CVM Instruction No. 438 of July 12, 2006, as amended by CVM Instructions No. 465/08, 512/11, and 514/11: Approval of the Investment Fund Accounting Plan - COFI

FULL TEXT OF CVM INSTRUCTION NO. 438, OF JULY 12, 2006, WITH THE AMENDMENTS INTRODUCED BY CVM INSTRUCTIONS NOS. 465/08, 512/11, AND 514/11.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

Approves the Investment Fund Accounting Plan - COFI.

The PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on July 5, 2006, in view of the provisions of arts. 2, §§ 2 and 3, item II, 8, items I and III, and 22, § 1, items II and IV, all of Law No. 6,385, of December 7, 1976, resolved to issue the following Instruction:

Art. 1. The Investment Fund Accounting Plan - COFI, annexed to this Instruction, is hereby approved, which provides for the rules of bookkeeping, asset valuation, revenue recognition, and expense appropriation and preparation of the financial statements of Investment Funds and Funds of Investment in Investment Fund Shares, governed by CVM Instruction No. 409, of August 18, 2004, of Privatization Mutual Funds - FMP-FGTS and Privatization Mutual Funds - Free Portfolio - FMP-FGTS-CL, governed by CVM Instruction No. 279, of May 14, 1998, and of Individual Programmed Retirement Funds - FAPI, established by Law No. 9,477, of July 24, 1997.

Art. 2. The General Superintendent - SGE is authorized to make technical-formal changes, additions, or eliminations necessary to Chapters 2 and 3 of the Accounting Plan referred to in art. 1 of this Instruction.

Sole Paragraph. The changes, additions, or eliminations referred to in the main text shall be previously submitted to the consideration of the Regulation Committee, created by CVM/PTE Ordinance No. 042, of May 6, 2005, and may not result in changes, additions, or eliminations of rules provided in Chapter 1 of the COFI.

Art. 3. The financial statements of Investment Funds governed by this Instruction must be audited by an independent auditor registered with the CVM, observing the rules that regulate the exercise of this activity.

Art. 4. CVM Instruction No. 305, of May 5, 1999, CVM Instruction No. 340, of June 29, 2000, CVM Instruction No. 365, of May 29, 2002, and CVM Instruction No. 375, of August 14, 2002, are hereby revoked.

Art. 5. This Instruction enters into force 30 (thirty) days after its publication, applying to social exercises starting after its validity.

Signed by
WLADIMIR CASTELO BRANCO CASTRO
Acting President

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.
ANNEX TO
CVM INSTRUCTION NO. 438, OF JULY 12, 2006
INVESTMENT FUND ACCOUNTING PLAN - COFI

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI

1. Objective

1 - The rules embodied in this Accounting Plan aim to standardize the accounting records of administrative acts and facts practiced and economic events occurred, rationalize the use of accounts, establish rules, criteria, and procedures necessary for obtaining and disclosing data, enable monitoring, analysis, performance evaluation, and control of the investment funds specified in item 1.1.1.2, so that the financial statements prepared express, with fidelity and clarity, the real economic-financial situation of the fund.

2 - The rules and procedures, as well as the standardized financial statements provided for in this Plan, are mandatory for:
a) Investment Funds (CVM Instruction No. 409/2004); b) Funds of Investment in Investment Fund Shares (CVM Instruction No. 409/2004); c) FMP – FGTS – Privatization Mutual Fund – With Resources Available from the FGTS Linked Account (CVM Instruction No. 279/98); d) FMP-FGTS-CL – Privatization Mutual Fund – FGTS Free Portfolio (CVM Instruction No. 279/98); e) FAPI – Individual Programmed Retirement Funds (Law No. 9,477/97)

3 - Since the Accounting Plan is an integrated set of rules, procedures, and accounting recording criteria in a generic manner, the guidelines embodied therein, as well as the existence of accounting titles, do not presuppose permission for the practice of operations or services prohibited by law, regulation, or administrative act, or dependent on prior authorization from the CVM.

4 - The chapters of this Plan are hierarchized in the order of presentation. Thus, in case of interpretation doubts between Basic Rules and Account List, the Basic Rules prevail.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI

2. Bookkeeping

1 - It is the competence of the Securities and Exchange Commission – CVM to issue general accounting and statistics rules to be observed by Investment Funds. Such competence is provided for in Laws No. 10,303/2001 and 10,411/2002.

2 - The bookkeeping must be complete, keeping in permanent records all administrative acts and facts that modify or will modify, immediately or not, the composition of the fund's assets.

3 - The simple accounting record does not constitute a sufficiently probative element; the bookkeeping must be based on suitable proofs for the perfect validity of administrative acts and facts. The verification of postings via data processing shall be made through the presentation of suitable documents.

4 - In addition to legal provisions and specific regulatory requirements regarding bookkeeping, accounting practices adopted in Brazil are observed, with the administrator being responsible for:
a) adopting uniform methods and criteria over time, with relevant modifications being evidenced in explanatory notes, quantifying the effects on the financial statements, when applicable; b) recording revenues and expenses in the period in which they occur and not on the date of actual entry or disbursement, in respect of the accrual basis; c) determining results in fixed time periods, observing the determination periods as provided in the corresponding normative act; d) performing the appropriate reconciliations of accounting titles with their respective analytical controls and keeping them updated, as determined in the specific sections of this Plan, with the respective documentation being archived for a minimum period of 5 (five) years.

5 – The fiscal, tax, and civil characteristics of any assets and liabilities, which are governed by their own regulation, do not alter the form of accounting classification.

6 - The lack, delay of accounting reconciliations and bookkeeping for a period exceeding 15 (fifteen) days, subsequent to the closing of each month, or processed in disagreement with the rules embodied in this Accounting Plan, subject the administrator to applicable penalties, in terms of the relevant legislation or regulation.

7 - The qualified professional responsible for accounting must conduct the bookkeeping within the required standards, observing the accounting practices adopted in Brazil, paying attention, including, to professional ethics, with the CVM responsible for communicating the competent authority, whenever irregularities are proven, so that applicable measures are applied.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

8 - With the objective of preserving substance over form, in extremely rare cases, where the administrator concludes that the adoption of a certain provision provided for in this Plan may result in distorted information, inadequate determination of the investment share's net asset value, or inequitable distribution of results among shareholders, to the point of conflicting with the objectives mentioned in item 1.1.1 - Objectives above, the Fund's administrator may, through the procedure provided for in item 1.1.2.9, refrain from applying a provision provided for in this Plan.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

9 - Any specific formal consultations regarding the interpretation of accounting rules and procedures provided for in this Plan must be addressed to the CVM/Superintendence of Market and Intermediary Relations, and must be signed by the administrator and the qualified professional responsible for accounting. Consultations concerning changes or the adoption of new practices or accounting procedures must be accompanied by the position/manifestation of the independent auditor.

10 - The existence of eventual consultations regarding the interpretation of current regulatory rules or even suggestions for the re-examination of a certain subject does not exempt the interested administrator from compliance.

11 - Daily off-book control is mandatory:
a) of applications in fixed-income securities and other papers comprising the portfolio, with a record for each batch of securities with identical characteristics, such as species, issuing or accepting society, nominal value, cost price, term, maturity, and yield rate; b) of the appreciation and depreciation of shares, by issuer and type.

12 - Investment funds have accounting bookkeeping distinct from that of the administering institution.

3. Date of Closing of the Social Year

1 – The date of closing of the fund's social year must coincide with the end of one of the months of the civil calendar and be expressed in the regulations.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI

4. Account List

1 - The arrangement of accounting titles in the Account List observes, in the Account Relation, the sequence of the account code, and, in the Function of Accounts, the alphabetical order.

2 - The coding of accounts observes the following structure:
a) 1st digit - GROUPS
I - Realizable:
1 - Realizable;
3 - Compensation;
II - Liability:
4 - Payable;
6 - Shareholders' Equity;
7 - Creditor Result Accounts;
8 - Debtor Result Accounts;
9 - Compensation. b) 2nd digit - SUBGROUPS c) 3rd digit - SUBDIVISIONS OF SUBGROUPS d) 4th and 5th digits - ACCOUNTING TITLES e) 6th and 7th digits - SUBACCOUNTING TITLES f) 8th digit - CONTROL (check digit)

3 - The control digit of the account is obtained according to the rule below:
multiply the digits of the code, sequentially, by 3, 7, and 1, from right to left; sum the 7 (seven) resulting parts; divide the total obtained by 10 (ten); the difference between 10 (ten) and the remainder (R) of this division, i.e., (10 - R) is the control digit, as in the example below:
code: 1.1.1.10.00
3 1 7 31 73
¦ ¦ ¦ ¦ ¦ ¦ ¦ 0 X 3 = 0
¦ ¦ ¦ ¦ ¦ ¦ 0 X 7 = 0
¦ ¦ ¦ ¦ ¦ 0 X 1 = 0
¦ ¦ ¦ ¦ 1 X 3 = 3
¦ ¦ ¦ 1 X 7 = 7
¦ ¦ 1 X 1 = 1
¦ 1 X 3 = 3 .
Sum 14 : 10 = 1, remainder = 4
CONTROL (check digit) = 10 - 4
CONTROL = 6 e) if the remainder of the division is 0 (zero), the control digit is also 0 (zero).

4 – No characterizing element of the standardized account may be altered or modified, namely: code, title, subtitle, or function.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

5. Classification of Accounts

1 - Realizable Assets - accounts are arranged in descending order of liquidity degree.

2 - Payable Liabilities - accounts are arranged in descending order of exigibility degree.

3 - Shareholders' Equity - divided into:
a) Investment Shares; b) Accumulated Profits or Losses.

4 - Corrective Accounts - appear in a subtractive manner, after the group, subgroup, subdivision, or account to which they refer.

5 - Compensation Accounts - Compensation Accounts are used to record any administrative acts that may transform into effective rights, gains, obligations, risks, or burdens, resulting from future events, whether expected or not.

6 - Subdivisions - for the purpose of evidencing the source of the resource, the direction of the credit, and the nature of the operations, Assets and Liabilities are subdivided into the following levels:
a) 1st degree - group; b) 2nd degree - subgroup; c) 3rd degree - subdivisions of the subgroup; d) 4th degree - title; e) 5th degree - subtitle.

7 - Internal Use Subtitles - Internal use subdivisions may be adopted or official subdivisions may be subdivided, by CVM requirement or due to internal and managerial control needs, but in any case, must be convertible to the standardized system.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI

6. Bookkeeping Books

1 - The institution must maintain the Daily Journal or the Daily Balances and Balance Sheets books and other mandatory books, observing the provisions provided for in laws and regulations.

2 - The Daily Balances and Balance Sheets book must indicate, in chronological order of day, month, and year, the daily movement of accounts, discriminating in relation to each one:
a) the previous balance; b) the day's debits and credits; c) the resulting balance, with indication of creditors and debtors.

3 – The investment fund must possess the Daily Journal, or the Daily Balances and Balance Sheets book, legalized at the competent authority.

4 - Posting cards must contain: location, date, appropriate identification of accounts, history or operation history code, and the value expressed in national currency. Documents may substitute posting cards, provided that all posting characteristics are inserted therein. When the fund uses coded histories, it must include in each daily movement the respective coding table or file containing memory of the coding tables used.

5 – When the option is to adopt the Daily Balances and Balance Sheets book, the posting cards corresponding to the daily movement, ordered in the sequence of account codes and numbered with a series for each day, are bound with security requirements that make them inviolable, with a dated and signed term on the cover mentioning the number of cards and their total value, observing the other current regulatory provisions.

6 - The supporting documents of the operations subject to registration must be archived sequentially with the accounting movement, or in a separate archive according to their nature, and integrate, for all purposes, the accounting movements.

7 - The duly authenticated posting cards and respective documents constitute probative records of the entries transcribed in the Daily Balances and Balance Sheets book.

8 – The adoption of the Daily Balances and Balance Sheets book obliges the maintenance of analytical controls that allow identifying, at any time, the composition of account balances.

9 – The fund that adopts the Daily Journal must bookkeep the Ledger Book in such a way as to allow identifying, at any time, the composition of account balances.

10 - In the Ledger Book, when used, elucidative histories of the registered events must be prepared, with indication of the account (name or code-number) in which the counterpart of the accounting posting is registered or with indication of the sequential number of the respective posting card in the daily movement, provided that the same encompasses the information regarding the counterpart.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI

11 – The fund's administrator may maintain, in substitution for the books and other documents mentioned above, at its discretion, accounting records in the form of:
a) continuous forms, loose sheets, cards, or files, provided that they are numbered sequentially mechanically, electronically, or typographically and bound in book form with the same legal requirements of these, and are also authenticated by the Titles and Documents Registry Office where the fund is registered; or b) files on magnetic media, provided that it is possible to verify the authenticity of the file through a digital certificate issued by a specialized certifying authority, and are also authenticated by the Titles and Documents Registry Office where the fund is registered.

12 – The books and other documents mentioned above may be preserved in the form of microfilm, observing the specific legal and regulatory provisions governing the matter.

7. Shareholders' Equity

1 - Shareholders' Equity of the fund is understood as the difference between the total of realizable assets and payable liabilities.

2 - Shareholders' Equity, determined at the periodicity established in specific regulation, must demonstrate the real asset situation of the Fund.

3 - The values corresponding to the issuance and redemption of shares are recorded in INVESTMENT SHARES.

4 - Variations in share redemptions are recorded as debits or credits to the corrective account of Shareholders' Equity VARIATIONS IN SHARE REDEMPTION, with its balance being transferred to ACCUMULATED PROFITS OR LOSSES, upon the preparation of the financial statements.

5 - Once the result is determined, it is transferred from RESULT DETERMINATION to ACCUMULATED PROFITS OR LOSSES.

6 – The value of the share of the day is the result of dividing the value of shareholders' equity by the number of shares of the fund, both determined at the closing of the day, understood as the closing time of the markets in which the fund operates, with the share value of the day being calculated from the previous day's shareholders' equity, duly updated by one day, in the cases provided for in specific regulation.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI

SECTION: Evaluation and Accounting Appropriation Criteria – 2

1. General Provisions

1 – The assets comprising the investment funds' portfolios must be recorded at the effectively contracted or paid value, and adjusted daily to market value, recognizing accounting appreciation or depreciation in counterpart to the appropriate revenue or expense account, in the period's result.

2 – Market price is considered the value that can be obtained with the negotiation of the security or financial instrument in an active market, where buyer and seller are independent, without corresponding to a compulsory transaction or resulting from a liquidation process. In turn, a market is defined as one in which the asset is negotiated in a habitual and frequent manner, to be selected, among the available markets, the one where the largest volume of the asset's negotiations occurs.

3 – In the absence of a negotiation market for a given asset, its accounting must be made using one of the following criteria:
a) by the value that can be obtained with the negotiation of another asset of at least similar nature, term, risk, and indexers; b) by the present value of future cash flows to be obtained, adjusted based on the interest rate prevailing in the market, on the date of the financial statement; or c) by the net realization value obtained by mathematical-statistical pricing technique or model.

4 – Atypical quotes must be excluded when evaluating the economic value of the asset. The documents constituting the atypicality of the excluded quote and the documents, criteria, and methods used for the economic evaluation of the asset must be preserved by the administering institution, as determined in item 1.2.1.5 below.

5 – The fund's administrator must keep clear and objective, for a minimum period of 5 (five) years, or for a longer period by express determination of the CVM in case of administrative process, all reports, documents, and information supporting the procedures provided for in this Accounting Plan.

6- If impropriety or inconsistency is verified in the classification and evaluation processes, the CVM may determine the reclassification and re-evaluation of the fund's assets, with the consequent recognition of the effects on the financial statements, without prejudice to any applicable sanctions.

7 – The adoption of the procedures referred to in this Accounting Plan must produce immediate effects on the fund's share value, observing the other conditions provided for in its regulations.

8 – The adjustments resulting from the application of the procedures referred to in item 1.2.1.7 above must be recorded in counterpart to the appropriate revenue or expense account in the period's result.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

9 – The base date for the monthly balance sheet is the last day of the month, with the last day of the chosen month being used for the period's financial statements.

10 - The recording, evaluation, and disclosure of securities and financial instruments comprising the portfolios of exclusive investment funds, whose investor is a financial institution, institution authorized to operate by the Central Bank of Brazil, or closed complementary pension entity, must observe the conditions, requirements, and deadlines established in specific regulations issued by the Central Bank of Brazil and the Complementary Pension Management Council, respectively, to financial institutions, institutions authorized to operate by the Central Bank of Brazil, and closed complementary pension entities.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

TITLE: ACCOUNTING PLAN FOR INVESTMENT FUNDS - COFI
SECTION: Valuation and Accounting Appropriation Criteria – 2

2. Fixed Income Assets

1 – The fixed income assets comprising the portfolios of investment funds must be recorded at the value effectively paid, including brokerage fees and emoluments, and classified into the following categories:
a) trading assets; b) held-to-maturity assets.

2 – In the trading assets category, securities and financial assets acquired with the purpose of being actively and frequently traded must be recorded.

3 – In the held-to-maturity assets category, securities and financial assets must be recorded when, on the acquisition date, there is an intention by the unitholders to preserve an investment volume compatible with maintaining such assets in the fund's portfolio until maturity, provided that the following conditions are cumulatively observed:
a) the investment fund is intended for a single investor, investors belonging to the same conglomerate or economic-financial group, or qualified investors, the latter defined as such by the regulation issued by the CVM regarding investment funds; b) there is a formal request from all unitholders, which must include a declaration that they have the financial capacity to hold the assets classified in this category until maturity; c) all unitholders who join the fund after the classification in this category formally declare, through the adherence term to the fund's bylaws, their financial capacity and consent to the classification of securities and financial assets comprising the fund's portfolio in the category mentioned in this item.

4 – For an investment fund to invest in shares of another investment fund that classifies securities and financial assets of its portfolio in the held-to-maturity assets category, it is necessary that the same conditions established in item 1.2.2.3 above are met by the unitholders of the investing fund.

5 – Securities and financial assets classified in the trading assets category must be adjusted daily by market value, computing the appreciation or depreciation against the appropriate revenue or expense account, in the period's result.

6 – For the purposes of the adjustment provided for in item 1.2.2.5 above, the methodology for calculating market value is the responsibility of the administering institution and must be established based on consistent and verifiable criteria, which take into account independence in data collection regarding the rates practiced in its trading desks, and the average trading price on the calculation date may be used as a parameter.

6.1 – When market price is not available for a certain asset, the fund administrator must use the techniques provided for in item 1.2.1.3.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

7 - The administrator, in any case, must adjust the valuation of the assets comprising the fund's portfolio whenever there is indication of probable losses in the realization of their value.

8 - In the daily valuation of assets and liabilities comprising the portfolio of the external debt investment fund, the conversion of foreign currency to national currency must be carried out using the selling exchange rate available in the Central Bank Information System – Sisbacen, transaction PTAX800, Option 5 – Quotation for Accounting, relating to the free rate exchange segment.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

TITLE: ACCOUNTING PLAN FOR INVESTMENT FUNDS - COFI
SECTION: Valuation and Accounting Appropriation Criteria – 2

9 – Securities and financial assets classified in the held-to-maturity assets category must be evaluated daily at their respective acquisition costs, plus the earnings accrued, computing the appreciation or depreciation against the appropriate revenue or expense account in the period's result.

