B3 S A Brasil Bolsa Balcão : 4/18/23 057-2023-PRE-Circular Letter Change to the Additional Benefit for the Corn Futures (CCM) and FOB Santos Soybeans Futures (SOY) Commodities Market Maker Program

April 18, 2023 057/2023-PRE

CIRCULAR LETTER

Listed B3 Participants

Re.: Change to the Additional Benefit for the Corn Futures (CCM) and FOB

Santos Soybeans Futures (SOY) Commodities Market Maker Program

We hereby inform you of the update to the additional benefit for the Corn (CCM) market maker and FOB Santos Soybeans (SOY) market maker in the Commodity Futures Market Maker Program, until now established respectively in Annexes II and III of Circular Letter 017/2023-PRE, dated February 7, 2023.

In addition to the current guidelines for the Selection and Accreditation Procedures in the Commodity Futures Market Maker Program, the Annexes hereto contain these abovementioned changes.

This Circular Letter revokes and substitutes Circular Letter 017/2023-PRE, dated February 7, 2023.

Further information can be obtained from the Electronic Trading Department by telephone on [phone] or by email at [e-mail]

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

This document produces effects as of the date of its publication. Any specified time limits for validity shall apply.

This free translation into English from the original version in Portuguese is available for information purposes only, has not1 been reviewed by B3's legal counsel, and is therefore not legally binding. Any questions arising from this free translation

should be clarified by consulting the original version in Portuguese. In the event of any discrepancy between this free translation and the original version in Portuguese, the original version in Portuguese shall prevail.

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Annex l to CIRCULAR LETTER 057/2023-PRE

Selection and Accreditation Process for Market Makers in Commodity Futures Contracts

In this program, up to four or five market makers will be accredited for each of the futures contracts listed below.

Four openings

• Cash-SettledCorn Futures (CCM)
• Cash Settled Live Cattle Futures (BGI)
• 4/5 Arabic Coffee Futures (ICF)
• Cash Settled Hydrous Ethanol Futures (ETH)
• Cash-SettledSoybean Futures at the Price of the CME Group Mini Sized Soybean Futures Contract (SJC)

Five openings

• Cash-SettledFOB Santos (Platts) Soybean Futures (SOY)

Selection and accreditation procedure

Institutions that wish to take part in this program must request accreditation by submitting the duly filled in Expression of Interest form containing their personal

This document produces effects as of the date of its publication. Any specified time limits for validity shall apply.

This free translation into English from the original version in Portuguese is available for information purposes only, has not been reviewed by B3's legal counsel, and is therefore not legally binding. Any questions arising from this free translation

should be clarified by consulting the original version in Portuguese. In the event of any discrepancy between this freeI translation and the original version in Portuguese, the original version in Portuguese shall prevail.

INFORMAÇÃO PÚBLICA - PUBLIC INFORMATION

057/2023-PRE

information and designating the assets of interest to [e-mail], within the deadline given in this Circular Letter.

The Expression of Interest form is available at http://www.b3.com.br/en_us/, Products and Services, Trading, Market maker, Programs, Commodities.

If the expressions of interest exceed the number of available openings for each asset, selection will occur through the process described in Annex I to this Circular Letter.

Once defined, B3 will individually announce the institutions that have been selected for the program and the classification of all the institutions that participated in the selection process. The public announcement of all the accredited institutions will occur as of the first day of activity of the program.

The selected institutions must formalize accreditation for the assets in question by signing the Accreditation Instrument prior to the deadline given in this Circular Letter.

Guidance on the procedure for returning the Accreditation Instrument is available in the Procedures Guide for the Accreditation of Market Makers (Procedures Guide), available at http://www.b3.com.br/en_us/, Products and Services, Trading, Market maker, Accreditation.

Institutions that have not yet signed the Agreement of Accreditation for Market Maker Activity with B3 must follow the procedures outlined in chapters 4, 5 and 6 of the Procedures Guide.

