BY-LAWS OF IT NOW IBOVESPA FUNDO DE ÍNDICE National Corporate Taxpayers Register (CNPJ) No /

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1 1. ADMINISTRATOR BY-LAWS OF IT NOW IBOVESPA FUNDO DE ÍNDICE National Corporate Taxpayers Register (CNPJ) No / ITAÚ UNIBANCO S.A., with its head-office at Praça Alfredo Egydio de Souza Aranha, 100, in the City of São Paulo, State of São Paulo, enrolled with the CNPJ under No / , Brazilian Securities Commission (CVM) declaratory act No MANAGER and CUSTODIAN ITAÚ UNIBANCO S.A., with its head-office at Praça Alfredo Egydio de Souza Aranha, 100, in the City of São Paulo, State of São Paulo, enrolled with the CNPJ under No / , CVM declaratory act No. 990 of July 6, 1989 and CVM declaratory act for provision of custody of financial assets No of October 23, BOOKKEEPING SERVICES PROVIDER FOR ISSUE, REDEMPTION AND TRADING OF THE FUND S SHARES ( BOOKRUNNER ) ITAÚ CORRETORA DE VALORES S.A., with its head-office at Av. Brigadeiro Faria Lima, 3400, 10 th floor, in the City of São Paulo, State of São Paulo, enrolled with the CNPJ under No / DEFINITIONS Index Shares. Shares that comprise the Index hypothetical portfolio. Authorized Agent. Each Broker and/or Dealer of financial assets, duly qualified and a member of the securities dealer system, that have entered into the Authorized Agent Agreement. Basket Composition File. The file establishing the identification and the respective quantity of Shares of the Index, Permitted Investments, Cash Amounts and Share Rights (as the case may be) that comprise a Basket, as calculated by the MANAGER and disclosed on a daily basis at the FUND s page on the world wide web before opening of the trading session of BM&FBOVESPA. BM&FBOVESPA. BM&FBOVESPA S.A., Bolsa de Valores, Mercadorias e Futuros. Brazilian Depositary Receipts or BDRs. Securities depositary receipts backed by shares issued by publicly-held companies or similar organizations headquartered abroad, pursuant to the applicable Brazilian regulations. Basket. Means the composition of assets to be delivered by shareholders or by the FUND for purposes of payment or redemption Minimum Share Allotments, respectively. The Basket shall be composed of Index Shares, Permitted Investments, Cash Amounts and/or Share Rights, as the case may be. The basket composition shall comply with the rules set forth in items 14.3 and 14.4 below. Authorized Agent Agreement. An agreement entered into by and between the ADMINISTRATOR, representing the FUND, and the respective Authorized Agent, establishing the provisions and conditions for payment and redemption of Minimum Share Allotments of the FUND. License Agreement. An agreement entered into by and between BM&FBOVESPA and the MANAGER, the purpose of which is the granting of a license to use the Bovespa Index (IBOVESPA), as well as the brand and certain information associated therewith for the specific purpose of using it as a reference index of the FUND. The expression License Agreement includes the sublicensing agreement of the index to the FUND. CVM. The Brazilian Securities Commission. Rebalancing Date. The date of reassessment of the composition of the Index hypothetical portfolio and any amendments required thereto, carried out in accordance with the rules and at the periodicity that

2 may be determined by BM&FBOVESPA pursuant to item 7.4. Trading Session Date. Any day when BM&FBOVESPA is open for trading. Business Day. Any day other than (i) Saturday, (ii) Sunday, or (iii) any other day when the banks in the City of São Paulo, State of São Paulo, Brazil and BM&FBOVESPA are required or authorized by law or the applicable regulations to remain closed. Share Rights. Coupons, rights, subscription receipts and splitting certificates relating to any securities in the FUND portfolio, pursuant to the applicable regulations. Distributions. The payment, if any, of returns, dividends or other earnings by the FUND to the shareholders. Issuers. The issuers of any financial assets that comprise the FUND portfolio. FUND. It Now IBOVESPA Fundo de Índice. Order Cut-Off Time. The time corresponding to fifteen (15) minutes before the closing time of the BM&FBOVESPA trading session. Index or IBOVESPA. Bovespa Index IBOVESPA calculated by BM&FBOVESPA. Trading Index. The indicator calculated by BM&FBOVESPA for selection of the shares that form part of the Index hypothetical portfolio on each Rebalancing Date. Permitted Investments. Mean the following financial instruments and securities, in which the FUND may invest up to five percent (5%) of its Net Worth: (i) bonds issued by the Brazilian Treasury; (ii) fixed income notes issued by financial institutions; (iii) shares of investment funds of the Fixed Income, Referenced or Short Term classes (or any compatible classification in accordance with the applicable CVM Instruction that regulates the investment funds referred to herein); (iv) repurchase transactions carried out in accordance with the regulations of the National Monetary Council; (v) transactions with derivatives made in stock exchanges, in commodities and futures exchanges or in organized over-the-counter markets, exclusively for administration of the risks inherent to the FUND portfolio or of the underlying financial assets, with due regard for the applicable law and regulations; (vi) financial assets with liquidity not included in the reference index; and (vii) shares of other index funds. Affiliate. Any individual or legal entity or any entity that, at any time, directly or indirectly, controls, is controlled by or is under common control with any other person or entity. Minimum Share Allotment. Standard allotment of shares, as disclosed by the MANAGER at any time which may be issued or delivered to the FUND, respectively, pursuant to a Payment Order or a Redemption Order duly submitted by an Authorized Agent under these By-Laws. Payment Order. An order issued by an Authorized Agent at the request of its clients, for the FUND to issue one or more Minimum Share Allotment(s) in consideration for delivery of one or more Basket(s) by the respective Authorized Agent to the FUND. Redemption Order. An order issued by an Authorized Agent at the request of its clients, for the FUND to deliver one or more Basket(s) in consideration for delivery of one or more Minimum Share Allotment(s) by the respective Authorized Agent. Net Worth. The sum (a) of the availabilities with the amount of all assets that comprise the FUND portfolio and any Earnings accumulated and not distributed, minus (b) the liabilities of the FUND, including fees and expenses accumulated and unpaid. Payment Request. A request made by an investor to an Authorized Agent to make payment of one or more Minimum Share Allotments. Redemption Request. A request made by any shareholder to an Authorized Agent to make the redemption of one or more Minimum Share Allotments held by such shareholder.

