Relatório gerencial em inglês SNME11 de agosto de 2026

SNME11 1

M A N A G E M E N T R E P O R T

AUGUST 2026

TA B L E O F CO NTE NTS

• Executive Summary 03
• Manager's Letter 04
• Macroeconomic Scenario 06
• Portfolio Overview 07
• Asset Breakdown 09
• Asset Monitoring 10
• Accounting Information 11
• Performance 1 2
• Suno Asset / FAQ 13

SNME11 Management Report — August/2026

EXECUTIVE SU M MARY

Manager Suno Gestora de Recursos LTDA Administrator BTG Pactual Serviços Financeiros S.A. Fund Inception October/2021

20% over excess of IPCA + IMA-B Yield

0.79% p.a.

0.20% p.a.

The distribution for August was R$ 0.10/share, representing an annualized Dividend Yield of 13.68%. The fund closed the month with a market share price of R$ 9.31 and a book value of R$ 9.59, resulting in a P/BV of 0.97x. The average yield of the CRI portfolio is 19.27%, with a Duration of 0.1 years.

In August, SNME11 launched its 3rd share issuance, continuing the consolidation process with SNFF11 and KISU11. Further details and timelines will be disclosed by the respective funds over the course of September and October.

Distribution History (12 months) – R$

Shareholder Base

Distribution per Share

D.Y. 12 months

D.Y. Annualized

R$ 0.10

16.86%

13.68%

P/BV

Market Price per Share

Book Value per Share

0.97

R$ 9.31

R$ 9.59

Average Portfolio Yield 19.27%

Weighted Portfolio Duration

0.1 years

Weighted Average LTV

55.68%

Alpha vs Benchmark

Net Asset Value

Number of shareholders

8.28%

R$ 71.16 MM

9,804

$$ \mathbb { W } \triangle \mathbb { W } \triangle \mathbb { C } \mathsf { E } \mathsf { R } ^ { 1 } \mathsf { S } \perp \mathsf { E } \sqsubset \mathsf { E } \mathsf { R } $$

$$ \textsf { S U N O } \Big ( \textsf { A S S E T } \Big ) $$

SNME11 closed the month of August with distributable income of R$ 0.0965 per share. R$ 0.1000 per share was provisioned, distributed on 09/25/2026, leaving R$ 0.3938 per share in accumulated distributable reserve. The annualized dividend yield stood at 13.68%.

As noted in the previous report, the accumulated reserve will be maintained in order to support portfolio turnover ahead of the consolidation process that may generate accounting losses (which are, however, already reflected in the Fund’s book value per share), without compromising the recurring income distribution to SNME11 shareholders and making it possible to maintain portfolio quality.

In August, SNME11 launched its 3rd share issuance, continuing the consolidation process with SNFF11 and KISU11. Further details and timelines will be disclosed by the respective funds over the course of September and October.

On the transactions side, SNME11 carried out a further tranche of the arbitrage strategy with the asset HGRU11, a transaction that contributed R$ 129,800 in capital gains for the month, or R$ 0.0174 per share. In the second half of the year, the strategy generated approximately R$ 183,000 in capital gains, demonstrating Management’s ability to earn additional returns through structured transactions and reinforcing the Fund’s multi-strategy mandate.

The Fund ended the month with approximately 26% of NAV in cash, a stance that has proved correct so far, protecting shareholders’ capital in a period of stress in which the prices of both credit assets and equity have experienced high volatility. We intend to allocate this cash to opportunities that combine, in our assessment, a margin of safety, differentiated return potential and adequate carry. Furthermore, with interest rates at current levels, the cash position remains well remunerated while awaiting allocation, ensuring attractive carry without giving up the liquidity needed to seize opportunities as they arise.

SNME11 posted a total book value return of -0.29% for the month, versus -1.46% for the IFIX and 0.34% for IPCA + IMA-B Yield. Since Sep/23, the Fund has accumulated alpha of 8.28% over IPCA + IMA-B Yield and of 30.75% over the IFIX. The portfolio ended the period allocated to CRIs (6.9%), FIIs (66.5%) and cash (26.3%).

MACRO SCENARIO

Interest Rate (Selic) Cut to 13.75% expected in Sep/26

4.22%

IPCA (12 months) Inflation at the top of the target range

7.94%

NTN-B 2035 Yield Conservative CRI portfolio

Scenarios for the Selic Rate Path (% p.a.)

Source: Gustavo Sung – Chief Economist at Suno Research

PORTFOLIO OVERVI EW

Diversification per Issuer

The fund holds a portfolio of 28 assets, consisting of 2 CRIs and 26 FIIs/Equities. The fund’s largest exposure is currently in FIIs, at 66% of the portfolio, followed by Cash at 26% and CRIs at 7%. We believe this positioning tends to benefit the fund in the event of a Selic rate cut. In addition, the fund has carried out selective portfolio turnover in order to unlock gains and generate liquidity.

