INSTRUCTION CVM NO. 494, OF APRIL 20, 2011 WITH THE CHANGES INTRODUCED BY CVM INSTRUCTION NO. 585/17

Provides for the constitution, administration, operation, disclosure of information, and distribution of shares of Investment Clubs.

The PRESIDENT ACTING OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on April 19, 2011, based on arts. 2, item V, 4, items I and II, 17 and 19, § 5, item I, of Law No. 6,385, of December 7, 1976,

APPROVED the following Instruction:

CHAPTER I - GENERAL CHARACTERISTICS

Section I
Constitution and registration

Art. 1. The Investment Club is an open condominium constituted by a minimum of 3 (three) and a maximum of 50 (fifty) natural persons, for the application of resources in securities and financial assets.

Art. 2. The name of the Club must contain the expression “Investment Club”.

Art. 3. The Club must be constituted by an act of the administrator, and its operation depends on registration with an entity administering an organized market.

Sole paragraph. The entity administering an organized market must regulate the performance and maintain the appropriate controls over the activities of the Clubs registered with it.

Section II
Shares

Art. 4. The Club's shares correspond to ideal fractions of its assets and must be book-entry and registered.

Instruction CVM No. 494, of April 20, 2011

§ 1. The Club's shares confer equal rights and obligations on the shareholders, and the creation of different classes is prohibited.

§ 2. The book-entry of the Club's shares may be carried out by the administrator itself, even if it is not authorized by the CVM to provide securities book-entry services for third parties.

Art. 5. The quality of shareholder is characterized by the registration of the holder's name in the Club's shareholder register.

Art. 6. No shareholder may hold more than 40% (forty percent) of the total shares of the Club.

Art. 7. The trading of Club shares in regulated securities markets is prohibited.

Art. 8. In the issuance of the Club's shares, the share value of the day or the day following the effective availability, by the administrator, of the invested resources must be used, as provided in the bylaws.

§ 1. The full payment of the value of the Club's shares must be made in:
I – national currency; or
II – securities and financial assets.

§ 2. The hypothesis referred to in item II of § 1 must be approved by all shareholders of the Club, in writing or in a general meeting.

Art. 9. The redemption of Club shares must obey the following rules:
I – the bylaws must establish the period between the redemption request and the date of share conversion, understood for the purposes of this Instruction as the date of share value calculation for the purpose of redemption payment; II – the conversion of shares must occur at the share value on the conversion date;

Instruction CVM No. 494, of April 20, 2011

III – the redemption payment must be made by check, credit to a checking account, or payment order, within the period established in the bylaws, which cannot exceed 5 (five) business days, counted from the date of share conversion; IV – the bylaws may establish a waiting period for redemption, with or without earnings; and V – except in exceptional cases of illiquidity of the assets comprising the portfolio, including due to redemption requests incompatible with existing liquidity, a fine of 0.5% (zero point five percent) of the redemption value is due to the shareholder, to be paid by the Club's administrator, per day of delay in the payment of share redemption.

Sole paragraph. In Clubs whose bylaws establish a conversion date different from the redemption date, redemption payment on a date different from the redemption request, or a waiting period for redemption, such facts must be expressly communicated to shareholders upon their entry into the Club.

Section III
Distribution of shares

Art. 10. The distribution of Club shares does not require registration with the CVM, but must be carried out through members of the securities distribution system.

Art. 11. It is prohibited to seek shareholders using public communication services, such as the press, radio, television, and pages open to the public on the worldwide computer network, as well as by sending direct mail, including electronically.

Sole paragraph. The entity administering an organized market must regulate the content of the material used in the distribution of Club shares and the practices adopted for such distribution, monitoring compliance with such regulation through its self-regulation department.

