Circular Letter CVM/SIN 04/2014

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CIRCULAR LETTER/CVM/SIN/No. 04/2014
Rio de Janeiro, September 15, 2014.

To/To the Responsible Directors
Investment Fund Administrators

Subject: Information Contained in the Monthly Profile of Investment Funds.

Dear Sirs/Madams,

This Circular Letter aims to guide investment fund administrators regarding the completion of Item 11 of Annex V (Monthly Profile) of CVM Instruction No. 409/04, as amended by Article 3 of CVM Instruction No. 512/11.

The aforementioned item determines the following:

11) Considering the stress scenarios defined by BM&FBOVESPA for the primitive risk factors (PRF) that generate the worst result for the fund, what is the expected daily percentage variation of the share value. Specify which BM&FBOVESPA scenarios were adopted.”

In this regard, for the purposes of the calculations necessary to complete Item 11 of the Monthly Profile reproduced above, and in view of the recent implementation of BM&FBOVESPA's new risk management system, which began to disclose more than 10,000 scenarios for margin calculation, we guide administrators to use the most extreme scenarios for each risk factor (one high and one low), which have also begun to be disclosed in a prominent manner by the aforementioned exchange.

Sincerely,

FRANCISCO JOSÉ BASTOS SANTOS
Superintendent of Institutional Investor Relations