10 - The appropriation of earnings must be carried out considering the business days between the date of the contract and the date of maturity of the operation, excluding the day of the operation and including the day of maturity.

11 - The premium or discount calculated in fixed income asset acquisition operations, including those representing external debt of the Union and any others traded in the international market, must be recognized in proportion to the passage of the maturity period of the papers.

12 – The reclassification of assets between the categories provided for in item 1.2.2.1 must be carried out immediately if a change is found in the parameters that led to the original classification at acquisition, observing the following procedures:
a) in the event of transfer from the held-to-maturity assets category to the trading assets category, unrealized gains and losses must be recognized immediately in the period's result; b) except in the occurrence of an extraordinary event, reclassification of any title held in the portfolio and classified in the held-to-maturity assets category is permitted only once; if there is a new reclassification, of the same or another title, during the current fiscal year or during the 2 (two) subsequent fiscal years, the entire portfolio will be reclassified to the trading assets category; c) the fund shall not classify any asset as held-to-maturity if during the current fiscal year or during the 2 (two) preceding fiscal years it has reclassified any title from the portfolio to the trading assets category.

12.1 - The transfer from the held-to-maturity assets category to the trading assets category may only occur for unforeseen reasons, occurring after the classification date, so as not to discharacterize the intention and financial capacity declared by the unitholders as the basis for classification in that category.

12.2 - The documentation serving as the basis for reclassification, duly accompanied by an explanation of reasons from the administering institution, must remain available to the CVM.

13 - Permanent losses with securities and financial assets classified in the held-to-maturity assets category must be recognized immediately in the period's result, observing that the adjusted value resulting from the recognition of said losses becomes the new cost basis.

13.1 - The reversal of the losses mentioned in item 1.2.2.13 above is admitted, provided it is for a justified reason subsequent to that which led to their recognition, limited to the acquisition cost, plus the earnings accrued.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

14 – Reclassification of securities and financial assets classified in the trading assets category to the held-to-maturity assets category is prohibited.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

TITLE: ACCOUNTING PLAN FOR INVESTMENT FUNDS - COFI
SECTION: Valuation and Accounting Appropriation Criteria – 2

15 - The earnings accrued with securities, including those representing external debt of the Union and other assets traded in the international market, must be appropriated considering the net value of taxes and withholding contributions, when applicable.

16 - In fixed income operations and those carried out in the variable income market that result in predetermined earnings, where financial settlement occurs on a date subsequent to the contracting date or the maturity date, the appropriation of earnings must consider as the contracting day and the maturity day of the operation the dates of financial settlement.

3. Variable Income Assets

1 – The variable income assets comprising the portfolio of the investment fund must be recorded at the value effectively paid, including brokerage fees and emoluments, and adjusted daily by market value, observing the stipulated in item 1.2.2.6.

2 - Acquisition cost is understood as the purchase price of the security in the current fiscal year or the valuation value of the fund's last balance sheet.

3 - The valuation of applications in the variable income market that have market trading in the last 90 (ninety) days must be made using the last average daily trading quotation of the market in which the asset has greater liquidity.

3 - The valuation of variable income assets must be made using the last daily closing quotation of the market in which the asset has greater liquidity, provided it has been traded at least once in the last 90 (ninety) days.

• Wording given by CVM Instruction No. 465, of February 20, 2008.

4 - In the event of assets without trading in the last 90 (ninety) days, the value of the title must be evaluated by the lower of the following values:
a) acquisition cost; b) last available quotation; c) last net asset value of the title disclosed to the CVM; or d) probable net realization value obtained by adopting a pricing technique or model.

5 - The administrator, in any case, must adjust the valuation of the assets comprising the fund's portfolio whenever there is indication of probable losses in the realization of their value.

6 - Investment funds constituted in the form of closed-end condominiums with a duration equal to or greater than 5 (five) years may adopt the economic value determined by an independent specialized company, for securities of companies without an active market in the stock exchange or in an organized over-the-counter market.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

7 - The use of the option provided for in the previous item is conditioned to the provision in the fund's bylaws or deliberation in a general meeting of unitholders that:
a) the administrator assumes responsibility before the CVM and the unitholders for the criteria, values, and premises used in the economic evaluation adopted by the fund; b) the administration fee is charged based on the historical cost of investments and the performance fee, if any, is only paid upon the full realization of the fund's applications; c) once a certain criterion and valuation methodology is adopted for a certain security, it is regularly used throughout the subsequent fiscal years; and d) whenever there is a significant change in the premises underlying the economic evaluation, it must be reviewed and the effects reflected in accounting, and the fund's bylaws must provide for the minimum frequency of evaluation.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

TITLE: ACCOUNTING PLAN FOR INVESTMENT FUNDS - COFI
SECTION: Valuation and Accounting Appropriation Criteria – 2

4. Derivatives

1 – Financial derivative instruments are understood as those whose value varies, according to contractual provision, as a result of changes in interest rates, price of securities or financial assets, price of commodities, exchange rate, stock exchange index, price index, index or credit rating, or any other similar specific variable and that are settled on a future date.

2 - Operations with financial derivative instruments, carried out by the investment funds specified in item 1.1.1.2, must be recorded observing the following procedures:
I - on the date of the operation:
a) in forward operations, the acquired or alienated assets must be accounted for at their spot market quotation values, with the installments to be received or paid fixed for a future date adjusted to present value, taking the rate of each contract as the basis; b) in operations with options, record the value of premiums paid or received in the appropriate asset or liability account, respectively, remaining therein until the effective exercise of the option, if applicable, when it must then be written off as a reduction or increase in the cost of the good or right, by effective exercise, or as revenue or expense, in the case of non-exercise, as applicable; c) in operations with other financial derivative instruments, record in asset or liability accounts according to the characteristics of the contract. II - daily: evaluate at market value, observing the criterion established in item 1.2.2.6.

3 - The recording of the result calculated in the operations referred to in item 1.2.4.2 must be carried out individually, with compensation of revenues with expenses in distinct contracts being prohibited.

4 - The reference value of operations with financial derivative instruments must be recorded in clearing accounts.

5 – Assets acquired through operations with derivatives or resulting from the breakdown of these operations must be classified, on the date of receipt of the asset subject to the operation, into one of the categories provided for in items 1.2.2.1.

6 – In future market operations, the value of the contract must be recorded in clearing accounts, recognizing in result accounts its daily adjustments.

7 – In operations with options:
I – contracts must be evaluated at market price, in consonance with the criteria used for the evaluation of the underlying asset and with its market volatility; II – exercise values, to be paid and to be received, accounted for in clearing accounts.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

8 – Securities, financial assets, and other assets given as collateral for operations carried out in stock exchanges, futures, and organized over-the-counter markets, must be recorded in the respective equity accounts that highlight the linkage, maintaining the original valuation criteria.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

TITLE: ACCOUNTING PLAN FOR INVESTMENT FUNDS - COFI
SECTION: Valuation and Accounting Appropriation Criteria – 2

5. Loans

6. Securities and financial assets lent must be recorded in the ACCOUNT FOR RIGHTS FROM LOAN OF SECURITIES AND FINANCIAL ASSETS and evaluated at market.

1.1. The remuneration contracted in the operation of securities and financial assets lent must be appropriated for the duration of the contract, ‘pro rata temporis’, and recorded in the ACCOUNT FOR INCOME FROM RIGHTS FROM LOAN OF SECURITIES AND FINANCIAL ASSETS.

2. Securities and financial assets borrowed must be recorded in the ACCOUNT FOR CREDITORS FROM LOAN OF SECURITIES AND FINANCIAL ASSETS and evaluated at market.

2.1 The charge and emolument contracted in the operation of securities and financial assets borrowed must be appropriated for the duration of the contract, ‘pro rata temporis’, and recorded in the ACCOUNT FOR EXPENSES FROM LOAN OF SECURITIES AND FINANCIAL ASSETS.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

TITLE: ACCOUNTING PLAN FOR INVESTMENT FUNDS - COFI
SECTION: Valuation and Accounting Appropriation Criteria – 2

6. Revenues and Expenses

1 - The appropriation of revenues and expenses of the fund is made ‘pro rata’ business day, observing, where applicable, the following criteria:
I - Operations with Fixed Rates:
a) active and passive operations contracted with fixed revenues and charges for a future date are accounted for at present value, with revenues and charges to be appropriated registered in a sub-item for internal use of the title itself or the accounting sub-item used to register the operation; b) the revenues and charges of these operations are appropriated daily, to the credit or debit of the effective accounts of revenues or expenses, as applicable, due to the passage of their terms; c) the appropriation of revenues and charges of these operations is made by using the exponential method, with linear appropriation being admitted in those contracted with a simple interest clause. II - Operations with Post-fixed or Floating Rates:
a) active and passive operations contracted with post-fixed or floating revenues and charges are accounted for at the principal value, to the debit or credit of the accounts that register them. These same accounts accommodate the interest and monthly adjustments resulting from variations in update indices or contracted charges, in the case of floating rates; b) the revenues and charges of these operations are appropriated daily to the credit or debit of the effective accounts of revenues or expenses, as applicable, due to the passage of their terms; c) the appropriation of daily revenues and charges of these operations is made by using the exponential method, with linear appropriation being admitted in those contracted with a simple interest clause, according to the indexer used for correction of the following month in relation to the current month, ‘pro rata temporis’ in the case of operations with post-fixed rates, or with observance of contracted rates, in the case of operations with floating charges;

2 - Fixed income securities are recorded at the value effectively paid and updated daily, and, if applicable, the premium or discount must be recognized due to the passage of the maturity period of the papers.

3 – Profits or losses calculated on the sale of securities are accounted for in the appropriate result accounts, following the criteria below:
a) Held-to-Maturity Assets: sale value minus the updated value for the day; b) Trading Assets: sale value minus the market value of the previous day.

4 - Revenues from committed operations are registered in the appropriate result accounts.

5 – Revenues occurring on an occasional basis, and which do not fit into other result accounts, are registered to the credit of OTHER OPERATIONAL REVENUES.

6 – Dividends and equity capital interest are registered as revenue when the corresponding shares are considered ex-rights in the stock exchange.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

7 - The expenses and charges of the fund, appropriated daily and per business day, are registered in specific accounts, except those that, according to current regulations, fall on the administering institution.

8 – The CVM inspection fee must be registered as an advance expense on the date of its payment, to be appropriated daily to the result according to the period to which it refers.

9 - Brokerage fees and emoluments paid upon the sale of securities and financial assets are registered to the debit of the appropriate result account.

10 - The administration fee and performance fee must be calculated per business day, according to the fund's bylaws and appropriated daily, according to current regulations.

11 – Payments made directly by the fund to service providers, included in the administration fee, must have registration in specific sub-accounts of liability and result.

12 - Expenses occurring on an occasional basis, the responsibility of the Fund, which do not fit into other result accounts, are registered to the debit of the account OTHER ADMINISTRATIVE EXPENSES.

13 - Occasional losses that are not covered by an insurance policy and cannot be directly attributed to the fault or negligence of the administrator are registered to the debit of OTHER OPERATIONAL EXPENSES.

CVM INSTRUCTION NO. 438, OF JULY 12, 2006.

TITLE: ACCOUNTING PLAN FOR INVESTMENT FUNDS - COFI
SECTION: Accounting Information – 3

1. Financial Statements

1 – Financial statements are mandatory for funds in activity for more than 90 (ninety) days. If the first financial statement exceeds the period established in the specific norm that governs the functioning of the fund, this fact must be detailed in an Explanatory Note.

2 – The preparation of the following financial statements, tables, and supplementary statements – standardized, supplemented by explanatory notes, whenever necessary for the complete clarification of the financial situation and results – is mandatory:
I - daily: the Daily Report (document no. 1)
II - monthly:
a) – Trial Balance (document no. 2); b) – Statement of Composition and Diversification of the Portfolio (documents no. 3).
III - at the end of each fiscal year:
a) - the financial statements, composed of the following documents and accompanied by the opinion of the independent auditor:
a.1 - Statement of Composition and Diversification of the Portfolio (Document no. 3); a.2 - Statement of the Evolution of Shareholders' Equity (document no. 4); a.3 - Explanatory Notes. b) – Statement of the Evolution of the Share Value and Profitability (document no. 5).

3 - The financial statements of investment funds are comparative with the previous period. In the event of a transfer of administrator during the period, the evolution statement of equity must comprise the complete period.

2. Explanatory Notes

1 – In addition to the information provided for in specific items of this Accounting Plan, the explanatory notes must indicate, when applicable:
I - Operational context - must contain the date of constitution; if originating from a spin-off or merger process (indicate the originating fund); the target audience; if intended for qualified or non-qualified investors; the objective stated in the fund's bylaws; summary of the strategy adopted; risks incurred by unitholders inherent to the investments, including the possibility of contributing resources in case of negative shareholders' equity, when applicable; obligatorily, the following expression must also appear: “Investments in funds are not guaranteed by the administrator or by any insurance mechanism, or even by the Credit Guarantee Fund - FGC”.

INSTRUÇÃO CVM Nº 438, DE 12 DE JULHO DE 2006.

II - Presentation and preparation of financial statements - describe that the financial statements were prepared in accordance with accounting practices applicable to investment funds, supplemented by the standards provided in this Chart of Accounts and by the guidelines issued by the Securities and Exchange Commission (CVM).

III - Accounting Practices - must contain a description of the criteria adopted for the recording of revenues and expenses, as well as for the valuation of the assets comprising the fund's portfolio, detailed by type of assets, as applicable:
a) Stocks/options; b) Futures Markets/Swaps; c) Dividends, Interest on Equity Capital, and Bonuses; d) Shares of Investment Funds; e) Public/Private Bonds; f) Other Operations (Stock Lending, Forward Transactions, etc.).

IV - Information covering, at minimum, the following aspects:
a) relating to each category of assets according to the classification provided in item 1.2.2.1:
a.1) the amount, nature, and maturity bands (at least up to 365 days and above, considering the date of the financial statements); a.2) the cost and market values of the bonds classified in the held-to-maturity category; a.3) the amount of reclassified bonds, the impact on results, and the reasons leading to the reclassification; a.4) the declaration regarding the investor's intention and financial capacity to hold until maturity the bonds classified in this category; b) qualitative and quantitative information relating to financial derivative instruments, highlighting:
b.1) utilization policy; b.2) risk management objectives and strategies, particularly, the hedge policy; b.3) risks associated with each strategy of action in the market, internal controls, and parameters used for managing these risks and the results obtained relative to the proposed objectives; b.4) valuation and measurement criteria, methods, and significant assumptions applied in determining market value; b.5) values recorded in asset, liability, and offsetting accounts, segregated by category, as well as those intended for hedging and trading; b.6) values grouped by asset, reference index, and maturity bands, highlighting reference values, cost, market, and portfolio risk values; b.7) gains and losses in the period; b.8) value and type of margins given as collateral.

INSTRUÇÃO CVM Nº 438, DE 12 DE JULHO DE 2006.

V - Issuances, amortizations, portability, and redemptions of shares – the criteria adopted in issuances, amortizations, portability, and redemptions of shares must be presented, informing the conversion and payment of amortizations and redemptions.

VI - Remuneration of the administrator (management and performance fees) – the appropriate amount for management and performance fees must appear in this item, informing the criteria adopted for calculation and payment, including, when applicable, third-party services on behalf of the administrator.

INSTRUÇÃO CVM Nº 438, DE 12 DE JULHO DE 2006.
TITLE: CHART OF ACCOUNTS FOR INVESTMENT FUNDS - COFI
SECTION: Financial Statements – 3

VII - Management, custody, treasury, consulting, and outsourced services - There must be a mention if these services are executed by the administrator itself or by hired third parties. If executed by third parties, they must be listed, including the types of outsourced services, such as portfolio management, backoffice, share distribution, etc.

VIII - Fund operations with administrator/manager and/or affiliated companies - it must be informed if the fund operated exclusively or substantially with the Brokerage firm of the group or manager. It must also be informed if the fund operated with bonds issued by companies affiliated with the administrator/manager.

IX - Tax Legislation – a summary of the fund's fiscal rule must be informed, mentioning, when applicable, the current income tax rate and other taxes levied, taking into consideration the composition of the fund's portfolio in the respective fiscal year, portability, etc. If there are changes in legislation already scheduled for the next fiscal year, this must be informed, as well as the deadline allowed for its implementation.

X - Results distribution policy – must inform which criterion was adopted; whether incorporated into the share value or distributed to shareholders.

XI - Information disclosure policy - inform the information disclosure policy, mentioning the communication media used, such as: newspaper, internet, mail, and others, as well as the forms of access to the shareholder service department.

XII - Other Information - Include the average net equity value, profitability, and benchmark of the current and previous fiscal year.

XIII – Legal Demands

XIV - Subsequent Events - describe subsequent events if any.

XV – Additional Information - there must be identification of the accountant and the director responsible for the fund.

XVI – Statutory alterations occurred during the period.

XVII – Fund liquidation – the explanatory notes to the fund's financial statements must contain an analysis regarding whether redemption values were or were not effected under equitable conditions and in accordance with pertinent regulation, as well as regarding the existence or non-existence of unrecorded debts, credits, assets, or liabilities.

XVIII – Information on Transactions with Related Parties:

INSTRUÇÃO CVM Nº 438, DE 12 DE JULHO DE 2006.

a) The institution administering the investment funds must also include in the explanatory notes information about any transactions carried out between the fund and the administering institution, manager, or party related to them, so that information users can assess the extent of the effects of these transactions on the investment fund's equity, financial, and results position.

b) The term related party is used in this item with the meaning adapted from contained in Technical Pronouncement CPC 05(R1), approved by CVM Deliberation No. 642, of October 7, 2010, and must be applied in relation to the administering or managing institution of the investment fund that reports the information.

c) The administering institution must disclose, at minimum, the following information:
c.1) nature of the existing relationship; c.2) amount of transactions carried out; c.3) existing balances; c.4) provision for doubtful credit collection related to the amount of existing balances, when applicable; c.5) result recognized in the period related to the transaction; c.6) brokerage expenses appropriated in the period; c.7) average rates practiced, by type of instrument, in bond and securities purchase operations, when applicable, with the exception of purchase of federal public bonds and applications in committed operations; c.8) any other relevant information for understanding the effects of the transactions.

d) The disclosure referred to in item c must be made separately for each type of transaction and counterparty involved.

e) Examples of transactions to be disclosed include:

e.1) purchase of bonds and securities from the administering institution, manager, or related party; e.2) sale of bonds and securities to the administering institution, manager, or related party; e.3) use of a brokerage firm related to the administering institution or manager; e.4) execution of committed operations with a financial institution related to the administering institution or manager; e.5) execution of operations with financial derivative instruments whose counterparty is the administering institution, manager, or party related to them; e.6) provision of other services to the fund performed by a party related to the administering institution or manager; e.7) any other transaction between the fund and the administering institution, manager, or party related to them.

f) The information on purchase and sale operations of federal public bonds and committed operations between the fund and the administering institution, manager, or party related to them must be presented in table form, as follows:

Definitive purchase and sale operations of federal public bonds carried out with related parties Month/Year Definitive purchase and sale operations of federal public bonds carried out with related parties / total definitive operations with federal public bonds Average daily volume / Average daily fund net equity (Price practiced / Average price of the day ) weighted by volume () Inform the source used

Committed operations with related parties
Month/Year Committed operations carried out with related parties / total committed operations Average daily volume / Average daily fund net equity Average contracted rate / SELIC Rate

g) Disclosure of the general conditions and terms under which the transactions were carried out is mandatory.

h) The declaration that transactions with the administering institution, manager, or party related to them were carried out in an equitable manner can only be made if the general conditions and terms can be effectively proven.

i) Atypical transactions carried out after the closing of the fiscal year or period, but before the authorization of issuance of the financial statements, must also be disclosed.