CHAPTER II - CLUB BYLAWS

Art. 12. The Club's bylaws must provide, at a minimum, on the following matters:
I – qualification of the administrator;

Instruction CVM No. 494, of April 20, 2011

II – qualification of the portfolio manager, in cases of option for management in the form of items II and III of art. 19, and of the custodian, if this is not the administrator itself; III – duration period, if determined or undetermined; IV – investment policy to be adopted, containing, at a minimum; a) the assets that may compose the Club's assets and the investment diversification requirements; and b) the possibility of the Club carrying out operations in the derivatives market; V – administration fee, fixed and expressed as an annual percentage of net assets (base 252 days); VI – performance fee, if any; VII – other charges of the Club, in accordance with the provisions of art. 36; VIII – conditions for the application and redemption of shares, including regarding periods; IX – results distribution policy, if any, comprising the periods and payment conditions, observing the provisions of the sole paragraph; X – fiscal year of the Club; XI – information disclosure policy, including those related to portfolio composition; XII – policy regarding the exercise of voting rights of the Club, in general meetings of the companies in which the Club holds participation; XIII – obligations and responsibilities of the administrator and the manager; XIV – manner of convening and period for holding the general meeting; and XV – manner and conditions for dissolution and liquidation of the Club.

Instruction CVM No. 494, of April 20, 2011

Sole paragraph. The administrator may directly allocate to shareholders the amounts attributed to the Club as dividends, interest on equity, or other earnings arising from assets that integrate its portfolio, provided that this is expressly authorized by the bylaws.

Art. 13. The alteration of the bylaws depends on the prior approval of the general meeting of shareholders, being effective from the date deliberated by the meeting.

Sole paragraph. Unless approved by the unanimity of the Club's shareholders, the alterations of the bylaws will be effective at least 30 (thirty) days after communication to the shareholders, carried out in the manner regulated by the entity administering the organized market, in the following cases:
I – increase or alteration of the calculation of administration or performance fees; II – alteration of the investment policy; III – change in redemption conditions; and IV – incorporation, spin-off, or merger that results in a change, for the shareholders involved, of the conditions listed in the preceding items.

Art. 14. The bylaws may be altered, independent of the general meeting, whenever such alteration results exclusively from:
I – compliance with express requirements of the CVM or the entity administering the organized market; II – adaptation to legal or regulatory norms; III – due to the update of the administrator's or, if applicable, the manager's or custodian's registration data; or IV – exclusion or reduction of administration or performance fees or other charges.

Instruction CVM No. 494, of April 20, 2011

Sole paragraph. The alterations referred to in the caput must be communicated to the shareholders, by the means established by the entity administering the organized market, within a period of up to 30 (thirty) days, counted from the date they were implemented.

CHAPTER III – GENERAL MEETING

Art. 15. It is exclusively within the competence of the general meeting of shareholders to deliberate on:
I – the financial statements presented by the administrator; II – the replacement of the administrator or, in case of election by the meeting, the manager; III – the merger, incorporation, spin-off, transformation, dissolution, or liquidation of the Club; IV – the increase of the administration fee; V – the alteration of the Club's investment policy; and VI – the alteration of the bylaws.

Sole paragraph. Annually, within 120 (one hundred and twenty) days immediately following the closing of the last fiscal year, an ordinary general meeting must be held to review the Club's financial statements, in addition to matters on the agenda.

Art. 16. Partners, directors, employees, and agents of the administrator or the contracted manager, and of companies linked to them, including autonomous investment agents who provide services to them, are prohibited from voting in the Club's general meetings.

Sole paragraph. The prohibitions contained in the caput do not apply to Clubs formed exclusively by partners, directors, employees, agents, and autonomous investment agents of the administrator or the contracted manager or of companies linked to them.

Art. 17. It is incumbent upon the entity administering an organized market to regulate:
I – the competence, periods, and procedures for convening meetings;

Instruction CVM No. 494, of April 20, 2011

II – the manner of making information available to shareholders; III – the rules for installation, organization, and deliberation of meetings, including those regarding quorum, as well as the rules regarding the formalization of deliberations; and IV – the manner and periods for communicating deliberations to shareholders and to the entity administering organized markets.

