ACTUARIAL OPINION

Consolidated Benefit Plan 1
PREVI Futuro Benefit Plan Annuity Portfolio

EXERCISE 2006

1 - OBJECTIVE

1.1 -

This Actuarial Opinion has the objective of informing on the quality of the data base, financial-actuarial situation, obtained profitability, actuarial calculation methodology and premises, state of balance, actuarial profits and losses, costing plan and administrative fund of the benefit plans administrated by PREVI - the Banco do Brasil Employee Pension Fund.

1.2 -

It complies with Resolution CGPC 05 dated January 30th, 2002, Attachment E - Accounting Norms and Procedures, item 19 "e". It further complies with that established in IN SPC 07 dated August 10th, 2005, article 4 of the sole paragraph and article 6.

1.3 -

PREVI administers three benefit plans, all of which are duly registered with the regulating and inspection agency by means of recognition by the CNPB - National Register of Benefit Plans (Cadastro Nacional de Benefit Plans). They are:

Table A

1.4 -

Benefit Plan 1 was extinguished on December 24th, 1997. Benefit Plan PREVI Futuro and the Annuity Portfolio are currently in the phase of new adhesions.

2 - DATABASES - REGISTERS

2.1 -

PREVI has its own registers of participants (active, assisted retirees and assisted pensioners) integrated with its other information systems.

2.2 -

The sponsor supply regular inputs for the maintenance of the participants financial and social registers. The data is rigorously treated and submitted to consistency and reliability filters.

2.3 -

Benefit Plan 1 the statistics relative to the actuarial evaluation of the plan present the following numbers:

Table B

2.4 -

PREVI Futuro Benefit Plan: the statistics relative to the evaluation of the plan present the following numbers:

Table C

* 445 recently admitted active participants, without an actuarial base, were not evaluated. Table C

2.5 -

Annuity Portfolio - CAPEC the data base used to calculate the CAPEC premiums is consistent, composed of 153,196 participants distributed among the guaranteed annuities (see Table J). 54 registrations were rejected during the evaluation:

Table D

3 - CALCULATION METHODOLOGY AND ACTUARIAL PREMISSES

3.1 -

Benefit Plan 1- defined benefit plan evaluated under the capitalization regimen for all regular benefits. In accordance with item 5.1 of the CGPC Resolution 18 dated 03.28.2006, the financial regimen is that of capitalization and the actuarial method employed is the aggregate one. .

3.1.1 -

The adopted actuarial premises are the following:

Table E

3.2 -

PREVI Futuro Benefit Plan - in consequence of CGPC Resolution 16, dated 11.22.2005 and of Normative Instruction SPC 9 dated 01.17.2006, the plan is defined as being of the Variable Contribution type. All the benefits are evaluated under the capitalization regimen, being that for Part 1 (relative to the risk benefits) the aggregate actuarial method is used and for Part II (relative to the programmed benefits) the financial accumulation in individual accounts is used.

3.2.1 -

The adopted actuarial premises were the following:

Table F

3.3 -

Annuity Portfolio - CAPEC: - ccalculated using the usual method for annually renewable temporary (one year) life insurance policies, with costing revision. The plans are administrated actuarially under the simple partition regimen without patronal contributions.

3.3.1 -

The actuarial premises for the calculation of commitments relative to the Annuity Portfolio were the following:

Table G

4 - FINANCIAL-ACTUARIAL SITUATION

4.1 -

Benefit Plan 1:the actuarial evaluation of the commitments taken on by the plan on 12.31.2006 and the plan's Net Assets, present the following results:

Table H - Values in Reais

4.1.1 -

The results determined for the Mathematical Provisions and the evolution expected for the commitments taken on by the plan in relation to its participants demonstrate that the actuarial premises were adequately defined during the period under analysis.

4.1.2 -

Due to the performance of the investment assets and to the normal evolution of the pension liabilities, an accumulated technical surplus was verified totaling R$ 34,806,386,436.84 (thirty four million, eight hundred and six million, three hundred and eighty six thousand, four hundred and thirty six reais and eighty four cents).