3 Rebalancing Period. The period from five (5) Business Days before to five (5) Business Days after the Rebalancing Date, as set forth in item Vote Policy. The policy for exercise of voting right of the MANAGER for the assets that comprise the FUND portfolio. Earnings. Returns, dividends, interest on equity, Share Rights and any other rights relating to the FUND portfolio shares, as well as any other earnings of the FUND and amounts receivable. Loan Income. The total amount of the Earnings arising out of securities loan transactions carried out by the FUND and provisioned during the concerned month. Shareholder Notes. Brokerage notes and any other documents supplied to the respective Authorized Agent by any shareholder requesting that the Authorized Agent make the payment or redemption of one or more Minimum Share Allotments held by such shareholder. Redemption and Payment Fee. Processing fee charged by BM&FBOVESPA from the requestor for each Payment Order and/or Redemption Order. Cash Amount. The portion of the Basket, if any, consisting of Brazilian currency. Equity Value. The net equity value of the FUND shares, calculated as set forth in item THE FUND, ITS CHARACTERISTICS AND PURPOSE 5.1. The FUND is a community of funds intended for investment in a portfolio of financial assets, for the purpose of reflecting the profitability variations, after deduction of fees and expenses, of the IBOVESPA, calculated by BM&FBOVESPA The FUND is organized as an open-end fund, subject to the issue and redemption rules set forth in these By-Laws. Nevertheless, the FUND shares are admitted to trading at BM&FBOVESPA. The FUND shall have an indefinite term of duration The FUND is governed by these By-Laws and by any applicable legal and regulatory provisions The FUND purpose and the investment policy, as well as the FUND historical performance or any declaration on or description of the FUND shall not be deemed any guarantee, promise or suggestion of profitability to shareholders Investments in the FUND do not have any guarantee of the ADMINISTRATOR, of any insurance mechanism, of the Credit Guarantor Fund - FGC, or of any other person or entity Due to the FUND nature, the amount of the FUND assets may be reduced, and consequently the amount of its shares may be also reduced. Accordingly, the amount of the shares held by each shareholder may be, at any time, smaller than the amount originally paid by the shareholder for their shares. 6. TARGET AUDIENCE 6.1. The FUND, with due regard for the applicable law and regulations, is intended for investors in general that (a) are legally qualified to acquire shares of the FUND, (b) accept all risks inherent to the investment in the FUND, and (c) seek a profitability return compatible with the FUND purpose and investment policy. If any investment in the FUND is made by a non-resident investor, such investor shall consider the adequacy of acquiring the FUND shares to the applicable law of such investor s jurisdiction The intermediary institutions shall carry out a determination of the condition above in relation to any potential buyers of FUND shares. 7. IBOVESPA CHARACTERISTICS 7.1. The purpose of IBOVESPA is to be an indicator of the average performance of the quotations of assets most traded and better represented in the Brazilian stock market. IBOVESPA is a total return index.