• Item XVIII included by CVM Instruction No. 514, of December 27, 2011.

INSTRUÇÃO CVM Nº 438, DE 12 DE JULHO DE 2006.
TITLE: CHART OF ACCOUNTS FOR INVESTMENT FUNDS - COFI
SECTION: Incorporation, Merger, Spin-off, Transformation, and Closure of Activity – 4

4. Incorporation, Merger, Spin-off, Transformation, and Closure of Activity

5. In processes of incorporation, merger, spin-off, transformation, or closure of activity, in addition to compliance with the requirements contained in legal and regulatory norms, the explanatory notes attached to the financial statements must inform:
   I - mention of the incorporation, merger, spin-off, transformation, or closure of activity occurred during the period, with indication of the funds involved and date of the General Assembly of incorporation, merger, spin-off, transformation, or closure of activity; II - in case of spin-off, the active and passive elements that will form each portion of the equity, as well as the allocation criteria adopted, especially in cases where the segregation of assets and liabilities could not follow the exact proportion of the net equities of the resulting funds; III - the equity value of the funds to be created or of the increase or reduction of the equity of the funds involved in the operation; IV - other relevant data related to the process of incorporation, merger, spin-off, transformation, or closure of activity; V - the date of closure of activity of the fund, occurred with the payment of the redemption effected by the last shareholder, and data on its cadastral update at the CVM; VI - transformation is understood as the change of the fund from open to closed or vice versa, or from investment clubs to investment funds.

6. The administrator must keep available to the Securities and Exchange Commission, for a minimum period of five years, counted from the year following the occurrence of the process or event, which may be microfilmed in the form of the legislation and regulation in force, the following documentation of the funds involved:
   a) the financial statements prepared and published in the five financial fiscal years prior to the process of merger, spin-off, incorporation, transformation, or closure of activity and the respective opinions of independent auditors; b) the Daily Book or Daily Balances and Balance Sheets of the incorporated, merged, spun-off, transformed, or closed funds; c) the general inventories and reconciliations of the Active and Passive elements carried out upon the works of quantification and qualification of the equity elements for the purpose of merger, incorporation, spin-off, transformation, or closure; d) the accounting documentation related to the bookkeeping, adjustments, and accounting reconciliations of the five financial fiscal years prior to the process, up to the base date of the event; e) the register of shareholders; f) the minutes book of the general assemblies; g) the attendance book or list of shareholders.

INSTRUÇÃO CVM Nº 438, DE 12 DE JULHO DE 2006.

2.1 - The obligation provided for in this item 1.4.2 falls upon the administrator of the spun-off, merged, or incorporated fund, not being enforceable against the new administrator or the administrators of the incorporating funds.

3 - The incorporated fund must have its results closed before the incorporation.

INSTRUÇÃO CVM Nº 438, DE 12 DE JULHO DE 2006.
TITLE: CHART OF ACCOUNTS FOR INVESTMENT FUNDS - COFI
SECTION: Clearing Accounts – 5

1. Recording

1 – The fund must use clearing accounts for recording and monitoring any administrative acts that may transform into effective rights, gains, obligations, losses, risks, or burdens, arising from future events, whether foreseen or not, observing the breakdowns provided for control.

2 - When there is no specific title for recording the act that must be booked, the fund must use the account OTHER ACTIVE CLEARING ACCOUNTS and its respective counterpart, proceeding with the breakdown of events into sub-titles for internal use that identify them clearly and objectively.

2. Custody of Values

3. The values relating to bonds and securities, as well as other financial assets comprising the fund's portfolio, duly custodied, registered in specific deposit accounts, opened directly in the name of the fund, in systems of registration and financial settlement of assets authorized by the Central Bank of Brazil or in institutions authorized to provide custody services by the CVM, are recorded in the adequate clearing accounts.

2 - The accounting entry must contain the indispensable data for the perfect identification of the custodied values.

3 - The custodied values and goods are accounted for, with necessary identification, by the index value of R$ 1.00 (one Real) multiplied by the quantity of custodied bonds for fixed income, variable income, and shares of investment funds.

4 – The fund must maintain controls for identifying the custodied values, according to characteristics and quantities.

5 – Public bonds as well as other fixed-income bonds (CDB, LC, etc.) are recorded by the issue value, the post-fixed ones, and by the redemption value, the pre-fixed ones.

6 - Documents relating to inventories and reconciliations of values in custody must be archived for subsequent investigations.

INSTRUÇÃO CVM Nº 438, DE 12 DE JULHO DE 2006.
TITLE: CHART OF ACCOUNTS FOR INVESTMENT FUNDS - COFI
SECTION: Clearing Accounts – 5

3. Operations with Financial Derivative Instruments (Futures, Forwards, Options, and SWAP)

1 – The fund must maintain analytical controls that allow identifying the contracting parties, the characteristics, and the values of the operations carried out.

2 - Operations with financial derivative instruments must be reconciled, at minimum, upon the preparation of monthly balances.

3 - Documents relating to inventories and reconciliations must be archived for subsequent investigations.

4 – The reference value of operations with financial derivative instruments must be recorded in clearing accounts, as follows:
a) forward contract: contract value at maturity; b) futures contract: quantity of contracts, multiplied by the size of the contract and multiplied by the market NAV; c) option contract: quantity of contracts, multiplied by the size of the contract and multiplied by the exercise price; d) swap contract: starting value (principal); e) currency swap contract: value of the currency leg.

4. Classification in Categories

1 – The fund must record the values of the assets in its portfolio in the respective clearing accounts, according to criteria for classifying assets for trading and assets held to maturity.

2 – The sum of the balances of the Trading Assets and Held-to-Maturity Assets items must correspond to the balance of the Bonds and Securities and Financial Derivative Instruments subgroup, subtracted from the balance of the breakdown of the Financial Derivative Instruments subgroup.

5. General Provisions

1 - The balances of the clearing accounts must be reconciled, month by month, with a view to preparing balances and balance sheets.

2 - The analytical controls are intended to allow the identification of the characteristics of the registered elements and their respective values.

INSTRUÇÃO CVM Nº 438, DE 12 DE JULHO DE 2006.
TITLE: CHART OF ACCOUNTS FOR INVESTMENT FUNDS - COFI
SECTION: Audit – 6

1 - Obligation

1 – The fund's financial statements must be audited by an independent auditor registered with the CVM, upon the closing of the fiscal year or period defined in the fund's regulation or specific norm, as well as on the dates of spin-off, incorporation, merger, transformation, and closure of activities.

2 – The financial statements subject to audit are composed of the tables below and their respective explanatory notes:
I – Statement of Composition and Diversification of Portfolio (document No. 3); II – Statement of Net Equity Evolution (document No. 4).

3 - Upon finding any relevant irregularity regarding what is established by the norms of this Chart of Accounts, specific norms, and the fund's regulation, the independent auditor must communicate the fact to the CVM, in writing, within a maximum period of 20 (twenty) days, counted from the date of its occurrence.

2 - Administration Responsibility

1 – The administrators of the funds must provide the independent auditor with all data, information, and conditions necessary for the effective performance of their services, as well as the administration responsibility letter, in accordance with the norms of the Federal Council of Accounting (CFC).

2 - The administrators of the funds will be held responsible for hiring an independent auditor who does not meet the requirements provided for in the applicable norms and in this Chart of Accounts.

3 - The administrators of the funds must disclose information, according to specific regulation, related to the provision, by the Independent Auditor or by parties related to the Independent Auditor, of any service that is not external audit, provided to the administrator, manager, or directly to the investment fund.

4 – The fund administrator must observe the deadlines and conditions, established in own regulation, regarding the rotation of independent auditors.

5 - Verified, at any time, the existence of a situation that may affect the independence of the auditor, the administrators of the funds must arrange for its regularization, which may imply the substitution of the independent auditor, without prejudice to the norms that regulate the exercise of this activity.

INSTRUÇÃO CVM Nº 438, DE 12 DE JULHO DE 2006.

6 - Upon finding non-compliance with the requirements established in this Chart of Accounts, the audit services will be considered ineffective for meeting the norms emanating from the Securities and Exchange Commission.

INSTRUÇÃO CVM Nº 438, DE 12 DE JULHO DE 2006.
TITLE: CHART OF ACCOUNTS FOR INVESTMENT FUNDS - COFI
SECTION: Audit – 6

3 - Auditor Independence

1 - The independent auditor must elaborate and adequately document its independence policy, which must be available to the Securities and Exchange Commission, evidencing, in addition to the situations provided for in this Chart of Accounts, others that, at its discretion, may affect its independence, as well as the internal control procedures adopted with a view to monitoring, identifying, and avoiding their occurrences.

2 - The exercise of the independent audit activity of the financial statements of investment funds must comply with the norms that regulate the registration and exercise of the independent audit activity within the securities market, such as:
a) hypotheses of impediment and incompatibility; b) duties and responsibilities; c) examination of technical qualification, for the exercise of the activity; d) rotation; e) internal quality control; f) external quality control; g) continuing education program.

INSTRUÇÃO CVM Nº 438, DE 12 DE JULHO DE 2006.
TITLE: CHART OF ACCOUNTS FOR INVESTMENT FUNDS - COFI
CHAPTER: Account List – 2

Codes Titles Accounting
1.0.0.00.00-7 REALIZÁVEL
1.1.0.00.00-6 LIQUIDITIES
1.1.2.00.00-2 Bank Deposits
1.1.2.10.00-9 OFFICIAL BANKS – DEPOSIT ACCOUNTS 1.1.2.80.00-8 PRIVATE BANKS - DEPOSIT ACCOUNTS 1.1.4.00.00-8 Applications in Gold 1.1.4.10.00-5 TEMPORARY APPLICATIONS IN GOLD 1.1.5.00.00-1 Liquidities in Foreign Currencies 1.1.5.20.00-5 DEPOSITS ABROAD IN FOREIGN CURRENCIES 1.2.0.00.00-5 INTERBANK LIQUIDITY APPLICATIONS 1.2.1.00.00-8 Applications in Committed Operations 1.2.1.10.00-5 RESALES TO SETTLE - BANKED POSITION 1.2.1.10.03-6 Treasury Financial Notes 1.2.1.10.05-0 National Treasury Notes 1.2.1.10.07-4 National Treasury Notes 1.2.1.10.15-3 Central Bank Notes 1.2.1.10.16-0 Central Bank Notes 1.2.1.10.18-4 Central Bank Bonuses 1.2.1.10.20-1 State and Municipal Bonds 1.2.1.10.21-8 State Bonds - Debts Refinanced by the Union 1.2.1.10.25-6 Bank Deposit Certificates 1.2.1.10.30-4 CDB - Linked Financial Institution 1.2.1.10.35-9 Letters of Exchange 1.2.1.10.40-7 LC - Linked Financial Institution 1.2.1.10.45-2 Real Estate Letters 1.2.1.10.50-0 LI - Linked Financial Institution 1.2.1.10.62-7 Real Estate Receivables Certificates 1.2.1.10.65-8 Debentures 1.2.1.10.99-5 Others

INSTRUÇÃO CVM Nº 438, DE 12 DE JULHO DE 2006.
TITLE: CHART OF ACCOUNTS FOR INVESTMENT FUNDS - COFI
CHAPTER: Account List – 2

1.2.1.35.00-4 RESALES TO SETTLE – CLEARING AND COMPENSATION EXCHANGES - GENERIC OPERATIONS 1.3.0.00.00-4 BONDS AND SECURITIES AND FINANCIAL DERIVATIVE INSTRUMENTS 1.3.1.00.00-7 Free 1.3.1.10.00-4 FIXED INCOME BONDS 1.3.1.10.03-5 Treasury Financial Notes 1.3.1.10.05-9 National Treasury Notes 1.3.1.10.07-3 National Treasury Notes 1.3.1.10.15-2 Central Bank Notes 1.3.1.10.16-9 Central Bank Notes 1.3.1.10.18-3 Central Bank Bonuses 1.3.1.10.19-0 Federal Public Bonds - Others 1.3.1.10.20-0 State and Municipal Bonds 1.3.1.10.21-7 State Bonds - Debts Refinanced by the Union 1.3.1.10.25-5 Bank Deposit Certificates 1.3.1.10.30-3 CDB - Linked Financial Institution 1.3.1.10.35-8 Letters of Exchange 1.3.1.10.40-6 LC - Linked Financial Institution 1.3.1.10.45-1 Real Estate Letters 1.3.1.10.50-9 LI - Linked Financial Institution 1.3.1.10.55-4 Mortgage Letters 1.3.1.10.60-2 LH - Linked Financial Institution 1.3.1.10.62-6 Real Estate Receivables Certificates 1.3.1.10.63-3 Real Estate Credit Deed 1.3.1.10.65-7 Debentures 1.3.1.10.70-5 Eletrobrás Obligations 1.3.1.10.75-0 Agrarian Debt Bonds 1.3.1.10.76-7 Promissory Notes 1.3.1.10.77-4 Rural Product Deed 1.3.1.10.78-1 Pignoratious and/or Mortgage Rural Deed

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

1.3.1.10.79-8 Bank Credit Note
1.3.1.10.80-8 Agricultural Deposit Certificate and Warrant 1.3.1.10.90-1 Received by Loans 1.3.1.10.97-0 From Issuance by Financial Entities Linked to Official International Organizations 1.3.1.10.99-4 Others 1.3.1.15.00-9 INVESTMENT FUND SHARES 1.3.1.15.05-4 Short-Term Fund Shares 1.3.1.15.10-2 Referenced Fund Shares 1.3.1.15.15-7 Fixed Income Fund Shares 1.3.1.15.20-5 Equity Fund Shares 1.3.1.15.25-0 Currency Fund Shares 1.3.1.15.30-8 External Debt Fund Shares 1.3.1.15.35-3 Multimarket Fund Shares 1.3.1.15.36-0 Market Index Investment Fund Shares 1.3.1.15.40-1 Credit Rights Fund Shares 1.3.1.15.45-6 Real Estate Fund Shares 1.3.1.15.50-4 Start-up Company Fund Shares 1.3.1.15.55-9 Participation Fund Shares 1.3.1.20.00-1 VARIABLE INCOME SECURITIES 1.3.1.20.10-4 Shares of Public Companies 1.3.1.20.20-7 Shares of Closed Companies 1.3.1.20.30-0 Subscription Warrants of Public Companies 1.3.1.20.50-6 Shares of Privatized Companies 1.3.1.20.60-9 Received by Loan 1.3.1.20.99-1 Others 1.3.1.85.00-8 APPLICATIONS IN SECURITIES AND SECURITIES VALUES ABROAD 1.3.1.85.10-1 Securities Issued by the National Treasury 1.3.1.85.20-4 Securities Issued by the Government of Other Countries 1.3.1.85.30-7 Fixed Income Securities - Brazilian State-Owned Companies 1.3.1.85.40-0 Other Fixed Income Securities

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

1.3.1.85.50-3 Variable Income Securities - Brazilian State-Owned Companies 1.3.1.85.60-6 Other Variable Income Securities 1.3.1.85.90-5 Others 1.3.1.90.00-0 SECURITIES AND SECURITIES VALUES OF COMPANIES UNDER SPECIAL REGIME 1.3.1.90.10-3 Bank Deposit Certificates 1.3.1.90.20-6 Bills of Exchange 1.3.1.90.30-9 Real Estate Notes 1.3.1.90.40-2 Mortgage Notes 1.3.1.90.50-5 Debentures 1.3.1.90.99-0 Other Papers 1.3.2.00.00-0 Linked to Repurchase Agreements 1.3.2.10.00-7 FIXED INCOME SECURITIES - LINKED TO REPURCHASES 1.3.2.10.03-8 Treasury Financial Notes 1.3.2.10.05-2 National Treasury Notes 1.3.2.10.07-6 National Treasury Notes 1.3.2.10.15-5 Central Bank Notes 1.3.2.10.16-2 Central Bank Notes 1.3.2.10.18-6 Central Bank Bonuses 1.3.3.00.00-3 Financial Derivative Instruments 1.3.3.15.00-5 SWAP OPERATIONS 1.3.3.15.10-8 Differential to Receive 1.3.3.15.20-1 Differential to Receive - Operations with Collateral 1.3.3.30.00-4 FORWARD PURCHASES TO RECEIVE 1.3.3.30.10-7 Operations with Shares 1.3.3.30.40-6 Operations with Financial Assets and Commodities 1.3.3.35.00-9 FORWARD SALES TO RECEIVE 1.3.3.35.10-2 Operations with Shares 1.3.3.35.40-1 Operations with Financial Assets and Commodities 1.3.3.45.00-6 FUTURES MARKETS - DAILY ADJUSTMENTS - ASSET 1.3.3.45.10-9 Futures

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

1.3.3.60.00-5 OPTION PREMIUMS TO EXERCISE – SHARES 1.3.3.60.10-8 Call Option Purchases - Holder Position 1.3.3.60.20-1 Put Option Purchases - Holder Position 1.3.3.70.00-2 OPTION PREMIUMS TO EXERCISE - FINANCIAL ASSETS AND COMMODITIES 1.3.3.70.10-5 Call Option Purchases - Holder Position 1.3.3.70.20-8 Put Option Purchases - Holder Position 1.3.3.85.00-4 OTHER FINANCIAL DERIVATIVE INSTRUMENTS - ASSET 1.3.3.85.13-8 Others 1.3.5.00.00-9 Linked to the Acquisition of Shares of State-Owned Companies 1.3.5.10.00-6 PRIVATIZATION CURRENCIES 1.3.6.00.00-2 Linked to the Provision of Guarantees 1.3.6.10.00-9 SECURITIES GIVEN AS COLLATERAL FOR STOCK EXCHANGE OPERATIONS 1.3.6.10.02-3 Federal Public Securities - National Treasury 1.3.6.10.04-7 Federal Public Securities - Central Bank 1.3.6.10.19-5 Federal Public Securities – Others 1.3.6.10.20-5 State and Municipal Securities 1.3.6.10.62-1 Real Estate Receivable Certificates 1.3.6.10.70-0 Securities Issued by Financial Institutions – Fixed Income 1.3.6.10.75-5 Other Private Securities – Fixed Income 1.3.6.10.80-3 Variable Income Securities 1.3.6.10.99-9 Others 1.3.6.15.00-4 SECURITIES GIVEN AS COLLATERAL FOR CLEARING AND SETTLEMENT CHAMBER OPERATIONS 1.3.6.15.02-8 Federal Public Securities - National Treasury 1.3.6.15.04-2 Federal Public Securities - Central Bank 1.3.6.15.19-0 Federal Public Securities – Others 1.3.6.15.20-0 State and Municipal Securities 1.3.6.15.62-6 Real Estate Receivable Certificates 1.3.6.15.70-5 Securities Issued by Financial Institutions – Fixed Income 1.3.6.15.75-0 Other Private Securities – Fixed Income