Sole paragraph. In compliance with the provisions of the caput, the entity administering an organized market may allow the adoption of electronic means and non-presential forms of deliberation, establishing the corresponding mechanisms for controlling the regularity of the procedures adopted.

CHAPTER IV - ADMINISTRATION

Section I
General provisions

Art. 18. The Club must be administered by a brokerage firm, distribution company, investment bank, or multiple bank with an investment portfolio, which is responsible for the set of activities and services related directly and indirectly to its operation and maintenance.

Sole paragraph. The activity of administering Clubs must be under the direct supervision and responsibility of a statutory director of the administrator, who may cumulate this with other obligations and responsibilities, provided there is no conflict between the activities.

Art. 19. The management of the Club's portfolio may be exercised:
I – by the administrator, provided it is previously authorized to exercise the activity of securities portfolio administrator by the CVM and elected by the general meeting; II – by natural or legal persons contracted by the administrator, provided they are previously authorized to exercise the activity of securities portfolio administrator by the CVM; or III – by one or more shareholders, elected by the general meeting, observing the provisions of § 2.

Instruction CVM No. 494, of April 20, 2011

§ 1. The management of the Club's portfolio by an autonomous investment agent is prohibited, even if it is a shareholder.

§ 2. In case of management by a shareholder, it is prohibited for this person to:
I – have more than one Club under their management; and II – receive any kind of remuneration or benefit, direct or indirect, for the services provided to the Club.

§ 3. Contracts entered into in the form of the caput, item II, must stipulate joint and several liability between the administrator and the contracted manager for any damages caused to the Club's shareholders due to conduct contrary to the law, regulation, or bylaws.

Section II
Obligations of the administrator and manager

Art. 20. The administrator must exercise its activities with good faith, transparency, diligence, and loyalty towards the Club and shareholders.

§ 1. Examples of violation of the administrator's duty of loyalty are the following hypotheses:
I – omitting in the exercise or protection of the Club's rights, including failing to adopt appropriate judicial measures, if necessary; II – failing to exercise, or failing to diligence for the exercise of, all rights arising from the assets and activities of the Club; III – allowing the Club to carry out operations that, due to their volume or their effects on the composition of the portfolio, are predominantly intended to generate brokerage fees; and IV – treating Club shareholders inequitably.

§ 2. Without prejudice to the provisions of the bylaws and other applicable norms, the duties of the Club's administrator are:

Instruction CVM No. 494, of April 20, 2011

I – diligence to ensure that, at its own expense, updated and in perfect order, in the manner established by the entity administering the organized market:
a) the documents and records, administrative and financial, related to the registration and identification of shareholders, general meetings, operations, and assets of the Club, and contracts entered into; b) the proof of sending communications and documents to the entity administering the organized market and communications and statements to shareholders; and c) the documentation necessary to prove compliance with tax obligations; II – settle the operations carried out by the Club, including receiving, in its name, earnings or any other values due to it; III – carry out, directly or through a third party, duly qualified and authorized, the book-entry of the issuance and redemption of shares; IV – keep the securities, financial assets, and other financial assets registered in a deposit account in the name of the Club, in accordance with the sole paragraph of art. 29; V – prepare and disclose at least the information provided in Chapter VI, observing the provisions of the Club's bylaws and applicable regulation; VI – carry out all communications provided for in law or in regulation applicable to the CVM or the entity administering the organized market; VII – maintain a shareholder service, which is responsible for clarifying doubts and receiving complaints and reports, as well as taking appropriate measures for each case, which must be recorded, with records maintained in the form of § 4; VIII – enforce the deliberations of the general meetings; IX – ensure that, upon their entry into the Club, shareholders received a copy of the bylaws, observing the norms established in the form of art. 33; X – hire the manager and custodian, if applicable; and

Instruction CVM No. 494, of April 20, 2011

XI – control and supervise activities related to the management of the Club's portfolio, paying attention to any indications pointing to the occurrence of irregular or prohibited conduct.