4.1.3 -

We illustrate below the evolution of the Mathematical Provisions and of the Net Assets of Benefit Plan 1 for the last three fiscal years:

4.2 -

PREVI Futuro Benefit Plan:the actuarial evaluation of the pension commitments taken on by the plan on 12.31.2006, as well as the guarantee resources, presented the following results:

Table I - Values in Reais

4.2.1 -

The results verified for the Mathematical Provisions and the expected evolution for the commitments taken on by the plan in relation to its participants demonstrate that the actuarial premises were adequately defined during the period under analysis.

4.2.2 -

The increase in commitments relative to Benefits to be Conceded, particularly in Part II (programmed benefits) in relation to the previous year, was due to the adhesions that occurred during this year.

4.2.3 -

We recommend the use of the amounts allocated in the Risk Management and Risk Oscillation Coverage funds for the realization of operational adjustments to the plan, as indicated in item 10.2.2 of this Actuarial Opinion.

4.2.4 -

We illustrate below the evolution of the Mathematical Provisions and of the Net Assets for the last three fiscal years:

4.3 -

Annuity Portfolio - CAPEC: the evaluation of the pension commitments taken on by the Portfolio for effect as of the year of 2006 presented the following results:

Table J - Values in Reais

4.3.1 -

The flow of contributions, claims paid and profits from investments relative to the Portfolio presented the following results:

Table K - Values in Reais

4.3.2 -

CAPEC presented during the fiscal year a technical surplus totaling R$ 21,192,345.23 (twenty one million, one hundred and ninety two thousand, three hundred and forty five reais and twenty three cents). Upon comparing the amounts of Contribution Income with Annuity Expenses, the result decreases to R$ 2.182.760,49 (two million, one hundred and eighty two thousand, seven hundred and sixty reais and forty nine cents), indicating the possibility of reviewing the Costing Plan downwards.

4.3.3 -

We recorded the amount of R$ 17,552,868.51 (Seventeen million, five hundred and fifty two thousand, eight hundred and sixty eight reais and fifty one cents) relative to the provision for claims filed and not yet paid by the Portfolio, corresponding to 319 processes in course of settlement.

4.3.4 -

The CAPEC Fund accumulated, on 12.31.2006, the amount of R$ 134,083,367.03 (one hundred and thirty four million, eighty three thousand, three hundred and sixty seven reais and three cents), already considering (exclusive) the result of the fiscal year and the provision for claims filed and not yet paid, as indicated in the previous items.

4.3.5 -

We illustrate below the evolution of the Incomes and Expenses with annuities and the value of the CAPEC Fund for the last three fiscal years:

5 - ACHIEVED PROFITABILITY

5.1 -

Benefit Plan 1: the profitability of the plan, considering the incomes from contributions, payment of pension benefits and the capital gains, reached, on 12.31.2006, the percentage of 35.01% (2.53% per month), with the following breakdown:

Table L - Values in Reais

5.1.1 -

The net financial income, during the fiscal year, in the amount of R$ 26,836,649,002.39 (twenty six billion, eight hundred and thirty six million, six hundred and forty nine thousand, and two reais and thirty nine cents), presented the performance shown in the following graph:

5.1.2 -

The plan's Actuarial Goal for the fiscal year presented the following result:

Table M

5.2 -

PREVI Futuro Benefit Plan:the plan's profitability, considering the incomes from contributions, payment of pension benefits and the capital gains, reached, on 12.31.2006, the percentage of 17.93 % (1.38% per month), with the following breakdown:

Table N - Values in Reais

5.2.1 -

The calculated profitability includes the surplus resulting from the part not appropriated by the quotas and recorded in funds. The net financial income (incomes from contributions, expenses with benefits and capital gains) obtained during the fiscal year, in the amount of R$ 35,478,493.90 (thirty five million, four hundred and seventy eight thousand, four hundred and ninety three reais and ninety cents), had the following performance:

5.3 -

Annuity Portfolio - CAPEC:the Portfolio's profitability, considering the CAPEC Fund, the payments of annuities, the income from contributions and the capital gains, on 12.31.2006 reached the percentage of 15.08% (1.18% per month), with the following breakdown:

5.3.1 -

The net Result for the year, in the amount of R$ 21,192,345.23 (twenty one million, one hundred and ninety two thousand, three hundred and forty five reais and twenty three cents), presented the following performance:

6 - STATE OF BALANCE

6.1 -

Benefit Plan 1:the results presented by the plan at the end of the year of 2006, corroborated by the positive surplus regularity of the previous years, indicate the recognition of its actuarial state of balance, observing what we manifested in item 7.1.1, relative to the Costing Plan.

