CVM Instruction No. 516 of December 29, 2011

CVM INSTRUCTION NO. 516, OF DECEMBER 29, 2011

Provides for the preparation and disclosure of Financial Statements of Real Estate Investment Funds – FII, governed by CVM Instruction No. 472, of October 31, 2008.

The PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION makes public that the Collegiate Body, in a meeting held on December 27, 2011, based on the provisions of Article 8, item I, of Law No. 6,385, of December 7, 1976, Articles 4 and 15 of Law No. 8,668, of June 25, 1993, and Article 44, paragraph 2, of CVM Instruction No. 472, of October 31, 2008, APPROVED the following Instruction:

CHAPTER I
SCOPE AND PURPOSE

Article 1. This Instruction provides for the accounting criteria for recognition, classification, and measurement of assets and liabilities, as well as the recognition of revenues, allocation of expenses, and disclosure of financial statements of Real Estate Investment Funds – FII.

CHAPTER II
ACCOUNTING CRITERIA

SECTION I – REAL ESTATE

Article 2. FII must apply the accounting criteria for recognition, classification, and measurement of assets and liabilities, as well as the recognition of revenues and allocation of expenses, provided in the accounting standards issued by this Commission applicable to publicly-held companies, except for the provisions contained in this Instruction.

Sole paragraph. Gains or losses resulting from the valuation of the fund's assets or liabilities, even if not financially realized, must be recognized in the period's result.

CVM INSTRUCTION NO. 516, OF DECEMBER 29, 2011

Article 3. The cost of acquired real estate is understood as the purchase price plus all transaction costs directly attributable to the purchase operation, such as notary fees, taxes levied on the transfer of property ownership, brokerage fees, and legal fees.

Sole paragraph. For real estate intended for sale in the ordinary course of business, the cost also includes expenses incurred to put the real estate in normal conditions for sale, such as renovations, engineering expenses, and architectural design projects.

Article 4. The cost of real estate under construction is understood as all costs directly related to the unit under construction, such as materials, labor, and specialized technical services.

Article 5. Real estate acquired or constructed for income or for long-term capital appreciation must be classified as investment property, within the investment sub-group of non-current assets.

Article 6. Real estate classified as investment property must be initially recognized at cost value.

Article 7. After initial recognition, investment properties must be continuously measured at fair value.

§1. Fair value is understood as the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction, without it being a forced transaction.

§2. The fair value of an investment property must reflect market conditions at the time of its assessment.

§3. The best evidence of fair value is given by current prices in a liquid market for similar assets, in the same location and condition, and subject to similar lease or other contracts.

§4. In the impossibility of applying the provision of the previous paragraph, the administering institution must use, in order, the following information to estimate fair value:

I – current prices in a liquid market for assets of different nature, condition, location, subject to different lease or other contracts, adjusted to reflect these differences;

CVM INSTRUCTION NO. 516, OF DECEMBER 29, 2011

II – recent prices for similar assets in less liquid markets, adjusted to reflect any changes in economic conditions relative to the date those prices occurred; or

III – discounted cash flow projections based on reliable estimates of future cash flows, embodied in the terms of the lease contract or any other existing contract, and, when possible, in external evidence of current rental values for assets in the same location and condition, using discount rates that reflect current market assessments of uncertainties in the value and timing of cash flows.

Article 8. If the administering institution concludes that the fair value of an investment property under construction is not reliably measurable, the measurement must be made at cost value until the fair value can be reliably determined or when construction is completed, whichever occurs first.

Sole paragraph. The conclusion that the fair value of investment property under construction cannot be reliably measured can only be made at the time of initial recognition.

Article 9. The administering institution must continuously evaluate the existence of events indicating the possibility of a substantial change in the fair value of real estate classified as investment property.

Article 10. Real estate acquired or constructed for sale in the ordinary course of business must be classified as real estate held for sale, within the inventory sub-group of current assets.

Article 11. Real estate held for sale in the ordinary course of business must be valued at the lower of cost or net realizable value.

§1. Net realizable value corresponds to the estimated selling price in the ordinary course of business minus the estimated expenses necessary to effect the sale.

§2. In the case of real estate under construction, estimated costs to complete the construction must also be deducted to determine net realizable value.

Article 12. If there are indications that the cost value of real estate recorded in inventory is not recoverable, the value of the real estate must be adjusted to net realizable value.

CVM INSTRUCTION NO. 516, OF DECEMBER 29, 2011

§1. The administering institution must continuously evaluate the existence of events indicating the possibility of non-recovery of the values of real estate recorded in inventory.

