Circular Letter CVM/SSE 03/23: Creation of New Association in Fundos.NET System and Standardization of Information in Structured Quarterly Report Sub-item 1.2.2

SECURITIES COMMISSION OF BRAZIL
Rua Sete de Setembro, 111/2-5º e 23-34º Andares, Centro, Rio de Janeiro/RJ – CEP: 20050-901 – Brasil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2º, 3º e 4º Andares, Bela Vista, São Paulo/ SP – CEP: 01333-010 – Brasil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4º Andar, Brasília/DF – CEP: 70712-900 – Brasil -Tel.: (61) 3327- 2030/2031 www.cvm.gov.br Circular Letter No. 3/2023/CVM/SSE São Paulo, March 17, 2023. To, Fund Administrators (Real Estate Investment Funds - REIF) Subject: Creation of a new association in the Fundos.NET System and standardization of information provided in sub-item 1.2.2 of the Structured Quarterly Report.

Dear Sir/Madam,

1. This Circular Letter aims to inform REIF administrators about (i) the creation of a new association for document submission in the Fundos.NET System (FNET); and about (ii) the standardization of information provided in sub-item 1.2.2 of the Quarterly Report.

I) Creation of a New Association:

2. Regarding the creation of a new association, we highlight that CVM Instruction No. 516/2011, in its Article 23, § 5th, provides for the requirement to submit audited financial statements within 60 days of the event date, in the cases of (a) incorporation, merger, spin-off; (b) closure of activities; or (c) substitution of the fund administrator.

Article 23, § 5th: “In the cases of incorporation, merger, spin-off, closure of activities, or substitution of the administering institution, the financial statements of the funds involved, as of the base dates of the event, must be audited, with the issuance of an independent auditor’s opinion within 60 (sixty) days of the event date.”

3. In this context, we clarify that financial statements prepared for such purposes must be made available through a specific new category (“Other Financial Statements”), observing, furthermore, the ‘type’ of event to which they refer:

New associations
Circular Letter 3 (1741416) SEI 19957.009383/2021-43 / pg. 1

4. Furthermore, in the case of substitution of the fund administrator, we alert that the former administrator must prepare and send the audited financial statements to the new administering institution, which, in turn, will be responsible for making the document available on FNET.

II) Standardization of sub-item 1.2.2 of the Structured Quarterly Report:

5. Regarding the Structured Quarterly Report, we have identified the need to standardize the information reported in sub-item 1.2.2, in order to ensure the integrity of the data presented.

6. Therefore, we clarify that sub-item 1.2.2 – Real Estate Receivables Certificate "CRI" (if FIAGRO, Agricultural Business Receivables Certificate "CRA") of the Quarterly Report must be filled out in the following format:

7. It is important to note that the fields “Issuance” and “Series” refer to the issuance number and series number, respectively, which must be filled in numeric format exclusively.

8. A new template, incorporating this standardization, will be available in the Fundos.Net system for the delivery of the Structured Quarterly Report with a base date of 01/2023 (1st QR/2023).

9. In case of doubts regarding the use of the Fundos.Net system, the Issuer Support Department of B3 should be contacted by phone at (11) 2565-5064 or by email at emissores.fundos@b3.com.br.

10. For additional clarifications regarding the content of this Circular Letter or the content of the document treated herein, please contact the Securitization Supervision Management 1, via the electronic address gsec-1@cvm.gov.br.

Sincerely,

NATHALIE ARAUJO VIDUAL
Acting Superintendent of Securitization Supervision

Document electronically signed by Nathalie de Andrade Araujo Matoso Vidual, Acting Superintendent, on 17/03/2023, at 14:56, based on Article 6 of Decree No. 8.539, of October 8, 2015. The authenticity of the document can be verified on the website https://super.cvm.gov.br/conferir_autenticidade, providing the verification code 1741416 and the CRC code 63552EFF. This document's authenticity can be verified by accessing https://super.cvm.gov.br/conferir_autenticidade, and typing the "Verification Code" 1741416 and the "CRC Code" 63552EFF. Reference: Process No. 19957.009383/2021-43 SEI Document No. 1741416 Circular Letter 3 (1741416) SEI 19957.009383/2021-43 / pg. 2