminação etc.), o que deve contribuir para aumentar a participação de clientes finais nas vendas.

Proximidade/conveniência e produtos frescos/saudáveis são o futuro dos supermercados. Embora a pandemia tenha condenado os hipermercados, ela também impulsionou os conceitos de conveniência e frescos. Como resultado, estamos vendo varejistas investindo mais nessa direção, com a aquisição do Hortifruti Natural da Terra pela Americanas; lançamento do Pão de Açúcar Fresh pelo GPA, focado em frescos (frutas, verduras, frios, peixes etc), e ampliando seus planos para o Minuto Pão de Açúcar; e o Carrefour fechando uma parceria com a Muda Meu Mundo para oferecer produtos regionais frescos a preços competitivos. Acreditamos que os supermercados continuarão aumentando seu foco em ofertas de produtos frescos e premium/gourmet para ressignificar o conceito das lojas físicas e se concentrar na experiência dos clientes. No entanto, observamos que as empresas do setor não estão sozinhas e, portanto, devem enfrentar a concorrência de aplicativos de entrega (Rappi, iFood, etc), novos entrantes (Shopper, Mercê do Bairro, etc.), empresas privadas/regionais (St Marche, Mambo, Oba, etc.) e grandes nomes do comércio eletrônico (Americanas, MELI, Magalu).

Nesta edição, olhamos qual papel que a conveniência terá no varejo de alimentos, dados os eventos recentes no setor. Estamos vendo um interesse cada vez maior pelo setor de varejo alimentar e, por isso, aproveitamos para entender quais podem ser os formatos vencedores frente às mudanças estruturais trazidas pela pandemia e acontecimentos recentes como (i) o fim do hipermercado no GPA (link); (ii) o lançamento de um novo formato: Pão de Açúcar Fresh; (iii) a entrada da Americanas no varejo de alimentos através da aquisição do Hortifruti Natural da Terra; (iv) a parceria do Carrefour com uma startup regional de alimentos (link); e (v) a recém anunciada startup dos cofundadores do iFood e do Zé Delivery que estão apostando na melhoria da eficiência de pequenos mercados de bairro, com o foco inicial em cadeia de suprimentos (link). Nós vemos o Atacarejo e os formatos de proximidade/conveniência como os principais vencedores do setor, e mantemos nossa recomendação de compra para Assaí e Grupo Mateus.

Fonte: XP Research.

Olhando para os últimos acontecimentos do setor e entendendo quais são os formatos do futuro

Data Expert | Carrinho XP: O que esperar do varejo alimentar

Varejo

Danniela Eiger, CFA Varejo

danniela.eiger@xpi.com.br Thiago Suedt

Varejo

thiago.suedt@xpi.com.br Gustavo Senday

Varejo

gustavo.senday@xpi.com.br

Recomendação Preço-tela Preço-alvo Consumo discricionário

Arezzo Compra R$ 80,1 R$ 108,0

C&A Neutro R$ 7,0 R$ 8,5

Grupo Soma Compra R$ 14,8 R$ 22,0

Vivara Compra R$ 27,5 R$ 37,0

Lojas Renner Compra R$ 34,9 R$ 43,0

Multilaser Compra R$ 7,0 R$ 13,0

Natura&Co. Compra R$ 40,5 R$ 63,0

e-commerce

Lojas Americanas Neutro R$ 5,8 R$ 8,0

Americanas S.A Neutro R$ 33,3 R$ 45,0

Enjoei Neutro R$ 4,3 R$ 7,0

Mosaico n.a. R$ 10,8 n.a.

Magazine Luiza Neutro R$ 11,6 R$ 18,0

Via Neutro R$ 6,9 R$ 10,0

Supermercados

Assai Compra R$ 15,4 R$ 25,0

Grupo Mateus Compra R$ 7,3 R$ 11,0

Carrefour Brasil Neutro R$ 17,3 R$ 24,0

Pão de Açúcar Neutro R$ 24,8 R$ 38,0

Farmácias

Pague Menos Compra R$ 9,8 R$ 15,0

d1000 Neutro R$ 5,5 R$ 7,5

Raia Drogasil Compra R$ 23,9 R$ 27,0

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03. Brasil – Visão Geral Macro 06. Dados do setor