4 7.2. IBOVESPA is composed of the shares and units exclusively of shares of companies listed with BM&FBOVESPA that meet the inclusion criteria described below. (i) to be among the eligible assets which, during the term of effectiveness of the three (3) previous portfolios, in descending order of Trading Index ( IN ), jointly represent eighty-five percent (85%) of the total sum of those indicators, in accordance with the BM&FBOVESPA Index Definitions and Procedures Manual ( Definitions and Procedures Manual ), available at (ii) to have ninety-five percent (95%) of presence in trading session during the term of effectiveness of the three (3) previous portfolios; (iii) to have a participation, in terms of financial volume, equal to or greater than zero point one percent (0.1%), in the spot market (standard allotment), during the term of effectiveness of the three (3) previous portfolios; (iv) not to be classified as Penny Stock, as defined in the Definitions and Procedures Manual Any asset that is the purpose of a Public Offering made during the term of effectiveness of the three (3) portfolios previous to the rebalancing shall be eligible, even if it is not listed during the entire period, as long as: (i) the Public Offering of distribution of shares or units, as the case may be, is made before the immediately preceding rebalancing; (ii) it has ninety-five percent (95%) of presence since it started to be traded; and (iii) it cumulatively meets the criteria set forth in items (i), (iii) and (iv) of item 7.2. above The Index universe do not include BDRs and assets of companies in extrajudicial or court-supervised reorganization or in special temporary administration system or that are traded in any other special listing situation (in accordance with the Definitions and Procedures Manual) The Index portfolio shall exclude assets that: (i) fail to meet any two of the inclusion criteria set forth in item 7.2.; (ii) are among the assets that, in descending order of IN, are classified above ninety percent (90%) of the total term of effectiveness of the three (3) previous portfolios (in accordance with the Definitions and Procedures Manual); and (iii) are classified as Penny Stock (in accordance with the Definitions and Procedures Manual); or (iv) during the portfolio term of effectiveness, start to be listed in any special situation (in accordance with the Definitions and Procedures Manual). In such event, the exclusion shall be made at the end of its first day of trading under such classification The IBOVESPA assets are weighed at the free float market value (assets that are outstanding) of the type belonging to the portfolio, with an equity interest limit based on liquidity (in accordance with the Definitions and Procedures Manual). The representativeness of a given asset in the Index, upon the periodic revaluations, shall not exceed twice the equity interest that the asset would have if the portfolio were weighed by the representativeness of the individual INs in the sum of all INs of the assets that comprise the portfolio. In such event, adjustments shall be made to adapt the weight of such asset to the aforementioned limit, by redistributing the surplus in proportion to the other assets that comprise the portfolio The equity interest of the assets of a given company in the index (considering all types and classes of shares or units that are backed by said shares of the company, as the case may be) shall not exceed twenty percent (20%), when they are included or upon the period revaluations. In such event, adjustments shall be made to adapt the weight of such asset to the aforementioned limit, by redistributing the surplus in proportion to the other assets of the portfolio For more details about the Index, please see the index methodology in the page (site) on the world

5 wide web and in the page (site) BM&FBOVESPA carries out the management, calculation, disclosure and maintenance of the Index. No obligation or liability for said activities shall be attributed to the FUND, the MANAGER and/or the FUND ADMINISTRATOR If BM&FBOVESPA no longer manages, calculates, discloses or maintains the Index, the ADMINISTRATOR shall immediately disclose such fact to the shareholders, in accordance with the applicable regulations Every information regarding the Index set forth in these By-Laws, on the FUND page on the world wide web, as well as on the FUND disclosure materials were or shall be, as the case may be, obtained by means of BM&FBOVESPA or its respective page on the world wide web, and neither the FUND nor the ADMINISTRATOR or the MANAGER, or any other service provider providing services to or for benefit of the FUND, or any of their Affiliates shall be liable for any inaccuracy of any information of the Index, including any inaccuracies in the Index calculation The description of the Index characteristics above reflects the Index methodology in effect on the date of the FUND organization. Any changes in the Index characteristics or methodology that may be made by the Index provided shall be updated in the FUND website. 8. INVESTMENT POLICY 8.1. The FUND portfolio may include (a) Index Shares, (b) Permitted Investments, (c) Earnings accumulated and not distributed, and (d) cash, with due regard for the diversification and composition limits of the FUND portfolio as detailed below The FUND shall invest at least ninety-five percent (95%) of its equity in financial assets that form part of the reference index, in any proportion, or in net positions bought in futures agreements of the Index, in such a manner as to reflect the Index variability and profitability, with due regard for the limits set forth in these By-Laws The aforementioned futures agreements shall be traded at a commodities and futures exchange and settled in clearance and settlement houses and service providers that undertake the position of central counterparty In the remaining five percent (5%) of its portfolio the FUND may hold shares and other assets not included in the Index, as long as they are Permitted Investments The FUND may invest up to five percent (5%) of its net worth in shares of investment funds administered or managed by the ADMINISTRATOR, the MANAGER or any entities related to them, and any investments in said funds that exceed one percent (1%) of the FUND net worth shall be solely made in funds that provide for an administration fee equal to zero During the period from the date of official disclosure by BM&FBOVESPA for the first preview of the Index composition to one month after the Rebalancing Date, the MANAGER, at its sole discretion and aiming at the FUND purpose and investment policy, shall carry out the adjustment in the FUND portfolio composition In view of the Index calculation and disclosure methodology, as well as the FUND purpose and investment policy, the ADMINISTRATOR, as instructed by the MANAGER, may adjust the FUND portfolio composition whenever the Index composition suffers any adjustments due to distributions of dividends, interest on equity, spin-offs, amalgamations or any other event that affect or modifies the Index hypothetical portfolio composition During the period from five (5) Business Days before and five (5) Business Days after the Rebalancing Date ( Rebalancing Period ), the MANAGER may, at its sole discretion, instruct the ADMINISTRATOR to adopt the special procedures set forth in these By-Laws, such as (i) suspension of payments of shares and/or (ii) payment and redemption of shares as set forth in item of these