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

1.3.6.15.80-8 Variable Income Securities
1.3.6.15.99-4 Others
1.3.6.20.00-6 SECURITIES GIVEN AS COLLATERAL - OTHERS 1.3.6.20.02-0 Federal Public Securities - National Treasury 1.3.6.20.04-4 Federal Public Securities - Central Bank 1.3.6.20.19-2 Federal Public Securities – Others 1.3.6.20.20-2 State and Municipal Securities 1.3.6.20.62-8 Real Estate Receivable Certificates 1.3.6.20.70-7 Securities Issued by Financial Institutions – Fixed Income 1.3.6.20.75-2 Other Private Securities – Fixed Income 1.3.6.20.80-0 Variable Income Securities 1.3.6.20.99-6 Others 1.3.7.00.00-5 Securities Subject to Repurchase Agreements with Free Movement Agreement 1.3.7.10.00-2 SECURITIES SUBJECT TO REPURCHASE OPERATIONS WITH FREE MOVEMENT AGREEMENT 1.3.7.10.02-6 Federal Public Securities – National Treasury 1.3.7.10.04-0 Federal Public Securities – Central Bank 1.8.0.00.00-9 OTHER CREDITS 1.8.3.00.00-8 Income to Receive 1.8.3.60.00-0 DIVIDENDS AND BONUSES IN CASH TO RECEIVE 1.8.3.65.00-5 INTEREST ON OWN EQUITY IN CASH TO RECEIVE 1.8.3.90.00-1 OTHER INCOME TO RECEIVE 1.8.4.00.00-1 Negotiation and Intermediation of Values 1.8.4.05.00-6 EXCHANGES - DEPOSITS AS COLLATERAL 1.8.4.05.10-9 Operations with Shares 1.8.4.05.15-4 Operations with Share Indices 1.8.4.05.20-2 Operations with Financial Assets and Commodities 1.8.4.05.99-6 Other Operations 1.8.4.30.00-2 DEBTORS - PENDING SETTLEMENTS ACCOUNT 1.8.4.88.00-9 RIGHTS FROM LOANS OF SECURITIES AND SECURITIES VALUES

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

1.8.4.90.00-4 OTHER CREDITS FROM NEGOTIATION AND INTERMEDIATION OF VALUES 1.8.8.00.00-3 Miscellaneous 1.8.8.15.00-5 CHECKS TO RECEIVE 1.8.8.92.00-4 DIVERSIFIED DEBTORS – COUNTRY 1.9.0.00.00-8 OTHER VALUES AND GOODS 1.9.9.00.00-5 Prepaid Expenses 1.9.9.10.00-2 PREPAID EXPENSES 3.0.0.00.00-1 OFFSETTING 3.0.3.00.00-0 Securities and Securities Values 3.0.3.30.00-1 TRADING ASSETS 3.0.3.30.02-5 Federal Public Securities - Negotiable Competitive 3.0.3.30.20-7 State and Municipal Public Securities 3.0.3.30.22-1 State and Municipal Public Securities - Debts Refinanced by the Union 3.0.3.30.60-9 Securities Issued by Financial Institutions - Fixed Income 3.0.3.30.70-2 Other Private Securities - Fixed Income 3.0.3.30.75-7 Private Securities - Variable Income 3.0.3.30.77-1 Investment Fund Shares 3.0.3.30.80-5 Securities and Securities Values Issued by Companies Under Special Regime 3.0.3.30.85-0 Public Securities and Securities Values Abroad 3.0.3.30.90-8 Private Securities and Securities Values Abroad - Fixed Income 3.0.3.30.93-9 Private Securities and Securities Values Abroad - Variable Income 3.0.3.50.00-5 ASSETS HELD TO MATURITY 3.0.3.50.02-9 Federal Public Securities - Negotiable Competitive 3.0.3.50.20-1 State and Municipal Public Securities 3.0.3.50.22-5 State and Municipal Public Securities - Debts Refinanced by the Union 3.0.3.50.60-3 Securities Issued by Financial Institutions - Fixed Income 3.0.3.50.70-6 Other Private Securities - Fixed Income 3.0.3.50.75-1 Private Securities - Variable Income 3.0.3.50.80-9 Securities and Securities Values Issued by Companies Under Special Regime 3.0.3.50.85-4 Public Securities and Securities Values Abroad

INSTRUCTION CVM No. 438, OF JULY 12, 2006.

3.0.3.50.90-2 Private Securities and Securities Values Abroad - Fixed Income 3.0.3.50.93-3 Private Securities and Securities Values Abroad - Variable Income 3.0.4.00.00-3 Custody of Values 3.0.4.30.00-4 CUSTODIANS OF VALUES IN CUSTODY 3.0.4.30.10-7 Own 3.0.4.99.00-7 CUSTODY IN GOLD 3.0.4.99.10-0 Own 3.0.6.00.00-9 Negotiation and Intermediation of Values 3.0.6.10.00-6 CONTRACTS FOR SHARES, FINANCIAL ASSETS AND COMMODITIES 3.0.6.10.10-9 Forward Market Contracts to Receive 3.0.6.10.15-4 Forward Market Contracts to Deliver 3.0.6.10.20-2 Purchased Futures Market Contracts 3.0.6.10.25-7 Sold Futures Market Contracts 3.0.6.10.30-5 Option Right Contracts on Shares, Financial Assets and Commodities 3.0.6.10.35-0 Option Obligation Contracts on Shares, Financial Assets and Commodities 3.0.6.10.60-4 Swap 3.0.6.10.70-7 Swap with Collateral 3.0.6.10.75-2 Derivative Contracts - Others 3.0.6.30.00-0 SURETIES AND OTHER GUARANTEES FOR STOCK EXCHANGE OPERATIONS 3.0.6.30.10-3 Operations with Shares 3.0.6.30.20-6 Operations with Financial Assets and Commodities 3.0.6.35.00-5 SECURITIES RECEIVED AS COLLATERAL IN REPO OPERATIONS WITH FREE MOVEMENT AGREEMENT 3.0.6.35.02-9 Federal Public Securities – National Treasury 3.0.6.35.04-3 Federal Public Securities – Central Bank 3.0.6.40.00-7 VALUES IN GUARANTEE OF OPERATIONS 3.0.9.00.00-8 Control 3.0.9.15.00-0 CONTROL AND MOVEMENT OF SHARES 3.0.9.15.05-5 Issuances 3.0.9.15.10-3 Redemptions 3.0.9.15.15-8 Shares in Circulation 3.0.9.99.00-2 OTHER ACTIVE OFFSETTING ACCOUNTS 3.9.9.99.99-3 GENERAL TOTAL OF ASSETS

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

4.0.0.00.00-8 DUE
4.2.0.00.00-6 OBLIGATIONS FROM REPO OPERATIONS 4.2.1.00.00-9 Own Portfolio 4.2.1.10.00-6 REPURCHASES TO SETTLE - OWN PORTFOLIO 4.2.1.10.03-7 Treasury Financial Notes 4.2.1.10.05-1 National Treasury Notes 4.2.1.10.07-5 National Treasury Notes 4.2.1.10.15-4 Central Bank Notes 4.2.1.10.16-1 Central Bank Notes 4.2.1.10.18-5 Central Bank Bonuses 4.2.3.00.00-5 Free Movement Portfolio 4.2.3.30.00-6 REPURCHASES TO SETTLE - FREE MOVEMENT 4.2.3.30.02-0 Federal Public Securities - National Treasury 4.2.3.30.04-4 Federal Public Securities - Central Bank 4.2.3.35.00-1 REPURCHASES TO SETTLE - CLEARING AND SETTLEMENT CHAMBERS - GENERIC REPO OPERATIONS 4.2.3.40.00-3 OBLIGATIONS LINKED TO REPO OPERATIONS WITH SECURITIES OF FREE MOVEMENT 4.2.3.40.02-7 Federal Public Securities - National Treasury 4.2.3.40.04-1 Federal Public Securities - Central Bank 4.7.0.00.00-1 FINANCIAL DERIVATIVE INSTRUMENTS 4.7.1.00.00-4 Financial Derivative Instruments 4.7.1.10.00-1 SWAP OPERATIONS' 4.7.1.10.10-4 Differential to Pay 4.7.1.30.00-5 OBLIGATIONS FROM FORWARD PURCHASE TO PAY 4.7.1.30.10-8 Operations with Shares 4.7.1.30.40-7 Operations with Financial Assets and Commodities 4.7.1.40.00-2 OBLIGATIONS FROM FORWARD SALE TO DELIVER 4.7.1.40.10-5 Operations with Shares 4.7.1.40.40-4 Operations with Financial Assets and Commodities 4.7.1.50.00-9 FUTURES MARKETS - DAILY ADJUSTMENTS – LIABILITY

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

4.7.1.60.00-6 LAUNCHED OPTION PREMIUMS – SHARES 4.7.1.60.10-9 Call Option Sales - Writer Position 4.7.1.60.20-2 Put Option Sales - Writer Position 4.7.1.70.00-3 LAUNCHED OPTION PREMIUMS - FINANCIAL ASSETS AND COMMODITIES 4.7.1.70.10-6 Call Option Sales - Writer Position 4.7.1.70.20-9 Put Option Sales - Writer Position 4.7.1.85.00-5 OTHER FINANCIAL DERIVATIVE INSTRUMENTS – LIABILITY 4.7.1.85.13-9 Others 4.9.0.00.00-9 OTHER OBLIGATIONS 4.9.3.00.00-8 Social and Statutory 4.9.3.10.00-5 DIVIDENDS AND BONUSES TO TRANSFER 4.9.3.13.00-2 INTEREST ON OWN EQUITY TO TRANSFER 4.9.4.00.00-1 Fiscal and Social Security 4.9.4.20.00-5 TAXES AND CONTRIBUTIONS TO COLLECT 4.9.4.20.10-8 Taxes and Contributions on Third-Party Services 4.9.4.20.15-3 Income Tax 4.9.4.20.20-1 IOF 4.9.4.20.25-6 Other Taxes and Fees 4.9.5.00.00-4 Negotiation and Intermediation of Values 4.9.5.15.00-6 COMMISSIONS AND BROKERAGE TO PAY 4.9.5.21.00-7 SHARES TO ISSUE 4.9.5.24.00-4 SHARES TO REDEEM 4.9.5.30.00-5 CREDITORS – PENDING SETTLEMENTS ACCOUNT 4.9.5.88.00-2 CREDITORS FROM LOANS OF SECURITIES AND SECURITIES VALUES 4.9.5.90.00-7 OTHER OBLIGATIONS FROM NEGOTIATION AND INTERMEDIATION OF VALUES 4.9.9.00.00-6 Miscellaneous 4.9.9.30.00-7 PROVISION FOR PAYMENTS TO BE MADE 4.9.9.30.50-2 Other Administrative Expenses 4.9.9.30.90-4 Other Payments 4.9.9.80.00-2 CAPITAL SUBSCRIPTION TO BE INTEGRATED

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

4.9.9.83.00-9 VALUES TO PAY TO THE ADMINISTRATIVE COMPANY 4.9.9.83.10-2 Administration Fee 4.9.9.83.20-5 Performance Fee 4.9.9.83.30-8 Entry and Exit Fee 4.9.9.92.00-7 DIVERSIFIED CREDITORS – COUNTRY 6.0.0.00.00-2 SHAREHOLDERS' EQUITY 6.1.0.00.00-1 SHAREHOLDERS' EQUITY 6.1.1.00.00-4 Social Capital 6.1.1.70.00-3 INVESTMENT SHARES 6.1.1.70.10-6 Shares to Individualize 6.1.1.70.20-9 Natural Persons 6.1.1.70.30-2 Legal Entities 6.1.1.70.40-5 Amortization 6.1.1.80.00-0 VARIATIONS IN SHARE REDEMPTION 6.1.8.00.00-5 Accumulated Profits or Losses 6.1.8.10.00-2 ACCUMULATED PROFITS OR LOSSES 7.0.0.00.00-9 CREDITOR RESULT ACCOUNTS 7.1.0.00.00-8 OPERATING REVENUES 7.1.1.00.00-1 Income from Credit Operations 7.1.1.80.00-7 INCOME FROM RIGHTS FROM LOANS OF SECURITIES AND SECURITIES VALUES 7.1.3.00.00-7 Exchange Income 7.1.3.70.00-6 INCOME FROM AVAILABILITIES IN FOREIGN CURRENCIES 7.1.4.00.00-0 Income from Interfinancial Liquidity Applications 7.1.4.10.00-7 INCOME FROM APPLICATIONS IN REPO OPERATIONS 7.1.4.10.10-0 Banked Position 7.1.4.10.20-3 Financed Position 7.1.5.00.00-3 Income from Securities and Securities Values and Financial Derivative Instruments 7.1.5.10.00-0 INCOME FROM FIXED INCOME SECURITIES 7.1.5.15.00-5 INCOME FROM SECURITIES AND SECURITIES VALUES ABROAD 7.1.5.20.00-7 INCOME FROM VARIABLE INCOME SECURITIES

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

7.1.5.40.00-1 INCOME FROM APPLICATIONS IN INVESTMENT FUNDS 7.1.5.40.05-6 Short-Term Fund Shares 7.1.5.40.10-4 Referenced Fund Shares 7.1.5.40.15-9 Fixed Income Fund Shares 7.1.5.40.20-7 Equity Fund Shares 7.1.5.40.25-2 Currency Fund Shares 7.1.5.40.30-0 External Debt Fund Shares 7.1.5.40.35-5 Multimarket Fund Shares 7.1.5.40.36-2 Market Index Investment Fund Shares 7.1.5.40.40-3 Credit Rights Fund Shares 7.1.5.40.45-8 Real Estate Fund Shares 7.1.5.40.50-6 Start-up Company Fund Shares 7.1.5.40.55-1 Participation Fund Shares 7.1.5.70.00-2 INCOME FROM APPLICATIONS IN GOLD 7.1.5.75.00-7 PROFITS FROM FIXED INCOME SECURITIES 7.1.5.77.00-5 PROFITS FROM VARIABLE INCOME SECURITIES 7.1.5.80.00-9 INCOME FROM DERIVATIVE OPERATIONS 7.1.5.80.11-9 Swap 7.1.5.80.21-2 Forward 7.1.5.80.31-5 Future 7.1.5.80.42-5 Options on Shares 7.1.5.80.51-1 Options on Financial Assets and Commodities 7.1.5.80.90-6 Others 7.1.5.90.00-6 FVOCI - POSITIVE ADJUSTMENT TO MARKET VALUE 7.1.5.90.10-9 Securities for Trading 7.1.5.90.15-4 Reclassification of Securities Held to Maturity to Trading 7.1.9.00.00-5 Other Operating Revenues 7.1.9.99.00-9 OTHER OPERATING INCOME 7.3.0.00.00-6 NON-OPERATING REVENUES 7.3.9.00.00-3 Other Non-Operating Revenues

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

7.3.9.99.00-7 OTHER NON-OPERATING INCOME
7.9.0.00.00-0 RESULT DETERMINATION
7.9.1.00.00-3 Result Determination
7.9.1.10.00-0 RESULT DETERMINATION (+)
8.0.0.00.00-6 DEBTOR RESULT ACCOUNTS
8.1.0.00.00-5 OPERATING EXPENSES
8.1.1.00.00-8 Fundraising Expenses
8.1.1.50.00-3 REPO OPERATIONS EXPENSES
8.1.1.50.10-6 Own Portfolio
8.1.1.50.20-9 Third-Party Portfolio
8.1.1.50.40-5 Free Movement Portfolio
8.1.2.00.00-1 Expenses from Obligations from Loans and Transfers 8.1.2.30.00-2 EXPENSES FROM LOANS OF SECURITIES AND SECURITIES VALUES 8.1.3.00.00-4 Exchange Depreciation 8.1.3.10.00-1 DEPRECIATION OF AVAILABILITIES IN FOREIGN CURRENCIES 8.1.5.00.00-0 Expenses from Securities and Securities Values and Financial Derivative Instruments 8.1.5.05.00-5 DEPRECIATION OF FIXED INCOME SECURITIES 8.1.5.15.00-2 DEPRECIATION OF VARIABLE INCOME SECURITIES 8.1.5.20.00-4 LOSSES FROM FIXED INCOME SECURITIES 8.1.5.30.00-1 LOSSES FROM VARIABLE INCOME SECURITIES 8.1.5.40.00-8 DEPRECIATION OF APPLICATIONS IN INVESTMENT FUNDS 8.1.5.40.05-3 Short-Term Fund Shares 8.1.5.40.10-1 Referenced Fund Shares 8.1.5.40.15-6 Fixed Income Fund Shares 8.1.5.40.20-4 Equity Fund Shares 8.1.5.40.25-9 Currency Fund Shares 8.1.5.40.30-7 External Debt Fund Shares 8.1.5.40.35-2 Multimarket Fund Shares 8.1.5.40.36-9 Market Index Investment Fund Shares 8.1.5.40.40-0 Credit Rights Fund Shares

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

8.1.5.40.45-5 Real Estate Fund Shares
8.1.5.40.50-3 Start-up Company Fund Shares
8.1.5.40.55-8 Participation Fund Shares
8.1.5.50.00-5 EXPENSES IN DERIVATIVE OPERATIONS 8.1.5.50.11-5 Swap 8.1.5.50.21-8 Forward 8.1.5.50.31-1 Future 8.1.5.50.42-1 Options on Shares 8.1.5.50.51-7 Options on Financial Assets and Commodities 8.1.5.50.90-2 Others 8.1.5.70.00-9 LOSSES FROM APPLICATIONS IN GOLD 8.1.5.80.00-6 FVOCI - NEGATIVE ADJUSTMENT TO MARKET VALUE 8.1.5.80.10-9 Securities for Trading 8.1.5.80.15-4 Reclassification of Securities Held to Maturity to Trading 8.1.5.95.00-8 PERMANENT LOSSES 8.1.7.00.00-6 Administrative Expenses 8.1.7.12.00-1 COMMUNICATIONS EXPENSES 8.1.7.48.00-6 PUBLICATIONS EXPENSES 8.1.7.54.00-7 FINANCIAL SYSTEM SERVICES EXPENSES 8.1.7.63.00-5 SPECIALIZED TECHNICAL SERVICES EXPENSES 8.1.7.81.00-1 FUND ADMINISTRATION FEE EXPENSES 8.1.7.81.05-6 Effective Administration Fee Expenses 8.1.7.81.10-4 Management Fee Expenses 8.1.7.81.15-9 Consulting Expenses 8.1.7.81.20-7 Accounting Department Expenses 8.1.7.81.25-2 Distribution Expense 8.1.7.82.00-0 FUND PERFORMANCE/PERFORMANCE FEE EXPENSES 8.1.7.83.00-9 ENTRY AND EXIT FEE EXPENSES 8.1.7.99.00-0 OTHER ADMINISTRATIVE EXPENSES 8.1.9.00.00-2 Other Operating Expenses

