Circular Letter CVM/SIN 04/08

CIRCULAR LETTER CVM/SIN No. 004/2008
Rio de Janeiro, November 25, 2008.

To the Directors Responsible for the administration of investment funds regulated by CVM Instruction No. 409/04

Subject: Registration update regarding the closure of the fiscal year of investment funds

Dear Sir,

We inform you that, effective from this date, a new version of the system has been made available to CVMweb users authorized to make registration changes to investment funds. This version allows for the alteration of the fiscal year-end date of the funds. The previous version of the system did not allow changes to the initially registered date, and whenever a fund, by decision of its unitholders' assembly, modified its fiscal year-end date, the implementation of the registration change had to be requested from the CVM. From now on, the administrator will be responsible for updating this information, and the CVM will no longer alter the registered dates.

For investment funds that currently have the fiscal year-end date established in the regulations divergent from the one registered with the CVM, the administrator must access the CVM website and, through the link sequence "Registration Update" / "Investment Funds (CVM Instruction No. 409)" / "Change of General Data" / "Registration Update" / "General Data", inform the month and year of the current fiscal year-end.

Finally, in case of any alteration to the fund's fiscal year-end date, we remind you of the limitation set forth in Article 81 of CVM Instruction No. 409/04, which prohibits a fiscal year exceeding 12 months.

Sincerely,

Carlos Alberto Rebello Sobrinho
Superintendent of Institutional Investor Relations