6 By-Laws During the period set forth in item 8.4 the ADMINISTRATOR may (i) accept, for payment of shares, shares of publicly-held companies that are being included in the new composition of the Index hypothetical portfolio, in accordance with the preview of such new composition disclosed by BM&FBOVESPA, and (ii) deliver, upon redemption of shares, shares of publicly-held companies that are no longer included in the composition of the Index hypothetical portfolio, in accordance with the preview of such new composition disclosed by BM&FBOVESPA Any events of disqualification in relation to the minimum limit of ninety-five percent (95%) established in item 8.2. shall be justified in writing by the ADMINISTRATOR to CVM within five (5) Business Days as from the date of determination of such disqualification The total guarantee margins required by the FUND in its transactions with derivatives shall not exceed fifteen percent (15%) of the FUND position kept in bonds issued by the National Treasury, in fixed income notes issued by financial institutions and Index Shares The MANAGER shall take all investment and divestment decisions regarding the funds or assets of the FUND, and manage the FUND portfolio seeking to achieve the FUND investment purpose The MANAGER shall not seek to obtain profitability in excess of the Index performance and shall not resort to defensive positions in case of abnormal market fluctuations The Earnings received by the FUND shall not be paid to the shareholders and shall be reinvested in Index Shares or any other Permitted Investments The FUND may enter into with third parties forward agreements in exchange of profitability ( swap ), with a provision of settlement by daily financial adjustment, the trading purpose of which is the difference of variation between the FUND profitability and the Index profitability. Those agreements shall be: (i) previously approved by CVM; (ii) registered in stock, commodities and futures exchanges or organized over-the-counter market; and (iii) fully disclosed at The transactions set forth in item 8.9 shall comply with the provisions of item 8.6. above, provided that the expiration of the term of effectiveness of said transactions shall be disclosed at least thirty (30) days in advance and shall be deemed a notice of material event for purposes of the provisions in CVM Instruction No FUND ADMINISTRATION AND MANAGEMENT 9.1. The FUND administration and management shall be carried out by the ADMINISTRATOR identified above With due regard for the legal limitations and for the limitations established by the applicable regulations and by these By-Laws, the ADMINISTRATOR has powers to perform all acts required for administration and management of the FUND portfolio, as well as to exercise all rights inherent to the assets of the FUND, including the engagement of third parties duly qualified to provide services concerning the FUND activities The ADMINISTRATOR shall engage Authorized Agents to intermediate the payment and redemption requests of the FUND shares. The shares shall be solely paid or redeemed by means of said Authorized Agents A list containing updated information about the Authorized Agents, including their identification and contact information, shall be disclosed in the FUND page on the world wide web on a daily basis The ADMINISTRATOR shall be replaced in the following events: (i) cancellation of its authorization to carry out the portfolio administration activity upon a final decision by CVM;

7 (ii) resignation; or (iii) removal by resolution of the shareholders meeting In the event of resignation, the ADMINISTRATOR shall immediately call a shareholders meeting to resolve on its replacement or on the FUND liquidation. The ADMINISTRATOR shall remain in charge of the FUND administration until the new administrator appointed by the shareholders meeting has assumed its duties as the FUND Administrator or until the FUND liquidation, whichever occurs first In the event of removal of the ADMINISTRATOR by the shareholders meeting, the ADMINISTRATOR shall immediately notify such fact to CVM, under the applicable regulations The ADMINISTRATOR shall not perform the following acts on behalf of the FUND: (i) receive deposit on its own checking account; (ii) undertake or extend any loans, except as provided for by the applicable regulations, and by any regulations that may be issued by CVM in that regard; (iii) provide surety, aval guarantee, acceptance or otherwise act as a co-obligor; (iv) carry out any transactions with shares outside a stock exchange or organized over-the-counter market by any entity authorized by CVM, except in the events of (a) subscription in public distributions, (b) exercise of a right of first refusal by the FUND, and (c) transactions previously authorized by CVM; (v) sell shares of the FUND in installments; and (vi) perform any act, as a shareholder, that may prevent trading of the shares in stock exchange. 10. FUND NET WORTH The FUND Net Worth shall be calculated on a daily basis, at all times after closing of the regular trading session of BM&FBOVESPA, based on the same criteria used for calculation of the first closing amount of the Index. 11. REMUNERATION The FUND administration fee shall be thirty hundredths percent (0.30%), calculated on the FUND Net Worth. Said remuneration shall be calculated and appropriated on a daily basis per Business Day, on a prorata basis, considering a two hundred and fifty-two (252) Business Days year, and shall be paid on a monthly basis, on the first business day of the month following the month due Installments of the administration fee may be paid directly by the FUND to the service providers engaged, as long as the sum of said installments does not exceed the total amount of the administration fee set forth in these By-Laws The ADMINISTRATOR may also unilaterally reduce the fees set forth in this item 11 without the need for approval of the shareholders meeting, and any such reduction shall be consistently applicable to all shareholders. The ADMINISTRATOR shall notify any change in the fees set forth in this item 11, in accordance with the applicable regulations, and arrange for proper amendment to these By-Laws. The fees set forth in this item 11 shall not be increased without prior approval of the shareholders meeting. 12. SECURITIES LOAN TRANSACTIONS The FUND may carry out securities loan transactions as regulated by CVM and provided for in these By-Laws The FUND may carry out securities loan transactions to the market in accordance with the applicable regulations on securities loan transactions, as long as: (i) they have a fixed term and all loaned securities are returned to the FUND upon expiration of the term, (ii) the total amount of the securities loaned by the FUND pursuant to this item does not exceed the limit of sixty per cent (70%) of the amount of the FUND Net Worth; and (iii) no more than seventy percent (70%) of the amount of each

