Circular Letter CVM/SIN 05/2018

SECURITIES COMMISSION OF BRAZIL
Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP: 20050-901 – Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br Circular Letter No. 5/2018/CVM/SIN Rio de Janeiro, May 10, 2018

To securities analysts
Subject: Adaptation process to CVM Instruction No. 598

Dear Sirs,

We refer to Article 27 of CVM Instruction No. 598, and specifically to the provision contained therein regarding the need for legal entities that carry out securities analysis activities to be accredited by an accredited entity authorized by the CVM to exercise this function within 180 days from the publication of the Instruction, which occurred on 4/5/2018.

In this context, we alert that, prior to the request for accreditation of the aforementioned legal entities by an accredited entity, the entity itself must submit a request to the CVM to modify its Codes, demonstrating that it possesses the capacity and structure compatible with such assignment; and submit the rites and processes associated with these analyses to the competent authorization of the Autarquia, in accordance with the Instruction.

Thus, to better detail how the adaptation process of accredited entities and legal entities that carry out securities analysis activities is projected, the following schedule is detailed with this objective:

Step	Deadline	Responsible Party
1. Submission to the CVM of a request to modify existing Codes	7/3/2018	Accredited entities
2. Initial analysis of the request and possible formulation of requirements	8/3/2018	CVM/SIN
3. Compliance with requirements	8/17/2018	Accredited entities
4. Submission of the request to the Collegiate	8/31/2018	CVM/SIN
5. Publication of the final version of the modified Codes of accredited entities (including Collegiate determinations)	9/28/2018	Accredited entities
6. Deadline for accreditation requests by legal entities	11/30/2018	Legal entities that carry out analysis activities

In conclusion, we emphasize that requests for accreditation of legal entities by the accredited entity may only be made, in principle, after 9/28/2018.

Sincerely,

Digitally signed by
DANIEL WALTER MAEDA BERNARDO
Superintendent of Institutional Investor Relations