CARBON

FOOTPRINT REPORT
2022
FAMA
INVESTIMENTOS
 CARBON FOOTPRINT REPORT
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SUMMARY

Highlights ....................................................................................................................................... 2
Introduction ................................................................................................................................... 3
FAMA Investimentos Climate Transition Plan ........................................................................................3
Investment .........................................................................................................................................3
Engagement........................................................................................................................................6
Advocacy ............................................................................................................................................7
Accountability.....................................................................................................................................8
Governance ........................................................................................................................................9
Portfolio Carbon Footprint ............................................................................................................ 11
Gross Emissions ....................................................................................................................................11
FAMA vs. Ibovespa portfolio ............................................................................................................12
FAMA vs. ISE portfolio ......................................................................................................................13
FAMA vs. ICO2 portfolio ...................................................................................................................14
Net Emissions .......................................................................................................................................15
Climate Management Evolution .................................................................................................... 16
Horizontal Analysis: business efficiency ...............................................................................................16
Appendix ...................................................................................................................................... 18
Data quality ..........................................................................................................................................18
Emissions details by company ..............................................................................................................20
2018 emissions details .....................................................................................................................21
2019 emissions details .....................................................................................................................21
2020 emissions details .....................................................................................................................22
2021 emissions details .....................................................................................................................22
Details on FAMA Investimentos Institutional emissions ......................................................................23
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HIGHLIGHTS

FAMA Investimentos is committed to a low carbon economy...

Achieve Achieve
Achieve
28,6%* 100%*
net zero
with SBTi targets With SBTi targets by 2050
by 2025 by 2040

*of our invested amount portfolio

... and part of that commitment is based on carbon emissions management, as well
as transparency.

FAMA Carbon Footprint vs. Main Market Indices Portfolio

-87% FAMA Investimentos Carbon
29,8 30,2
Intensity in tCO2e/R$ MM invested
25,7 24,9
21,8 Footprint vs. Ibovespa in 2021
21,0

15,1
-84% FAMA Investimentos Carbon
13,0 11,7 13,8
12,8 10,3
8,7
Footprint vs. ISE in 2021
5,1 4,0 3,9

2018 2019 2020 2021 -72% FAMA Investimentos Carbon

FAMA Ibovespa ISE ICO2 Footprint vs. ICO2 in 2021

We demand quality data from companies, allowing us to achieve more realistic

results.

87% of FAMA Investimentos 82% for the Ibovespa Index

portfolio data in 2021 are high 97% for the ISE Index
quality data 93% for the ICO2 Index
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INTRODUCTION

FAMA Investimentos Climate Transition Plan

Investment

The basis of our climate transition plan is reflected in our Stewardship Code, which describes our
approach to climate change and how we are dealing with the risks and opportunities that arise alongside
our investee companies.

Its main pillar is reflected in our public commitment to achieve zero net emissions by 2050 or earlier, as
one of the founding members (the only one in Latin America) of the Net Zero Asset Managers – NZAM
initiative, which exemplifies the importance of this topic for us, being transversal to our investment
strategy.

As a starting point, we defined our intermediate goal according to the initiative's recommendations.
Following several analyses, we chose to implement the “SBTi Portfolio Coverage” methodology, which
consists in establishing a portfolio percentage comprising science-based emission reduction targets –
established and validated by the SBTi initiative (Science Based Target Initiative) – by 2025, and to reach
100% of the portfolio by 2040.

We are committed to a low

carbon economy

Achieve Achieve
Achieve
28.6%* 100%* net zero
with SBTi targets with SBTi targets by 2050
by 2025 by 2040

* of our invested amount portfolio

 CARBON FOOTPRINT REPORT
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As reference, none of our portfolio companies had established any emission reduction targets in 2019
(the base year). Today, 46% of our invested amount portfolio has established targets, 16% of which have
been verified by SBTi, specifically the commitments assumed by Klabin and Lojas Renner, both also
committed to achieving zero net emissions by 2050.

