CVM Resolution No. 533 of January 29, 2008

CVM RESOLUTION NO. 533, OF JANUARY 29, 2008 Delegates competence to the Superintendent of Securities Registration to waive the presentation of an economic-financial feasibility study, in the cases it specifies.

The PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION – CVM makes public that the Collegiate Body, in a meeting held on this date, having in view arts. 16, XI and 17, XIII, of the Internal Regulations, approved by Ordinance 327, of July 11, 1977, of the Minister of Finance, and considering that: a) the delegation of competence is used as an instrument of administrative decentralization, with the objective of ensuring greater speed and objectivity to decisions, situating them in proximity to the facts, people, or problems to be addressed; b) it is permitted for authorities of the Federal Public Administration to delegate competence for the practice of administrative acts, as provided in Decree No. 83,937, of September 6, 1979, whereby the act of delegation shall indicate with precision the delegating authority, the delegated authority, and the attributes subject to delegation; c) art. 4 of CVM Instruction No. 400, of December 29, 2003, establishes the possibility for the CVM, at its discretion and always considering the public interest, adequate information, and investor protection, to waive the registration of public offerings of securities, or some of the requirements of the registration, including regarding publications, deadlines, and procedures provided therein, considering the characteristics of the offering; d) given certain characteristics, the waiver of presentation of the economic-financial feasibility study provided for in art. 32, II of Instruction No. 400, of 2003, has been repeatedly granted by the Collegiate Body, within the scope of requests for registration of public offerings for the distribution of securities, and examples can be cited as the decisions rendered in CVM Processes RJ2007/7563, RJ2007/7199, RJ2007/6085, RJ2007/5879, RJ2007/5870, RJ2007/6628, RJ2007/3948, RJ2007/3443, RJ2007/1075, RJ2007/1357, and RJ 2007/10988; and e) the processing of requests for registration of public offerings that contain requests for waiver of presentation of the aforementioned economic-financial feasibility study, which meet established requirements, would be abbreviated if the analysis of these requests were carried out by the head of the Superintendent of Securities Registration itself, in consonance with previous decisions of the Collegiate Body, with benefit for all involved in the operation and for the market itself,

DELIBERATED: I – to delegate competence to the Superintendent of Securities Registration – SRE to waive the presentation of the economic-financial feasibility study provided for in art. 32, II of Instruction No. 400, of 2003, within the scope of requests for registration of public offerings of securities, whenever the following requirements are cumulatively present: (i) that the offering refers to a company constituted for less than two years, provided that this company concentrates or controls activities developed by other companies existing and in operation for a period exceeding two years; (ii) that the other hypotheses provided for in art. 32 of Instruction No. 400, of 2003, are not applicable; and (iii) that the issuing company and the offeror, together with the lead institution, include in the prospectus, at the time of the registration request, all information regarding costs and additional expenses resulting from the new corporate and administrative structure assumed by the company, commenting on trends in the future behavior of the main balance sheet and income statement items, and, furthermore, informing of the non-existence of financial impacts capable of threatening the economic-financial viability of the issuing company of securities; II – that this Resolution enters into force on the date of its publication in the Official Gazette of the Union.

Original signed by MARIA HELENA DOS SANTOS FERNANDES DE SANTANA President