STATEMENT OF INVESTMENTS
Statement of Investments | Allocation | Profitability | Costs | Outsourced Management | Desclassification | Investments Plan 1 | Investments PREVI Futuro | Investments Capec
NONCOMPLIANCE AND JUSTIFICATIONS

VII - NONCOMPLIANCE WITH CMN RESOLUTION No. 3121 AND RESPECTIVE JUSTIFICATIONS INVESTMENT LIMITS

Variable Income

The EFPC resources invested in the various portfolios that compose the Variable Income Segment are subordinated to the limit of 50% of the Net Investments, in the case of the other Plans (article 25, item I)

66.78%

Market Shares - Non Classified - in relation to the investments included in the portfolio of market shares, 35% in the case of shares issued by companies other than those included in the other portfolios (article 25, item II, line c)

42.43%

The total investments in shares of the same company, in addition to the total subscription bonus and debentures convertible into shares, cannot exceed 5% of the Net Investments, and this limit may be increased up to 10% in the case of shares representing a percentage equal to or higher than 2% of the IBOVESPA, IBX, IBX-50 or FGV-100 (article 26, item I, line c)

In the case of the Portfolio of Real Estate Funds, the total investments in the same Real Estate Investment Fund cannot exceed 25% of the PL of the Fund (article 35, item II)

BANCO DO BRASIL- the adhesion to the Public Offer of common shares of Banco do Brasil (OPA), on the part of PREVI, accomplished in June 2006, reduced the noncompliance in the assets; however, the sellers executed an agreement to restrict the sale of shares issued by the Company (Lock-Up Agreement), by means of which they committed themselves, during the period of 180 (one hundred and eighty) days counted from the date of publication of the distribution commencement notice, not to sell their shares.

The positive reflexes of the OPA have been observed since the date of the operation, chiefly in relation to the asset liquidity increase, and they shall continue along 2007, since the representation of the participation of the common shares of Banco do Brasil in the Bovespa index increased from 0.94% in the 2nd quarter of 2006 to nearly 1.59% at the beginning of the 1st quarter of 2007.

521 PARTICIPAÇÕES - under study, corporate restructuring of 521 Participações, which shall result in the inclusion of the company

OTHERS - there are no exclusions, according to the Compliance Plan approved by the National Monetary Council on 24/NOV/2004.