CVM Instruction No. 512 of December 20, 2011

CVM INSTRUCTION NO. 512, OF DECEMBER 20, 2011, WITH CHANGES INTRODUCED BY CVM INSTRUCTION NO. 555/14.

Amends CVM Instructions No. 409, of August 18, 2004; and No. 438, of July 12, 2006.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on December 13, 2011, based on the provisions of Arts. 2, 8, item I, and 19 of Law No. 6,385, of December 7, 1976, APPROVED the following Instruction:

Art. 1. Arts. 2 and 95-B of CVM Instruction No. 409, of August 18, 2004, shall enter into force with the following wording:

“Art. 2. ...........................................
.............................................................
§ 7. .................................................
I – financial assets traded in countries signatory to the Treaty of Asunción are equated to financial assets traded in the national market; II – BDRs classified as Level I, in accordance with the provisions of Art. 3, § 1, item I and § 2, of CVM Instruction No. 332, of April 4, 2000, are equated to financial assets traded abroad, except when the fund meets the requirements of § 3 of Art. 95-B; and III – shares of funds in the class “Stocks – Level I BDR” are equated to financial assets traded abroad, except when the investor fund meets the requirements of § 3 of Art. 95-B. .............................................................” (NR)

“Art. 95-B ........................................
.............................................................

CVM INSTRUCTION NO. 512, OF DECEMBER 20, 2011
§ 3. The list of assets in item I of §1 includes BDRs classified as Level I, in accordance with Art. 3, § 1, item I, and § 2, of CVM Instruction No. 332, of 2000, provided that the fund:
I – is intended exclusively for qualified investors; and II – uses, in its name, the designation “Stocks – Level I BDR”. § 4. The provisions of § 2 do not apply to BDRs classified as Level I, in accordance with Art. 3, § 1, item I, and § 2, of CVM Instruction No. 332, of 2000, except for funds that meet the requirements of § 3 of this article.” (NR)

Art. 1. REVOKED

Art. 2. Articles 71 and 115-A of CVM Instruction No. 409, of August 18, 2004, shall enter into force with the following wording:

“Art. 71. .......................................
I – daily report, within the deadline of 1 (one) business day; .....................................................” (NR)

“Art. 115-A .................................
......................................................
§ 3. Questions 5, 6, and 11 to 16 of the mandatory document provided for in Art. 71, item II, letter c, do not need to be answered by the administrators of investment funds in shares that meet the provisions of the caput.” (NR)

Art. 2. REVOKED

• Arts. 1 and 2 revoked by CVM Instruction No. 555, of December 17, 2014.

CVM INSTRUCTION NO. 512, OF DECEMBER 20, 2011

Art. 3. Annex V to CVM Instruction No. 409, of August 18, 2004, is added in the form of Annex 1 to this Instruction.

Art. 4. The Section “Model of Document No. 1”, of Chapter 3 - Documents, of the Accounting Plan of Investment Funds - COFI, provided for in CVM Instruction No. 438, of July 12, 2006, shall enter into force with the wording proposed in Annex 2 of this Instruction.

Art. 5. Arts. 2, 3, and 4 shall enter into force from July 2, 2012.

Art. 6. This Instruction enters into force on the date of its publication.

Signed original by
MARIA HELENA DOS SANTOS FERNANDES DE SANTANA
President

CVM INSTRUCTION NO. 512, OF DECEMBER 20, 2011

ANNEX 1 TO CVM INSTRUCTION NO. 512, OF DECEMBER 20, 2011

ANNEX V

MONTHLY PROFILE OF [fund's trade name]
[Fund's CNPJ]
Information regarding [month] of [year]

1. Number of fund shareholders on the last business day of the reference month, by type of shareholder:
   private banking individual; Integer number retail individual; Integer number non-financial private banking legal entity; Integer number retail non-financial legal entity; Integer number commercial bank; Integer number broker or distributor; Integer number other financial legal entities; Integer number non-resident investors; Integer number open complementary pension entity; Integer number closed complementary pension entity; Integer number public servants' own pension regime; Integer number insurance or reinsurance company; Integer number capitalization and leasing company; Integer number funds and investment clubs; Integer number shareholders of the fund's distributors (distribution on behalf and order); Integer number other types of unrelated shareholders. Integer number

2. Percentage distribution of the Fund's assets on the last business day of the reference month, by type of shareholder client:
   private banking individual; % Numeric with one decimal place. Maximum value 100% retail individual; % Numeric with one decimal place. Maximum value 100% non-financial private banking legal entity; % Numeric with one decimal place. Maximum value 100% retail non-financial legal entity; % Numeric with one decimal place. Maximum value 100% commercial bank; % Numeric with one decimal place. Maximum value 100% broker or distributor; % Numeric with one decimal place. Maximum value 100% other financial legal entities; % Numeric with one decimal place. Maximum value 100% non-resident investors; % Numeric with one decimal place. Maximum value 100% open complementary pension entity; % Numeric with one decimal place. Maximum value 100% closed complementary pension entity; % Numeric with one decimal place. Maximum value 100% public servants' own pension regime; % Numeric with one decimal place. Maximum value 100% insurance or reinsurance company; % Numeric with one decimal place. Maximum value 100% capitalization and leasing company; % Numeric with one decimal place. Maximum value 100% funds and investment clubs; % Numeric with one decimal place. Maximum value 100% shareholders of the fund's distributors (distribution on behalf and % Numeric with one decimal place. Maximum value 100%

