Hedge Fund Regulation in Brazil - Part 1(b)

6.4. Quota Subscription or Acquisition

All quotaholders when enter in the fund shall attest, before an own written term that he has: (a) received the regulations and, if it is the case, the brochure; (b) acknowledged the risk involved and the investment policy; and (c) acknowledged the possibility of occurrence of negative net equity, if that is the case, and in this case of his responsibilities for a further input of additional resources. The administrator shall make available to CVM the term that contains such declarations, duly signed by the investor, or registered in the electronic system. The regulation and, if it is the case, the brochure shall be delivered by the administrator in its current and updated versions.