28

Assets in Portfolio 2 CRIs + 26 FIIs/Equities

R$ 71.16 MM

Net Asset Value MV: R$ 69.06 MM

19.27%

Weighted CRI Yield HTM: 19.27%

55.68%

Weighted Average LTV Conservative portfolio

+7.25%

0.97

+7.25% IPCA + IMA-B Yield

P/BV Share R$ 9.31 / BV R$ 9.59

FII: 66% | CRI: 7% | Equities: 0.3% | Cash: 26%

ALLOCATION BY ASSET (% of NAV)

EXPOSURE BY ASSET TYPE

PORTFOLIO OVERVI EW

EXPOSURE BY SECTOR (% of NAV)

CRI: EXPOSURE BY INDEX (% of NAV)

EXPOSURE BY RATING (% of NAV)

AVERAGE CONCENTRATION OF SNME (CRIs)

Sep/25 Oct/25 Nov/25 Dec/25 Jan/26 Feb/26 Mar/26 Apr/26 May/26 Jun/26 Jul/26 Aug/26

ASSET BREAKDOWN

Portfolio of CRIs, FIIs and Equities — August/2026

CRIs

ASSET MON ITORI NG

PHYSICAL CONSTRUCTION PROGRESS

RECEIVABLES PORTFOLIO DELINQUENCY

RECEIVABLES PORTFOLIO PROGRESS

ACCOU NTI NG I N FORMATION

R$ 0.83 MM

-R$ 0.12 MM

Total Revenue FIIs + Fixed Income + Equities in the month

R$ 0.0965

Expenses

Result/Share net result for the month fees + operating costs

R$ 0.10/share

Distribution Distribution paid on 09/25

R$ 0.72 MM

Net Result R$ 0.0965/share

R$ 2.92 MM

Accumulated Reserve

reserve: R$ 0.4938/share

INCOME STATEMENT

TOTAL RETU RN 47.63% Since the inception of the fund

ALPHA VS I PCA + I MA-B YI ELD 8.28% Benchmark of the fund

ALPHA VS I FIX 30.75% Main index for FII performance

FUND PERFORMANCE

FUND ALPHA

SNAG11

SNFZ11

SNCI1

SNEL11

▲SNID11

三 SNME11

SNFF11

SUNO PREV

FIC FIA

SUNO GLOBAL EQUITIES

LEARN MORE

IG SUNO ASSET

YT SUNO ASSET

SNME11 - SUNO ASSET WEBSITE

What is SNME11?

A multi-strategy FII by Suno Asset that combines structured real estate credit (CRIs), FII shares and equities, seeking recurring income with inflation protection.

How does the fund generate income?

Interest and monetary adjustment on CRIs (IPCA, CDI, INCC), income from the FIIs held, and occasional capital gains.

Is the income taxed?

For individual investors, income is exempt from income tax under FII legislation. Capital gains on sale are taxed at 20%.

What is the fund's current strategy?

CRIs (weighted HTM yield of 19.27% p.a.) and FIIs (66% of NAV), focused on alpha over IPCA + IMA-B Yield. Average LTV of 55.68%.

What is the merger with SNFF11 and KISU11?

Approved at an AGE, the consolidation of KISU11 and SNFF11 into SNME11 will raise NAV to more than R$ 800 MM. Expected in 2H26.

Where does the fund invest?

In 2 granular CRIs indexed to inflation and to the CDI, plus 26 FIIs and equities from segments such as logistics, paper, hybrid, corporate offices and shopping malls.

Are the shares liquid?

Yes. Traded daily on B3 (ticker: SNME11), with an average daily volume of R$ 415,000 and 9,804 shareholders as of Aug/26.

How does income distribution work?

Monthly payments. In Aug/26, the distribution was R$ 0.10/share, with an annualized DY of 13.68% and a 12-month DY of 16.86%.

What does P/BV mean?

The ratio between the market price and the book value of the share. In Aug/26, the fund traded at 0.97x (market price R$ 9.31 vs. book value R$ 9.59), with no material premium or discount.

Where to access official reports and information?

On the Suno Asset website: suno.com.br/asset/fundos/snme11

GLOSSARY

Key Brazilian market and regulatory terms for the international investor.

FII (Fundo de Investimento Imobiliário)

Brazilian real-estate investment fund, broadly comparable to a REIT. Listed on B3 and, for individuals, income-tax exempt on monthly distributions.

CRI (Certificado de Recebíveis Imobiliários)

Real-estate receivables certificate: a securitized fixed-income instrument backed by propertyrelated cash flows, similar to a CMBS/ABS note.