§2. Examples of events that may indicate the non-recovery of values recorded in inventory are:

I – damage;

II – decline in selling price;

III – increase in the estimated values of costs to be incurred to complete construction; and

IV – increase in the estimated expenses to be incurred to effect the sale.

§3. The adjustment to net realizable value must be recorded in the period's result to which the occurrence of the event refers.

§4. The analysis and respective adjustment must be carried out individually; adjustment by a set of assets is prohibited.

Article 13. When, in a subsequent period, the event that caused the recording of the provision no longer exists or when there is evidence of an increase in the net realizable value of the asset due to changes in economic circumstances, the value of this provision must be reversed up to the limit of the cost value or the revised net realizable value, whichever is lower of the two.

Article 14. The transfer of real estate classified as investment property to inventory must only be made when there is a change in use, evidenced by the start of development with the objective of sale.

§1. The cost value attributable to the real estate for initial recognition as inventory is the fair value of the real estate on the date of the change in use.

§2. Development is understood as the value spent on renovations to put the real estate in normal conditions for sale.

CVM INSTRUCTION NO. 516, OF DECEMBER 29, 2011

§3. If the administering institution decides to sell the real estate classified as investment property without development, the asset must remain recorded as investment property until its sale; its transfer to inventory is prohibited.

Article 15. The transfer of real estate classified as inventory to investment property must only be made when there is a change in use, evidenced by the start of use with the purpose of obtaining income.

§1. The value attributable to the real estate for initial recognition as investment property is the book value of the asset at the time of the change in use.

§2. Any difference between the fair value of the real estate and its initial recognition value must be immediately recognized in the period's result.

Article 16. If the administering institution starts the development of an existing investment property with the objective of continuing to be used in the future as investment property, the real estate must remain classified as investment property.

Sole paragraph. The values spent on development are recognized in the period's result.

SECTION II – FINANCIAL ASSETS MEASURED AT AMORTIZED COST

Article 17. Loss provisions must be recognized whenever there is evidence of a reduction in the recoverable value of the fund's financial assets measured at amortized cost.

Article 18. The loss due to reduction in recoverable value must be measured by the difference between the book value of the asset and the present value of the new expected cash flow calculated after the change in estimate.

§ 1. Recording a provision at the time of initial recognition of the financial asset is not permitted.

§ 2. For fixed-rate assets, the discount rate to be used is the effective interest rate calculated at initial recognition.

§3. For floating-rate assets, the discount rate to be used is the current interest rate of the market parameter used.

CVM INSTRUCTION NO. 516, OF DECEMBER 29, 2011

§ 4. The counterpart to the recording of the loss must be made in the period's result.

Article 19. For credit-related financial assets related to the same debtor, the loss determined in the previous article must be measured on the entire expected cash flow of that debtor, taking into account the nature of the transaction and the characteristics of the guarantees, such as sufficiency and liquidity.

Article 20. The reversal of previously constituted loss provisions must be made as long as there is an improvement in the previous estimate of expected credit losses.

Article 21. For the purpose of calculating amortized cost, it is admitted that the expected cash flow may be estimated on an individual or collective basis.

§ 1. Regardless of the chosen method, the estimate must always be based on expected losses.

§ 2. When the administering institution evaluates the use of estimates on individual or collective bases, it must:

I – use the method that produces the best estimate; and

II – ensure that the method used does not result in double counting of credit losses.

§ 3. If the administering institution chooses to estimate the expected cash flow by a group of assets, the assets must be grouped by segments, and each group within the segment must have similar credit risk characteristics, which are indicative of the debtor's ability to honor commitments according to contractual clauses, considering factors such as:

I – economic activity;

II – geographic location;

III – type of guarantee given;

IV – default history; and

V – degree of indebtedness.

CVM INSTRUCTION NO. 516, OF DECEMBER 29, 2011

Article 22. The administering institution must disclose and explain, in explanatory notes, the estimates and changes in estimates required to determine amortized cost.

CHAPTER III
FINANCIAL STATEMENTS AND DISCLOSURE OF INFORMATION

Article 23. The fund's financial statements are composed of the following documents, accompanied by their respective explanatory notes and the independent auditor's report:

I – Balance Sheet at the End of the Period (Annex 23-I);

II – Income Statement for the Period (Annex 23-II);

III – Statement of Changes in Equity for the Period (Annex 23-III);

IV – Cash Flow Statement for the Period (Annex 23-IV);

§1. The financial statements must clearly express the fund's net worth situation and the changes occurring during the period.