8 security held by the FUND are loaned The ADMINISTRATOR shall deliver the securities required to meet the Redemption Requests, as well as for the loan of securities for vote as set forth in items 12.2 to below, in the event that the securities required for consummation of said transactions are the subject-matter of a loan or a guarantee provided by the FUND in its transactions and it is not reasonably possible to reverse said transactions in due time Any earnings of securities loans transactions, as set forth in this item 12.1, shall be fully allocated to the FUND. Said earnings shall be net of any fees charged in securities loans transactions of the FUND, such as the fees charged by BM&FBOVESPA In the event that they wish to directly exercise the voting right at shareholders meetings of the Issuers, the shareholders may request the loan of securities of said Issuers held by the FUND, pursuant to the applicable regulations. Considering that each share of the FUND ideally represents a given quantity of each securities that form part of the FUND portfolio, any shareholder that wishes to request the loan of certain securities shall be entitled to borrow the quantity of such securities equivalent to the quantity of such securities represented by the total number of shares held by such shareholder at the end of the day of request of such loan Solely securities with voting right at the time of request of such loan may be borrowed, as set forth in item Any request of securities loan by shareholders shall be solely made after a shareholders meeting of the respective Issuer is called, and such request shall be notified to the ADMINISTRATOR, by means of one of the Authorized Agents, at least five and at the most six Trading Session Days in advance of holding of the respective shareholders meeting The ADMINISTRATOR may, during the first five days of the Rebalancing Period, reject or restrict securities loans as set forth in item 12.2, if, in its opinion, such loans may cause any significant damages to the FUND purpose, with due regard for the provisions in the applicable regulations Any securities borrowed as set forth in item 12.2 shall be delivered to the shareholders three Trading Session Days as from the concerned request The shareholders shall return the borrowed securities to the FUND within one Business Day as from the date of holding of the respective shareholders meeting of the concerned Issuer Any shareholders that request the loan of securities as set forth in item 12.2 shall provide, as guarantee of the securities loan transaction, a number of shares that jointly represents the total number of securities to be borrowed, considering that each share ideally represents a given quantity of each securities of the FUND portfolio The FUND shares given as guarantee as set forth in item 12.8 may simultaneously serve as guarantee of loan transactions of different securities requested by a same shareholder as set forth in item The FUND shall not charge any fee or other kind of remuneration for the loan transactions carried out as set forth in item Notwithstanding the provisions in item 12.10, the shareholders that request any such loan transactions shall bear any costs applicable to such securities loan transactions, such as the fees charged by BM&FBOVESPA. The ADMINISTRATOR may also require from the shareholders the reimbursement to the FUND of any costs borne by the FUND in relation to any such securities loan transactions In addition to adopting any measures required for foreclosure of the FUND shares given as a guarantee as set forth in item 12.8, the FUND shall charge from any shareholders that fail to comply with the term for return of the shares set forth in item 12.7 the same fees usually charged by the FUND in securities loan transactions carried out as set forth in item 12.1, or if there is no market for this type of

9 transaction, the average fee obtained from three financial institutions The costs and fees set forth in item shall be disclosed in the FUND page on the world wide web. 13. FUND SHARES The FUND shares correspond to the notional fractions of the FUND equity, and shall be registered and registered on behalf of their holder The shareholder capacity is characterized by the shareholder being entered in the shareholders registration kept by the BOOKRUNNER. In the event that the shares are deposited in a depositary center, the shareholder capacity may be certified by the registrations kept by such depositary agent and supplied to the BOOKRUNNER from time to time The FUND adhered to the BM&FBOVESPA By-Laws, which are intended to regulate the provision, by BM&FBOVESPA, of custody services of financial assets ( Tradable Assets ), issued by any legal entity of public or private law. The BM&FBOVESPA Custody Service is formalized, under the applicable law, by transfer of title to Tradable Assets registered on behalf of the original investor to BM&FBOVESPA, which, as a result, shall be vested in the capacity of fiduciary owner of the Tradable Assets, exclusively for purposes of custody, without resulting in full transfer of their ownership. In order for the shares to be tradable by means of BM&FBOVESPA, the investor shall be aware that the investor s shares shall be registered with the BOOKRUNNER on behalf of BM&FBOVESPA, in the capacity of fiduciary owner thereof. However, BM&FBOVESPA shall provide the BOOKRUNNER, whenever requested, with any information regarding the title to the shares that are kept under its custody The registration of FUND shares shall be made in book-entry type The Equity Value of each share of the FUND is obtained by dividing the amount of the FUND Net Worth by the number of shares existing at the end of each Trading Session Date The ascertainment of the amount of the FUND financial assets for purposes of calculation of the share amount used in the FUND investments and redemptions shall be made on a daily basis by the ADMINISTRATOR or by any third parties contracted by it, in accordance with the CUSTODIAN pricing manual, preferably based on public market sources, and shall consolidate said amounts, thus obtaining the global amount of the FUND equity and, consequently, the amount of the FUND share to be used for investments and redemptions For easier comparison of the FUND performance with the Index performance, the FUND may adjust the Equity Value of the shares to an amount equivalent to the number of the Index in points (first closing amount), whenever BM&FBOVESPA makes any significant adjustments to the number of the Index in points In order to achieve the purpose set forth in item 13.5, the FUND may, as the case may be, split the FUND shares, by delivering additional shares to the shareholders, or may amortize the shares as set forth in item 15 of these By-Laws Upon both payment and redemption of FUND shares, the Equity Value of the shares ascertained at the end of the Trading Session Date on the date of request ( Closing Share ) shall be used The FUND shares may be the purpose of a loan and guarantee, including as guarantee of shares loan transactions under the applicable regulations Both CVM and BM&FBOVESPA may suspend the trading of the FUND shares whenever they decided that it is appropriate for protection of the investors. In addition to suspension of trading of the shares, BM&FBOVESPA may also adopt any other measures established in its rules, regulations and operating procedures, such as auction of the FUND shares in events such as the suspension of trading of assets of the FUND portfolio.