§ 3. The shareholder service referred to in item VII may be subordinate to other organizational structures of the ombudsman.

§ 4. The administrator must maintain, for a minimum period of 5 (five) years counted from receipt or generation by the administrator, or for a longer period by express determination of the CVM or the entity administering the organized market, in case of administrative process, all records, documents, and communications, including electronic, referred to in item I, as well as those that prove compliance with the obligations contained in items VI, VII, and IX.

§ 5. Digitized images of the original documents are accepted in substitution for the originals.

Art. 21. The duties of the Club's manager are:
I – to exercise its activities with good faith, transparency, diligence, and loyalty; II – to faithfully comply with applicable legal and regulatory provisions; III – to observe the provisions contained in the bylaws; and IV – to comply with the deliberations of the general meeting.

Art. 22. The administrator and manager must transfer to the Club any benefit or advantage they may achieve as a result of their condition.

Section III
Prohibitions for the administrator and manager

Art. 23. It is prohibited for the administrator and manager of the Club to practice the following acts in the name of the Club:
I – contract or make loans, except for the hypotheses described in the sole paragraph; II – provide surety, guarantee, acceptance, or co-obligate in any other form;

Instruction CVM No. 494, of April 20, 2011

III – sell shares on installment;
IV – promise predetermined earnings to shareholders; V – apply resources directly abroad; VI – acquire shares of its own Club; and VII – use Club resources to pay for insurance against financial losses of shareholders.

Sole paragraph. Clubs may use their assets to provide guarantees for their own operations, as well as lend and borrow securities and financial assets in loans, provided that such loan operations are carried out exclusively through a service authorized by the Central Bank of Brazil or the CVM.

Section IV
Remuneration of the administrator and manager

Art. 24. The regime for charging administration and performance fees must be defined by the entity administering the organized market, taking into account the provisions of arts. 61 and 62 of CVM Instruction No. 409, of August 18, 2004.

Section V
Replacement of the administrator and manager

Art. 25. The administrator and portfolio manager of the Club must be replaced in the following cases:
I – suspension, revocation, or cancellation of authorization to exercise the activity of portfolio administration, in the case of management exercised by the persons referred to in art. 19, items I and II; II – resignation; or III – dismissal, by deliberation of the general meeting or, in the case of a contracted manager, by act of the administrator.

Instruction CVM No. 494, of April 20, 2011

§ 1. It is incumbent upon the entity administering an organized market to define the procedures applicable to the hypotheses described in items I to III of the caput.

§ 2. The provisions of this article also apply to the Club's custodian.

CHAPTER V - PORTFOLIO

Art. 26. The Club must have, at a minimum, 67% (sixty-seven percent) of its net assets invested in:
I – shares;
II – subscription warrants;
III – debentures convertible into shares, issued by open companies; IV – subscription receipts; V – shares of stock index funds traded in an organized market; and VI – share deposit certificates.

Sole paragraph. In the calculation of the minimum percentage referred to in this article:
I – assets pledged in loan and guarantees deposited in excess must be considered, provided they are constituted by the securities referred to in the caput; and II – the assets referred to in the caput that are deposited as guarantee for own operations must not be considered.

Art. 27. The amount exceeding the percentage established in art. 26 may be invested in:
I – other securities issued by open companies; II – shares of investment funds of the “Short Term”, “Referenced”, and “Fixed Income” classes;

Instruction CVM No. 494, of April 20, 2011

III – federal public bonds;
IV – securities issued by financial institutions; IV – securities issued by financial institutions; V – purchase of options, observing the provisions of §§ 1 and 2 of this article. V – purchase of options, observing the provisions of §§ 1 and 2 of this article; and Items IV and V with wording given by CVM Instruction No. 585, of April 5, 2017. VI – securities deposit certificates within the scope of Level I, Level II, and Level III BDR programs. Item VI included by CVM Instruction No. 585, of April 5, 2017.