CVM INSTRUCTION NO. 512, OF DECEMBER 20, 2011 order); other types of unrelated shareholders. % Numeric with one decimal place. Maximum value 100%

3. If the fund has a voting rights exercise policy,
   provide a summary of the content of votes cast by the administrator, manager, or their representatives, at the general and special meetings of the companies in which the fund holds participation, which were held during the period Text field - 4,000 characters

4. If the fund has a voting rights exercise policy,
   provide a brief justification for the vote cast by the administrator, manager, or their representatives, or the reasons for abstention or non-attendance at the general meeting Text field - 4,000 characters

5. What is the VAR (Value at Risk) of one day as a percentage of NAV
   calculated for 21 business days and 95% confidence?
   Numeric with 4 decimal places

6. What class of models was used for the calculation of the VAR
   reported in the previous question?
   Parametric / Non-parametric / Monte Carlo Simulation

7. On the last business day of the reference month, what is the average maturity of the
   fund's securities portfolio? (in months (30 days) and calculated in accordance with the methodology regulated by the RFB) Numeric with 4 decimal places

8. If a general meeting of the fund's shareholders was held during the reference month,
   briefly report the main resolutions approved.
   Text field - 4,000 characters

9. Total resources (in US$) sent abroad for
   acquisition of assets - Total value of purchase contracts of US$ settled in the month. Numeric with 2 decimal places

10. Total resources (in US$) received in Brazil regarding
    sale of assets - Total value of sale contracts of US$ settled in the month.
    Numeric with 2 decimal places

11. Considering the stress scenarios defined by
    BM&FBOVESPA for the primitive risk factors (PRF) that result in the worst outcome for the fund, what is the expected daily percentage variation in the share value. Specify which were the scenarios adopted from BM&FBOVESPA. Primitive risk factor Scenario used % NAV numeric with two decimal places. IBOVESPA Interest - Pre Currency Swap Dollar Others (specify)

12. What is the expected daily percentage variation in the fund's
    share value in the worst stress scenario defined by its administrator.
    % NAV numeric with two decimal places.

13. What is the expected daily percentage variation in the
    fund's assets in case of a negative 1% variation in the annual interest rate (pre). Consider the last business day of the month of reference. % NAV numeric with two decimal places.

14. What is the expected daily percentage variation in the assets
    of the fund in case of a negative 1% variation in the exchange rate (US$/Real). Consider the last business day of the month of reference. % NAV numeric with two decimal places.

15. What is the expected daily percentage variation in the
    fund's assets in case of a negative 1% variation % NAV numeric with two decimal places.

CVM INSTRUCTION NO. 512, OF DECEMBER 20, 2011 in the price of stocks (IBOVESPA). Consider the last business day of the month of reference.

16. What is the expected daily percentage variation in the assets
    of the fund in case of a negative 1% variation in the main risk factor to which the fund is exposed, if it is not any of the 3 cited above (interest, exchange, stock market). Consider the last business day of the month of reference. Also inform which was the risk factor considered. Indicate the risk factor. % NAV numeric with two decimal places.

17. What is the total notional value of all over-the-counter derivative contracts
    traded maintained by the fund, as a % of net assets, according to the table (inform integer numeric value, including the sum of notionals in absolute value). Risk Factor Long Short Collateral IBOVESPA Interest - Pre Currency Swap Dollar Others (specify) Totals

18. For transactions conducted in the over-the-counter market, without
    central counterparty guarantee, identify the 3 largest counterparties that acted as the fund's counterparty, informing their CPF/CNPJ, if it is a related party to the administrator or manager of the fund and the total value of transactions carried out in the month per counterparty. The term related party is that of article 86, § 1, items II and III, of CVM Instruction No. 409, of 2004. Counterparty (CPF/CNPJ) Related party (Y/N) % NAV numeric with one decimal place Counterparty (CPF/CNPJ) Related party (Y/N) % NAV numeric with one decimal place Counterparty (CPF/CNPJ) Related party (Y/N) % NAV numeric with one decimal place

19. Total assets (as a % of NAV) in stock of issuance of
    related parties. The term related party is that of article 86, § 1, items II and III, of CVM Instruction No. 409, of 2004. % NAV numeric with one decimal place

