The Brazilian Stock Exchange - BM&FBOVESPA – has presented the final proposals on the Listing Regulation of BM&FBOVESPA’s Special Segments (Novo Mercado and Level 2), to be submitted to the Closed Hearing. During this first stage, that ends on May 31^st, 2017, listed companies will be able to evaluate and clear up doubts about the new proposals on the respective listing rules; the second stage, called voting period, will take place from June 1^st, 2017 to June 23^rd, 2017. The 131 companies listed in BM&FBOVESPA’s Novo Mercado segment and the 19 ones listed in the Level 2 segment will be participating in the voting process of the Closed Hearing.

Vale has announced a restructuring of its controlling structure, which is likely to lead to the Company’s migration to the Novo Mercado segment. The operation comprises the incorporation of the controlling shareholder group into Vale, with an embedded premium of 10%, with the non- mandatory option of preferred shares being converted into common shares in the ratio of 0.9342 common share for one preferred share.

On March 8^th, CODIM (the Guidance Committee for the Disclosure of Information to the Market) published the Statement No. 22 during an event held at the headquarters of APIMEC SP (the Association of Capital Markets Analysts and Investment Professionals). At the event, the rapporteurs Daniela Zolko, representative of AMEC (the Association of Capital Market Investors), and Helio Garcia, representative of IBRI (Brazilian Institute of Investors Relations), presented the Guidance Statement No. 22, which addresses the best practices for the participation of companies in the social media.

On February 23^rd, the Brazilian Securities and Exchange Commission – CVM – published its annual official letter with guidelines for listed companies. The document brings general guidelines on the adoption of the Proxy Card, introduces topics related to the Brazilian Corporate Governance Code – Listed Companies, and addresses the New Auditor’s Report.

The Brazilian Securities and Exchange Commission – CVM – published its decision about Prumo’s tender offer case, addressed in Amec’s President Letter 03/2017, corroborating the points listed by the association, especially the need of having an offer directed to all shareholders and the impossibility of making a direct relation between the withdrawal of the tender offer and an eventual request of a second appraisal report.

The following news was published in the GLOBAL PROXY WATCH, one of the most read and respected newsletters among global institutional investors, duly authorized to be republished herein. The newsletter reflects Amec’s concerns about the super preferred shares and, primarily, about the harmful effects that such exotic shares have on the indexes as they virtually make the purchase by institutional investors mandatory, regardless of their negative governance characteristics. It’s a notable example that shows that the argument that the market must be free to trade and price this type of shares has to be analyzed with strong reservation.