§2. The financial statements must be comparative with the previous period.

§3. The base date for the financial statements closing the fiscal year is the last day of the fiscal year to which they refer.

§4. The content of the financial statements must obey the minimum structure provided in Annexes 23-I, 23-II, 23-III, and 23-IV, and must be delivered by the administering institution, together with the independent auditor's report, within 90 (ninety) days from the closing of the period to which they refer.

§5. In the cases of incorporation, merger, spin-off, termination of activities, or substitution of the administering institution, the financial statements of the funds involved at the respective base dates of the event must be audited, with the issuance of the independent auditor's opinion within 60 (sixty) days of the date of the event.

CVM INSTRUCTION NO. 516, OF DECEMBER 29, 2011

§6. For funds in operation for less than 90 (ninety) days and whose shares are not admitted to trading on regulated securities markets, the audit of the financial statements is not mandatory.

Article 24. The explanatory notes are an integral part of the financial statements and must include, at minimum, the following information:

I – operational context: include the start date of activities, target audience, activity object stated in the regulations, summary of the strategy adopted, and risks incurred by shareholders inherent to the investments;

II – presentation and preparation of financial statements: indicate that the financial statements were prepared in accordance with the accounting standards and practices adopted in Brazil for real estate investment funds, which are defined by the standards provided in this Instruction and by other guidelines issued by the Securities and Exchange Commission;

III – describe the accounting practices adopted for the classification and measurement of assets and liabilities comprising the fund's net worth;

IV – inform, for financial assets of non-real estate nature:

a) balances by type and nature of the asset;

b) utilization policy; and

c) classification and criterion adopted in its measurement.

V – inform, for financial assets of real estate nature:

a) characteristics and nature;

b) balances by type and maturity, as well as values in the "curve" (when applicable) and market values;

c) classification and criterion adopted in its measurement;

d) for Real Estate Receivable Certificates - CRI, inform:

1. characteristics of the securitization operation that gave rise to the CRI and the related risks;

2. existence of guarantees and their species, as well as co-obligation of the securitizing company or third parties, and, if applicable, the constitution of a separate estate;

3. existence of CRI risk classification, and, if applicable, of the guarantors, indicating the contracted rating agencies, specifying whether the service can be interrupted or not during the validity of the CRI.

e) for shares of Investment Funds in Credit Rights – FIDC, inform the existence and type of co-obligation, formalized or not, of the assignor or third parties in relation to the FIDC.

f) for shares or shares of the capital of Special Purpose Companies – SPE, inform:

1. quantity of shares or shares held and percentage relative to the share capital of the SPE, specifying the existence or not of control;

2. summary of the SPE's real estate project;

3. the fair value of the investment property in the SPE, if the latter does not adopt fair value as an accounting practice for measuring these assets.

g) for shares of Investment Funds in Participation – FIP, inform:

1. quantity of shares held and percentage relative to the share capital of the FIP, specifying the existence or not of control;

2. summary of the characteristics of the FIP's real estate developments;

3. accounting criterion adopted in the evaluation of investments in the FIP.

h) for FII shares, inform:

1. quantity of shares held and percentage relative to the total number of fully paid shares of the FII, specifying the existence or not of control;

2. summary of the characteristics of the FII's real estate developments.

CVM INSTRUCTION NO. 516, OF DECEMBER 29, 2011

VI – for real estate classified as investment property:

a) inform the list of real estate, at the end date of each period, detailing each development with address, total/built area, stage of completion, characteristics, and book value;

b) describe the relevant methods and estimates applied to determine fair value, including a declaration whether the determination of fair value is supported by market evidence or is based on other factors due to the nature of the real estate or the lack of comparable market data, in which case, disclose them;

c) when fair value assessment is performed by an independent appraiser, disclose their identification, professional qualification, and whether they have recent experience in the area of location and category of the assessed real estate;

d) inform the values recognized in the period's result from:

1. operating expenses (including maintenance and repairs) from investment properties that generated rental income during the period;

2. operating expenses (including maintenance and repairs) from investment properties that did not generate rental income during the period;

3. fair value assessment at the time of transfer of real estate classified as held for sale in the ordinary course of business to investment properties.

e) contractual obligations for repairs, maintenance, or improvements of investment properties;

f) demonstrate the movement occurred in the balance from start to end of period in this group, highlighting:

1. additions, disclosing separately those resulting from acquisitions from those resulting from the recognition of capitalized expenses at the book value of the asset, describing their nature;

2. fair value adjustments;

3. transfers occurred from or to real estate classified as inventory;

CVM INSTRUCTION NO. 516, OF DECEMBER 29, 2011

4. write-offs by sale;

5. other factors.