20. List the 3 largest issuers of private credit securities
    that the fund is a creditor, informing the CNPJ/CPF of the issuer, if it is a related party to the administrator or manager of the fund, and the total value applied by the fund, as a % of its net assets. Consider as from the same issuer the assets issued by related parties of the same economic group (inform CNPJ/CPF of the most representative issuer). The term related party is that of article 86, § 1, items II and III, of CVM Instruction No. 409, of 2004. Issuer (CPF/CNPJ) Related party (Y/N) % NAV numeric with one decimal place Issuer (CPF/CNPJ) Related party (Y/N) % NAV numeric with one decimal place Issuer (CPF/CNPJ) Related party (Y/N) % NAV numeric with one decimal place

21. Total private credit assets (as a % of NAV) in stock. % NAV numeric with one decimal place

22. If the fund charges a performance fee, inform if it is
    prohibited in the bylaws to charge a performance fee when the fund's share value is lower than its value at the time of the last effective charge, as provided in § 2 of Art. 62 of CVM Instruction No. 409, of 2004. (Y/N)

23. In case the answer to the previous question is affirmative,
    inform the date and share value of the fund at the time of the last effective performance charge. Date in dd/mm/yyyy format. Share value, numeric with five decimal places.

Note regarding FIC-FI: Questions 5, 6, and 11 to 16 do not need to be answered by the administrators of investment funds in shares that meet the provisions of the caput of Art. 115-A of CVM Instruction No. 409, of 2004

CVM INSTRUCTION NO. 512, OF DECEMBER 20, 2011

ANNEX 2 TO CVM INSTRUCTION NO. 512, OF DECEMBER 20, 2011

“TITLE: ACCOUNTING PLAN OF INVESTMENT FUNDS - 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. NAV value - in Real units, with cents (R$ 1.00)
6. Share value
7. Subscriptions - in Real units, with cents (R$ 1.00)
8. Redemptions - in Real units, with cents (R$ 1.00)
9. Total value of expected cash outflows to occur within the
   deadline 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 eligible for financial liquidation under
    existing market conditions, within the deadline established by the fund's bylaws for the payment of redemption requests (including cash and equivalents) - in Real units, with cents (R$ 1.00)
11. number of shareholders
12. CPF/CNPJ of shareholder with investment equal to or greater than 20% of the NAV
    of the fund and respective participation %
13. CPF/CNPJ of shareholder with investment equal to or greater than 20% of the NAV
    of the fund and respective participation %
14. CPF/CNPJ of shareholder with investment equal to or greater than 20% of the NAV
    of the fund and respective participation %
15. CPF/CNPJ of shareholder with investment equal to or greater than 20% of the NAV
    of the fund and respective participation %
16. CPF/CNPJ of shareholder with investment equal to or greater than 20% of the NAV
    of the fund and respective participation %

CVM INSTRUCTION NO. 512, OF DECEMBER 20, 2011

TITLE: ACCOUNTING PLAN OF INVESTMENT FUNDS - COFI
CHAPTER: Documents - 3
SECTION: Model of Document No. 1
Document No. 1 – Daily Report

FILLING MANUAL

4. Total portfolio – Fill in with the value of the fund's portfolio on the reference date. For
   determination of the portfolio value, only the fund's asset assets shall be considered, not including, for example, the value of futures contracts. Also, financial proceeds (Cash, Dividends, Interest on capital, etc.) should not be considered and non-financial proceeds (Subscription Receipt, Rights, Bonus Assets, etc.) must be included, as the concept of portfolio encompasses only the assets that can generate some yield for the fund, excluding those in which conversion to cash is already characterized but has not yet been effected.

5. NAV value – 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. Subscriptions – 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 subscription of the day by the incorporating fund. In the case of merger, the assets of the merged funds must be reported as subscription of 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 value received as subscription of 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 of the day by the incorporated fund. In the case of merger, the assets transferred to the new fund created must be reported as redemption of the day by the merged funds. In the case of spin-off, the spun-off value must be reported as redemption of the day by the fund that had its assets reduced.

CVM INSTRUCTION NO. 512, OF DECEMBER 20, 2011

9. Total value of expected cash outflows to occur within the deadline 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 eligible for financial liquidation under existing market
    conditions, within the deadline established by the fund's bylaws for the payment of redemption requests (including cash and equivalents) – Fill in with the daily liquidity available, considering the period between the request and payment of redemptions (redemption deadline), as provided in the bylaws of the fund, and that can be alienated without substantial loss of value within the redemption deadline.

11. Number of shareholders – Fill in with the total number of fund shareholders on the reference date
    of the document. Co-investors should not be considered, each application corresponding to a single shareholder.

12. CPF/CNPJ of shareholder with investment equal to or greater than 20% of the NAV of the fund and respective
    participation % - Fill in with the CPF or CNPJ of the shareholder who holds more than 20% of the NAV of the fund on the reference date of the document. This field should be reported only on the last business day of each calendar month, and occasionally on other dates when requested by the CVM.” (NR)”