In addition, by the time of this report’s publication, two additional portfolio companies, MRV and Arezzo,
committed to the SBTi initiative and have up to two years (from the commitment date) to establish and
validate their goals alongside the initiative.

-25% -46%
of scope 1 and 2 emissions/ton of absolute 1 and 2 emissions by 2030
produced by 2025

-49% -75%
of scope 1 and 2 emissions/ton of scope 3 emissions from purchased
produced by 2035 services/pieces produced*
WB2D 1.5°C
*Renner and Youcom brand clothing and footwear

We chose the “SBTi Portfolio Coverage” methodology because it guarantees that the goals established
by our investee companies are sufficiently robust and ambitious to contribute to the transition to a low-
carbon economy and to the achievement of global climate goals within a suitable time. Our portfolio
includes companies with established emission reduction targets, although not verified by the initiative,
which will become the target of engagement so that such goals become linked to SBTi-proven scientific
methodologies.

To monitor our progress concerning our commitments, we carry out an annual carbon footprint
assessment of our operations, including scopes 1, 2 and 3, the latter comprising our most significant
source of emissions (mainly category 15, which pertains to our main activity: investments) based on the
PCAF methodology. We were the first Brazilian asset manager to measure and publish a Carbon
Footprint Report.

Our assessments, which include those reported herein, employ vertical and horizontal analyses to
measure our portfolio's carbon footprint against different benchmarks, and carry out comparisons to
previous years. The latest analysis indicates that our portfolio gross CO2 emissions intensity in 2020 was
well below the benchmarks, namely 83% lower than Ibovespa, 63% lower than ISE (B3 Corporate
Sustainability Index) and 67% lower than ICO2 (B3 Carbon Efficient Index).
 CARBON FOOTPRINT REPORT
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A 55% drop in our gross portfolio’s carbon footprint was also noted in 2020 compared to 2018, due to
emissions decreases from some of our investee companies, as well as the allocation of assets with lower
greenhouse gas (GHG) emissions.

The carbon footprint of our liquid

portfolio is negative, which means that it
absorbs more CO2 than it emits.

Part of our climate management is centered on testing different climate scenarios (“stress tests”) and
quantifying potential carbon pricing-derived impacts on our investees and our portfolio, especially given
the uncertainties of a regulated carbon market for Brazil and any possible impacts derived from carbon
market regulation in other countries.

We have also implemented an “Implied Temperature Rise” analysis, which allows us to understand the
contributions of our companies and portfolio to the global objective of maintaining the temperature
increase up to 1.5°C. Bearing in mind that companies can employ different units and deadlines and
include different scopes in their climate commitments, the CDP and WWF “Temperature Rating” tool
proves to be an excellent alternative, as it translates all this data into temperature data and, therefore,
allowing for better comparisons and prioritization of our actions, both in terms of portfolio construction,
as well as engagement and advocacy.

For example, based on the results, we can define specific engagement plans for each company with aims
adapted to the advances and climate challenges of each of them, prioritizing those that represent the
greatest risks to the stability of our results.

Due to the current scenario regarding the establishment of emission reduction targets, where few
companies have committed themselves and many have not yet verified the robustness of these targets
and alignment with scientific methodologies verified by a third party, we note alarming results that
demonstrate a negative contribution of our portfolio to temperature increases.

However, we believe that our engagement efforts concerning this climate front, alongside the investee
companies, can result in an encouraging outlook in the coming years.
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Engagement

Although we are aware that it equally impacts all

Climate change is a cross- investee companies, we understand that, given its

characteristics – mainly the limited time we have to
cutting topic of
act, as well as the progress made at measurement and
engagement for FAMA reporting – considering the topic as material for all
Investimentos companies is the most appropriate approach.