§ 1. The Club may carry out other operations in derivatives markets, in addition to those referred to in item V of the caput, incumbent upon the entity administering the organized market:
I – establish the admitted operational modalities, as well as exposure and leverage limits resulting from operations carried out in the derivatives market, taking into account the provisions of § 2; II – regulate the manner and limits of using the Club's assets to provide guarantees for own operations; III – define risk management procedures to be adopted by the administrator in case of use of derivatives; and IV – define procedures and periods for adjusting the portfolio composition in case of non-compliance.

§ 2. In the regulation of the provisions of § 1, the entity administering the organized market must observe the following criteria:

Instruction CVM No. 494, of April 20, 2011

I – in any case, the main risk factor of the Club must be the variation in the price of assets acquired in the form of the caput of art. 26, only allowing the carrying out of operations with derivatives that have, as underlying asset, shares or share indices; II – the Club may only carry out operations with derivatives in stock markets; III – exposure and leverage limits in the derivatives market, as well as the possibility of using a certain operational modality, must be defined taking into account the protection of the integrity of the Club's net assets; and IV – the writing of naked options is prohibited.

Art. 28. It is prohibited for the Club to:
I – carry out operations with securities outside organized markets; II – acquire securities or financial assets issued by the administrator, manager, or companies linked to them; and III – acquire shares of investment funds administered or managed by the administrator, manager, or companies linked to them.

§ 1. Excluded from the provisions of item I are cases of public distribution, exercise of preemptive rights, conversion of debentures into shares, and exercise of subscription warrants, as well as other cases in which the entity administering the organized market in which the Club is registered has granted prior and express authorization, in the manner of the regulation issued by it.

§ 2. Excluded from the provisions of item II:
I – cases where the securities and financial assets are part of a market index to which the Club's investment policy is tied, when they may be acquired in the same proportion of their participation in the respective index; and II – cases of acquisition of shares issued by the company by Clubs formed by its employees.

CVM INSTRUCTION NO. 494, OF APRIL 20, 2011

Art. 29. Only financial assets admitted to trading in organized markets, or registered in a registration, custody, or financial settlement system duly authorized by the Central Bank of Brazil or by the CVM, within their respective areas of competence, may compose the portfolio of the Club.

Sole Paragraph. The financial assets referred to in the caput must be maintained in specific deposit accounts, opened directly in the name of the Club, with the administrator responsible for the maintenance of such accounts even in the event of contracting third parties as custodians.

CHAPTER VI – INFORMATION DISCLOSURE

Art. 30. The administrator must provide to the organized market entity in which the Club is registered, in the form and periodicity determined by it, the following information about the Club, without prejudice to other information that such entity may require:

I – number of participants;
II – net asset value and share value;
III – period return;
IV – statement of portfolio composition and diversification; and V – data regarding shareholder complaints.

Art. 31. The organized market entity must send to the CVM:

I – by the 15th (fifteenth) day of each month:
a) a consolidated report on the portfolios of the Clubs registered with it, according to the standards and models to be defined by the CVM; b) a report containing numerical and concise information regarding shareholder complaints; and c) a descriptive report on possible non-compliance with legal and regulatory provisions, mentioning the analyses initiated and concluded during the period, those involved, the irregularities identified, the penalties applied, and other measures adopted;

II – semi-annually, the form contained in Annex 31, for each of the Clubs registered with it.

Art. 32. The administrator must send to each shareholder:

I – monthly, a statement containing the information contained in Annex 32; and II – annually:
a) by January 31, the Club’s performance statement, which must be produced in a standardized format, according to a model to be defined by the organized market entity; and b) by the last day of February, information on the number of shares held by the shareholder and their respective net asset value, as well as the proof for income tax declaration purposes.

Art. 33. The organized market entity must regulate the sending of information to shareholders, and may:

I – establish additional obligations for administrators; and II – define the necessary procedures in case of sending or making available documents or information electronically and for the corresponding proof.