06. E-commerce 07. Vestuário

08. Supermercados 09. Farmácias

10. Valuation Comparáveis

Sumário

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(150) (100) (50) - 50 100 150 200 250 300 350

0%

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6%

8%

10%

12%

14%

16%

fev-14 set-14 abr-15 nov-15 jun-16 jan-17 ago-17 mar-18 out-18 mai-19 dez-19 jul-20 fev-21

% Unenployment rate (LHS) bps yoy change (RHS)

-10,0%

0,0%

10,0%

20,0%

jan-10 out-10 jul-11 abr-12 jan-13 out-13 jul-14 abr-15 jan-16 out-16 jul-17 abr-18 jan-19 out-19 jul-20 abr-21

Food & Beverage Personal Expenses Health and Personal Care Apparel

Home furniture

3

Brasil – Visão Geral Macro

Fonte: IBGE, Serasa e XP Research.

Figura 3: Inflação brasileira por segmento (Últimos 12 meses)

Figura 4: Desemprego no Brasil Figure 6: Consumidores inadimplentes (em milhões)

Figura 1: PIB brasileiro (Últimos 12 meses) Figura 2: Inflação brasileira (IPCA) –Últimos 12 meses

Figura 5: CAGED –Geração líquida de emprego (em milhares)

Taxa de desemprego (%) Variação A/A (bps)

Saúde e cuidados pessoais Alimentos & Bebidas

Móveis VestuárioDespesas pessoais

54 56 58 60 62 64 66 68

jan-17 abr-17 jul-17 out-17 jan-18 abr-18 jul-18 out-18 jan-19 abr-19 jul-19 out-19 jan-20 abr-20 jul-20 out-20 jan-21 abr-21

0,0%

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-1.000 -800 -600 -400 -200 0 200 400 600

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4

Fonte: IBGE, Cielo, Serasa, FGV, LCA e XP Research.

Figura 9: Índice de confiança dos varejistas (escala de 0-200)

Figura 10: ICVA - Índice Cielo do Varejo Ampliado (A/A) Figura 12: Número de recuperações judicias requeridas no

comércio Figura 7: Índice de confiança do consumidor (escala de 0-200) Figura 8: Índice de intenção de consumo das famílias (escala de 0-

200)

Figura 11: Número de falências no comércio 40

60 80 100 120 140 160

jan-10 set-10 mai-11 jan-12 set-12 mai-13 jan-14 set-14 mai-15 jan-16 set-16 mai-17 jan-18 set-18 mai-19 jan-20 set-20 mai-21

50,0 70,0 90,0 110,0 130,0

set-05 set-06 set-07 set-08 set-09 set-10 set-11 set-12 set-13 set-14 set-15 set-16 set-17 set-18 set-19 set-20 set-21

40 50 60 70 80 90 100 110 120

mar-11 nov-11 jul-12 mar-13 nov-13 jul-14 mar-15 nov-15 jul-16 mar-17 nov-17 jul-18 mar-19 nov-19 jul-20 mar-21

-50,0%

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-20,0%

-10,0%

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40,0%

50,0% Nominal Real

- 10 20 30 40 50 60

jan-15 jun-15 nov-15 abr-16 set-16 fev-17 jul-17 dez-17 mai-18 out-18 mar-19 ago-19 jan-20 jun-20 nov-20 abr-21

- 10 20 30 40 50 60 70 80 90

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5

Fonte: IBGE, LCA, Google e XP Research. *Jan. 03, 2020 a Fev. 06, 2020.

Figura 15: Vendas do varejo por região (A/A)

Figure 16: Mobilidade Urbana (vs. nível pré-pandemia*)

Figura 13: Vendas do varejo (A/A) Figura 14: Vendas no varejo por categoria (Últimos 12 meses)

-30%

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-10%

0%

10%

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30%

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50%

60%

jan-19 mar-19 mai-19 jul-19 set-19 nov-19 jan-20 mar-20 mai-20 jul-20 set-20 nov-20 jan-21 mar-21 mai-21 jul-21

North Northeast Southeast

South Midwest

Nordeste Centro-oeste

Norte Sudeste

Sul -20,0%

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Hypermarkets and Supermarkets Clothes and shoes Furniture and White line Pharmacy items