However, this does not mean that climate

engagement plans are the same for all companies; the aims vary according to their respective progress
and transparency levels. The assumptions we demand from our investees are based on the TCFD (Task
Force on Climate Related Financial Disclosures), detailed below:

• Analysis of scope 1, 2 and 3 emissions;

• Establishment of a climate governance structure and clear climate change management

strategy;

• Integrated climate risk and opportunity management;

• Carbon emissions reduction targets based on science-based methodologies and validated by the
Science-based Targets Initiative;

• Maximum caution when offsetting residual carbon emissions with carbon credits. We reinforce
that carbon credits should only be used if there are remaining emissions following the
implementation of a robust decarbonization plan. We also reinforce the need to guarantee the
quality of those credits;

• Full transparency regarding these issues and others related to the climate agenda.

Our close relationship with our investees makes engagement our main and best stewardship tool. All
engagement plans contain clear objectives, a detailed timeline, and escalation methods to be triggered
if the engagement is not successful under previously established conditions. Plans are essential for the
efficient use of resources towards concrete results and allow for detailed monitoring, also acting as
inputs in the iterative investment analysis and decision-making process.
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Still concerning the engagement sphere, we have led and supported collective engagements through
institutions like the CDP and IPC (Investors for the Climate, acronym in Portuguese). Although we prefer
individual engagements due to proximity with our investees, we recognize the benefits of collective
engagements.

In 2022, we led the CDP campaign “CDP Non-Disclosure Campaign”, which aimed to encourage all our
investee companies, on behalf of other CDP signatory investors, to provide information on climate,
water and forest management and supported the CDP SBTi campaign for the third consecutive year,
which encourages the world's most carbon-intensive companies to commit to scientific emission
reduction targets aligned with a maximum temperature increase of 1.5°C.

Advocacy

We have supported local and international statements addressed to Brazilian policy makers demanding
greater climate ambition aligned with the commitments made through The Paris Agreement, the
adoption of carbon pricing mechanisms and the implementation of a regulated carbon market. We have
demanded more robust inspection structures and environmental enforcement to eliminate
deforestation, as well as mandatory corporate climate risk disclosure.

Several of the concerns and requests are

mirrored in the following statements to
which we are signatories:

Global Investor Statement to Governments on the Climate Crisis

FAMA Investimentos is the only Brazilian signatory

Declaração do Setor Empresarial Brasileiro

Only 5 Brazilian investors

Investor Statement in support of resilient low-carbon transition policies

Only 20 Brazilian investors

Given the ongoing construction of the sustainability and ESG Investments ecosystem, we believe it is
important to contribute to the creation and development of initiatives such as The Taskforce on Nature
Related Financial Disclosures (TNFD), which we have supported since its founding as part of the Initial
Working Group, contributing to its scope definition. It is important to emphasize the interdependence
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between Climate and Biodiversity, making it impossible to succeed in a climate transition plan without
considering its risks, impacts, and dependencies with biodiversity.

In this regard, we welcome the advances made at the COP15 (United Nations Conference on
Biodiversity), where the Kunming-Montreal Global Biodiversity Framework (GBF) was published,
consisting in a biodiversity framework to be adopted by over 180 signatory countries that seeks
collective collaboration to reduce biodiversity losses while promoting the equitable distribution of
benefits derived from nature.

The framework consists of four macro-objectives to be achieved by 2050 and 23 guiding goals to be
achieved by 2030, which discuss several essential themes, such as the effective conservation and
maintenance of at least 30% of the world's land and water areas and the restoration of at least 30% of
degraded land and water areas.

Other goals address high-impact sectors, such as agriculture – key to the economic stability of Brazil and
the region, and demand greater action and transparency from the corporate sector and financial market
concerning the risks, dependencies, and impacts of biodiversity on its operations, supply chain and
portfolios – basically in line with the TNFD purpose.

Other initiatives we have supported include the aforementioned Net Zero Asset Managers and the
Aligned Accountability project led by Global Canopy, which aims to build a corporate performance
metrics database on deforestation that will be useful in decision-making by financial institutions. The
Working Group for this project has the support of 11 international asset managers, with FAMA
Investimentos being the only one based in Latin America.