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

8.1.9.99.00-6 OTHER OPERATING EXPENSES
8.3.0.00.00-3 NON-OPERATING EXPENSES
8.3.9.00.00-0 Other Non-Operating Expenses
8.3.9.99.00-4 OTHER NON-OPERATING EXPENSES
8.9.0.00.00-7 RESULT DETERMINATION
8.9.1.00.00-0 Result Determination
8.9.1.10.00-7 RESULT DETERMINATION (+)
9.0.0.00.00-3 OFFSETTING
9.0.0.00.00-3 OFFSETTING
9.0.3.00.00-2 Securities and Securities Values 9.0.3.20.00-6 SECURITIES AND SECURITIES VALUES CLASSIFIED IN CATEGORIES 9.0.4.00.00-5 Custody of Values 9.0.4.30.00-6 CUSTODIED VALUES 9.0.4.99.00-9 GOLD IN CUSTODY 9.0.4.99.10-2 Own 9.0.6.00.00-1 Negotiation and Intermediation of Values 9.0.6.10.00-8 CONTRACTED SHARES, FINANCIAL ASSETS AND COMMODITIES 9.0.6.10.05-3 Forward Market Contracts 9.0.6.10.10-1 Futures Market Contracts 9.0.6.10.15-6 Options Market Contracts 9.0.6.10.20-4 Swaps 9.0.6.10.25-9 Derivative Contracts – Others 9.0.6.30.00-2 LIABILITIES FROM SURETIES AND OTHER GUARANTEES FOR STOCK EXCHANGE OPERATIONS 9.0.6.35.00-7 REPO OPERATIONS WITH FREE MOVEMENT AGREEMENT – SECURITIES RECEIVED AS COLLATERAL 9.0.6.40.00-9 LIABILITIES FROM VALUES IN GUARANTEE OF OPERATIONS 9.0.9.00.00-0 Control 9.0.9.17.00-0 SHARE MOVEMENT – CONTROL 9.0.9.17.05-5 Issuances 9.0.9.17.10-3 Redemptions

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

9.0.9.17.15-8 Circulation
9.0.9.99.00-4 OTHER PASSIVE OFFSETTING ACCOUNTS 9.9.9.99.99-5 GENERAL TOTAL OF LIABILITIES

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of accounts - 2

Title: CONTRACTED SHARES, FINANCIAL ASSETS AND COMMODITIES 9.0.6.10.00-8 Forward Market Contracts 9.0.6.10.05-3 Futures Market Contracts 9.0.6.10.10-1 Options Market Contracts 9.0.6.10.15-6 Swaps 9.0.6.10.20-4 Derivative Contracts - Others 9.0.6.10.25-9 Function:
Register the value of contracts for operations with shares, other financial assets and commodities carried out in the forward, future and options markets, with own resources, with the counterpart being the title CONTRACTS FOR SHARES, FINANCIAL ASSETS AND COMMODITIES, code 3.0.6.10.00-6. ------------ Title: APPLICATIONS IN SECURITIES AND SECURITIES VALUES ABROAD 1.3.1.85.00-8 Securities Issued by the National Treasury 1.3.1.85.10-1 Securities Issued by the Government of Other Countries 1.3.1.85.20-4 Fixed Income Securities - Brazilian State-Owned Companies 1.3.1.85.30-7 Other Fixed Income Securities 1.3.1.85.40-0 Variable Income Securities - Brazilian State-Owned Companies 1.3.1.85.50-3 Other Variable Income Securities 1.3.1.85.60-6 Others 1.3.1.85.90-5 Function:
Register the value of applications in securities and securities values, representing external debt, of responsibility of state-owned companies or the Treasury and others, carried out abroad. ------------ Title: TEMPORARY APPLICATIONS IN GOLD 1.1.4.10.00-5 Function:
Register the value of the own gold stock acquired in the physical market. This account requires internal controls that identify the gold acquired in the physical market according to its characteristics of quantity, provenance and quality. ------*------

INSTRUCTION CVM No. 438, OF JULY 12, 2006.
Title: RESULT DETERMINATION (+) 7.9.1.10.00-0
Function:
Register, on the balance sheet day, the determination of the fund's financial result in the balanced period.
------------
Title: RESULT DETERMINATION (+)' 8.9.1.10.00-7 Function:
Register, on the balance sheet day, the determination of the fund's financial result in the balanced period.
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INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI
CHAPTER: Chart of Accounts - 2

Title: ASSETS CLASSIFIED IN CATEGORIES
9.0.3.20.00-6
Function:
Record the counterpart of the accounting values of securities and financial instruments classified in the categories securities for trading, securities available for sale, and securities held to maturity, with the counterpart ASSETS FOR TRADING, code 3.0.3.30.00-1 or ASSETS HELD TO MATURITY, code 3.0.3.50.00-5.

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Title: ASSETS HELD TO MATURITY
3.0.3.50.00-5
Federal Public Securities - Negotiable Competitive 3.0.3.50.02-9 State and Municipal Public Securities 3.0.3.50.20-1 State and Municipal Public Securities - Debts Refinanced by the Union 3.0.3.50.22-5 Securities Issued by Financial Institutions - Fixed Income 3.0.3.50.60-3 Other Private Securities - Fixed Income 3.0.3.50.70-6 Private Securities - Variable Income 3.0.3.50.75-1 Securities and Financial Instruments Issued by Special Regime Companies 3.0.3.50.80-9 Public Securities and Financial Instruments Abroad 3.0.3.50.85-4 Private Securities and Financial Instruments Abroad - Fixed Income 3.0.3.50.90-2 Private Securities and Financial Instruments Abroad - Variable Income 3.0.3.50.93-3 Function:
Record the cost value plus accrued earnings and minus permanent losses with securities and financial instruments, except for non-redeemable shares, for which there is the intention and financial capacity of the institution to hold them in the portfolio until maturity, without prejudice to adequate recording in equity accounts, with the counterpart title ASSETS CLASSIFIED IN CATEGORIES, code 9.0.3.20.00-6.

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INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

Title: ASSETS FOR TRADING
3.0.3.30.00-1
Federal Public Securities - Negotiable Competitive 3.0.3.30.02-5 State and Municipal Public Securities 3.0.3.30.20-7 State and Municipal Public Securities - Debts Refinanced by the Union 3.0.3.30.22-1 Securities Issued by Financial Institutions - Fixed Income 3.0.3.30.60-9 Other Private Securities - Fixed Income 3.0.3.30.70-2 Private Securities - Variable Income 3.0.3.30.75-7 Investment Fund Shares 3.0.3.30.77-1 Securities and Financial Instruments Issued by Special Regime Companies 3.0.3.30.80-5 Public Securities and Financial Instruments Abroad 3.0.3.30.85-0 Private Securities and Financial Instruments Abroad - Fixed Income 3.0.3.30.90-8 Private Securities and Financial Instruments Abroad - Variable Income 3.0.3.30.93-9 Function:
Record the market value of securities and financial instruments acquired with the purpose of being actively and frequently traded, without prejudice to adequate recording in equity accounts, with the counterpart title ASSETS CLASSIFIED IN CATEGORIES, code 9.0.3.20.00-6.

------*------

Title: OFFICIAL BANKS - DEPOSIT ACCOUNT
1.1.2.10.00-9
Function:
Record free-flowing deposits maintained in Official Banks. This account requires sub-accounts for internal use necessary for the perfect individualization of the depositing establishments.

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INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI
CHAPTER: Chart of Accounts - 2

Title: PRIVATE BANKS - DEPOSIT ACCOUNT
1.1.2.80.00-8
Function:
Record free-flowing deposits maintained in private banking establishments. This account requires sub-accounts for internal use necessary for the perfect individualization of the depositing establishments.

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Title: STOCK EXCHANGES - DEPOSITS IN GUARANTEE 1.8.4.05.00-6 Stock Operations 1.8.4.05.10-9 Stock Index Operations 1.8.4.05.15-4 Financial Assets and Commodities Operations 1.8.4.05.20-2 Other Operations 1.8.4.05.99-6 Function:
Record cash resources deposited in stock, commodity, and futures exchanges as guarantee for operations on one's own account.

------*------

Title: CHECKS TO BE RECEIVED
1.8.8.15.00-5
Function:
Record checks and other papers transferred from the CASH account, as they represent values pending receipt.

------*------

Title: COMMISSIONS AND BROKERAGE FEES TO BE PAID 4.9.5.15.00-6 Function:
Record the value of commissions and brokerage fees due.

------*------

Title: FORWARD PURCHASES TO BE RECEIVED
1.3.3.30.00-4
Stock Operations
1.3.3.30.10-7

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

Financial Assets and Commodities Operations
1.3.3.30.40-6
Function:
Record the spot price value of the good subject to the forward purchase contract of stocks, other financial assets, and commodities, for the own portfolio, evaluated at market value.

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INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI
CHAPTER: Chart of Accounts - 2

Title: CONTRACTS FOR STOCKS, FINANCIAL ASSETS, AND COMMODITIES 3.0.6.10.00-6 Forward Market Contracts to be Received 3.0.6.10.10-9 Forward Market Contracts to be Delivered 3.0.6.10.15-4 Futures Market Contracts Purchased 3.0.6.10.20-2 Futures Market Contracts Sold 3.0.6.10.25-7 Options Contracts on Stocks, Financial Assets, and Commodities 3.0.6.10.30-5 Options Obligation Contracts on Stocks, Financial Assets, and Commodities 3.0.6.10.35-0 "Swap" 3.0.6.10.60-4 "Swap" with Guarantee 3.0.6.10.70-7 Derivative Contracts – Others 3.0.6.10.75-2 Function:
Record the value of contracts for operations with stocks, other financial assets, and commodities carried out in the forward, futures, and options markets, with own resources, with the counterpart title STOCKS, FINANCIAL ASSETS, AND CONTRACTED COMMODITIES, code 9.0.6.10.00-8, observing that:
I - the sub-account Swap, code 3.0.6.10.60-4, must always correspond to the value of the negotiation parameters, on the date of signing the contract, of operations carried out in the over-the-counter market and within the scope of stock, commodity, and futures exchanges, except those contracted with guarantee; II - the sub-account Swap with Guarantee, code 3.0.6.10.70-7, must always correspond to the value of the negotiation parameters, on the date of signing the contract, of operations carried out in systems with guarantee administered by stock, commodity, and futures exchanges;

------*------

Title: SHARE MOVEMENT CONTROL
3.0.9.15.00-0
Issuances
3.0.9.15.05-5
Redemptions
3.0.9.15.10-3
Circulation
3.0.9.15.15-8
Function:
Record the value of shares issued, redeemed, and in circulation of the fund. It makes counterpart with the account SHARE MOVEMENT – CONTROL, code 9.0.9.17.00-0.

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INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

Title: SHARES TO BE ISSUED
4.9.5.21.00-7
Function:
Record the value of resources received from investors, pending the issuance of shares.

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Title: SHARES TO BE REDEEMED
4.9.5.24.00-4
Function:
Record the fund's obligations regarding requested redemptions.

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INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI
CHAPTER: Chart of Accounts - 2

Title: INVESTMENT FUND SHARES
1.3.1.15.00-9
Short-Term Fund Shares
1.3.1.15.05-4
Referenced Fund Shares
1.3.1.15.10-2
Fixed Income Fund Shares
1.3.1.15.15-7
Stock Fund Shares
1.3.1.15.20-5
Exchange Rate Fund Shares
1.3.1.15.25-0
External Debt Fund Shares
1.3.1.15.30-8
Multimarket Fund Shares
1.3.1.15.35-3
Market Index Investment Fund Shares
1.3.1.15.36-0
Credit Rights Fund Shares
1.3.1.15.40-1
Real Estate Fund Shares
1.3.1.15.45-6
Emerging Companies Fund Shares
1.3.1.15.50-4
Participation Fund Shares
1.3.1.15.55-9

Function:
Record the applications made in investment fund shares.

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Title: INVESTMENT SHARES
6.1.1.70.00-3
Shares to be Individualized
6.1.1.70.10-6
Individuals
6.1.1.70.20-9
Legal Entities
6.1.1.70.30-2
Amortization
6.1.1.70.40-5
Function:
Record the values of shares, originating from applications and redemptions by investors.
In the sub-account Shares to be Individualized, values of issued and redeemed shares that have not been individualized are recorded, and the sub-account may present a credit or debit balance. In the sub-accounts Individuals and Legal Entities, there must be segregation of values issued and redeemed by the shareholders. In the sub-account Amortization, the amortized value of Social Capital without the write-off of shares must be recorded.

------*------

Title: CREDITORS VARIOUS - COUNTRY
4.9.9.92.00-7
Function:
Record, by holder, the fund's liabilities towards individuals or legal entities domiciled in the Country, including those resulting from the exercise of a mandate, for which there is no specific account for bookkeeping. Examples of internal use sub-accounts that fit the function of this account:

• Exchange - Cancellation of Unfulfilled Orders Abroad
• Exchange - Interest to be Paid
• Cash Differences
• Monetary Nature Financial Charges - Law No. 4,131/62
• Payments to be Processed
• Pending Regularizations

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INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI
CHAPTER: Chart of Accounts - 2

Title: CREDITORS - PENDING SETTLEMENTS ACCOUNT 4.9.5.30.00-5 Function:
Record the amounts to be paid regarding transactions with fixed income securities, stocks, commodities, and financial assets. There must be control of the balance of this account, daily and by client, in order to evidence the expired and unsettled operations and the operations in progress in D+1 to D+5, at the net value of the operation note. This account requires the following internal use sub-accounts:

• Directors, Managing Partners, Shareholders, and Shareholders
• Market Institutions
• Individuals and Legal Entities
• Related Companies
• Others

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Title: CREDITORS BY LOANS OF SECURITIES AND FINANCIAL INSTRUMENTS 4.9.5.88.00-2 Function:
Record the value of the fund's liabilities resulting from the receipt of securities and financial instruments in loan operations. This account requires analytical controls that allow identifying the loans of securities and financial instruments, the characteristics of these securities, and the contracted operations. It makes counterpart with the fixed income securities account (1.3.1.10.00-4) or variable income securities account (1.3.1.20.00-1).

------*------

Title: GOLD CUSTODY
3.0.4.99.00-7
Own
3.0.4.99.10-0
Function:
Record, by the final custodian, the amount of the balance held in the gram unit, subdivided into centigrams, each unit corresponding to the index value of R$ 1.00 (one real). It makes counterpart with GOLD IN CUSTODY. The final custodian is considered the institution responsible for the physical custody of the metal.

------*------

Title: CUSTODIANS OF VALUES IN CUSTODY
3.0.4.30.00-4
Own
3.0.4.30.10-7
Function:
Record the securities, financial instruments, and other own and third-party assets, in the possession of faithful depositaries for custody. It makes counterpart with VALUES IN CUSTODY, when the securities, financial instruments, and other assets are own, and with DEPOSITORS OF VALUES IN CUSTODY, when they are third-party.

------*------

Title: DEPOSITS ABROAD IN FOREIGN CURRENCIES
1.1.5.20.00-5
Function:
Record debits and credits in foreign currencies (free rates), in current accounts, with bankers abroad.
The overdraft balances determined based on the centralized bookkeeping of this account are evidenced, in the trial balances and balance sheets, in the account FOREIGN CURRENCY LIABILITIES, sub-account Other Liabilities.

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INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI
CHAPTER: Chart of Accounts - 2

Title: PREPAID EXPENSES
1.9.9.10.00-2
Function:
Record the application of resources in advance payments, from which will result, for the fund, benefits or provision of services, in subsequent periods. Examples of expenses that may occur in advance:

• Subscription of Periodicals (newspapers, magazines)
• Maintenance and Conservation
• Commissions and Premiums
• Others.

------*------

Title: COMMUNICATIONS EXPENSES
8.1.7.12.00-1
Function:
Record the value of communications expenses in general, by own means or using third-party services, which constitute the effective cost of the fund, in the period. This account requires the following internal use sub-accounts:

• Messengers
• Postal
• Telegraphic
• Telecommunications

------*------

Title: EXPENSES OF LOANS OF SECURITIES AND FINANCIAL INSTRUMENTS 8.1.2.30.00-2 Function:
Record the expenses of obligations assumed by the fund, by loans of securities and financial instruments, which constitute effective cost in the period.

------*------

Title: EXPENSES OF COMMITTED OPERATIONS
8.1.1.50.00-3
Own Portfolio
8.1.1.50.10-6
Third-Party Portfolio
8.1.1.50.20-9
Free Movement Portfolio
8.1.1.50.40-5

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

Function:
Record the expenses of raising resources for committed operations, backed by own or third-party securities, which constitute effective cost of the fund, in the period.

------*------

Title: PUBLICATIONS EXPENSES
8.1.7.48.00-6
Function:
Record the value of publication expenses of notices, announcements, accounting statements, reports, and minutes, carried out in the exclusive interest of the fund, belonging to the current period.

------*------

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI
CHAPTER: Chart of Accounts - 2

Title: EXPENSES OF FINANCIAL SYSTEM SERVICES
8.1.7.54.00-7
Function:
Record the expenses of taxes and services provided by entities of the financial system, carried out in the exclusive interest of the fund, belonging to the current period. This account requires the following internal use sub-accounts:

• Registration and Collection
• Custody of Securities and Financial Instruments
• Custody of Values and Assets
• Clearing Service
• Brokerage and Emoluments
• Commissions

------*------

Title: EXPENSES OF SPECIALIZED TECHNICAL SERVICES 8.1.7.63.00-5 Function:
Record the value of expenses with specialized technical services ordered by the fund to third parties, in its exclusive interest, belonging to the current period. This account requires the following internal use sub-accounts:

• Technical Advisory
• External Audit
• Financial Consulting
• Legal Consulting
• Translation Services
• Evaluation Services
• Credit Analysis

------*------

Title: EXPENSES OF FUND ADMINISTRATION FEE
8.1.7.81.00-1
Effective
8.1.7.81.05-6
Management
8.1.7.81.10-4
Consulting
8.1.7.81.15-9
Control
8.1.7.81.20-7
Distribution
8.1.7.81.25-2
Function:

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

Record, daily, the value of the administration fee due by the fund to the administrator, according to current regulation.
This account requires the following sub-accounts for internal use to identify the values effectively paid to the administrator and the values passed on to the controller, manager, consultant, and distributor:

------*------

Title: EXPENSES OF FUND PERFORMANCE/PERFORMANCE FEE 8.1.7.82.00-0 Function:
Record, daily, the value of the performance/fee due by the fund to the administrator, according to current regulation.

Title: EXPENSES OF ENTRY AND EXIT FEE
8.1.7.83.00-9
Function:
Record the value of the entry and exit fee due by the fund to the administrator, according to current regulation.

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INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI
CHAPTER: Chart of Accounts - 2

Title: EXPENSES IN OPERATIONS WITH DERIVATIVES 8.1.5.50.00-5 Swap 8.1.5.50.11-5 Forward 8.1.5.50.21-8 Futures 8.1.5.50.31-1 Options on Stocks 8.1.5.50.42-1 Options on Financial Assets and Commodities 8.1.5.50.51-7 Others 8.1.5.50.90-2 Function:
Record the expenses in operations with derivative financial instruments according to the modality, including negative adjustments to market value.