VII – for real estate classified as inventory:

a) inform the list of real estate, at the end date of each period, detailing each development with address, total/built area, stage of completion, characteristics, and book value;

b) inform the accounting policy adopted in its measurement, indicating real estate valued at cost and those valued at net realizable value;

c) demonstrate the movement occurred in the balance from start to end of period in this group, highlighting:

1. purchases occurred;

2. costs added to real estate during the period;

3. write-offs by the cost of real estate sold during the period;

4. transfers occurred from and to investment property;

5. the value of the provision for reduction to net realizable value recognized in the period's result;

6. the value of the reversal of the provision for reduction to net realizable value recognized in the period and the circumstances or events that led to such reversal;

7. other factors.

VIII – risk management: describe the main risk management practices effectively adopted by the fund, notably regarding market, credit, and liquidity risks, and others applicable to the fund's specific operations;

IX – financial derivative instruments: inform the policy and risks of use, the values recognized in the period's result, the counterparty, and operation margins (per contract);

CVM INSTRUCTION NO. 516, OF DECEMBER 29, 2011

X - fund share series: inform the fund's share series, as well as the distribution criteria;

XI – demonstrate:

a) the book value of the share at the end of the period;

b) the average percentage yield of the fund's shares calculated considering the period's result over the weighted average quantity of fully paid shares existing during the period;

c) the average percentage of distributed income per share during the period considering the distributed income during the period over the weighted average quantity of fully paid shares existing during the period.

XII – issuances and amortizations: present the conditions existing in the regulations for such operations, informing the issuances and amortizations occurred during the period;

XIII – statement of the calculation base for the distribution of results to shareholders occurred during the period;

XIV - share trading: inform the trading venues for the fund's shares, if any, as well as the closing price of the share on the last trading day of each month of the period;

XV - custody and treasury: describe whether services are provided by third parties or by the administering institution itself, indicating, in the first case, the name of each of these service providers;

XVI – information on expenses with the fund's administration fee and investment consultant, their percentages relative to the annual average net worth, excluding expenses with consultants incorporated into the acquisition cost of real estate;

XVII – information on criteria adopted for the allocation and payment of the administration fee;

XVIII - risk classification: inform which evaluation, the period to which it refers, and the evaluating institution, if any;

CVM INSTRUCTION NO. 516, OF DECEMBER 29, 2011

INSTRUÇÃO CVM Nº 516, DE 29 DE DEZEMBRO DE 2011

XIX – changes in the bylaws: report changes made to the fund's bylaws during the period; XX - disclosure of information: report the information disclosure policy, mentioning the communication media used; XXI – tax legislation: report the summary of the tax rule applicable to unitholders, taking into account the characteristics of the fund, as well as the income tax rate and other taxes levied; XXII – other services provided by the independent auditor: report whether independent auditors provide other types of services, other than auditing, to the fund administrator; XXIII – legal proceedings: report whether there is any type of legal proceeding and the value involved; XXIV – other information: include other information deemed relevant for the complete understanding of the financial statements, notably regarding cases that have led to the application of art. 26 and its effects on the fund's equity; XXV – subsequent events: report relevant events occurring after the closing date of the financial statements and before their authorization for issuance.

CHAPTER IV
FINAL PROVISIONS

Art. 25. The institution administering the investment funds must keep at the disposal of the CVM, for a minimum period of 5 (five) years, or for a longer period due to specific legislation or express determination by the CVM, in case of administrative proceedings, all reports, documents, and information that clearly and objectively demonstrate the procedures and criteria provided for in this Instruction.

Art. 26. If impropriety or inconsistency is found in the processes of recognition, classification, measurement, and disclosure of assets and liabilities, recognition of revenues, and appropriation of expenses, the Superintendence of Institutional Investors – SIN, after consulting the Superintendence of Accounting Standards and Auditing – SNC, may determine the change, reclassification, recording, or write-off, with the consequent recognition of the effects in the financial statements, without prejudice to other applicable sanctions.

INSTRUÇÃO CVM Nº 516, DE 29 DE DEZEMBRO DE 2011

§ 1º The determination of change, reclassification, recording, or write-off referred to in the caput of this article will imply the obligation to redo and resubmit the fund's financial statements to the CVM.