Accountability

Every year, as a signatory to the PRI (since 2011) and the UN Global Compact (since 2020), we produce
two reports that detail how we are embodying the PRI's six principles and contributing to the UN Global
Compact's ten principles.

Since 2021, the PRI report has undergone several changes concerning both structure and scoring
methodology, with one of the highlights comprising the inclusion of a new module following TCFD
guidelines focused on climate change. Since 2021, this report has also served as a transparency tool to
disclose our actions and advances regarding our climate commitment (Net Zero Asset Managers).

We obtained a five-star score (maximum score) in the last PRI report (2021) for the “Investment Policy
& Stewardship” and “ESG Integration into the investment process” modules. We also obtained the
 CARBON FOOTPRINT REPORT
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highest score (A+) for the “Strategy and Governance” and “ESG Incorporation” modules in the previous
report (2020).

Every year we also voluntarily report our Carbon Footprint, the focus of this report, and since last year
under the PCAF methodology, which is endorsed by the GHG Protocol, CDP and SBTi.

We also publish a quarterly Stewardship Report summarizing our commitments, engagements, votes,
internal initiatives, and general updates, as well as advocacy efforts.

The details of our climate agenda, described in this report, are also presented as a global case study by
The Investor Agenda, following the ICAPs (Investor's Climate Action Plans) Expectations Ladder
framework, which suggests a series of initiatives to be implemented by investors towards a low carbon
economy. These initiatives are specifically related to governance and four other interconnected areas,
namely investment, corporate engagement, advocacy, and disclosure. We were the only asset manager
based in Latin America to be among the first round of case studies published in January 2022.

Our climate transition plan also earned us a finalist classification in the 2022 PRI Awards, in the “Real-
world Impact of the year” category, making us the only asset manager based in Latin America to reach
the finals.

In addition to providing transparency to our stakeholders, our reports are crucial in evaluating our
performance and identifying opportunities for improvement. In the last few years, we have made
excellent progress with our investee companies and have witnessed many of them improving their
measurement and transparency practices, making bold commitments to reduce emissions and even
leading climate engagement initiatives.

Governance

The climate agenda is widely supported and monitored by the portfolio managers. All members of the
Investment Committee are certified on CFA ESG Investing and constantly recycle knowledge through
training with specialists, ensuring the skills and competencies required to assess, manage, and monitor
the risks and opportunities related to climate change.

Furthermore, the corporate culture ensures that all employees will uphold the ESG principles in their
work, making it a core organization value. Our portfolio managers and executives embrace the
company's mission, creating a shared vision among all members for the execution of climate goals. These
ESG values and principles are of paramount importance in the investment process and serve as an
essential requirement in the selection process for new employees.
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Fabio Alperowitch, co-founder and portfolio manager, is also a board member of renowned institutions
such as WWF, Instituto Ethos and Instituto LIFE.
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PORTFOLIO CARBON FOOTPRINT

Gross Emissions

This section presents data on our portfolio’s carbon footprint for December 31st 2018, 2019, 2020 and
2021, as well as estimated carbon footprint data for the main market indexes for the same periods, for
comparative reasons.

All calculations follow the PCAF methodology, which establishes that the Carbon Footprint of an
investment portfolio, commonly called "financed emissions", is equal to the sum of the share of
emissions of each investee company that corresponds to the investor, employing a certain attribution
factor, which according to the PCAF is based on the investor's company stake and its Enterprise Value
(EV) or Firm Value, without discounting cash (EVIC) to avoid potential negative EV.

Investmenti
∑ * Gross emissions (scope 1+2) companyi
EVICi

That said, it is important to consider that the outcome depends on three variables, namely the invested
amount (or inclusion/exclusion of a given company from a given portfolio), the EVIC, and gross emissions
(which can be retroactively adjusted by reporting companies).
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FAMA vs. Ibovespa portfolio

Carbon Footprint FAMA’s Portfolio vs. Ibovespa Index

Intensity in tonCO2e/R$MM invested
44%
29,8 30,2
1%
25,7

21,0

8,7
-55%
5,1 3,9
4,0

2018 2019 2020 2021

FAMA Ibovespa

FAMA Investimentos’ carbon footprint was of 3.9 tons of CO2e per million reais invested (tonCO2e/R$
MM invested) in 2021, remaining essentially stable compared to the previous period and 55% below the
carbon footprint of the first year analyzed of 2018.