------*------

Title: DEVALUATION OF APPLICATIONS IN INVESTMENT FUNDS 8.1.5.40.00-8 Function:
Record the devaluation of applications in investment funds, which constitute effective expense of the fund, in the period.
Examples of internal use sub-accounts:

• Short-Term Fund Shares
• Referenced Fund Shares
• Fixed Income Fund Shares
• Stock Fund Shares
• Exchange Rate Fund Shares
• External Debt Fund Shares
• Multimarket Fund Shares
• Market Index Investment Fund Shares
• Credit Rights Fund Shares
• Real Estate Fund Shares
• Emerging Companies Fund Shares
• Participation Fund Shares

------*------

Title: DEVALUATION OF FOREIGN CURRENCY AVAILABILITIES 8.1.3.10.00-1 Function:

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

Record the value of the devaluation resulting from the variation of the exchange rate, as a consequence of maintaining availabilities in foreign currencies.

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INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI
CHAPTER: Chart of Accounts - 2

Title: DEVALUATION OF FIXED INCOME SECURITIES
8.1.5.05.00-5
Function:
Record the devaluation of fixed income securities, which constitute effective expense of the fund, in the period.
This account requires the following internal use sub-accounts:

• Central Bank Letters
• National Treasury Letters
• State and Municipal Securities
• Bank Deposit Certificates
• Exchange Letters
• Mortgage Letters
• Real Estate Letters
• Debentures
• Eletrobrás Obligations
• Agrarian Debt Securities
• Real Estate Receivables Certificates
• Real Estate Credit Note
• Rural Product Note
• Rural Pignoratious and Mortgage Note
• Bank Credit Note
• Others

------*------

Title: DEVALUATION OF VARIABLE INCOME SECURITIES 8.1.5.15.00-2 Function:
Record the devaluation of variable income securities, which constitute effective expense of the fund, in the period.
This account requires the following internal use sub-accounts:

• Open Company Stocks
• Closed Company Stocks
• Others

------*------

Title: DEBTORS - PENDING SETTLEMENTS ACCOUNT
1.8.4.30.00-2
Function:

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

Record the debtor balances of third parties, facing the realization of operations with fixed income securities, stocks, commodities, and financial assets, pending settlement at the time of the trial balances/balance sheets. There must be control of the balance of this account, daily and by debtor, in order to evidence the expired and unsettled operations and the operations in progress in D+1 to D+5, at the net value of the operation note. This account requires the following internal use sub-accounts:

• Market Institutions
• Individuals and Legal Entities

------*------

Title: VARIOUS DEBTORS - COUNTRY
1.8.8.92.00-4
Function:
Record, by holder, the amounts due to the fund by individuals or legal entities domiciled in the Country, including those resulting from the exercise of a mandate, for which there is no specific account for bookkeeping. Examples of internal use sub-accounts that fit the function of this account:

• Judicial Costs to be Reimbursed
• Cash Differences
• Pending Regularizations

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INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI
CHAPTER: Chart of Accounts - 2

Title: RIGHTS BY LOANS OF SECURITIES AND FINANCIAL INSTRUMENTS 1.8.4.88.00-9 Function:
Record the operations carried out under the modalities of loans of securities and financial instruments. It makes counterpart with the fixed income securities account (1.3.1.10.00-4) or variable income securities account (1.3.1.20.00-1).

------*------

Title: DIVIDENDS AND BONUSES TO BE TRANSFERRED 4.9.3.10.00-5 Function:
Record the dividends and bonuses to be transferred to the fund's shareholders.

------*------

Title: DIVIDENDS AND BONUSES IN MONEY TO BE RECEIVED 1.8.3.60.00-0 Function:
Record, on the date they are declared, the dividends and bonuses in money to be received, resulting from applications in variable income securities.

------*------

Title: TAXES AND CONTRIBUTIONS TO BE COLLECTED 4.9.4.20.00-5 Taxes and Contributions on Third-Party Services 4.9.4.20.10-8 Income Tax 4.9.4.20.15-3 IOF 4.9.4.20.20-1 Other Taxes and Fees 4.9.4.20.25-6 Function:
Record the taxes and contributions withheld at source on third-party services and not yet collected.

------*------

Title: INTEREST ON OWN CAPITAL IN MONEY TO BE RECEIVED 1.8.3.65.00-5 Function:
Record the values as interest on own capital in money to be received.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

------*------

Title: INTEREST ON OWN CAPITAL TO BE TRANSFERRED 4.9.3.13.00-2 Function:
Record the values as interest on own capital to be transferred to the fund's shareholders.

------*------

Title: PROFITS FROM FIXED INCOME SECURITIES
7.1.5.75.00-7
Function:
Record the profits realized in the definitive sale of fixed income securities.

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INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI
CHAPTER: Chart of Accounts - 2

Title: PROFITS FROM VARIABLE INCOME SECURITIES 7.1.5.77.00-5 Function:
Record the profits realized in the definitive sale of variable income securities.

------*------

Title: ACCUMULATED PROFITS OR LOSSES
6.1.8.10.00-2
Function:
Record the remaining balance of profits (or losses), after reversals, adjustments, and allocations.

------*------

Title: FUTURES MARKETS - DAILY ADJUSTMENTS - ASSET 1.3.3.45.00-6 Futures 1.3.3.45.10-9 Function:
Record the value of positive daily adjustments of operations with stocks, other financial assets, and commodities, carried out in the futures market.

------*------

Title: FUTURES MARKETS - DAILY ADJUSTMENTS - LIABILITY 4.7.1.50.00-9 Function:
Record the value of negative daily adjustments of operations with stocks, other financial assets, and commodities, carried out in the futures market.

------*------

Title: PRIVATIZATION CURRENCIES
1.3.5.10.00-6
Function:
Record the values accepted by the National Treasury as privatization currency and that have not been securitized by it, registered in a specific system of the Central Custody and Financial Clearing - CETIP.

------*------

Title: SHARE MOVEMENT – CONTROL
9.0.9.17.00-0
Issuances
9.0.9.17.05-5
Redemptions
9.0.9.17.10-3
Circulation
9.0.9.17.15-8
Function:
Record the value of shares issued, redeemed, and in circulation of the fund.

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INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

TITLE: INVESTMENT FUND ACCOUNTING PLAN - COFI

CHAPTER: Chart of Accounts - 2

Title: LIABILITIES FOR FORWARD PURCHASES TO PAY 4.7.1.30.00-5 Forward Operations with Stocks 4.7.1.30.10-8 Forward Operations with Financial Assets and Commodities 4.7.1.30.40-7 Function:
Record the value of forward purchase contracts, on own account, of stocks, other financial assets and commodities, pending payment, evaluated at market value. ------*------

Title: LIABILITIES FOR FORWARD SALES TO DELIVER 4.7.1.40.00-2 Forward Operations with Stocks 4.7.1.40.10-5 Forward Operations with Financial Assets and Commodities 4.7.1.40.40-4 Function:
Record the value of the spot price of the good subject to the forward sale contract, short and on own account, of stocks, other financial assets and commodities, evaluated at market value. ------*------

Title: LIABILITIES LINKED TO COMMITTED OPERATIONS WITH FREELY TRADABLE SECURITIES 4.2.3.40.00-3 Federal Public Securities - National Treasury 4.2.3.40.02-7 Federal Public Securities - Central Bank 4.2.3.40.04-1 Function:
Record the liabilities regarding the commitment to return securities received as collateral in committed operations with freely tradable agreement, upon the definitive sale of these securities, evaluated at the market value of the securities. ------*------

Title: COMMITTED OPERATIONS WITH FREELY TRADABLE AGREEMENT – SECURITIES RECEIVED AS COLLATERAL 9.0.6.35.00-7

Function:
Record the securities and securities received as collateral in committed operations with freely tradable agreement, in counterpart to the title SECURITIES RECEIVED AS COLLATERAL IN COMMITTED OPERATIONS WITH FREELY TRADABLE AGREEMENT, code 3.0.6.35.00-5. ------*------

Title: SWAP OPERATIONS 1.3.3.15.00-5
Differential to Receive 1.3.3.15.10-8
Differential to Receive - Operations with Collateral 1.3.3.15.20-1 Function:
Record the amounts to receive, relating to income earned, arising from swap operations, evaluated at market value.
------*------

Title: SWAP OPERATIONS 4.7.1.10.00-1
Differential to Pay 4.7.1.10.10-4

Function:
Record the amounts to pay, relating to expenses incurred, arising from swap operations, evaluated at market value.
------*------

Title: GOLD IN CUSTODY 9.0.4.99.00-9
Own 9.0.4.99.10-2
Function:
Record, by the final custodian, the amount of the balance held in the gram unit, subdivided into centigrams, each unit corresponding to the index value of R$ 1.00 (one real). It makes counterpart with GOLD CUSTODY. Final custodian is considered the institution responsible for the physical custody of the metal. ------*------

Title: OTHER ASSET CLEARING ACCOUNTS 3.0.9.99.00-2 Function:
Record administrative acts not susceptible to recording in other clearing accounts.
It makes counterpart with OTHER LIABILITY CLEARING ACCOUNTS.
This account requires analytical controls that allow identifying the composition of its balance.
------*------

Title: OTHER LIABILITY CLEARING ACCOUNTS 9.0.9.99.00-4 Function:
Record administrative acts not susceptible to recording in other clearing accounts.
It makes counterpart with OTHER ASSET CLEARING ACCOUNTS.
The use of this account requires the opening of sub-titles and breakdowns for internal use, for the adequate classification and identification of the nature of the records and respective holders, when applicable. ------*------

Title: OTHER ADMINISTRATIVE EXPENSES 8.1.7.99.00-0 Function:
Record the value of administrative expenses for which there is no specific account for recording, belonging to the current period. This account requires the following sub-titles for internal use:

• Subscription of Newspapers and Magazines
• Judicial and Notary Fees
• Others
  ------*------

Title: OTHER NON-OPERATIONAL EXPENSES 8.3.9.99.00-4 Function:
Record non-operational expenses belonging to the period, for which there is no specific account for recording.
The fund must adopt internal breakdowns to identify the nature of the expenses recorded in this account.
------*------

Title: OTHER OPERATIONAL EXPENSES 8.1.9.99.00-6 Function:
Record the value of other operational expenses that constitute an actual expense of the institution, in the period, for which there is no specific account for recording, as well as for the reclassification of debtor balances presented by result accounts of creditor nature, arising from the recording of exchange variation incident on active operations with exchange adjustment clause, the fund must maintain analytical control to identify the expenses of the species, according to their nature. ------*------

Title: OTHER LIABILITIES FOR NEGOTIATION AND INTERMEDIATION OF SECURITIES 4.9.5.90.00-7 Function:
Record the values for which there are no specific accounts in the breakdown.
------*------

Title: OTHER INCOME TO RECEIVE 1.8.3.90.00-1
Function:
Record income to receive not classifiable in other accounts of the sub-group breakdown.
------*------

Title: OTHER NON-OPERATIONAL INCOME 7.3.9.99.00-7 Function:
Record non-operational revenues, for which there is no adequate account for recording and that constitute actual revenue of the fund, in the period. ------*------

Title: OTHER OPERATIONAL INCOME 7.1.9.99.00-9
Function:
Record other operational income that constitutes actual revenue of the fund, in the period, for which there is no specific account for recording, as well as for the reclassification of creditor balances presented by result accounts of debtor nature, arising from the recording of exchange variation incident on passive operations with exchange adjustment clause, the fund must maintain analytical control to identify the income of the species, according to their nature. ------*------

Title: OTHER CREDITS FOR NEGOTIATION AND INTERMEDIATION OF SECURITIES 1.8.4.90.00-4 Function:
Record values not classifiable in other accounts of the breakdown.
------*------

Title: OTHER FINANCIAL DERIVATIVE INSTRUMENTS – ASSET 1.3.3.85.00-4 Others 1.3.3.85.13-8 Function:
Record rights regarding financial derivative instruments for which there is no specific account.
------*------

Title: OTHER FINANCIAL DERIVATIVE INSTRUMENTS – LIABILITY 4.7.1.85.00-5 Others 4.7.1.85.13-9 Function:
Record liabilities regarding financial derivative instruments for which there is no specific account.
------*------

Title: PERMANENT LOSSES 8.1.5.95.00-8
Function:
Record permanent losses in securities and securities classified in the category securities held to maturity, with the corresponding security or security account as counterpart. ------*------

Title: LOSSES WITH FIXED INCOME SECURITIES 8.1.5.20.00-4 Function:
Record losses occurred in the alienation of fixed income securities, in the period.
This account requires the following sub-titles for internal use:

• Federal Securities - Linked to External Resources
• Central Bank Notes
• National Treasury Notes
• State and Municipal Securities
• Bank Deposit Certificates
• Bills of Exchange
• Mortgage Notes
• Real Estate Notes
• Debentures
• Eletrobrás Obligations
• Agrarian Debt Securities
• Real Estate Receivables Certificates
• Real Estate Credit Deeds
• Rural Product Deeds
• Rural Pignoratious and Mortgage Deeds
• Bank Credit Deeds
• Others
  ------*------

Title: LOSSES WITH VARIABLE INCOME SECURITIES 8.1.5.30.00-1 Function:
Record losses occurred in the alienation of variable income securities, in the period.
This account requires the following sub-titles for internal use:

• Stocks of Open Companies
• Stocks of Closed Companies
• Subscription Bonuses of Open Companies
• Others
  ------*------

Title: LOSSES FROM GOLD APPLICATIONS 8.1.5.70.00-9 Function:
Record negative adjustments and losses in the alienations of temporary gold applications, belonging to the current period.
------*------

Title: PREMIUMS OF OPTIONS TO BE EXERCISED – STOCKS 1.3.3.60.00-5 Purchase of Call Options - Holder Position 1.3.3.60.10-8 Purchase of Put Options - Holder Position 1.3.3.60.20-1 Function:
Record the value of premiums paid for the acquisition of call and put options on stocks, until maturity or settlement of the operation, through reverse operation, evaluated at market value. ------*------

Title: PREMIUMS OF OPTIONS TO BE EXERCISED - FINANCIAL ASSETS AND COMMODITIES 1.3.3.70.00-2 Purchase of Call Options - Holder Position 1.3.3.70.10-5 Purchase of Put Options - Holder Position 1.3.3.70.20-8 Function:
Record the value of premiums paid for the acquisition of call and put options on financial assets and commodities, until maturity or settlement of the operation, through reverse operation, evaluated at market value. ------*------

Title: PREMIUMS OF OPTIONS LAUNCHED – STOCKS 4.7.1.60.00-6 Sale of Call Options - Issuer Position 4.7.1.60.10-9 Sale of Put Options - Issuer Position 4.7.1.60.20-2 Function:
Record the value of premiums received upon the launch of call or put options on stocks, until maturity or settlement of the operation, through reverse operation, evaluated at market value. ------*------

Title: PREMIUMS OF OPTIONS LAUNCHED - FINANCIAL ASSETS AND COMMODITIES 4.7.1.70.00-3 Sale of Call Options - Issuer Position 4.7.1.70.10-6 Sale of Put Options - Issuer Position 4.7.1.70.20-9 Function:
Record the value of premiums received upon the launch of call or put options on financial assets and commodities, until maturity or settlement of the operation, through reverse operation, evaluated at market value. ------*------

Title: PROVISION FOR PAYMENTS TO BE MADE 4.9.9.30.00-7 Other Administrative Expenses 4.9.9.30.50-2 Other Payments 4.9.9.30.90-4 Function:
Record the values destined to form a provision for payments of charges and expenses of the current month, for which there is no specific account for recording. The sub-title Other Administrative Expenses must be used to record the provisioning of payments to be made, relating to other administrative expenses of the fund, such as fees. The sub-title Other Payments must be used to record the provisioning of other payments to be made by the fund. Liabilities normally defined in terms of value, payment date, and beneficiary are not recorded in provisions, but in CREDITORS VARIOUS - COUNTRY or in another adequate account. ------*------

Title: REPURCHASES TO SETTLE - CLEARING AND COMPENSATION CHAMBERS – GENERIC COMMITTED OPERATIONS 4.2.3.35.00-1 Function:
Record repurchase commitments in committed operations with freely tradable clause contracted and settled through a chamber or settlement and compensation service provider under the "generic" modality. It is characterized as "generic" the committed operation with freely tradable clause in which the securities serving as collateral for the transaction are determined based on the net financial value of the operations performed on the day, by the chamber or settlement and compensation service provider, among a set of different types of securities accepted in this modality. ------*------

Title: REPURCHASES TO SETTLE - OWN PORTFOLIO 4.2.1.10.00-6 Treasury Financial Notes 4.2.1.10.03-7 National Treasury Notes 4.2.1.10.05-1 National Treasury Notes 4.2.1.10.07-5 Central Bank Notes 4.2.1.10.15-4 Central Bank Notes 4.2.1.10.16-1 Central Bank Bonuses 4.2.1.10.18-5 Function:
Record committed operations collateralized with own securities.
------*------

Title: REPURCHASES TO SETTLE - FREELY TRADABLE 4.2.3.30.00-6 Federal Public Securities - National Treasury 4.2.3.30.02-0 Federal Public Securities - Central Bank 4.2.3.30.04-4 Function:
Record the value of repurchase commitments in committed operations performed with freely tradable agreement.
------*------

Title: INCOME FROM APPLICATIONS IN INVESTMENT FUNDS 7.1.5.40.00-1 Function:
Record the income from applications in investment funds, which constitute actual revenue of the fund, in the period.
Examples of sub-titles for internal use:

• Short-Term Fund Shares
• Referenced Fund Shares
• Fixed Income Fund Shares
• Stock Fund Shares
• Exchange Fund Shares
• External Debt Fund Shares
• Multi-Market Fund Shares
• Market Index Investment Fund Shares
• Credit Rights Fund Shares
• Real Estate Fund Shares
• Emerging Companies Fund Shares
• Participation Fund Shares
  ------*------

Title: INCOME FROM APPLICATIONS IN COMMITTED OPERATIONS 7.1.4.10.00-7 Backed Position 7.1.4.10.10-0 Financed Position 7.1.4.10.20-3 Function:
Record the income from applications in committed operations, which constitute actual revenue of the fund, in the period.
------*------

Title: INCOME FROM APPLICATIONS IN GOLD 7.1.5.70.00-2 Function:
Record positive adjustments and gains in the alienations of temporary gold applications, which constitute actual revenue of the institution, in the period. ------*------

Title: INCOME FROM CREDITS LINKED TO THE CENTRAL BANK 7.1.9.60.00-7 Function:
Record the income from deposits in foreign currencies, as well as from other deposits or collections made at the Central Bank, which constitute actual revenue of the fund, in the period. This account requires the following sub-titles for internal use:

• Deposits in Foreign Currencies
• Other Linked Credits
  ------*------

Title: INCOME FROM RIGHTS BY LOANS OF SECURITIES AND SECURITIES 7.1.1.80.00-7 Function:
Record the income from rights by loans of securities and securities, which constitute actual revenue of the fund, in the period. ------*------

Title: INCOME FROM FOREIGN CURRENCY AVAILABILITIES 7.1.3.70.00-6 Function:
Record the value of income resulting from exchange rate variation, consequent to the maintenance of availabilities in foreign currencies. ------*------

Title: INCOME FROM FIXED INCOME SECURITIES 7.1.5.10.00-0 Function:
Record the income from fixed income securities, which constitute actual revenue of the fund, in the period.
This account requires the following sub-titles for internal use:

• Central Bank Notes
• National Treasury Notes
• State and Municipal Securities
• Bank Deposit Certificates
• Bills of Exchange
• Mortgage Notes
• Real Estate Notes
• Debentures
• Eletrobrás Obligations
• Agrarian Debt Securities
• Real Estate Receivables Certificates
• Real Estate Credit Deeds
• Rural Product Deeds
• Rural Pignoratious and/or Mortgage Deeds
• Bank Credit Deeds
• Others
  ------*------

Title: INCOME FROM VARIABLE INCOME SECURITIES 7.1.5.20.00-7 Function:
Record the income from variable income securities, which constitute actual revenue of the fund, in the period.
This account requires the following sub-titles for internal use:

• Stocks of Open Companies
• Stocks of Closed Companies
• Others
  ------*------

Title: INCOME FROM SECURITIES AND SECURITIES ABROAD 7.1.5.15.00-5 Function:
Record the income from applications in securities and securities, abroad.
------*------

Title: INCOME FROM OPERATIONS WITH DERIVATIVES 7.1.5.80.00-9 Swap 7.1.5.80.11-9 Forward 7.1.5.80.21-2 Futures 7.1.5.80.31-5 Options on Stocks 7.1.5.80.42-5 Options on Financial Assets and Commodities 7.1.5.80.51-1 Others 7.1.5.80.90-6 Function:
Record the income from operations with financial derivative instruments according to the modality, including positive adjustments to market value. ------*------

Title: LIABILITIES FOR VALUES IN COLLATERAL OF OPERATIONS 9.0.6.40.00-9 Function:
Record the value of fixed and variable income securities, gold and other financial assets and goods given as collateral for operations on own account. It makes counterpart with VALUES IN COLLATERAL OF OPERATIONS. Values given as collateral for operations, except in national currency, must remain in the origin accounts, using sub-titles for internal use for control. ------*------

Title: RESALES TO SETTLE - CLEARING AND COMPENSATION CHAMBERS - GENERIC OPERATIONS 1.2.1.35.00-4 Function:
Record applications in committed operations with freely tradable clause contracted and settled through a chamber or settlement and compensation service provider under the "generic" modality. It is characterized as "generic" the committed operation with freely tradable clause in which the securities serving as collateral for the transaction are determined based on the net financial value of the operations performed on the day, by the chamber or settlement and compensation service provider, among a set of different types of securities accepted in this modality. ------*------

Title: RESALES TO SETTLE - BACKED POSITION 1.2.1.10.00-5 Treasury Financial Notes 1.2.1.10.03-6 National Treasury Notes 1.2.1.10.05-0 National Treasury Notes 1.2.1.10.07-4 Central Bank Notes 1.2.1.10.15-3 Central Bank Notes 1.2.1.10.16-0 Central Bank Bonuses 1.2.1.10.18-4 State and Municipal Securities 1.2.1.10.20-1 State Securities - Debts Refinanced by the Union 1.2.1.10.21-8 Bank Deposit Certificates 1.2.1.10.25-6 CDB - Linked Financial Institution 1.2.1.10.30-4 Bills of Exchange 1.2.1.10.35-9 LC - Linked Financial Institution 1.2.1.10.40-7 Real Estate Notes 1.2.1.10.45-2 LI - Linked Financial Institution 1.2.1.10.50-0 Real Estate Receivables Certificates 1.2.1.10.62-7 Debentures 1.2.1.10.65-8 Others 1.2.1.10.99-5 Function:
Record operations for the purchase of securities with commitment to resell, collateralized with the seller's own securities. The sub-title State Securities - Debts Refinanced by the Union is intended for recording applications in state public securities corresponding to debt that has been assumed and refinanced by the Union within the framework of the Program for Support to the Restructuring and Fiscal Adjustment of the States. ------*------

Title: CAPITAL SUBSCRIPTION TO BE PAID 4.9.9.80.00-2 Function:
Record the fund's liabilities for subscribed and yet to be paid-in capital in corporate participations.
------*------

Title: SECURITIES GIVEN AS COLLATERAL - OTHERS 1.3.6.20.00-6 Federal Public Securities - National Treasury 1.3.6.20.02-0 Federal Public Securities - Central Bank 1.3.6.20.04-4 Federal Public Securities – Others 1.3.6.20.19-2 State and Municipal Securities 1.3.6.20.20-2 Real Estate Receivables Certificates 1.3.6.20.62-8 Securities Issued by Financial Institutions – Fixed Income 1.3.6.20.70-7 Other Private Securities – Fixed Income 1.3.6.20.75-2 Variable Income Securities 1.3.6.20.80-0 Others 1.3.6.20.99-6 Function:
Record the value of securities and securities given as collateral for other operations, not in stock exchanges, the institution must maintain internal controls that allow the identification of the guaranteed operations. ------*------

Title: SECURITIES GIVEN AS COLLATERAL FOR OPERATIONS IN STOCK EXCHANGES 1.3.6.10.00-9 Federal Public Securities - National Treasury 1.3.6.10.02-3 Federal Public Securities - Central Bank 1.3.6.10.04-7 Federal Public Securities - Others 1.3.6.10.19-5 State and Municipal Securities 1.3.6.10.20-5 Real Estate Receivables Certificates 1.3.6.10.62-1 Securities Issued by Financial Institutions – Fixed Income 1.3.6.10.70-0 Other Private Securities – Fixed Income 1.3.6.10.75-5 Variable Income Securities 1.3.6.10.80-3 Others 1.3.6.10.99-9 Function:
Record the value of securities and securities given as collateral for operations performed in stock, commodity and futures exchanges. ------*------

Title: SECURITIES GIVEN AS COLLATERAL FOR OPERATIONS IN CLEARING AND COMPENSATION CHAMBERS 1.3.6.15.00-4 Federal Public Securities - National Treasury 1.3.6.15.02-8 Federal Public Securities - Central Bank 1.3.6.15.04-2 Federal Public Securities - Others 1.3.6.15.19-0 State and Municipal Securities 1.3.6.15.20-0 Real Estate Receivables Certificates 1.3.6.15.62-6 Securities Issued by Financial Institutions – Fixed Income 1.3.6.15.70-5 Other Private Securities – Fixed Income 1.3.6.15.75-0 Variable Income Securities 1.3.6.15.80-8 Others 1.3.6.15.99-4 Function:
Record the value of securities and securities given as collateral for operations performed in clearing and compensation chambers. The sub-title Federal Public Securities - Others has the function of recording the value related to federal public securities for which there is no specific sub-title. ------*------

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of Accounts - 2
Title: FIXED INCOME SECURITIES 1.3.1.10.00-4
Treasury Financial Notes 1.3.1.10.03-5
National Treasury Notes 1.3.1.10.05-9
National Treasury Notes 1.3.1.10.07-3
Central Bank Notes 1.3.1.10.15-2
Central Bank Notes 1.3.1.10.16-9
Central Bank Bonuses 1.3.1.10.18-3
Other Federal Public Securities 1.3.1.10.19-0
State and Municipal Securities 1.3.1.10.20-0
State Securities - Debts Refinanced by the Union 1.3.1.10.21-7 Bank Deposit Certificates 1.3.1.10.25-5 CDB - Linked Financial Institution 1.3.1.10.30-3 Exchange Bills 1.3.1.10.35-8 LC - Linked Financial Institution 1.3.1.10.40-6 Real Estate Bills 1.3.1.10.45-1 LI - Linked Financial Institution 1.3.1.10.50-9 Mortgage Bills 1.3.1.10.55-4 LH - Linked Financial Institution 1.3.1.10.60-2 Real Estate Receivables Certificates 1.3.1.10.62-6 Real Estate Credit Note 1.3.1.10.63-3 Debentures 1.3.1.10.65-7 Eletrobrás Obligations 1.3.1.10.70-5 Agrarian Debt Securities 1.3.1.10.75-0 Promissory Notes 1.3.1.10.76-7 Rural Product Note 1.3.1.10.77-4 Pledge and/or Mortgage Rural Note 1.3.1.10.78-1 Bank Credit Note 1.3.1.10.79-8 Agricultural and Warrant Deposit Certificates 1.3.1.10.80-8 Received by Loans 1.3.1.10.90-1 From Issuance by Financial Entities Linked to Official International Organizations 1.3.1.10.97-0 Others 1.3.1.10.99-4 Function:
To record the investments made by the fund in fixed income securities, intended for trading.
The subsection State Securities - Debts Refinanced by the Union is intended for the recording of investments in state public securities corresponding to debt that has been assumed and refinanced by the Union within the scope of the Program for Support to State Fiscal Restructuring and Adjustment. The subsection 1.3.1.10.97-0 is intended for the recording of securities issued in the Brazilian market by financial entities belonging to groups belonging to official international organizations. ------*------

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
Title: FIXED INCOME SECURITIES - LINKED TO REPURCHASES 1.3.2.10.00-7 Treasury Financial Notes 1.3.2.10.03-8 National Treasury Notes 1.3.2.10.05-2 National Treasury Notes 1.3.2.10.07-6 Central Bank Notes 1.3.2.10.15-5 Central Bank Notes 1.3.2.10.16-2 Central Bank Bonuses 1.3.2.10.18-6 Function:
To record the value of fixed income securities held as collateral in repurchase sale operations.
The subsection State Securities - Debts Refinanced by the Union is intended for the recording of investments in state public securities corresponding to debt that has been assumed and refinanced by the Union within the scope of the Program for Support to State Fiscal Restructuring and Adjustment. ------*------

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of Accounts - 2
Title: VARIABLE INCOME SECURITIES 1.3.1.20.00-1 Shares of Open Companies 1.3.1.20.10-4 Shares of Closed Companies 1.3.1.20.20-7 Subscription Bonuses of Open Companies 1.3.1.20.30-0 Shares of Privatized Companies 1.3.1.20.50-6 Received by Loan 1.3.1.20.60-9 Others 1.3.1.20.99-1 Function:
To record the investments made by the fund in variable income securities.
In the subsection Shares of Privatized Companies, acquisitions of shares of privatized companies, resulting from temporary participation, within the scope of the National Privatization Program (PND), must be recorded. On the date that 3 (three) years have elapsed since the corresponding auction, the shares of privatized companies acquired within the scope of the National Privatization Program (PND) must be reclassified from the subsection Shares of Privatized Companies to the appropriate subsection of this title. ------------ Title: SECURITIES SUBJECT TO COMMITTED OPERATIONS WITH FREE MOVEMENT AGREEMENT 1.3.7.10.00-2 Federal Public Securities – National Treasury 1.3.7.10.02-6 Federal Public Securities – Central Bank 1.3.7.10.04-0 Function:
To record the securities and financial instruments delivered as collateral in committed operations with free movement agreement. ------------ Title: SECURITIES RECEIVED AS COLLATERAL IN COMMITTED OPERATIONS WITH FREE MOVEMENT AGREEMENT 3.0.6.35.00-5 Federal Public Securities – National Treasury 3.0.6.35.02-9 Federal Public Securities – Central Bank 3.0.6.35.04-3 Function:
To record the securities and financial instruments received as collateral in committed operations with free movement agreement, with the corresponding account being COMMITTED OPERATIONS WITH FREE MOVEMENT AGREEMENT – SECURITIES RECEIVED AS COLLATERAL, code 9.0.6.35.00-7.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
------*------
Title: TVM - NEGATIVE ADJUSTMENT TO MARKET VALUE 8.1.5.80.00-6 Securities for Trading 8.1.5.80.10-9 Reclassification of Securities Held to Maturity to Trading 8.1.5.80.15-4

Function:
To record the devaluations resulting from the adjustment to market value of securities and financial instruments classified in the category securities for trading. In the item Reclassification of Securities Held to Maturity to Trading, losses resulting from the immediate recognition of the adjustment to market value will be recorded. ------*------

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of Accounts - 2
Title: TVM - POSITIVE ADJUSTMENT TO MARKET VALUE 7.1.5.90.00-6 Securities for Trading 7.1.5.90.10-9 Reclassification of Securities Held to Maturity to Trading 7.1.5.90.15-4

Function:
To record the appreciations resulting from the adjustment to market value of securities and financial instruments classified in the category securities for trading. In the item Reclassification of Securities Held to Maturity to Trading, gains resulting from the immediate recognition of the adjustment to market value will be recorded. ------------ Title: AMOUNTS PAYABLE TO THE ADMINISTRATING COMPANY 4.9.9.83.00-9 Administration Fee 4.9.9.83.10-2 Performance/Performance Fee 4.9.9.83.20-5 Entry and Exit Fee 4.9.9.83.30-8 Function:
To record the amounts due by the Fund to the administering institution, relating to the administration fee and other obligations. ------------ Title: CUSTODIED VALUES 9.0.4.30.00-6 Function:
To record the securities, financial instruments and other assets delivered to third parties or to another department for custody. It corresponds to CUSTODIANS OF VALUES IN CUSTODY. ------*------ Title: VALUES IN GUARANTEE OF OPERATIONS 3.0.6.40.00-7 Function:
To record the value of fixed and variable income securities, gold and other financial assets and goods given as guarantee for operations on own account. The values given as guarantee for operations, except in national currency, must remain in the accounts of origin, using internal use subsections for control. It corresponds to LIABILITIES FOR VALUES IN GUARANTEE OF OPERATIONS.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
------------
Title: VARIATIONS IN REDEMPTION OF SHARES 6.1.1.80.00-0 Function:
To record the value of variations resulting from the redemption of shares at a value higher or lower than their issuance value. ------------

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: List of Accounts - 2
Title: FORWARD SALES TO BE RECEIVED 1.3.3.35.00-9 Operations with Shares 1.3.3.35.10-2 Operations with Financial Assets and Commodities 1.3.3.35.40-1 Function:
To record the amounts receivable resulting from forward sales contracts of shares, other financial assets and commodities, valued at market value. ------*------

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Model of Document No. 1
Document No. 1 – Daily Report
Daily Report

1. Fund Name:
2. CNPJ
3. Reference Date: DD/MM/YYYY
4. Total portfolio - in Real units, with cents (R$ 1.00)
5. Net Asset Value (NAV) - in Real units, with cents (R$ 1.00)
6. Share value
7. Fundraising - in Real units, with cents (R$ 1.00)
8. Redemptions - in Real units, with cents (R$ 1.00)
9. Total value of cash outflows expected to occur within the period established in the bylaws for the payment of redemptions (including the stock of requested and unpaid redemptions) - in Real units, with cents (R$ 1.00)
10. Total value of assets capable of financial liquidation under prevailing market conditions, within the period established by the fund's bylaws for the payment of redemption requests (including liquidity) - in Real units, with cents (R$ 1.00)
11. number of unitholders
12. CPF/CNPJ of the unitholder with investment greater than or equal to 20% of the Fund's NAV and respective participation %
13. CPF/CNPJ of the unitholder with investment greater than or equal to 20% of the Fund's NAV and respective participation %
14. CPF/CNPJ of the unitholder with investment greater than or equal to 20% of the Fund's NAV and respective participation %
15. CPF/CNPJ of the unitholder with investment greater than or equal to 20% of the Fund's NAV and respective participation %
16. CPF/CNPJ of the unitholder with investment greater than or equal to 20% of the Fund's NAV and respective participation %

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Model of Document No. 1
Document No. 1 – Daily Report
FILLING MANUAL
4 - Total portfolio – Fill in with the fund's portfolio value on the reference date. For the determination of the portfolio value, only the fund's patrimonial assets should be considered, not including, for example, the value of futures contracts. Also, financial proceeds (Liquidity, Dividends, Interest on equity capital, etc.) should not be considered and non-financial proceeds (Subscription Receipt, Right, Bonus Assets, etc.) must be included, as the concept of portfolio encompasses only the assets that can generate some return for the fund, excluding those in which conversion into cash is already characterized but has not yet been effected. 5 - Net Asset Value (NAV) – Fill in with the adjusted net asset value of the day. 6 - Share value – Fill in with the fund's share value on the reference date of the document. 7 - Fundraising – Fill in with the total value of applications accounted for on the day, according to the accrual basis. In the case of incorporation, the value transferred from the incorporated fund must be reported as fundraising for the day by the incorporating fund. In the case of merger, the net assets of the merged funds must be reported as fundraising for the day by the new fund resulting from the merger. In the case of spin-off, the fund resulting from the spin-off must report the received value as fundraising for the day. 8 - Redemptions – Fill in with the total value of redemptions accounted for on the day, according to the accrual basis. In the case of incorporation, the value transferred to the incorporating fund must be reported as redemption for the day by the incorporated fund. In the case of merger, the net assets transferred to the new fund created must be reported as redemption for the day by the merged funds. In the case of spin-off, the spun-off value must be reported as redemption for the day by the fund that had its net assets reduced.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
9 - Total value of cash outflows expected to occur within the period established in the bylaws for the payment of redemptions (including the stock of requested and unpaid redemptions) – Fill in with the total value of redemptions requested and not yet accounted for by the fund (value in stock up to the reference date of the document). 10 - Total value of assets capable of financial liquidation under prevailing market conditions, within the period established by the fund's bylaws for the payment of redemption requests (including liquidity) – Fill in with the daily liquidity available, considering the period between the request and payment of redemptions (redemption period), as provided in the fund's bylaws, and that can be alienated without substantial loss of value within the redemption period. 11 - Number of unitholders – Fill in with the total number of unitholders of the fund on the reference date of the document. Co-investors should not be considered, each application corresponding to a single unitholder. 12 - CPF/CNPJ of the unitholder with investment greater than or equal to 20% of the Fund's NAV and respective participation % - Fill in with the CPF or CNPJ of the unitholder who holds more than 20% of the Fund's NAV on the reference date of the document. This field should only be reported on the last business day of each month of the civil calendar, and occasionally on other dates when requested by the CVM.” (NR)

• Items 9 and 10 included by CVM Instruction No. 512, of December 20, 2011.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Model of Document No. 2
Document No. 2 – Trial Balance/Balance Sheet
TRIAL BALANCE / BALANCE SHEET
Competence: MM/YYYY
Fund Name: CNPJ:
Administrator: CNPJ:
Account Code Account Name Account Balance
FILLING MANUAL
Account Code – Fill in with the account code, as defined in the Investment Funds Accounting Plan - COFI.
Account Name – Fill in with the account name, as defined in the Investment Funds Accounting Plan - COFI.
Account Balance – Fill in the account balance on the reference date of the document.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Model of Document No. 3
Document No. 3 – Statement of Composition and Diversification of Portfolio Legend:
S = mandatory field
N = field that should not be filled for the specified application OP = optional field OBSERVATIONS:
(1) Specify applications individually.
(2) Specify applications in affiliated companies (3) List in descending order of participation by companies MONTH/YEAR:
CNPJ:
CNPJ:
APPLICATIONS - SPECIFICATION COST MARKET/ % S/ TOTAL REALIZATION NET ASSETS (1)(2)(3)(4)(5) QUANTITY R$ THOUSAND R$ THOUSAND Shares OP S Options - Long Positions OP S Options - Short Positions OP S Forward Market - Long Positions N N OP OP S Forward Market - Short Positions OP OP N N S Convertible Debentures OP S Simple Debentures OP S Other applications OP S Time deposits OP S Federal/State/Municipal securities OP S Sec. and financial instruments of companies under special regime N S Shares of variable income funds OP S Shares of fixed income funds OP S Liquidity N S S Amounts payable N S S Amounts receivable N S S Futures Market - Long Positions OP S N S S Futures Market - Short Positions OP S N S S Shares lent in loan N S Obligations by shares received in loan N S Committed Operations N S Sec. and credits securitized by the federal government OP S Certificate or deposit receipt of securities OP S Other securities registered with the CVM OP S DR Programs OP S SWAP DIFFERENTIAL TO BE RECEIVED N OP S S SWAP DIFFERENTIAL TO BE PAID N OP S S CPR OP S SHARES RECEIVED AS BONUS N S N S S AVAILABLE GOLD OP S Investment Abroad OP S Shares of investment funds - Instruction No. 409 OP S Final Position STATEMENT OF COMPOSITION AND DIVERSIFICATION OF APPLICATIONS QUANTITY Paid Value QUANTITY Received Value Fund Name:
Administrator:
Sales Acquisitions

