The aim of this material is to provide information of some characteristics of MERCAN PRIVATE EQUITY FUND I - FUNDO DE CAPITAL DE RISCO FECHADO (the "Fund") and is not an offering document for any securities or financial productor a solicitation of any offer to sell any security or financial productor to participate in any trading strategy. This material is intended for your analyses and your preliminary interest in receiving further documents. Any decision to invest in the Fund should be made after reviewing the further Fund documents, which would contain material information not contained herein and which would supersede this information in its entirety, conducting such investigations as the investor deems necessary and consulting the investor's own legal, accounting, and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the Fund. MERCAN does not provide investment advice of any kind and the decision to request further detailed information about the Fund is a judgement of the investor.

The information contained herein is confidential information and any unauthorized change, disclosure, reproduce or share of this document is expressly prohibited, and also its disclosure can be restricted by law in certain jurisdictions. The recipient agrees that it will, and it will cause any of its directors, partners, officers, employees, and representatives to use such information only to evaluate its potential interest in the Fund and for no other purpose.

Investing in the Fund is speculative, not suitable for all investors, and intended for experienced and sophisticated investors who meet the required qualifications and who are willing to bear the high economic risks of such investment, which can include, but are not limited to: loss of all or a substantial portion of the investment; lack of liquidity in that there may be no secondary market for the securities and none is expected to develop; restrictions on transferring interests in the Fund; and potential lack of diversification and resulting higher risk due to concentration. [Investing in the Fund must be a conscient decision and the Investor must evaluate if he is in position to proceed with the investment or not, at the sole risk and responsibility of the Investor. This material is not intended to provide, and should not be relied upon for, any specific investment strategy].

This material can contain forward-looking statements, which give current expectations of the Fund's future activities and future performance. Any or all forward-looking statements in this material may turn out to be incorrect. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Although the assumptions underlying the forward-looking statements contained herein are believed to be reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurances that the forward-looking statements included in this discussion material will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation that the objectives and plans discussed herein will be achieved. Further, no person undertakes any obligation to revise such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

All the information provided by MERCAN in this material on the Fund is merely informative and non-binding, intended only to publicise the existence of the Fund, and official information on the Fund should be requested from the Fund's marketing entity. This document is for informational purposes only and should not be relied upon. While all of the information in this document is believed to be accurate, we make no express warranty as to the completeness or accuracy of the information, nor can we accept responsibility for errors appearing in the document. None of the Fund's service providers shall assume or otherwise have any responsibility or any liability whatsoever to recipients, recipients' affiliates, or any of recipients' affiliates' directors, officers, managers, employees, or representatives resulting from the use of the information and material contained in this presentation.

Interests in the Fund will not be registered under the U.S. Securities Act of 7933, as amended, or any state or non-U.S. securities laws, or with any non-U.S. securities regulator, and the Fund will not be registered under the U.S. Investment Company Act of 7940, as amended. The securities described herein have not been recommended by any U.S. federal or state or non-U.S. securities commission or regulatory authority, including the Securities and Exchange Commission. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this document. Any representation to the contrary is a criminal offense.

The terms and conditions of this disclaimer may be subject to change without notice and if any provision of this disclaimer is found to be invalid or unenforceable, the remaining provisions will continue to be valid and enforceable.