FAMA Investimentos' carbon footprint is 87% lower compared to the main market benchmark index
(Ibovespa), which had a carbon footprint of 31.2 tonCO2e/invested R$MM in 2021. It is important to
note that Ibovespa's carbon intensity increased by 44% in 2021 compared to the previous year. This
increase was mainly attributed to the inclusion of Eneva in the index, which accounted for 29% of the
overall variation. Additionally, Petrobrás, with a 1.5 percentage point increase in the index from 2020 to
2021, contributed 30% to this variation. Other large GHG emitters such as Braskem, Gerdau, and Vale,
contribute, to a lesser extent, to this increase, and all of them together represent 68% of the index's
carbon footprint in 2021.

We can attribute FAMA’s portfolio carbon footprint reduction over the last few years to several factors,
including:

• Changes in the portfolio composition itself. Companies appearing in the 2021 portfolio that
were not part of the 2018 portfolio exhibited a 75% lower intensity compared to companies
that appeared in the 2018 portfolio and that no longer appear in the 2021 portfolio.

• Reduction of the carbon intensity of remaining portfolio companies. As reference, Alpargatas,

Dexco and Klabin were able to reduce their intensities by 78%, 63% and 18%, respectively, in
2021, compared to 2018.
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FAMA vs. ISE portfolio

Carbon Footprint FAMA’s Portfolio vs. ISE Index

Intensity in tonCO2e/ R$MM invested

141%

24,9
14%
21,8

15,1

10,3
8,7
-55%
5,1 3,9
4,0

2018 2019 2020 2021

FAMA ISE

FAMA Investimentos 2021 carbon footprint is 84% lower than the ISE market index (B3 Sustainability
Index).

The 141% increase in the carbon footprint of the ISE between 2020 and 2021 is particularly noteworthy,
primarily due to the inclusion of Petrobrás, a large GHG emitter which now represents 51% of the 2021
portfolio and contributes to 88% of the variation.
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FAMA vs. ICO2 portfolio

Carbon Footprint FAMA’s Portfolio vs. ICO2 Index

Intensity in tonCO2e/ invested R$MM

18%

6% 13,8
13,0
12,8 11,7

8,7

-55%
5,1
4,0 3,9

2018 2019 2020 2021

FAMA ICO2

FAMA Investimentos’ 2021 carbon footprint is 72% lower than the ICO2 market index (B3 efficient carbon
index).

We also draw attention to the 18% increase in ICO2's carbon intensity between 2020 and 2021. The
main company contributing to that increase is Gerdau, a high emitting company which was added to the
index for the first time in 2021 and accounts for 85% of the variation. Along Gerdau, other major emitters
were also added to the index for the first time in 2021, contributing to this increase to a lesser extent.
These companies include Braskem, Cosan, EDP and Engie. Additionally, despite a 6pp reduction in the
index from 2020 to 2021, Petrobras remains the company that contributes the most to the carbon
footprint result, accounting for approximately 32% of the 2021 result (compared to 70% in 2020).
 CARBON FOOTPRINT REPORT
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Net Emissions

The following table presents our portfolio’s carbon balance summary, where it is possible to evidence
all the financed emissions (also considering biogenic emissions) as well as the removals, the latter mainly
attributable to our participation in two companies with forestry assets, namely Klabin and Dexco.

