BW GESTÃO DE INVESTIMENTOS LTDA.

About BW GESTÃO DE INVESTIMENTOS LTDA.

BW Gestão de Investimentos Ltda. (BWGI) plays a significant role in the governance of major listed companies, especially Verallia and Elis, where it acts as a reference shareholder through the Kaon V investment vehicle. Verallia’s governance disclosures state that BWGI is 99.965% owned by BWSA, itself controlled by the Moreira Salles family, and that BWGI operates as an independent long-term investment manager. At Verallia, BWGI is represented by João Salles, an experienced investment executive who serves on key board committees. Verallia’s governance pages show that he participates in the Strategic Committee, the Nomination Committee and the Compensation Committee, underlining BWGI’s influence on the company’s strategic direction. His background combines strong academic credentials in economics and finance, investment banking experience at J.P. Morgan in New York, and later leadership roles at BWSA, BWGI and Cambuhy Investimentos. BWGI has stood out for its long-term investment approach in leading industrial businesses. At Verallia, the firm supported governance changes, contributed through board-level work during a public tender process, and reaffirmed its intention to remain a durable shareholder. Verallia’s 2025 communications show that BWGI launched and completed a public tender offer for Verallia shares, significantly increasing its stake in the company. BWGI is also Elis’s largest shareholder, reinforcing its position as a reference investor in both industrial and services businesses listed in France. Its expertise is built around capital strategy, financial discipline, long-term value creation and a strong capacity to shape corporate governance in listed companies.