Books & Magazines Office Items

Hipermercados e Supermercados Móveis e eletrodomésticos

Vestuário e calçados Produtos farmacêuticos Livros e revistas Artigos de escritório

Jul 11 - Jul 17 Jul 18 - Jul 24 Jul 25- Jul 31 Ago 01 - Ago 07 Ago 08 - Ago 14 Ago 15 - Ago 21 Ago 22 - Ago 28 Ago 29 - Set 04 Set 05 - Set 11 Set 12 - Set 18 Set 19 - Set 25 Set 26 - Out 02 Out 03 - Out 09 Out 10 - Out 16 Out 17 - Out 23

Varejo e Lazer -11% -11% -12% -6% -8% -9% -11% -7% -7% -7% -8% -7% -3% -4% -7%

Sudeste -13% -13% -15% -10% -11% -11% -13% -12% -10% -9% -10% -10% -6% -9% -11%

Sul -12% -12% -14% -5% -10% -10% -13% -7% -9% -9% -9% -8% -4% -4% -7%

Centro-oeste 1% -1% -2% 7% 6% 3% 0% 5% 5% 5% 4% 3% 11% 6% 6%

Norte 11% 9% 11% 19% 17% 12% 12% 18% 16% 15% 14% 17% 24% 22% 15%

Nordeste -10% -9% -9% -5% -5% -7% -8% -5% -5% -4% -5% -4% 1% 1% -2%

Mercado e Farmácia 37% 36% 36% 46% 41% 38% 36% 43% 41% 38% 37% 40% 45% 39% 38%

Sudeste 37% 36% 35% 45% 41% 37% 35% 41% 39% 37% 36% 38% 44% 35% 35%

Sul 27% 26% 25% 36% 29% 27% 25% 33% 30% 27% 27% 30% 35% 30% 30%

Centro-oeste 44% 41% 42% 53% 51% 45% 42% 50% 50% 47% 45% 46% 54% 45% 45%

Norte 59% 57% 62% 72% 66% 59% 60% 70% 64% 59% 58% 65% 71% 63% 58%

Nordeste 42% 41% 44% 52% 48% 44% 43% 52% 46% 43% 42% 47% 54% 47% 45%

Local de Trabalho 7% 7% 8% 12% 13% 13% 14% 15% 0% 14% 15% 17% 17% 1% 18%

Sudeste 7% 7% 9% 13% 13% 14% 14% 14% 0% 14% 16% 17% 17% -1% 17%

Sul 9% 8% 8% 13% 14% 14% 15% 16% 0% 15% 14% 19% 18% 3% 21%

Centro-oeste 10% 10% 12% 16% 17% 17% 17% 19% 4% 18% 19% 21% 21% 0% 23%

Norte 17% 17% 20% 24% 25% 25% 26% 28% 12% 26% 29% 31% 28% 16% 32%

Nordeste 4% 6% 7% 10% 11% 11% 12% 14% 1% 12% 15% 16% 17% 4% 17%

Parques -10% -9% -13% -14% -15% -10% -11% -11% 3% -8% -8% -10% -12% -4% -13%

Transporte Público -6% -7% -8% -4% -1% -3% -2% -3% -7% -1% -1% 0% 1% -7% -1%

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0%

50%

100%

jan-18 abr-18 jul-18 out-18 jan-19 abr-19 jul-19 out-19 jan-20 abr-20 jul-20 out-20 jan-21 abr-21 jul-21

Other items for personal use Pharma, cosmetics, perfumes Hyper/Super, f&B, tobacco Books, newspaper, magazines Apparel and footwear Furniture, white line

Computer & communication

Figura 19: Penetração do e-commerce brasileiro (% dos usuários de internet no Brasil)

Figura 20: Crescimento do ticket médio online (A/A) Figura 22: Crescimento do GMV total das companhias (A/A)

Figura 17: Crescimento de vendas via e-commerce (A/A) Figura 18: Penetração do e-commerce brasileiro (% das vendas do varejo)

Figura 21: E-commerce brasileiro -market sharepor categoria

Dados do setor - Ecommerce

Fonte: MCC-ENET e XP Research. 6

Computadores e comunicação Móveis e eletrodomésticos Vestuário e calçados

Hiper/Super, A&B, etc.