§ 2º The administering institution may redo the financial statements that contain, in its judgment, improprieties or inconsistencies, and must resubmit them to the CVM.

Art. 27. Any specific formal consultations regarding the interpretation of accounting norms and procedures provided for in this Instruction must be addressed to the Superintendence of Institutional Investors – SIN and must be signed by the administering institution and the qualified professional responsible for the accounting.

§ 1º The consultation must expose the administering institution's opinion on the best interpretation of the norm in relation to the issue raised, indicating all technical and legal support for the understanding.

§ 2º Consultations concerning the change or adoption of new accounting practices must be accompanied by the opinion of the independent auditor.

Art. 28. With the objective of preserving substance over form, in extremely rare cases where the administering institution concludes that the adoption of a certain provision provided for in this Instruction could result in distorted information, inadequate calculation of the net asset value per share, or inequitable distribution of results among unitholders, to the point of conflicting with the objective of financial statements to faithfully and clearly portray the real economic-financial situation of the fund, the administering institution may, through the procedure provided for in art. 27, refrain from applying a provision provided for in this Instruction.

Art. 29. If any relevant irregularity is found regarding what this Instruction establishes, other applicable norms, or the fund's bylaws, 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 identification of the irregularity.

Art. 30. The financial statements of the first fiscal year in which the accounting practices of this Instruction are applied must be presented in the form provided for in the accounting standard issued by this Commission for open companies that deals with accounting policies, change of estimate, and correction of error.

INSTRUÇÃO CVM Nº 516, DE 29 DE DEZEMBRO DE 2011

§ 1º The presentation of a comparative period in the first period of adoption of this Instruction is prohibited.

§ 2º In the first period of adoption of this Instruction, it is mandatory to present, in a specific explanatory note, the main changes that occurred in accounting practices and the reconciliation of the equity and result of the previous period.

Art. 31. Instruction CVM No. 206, of January 14, 1994, is hereby revoked.

Art. 32. This Instruction enters into force on the date of its publication, applying to fiscal years beginning on or after January 1, 2012.

Signed original by
MARIA HELENA DOS SANTOS FERNANDES DE SANTANA
President

INSTRUÇÃO CVM Nº 516, DE 29 DE DEZEMBRO DE 2011

ANNEX 23-I
Balance Sheet for the Period (*)
Periods ended
Fund Name: CNPJ:
Administering Institution: CNPJ:

ASSETS
Current
Cash and Cash Equivalents
Securities and Other Financial Instruments
Financial Derivative Instruments
Other Financial Assets
Inventories
Finished Real Estate
Real Estate under Construction
(-) Provision for Adjustment to Realizable Value Rent Receivables Receivables from Real Estate Sales Taxes to be Compensated Other Receivables

Non-Current
Long-Term Receivables
Securities and Other Financial Instruments
Financial Derivative Instruments
Other Financial Assets
Receivables from Rent
Receivables from Real Estate Sales
Other Receivables

Investment
Investment Properties
Finished Real Estate
Real Estate under Construction
Land

TOTAL ASSETS

INSTRUÇÃO CVM Nº 516, DE 29 DE DEZEMBRO DE 2011

LIABILITIES
Current
Accrued Expenses
Financial Derivative Instruments
Obligations for Real Estate Acquisition
Advances from Real Estate Sales
Advances from Rent Values
Other Payables

Non-Current
Long-Term Payables
Obligations for Real Estate Acquisition
Advances from Real Estate Sales
Advances from Rent Values
Other Payables

TOTAL LIABILITIES

EQUITY
Shares by class
Subscribed Shares
Shares to be Fully Paid (-)
Fully Paid Shares
Reserves
Accumulated Loss

TOTAL LIABILITIES AND EQUITY

(*) Minimum presentation model. Each entity should adapt it to its operational needs.

