CIRCULAR LETTER. To: BM&FBOVESPA Market Participants BOVESPA and BM&F Segments

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1 1 November 23, /2016-DP CIRCULAR LETTER To: BM&FBOVESPA Market Participants BOVESPA and BM&F Segments Re: 2017 Calendar Public Holidays. BM&FBOVESPA hereby publishes the holiday calendar for 2017 and information regarding registration and trading in its systems and the functioning of its clearinghouses in that year. 1. Brazilian, U.S., optional and São Paulo public holidays On the dates listed in tables 1 and 2 below, there will not be trading in the equity, corporate debt and derivatives markets. On the dates listed in table 1, there will not be trade settlement or the handling of collateral at any of BM&FBOVESPA s clearinghouses. On the dates listed in table 2, there will not be the handling of collateral or trade settlement at the BM&FBOVESPA Clearinghouse alone. Table 1 National and optional public holidays Months Days Description January February 27 (Monday) 28 (Tuesday) Carnival March - - April 14 (Friday) Good Friday 21 (Friday) Tiradentes Day 1

2 May 01 (Monday) Labor Day June 15 (Thursday) Corpus Christi Day July August September 07 (Thursday) Independence Day October 12 (Thursday) Our Lady of Aparecida Day November 02 (Thursday) All Souls Day 15 (Wednesday) Proclamation of the Republic Day December 25 (Monday) Christmas 29 (Friday) Table 2 Public holidays in São Paulo Working day within banking institutions (with no trading session at the Exchange) Month Day Description January 25 (Wednesday) São Paulo City Anniversary November 20 (Monday) Black Consciousness Day Table 3 - United States banking holidays Months Days Description 02 (Monday) New Year s Day January 16 (Monday) Birthday of Martin Luther King, Jr. February 20 (Monday) Washington s Birthday March - - April 14 (Friday) Good Friday May 29 (Monday) Memorial Day June July 04 (Tuesday) Independence Day August September 04 (Monday) Labor Day October 09 (Monday) Columbus Day November 23 (Thursday) Thanksgiving Day December 25 (Monday) Christmas Day 2. Special trading hours on March 01, 2017 (Ash Wednesday) On this date, trading and registration at BM&FBOVESPA markets will open at 1:00 p.m., except for the federal government securities market (SISBEX), for which the usual times will remain in effect. On the same day, the Equities Clearinghouse and BM&FBOVESPA Clearinghouse will stick to the usual settlement time grids, with the hours and timeframes for meeting margin requirements for cash settlement of transactions remaining unchanged. 2

3 3. Federal government securities market (SISBEX) will not be trading and trade registration on the federal government securities market. On São Paulo public holidays (table 2 of this Circular Letter), there will be trading, registration and the handling of collateral. 4. Spot foreign exchange market will not be trading and registration in the spot foreign exchange market. On the São Paulo public holidays (table 2 of this Circular Letter) there will be trading, registration and the handling of collateral. 5. Trade registration on the OTC market (fixed income and derivatives) will not be trade registration on the OTC market except on December 29, 2017 (Friday) for transactions with fixed income securities. On São Paulo public holidays (table 2 of this Circular Letter) there will be trade registration on the OTC market, except for derivatives transactions. 6. Tesouro Direto On São Paulo public holidays (table 2 of this Circular Letter) and on December 29, 2017 (Friday), Tesouro Direto business hours will be as follows: Table 4 Tesouro Direto Dates Buy Sell Jan. 25, 2017 (Wed.) Open: Jan. 24, 2017 (Tuesday), at 9:30 a.m. Close: Jan. 26, 2017 (Thursday), at 5:00 a.m. made as normal on Jan. 26, 2017 (Thursday). Open: Jan. 24, 2017 (Tuesday), at 9:30 a.m. Close: Jan. 26, 2017 (Thursday) at 5:00 a.m. Physical and cash settlement of sales shall occur on Jan. 26, 2017 (Thursday). 3

4 Nov. 20, 2017 (Mon.) Open: Nov. 17, 2017 (Friday), at 9:30 a.m. Close: Nov. 21, 2017 (Tuesday), at 5:00 a.m. made as normal on November 21, 2017 (Tuesday). Open: Nov. 17, 2017 (Friday), at 9:30 a.m. Close: Nov. 21, 2017 (Tuesday), at 5:00 a.m. made as normal on November 21, 2017 (Tuesday). Dec. 29, 2017 (Fri.) Open: Dec. 28, 2017 (Thursday), at 9:30 a.m. Close: Jan 03, 2018 (Wednesday*), at 5:00 a.m. Confirmations of purchases shall be made as normal on Jan. 03, 2018 (Wednesday*). Open: Dec. 28, 2017 (Thursday), at 9:30 a.m. Close: Jan. 03, 2018 (Wednesday*), at 5:00 a.m. Settlement of sales shall occur on Jan. 03, 2018 (Wednesday*). * At the request of the National Treasury Secretariat, the first settlement of purchases and sales of 2018 shall occur on the second business day. 7. BM&FBOVESPA s clearinghouses 7.1. BM&FBOVESPA Clearinghouse (Derivatives BM&F Segment) and the Foreign Exchange Clearinghouse United States banking holidays On U.S. banking holidays (table 3 of this Circular Letter): the BM&FBOVESPA Clearinghouse will register, clear and settle trades, pursuant to the prevailing rules, except for the settlement of obligations for transactions in agricultural commodity derivatives, which will take place on the business day immediately subsequent to that in New York City and which is simultaneously a business day on the Brasília marketplace; the Foreign Exchange Clearinghouse will only execute trade registration pursuant to the prevailing rules, with the clearing and settlement of foreign exchange transactions taking place on the business day immediately subsequent to that in New York City and which is simultaneously a business day on the Brasília marketplace Foreign Exchange Clearinghouse Public Holidays in São Paulo 4

5 On public holidays in São Paulo (table 2 of this Circular Letter), there will be contracting, clearing, handling of collateral and settlement through the Foreign Exchange Clearinghouse December 29, 2017 (working day within banking institutions) On this date (Friday), there will not be clearing, the handling of collateral or the settlement of transactions through the Foreign Exchange Clearinghouse, as described below: Table 5 Foreign Exchange Clearinghouse Dates Observations Dec. 27, 2017 (Wednesday) T+2 The Foreign Exchange Clearinghouse will Dec. 28, 2017 (Thursday) not accept trades for settlement on: T+1 Dec. 29, 2017 (Friday) T Securities Clearinghouse Public Holidays in São Paulo On public holidays in São Paulo (table 2 of this Circular Letter) there will be clearing, handling of collateral and settlement through the Securities Clearinghouse. 8. General provisions The 2017 calendar may undergo changes over the year. Any changes will be immediately communicated to the participants. Further information may be obtained from the Operations Department by telephone at (+55 11) /4304. Edemir Pinto Chief Executive Officer Cícero Augusto Vieira Neto Chief Operating Officer 5