Circular Letter CVM/SIN No. 03/2000

CIRCULAR LETTER CVM/SIN No. 003 /2000
Rio de Janeiro, 11 / 05 /2000
Subject: Information on portfolio administrators provided for in CVM Instruction No. 306/99

Dear Sirs,

Article 12 of CVM Instruction No. 306/99, transcribed below, establishes the information that must be sent by all securities portfolio administrators by May 31 of each year.

Art. 12. The securities portfolio administrator, whether a natural or legal person, must send to the CVM, by May 31 of each year, information regarding the portfolios they administer, as established in Annexes I and II of this Instruction, in addition to updated registration information, in accordance with the provisions of Annexes III or IV, as the case may be.

With the aim of guiding the submission of this information, we present below the procedures that must be adopted.

( I ) Submission of information through the CVM website on the Internet:
The submission of information will be made through the CVM website on the Internet – www.cvm.gov.br – following the path:
DOCUMENT SUBMISSION
REGISTRATION INFORMATION OF PORTFOLIO ADMINISTRATORS.
Access is made through the Portfolio Administrator Registration Form screen, by entering the CNPJ/CPF and the Portfolio Administrator's Password. Administrators who already send information related to equity investment funds must use the same password. Administrators who do not yet have a password must request it through the electronic address gic@cvm.gov.br.

( II ) Registration Information – Annexes III and IV:
The information from Annexes III and IV must be sent by all legal or natural person administrators, filling in the fields of the corresponding screens in the Portfolio Administrator Registration Form. The fields referring to CNPJ/CPF and name will appear on the screen but cannot be changed. If there is a need for alteration/correction, contact must be made through the electronic address gic@cvm.gov.br. After the data entry, a Confirmation Protocol is issued, with the date and time of data submission.

CIRCULAR LETTER CVM/SIN No. 003 /2000 – PAGE 02 We draw attention to the filling of the following items/fields:
a. PORTFOLIO ADMINISTRATOR NATURAL PERSON:
Legal Entity of which he/she is a Director or Managing Partner responsible for the provision of Securities Portfolio Administration Services:
If the portfolio administrator – natural person – is responsible for the administration of a portfolio of any legal entity, the name of this company must be selected.

Otherwise, the option: Not associated with any institution must be selected. Natural or Legal Person hired to provide Securities Analysis Services:
In this field, the name of the portfolio administrator or securities consultant with whom services of securities analysis have been contracted must be selected. Otherwise, the name of the portfolio administrator sending the registration information must be selected. Currently exercises the administration of any Securities Portfolio, in the capacity of a natural person? In this field, the option Yes must be selected if the portfolio administrator – natural person – is administering any portfolio in the capacity of a natural person or has administered one in the last year. This option gives access to the data entry screen for portfolios. If administering portfolios through any entity – legal person – or has not exercised portfolio administration in the last year, the option must be No. (the data of the portfolios administered will be reported through the legal entity). As an example, in the case of Equity Funds or Investment Clubs, the information about the portfolios is sent through the legal entity that is the administrator of the Fund or Club.

b. PORTFOLIO ADMINISTRATOR LEGAL PERSON:
Responsible Director or Managing Partner responsible for the Services of Portfolio Administration of Securities:
The name of the responsible natural person must be selected.
If the person's name is not found in the registry, contact must be made through the electronic address gic@cvm.gov.br.

CIRCULAR LETTER CVM/SIN No. 003 /2000 – PAGE 03 Natural or Legal Person hired to provide Securities Analysis Services:
In this field, the name of the portfolio administrator or securities consultant with whom services of securities analysis have been contracted must be selected. Otherwise, the name of the portfolio administrator sending the registration information must be selected. Currently exercises the administration of any Securities Portfolio? In this field, the option Yes must be selected if the portfolio administrator – legal person – is effectively administering any portfolio or has administered one in the last year. This option gives access to the data entry screen for the portfolios. If any securities portfolio has been administered, however, on the reference date of 03/31/00 such portfolios are in the "zeroed" position, the option Yes must be selected and the fields must be filled with "zeros". If portfolio administration was not exercised in the last year, the option must be No.

( III ) Administered Portfolios – Summary and Assets – Annexes I and II:
To fill out these annexes, the following criteria must be observed:
Annex I: ADMINISTERED PORTFOLIOS – SUMMARY

YEAR OF: reference date 03/31/00 (already filled in on the screen) NUMBER OF PORTFOLIOS: number of individualized portfolios, for each type of investor. PORTFOLIO VALUE * R$ (thousands): Value calculated according to the same criteria used for the determination of the portfolio value of equity mutual investment funds. INVESTOR TYPE:
Natural Person Individual portfolios of natural persons Non-financial Legal Persons or Institutional Non-financial legal persons Portfolios of Financial Institutions Own portfolio of banks, brokers, distributors Pension Funds Open and closed private pension entities

CIRCULAR LETTER CVM/SIN No. 003 /2000 – PAGE 04 INVESTOR TYPE (cont.):
Insurance Companies Insurance companies and capitalization societies Variable Income Funds FITVM and FICFITVM Investment Funds Financial and Others FIF, FAQFIF, FIEX Other Investors Institutional (specify) E.g.: Foreign investors, Investment Clubs, ...

Annex II: ADMINISTERED PORTFOLIOS – ASSETS
YEAR OF: reference date 03/31/00 (already filled in on the screen).
PORTFOLIO VALUE * R$ (thousands): Value calculated according to the same criteria used for the determination of the portfolio value of equity mutual investment funds. ASSET TYPE:
Shares Shares issued by companies registered with the CVM Debentures Convertible or simple debentures Other securities Securities whose distribution was subject to registration with the CVM;

Certificates or receipts of deposit of securities, regulated by the National Monetary Council – CMN or by the CVM; Depositary Receipts, traded in the international market, backed by securities issued by open companies registered with the CVM shares issued by companies signatories of the Treaty of Asunción (MERCOSUR) or deposit certificates of these shares admitted to public trading in the Brazilian securities market Variable Income Fund Units Units of FITVM and FICFITVM Financial Investment Fund Units Units of FIF, FAQFIF and FIEX Other Fund Units FGTS, Emerging companies, real estate, ...; FINOR, FINAM, .... ; Units of investment funds abroad; Options Premiums paid

CIRCULAR LETTER CVM/SIN/GIC No. 001 /2000 – PAGE 05 ASSET TYPE (cont.):
Margins Collateral Margins of long positions in the futures market Margins of short positions in the futures market Margins of short positions in the forward market derivatives market positions, involving contracts referenced in shares, share indices or interest rates, carried out in organized markets in auction or in an electronic system that meets the same conditions of the competitive systems administered by stock exchanges, by futures exchanges or by organized over-the-counter markets; Other assets Public bonds issued by the National Treasury or by the Central Bank of Brazil; Fixed income bonds issued by financial institutions; Commodities, exchange, gold, ... contracts; stock lending operations, as regulated by the CVM; and committed operations, in accordance with the regulation of the CMN

Any other clarifications can be obtained from the Institutional Investor Accreditation Management by phone (0xx21) 2120218 or 2120219 or, also, through the electronic address gic@cvm.gov.br.

Sincerely,

Signed original

CARLOS EDUARDO P. SUSSEKIND
Superintendent of Institutional Investor Relations Contact CVM