Art. 34. The Club must have its own accounting records, and the accounts and financial statements must be segregated.

Art. 35. The Club’s fiscal year must be closed every 12 (twelve) months, at which time the Club’s financial statements for the fiscal year must be prepared.

§ 1º The date of closure of the Club’s fiscal year must coincide with the end of one of the months of the civil calendar.

§ 2º The accounts, periodic accounting information, and financial statements of the Club must comply with the specific CVM standard on the subject.

§ 3º Admission to Clubs that do not have their statements audited will be conditioned on the signing of a statement of knowledge, according to a model to be established by the organized market entity, with the use of electronic systems for this purpose prohibited.

§ 4º The term referred to in the preceding paragraph must be maintained in the form and deadline of §§ 4º and 5º of art. 20.

CHAPTER VII - CLUB CHARGES

Art. 36. The following constitute charges of the Club:

I – taxes, levies, or contributions, federal, state, municipal, or autonomous, that fall or may fall upon the assets, rights, and obligations of the Club; II – expenses with the registration of documents in notary offices, printing, issuance, and publication of reports and periodic information, if applicable; III – expenses with correspondence of interest to the Club, including communications to shareholders; IV – fees and charges of the independent auditor, if any; V – emoluments and commissions paid by Club operations; VI – attorney fees and expenses incurred due to the defense of the Club’s interests, in court or out of court, including the value of the judgment imposed on the Club, if applicable; VII – expenses related, directly or indirectly, to the exercise of voting rights by the Club by the administrator or its legally constituted representatives, in general assemblies of the companies in which the Club holds a participation; VIII – expenses with custody and settlement of operations and with bank fees; IX – fees charged by the organized market entity in which they are registered; and

X – management and performance fees.

§ 1º Any expenses not expressly provided for in this Instruction as charges of the Club must be borne by the administrator.

§ 2º The administrator may establish that portions of the management fee be paid directly by the Club to the contracted service providers.

§ 3º If the sum of the portions referred to in § 2º exceeds the total amount of the management fee fixed in the bylaws, the payment of charges that exceed this limit must be at the expense of the administrator.

CHAPTER VIII - INCORPORATION, MERGER, SPIN-OFF, AND TRANSFORMATION OF CLUBS

Art. 37. The organized market entity must regulate and authorize the operations of incorporation, merger, spin-off, and transformation of Clubs, observing, where applicable, the provisions of CVM Instruction No. 409, of 2004.

CHAPTER IX - LIQUIDATION, DISSOLUTION, AND CLOSURE OF CLUBS

Art. 38. The organized market entity must regulate the procedures for liquidation, dissolution, and closure of Clubs, observing, where applicable, the provisions of CVM Instruction No. 409, of 2004.

CHAPTER X - REGULATION AND SUPERVISION BY THE ORGANIZED MARKET ENTITY

Art. 39. The organized market entity must regulate the organization and functioning of the Clubs registered with it, establishing rules and procedures, including prudential ones, complementary to this Instruction.

Sole Paragraph. The regulations to be promulgated, as well as any amendments thereto, must be previously approved by the CVM, observing the procedure described in art. 117 of CVM Instruction No. 461, of October 23, 2007.

Art. 40. It is also incumbent upon the organized market entity, through its self-regulation department and in accordance with CVM Instruction No. 461, of 2007, to supervise and monitor the activities of the Clubs registered with it, as well as their administrators and managers, imposing the penalties resulting from the violation of the norms of this Instruction and those promulgated by it.

Art. 41. The activities developed by the self-regulation department, in accordance with this Instruction, must be included in the annual work program of the said department, in accordance with art. 46, § 1º, item V, of CVM Instruction No. 461, of 2007.

CHAPTER XI - PENALTIES

Art. 42. Without prejudice to the investigation of irregularities and application of penalties by the organized market entity, the CVM may initiate its own procedures and apply penalties due to non-compliance with the provisions of this Instruction.