Cota / Cotista

Cota = the fund's share/unit; Cotista = the shareholder/unitholder.

P/VP (Preço / Valor Patrimonial)

Price-to-book ratio: market price per share divided by net asset (book) value per share. Above 1.0x = premium, below = discount.

DY (Dividend Yield)

Distributions per share over a period divided by the share price; shown here annualized and on a trailing 12-month basis.

IFIX

B3's benchmark index of listed FIIs — the main reference index for Brazilian real-estate fund performance.

Selic

Brazil's central bank policy interest rate, set by the Copom (the monetary policy committee).

IPCA

Brazil's official consumer price index (broad inflation gauge) published by IBGE.

CDI

Interbank deposit rate; the standard Brazilian floating-rate benchmark, tracking the Selic closely.

INCC

National Construction Cost Index — an inflation index used to adjust development-linked receivables.

IMA-B / NTN-B

IMA-B is an index of IPCA-linked government bonds (NTN-B). “IPCA + IMA-B Yield” is the fund's inflation-plus-real-yield benchmark.

LTV (Loan-to-Value)

Outstanding debt divided by the appraised value of the underlying collateral; lower is more conservative.

HTM (Held-to-Maturity)

Yield expected if a CRI is held to maturity, as opposed to a mark-to-market yield.

Duration

Weighted-average time to receive a portfolio's cash flows; a measure of interest-rate sensitivity.

Alpha vs Benchmark

Excess return generated above the fund's reference benchmark (IPCA + IMA-B Yield, and the IFIX).

AGE / Edital

AGE = Extraordinary General Meeting of shareholders; Edital = the official convening notice / call document.

JCP

Interest on equity (juros sobre capital próprio) — a Brazilian shareholder-remuneration mechanism distinct from dividends.

Gestora / Administrador

Gestora = investment manager (Suno); Administrador = the administrator/fiduciary responsible for the fund's operation (BTG Pactual).

NOTICES AN D DISCLAI M ERS

This document is a free English translation of the management report (Relatório Gerencial) of Suno Multiestratégia Fundo De Investimento Imobiliário (SNME11), prepared solely for the convenience of readers who do not read Portuguese. The Portuguese version is the sole official version, is the one filed with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) and disclosed under applicable Brazilian regulation and ANBIMA self-regulation, and prevails over this translation in the event of any divergence, omission or doubt as to interpretation. It does not replace or amend the Portuguese version, the Fund's bylaws (regulamento) or any other document of the Fund.

All figures refer to the same reference date as the Portuguese version and are stated in Brazilian reais (R$), the Fund's functional currency, in which its assets, liabilities and results are recorded and reported to CVM and ANBIMA. Suno Asset assumes no obligation to update this translation.

This document is informational only and does not constitute an offer, solicitation, advertisement or recommendation to buy, sell or subscribe for any security, nor legal, tax or investment advice. SNME11 is a Brazilian real estate investment fund (Fundo de Investimento Imobiliário – FII), regulated and supervised by CVM, registered for public distribution and admitted to trading exclusively in Brazil, on B3 S.A. – Brasil, Bolsa, Balcão. It is not registered for offer or distribution in any other jurisdiction.

This document is not directed at any person in any jurisdiction where its distribution or use would be contrary to applicable law or would require any registration or authorisation not already obtained. Readers access it on their own initiative and are responsible for observing the rules applicable in their own jurisdiction, including tax and exchange control rules.

Estimates, projections and distribution guidance herein reflect the current judgement of Suno Asset as at the date of disclosure and are subject to change without notice. They are not free from error, offer no assurance that the scenarios described will occur, and do not constitute a promise or guarantee of return, of any future distribution or of capital preservation.

Investment funds are not guaranteed by the fund's administrator, by the portfolio manager, by any insurance mechanism or by the Brazilian credit guarantee fund (Fundo Garantidor de Créditos in Portuguese, or “FGC”). Past performance is not a guarantee of future results. Investors are advised to carefully read the Fund's prospectus and bylaws (regulamento) before investing. Investors must be prepared to accept the risks inherent to the various markets in which investment funds operate and, consequently, possible fluctuations in the invested capital. The Administrator is not liable for any errors or omissions in this material, nor for the use of the information contained herein. In addition, the Administrator is not liable for investors' decisions regarding the matters addressed in this material, nor for the acts or facts of professionals and specialists consulted by the investor.

This material does not relate to the specific investment objectives, financial situation or particular needs of any specific recipient and should not be relied upon as the sole source of information in the investor's decisionmaking process. Before deciding, the investor should carry out — preferably with the assistance of a duly qualified professional — a careful assessment of the product and its respective risks against his or her personal objectives and risk tolerance (suitability). The Portuguese version of this report and the Fund's other official documents are available at suno.com.br/asset/fundos/snme11.