Outros Produtos farmacêuticos Livros, revistas e jornais -30%

-10%

10%

30%

50%

70%

90%

110%

130%

jan-18 abr-18 jul-18 out-18 jan-19 abr-19 jul-19 out-19 jan-20 abr-20 jul-20 out-20 jan-21 abr-21 jul-21 0%

2%

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16%

-10%

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1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Magalu Via Americanas S.A.

-15%

-10%

-5%

0%

5%

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-100%

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0%

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100%

150%

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mai-20 jun-20 jul-20 ago-20 set-20 out-20 nov-20 dez-20 jan-21 fev-21 mar-21 abr-21 mai-21 jun-21 jul-21 ago-21 set-21

Shopping Malls Street Malls

- 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 10,0

Last 6 Months 2020 2019 Figura 27: Fluxo de clientes em loja (variação mês/mês)

Figura 26: Penetração das venda dos varejistas em shoppings (%)

Figura 23: Vendas de vestuário e calçados (Últimos 12 meses) Figura 24: Vestuário: inflação acumulada dos últimos 12 meses

Fonte: IBGE, IPV, BNB, Euromonitor e XP Research. 7

Dados do setor- Vestuário

Figura 28: Reclame Aqui –Avaliação dos usuários (loja online) Figura 25: Produção de vestuário e acessórios (mês/mês)

Últimos 6M -30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

-5,0%

-3,0%

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9,0%

Shopping Lojas de rua

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

jan-17 mai-17 set-17 jan-18 mai-18 set-18 jan-19 mai-19 set-19 jan-20 mai-20 set-20 jan-21 mai-21

16%

17% 18% 17% 18%

19%19% 19%20%20%

14%

10%

12%

14%

16%

18%

20%

22%

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-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

# of supermarkets Payments value Payments volume

-10,0%

-5,0%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

F&B F&B home F&B on premise

Figura 31: ABRAS - Vendas do setor de supermercados (Var. A/A)

Figura 32: ABRAS –Lojas em operação*

Figura 29: Inflação de Alimentos e Bebidas (últimos 12 meses) Figura 30: ABRAS - Vendas do setor de supermercados em R$

bilhões (base 100 = 1990)*

Figura 33: Cartões Alelo - Dados de pagamento (Var. vs. 2019)

8

Dados do setor- Supermercados

Fonte: IBGE, ABRAS, ALELO e XP Research. Nota *: dados do atacarejo incorporados a partir de 2020.

A&B A&B em casa Projeções de mercado

# de supermercados Var. Volume

Var. Preço

-5%

0%

5%

10%

15%

20%

jan/18 abr/18 jul/18 out/18 jan/19 abr/19 jul/19 out/19 jan/20 abr/20 jul/20 out/20 jan/21

0 100 200 300 400 500 600

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

76.000 78.000 80.000 82.000 84.000 86.000 88.000 90.000 92.000 94.000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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Figura 36: Penetração de genéricos na venda total de medicamentos (%)

Figura 37: Saúde e bem estar - Inflação acumulada nos últimos 12 meses

Figura 34: Vendas do setor farmacêutico (últimos 12 meses) Figura 35: Vendas de medicamentos (milhões de caixas)

Fonte: IBGE, SimilarWeb, Sindusfarma e XP Research. 9

Dados do setor- Farmácias

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

0,0%

2,0%

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6,0%

8,0%

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12,0%

14,0%

15,0%

20,0%

25,0%

30,0%

35,0%

40,0%

0 100 200 300 400 500 600

jan-19 mar-19 mai-19 jul-19 set-19 nov-19 jan-20 mar-20 mai-20 jul-20 set-20 nov-20 jan-21 mar-21 mai-21 jul-21 set-21

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Fonte: XP Research. 10

Valuation Comparáveis

Figura 38: Cobertura do Varejo XP

Empresa Ticker Recomendação Preço Atual

(R$/ação)

Preço Alvo (R$/ação)

Potencial de Valorização

EV/GMV EV/Receita EV/EBITDA P/L

2021e 2022e 2021e 2022e 2021e 2022e 2021e 2022e

Ecommerce 0,6x 0,4x 1,7x 1,3x 15,4x 11,8x -7,7x 118,0x

Enjoei ENJU3 Neutro 4,3 7,0 63,6% 0,6x 0,4x 4,2x 3,2x n.m. n.m. n.m. n.m.