Art. 43. Violation of arts. 1º; 3º; 6º; 7º; 10; 11, caput; 12; 15, sole paragraph; 16, caput; 18; 19; 20, §§ 2º and 4º; 21; 22; 23; 26; 27; 28, caput; 29; 35 and 45, § 4º is considered a serious offense, for the purposes of the provisions of art. 11, § 3º, of Law No. 6.385, of 1976.

CHAPTER XII - FINAL AND TRANSITORY PROVISIONS

Art. 44. In the event of the decree of intervention, temporary special administration, extrajudicial liquidation, or bankruptcy of the Club’s administrator, the receiver, temporary administrator, or liquidator are obliged to comply with the provisions of this Instruction.

Sole Paragraph. It is optional for the receiver, temporary administrator, or liquidator to convene a general meeting of shareholders to deliberate on the transfer of the administration of the Club to another financial institution or on its liquidation or dissolution.

Art. 45. The organized market entities have 90 (ninety) days, counted from the publication of this Instruction, to send to the CVM the regulations governing the functioning of the Clubs, for prior approval in accordance with art. 117 of CVM Instruction No. 461, of 2007.

§ 1º Operating Clubs have a deadline of 120 (one hundred and twenty) days, counted from the approval by the CVM of the norms referred to in the caput, to adapt to them and to this Instruction.

§ 2º The adaptations referred to in § 1º must be promoted by the administrator, who is responsible for communicating them to the Club’s shareholders, in the form established by the organized market entity, within a period of up to 10 (ten) days, counted from the date on which they were implemented.

§ 3º The organized market entity must cancel the registration of the Club that fails to prove its adaptation to the norms of this Instruction within the deadline provided for in this article.

§ 4º The Club whose number of shareholders exceeds, on the date of publication of this Instruction, the limit provided for in art. 1º, may remain in this situation, with the admission of new shareholders prohibited.

Art. 46. The following Instructions are revoked:

I – CVM Instruction No. 40, of November 7, 1984; II – CVM Instruction No. 45, of August 21, 1985; III – CVM Instruction No. 54, of July 9, 1986; IV – CVM Instruction No. 224, of December 20, 1994; and V – CVM Instruction No. 259, of January 24, 1997.

Art. 47. This Instruction enters into force on the date of its publication.

Signed original by

OTAVIO YAZBEK
President
In exercise

ANNEX 31

1. Base date:
2. Name of the Club:
3. CNPJ/MF:
4. Administrator:
5. Net asset value (in R$):
6. Number of shareholders:
7. Share value:

ANNEX 32

1. Name of the Club and its registration number in the National Registry of Legal Entities of the Ministry of Finance – CNPJ/MF;
2. Name, address, and registration number of the administrator in the National Registry of Legal Entities of the Ministry of Finance – CNPJ/MF;
3. Name of the shareholder;
4. Quantity and value of shares held at the beginning and end of the period and the movements occurred during it;
5. Net asset value of the Club at the beginning and end of the period;
6. Information regarding the composition and diversification of the Club’s portfolio at the end of the period, specified as follows:
   A1) For securities: type of security, name of the issuer, and trading code; A2) For derivative contracts: type of contract, underlying asset, and maturity date; B) Quantity; C) Market value of the position; and D) Percentage of the Club’s net asset value.
7. Net return of the Club, earned between the last business day of the previous month and the last business day of the reference month of the statement, also informing the period benchmark, if any;
8. Total expenses incurred by the Club during the period with operational expenses, specified as follows:

CLUB EXPENSES	PERCENTAGE RELATIVE TO AVERAGE DAILY NET ASSET VALUE IN [●]
Management fee (includes management and performance fees, if any, of funds in which this Club has invested)	Fixed part<br>Variable part (performance fee)
Custody, settlement, and fees
Independent audit (if any)
Brokerage
Other expenses
Total operational expense

9. Date of issuance of this statement; and
10. Address for correspondence, electronic address, and phone number of the shareholder service, referred to in art. 20, § 2º, item VII.