2018 2019 2020 2021

Gross footprint
(tCO2 invested R$ MM)
8.7 5.1 4.0 3.9

Gross emissions* 14,699 11,818 10,391 6,577

Biogenic emissions* 25,659 29,087 26,508 25,071

(-) Removals ref. Dexco* -9,485 -7,632 -9,025 -5,605

(-) Removals ref. Klabin* -30,542 -34,144 -32,736 -36,132

Net emissions* 332 -865 -4,862 -10,089

* Emissions in tons of carbon equivalents (tCO2e)

It is possible to observe that our portfolio has negative net emissions for 2019, 2020 and 2021,
indicating that it absorbs more emissions than it emits.
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CLIMATE MANAGEMENT EVOLUTION

Horizontal Analysis: business efficiency

Despite its limitations, one of the most used indicators to analyze the efficiency of a company’s emission
management, is the carbon intensity. This indicator allows us to compare the emissions of different
companies based on specific financial or operational metrics.

Whenever possible, it is better to employ operational metrics (e.g., tons of carbon per volume
produced), especially when comparing the carbon intensity of companies belonging to the same sector
or industry. In this case, we understand that a financial metric is more appropriate, given that the
portfolio is comprised of companies from different sectors, even though we acknowledge this
methodology is more sensitive to exchange rate and price fluctuations.

tCO2e/R$ MM Operating income

Company CAGR 18vs21
2018 2019 2020 2021
Locaweb 3 2 2 1 -53%
Totvs 3 2 2 1 -53%
SulAmérica 0 0 0 0 -48%
Alpargatas 24 22 7 8 -41%
Lojas Americanas/B2W 6 2 1 2 -39%
Dexco 132 58 63 59 -33%
Porto Seguro 0 0 0 0 -22%
CVC 5 4 3 3 -21%
Log 21 18 13 13 -20%
Cogna 44 37 28 28 -20%
M. Dias Branco 31 29 25 23 -14%
Klabin 76 79 65 57 -13%
B3 0 1 0 0 -9%
Fleury 4 2 3 3 -9%
Mills 5 5 3 4 -7%
Randon 9 8 8 8 -7%
Iguatemi 21 18 13 19 -4%
MRV 1 2 2 1 1%
Localiza 2 2 2 2 1%
Intermédica/Hapvida 2 2 2 2 6%
Petz 2 2 2 2 10%
Raia Drogasil 2 2 2 2 10%
Arezzo 0 0 0 1 17%
Lojas Renner 2 2 2 3 18%
Multiplan 22 17 13 33 22%
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The table above contains (in bold) all companies included in our portfolio for each fiscal year; nine of
them (highlighted in color) have remained in our portfolio during the last four years. It is noteworthy the
reductions by Dexco and Klabin, as they are major carbon emitters, as well as the increases by Arezzo
and Raia Drogasil.

As mentioned throughout this report, Klabin has implemented a robust decarbonization plan that
complies with TCFD recommendations and is anchored in emission reduction targets validated by the
Science-based Targets Initiative (SBTi). We also highlight some specific practices that we consider
relevant to advancing the climate agenda, namely:

• 100% of the executive directors in 2022 have climate-related targets tied to compensation;

• Climate management is a topic included in the company's risks and opportunities agenda;

• Since 2019, the company has adopted a shadow price to understand and prepare for possible
regulatory changes on the subject;

• The company uses the Marginal Abatement Cost Curve (MACC) to evaluate and compare the
cost/effectiveness of different initiatives and technologies aimed at reducing and mitigating
emissions to comply with its commitments and climate plans;

• Focus on and investment in development, research and innovation to improve processes and
practices, establish adaptation strategies and capture business opportunities;

• The company has full transparency regarding the issue and makes an effort to transmit a clear
and comprehensible message to its various stakeholders.

Concerning Dexco, the company’s 33% annual emission intensity reduction is mainly due to decreased
forest fires, which were significantly higher in 2018 and whose emissions are accounted for within scope
1. A very discreet increase of 1% in its annual emission intensity is noted when comparing 2021 to 2019.

