CVM Circular 03/2005

CVM CIRCULAR/Nº 003/2005.
Rio de Janeiro, March 16, 2005.
Subject: Accreditation of Securities Analysts

Dear Sir/Madam,

We inform you that APIMEC has communicated to the CVM that you have obtained certification as a securities analyst with that accrediting entity.

Furthermore, we alert you that, for the exercise of the activity of securities analyst, in accordance with Section 2 of Article 2 of CVM Instruction No. 388/03, the analyst must be registered with the CVM; certification obtained with APIMEC is not sufficient.

The accreditation with the CVM must be requested in accordance with Article 11 of the aforementioned instruction, through the CVM's page on the World Wide Web (http://www.cvm.gov.br). The page for requesting registration of securities analysts can be accessed via the "Securities Analysts" item located in the "Quick Access" box on the Main Page. To request registration, login must be performed using the interested party's CPF (Individual Taxpayer Registry).

We remind you that, in accordance with the amendment made by CVM Instruction No. 412/04, the securities analyst will have until March 31, 2005, to obtain their accreditation with the accrediting entity and their registration with the CVM.

To:
Securities analysts certified by APIMEC who have not yet obtained registration with the CVM.

Finally, we warn that securities analysts already certified by APIMEC but who have not yet requested accreditation with the CVM will not be allowed to act in the capital market. Non-compliance with the above constitutes a serious offense for the purposes of Section 3 of Article 11 of Law No. 6,385 of December 7, 1976.

Sincerely,

Carlos Eduardo P. Sussekind
Superintendent of Institutional Investor Relations

Contact the CVM