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XP PosCopom

June, 2019
The communiqué Macro - DI

Source: XP Investimentos 2
Market reaction Macro - DI

Source: XP Investimentos 3
Expectation Macro - DI

Source: XP Investimentos 4
When should copom act Macro - DI

Source: XP Investimentos 5
July, 31 meeting Macro - DI

Source: XP Investimentos 6
July, 31 meeting Macro - DI

Source: XP Investimentos 7
2019 YE Macro - DI

Source: XP Investimentos 8
2020 YE Macro - DI

Source: XP Investimentos 9
Odds for the next meeting Macro - DI

Fonte: XP Investimentos 10
Odds for the following meeting Macro - DI

Fonte: XP Investimentos 11
Methodology Macro - DI

The survey was conducted between June 19 and June 21 with 78 institutional investors
regarding markets, politics and economics. The respondents are portfolio managers,
economists, consultants.

The results does not reflect on any way the views and opinions of XP Investimentos.
See full disclaimer at the last slide.

Disclaimer Macro - DI

This material was prepared by the policy analysis team of XP Investimentos CCTVM S/A ("XP Investimentos") and
should not be considered an analysis report for the purposes of Article 1 of the CVM Instruction 598, dated May 3, 2018
("ICVM 598/18").

This interview is not about polling or research related to the electoral process, foreseen in art. 33 of Brazilian Law No.
9.504 of September 30, 1997 ("Law No. 9.504/97"), but rather a mere survey of opinions related to the approval of
legislative projects and/or scenarios for stock exchange, dollar or interest rate, without sample control, which does not
use scientific method for its realization, depending only on the spontaneous participation of the interested party.

XP Investimentos makes no warranty or guarantee, express or implied, regarding the integrity, reliability or accuracy of
this information. The opinions expressed in this material reflect exclusively the current opinion of the interviewees
and do not represent the opinion of XP Investimentos. This text is subject to change without notice. XP Investimentos
has no obligation to update or modify this text and inform the reader.

The person responsible for preparing this text certifies that the information expressed in it reflects, in a unique and
exclusive way, the opinions of the interviewees, and were produced independently and independently, including in
relation to XP Investimentos. XP Investimentos and/or any other company of its economic group are not responsible
for any opinions contained herein and still decisions, investment or otherwise, that are taken based on the information
disclosed herein.

Finally, XP Investimentos warns that the use of the information presented in this material to operate in the Brazilian
stock markets, before public disclosure, may characterize an unfair practice, in violation of the CVM Instruction 8 of
October 15, 1979 ("ICVM 8/79").

© GrupoXP
May 2019