Joint Circular CVM/SIN/SOI No. 1/2018

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – CEP: 20050-901 – Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br Joint Circular No. 1/2018/CVM/SIN/SOI Rio de Janeiro, December 17, 2018

To administrators of funds with applications from Decree-Law No. 157/67 (“Fund 157”)

Subject: Frequency of sending the Fund 157 report

Dear Sirs,

Within the scope of the Strategic Compliance Cost Project, currently underway at CVM, we received from the market the suggestion to change the frequency of sending the Fund 157 report.

In this regard, administrators, since 2010, were required to send this data with a bimonthly frequency, subsequently changed to semi-annual.

After analyzing the request, considering that there are no significant changes in the base of individual unit holders of such funds, we consider it possible to send the report on an annual basis, without altering its content, starting from the reference date 12/31/2018.

Thus, we inform you that the sending of these reports should follow the following deadlines:

1. Annually, by the last business day of January, with the position related to the previous year;
2. Upon the closure of the fund, within 30 calendar days, by the current administrator (if the fund is extinct), or by the new administrator (if the fund is incorporated). In this case, the sending of the report must occur before the update of the fund in the CVMWeb system; and
3. At any time, when an error or inconsistency in the report is identified, within 30 calendar days after identification, whether by the administrator or if requested by CVM.

It should be noted that total redemption will be represented by filling in the field “DATE OF LAST SHARE REDEMPTION”.

The layout and filling instructions can be consulted via the link http://cvmweb.cvm.gov.br/SWB/Sistemas/SCW/PadroesXML/PadraoXMLInf157.asp.

Finally, we remain at your disposal for the necessary clarifications, by phone (21) 3554-8315 (Investor Guidance Management 1). We clarify, in advance, that doubts and other issues of a technological nature should be sent to CVM's computer system support, by electronic message (suporteexterno@cvm.gov.br) or by phone 0800-770-3030. This service operates from Monday to Friday, from 8:00 am to 8:00 pm (more information at: http://www.cvm.gov.br/menu/atendimento/sistemas.html).

Sincerely,

Digitally signed by
DANIEL WALTER MAEDA BERNARDO
Superintendent of Institutional Investor Relations

Digitally signed by
LUCIANA DE BARROS MAGALHÃES GOMES ABDUCHE
Superintendent of Guidance and Protection of Investors in Office