INDEPENDENT AUDITORS OPINION

1. We have examined the Banco do Brasil Employee Pension Fund - PREVI balance sheet as of December 31st, 2006, and the respective income and cash flow statements relative to the same year ended on that date, prepared under the responsibility of its administration. Our responsibility is to express an opinion on these financial statements.

2. Our examination was conducted in accordance with the applicable Brazilian accounting norms and included: (a) the planning of the works, considering the relevance of the entity's balances, the volume of its transactions and its accounting and internal control systems; (b) the verification, on a test basis, of the evidences and records that support the disclosed values and the accounting data; and (c) the evaluation of the most representative accounting practices and estimates adopted by the administration, as well as of the presentation of the financial statements as a whole.

3. In our opinion, the above-mentioned financial statements adequately represent, in all relevant aspects, the financial position of the Banco do Brasil Employee Pension Fund - PREVI on December 31st, 2006, the result of its operations and its financial cash flow relative to the year ended on that date, in accordance with the accounting practices adopted in Brazil.

4. In 2005, the change from Mortality Table GAM-71 to Mortality Table GAM-83 was implemented. With the objective of minimizing the impacts that would immediately occur on the plan's cost and costing structure and in accordance with the legislation in effect, the entity decided to record the effects of said change over a five year period, at the rate of 20% per year, as from December 31st, 2005. The redefinition of the sponsor Banco de Brasil 's actuarial commitment, relative to Benefit Plan 1, resulting from clause nine of the Contract signed on December 24th, 1997, between the sponsor and PREVI, had not occurred in its totality up to December 31st, 2006.

5. The financial statements of the year ended December 31st, 2005, whose values are presented for comparative purposes, were examined by other independent auditors who issued an opinion without reserves, dated February 20th, 2006, referring to the specialist (actuary) work, based on the auditing standards in effect at the time. Additionally, the referred to opinion includes the following emphasized paragraphs: a) actuarial studies were prepared to enable the reduction of the "PREVI Part", with the objective improving the benefits of participants active on December 24th, 1997, when the current Regulation was approved. Its implementation in 2006 awaited the completion of the legal and judicial proceedings, with the absorption of the actuarial impact by the Parity Funds. On May 2nd, 2006, the Agreement between the Bank Employee Unions of Brasília, São Paulo and Rio de Janeiro and Banco do Brasil was signed, with PREVI's consent, for the use of the values allocated in the Parity Funds and for the revision of Benefit Plan 1, with the reduction of the "PREVI Part", used to calculate the Plan's benefits, and the increase of the "Minimum Benefit". b) Effects of change to Mortality Table 83, as mentioned in details in paragraph 4 above.

Rio de Janeiro, February 28th, 2007