6.1.1 -

Of special note as a component of the expressive volatility of the results of the Plan is the allocation of the investment assets in the Variable Income segment, which reached, at the end of the year 64.13% - RV/AI 1 - enabling the passive compliance of CMN Resolution 3.121, dated 09.25.2003, which established 50% (in relation to the total investments) as the limit for investment in this segment.

6.1.2 -

However, the effectiveness of the PREVI investment Compliance Plan relative to Benefit Plan 1, still under execution, should be noted.

6.2 -

PREVI Futuro Benefit Plan:the plan presented stable actuarial and financial evolution results, indicating the recognition of its state of balance in Parts I (risk) and II (programmed).

6.3 -

Annuity Portfolio: The Portfolio presented a surplus result in its financial flow (pension incomes and expenses). The modification that occurred in the last fiscal year, with the change in the form of collection of the premiums, returned the technical balance to the Portfolio.

7 - COSTING PLANS

7.1 -

BENEFIT Plan 1:the plan, by its very nature - defined benefit, in extinction and under the method of aggregate financing - must, permanently, flexibilize the costing in direction of the actuarial balance.

7.1.1 -

Deficits and surpluses in the plan require the review of the Costing Plan2 in order to guarantee, in a fluid manner, the future and in maintenance benefits and the stocks of capitals necessary to the coverage of the Mathematical Provision.

7.1.2 -

As covered in item 6.1.1, the volatility of the results may lead the actuarial management to not choose the same volatility in costing, vis a vis the improper consequences relative to the participants' net salary gains , which will tend to loose uniformity.

7.1.3 -

The result produced by the plan during the year - third consecutive year with a technical surplus, with the generation of a Special Reserve during the last two years -, should require the revision of the costing format.

7.1.4 -

Considering what we have presented, we recommend the suspension of the contributions to Benefit Plan 1, as from a fund to be constituted based on the annual budget relative to the contributions of participants and sponsors, performing the annual reconstitution of the allocated amount, without repercussion on the Costing Plan.

7.1.5 -

We further point out that the current value of the net future contributions (participants and sponsors) is calculated at R$ 6,220,923,367.42 (six billion, two hundred and twenty million, nine hundred and twenty three thousand, three hundred and sixty seven reais and forty two cents).

7.2 -

PREVI Futuro Benefit Plan: the plan has a global costing established in its regulations, which can not exceed 7% of the total participation payroll of the employees enrolled in the plan. We evaluate as satisfactory the maintenance of the current Costing Plan, and at the same time point out the permanent need to review the risk rate relative to Part I (risk benefits) for the maintenance of balance. We request that, for this topic that established in items 10.2.1.and 10.2.2. Of this Actuarial Opinion be considered.

7.3 -

Annuity Portfolio - CAPEC: we recommend the review of the Costing Plan, in accordance with the studies presented by the actuarial area, which observed the flow of new adhesions, cancellations, profile of the Portfolio's population and the amount reached by the CAPEC Fund.

8 - FINANCIAL-ACTUARIAL PROFITS AND LOSSES

8.1 -

The balance sheet of Financial-Actuarial Profits and Losses prepared base don the comparison between the values realized and expected for Benefit Plan 1, presented the following results on 12.31.2006:

Table P - (Balance Sheet Summary)- Values in Reais

8.2 -

The results obtained according to the previous item are due mainly to three factors, with the following observations:

a) Pension Incomes and Expenses:

the contributions generated an actuarial profit of R$ 2.67 million and the expenses generated an actuarial loss of 366.4 million;

b) Income for Imminent Risks:

we observed an expressive number of participants who, even after complying with the requirements for acquisition of the programmed benefit (particularly the anticipated benefit), remained in the plan as active participants. This account generated an actuarial profit of 344.4 million.

c) Capital gains:

the investment assets exceeded in R$ 22.46 billion the actuarial needs for the plan's balance.