10 14. PAYMENTS AND REDEMPTIONS OF SHARES Unless otherwise expressly provided for in these By-Laws, the shares shall be issued and redeemed solely in Minimum Share Allotments or in multiples of Minimum Share Allotments A Minimum Share Allotment may be solely issued (a) in accordance with a Payment Order duly submitted by an Authorized Agent and (b) upon delivery of a Basket to the FUND. The Minimum Share Allotments shall be solely redeemed (a) upon a Redemption Order duly submitted by an Authorized Agent and (b) upon a delivery of a Basket by the FUND Payment Orders or Redemption Orders of FUND shares made on Trading Session Days until the Order Cut-Off Time shall be converted on the same Trading Session Date. Payment Orders or Redemption Orders made after the Order Cut-Off Time shall not be accepted, and if there is still an interest in their issue or redemption, a new Order shall be submitted on the immediately subsequent Trading Session Date, with due regard for the Order Cut-Off Time The Basket composition, whether for purposes of a Payment Order or of a Redemption Order, shall comply with the following rules: (i) it shall have at least ninety-five percent (95%) of its amount represented by Index Shares, in any proportion; and (ii) it may have no more than five percent (5%) of its amount represented by Permitted Investments and/or Cash Amounts Cash Amounts shall be paid by the investor (or, if applicable, by the FUND) upon settlement of the brokerage note of the respective payment or redemption transaction of FUND shares and due to the fact that the Equity Value of the share that is the subject-matter of payment or redemption shall be solely calculated at the end of the regular trading session of BM&FBOVESPA on the Trading Session Date of the concerned payment or redemption. Cash Amounts paid by the investor shall inure to the benefit of the FUND The MANAGER, at its sole discretion, may define different Baskets for purposes of performance of Payment Orders and Redemption Orders, as the case may be, provided that the basket applicable to each Payment Order or Redemption Order (a) shall be stated in the Basket Composition File disclosed on a daily basis in the FUND page on the world wide web before opening of the BM&FBOVESPA trading session; (b) shall comply with the composition described in item 14.3 above; and (c) may include Share Rights, at the sole discretion of the MANAGER, pursuant to the applicable regulations In special situations where it may be difficult to carry out Payment Orders or Redemption Orders due to low liquidity of one or more Index Shares that comprise the Basket, the MANAGER, at its sole discretion, may replace such Index Shares with Cash Amounts, limited to five percent (5%) of the total amount of the Basket The Basket Composition File describing the composition of the Basket to be delivered upon performance of a Payment Order or a Redemption Order shall be disclosed in the FUND page on the world wide web before opening of BM&FBOVESPA for transactions on the Trading Session Date. A Basket Composition File shall be valid for Payment Orders and for Redemption Orders received after its disclosure and until the next Order Cut-Off Time The payment and redemption of Minimum Share Allotments shall be settled within the term required for settlement of trading with shares at BM&FBOVESPA. Any change in said settlement term by BM&FBOVESPA shall be readily disclosed in the FUND page on the world wide web. Whenever there is suspension of trading of any of the shares that shall be delivered by the FUND to the shareholders upon redemption of FUND shares, the delivery of such shares may be made within a longer term than that set forth in this item The Authorized Agents shall submit a Payment Order or a Redemption Order which, in each event, shall not be deemed accepted until the ADMINISTRATOR, by means of BM&FBOVESPA and/or the transaction page of the website has submitted to such Authorized Agent a confirmation that the respective Payment Order or Redemption Order, as the case may be, was accepted.

11 14.9. Any shareholder that requests to an Authorized Agent the payment or redemption of one or more Minimum Share Allotments shall provide the respective Authorized Agent with the brokerage notes and any other documents ( Shareholder Notes ) required to enable the Authorized Agent and the ADMINISTRATOR to ascertain the gain of the Shareholder in the payment of the Shares or the cost for acquisition of the Shares to be redeemed, as the case may be, and said Authorized Agent shall deliver such Registrations of the Shareholder to the ADMINISTRATOR at least three (3) hours before the respective Order Cut-Off Time. Unless the ADMINISTRATOR receives such Registrations from the Shareholder within said term, the Payment Request or the Redemption Request, as the case may be, shall be cancelled During the Rebalancing Period the ADMINISTRATOR may accept, upon payment of a Minimum Share Allotment, or deliver, for redemption of a Minimum Share Allotment, a Basket composed only of a given Share of the do Index or of given Index Shares or of a given share or shares deemed liquid that is/are included in or excluded from a new composition of the Index, in accordance with the forecasts for the new composition of the Index as disclosed by BM&FBOVESPA In the event described in item 14.10, if the number of Payment Orders or Redemption Orders exceeds the quantity of shares required to adjust the FUND portfolio, the acceptance or delivery, as the case may be, of said shares shall be made in proportion to the quantity of shares offered by or attributable to each investor that submitted said (a) Payment Orders, except that the number of shares to be attributed to each investor shall correspond to a whole number at all times, and (b) Redemption Orders, except that said number of shares to be attributed to each investor shall correspond to a whole number at all times Regarding the event described in item 14.10, solely those shares that were traded at BM&FBOVESPA on the Trading Session Date of the Payment Order or Redemption Order of shares may be included in said portfolios In the event of item , Cash Amounts may be paid to or received by the FUND, as the case may be, for the purpose of rectifying any distortions caused by any rounding referred to therein and due to the fact that the Equity Value of the share that is the subject-matter of payment or redemption is solely calculated at the end of the regular trading session of BM&FBOVESPA on the Trading Session Date of the respective payment or redemption. In such event, the provisions in items 14.3 and above shall also apply thereto The ADMINISTRATOR may accept that two or more investors pay shares of the FUND by simultaneously and jointly delivering Index Shares which jointly comprise one or more Minimum Share Allotments; in such event, the proportion of shares attributed to each investor shall be calculated in proportion to the market value of the portfolios delivered to the FUND by each investor The payments of shares of the FUND may be suspended, at the discretion of the ADMINISTRATOR, whenever BM&FBOVESPA or CVM suspends the trading of FUND shares Upon the Redemption Order, the Basket may include interest and dividends declared and not paid yet. In such event, on the date of the Redemption Order the ADMINISTRATOR shall issue, on behalf of the shareholder, a receipt corresponding to the amount of interest and dividends declared and not paid for receipt, and shall deliver such receipt to the respective Authorized Agent. The interest and dividends referred to in this item shall be solely transferred by the FUND to the respective Authorized Agents for payment to those shareholders that redeemed their shares, after receipt by the FUND of the payments concerning the respective interest and dividends Upon consummation of a Payment Order and/or a Redemption Order, BM&FBOVESPA may charge from the respective requestor a processing fee of the ( Bolsa Redemption and Payment Fee ). In case of such collection, said fee shall be charged for each order performed, regardless of the quantity of minimum allotments paid and/or redeemed The amount of the Redemption and Payment Fee is disclosed by BM&FBOVESPA by means of official notices to the Authorized Agents.

