To the associates, sponsors, Councils’ and Board of Director’s Members of Caixa de Previdência dos Funcionários do Banco do Brasil – PREVI

1. We have examined the balance sheets of PREVI, reported on December 31 of 2004 and 2003, and the corresponding Financial Flow and Results Statements of the administrations adjourned on those dates, elaborated under your management’s responsibility. Our responsibility is to convey an opinion about the referred accounting statements.

2. Our evaluations were conducted in accordance to the applicable Brazilian Audit Norms and encompassed: (a) the initial mapping of our actions, considering the relevance of balances, the volume of transactions and the internal control and accounting systems of the Institution; (b) the realization, based on examination, of the evidence and records that support the disclosed values and accounting information; (c) the obtaining of an internal actuarial opinion regarding the amount of provisions and constituted funds for the establishing of the benefit plans, dated Feb. 2, 2005; and (d) the evaluation of the most significant methods and accounting estimates adopted by the Institution’s Management, as well as of the accounting statements as a whole.

3. In our view, and based on the actuarial opinion report mentioned on the previous item, (c), the referred accounting statements represent, properly, in all relevant aspects, the assets and overall financial position of PREVI, on December 31, 2004 and 2003, and the results of its operations and financial flow corresponding to the administrations adjourned on those dates, according to Brazilian accounting regulations and norms established by the SPC.

Rio de Janeiro, February 21, 2005.

Fernando Motta & Associados
Independent Auditors
CRCMG - 757/0 - E - RJ

Luiz Alberto Rodrigues Mourão
Accountant – CRCRJ 046.114/0