Circular Letter No. 2229 — Clarifies and Publishes Additional Instructions for Filling the Map Annexed to Circular No. 2071 of October 31, 1991

CARTER-CIRCULAR N. 002229

AS ADMINISTRATORS OF MOVABLE GOODS CONSORTIUM

ESCLARECE E DIVULGA INSTRUCOES ADICIONAIS PARA O PREENCHIMENTO DO MAPA ANEXO A CIRCULAR N. 2.071, DE 31.10.91.

ART. 1. HAVING REGARD TO THE PROVISIONS CONTAINED IN CIRCULAR N. 2.071, OF 31.10.91, WE COMMUNICATE THAT IN FILLING IN THE COLUMN "ADMINISTRATION FEE CHARGED", OF YOUR ANNEXED MAP, THE SYSTEMATIC DESCRIBED BELOW MUST BE ADOPTED, DUE TO THE POSSIBILITY OF THE EXISTENCE OF DIFFERENT ADMINISTRATION FEES WITHIN THE SAME GROUP.

ART. 2. THE WEIGHTED AVERAGE ADMINISTRATION FEE OF THE GROUP IS CALCULATED, INITIALLY, BASED ON THE VARIOUS RATES POSSIBLY PRACTICED IN THIS GROUP, TO WIT:

N
E(SUM) QI.XI
J=1
MPJ = ------
N
E(SUM) QI
J=1

WHERE:

MPJ = WEIGHTED AVERAGE ADMINISTRATION FEE OF GROUP "J", CHARGED IN NOMINAL FORM (IN PERCENTAGE);

N = NUMBER OF DIFFERENT ADMINISTRATION FEES IN THE SAME GROUP (NUMBER OF SUBGROUPS);

QI = NUMBER OF SHARES OF THE ITH SUBGROUP OF A GIVEN ASSET; AND

XI = ADMINISTRATION FEE, IN NOMINAL FORM (IN PERCENTAGE), OF THE ITH SUBGROUP.

ART. 3. AFTER THE CALCULATION REFERRED TO IN ART. 2 AND IF THERE IS MORE THAN ONE GROUP RELATIVE TO THE SAME ASSET, THE WEIGHTED AVERAGE FEE OF ALL GROUPS MUST BE CALCULATED, IN THE FORM BELOW:

M
E(SUM) SJ.MPJ
J=1
MEK = ------
M
E(SUM) SJ
J=1

WHERE:

MEK = WEIGHTED AVERAGE FEE TO BE CALCULATED, IN THE CASE OF THE EXISTENCE OF MORE THAN ONE GROUP OF A GIVEN ASSET;

M = NUMBER OF GROUPS OF A GIVEN SPECIES OF ASSET;

SJ = OUTSTANDING BALANCE OF EACH GROUP, IN THE CASE OF THE EXISTENCE OF MORE THAN ONE GROUP OF A GIVEN ASSET;

MPJ = VALUE OBTAINED IN THE FORMULA DESCRIBED IN ART. 2.

ART. 4. THIS CIRCULAR LETTER ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

(*) BRAZILIA (DF), NOVEMBER 5, 1991

SPECIAL STUDIES AND MONITORING DEPARTMENT OF THE FINANCIAL SYSTEM

RONALDO FONSECA DE PAIVA
CHIEF

(*) RETRANSMITTED BECAUSE THE DATE WAS OMITTED.