COMISSÃO DE VALORES MOBILIÁRIOS

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Joint Circular No. 2/2025/CVM/SSE/SNC

São Paulo and Rio de Janeiro, May 21, 2025.

To Administrators and Managers of FIAGRO.

Subject: Complement to Joint Circular No. 1/2025/CVM/SSE/SNC - distribution of yields in FIAGRO.

Dear Sirs/Madams,

1. This Joint Circular aims to complement the statements of the Securitization Supervision Superintendence (SSE) and the Accounting Standards and Audit Superintendence (SNC), contained in Joint Circular No. 1/2025/CVM/SSE/SNC (“OCC 1/25”), regarding the adequate yield distribution policy of Investment Funds in the Agricultural Production Chains - FIAGRO, considering the provisions of Law No. 8.668, CVM Resolution No. 39, and Normative Annex VI to CVM Resolution No. 175.

2. In this regard, these technical areas understand that:

   a) there will be no yield to be distributed by the FIAGRO when the sum of its accumulated result at the end of the previous fiscal year with the result of the current fiscal year corresponds to a negative value, i.e., a loss, even if the result of the current year, taken alone, was a profit (positive);

   b) if there is a distribution of yields as an advance on the profit of the fiscal year, but, considering the calculation of item "a" above, a profit lower than the values distributed at the end of the fiscal year is determined, or even a loss, the excess of the distribution must be recognized as a return of the capital invested by the unitholders; and

   c) provisions on investments or on amounts to be received must compose the base for calculating profits eligible for distribution, in order to reduce this base, since the provision corresponds to an expectation of the FIAGRO administration that the fund will not receive the originally expected amounts.

3. We emphasize that the occurrence of the situation described in item "b" above is not expected, since yields should not be distributed if there is any indicator that that partial result may be reversed at the closing of the fiscal year. Thus, if it occurs, even in an extraordinary manner, the administrator or manager may be subject to applicable sanctions.

4. Additionally, these technical areas understand that administrators and managers of FIAGRO must evaluate the origin of the results arising from the variations in the quotas of the invested funds, so that results that may be reversed in the future are not distributed, using the same criteria that would be used if the result were derived from the assets held directly by the investing fund. As an example, it can be cited that the FIAGRO administrator should not distribute results on the variations in quotas of invested funds that are derived from changes in the fair value of the assets of those funds.

5. In case of doubts, the SSE can be contacted via email at sse@cvm.gov.br.

Sincerely,

Cynthia Barião da Fonseca Braga	Osvaldo Zanetti Favero Junior
Securitization and Agribusiness Manager - GSEC-1	Accounting Standards Manager - GNC

Bruno de Freitas Gomes	Paulo Roberto Gonçalves Ferreira
Securitization and Agribusiness Superintendent - SSE	Accounting Standards and Audit Superintendent - SNC

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Document electronically signed by Bruno de Freitas Gomes Condeixa Rodrigues, Superintendent, on 05/21/2025, at 09:32, based on art. 6 of Decree No. 8.539, of October 8, 2015.

Document electronically signed by Cynthia Barião da Fonseca Braga, Manager, on 05/21/2025, at 09:36, based on art. 6 of Decree No. 8.539, of October 8, 2015.

Document electronically signed by Osvaldo Zanetti Favero Junior, Manager, on 05/21/2025, at 09:42, based on art. 6 of Decree No. 8.539, of October 8, 2015.

Document electronically signed by Paulo Roberto Gonçalves Ferreira, Superintendent, on 05/21/2025, at 14:56, based on art. 6 of Decree No. 8.539, of October 8, 2015.

The authenticity of the document can be verified on the website https://sei.cvm.gov.br/conferir_autenticidade, by entering the verification code 2308230 and the CRC code A383FF7D.
This document's authenticity can be verified by accessing https://sei.cvm.gov.br/conferir_autenticidade, and typing the "Código Verificador" 2308230 and the "Código CRC" A383FF7D.

Reference: Process No. 19957.009383/2021-43
SEI Document No. 2308230