Assets 2004 2003

Available / Disposable
Realizable
Social Security Program
Investments Program - Fixed Income 		17
114.676
5
114.671 		-
101.290
95
101.195
Total ASSETS 114.693 101.290

Liabilities 2004 2003

Operational Demanded
16.151 12.107
Social Security Program
Capec to be settled
16.151
12.107
Reserves and Funds 98.542 89.183
Social Security Program
CAPEC Fund
98.542
89.183
Total LIABILITIES 114.693 101.290



The CAPEC is operated under a simple guideline, therefore, it does not report reserves. The CAPEC resources are allocated on the Exclusive Investment Fund BB Capec, and, at the end of 2004, they had reached R$114,67 million.

Capec settlements in the Year

Stocks Payments 2004
Casualty Causes Share
Special Share
Disability Share 		1.921
509
222
Total 2.652