12 Without prejudice to the foregoing, any Payment Requests and Redemption Requests submitted to the Authorized Agent shall be preceded by delivery by the respective investor or shareholder to the Authorized Agent, the advance time required by it, of any information and documents required to enable the Authorized Agent to ensure compliance with the legal rules and regulations regarding registration and anti-money laundering. 15. AMORTIZATION OF SHARES In special events and at the discretion of the ADMINISTRATOR, the amortization of FUND shares may be made. For the purposes of this item, amortization means the payment in Brazilian currency to all shareholders of an installment of the Equity Value of their shares, without any reduction in the number of shares The ADMINISTRATOR may solely use such prerogative if the FUND performance is greater than the Index performance and in the event set forth in item 13.6 of these By-Laws. 16. TRADING OF SHARES The FUND shares shall be listed for trading at BM&FBOVESPA The ADMINISTRATOR, as well as individuals and legal entities related to the ADMINISTRATOR may, as long as permitted by the applicable regulations, (i) trade shares of the FUND, and (ii) act as a market maker for the FUND shares and, in such event, trade FUND shares in accordance with parameters established for the activity of market maker Notwithstanding the provisions in item 16.2, the MANAGER shall not act as a market maker for the FUND shares. 17. SHAREHOLDERS MEETING It shall be exclusively incumbent upon the shareholders meeting to resolve on: (i) the FUND's accounting statements; (ii) replacement of the ADMINISTRATOR or MANAGER; (iii) change of the FUND s goal and investment policy; (iv) increase of the administration fee; (v) change of the FUND s webpage address on the world wide web; (vi) consolidation, merger, split-up, transformation or liquidation of the FUND; (vii) amendments in the License Agreement, in case such amendments result in the increase of expenses for the FUND; and (viii) other amendments to the By-laws which are not the result of decisions relating to items (ii) to (v) of this item Notwithstanding the provisions in item (viii) of item 17.1, these By-laws may be amended by the ADMINISTRATOR, regardless of the shareholders meeting or consultation with the shareholders, whenever such amendment results exclusively from the need to meet CVM s express requirement of adjustment to legal or regulatory rules or, even, as a result of updating of address or contact information of the ADMINISTRATOR or change of the term mentioned in item 12.4 of these By-laws The shareholders meeting shall be called by notice sent to BM&FBOVESPA and published in the FUND's webpage on the world wide web The call notice shall compulsorily include the date, time and location in which the shareholders meeting shall be held, the agenda with the matters to be addressed, as well as the details on specific amendment proposals to the By-laws, should this be the case The call notice of the shareholders meeting shall be made at least ten (10) days in advance from the holding thereof The shareholders meeting shall be called by the ADMINISTRATOR on an annual basis, up to June, 30 (thirty) of each year to resolve on the FUND's accounting statements The shareholders meeting shall only be held after disclosure in the FUND's webpage on the world wide web of the accounting statements relating to the fiscal year, with a term of at least fifteen (15) days in advance, and such statements shall be kept available to the shareholders at the ADMINISTRATOR s head office.

