B3 S A Brasil Bolsa Balcão : 11/17/20148-2020-PRE-Circular LetterFee Policy for Issuers and Public Offerings

November 17, 2020 148/2020-PRE

C I R C U L A R L E T T E R

To: B3's Market Participants - BM&FBOVESPA Segment

Re: Fee Policy for Issuers and Public Offerings

B3 hereby publishes the Fee Policy for Issuers and Public Offerings for the BM&FBOVESPA Segment and the billing and payment procedures applicable to all issuers that are already listed or request listing and whose securities are admitted to trading on the exchange market or organized over-the-counter market, as well as issuers whose securities are subject to the Exclusive Deposit procedure, pursuant to the provisions and conditions set forth below.

As announced in Circular Letter 066/2017-DP (dated October 25, 2017), the fees and procedures applicable to new issues of Debentures, shares in Receivables Investment Funds (FIDCs) and Private Equity Funds (FIPs), Agribusiness Receivables Certificates (CRAs), Mortgage-Backed Securities (CRIs), Commercial Paper, Financial Bills and Agribusiness Credit Rights Certificates (CDCAs) follow the rules for the Cetip UTVM Segment.

This Circular Letter comes into effect on January 1, 2021, replacing and revoking Circular Letter 078/2019-PRE (dated November 5, 2019).

The values of the Issuer Listing Analysis Fee, Annual Fee, Exclusive Deposit Analysis Fee, Exclusive Deposit Permanence Fee, Equity Securities Public Offering Analysis Fee, Equity Securities Distribution Fee, Public Tender Offer (PTO/OPAC)

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Analysis Fee, PTO/OPAC Operating Procedure Execution Fee and Corporate Action Fee will be adjusted for inflation in accordance with the Extended Consumer Price Index (IPCA) for the period from July 2019 to June 2020.

In addition, the following changes have been made, as detailed in Annex I to this Circular Letter:

• Exemption of ETF offerings from the Public Offering Analysis Fee;
• Exemption of Unsponsored Level I BDRs from the Analysis Fee and Annual Fee;
• Removal from the simplified package of the Equity Securities Distribution Fee and minimum value adjustment;
• Change to the number of investors in corporate actions.

Additional information and clarification can be obtained from Issuer Development by emailing [e-mail].

Gilson Finkelsztain	José Ribeiro de Andrade
Chief Executive Officer	Chief Product and Client Officer

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Annex I to Circular Letter 148/2020-PRE

Fee Policy for Issuers and Public Offerings

1. Listing

1.1. Issuer Listing Analysis Fee

The Issuer Listing Analysis Fee is payable by every new issuer of securities when it applies to be listed on B3, for analysis of the information and documents required for listing pursuant to the provisions of the Rulebook on Issuer Listing and Admission to Securities Trading (Rulebook) and the applicable legislation.

The Analysis Fee is defined in accordance with the type of security issued for trading on the markets operated by B3, as shown in the following table.

Type of issuer by security	Issuer Listing Analysis Fee
from Jan. 1, 2021
Equities and other securities that grant the owner the right to
acquire shares as a consequence of their conversion or the	BRL 68,610.40
exercise of rights, except convertible debentures
Sponsored Level I BDRs	BRL 8,071.86
Sponsored Level II or III BDRs	BRL 68,610.40
Unsponsored Level I BDRs	BRL 7,412.36*
Real Estate Investment Funds, Equity Investment Funds, Exchange
Traded Funds (ETFs), Receivables Investment Funds (FIDCs -	BRL 10,359.14
BM&FBOVESPA Segment) and Infrastructure Investment Funds
(FI-Infra)
Listing without designation of the security to be admitted to	BRL 68,610.40
trading
Other securities, by type of security to be admitted to trading	BRL 13,319.54

*Waived until December 31, 2021.

The category "other securities" refers to companies that are the beneficiaries of funds deriving from tax incentives pursuant to the provisions of CVM Instruction 265 (dated July 18, 1997).

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Issuers that request listing but do not simultaneously request that the securities they issue be admitted to trading on the markets operated by B3 are subject to an Analysis Fee for "listing without designation of the security to be admitted to trading".

Documentation must be filed within thirty (30) days of the due date for payment of the Analysis Fee. Otherwise the Analysis Fee must be paid again.

It is important to note that the Analysis Fee will not be refunded if the issuer fails to obtain or desists from obtaining the listing, and also to bear in mind that the fee cannot be used for a new listing request.

The following are exempted from payment of the Analysis Fee:

1. Municipal authorities that request admission to trading for Additional Construction Potential Certificates (CEPACs);
2. Issuers that are listed on an organized over-the-counter market and migrate to the exchange market, or vice-versa;
3. Issuers that request listing and simultaneously apply for admission to an access segment operated by B3;
4. Depository institutions with an Unsponsored Level I BDR program substituted owing to cancellation of trading in the security underlying the originally listed Unsponsored Level I BDR in the country of origin.

1.1.1. Form of payment

The Issuer Listing Analysis Fee must be paid by bank payment slip (boleto bancário), to be requested from B3 by completing and submitting the form

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