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
(4) Company name or company name and trading code (only the trading code cannot be used) (5) Securities must be sub-grouped into "at market" or "realization value", as appropriate. (6) The composition of the balances of the items "amounts receivable" and "amounts payable", greater than 10% of NAV, must be disclosed analytically and the nature of the amounts informed in an explanatory note when annual disclosure is made.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Model of Document No. 3
Document No. 3 – Statement of Composition and Diversification of Portfolio FILLING MANUAL The preparation will follow the standard presented, observing the following aspects:

• Applications must be specified individually;
• Applications in securities and financial instruments of affiliated companies must be identified with an asterisk (*) and legendated in the footer (1);
• Shares and options must be segregated according to the form of evaluation (whether at market price or realization price, as appropriate);
• The "Total Cost" column must represent the acquisition value of the shares and options comprising the fund's portfolio. In the case of securities acquired in a previous exercise, the market/realization value of the date of the last balance sheet must be considered as cost;
• Securities and financial instruments must be presented in descending order of participation by company or issuer, regardless of type, class, form or series, observing the nature of the application;
• Issuers must be identified by the corporate name or trade name, preceded by the trading code. In the case of shares and options, the information may be complemented with the trading or corporate governance code for companies that adhere to the Novo Mercado;
• When the balance of the items "amounts receivable" and "amounts payable" is greater than 10% of the NAV value, on the balance sheet date, its composition must be disclosed and its nature informed in an explanatory note;
• The values in the Market/Realization column must be evaluated according to the criteria contained in section 1.2 – Evaluation and Accounting Appropriation Criteria;
• Adjustments of applications in futures markets, relating to the last business day of the month, must be reported in the "Futures Markets" item.
  (1) Applications in investment funds of the same administrator are not considered applications in affiliated companies.
  The same guidelines established for the Statement of Composition and Diversification of Portfolio apply, where applicable, to investment funds in shares.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Model of Document No. 4
Document No. 4 – Statement of Net Asset Evolution STATEMENT OF NET ASSET EVOLUTION Fiscal year ended on dd of mm of yyyy Fund Name: ______ CNPJ:
Administrator:______ CNPJ:
Values in R$ 1,000, except the unit value of shares.
Net assets at the beginning of the fiscal year:
Represented by: shares at R$
Shares issued during the fiscal year:
Shares redeemed during the fiscal year:
Represented by: Shares
Shares issued by incorporation shares
Shares redeemed by spin-off shares
Shares issued by portability shares
Shares redeemed by portability shares
Share Amortization
Variation in Share Redemption
Net assets before result:
Composition of the fiscal year result:
A - SHARES / OPTIONS (5)
Appreciation/depreciation at market price (1)
Result in negotiations (2)
Dividends and Interest on Equity Capital
B - FIXED INCOME and OTHER SECURITIES AND FINANCIAL INSTRUMENTS Appropriation of earnings (1) Appreciation/Depreciation at market price (1) Result in negotiations (2) C - Other Revenues:
Gains with Derivatives (3)

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
Other revenues (8)
D - Other Expenses:
Administration remuneration (4)
Services contracted by the Fund (6)
Audit and custody
Publications and correspondence
Capital losses (3)
Losses with Derivatives (3)
Regulatory fee
Other expenses (7)
Total fiscal year result:
Net assets at the end of the fiscal year:
Represented by: shares at R$
The explanatory notes are an integral part of the financial statements

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Model of Document No. 4
Document No. 4 – Statement of Net Asset Evolution (1) These are updates for unrealized gains or losses and provisions in the fiscal year (2) These are the profits/losses obtained in purchases/sales during the fiscal year (3) Refers to realized gains/losses in futures markets and with unexercised option premiums (4) Administration and performance fee (5) Fund shares, when it comes to DEPL of Fund shares (6) Includes management, consulting, treasury, share distribution, share bookkeeping (7) Whenever a certain expense is greater than 10% of total expenses, it must be evidenced in a specific item. (8) Whenever a certain revenue is greater than 10% of total revenues, it must be evidenced in a specific item. FILLING MANUAL Period demonstrated The statement of net asset evolution must refer to a period of twelve (12) months, ending in one of the months of the civil calendar, as defined in the fund's bylaws, except for those referring to special situations defined in this regulation. There will be no comparisons with previous periods. The filling of the model's items will only be carried out if there is an occurrence. Filling of items 1 - Net assets at the beginning of the fiscal year Number of shares - fill in with the number of shares existing at the end of the previous fiscal year. Maintain control that allows identifying, daily, the number of shares in circulation, preferably through a subaccount in group 3.0.9.00.00-8 - CONTROL. Share value - fill in with the share value at the end of the previous fiscal year. Net Assets - fill in with the value of the balance of account 6.0.0.00.00-2 - NET ASSETS at the end of the previous fiscal year. 2 - Shares issued during the fiscal year Number of shares - fill in with the number of shares issued during the fiscal year. Maintain control that allows identifying, daily, the number of shares issued, preferably through a subaccount in group 3.0.9.00.00-8 - CONTROL. Issuance value - fill in with the value of share issuances carried out during the fiscal year.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Document Model No. 4

Maintain control that allows identifying, daily, the values of issuances made, preferably through a subaccount in group 6.1.1.70.00-3 - INVESTMENT SHARES.

3 - Shares redeemed in the fiscal year
Number of shares - fill in with the number of shares redeemed in the fiscal year.
Maintain control that allows identifying, daily, the number of shares redeemed, preferably through a subaccount in group 3.0.9.00.00-8 - CONTROL. Redemption value - fill in with the value of share redemptions made in the fiscal year. This value is formed by the redemption cost plus the balance of account 6.1.1.80.00-0 - VARIATION IN SHARE REDEMPTION. Maintain control that allows identifying, daily, the values of the costs of redemptions made, preferably through a subaccount in group 6.1.1.70.00-3 - INVESTMENT SHARES.

4 - Shares issued by incorporation
Number of shares - fill in with the number of shares issued in the fiscal year, by incorporation.
Maintain control that allows identifying, daily, the number of shares issued, preferably through a subaccount in group 3.0.9.00.00-8 - CONTROL. Issuance value - fill in with the value of share issuances made in the fiscal year, by incorporation. Maintain control that allows identifying, daily, the values of the issuances made, preferably through a subaccount in group 6.1.1.70.00-3 - INVESTMENT SHARES.

5 - Shares redeemed by spin-off
Number of shares - fill in with the number of shares redeemed in the fiscal year, by spin-off.
Maintain control that allows identifying, daily, the number of shares redeemed, preferably through a subaccount in group 3.0.9.00.00-8 - CONTROL. Redemption value - fill in with the value of redemptions of shares made in the fiscal year by spin-off. This value is formed by the redemption cost plus the appreciation/depreciation occurred in the spin-off. a) Maintain control that allows identifying, daily, the values of the costs of redemptions made, preferably through a subaccount in group 6.1.1.70.00-3 - INVESTMENT SHARES.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Document Model No. 4

b) Maintain control that allows identifying, daily, the appreciation/depreciation occurred in the spin-off, preferably through a subaccount in group 6.1.8.00.00-5 - ACCUMULATED PROFITS OR LOSSES.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Document Model No. 4

6 - Shares issued by portability (only for FMP-FGTS funds) Number of shares - fill in with the number of shares issued in the fiscal year, received from other funds, by portability. Maintain control that allows identifying, daily, the number of shares redeemed, preferably through a subaccount in group 3.0.9.00.00-8 - CONTROL. Issuance value - fill in with the value of share issuances made in the fiscal year, received from other funds, by portability. Maintain control that allows identifying, daily, the values of the issuances made, preferably through a subaccount in group 6.1.1.70.00-3 - INVESTMENT SHARES.

7 - Shares redeemed by portability (only for FMP-FGTS funds) Number of shares - fill in with the number of shares redeemed in the fiscal year, transferred to other funds, by portability. Maintain control that allows identifying, daily, the number of shares redeemed, preferably through a subaccount in group 3.0.9.00.00-8 - CONTROL. Redemption value - fill in with the value of redemptions made in the fiscal year, transferred to other funds, by portability. This value is formed by the redemption cost plus the appreciation/depreciation occurred in the Portability. a) Maintain control that allows identifying, daily, the values of the costs of redemptions made, preferably through a subaccount in group 6.1.1.70.00-3 - INVESTMENT SHARES. b) Maintain control that allows identifying, daily, the appreciation/depreciation occurred in the redemptions, preferably through a subaccount in group 6.1.8.00.00-5 - ACCUMULATED PROFITS OR LOSSES.

8 - Net equity before the result
Fill in with the value of the balance of account 6.0.0.00.00-2 NET EQUITY (before the closing of result accounts) or with the value of the sum of items no.: 1 to 7.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Document Model No. 4

9 - Composition of the fiscal year result
A - SHARES/OPTIONS
(Obs.: In the case of a Statement of the Evolution of Net Asset Value of FUND SHARES, replace "Shares/Options" with "Fund Shares").

A.1 - Appreciation/depreciation at market price Fill in with the algebraic sum of the values of A1.1 to A1.3.
The balance of this item must correspond to the difference between the "Market/Realization" and "Total Cost" columns of the statement of composition and diversification of applications.

A1.1 - Determine the value related to updates by unrealized gains, in the fiscal year (appreciation of shares/options).
Use account 7.1.5.20.00-7 INCOME FROM VARIABLE INCOME SECURITIES to identify the appreciation of shares.
Maintain control that allows identifying, daily, the appreciation of options, preferably create a subaccount in group 7.1.9.99.00-9 OTHER OPERATING INCOME.

A1.2 - Determine the value related to updates by unrealized losses, in the fiscal year (depreciation of shares/options). a) Maintain control that allows identifying, daily, the depreciation of shares, preferably create a subaccount in group 8.1.9.99.00-6 – OTHER OPERATING EXPENSES. b) Maintain control that allows identifying, daily, the depreciation of options, preferably create a subaccount in group 8.1.9.99.00-6 OTHER OPERATING EXPENSES.

A1.3 - Determine the value charged in the fiscal year as provision for losses with shares/options.
Obs: In the case of FUND SHARES, the information must refer to Fund Shares.

A.2 - Result in negotiations
Fill in with the algebraic sum of the values of A2.1 to A2.2

A2.1 - Determine the value related to profits obtained in the fiscal year, with the realization of sales of shares in the spot and forward markets. Determine the profit obtained in the purchases/sales of options settled before maturity. a) Maintain control that allows identifying daily the profit determined in the sale of shares, preferably create a subaccount in group 7.1.9.99.00-9 - OTHER OPERATING INCOME. b) Maintain control that allows identifying daily the profit determined in the purchase/sale of options, preferably create a subaccount in group 7.1.9.99.00-9 - OTHER OPERATING INCOME.

A2.2 - Determine the value related to losses obtained in the fiscal year, with the realization of sales of shares in the spot and forward markets. Determine the loss obtained in the purchases/sales of options settled before maturity.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
Use the subheadings of account 8.1.5.30.00-1 LOSSES FROM VARIABLE INCOME SECURITIES, for losses with shares in the spot market. Maintain control that allows identifying daily the loss determined in the purchase/sale of options, preferably create a subaccount in group 8.1.9.99.00-6 – OTHER OPERATING EXPENSES.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Document Model No. 4

B - FIXED INCOME and OTHER SECURITIES AND SECURITIES Fill in with the algebraic sum of the values of B1.1 to B1.2

B.1 – Appropriation of income and appreciation/depreciation at market price B1.1 - Determine the balance of account 7.1.5.10.00-0 - INCOME FROM FIXED INCOME SECURURES; B1.2 - Determine the balance of account 8.1.8.30.00-0 - OPERATIONAL PROVISION EXPENSES.

B.2 - Result in negotiations
Fill in with the algebraic sum of the values of B2.1 to B2.2

B2.1 - Determine the balance of account 7.1.5.75.00-7 PROFITS FROM FIXED INCOME SECURITIES.
B2.2 - Determine the balance of account 8.1.5.20.00-4 LOSSES FROM FIXED INCOME SECURITIES.

C – OTHER REVENUES
Fill in with the algebraic sum of the values of C1.1 to C1.2

C.1 - Capital gains
C1.1 - Determine the realized gains in the futures markets Use account 7.1.5.80.00-9 - INCOME IN DERIVATIVES OPERATIONS.

C1.2 - Determine the gains obtained with premiums received from unexercised options; Maintain control that allows identifying daily the profit determined with premiums of unexercised options, preferably create a subaccount in group 7.1.9.99.00-9 - OTHER OPERATING INCOME.

C1.3 - Determine the gains earned in swap operations, considering the daily appropriations by the contracted rate and the positive result of the market valuation

C.2 - Dividends and interest on equity
Fill in with the algebraic sum of the values of C2.1.

C2.1 - Fill in with the value of dividends and interest on equity appropriated in the fiscal year Maintain control that allows identifying daily the value of dividends and interest on equity appropriated in the fiscal year, preferably create a subaccount in group 7.1.5.20.00-7 – INCOME FROM VARIABLE INCOME SECURITIES.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Document Model No. 4

C.3 - Other revenues
C3.1 - Fill in with the balance of account 7.0.0.00.00-9 CREDIT RESULT ACCOUNTS, subtracted from the values related to:
A1.1 - unrealized gains in the fiscal year (appreciation of shares/options); A2.1 - profits obtained in the fiscal year, with the realization of purchases/sales of shares/options; B1.1 - income from fixed income securities in the fiscal year; B2.1 - profits obtained in the fiscal year, with the realization of purchases/sales of fixed income securities and other securities and securities, which are not shares nor options. C1 - capital gains; C2 - the value of dividends and interest on equity appropriated in the fiscal year. Obs.: If the value of other revenues exceeds 10% of the total result of the fiscal year (line 10), its composition must be disclosed in an explanatory note.

D – OTHER EXPENSES
D.1 - Administration remuneration
Fill in with the balance of account 8.1.7.81.00-1 - FUND MANAGEMENT FEE EXPENSES, which must include fixed management fee, performance fee.

D.2 - Services contracted by the Fund
Fill in with the sum of expenses with management, consulting, treasury, share distribution, and share registration services contracted by the Fund.

D.3 - Audit and custody
Fill in with the sum of expenses with external audit and expenses with the custody of the fund's assets and its own shares. Use subheading of account 8.1.7.63.00-5 - EXPENSES WITH SPECIALIZED TECHNICAL SERVICES, which allows identifying expenses with external audit. Use subheading of account 8.1.7.54.00-7 - EXPENSES WITH FINANCIAL SYSTEM SERVICES, which allows identifying expenses with custody.

D.4 - Publications and correspondence
Fill in with the values related to expenses with publications, correspondence, and reports, permitted by CVM and provided for in the regulations. Maintain control that allows identifying daily the expenses with correspondence to shareholders and issuance of the report, preferably create a subaccount in group 8.1.7.48.00-6 - EXPENSES WITH PUBLICATIONS. For publications, there is already account 8.1.7.48.00-6 - EXPENSES WITH PUBLICATIONS.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Document Model No. 4

D.5 - Capital losses
Fill in with the algebraic sum of the values of D5.1 to D5.2

D5.1 - Determine the realized losses in the futures markets; Use account 8.1.5.50.00-5 – EXPENSES IN DERIVATIVES OPERATIONS.

D5.2 - Determine the losses obtained with premiums paid for unexercised options; Maintain control that allows identifying daily the losses with premiums of unexercised options, preferably create a subaccount in group 8.1.9.99.00-6 OTHER OPERATING EXPENSES.

D5.3 - Determine the losses incurred in swap operations, considering the daily appropriations by the contracted rate and the negative result of the market valuation

D.6 - Regulatory fee
Fill in with the value of expenses with CVM regulatory fee.
Maintain control that allows identifying daily the value of the expense with CVM regulatory fee, preferably create a subaccount in group 8.1.7.54.00-7 – EXPENSES WITH FINANCIAL SYSTEM SERVICES.

D.7 - Other expenses
Fill in with the balance of account 8.0.0.00.00-6 DEBIT RESULT ACCOUNTS, subtracted from the values related to:
A1.2 - unrealized losses in the fiscal year (depreciation of shares/options); A2.2 - losses obtained in the fiscal year, with the realization of purchases/sales of shares/options; B1.2 - unrealized losses in the fiscal year (depreciation of fixed income securities and other securities and securities, which are not shares nor options); B2.2 - losses obtained in the fiscal year, with the realization of purchases/sales of fixed income securities and other securities and securities, which are not shares nor options; D.1 - administration remuneration; D.2 - Services contracted by the Fund; D.3 - audit and custody; D.4 - publications and correspondence; D.5 - capital losses; and D.6 - regulatory fee Obs If the value of other expenses exceeds 10% of the total result of the fiscal year (line 10), its composition must be disclosed in an explanatory note.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Document Model No. 4

10 - Total result of the fiscal year
Fill in with the results of the sum of (A) + (B) + (C) + (D)

11 - Net equity at the end of the fiscal year
Number of shares - fill in with the number of shares existing at the end of the current fiscal year.
Share value - fill in with the share value at the end of the current fiscal year.
Net Equity - fill in with the balance of account 6.0.0.00.00-2 - NET EQUITY at the end of the current fiscal year, after the closing of result accounts.

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.
TITLE: INVESTMENT FUNDS ACCOUNTING PLAN - COFI
CHAPTER: Documents - 3
SECTION: Document Model No. 5

Document No. 5 – Statement of the Evolution of Share Value and Rentability

STATEMENT OF THE EVOLUTION OF SHARE VALUE AND RENTABILITY Month/Year:
Fund Name: CNPJ:
Administrator: CNPJ:

Rentability in %
Date¹ Share Value Fund Market Index²
Monthly Accumulated Monthly Accumulated

(¹) Last 12 (twelve) months or period elapsed since its constitution, if less.
(²) Indicate the market index coherent with the Fund's investment policy, if any.

Complementary Information a) Fund start-up date:
b) Average monthly net equity of the last 12 (twelve) months or since its constitution, if more recent:
c) Value of the management fee and performance fee, if any, expressed in the current regulations in the last 12(twelve) months or since its constitution, if more recent:
d) Highlight the target audience of the fund and restrictions regarding fundraising, in order to emphasize any eventual impossibility, permanent or temporary, of access to the fund by investors in general. e) If the administrator contracts the services of a risk rating company, it must present the most recent degree conferred to the fund, as well as the indication of how to obtain more information about the evaluation performed.

Warnings

INSTRUCTION CVM NO. 438, OF JULY 12, 2006.

• The rentability obtained in the past does not represent a guarantee of future results.
• Investments in funds are not guaranteed by the administrator or by any insurance mechanism, or even by the credit guarantee fund.