Magalu MGLU3 Neutro 11,6 18,0 55,8% 1,3x 1,0x 1,9x 1,6x 36,1x 24,5x n.m. n.m.

Mosaico MOSI3 n.a. 10,8 n.a. n.a. 0,1x 0,1x 2,7x 1,7x 13,5x 15,1x 23,3x 21,2x

Via VIIA3 Neutro 6,9 10,0 44,9% 0,3x 0,3x 0,4x 0,4x 6,7x 5,4x 79,4x n.m.

Americanas S.A. AMER3 Neutro 33,3 45,0 35,3% 0,7x 0,6x 1,1x 0,9x 10,3x 7,6x -66,7x 178,3x

Lojas Americanas LAME4 Neutro 5,8 8,0 38,4% 0,7x 0,6x 1,1x 0,9x 10,3x 7,6x -66,7x 178,3x

Consumo Discricionário n.a. n.a. 2,4x 1,9x 15,1x 10,3x 31,5x 23,7x

Arezzo & Co. ARZZ3 Compra 80,1 108,0 34,9% n.a. n.a. 3,1x 2,4x 20,1x 14,5x 43,5x 26,2x

Grupo Soma SOMA3 Compra 14,8 22,0 48,6% n.a. n.a. 3,9x 2,2x 22,7x 13,5x 35,3x 20,3x

C&A CEAB3 Neutro 7,0 8,5 22,1% n.a. n.a. 0,6x 0,5x 10,5x 4,5x n.m. 20,8x

Lojas Renner LREN3 Compra 34,9 43,0 23,4% n.a. n.a. 2,7x 2,3x 14,3x 10,9x 41,7x 27,9x

Vivara VIVA3 Compra 27,5 37,0 34,6% n.a. n.a. 4,4x 3,6x 17,5x 14,1x 29,3x 21,9x

Multilaser MLAS3 Compra 7,0 13,0 86,0% n.a. n.a. 0,9x 0,7x 4,8x 4,4x 7,7x 6,3x

Natura&Co. NTCO3 Compra 40,5 63,0 55,5% n.a. n.a. 1,4x 1,3x 15,6x 10,4x n.m. 42,3x

Supermercado n.a. n.a. 0,6x 0,5x 7,4x 5,9x 15,8x 13,6x

Assaí ASAI3 Compra 15,4 25,0 49,1% n.a. n.a. 0,6x 0,5x 8,1x 7,4x 17,5x 16,4x

Carrefour Brasil CRFB3 Neutro 17,3 24,0 27,1% n.a. n.a. 0,5x 0,5x 7,4x 6,1x 15,5x 12,1x

Grupo Mateus GMAT3 Compra 7,3 11,0 37,9% n.a. n.a. 0,9x 0,7x 11,7x 8,3x 18,1x 11,8x

GPA PCAR3 Neutro 24,8 38,0 41,1% n.a. n.a. 0,2x 0,2x 2,3x 2,0x 12,1x 14,2x

Farmácia n.a. n.a. 0,8x 0,7x 16,4x 14,1x 35,0x 25,1x

d1000 DMVF3 Neutro 5,5 7,5 36,4% n.a. n.a. 0,2x 0,2x n.m. 14,0x n.m. n.m.

Pague Menos PGMN3 Compra 9,8 15,0 53,4% n.a. n.a. 0,6x 0,5x 10,7x 9,6x 22,9x 15,8x

Raia Drogasil RADL3 Compra 23,9 27,0 13,2% n.a. n.a. 1,6x 1,3x 22,1x 18,6x 47,2x 34,5x

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8) The products presented in this report may not be suitable for all types of customer. Before making any decisions, customers should ensure that the products presented are suitable for their investor profile. This material does not suggest any change of portfolio, but only guidance on products suitable to a certain investor profile.