13 17.4. In addition to the call notice provided for in item of these By-laws, the shareholders meeting may be called at any time by the ADMINISTRATOR or requested by a shareholder or group of shareholders holding at least five percent (5%) of the total shares issued Whenever the holding of the shareholders meeting is requested by one or more shareholders holding at least five percent (5%) of the total shares issued, the ADMINISTRATOR shall make the call notice within up to thirty (30) days, at the requesting party's expense, except if the shareholders meeting is thus called to resolve otherwise The shareholders meeting shall also be called by the ADMINISTRATOR and at its own expense, within the term of fifteen (15) days, whenever: (i) an adherence error is verified, calculated as standard populational deviation of the differences between the daily percentage variation of the shares Equity Value and the daily percentage variation of the Index closing amount within the last sixty (60) trading sessions greater than two (2) percentage points, as long as such adherence error is not reclassified within the limit of two (2) percentage points up to the fifteenth (15 th ) consecutive Business Day subsequent to the verification of the respective adherence error; (ii) the difference between the FUND's accrued profitability and the Index closing amount within the last sixty (60) trading sessions is greater than two (2) percentage points, as long as such profitability is not reclassified within the limit of two (2) percentage points up to the fifteenth (15 th ) consecutive Business Day subsequent to the verification of such respective profitability difference; or (iii) the difference between the FUND's accrued profitability and the Index closing amount within a twelve (12)-month period is greater than four (4) percentage points, as long as such profitability difference is not reclassified within the limit of four (4) percentage points up to the thirtieth (30 th ) consecutive Business Day subsequent to the verification of such respective profitability difference The occurrence of any of the events mentioned in the sub-items of item 17.6 shall be immediately disclosed at the FUND s webpage on the world wide web, and the first disclosure relating to items (i) and (ii) shall take place after the elapse of sixty trading sessions from the listing date of the shares at BM&FBOVESPA, and the first disclosure relating to item (iii) shall take place after the elapse of twelve (12) months from such date The agenda of the shareholders meeting called due to the conditions provided for in the main provision and sub-items of item 17.6 shall comprise the following items: (i) explanations by the ADMINISTRATOR jointly with the MANAGER, regarding the reasons which, in their understanding, motivated the adherence error or profitability difference. Such explanations shall also be disclosed in the FUND's webpage on the world wide web at least fifteen days from the holding of the shareholders meeting and maintained up to thirty (30) days after the holding thereof; and (ii) resolution on the extinguishment of the FUND or replacement of the ADMINISTRATOR or MANAGER, which matter cannot be voted by persons connected respectively to the ADMINISTRATOR or to the MANAGER Notwithstanding the provisions in item 17.6, the shareholders meetings called in view of the conditions provided for in item 17.6 shall have a minimum interval of thirty days in case the ADMINISTRATOR and the MANAGER are maintained, and of ninety days, in case the previous shareholders meeting has decided for their replacement The resolutions of the shareholders meeting which shall be convened with the presence of at least one shareholder or legal representative shall be taken at the discretion of the majority of votes of the attending shareholders or as duly represented in such meeting, whereupon each share shall be ascribed one vote The matters provided for in items (ii) (iii), (iv) and (vi) of item 17.1 of these By-laws shall be approved by the vote of the shareholders holding the qualified majority of the FUND's shares, and the ADMINISTRATOR, the MANAGER and the persons respectively associated thereto shall be forbidden from voting whenever the resolution refers to the replacement of the ADMINISTRATOR or the MANAGER.

14 No shareholder may vote for the designation of a new administrator or manager for the FUND in case such shareholder is directly or indirectly associated to such candidate as new administrator or manager of the FUND, respectively The resolution quorum defined in item shall not apply to the voting in shareholders meetings held in view of the provisions in sub-item II of item 9.4 combined with item 9.5, as well as in sub-item II of item combined with item (ii) of these By-laws, therefore, prevailing the criteria of decision by vote of the majority of the FUND's shares owned by the attending shareholders or as duly represented in such shareholders meeting Only the FUND's shareholders, its legal representatives or attorneys-in-fact legally appointed less than one year ago may vote at the shareholder s meeting If after the third call notice of the shareholders meeting, there is no quorum for resolution regarding the matters provided for in sub-items (i) and (v) of item 17.1 of these By-laws, such matters shall be considered approved. 18. VOTE EXERCISE POLICY For the purpose of defending the interests of the FUND and of the shareholders, the ADMINISTRATOR shall adopt the voting right exercise policy of the MANAGER for assets composing the FUND s portfolio ( Vote Policy ) The Vote Policy is available at the website or at the MANAGER s head office The Vote Policy regulates the general principles, the decision-making process and the mandatory matters and guides the decisions, shortly, as follows: (i) the voting right for assets composing the FUND s portfolio shall be exercised whenever the percentage interest in the asset is relevant taking into consideration the total funds administered and managed by the ADMINISTRATOR and by the MANAGER; and (ii) the voting right shall not be exercised in situations in which: (a) a conflict of interest may be characterized; or (b) the matters to be discussed at the shareholders meeting is not of the FUND's interest; (c) the cost related to the exercise of vote is not compatible with the financial assets interest in the FUND; or yet, (d) in the other situations provided for in the regulations in effect The brief and summary justification of the vote casted at the shareholders meeting shall be made available to the shareholders on the website The ADMINISTRATOR shall only exercise the FUND's voting right inherent to the shares of the FUND s portfolio which are not subject to a loan as provided for in item 12 above. 19. INFORMATION DISCLOSURE POLICY The FUND has a webpage on the world wide web at containing all information provided for in the applicable regulations, as well as any information relating to the FUND which are considered relevant by the ADMINISTRATOR Details on the payment transactions and redemption of shares, as well as on the share loan transactions are available at the FUND s webpage on the world wide web and shall be updated from time to time, pursuant to the applicable regulations The ADMINISTRATOR shall fully and immediately disclose any material event or act inherent to the FUND s operations or to the ADMINISTRATOR s ability to exercise its duties which may cause a relevant impact in the FUND s capacity of attaining its goal through (i) the FUND s initial webpage on the world wide web, (ii) the electronic mail addresses recorded in the FUND s webpage and (iii) the information disclosure system of BM&FBOVESPA The ADMINISTRATOR shall disclose to BM&FBOVESPA, in each Trading Session Date, the Equity Value of each share composing the FUND s portfolio and the FUND's net worth.