CVM ORIENTING OPINION NO. 28, OF JANUARY 4, 1995.

Procedures to be observed in the adaptation of CVM Instruction No. 215, of June 8, 1994, when drafting Regulations for equity investment funds - free portfolio, whose investment policy is directed towards applications in the countries of Mercosul.

A request for adaptation of provisions of CVM Instruction No. 215, of June 8, 1994, was brought to the CVM, to meet the operational needs of funds to be constituted in the modality provided for in Title III of the aforementioned Instruction and which are intended primarily for applications in shares issued by companies headquartered in the countries signatory to the Treaty of Asunción (MERCOSUL).

This opinion publishes the understanding of this Commission regarding the interpretation that may be given to the provisions of the aforementioned CVM Instruction No. 215/94, which are listed below, whenever it concerns funds under the conditions described above.

Performance Fee

The remuneration rate charged based on the Fund's results may be calculated based on the variation in exchange rates of foreign currencies, whenever the respective fund's portfolio is significantly composed of shares issued by companies headquartered in Mercosul countries.

Business Days

The counting of business days for any purposes related to the operations of those Funds, including deadlines for calculating the net asset value per share and redemptions, may be specified taking into consideration the days on which there is trading on the main stock exchanges of the countries in which the Fund makes applications.

Accordingly, days on which there are no operations on the stock exchanges of any of the countries in which the issuers of the securities held in the fund's portfolio are headquartered shall not be counted as business days.

This possibility must be clearly specified in the fund's regulation, and administrators must keep unitholders informed regarding these deadlines in events of their interest.

Redemption Period

CVM Instruction No. 215/94 defined, in its article 27, that the maximum limit for redemption payment would be one subsequent business day after the longest period stipulated for settlement in organized markets for securities authorized by the CVM.

It is understood, evidently, that for cases of funds whose portfolio is constituted by shares of Mercosul companies, the periods stipulated for settlement on the exchanges of the involved countries may be considered.

Still regarding redemption, and in view of the provisions of the sole paragraph of article 26 of that Instruction, the CVM will authorize that, in the cases provided for in this Opinion, the Fund's Regulation contains a provision reserving that the redemption of shares may be conditioned on the existence of liquidity of the securities, held in the Fund's portfolio, that are issued by companies headquartered in countries signatory to the Mercosul Treaty. The regulation must expressly state the manner and conditions under which redemptions will be observed and disclosed to the unitholder, whenever the administrator exercises this option to postpone.

Fund Expenses

Expenses with foreign exchange operations or other costs, incurred as a result of the transfer of resources to and from abroad due to applications in Mercosul countries, will be accepted as fund expenses.

Otherwise, expenses for hiring consulting services or others, not expressly specified in the Instruction, will be expenses of the administrator and cannot be attributed as fund expenses.

Signed Original by

ANTONIO CARLOS SOUSA

Superintendent of Investor Relations, Acting

Approved by the Collegiate Body, on December 16, 1994.

Publish.

Signed Original by

THOMÁS TOSTA DE SÁ

President