Regarding Arezzo and Raia Drogasil, although both companies have experienced an increase in their
annual emissions intensities by 17% and 10% respectively, neither of them contributes significantly to
our carbon footprint (approximately 2% of the 2021 result) and as a result, they are not currently our
main focus. However, it is worth highlighting Arezzo's advancements in this regard. The company has
made efforts to strengthen its emissions inventory and has publicly committed to establishing an
emissions reduction target in line with SBTi criteria by 2023.
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APPENDIX

Data quality

The primary source of data is obtained from investee companies, either through their own sustainability,
integrated, or annual reports, or through institutions such as the CDP or the GHG Protocol Emissions
Registry. For missing data and up to 2020, emissions were estimated by Trucost (S&P). In cases where
data was still missing or deemed unreliable, manual proxies were utilized. These manual proxies may be
derived from emissions data reported by investee companies for other years or from emissions data of
other companies in our portfolio that are believed to potentially have similar Scope 1 and 2 emissions.

The data quality of FAMA’s portfolio is outlined below, with company-reported data considered the
highest-quality data under the PCAF methodology and therefore receiving the highest score of 1. Data
estimated by S&P (Trucost) is displayed in light orange, and the manual proxies performed by our team
are depicted in blue.

Data quality has increased over the years, and companies are improving their emissions inventories,
including for previous years, as indicated previously. This improvement takes place, for example, by
including specific categories not considered before, as well as the third-party independent assurance of
the reported data.

By 2021, 87% of the emissions data were reported by FAMA Investimentos' investee companies,
indicating high-quality data. There was a slight drop in 2020, but the percentage remained relatively high
at 81%. In 2018 and 2019, this percentage was 59%.
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FAMA INVESTIMENTOS

Score
Company/year
2018 2019 2020 2021
Alpargatas 1 1
Arezzo 1 1 1
B3 1 - - -
Cogna - - -
CVC - -
Dexco 1 1 1 1
Fleury 1 1 1 1
Iguatemi - 1 1 1
Intermédica/Hapvida - 1 1 1
Klabin 1 1 1 1
Localiza 1 1 1 1
Locaweb - - -
Log 1
Lojas Americanas 1 - - -
Lojas Renner - - 1 1
M. Dias Branco 1 1 1 -
Mills -
MRV 1 1 1 1
Multiplan 1 - - -
Petz - - -
Porto Seguro - - - 1
Raia Drogasil 1 1 1 1
Randon - -
Sul América 1 1 1 1
Totvs - - 1

Regarding the benchmarks, the table below summarizes the number of holdings that make up each
benchmark for the different years, as well as the number and percentage of holdings with reported data.

A higher data quality is evidenced for the ISE (average of 97%), and ICO2 (average of 93%) benchmarks
when compared with Ibovespa (average of 82%). In other words, on average, 82% of the companies that
make up the Ibovespa, 97% of the companies that make up the ISE and 93% of the companies that make
up the ICO2 reported scope 1 and 2 emissions data, either through their own reports or through
platforms like the CDP.
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BENCHMARKS

Holdings vs. reported data 2018 2019 2020 2021

Holdings 66 68 77 90
IBOV Data 51 55 64 77
% 77% 81% 83% 86%
Holdings 34 32 36 48
ISE Data 32 31 35 47
% 94% 97% 97% 98%
Holdings 28 29 26 61
ICO2 Data 26 26 25 57
% 93% 90% 96% 93%

Concerning the benchmarks, manual proxies were applied for the following companies: BB Seguridade,
Cia Hering, CVC Brasil, Cyrela, Fibria, Hapvida, Irb Brasil, Itausa, JHSF, Locamerica, Meliuz, Petrorio,
Qualicorp, Smiles, Taesa and Yduqs.

Other data sources consulted included Economatica, S&P and Bloomberg. The first two were specifically
relevant for EVIC calculations and the latter for collecting emissions data from public company reports.