This document produces effects as of the date of its publication. Any specified time limits for validity shall apply.

This free translation into English from the original version in Portuguese is available for information purposes only, has notII been reviewed by B3's legal counsel, and is therefore not legally binding. Any questions arising from this free translation

should be clarified by consulting the original version in Portuguese. In the event of any discrepancy between this free translation and the original version in Portuguese, the original version in Portuguese shall prevail.

INFORMAÇÃO PÚBLICA - PUBLIC INFORMATION

057/2023-PRE

A specific Accreditation Instrument for Market Makers in Commodity Futures Contracts is available at http://www.b3.com.br/en_us/, Products and Services, Trading, Market maker, Programs, Commodities, Instrument of Accreditation.

Timetables

Filing of	Announcement	Filing of	Registration	Start of	End of
Expression of	of selected	Accreditation	of accounts	activity	agreement
Interest	market makers	Instrument
		and
		registration of
		accounts
By Feb. 14,	By Feb. 17, 2023	By Feb. 24,	By Mar. 8,	Mar. 9,	Mar. 8, 2024
	2023
2023		2023	2023

B3 may, at its sole discretion, assess any market maker applications submitted after these deadlines, provided the delay is duly justified.

Activity parameters

Market makers accredited for this program must enter bids and asks in accordance with the Commodities Market Makers Parameters defined at http://www.b3.com.br/en_us/, Products and Services, Trading, Market maker, Programs, Commodities, Program Rules.

Market makers are required to register bids and asks until the fifth business day before expiration of the first contract month available for trading. After this, market makers must trade in the following contract month.

The activity parameters may be changed during the course of the program with the prior consent of the market makers accredited for the program. B3 will formally advise market makers of any proposals to change the activity

This document produces effects as of the date of its publication. Any specified time limits for validity shall apply.

This free translation into English from the original version in Portuguese is available for information purposes only, has notIII been reviewed by B3's legal counsel, and is therefore not legally binding. Any questions arising from this free translation

should be clarified by consulting the original version in Portuguese. In the event of any discrepancy between this free translation and the original version in Portuguese, the original version in Portuguese shall prevail.

INFORMAÇÃO PÚBLICA - PUBLIC INFORMATION

057/2023-PRE

parameters. They will have seven business days to respond in writing, and the lack of a timely reply will be taken as consent to the proposed change.

The prior consent of market makers will not be necessary if the parameters are changed owing to atypical market situations that incur a change in trading patterns or to adjustments required to avoid the creation of artificial demand, supply or pricing conditions.

For purposes of calculating the trading volume of participants, only those transactions will be considered that comply with the rules and procedures established for B3's futures market, with cancelled transactions and/or those that do not meet the necessary requirements for their execution being disregarded.

Test period

The market makers shall enjoy the following benefits, without complying with the activity parameters, for a period of up to ten business days prior to the start of their mandatory activity, so that they can perform connectivity, session and order routing tests, as well as the necessary technological configurations. After the test period, B3 will monitor the market makers' activity. The market makers that require this period must inform B3 at [e-mail] the activity accounts at least eleven business days prior to the start of the program.

Maximum number of parameter breaches

Any market maker's accreditation under this program may be cancelled in the event of more than twelve unjustified breaches of the activity parameters and/or of the obligations set forth in this Circular Letter and in the Market Maker Agreement (Agreement of Accreditation for Market Maker Activity), or if the

This document produces effects as of the date of its publication. Any specified time limits for validity shall apply.

This free translation into English from the original version in Portuguese is available for information purposes only, has notIV been reviewed by B3's legal counsel, and is therefore not legally binding. Any questions arising from this free translation

should be clarified by consulting the original version in Portuguese. In the event of any discrepancy between this free translation and the original version in Portuguese, the original version in Portuguese shall prevail.

INFORMAÇÃO PÚBLICA - PUBLIC INFORMATION