Circular Letter CVM/SMI/SIN No. 02/2016

SECURITIES COMMISSION OF BRAZIL
Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – CEP: 20050-901 – Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br Circular Letter No. 02/2016/CVM/SMI/SIN Rio de Janeiro, January 19, 2016

To
Directors Responsible for CVM Instruction No. 301, of April 16, 1999 Subject: Communications regarding articles 7 and 7-A of CVM Instruction No. 301/99

Dear Sirs/Madams,

1. The communication of non-occurrence of proposals, transactions, or operations capable of being reported became mandatory since July 12, 2012, due to the amendment of article 11, item III, of Law No. 9,613, of March 3, 1998, a provision which was regulated by the CVM through Instruction 534/2013, which in turn amended Instruction 301/1999.

2. Such routine began in the securities market already in 2014, at which time participants owing this obligation had to send this "negative declaration" to the COAF, regarding the period from 01/01/2013 to 31/12/2013.

3. Therefore, and with a view to faithful compliance with CVM Instruction No. 301/1999, in particular, to the provisions of articles 7 and 7-A, we reiterate that in the event that no communication ("communication") referred to in the caput of said art. 7 of the aforementioned Instruction has been provided to the Financial Activities Control Council – COAF, in the period from 01/01/2015 to 31/12/2015, the institution must communicate until 31/01/2016, the non-occurrence in the previous civil year of transactions or proposals for transactions capable of being reported, under the terms of art. 7-A ("negative declaration").

4. We emphasize that the "negative declaration", if applicable, must be sent exclusively to the COAF through the CVM segment in the Siscoaf system, as occurred in previous years.

5. For this purpose, persons obligated by art. 2 of CVM Instruction No. 301/1999 must be duly authorized in the Siscoaf system to fulfill the obligations provided for in arts. 7 and 7-A of the aforementioned norm.

SECURITIES COMMISSION OF BRAZIL
Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – CEP: 20050-901 – Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br

Sincerely,

WALDIR DE JESUS NOBRE
Superintendent of Market Relations and Intermediaries

FRANCISCO JOSÉ BASTOS SANTOS
Superintendent of Institutional Investor Relations