Disclosure of relevant information

On January 3 the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários - CVM) issued Instruction CVM No. 358 on the disclosure and use of information regarding relevant acts or facts relating to publicly-held companies. It establishes the disclosure requirements for majority shareholders, officers, members of the board of directors, members of the audit committee and any other corporate body during securities trading and the acquisition of significant lots of shares in publicly-held companies; sets limits on and attaches conditions to the trading of shares in publicly-held companies in relation to relevant facts undisclosed to the market; and revokes several other CVM Instructions.