INSTRUÇÃO CVM Nº 516, DE 29 DE DEZEMBRO DE 2011

ANNEX 23-II
Statement of Period Result (*)
Periods ended
Fund Name: CNPJ:
Administering Institution: CNPJ:

COMPOSITION OF PERIOD RESULT
Investment Properties
Rental Revenues
Maintenance and Conservation Expenses
Revenues from Sale of Investment Property
Cost of Sold Investment Properties
Fair Value Adjustment
Other Revenues/Expenses
Net Result of Investment Properties

Real Estate in Inventory
Revenues from Sale of Real Estate
Cost of Sold Real Estate
Provision for Adjustment to Realizable Value
Reversal of Provision for Adjustment to Realizable Value Other Expenses Net Result of Real Estate in Inventory

Financial Assets of Real Estate Nature
Interest Revenue
Fair Value Adjustment
Result on Sale
Net Result of Financial Assets of Real Estate Nature

Net Result of Real Estate Activities

Other Financial Assets
Interest Revenue
Fair Value Adjustment
Result on Sale

Financial Derivative Instruments
Fair Value Adjustment

Other Revenues/Expenses
Tax Expenses
Administration Fee Expense
Audit Expenses
Other Revenues and Expenses

NET RESULT FOR THE PERIOD

(*) Minimum presentation model. Each entity should adapt it to its operational needs.

INSTRUÇÃO CVM Nº 516, DE 29 DE DEZEMBRO DE 2011

ANNEX 23-III
Statement of Changes in Equity for the Period (*) Periods ended Fund Name: CNPJ:
Administering Institution: CNPJ:

Fully Paid Shares
Reserves
Accumulated Profit
Total

BALANCES AS OF XX OF
XXXXXXXX OF XXXX
Share Issuance in the Period
(-) Costs Directly Related to Issuance
Share Amortization in the Period
Result Distribution in the Period
Reserve Formation

BALANCES AS OF XX OF
XXXXXXXX OF XXXX
Share Issuance in the Period
(-) Costs Directly Related to Issuance
Share Amortization in the Period
Result Distribution in the Period
Reserve Formation

BALANCES AS OF XX OF
XXXXXXXX OF XXXX

(*) Minimum presentation model. Each entity should adapt it to its operational needs.

INSTRUÇÃO CVM Nº 516, DE 29 DE DEZEMBRO DE 2011

ANNEX 23-IV
Statement of Cash Flows for the Period - Direct Method (*) Periods ended Fund Name: CNPJ:
Administering Institution: CNPJ:

Cash Flow from Operating Activities
Receipt of Rents
Receipt from Sale of Real Estate Intended for Sale Payment for Acquisition of Real Estate Intended for Sale Receipt of Interest and Proceeds from Sale of Securities Payment of Condominium Fees Payment of Taxes Payment of Maintenance Services Payment of Administration Fee Other Payments Net Cash from Operating Activities

Cash Flow from Investing Activities
Acquisition of Investment Properties
Expenses with Finished Investment Properties
Expenses with Investment Properties under Construction Receipts from Sale of Investment Properties Net Cash from Investing Activities

Cash Flow from Financing Activities
Net Receipt from Share Issuance
Share Amortization
Distribution of Returns to Unitholders
Net Cash from Financing Activities

Net Variation in Cash and Cash Equivalents
Cash and Cash Equivalents at the Beginning of the Period Cash and Cash Equivalents at the End of the Period

(*) Minimum presentation model. Each entity should adapt it to its operational needs.
The administering institution must choose to present Cash Flows using the direct or indirect method.

INSTRUÇÃO CVM Nº 516, DE 29 DE DEZEMBRO DE 2011

ANNEX 23-IV
Statement of Cash Flows - Indirect Method (*)
Periods ended
Fund Name: CNPJ:
Administering Institution: CNPJ:

Cash Flow from Operating Activities
Net Profit for the Period
Adjusted to reconcile net profit with cash flow (+/-) Fair Value Adjustment of Investment Properties (+/-) Fair Value Adjustment of Financial Assets (+/-) Loss or Gain on Sale of Investment Property (+) Provision for Reduction to Realizable Value of Inventories (-) Interest Revenue Total (+/-) Decrease/Increase in Real Estate Intended for Sale (+/-) Decrease/Increase in Receivables from Sale of Real Estate Intended for Sale Interest and Dividends Received Net Cash from Operating Activities

Cash Flow from Investing Activities
Acquisition of Investment Properties
Expenses with Finished Investment Properties
Expenses with Investment Properties under Construction Receipts from Sale of Investment Properties Net Cash from Investing Activities

Cash Flow from Financing Activities
Net Receipt from Share Issuance
Share Amortization
Distribution of Returns to Unitholders

Net Variation in Cash and Cash Equivalents

INSTRUÇÃO CVM Nº 516, DE 29 DE DEZEMBRO DE 2011

Cash and Cash Equivalents at the Beginning of the Period Cash and Cash Equivalents at the End of the Period

(*) Minimum presentation model. Each entity should adapt it to its operational needs.
The administering institution must choose to present Cash Flows using the direct or indirect method.