Circular Letter CVM/SIN No. 7/2016

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL (CVM) Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP Code: 20050-901 – Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br Circular Letter No. 07/2016/SIN/CVM Rio de Janeiro, October 6, 2016. To Administrators of Real Estate Investment Funds (“FII”) Subject: Submission of Periodic and Occasional Information of FII

Dear Sirs,

1. We refer to the obligation imposed by CVM Instruction No. 472/08 regarding the submission of periodic and occasional information of FII.

2. As is known, the improvements regarding the informational regime of FII, introduced by CVM Instruction No. 571/15, entered into force on October 1, 2016; thus, with a view to better orient the market, we present the following clarifications:

Start of submission of each periodic report and appraisal report

3. The Monthly Report, with the changes introduced by ICVM 571, will be due starting from the base month of October/2016, that is, according to art. 39, I, of ICVM 472, the first document must be delivered by 11/16/2016.

4. The Quarterly Report, in accordance with art. 39, II, of ICVM 472, will be due starting from the 4th quarter/2016, that is, the first document, according to the standard established by ICVM 571, must be submitted within 45 (forty-five) days after the end of the quarter (2/14/2017).

5. The Annual Report, as well as the Financial Statements, in accordance with art. 39, V, of ICVM 472, must be submitted within 90 (ninety) days after the end of the FII’s fiscal year. Obviously, the first annual-based information will be due starting from fiscal years ending in December/2016.

6. Appraisal reports of transactions carried out from 10/1/2016 must also be disclosed. In accordance with art. 41, V, of ICVM 472, such reports must be submitted within 30 (thirty) days after the conclusion of the transaction.

Format of submission of documents

7. All documents related to real estate investment funds are received exclusively via the Fundos.Net System, as previously disclosed through Circular Letter SIN No. 4/2016, of 5/23/2016.

8. The Monthly Report may be delivered in either “.pdf” format or via the XML standard, made available through the Fundos.Net System - https://fnet.bmfbovespa.com.br/fnet/login, until the base month of December/2016.

9. Starting from the base month of January/2017, the Monthly Report must be submitted exclusively via the XML standard, that is, from then on, the submission of this information in “.pdf” format will no longer be permitted.

10. In the case of resubmission of the Monthly Report, whether due to error or adjustment of information, the resubmission must be performed in the same format sent previously, that is, in “.pdf” format or XML standard, as applicable.

11. The Quarterly Report, as well as the Annual Report, will be received exclusively in XML standard, to be made available on the Fundos.Net platform.

12. The Financial Statements will still be received in “.pdf” format; however, the structuring of such statements for future reception in XML standard is planned, as well as for the other reports. This change, when implemented, will be communicated in advance to administrators.

Possibility of submission of the September Monthly Report in XML standard

13. For administrators who wish to submit the Monthly Report referring to the base month of September/2016, already in accordance with the changes introduced by ICVM 571 and in XML format, with the objective of testing their internal controls and procedures, submission is already possible, even though it is not mandatory for this competence. We consider the use of this alternative to be good practice, in order to avoid any inconvenience when submitting the next report, of the base month of October of the same year.

Annex B – Circular Letter SIN No. 5/2013

14. Annex B, relating to Circular Letter SIN No. 5/2013, will continue to be due until the Monthly Report referring to the base month of December/2016. That is, starting from the Monthly Report referring to the base month of January/2017 (when the entire FII industry begins to submit the monthly report in XML format), the submission of monthly reports in the format established by the aforementioned Annex B will no longer apply, given that Fundos.Net will allow data extraction in “.xls” format.

15. The method of submission of Annex B remains the same, that is, via the email infomensalfii@cvm.gov.br, observing the established deadline of up to 15 (fifteen) days after the end of the reference month.

16. Finally, we reinforce once again that the availability of documents, periodic or occasional, on the websites of the administering institutions should only be carried out after the submission of such documents to the Fundos.Net System, in order to guarantee simultaneous access by the market to the information of the real estate funds.

17. For additional clarifications regarding the content of this Circular Letter or regarding the content of the periodic and occasional documents addressed herein, we request contacting the Management of Structured Funds Monitoring - GIE, via the electronic address gie@cvm.gov.br. As usual, in case of doubts about the functioning and use of the Fundos.Net system, we request contacting BM&FBovespa, via the electronic address fundos@bvmf.com.br.

Sincerely,

DANIEL WALTER MAEDA BERNARDO
Superintendent of Institutional Investor Relations