9) The profitability of financial products may present variations e their price or value may increase or decrease in a short period of time. Past performance is not necessarily indicative of future results. Performance disclosed is not net of any applicable taxes.

The information present in this material is based on simulations e the actual results may be significantly different.

10) This report is intended exclusively for to the XP Investimentos’ network, including independent XP agents e XP customers, e may also be released on XP’s website. It is prohibited to reproduce or redistribute this report to any person, in whole or in part, whatever the purpose, without the prior express consent of XP Investimentos.

11) XP Investimentos’ ombudsman has the mission to serve as a contact channel whenever customers who do not feel satisfied with the solutions given by the company to their problems. The contact can be made via telephone 0800 722 3710 if you are in Brazil or via ombudsman form if you are in other localities: ttps://institucional.xpi.com.br/ouvidoria.aspx/.

12) The cost of the transactions billing policies are defined in the operational cost tables which are made available on XP Investimentos website: www.xpi.com.br.

13) XP Investimentos is exempt from any liability for any damages, direct or indirect, that come from the use of this report or its contents.

14) Technical analysis e fundamental analysis follow different methodologies. Technical analysis is performed following concepts such as trends, support, resistance, celes, volume, e moving averages, amongst others. Fundamental analysis uses as information the results disseminated by the issuing companies e their projections. In this way, the opinions of fundamental analysts, who seek the best returns given the market conditions, the macroeconomic scenario e the specific events of the company e the sector, may differ from the opinions of technical analysts, which aim to Identify the most likely movements on asset prices, using "stops" limit possible losses.

15) Investment in stocks is appropriate for moderate e aggressive profile investors, according to the suitability policy practiced by XP Investimentos. Equity investments available are portion a company’s capital that is traded on the market. Stock is a variable financial investment (i.e. an investment in which profitability is not pre-established e varies depending on market quotations). Investment in stock is a high-risk investment e past performance is not necessarily indicative of future results e no statement or warranty, expressed or implied, is made in this material in relation to future performance. Market conditions, macroeconomic scenario, company e sector specific events can affect investment performance e may even result in significant asset losses. The recommended duration for equity investments is medium-long term. There is no guarantee of investment return for customers’ investments in stock.

16) Investment in options is preferably indicated for aggressive profile investors, according to the suitability policy practiced by XP Investimentos. In options market, the purchase or sale rights of a good shall be negotiated at a price fixed at a future date, e the purchaser of the negotiated duty should pay a premium to the seller as in a secure agreement. Operations with these derivatives are considered very high risk for presenting high risk e return relationships e some positions present the possibility of losses higher than the capital invested. The recommended duration for the investment is short-term e the customer's assets are not guaranteed in this type of product.

17) Investment in terms is indicated for aggressive profile investors, according to the suitability policy practiced by XP Investimentos. They are contracts for the purchase or sale of a certain number of shares at a fixed price for settlement within a specified period. The term of the contract is freely chosen by the investors, complying with the minimum period of 16 days e a maximum of 999 days. The price will be the value of the added share of a portion corresponding to the interest-which are set freely on the market, depending on the term of the contract. Every transaction in the term requires a guarantee deposit. These guarantees are provided in two forms: coverage or margin.

18) Investments in futures markets are subject to significant loss of principal, e are therefore appropriate for aggressive profile investors, according to the suitability policies practiced by XP Investimentos. A commodity is an object or price determinant of a future contract or other derivative instrument, which may substantiate an index, a fee, a movable value or a physical product. Commodities are considered high risk investments, which include the possibility of price fluctuation due to the use of financial leverage. The recommended duration for commodity investments is short-term e customers’ assets are not guaranteed in this type of product. Market conditions e the macroeconomic scenario can affect the performance investments.

19) This institution is adhering ANBIMA Code of Regulation e best practices for the distribution activity of retail investment products.

20) XP Investments US, LLC, a broker-dealer registered with the U.S. Securities e Exchange Commission, has assumed responsibility for this research for purposes of U.S. law. All transactions arising from this research should be directed to XP Investments US, LLC, at +1 646-664-0525.

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Thiago Suedt | Varejo thiago.suedt@xpi.com.br Gustavo Senday | Varejo gustavo.senday@xpi.com.br