Emissions details by company

Below, we present the breakdown of gross and net emissions of FAMA Investimentos' portfolio in metric
tons of CO2e per company, already weighted by their respective participation for the years 2018, 2019,
2020, and 2021.
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2018 emissions details

Gross Gross biogenic

Company (-) Removals* Net emissions*
emissions* emissions*
B3 1 1
Arezzo 6 6
SulAmérica 14 14
Log 25 25
Lojas
53 53
Americanas
Mills 67 67
Raia Drogasil 107 107
MRV 112 112
Localiza 132 132
CVC 141 141
Fleury 164 164
Multiplan 218 218
Randon 355 355
Alpargatas 793 793
M. Dias Branco 1,599 1,599
Klabin 2,669 17,678 -30,542 -10,194
Dexco 8,244 7,981 -9,485 6,740
Total 14,699 25,659 -40,027 332
* CO2e tons

2019 emissions details

Gross Gross biogenic

Company (-) Removals* Net emissions*
emissions* emissions*
SulAmérica 5 5
Arezzo 14 14
Log 41 41
Intermédica 45 45
Mills 75 75
Raia Drogasil 83 83
Fleury 83 83
CVC 117 117
Localiza 124 124
MRV 126 126
Iguatemi 169 169
Randon 461 461
Alpargatas 465 465
Cogna 1,039 1,039
M. Dias Branco 1,608 1,608
Klabin 3,360 21,712 -34,144 -9,072
Dexco 4,003 7,376 -7,632 3,746
Total 11,818 29,087 -41,776 -870
* CO2e tons
 CARBON FOOTPRINT REPORT
2022

2020 emissions details

Gross Gross biogenic

Company (-) Removals* Net emissions*
emissions* emissions*
SulAmérica 3 3
Raia Drogasil 18 18
Totvs 19 19
Mills 29 29
Arezzo 45 45
Log 45 45
Localiza 80 80
Lojas Renner 83 83
Intermédica 106 106
Alpargatas 111 111
Fleury 111 111
MRV 153 153
Iguatemi 188 188
M. Dias Branco 2,923 2,923
Klabin 3,029 21,299 -32,736 -8,408
Dexco 3,449 5,209 -9,025 -366
Total 10,391 26,508 -41,761 -4,862
* CO2e tons

2021 emissions details

Gross Gross biogenic

Company (-) Removals* Net emissions*
emissions* emissions*
Locaweb 2 2
Totvs 12 12
Arezzo 16 16
Porto seguro 19 19
Petz 37 37
Log 38 38
Intermedica 60 60
MRV 85 85
Localiza 94 94
Raia Drogasil 129 129
Lojas renner 138 138
Alpargatas 171 171
Fleury 198 198
Iguatemi 336 336
Klabin 2,182 22,810 -36,132 -11,139
Dexco 3,059 2,261 -5,605 -285
Total 6,577 25,071 -41,737 -10,089
* CO2e tons
 CARBON FOOTPRINT REPORT
2022

Details on FAMA Investimentos Institutional emissions

Since 2018, we offset our scope 1, 2 and 3 (institutional) emissions by acquiring carbon credits from the
REED+ Jari-Pará project and, this year, from the REDD+ Jari-Amapá project. In 2021, our emissions
totaled 9.95tonCO2e, as detailed below, the equivalent to the conservation of 4.974 adult native trees
in the Amazon rainforest1:

FAMA Investimentos Institutional Emissions

Stationary combustion 0 tonCO2e

Scope 1
Mobile combustion 0 tonCO2e
Fugitive emissions 0,006 tonCO2e

Scope 2
Electricity 2,485 tonCO2e

Business trips 4,079 tonCO2e

Scope 3 Employee displacement 0 tonCO2e

Deliveries 0,038 tonCO2e
Waste 3,339 tonCO2e

* We have the support of Biofílica for calculating institutional emissions

Access here the emissions offset certificate for the year 2018.

Access here the emissions offset certificate for the year 2019.

Access here the emissions offset certificate for the year 2020.

Access here the emissions offset certificate for the year 2021.

1
Based on studies conducted by Biofílica, approximately 500 trees or 20m2 of Amazon Rainforest, where
deforestation is avoided, can neutralize 1 tonCO2e. However, the specific values may vary depending on the
biomass of the forest and the threat of deforestation in the region.