9 - ADMINISTRATIVE FUND

9.1 -

PREVI constituted an aggregate Administrative Fund for all the plans under its responsibility. On 12.31.2006, the following values were recorded:

Table Q - Values in Reais

10 - ADDITIONAL CONSIDERATIONS

10.1 -

Benefit Plan 1

10.1.1 -

PREVI Part - PP: during the year of 2006. After studies developed by PREVI actuarial area, the value of the PREVI Part - PP was reduced to R$ 1,468.21, as of 12.1.2005, with the following distribution of actuarial costs:

a) R$ 1,244,034,181.66:

cost relative to the actualization of benefits already granted (retirements initiated as from 12.12.1997 and resulting pensions - granted and to be granted - of this same group);

b) R$ 2,717,890,450.22:

: cost relative to participants in benefits to be granted - retirements and pensions.

10.1.2 -

We point out that the use of the Parity Fund did not produce conjunctural or structural misbalance to the Plan.

10.1.3 -

Contribution Reduction: as of April of 2005, the Costing Plan was reduced by 40%, raising the mathematical provisions in R$ 3,862,859,824.67(three billion, eight hundred and sixty two million, eight hundred and fifty nine thousand, eight hundred and twenty four reais and sixty seven cents).

10.1.4 -

Reduction of the Actuarial Interest Rate: the calculation of the mathematical provisions on 12.31.2006 contemplated the reduction of the Actuarial Interest rate from 6.00% per annum to 5.75% per annum, resulting in the growth of the plan's commitment in relation to its associates of R$ 1,572,610,323.48 (One billion, five hundred and seventy two million, six hundred and ten thousand, three hundred and twenty three reais and forty eight cents).

10.1.5 -

Contingency Reserve: the closing of the 2006 balance sheet presented for the fourth consecutive year a surplus in Benefit Plan 1. According to art. 20 of Complementary Law 109, dated 05.29.2001, a Contingency Reserve was constituted in the amount of R$ 14,264,322,729.30 (fourteen billion, two hundred and sixty four million, three hundred and twenty two thousand, seven hundred and twenty nine reais and thirty cents), available for facing risk events that are undetermined at the present moment.

10.1.6 -

Special Reserve: Benefit Plan 1 presented, still, a value in excess of the Contingency Reserve during this year. According to §1 of art. 20 of the above mentioned Complementary Law, a Special reserve was constituted in the amount of R$ 20,542,063,707.54 (twenty billion, five hundred and forty two million, sixty three thousand, seven hundred and seven reais and fifty four cents).

10.1.7 -

Mortality Table: we maintained the transition process between Tables GAM-17 (M/F) Modified - source - and GAM-83 (M/F) Pure - destination - with a 40 % aggravation of the costing (increase in longevity) - 2nd year.

10.2 -

PREVI Futuro Benefit Plan

10.2.1 -

After adjustments to processes and systems, the following funds were created in October 2005 and the appropriate amounts were allocated to them:

a) Protected Quota Fund:

R$ 8,405,233.54 (eight million, four hundred and five thousand, two hundred and thirty three reais and fifty four cents) relative to the sum of the balance of the accounts (personal and patronal) of Part II (programmed), of the participants that were classified as 'retired" - Part I, "Terminated", "Creditor" and "Pension";

b) Participant Reentry Risk Coverage Fund:

R$ 5,245,213.96 (five million, two hundred and forty five thousand, two hundred and thirteen reais and ninety six cents) were allocated, relative to amounts necessary to recompose the mathematical provisions of participants that may return to the plan and that have said right recognized by the Plan's regulations.

c) Risk Management Fund:

R$ 13,362,489.54 (thirteen million, three hundred and sixty two thousand, four hundred and eighty nine reais and fifty four cents were allocated, to face Plan commitment oscillations and operational adjustments.

10.2.2 -

Risk Oscillation Coverage Fund - the amount of R$ 8.465,556.86 (eight million, four hundred and sixty five thousand, five hundred and fifty six reais and eighty six cents was maintained, based on item 10.2.1.of the Actuarial Opinion dated 02.01.2006.

Rio de Janeiro, February 26th, 2007