Actuarial Opinion Report

Mr. President,

We hereby state the value of the Mathematic Accruals for Benefit Plan 1 and PREVI Futuro Plan with relation to the commitments made by PREVI to its associates and beneficiaries, appraised in conformity with the capitalization financial system for all benefits, to be accounted for on the Institution’s Dec. 31st, 2004 Balance Sheet. We also state herewith the evolution of Capec – Banco do Brasil’s employees savings portfolio, managed by PREVI.

	2. Calculations Methodology and Actuarial Premises

2.1. The Benefits Plan 1 and PREVI Futuro Plan were evaluated according to PREVI’s maintenance databases and under the capitalization financial system. For Benefits Plan 1 the Aggregate Audit Method was used. Benefits Plan 1 ceased to be renewed in Dec. 24, 1997. For the PREVI Futuro Benefits Plan were use the Aggregate Audit (Part I) and Financial Accumulation Methods (Part II). Capec is managed under Office Rulling with yearly budgets.

2.2. The Current Premises considered for the evaluation of the 2004 administration were as follows:

	3. Benefits Plan 1

	NET ASSETS MATHEMATIC PROVISIONS / ACCRUALS Benefits Settled Plan Benefits (-) Sponsors Contributions on Benefits Benefits to Settle Benefits of Current Generation’s Plan (-) Sponsors Contr. on Curr. Generation’s Benefits (-) Other Current Generation’s Contributions (-) MATHEMATIC PROVISIONS TO BE CONSTITUTED (-) Former Administration Risk Variation Insurance Fund Fundo Paridade – BB – Liminar – 13a Vara Fed. Parity Fund – BB – injunction - 13th Fed. Dist. Court Parity Fund - BB Contributors Portion 53.742.860.529,93 43.980.096.090,20 45.323.165.529,34 48.079.254.899,14 2.756.089.369,80 8.657.902.350,05 11.003.903.443,95 764.902.762,81 1.581.098.331,09 10.000.971.789,19 10.000.971.789,19 0,00 4.606.188.423,34 759.821.518,04 132.342.338,44

3.1. Considering the results achieved for Mathematic Provisions and assuming the occurrence of all current premises utilized during the administration, we reckon a regular evolution of Benefits Plan 1 commitments towards associates’ satisfaction.

3.2. In consequence of investments’ assets performance, an accumulated technical surplus of R$9,762,764,439.73 was observed.

3.3. The structure of the result reported on the previous item suffered influence from re-evaluation of assets, as per CGPC Resolution #4, of January 30, 2002, and CVM Instruction #340, of June 29, 2000. In December 2004 was carried on the economic re-evaluation of Litel Participações S.A., a Valepar shareholder, controller of Cia. Vale do Rio Doce, which positively impacted the abovementioned figures in R$3,431,841,593.70

3.4. Must be properly acknowledged the maintenance of values allocated in Dec. 31, 2004 on the accounts listed below, totalizing R$5,498,352,279.82, still pending on court decisions:

a) Parity Fund – BB Sponsor – injunction 13th Federal District Court;

b) Parity Fund - BB Contributors;

c) Parity Fund – Other Contributors.

3.5. The Earnings/ Losses Financial – Actuarial Balance conducted for Benefits Plan 1 reported the following results in Dec. 31, 2004:

3.6. Results obtained according to the previous items are mainly due to two factors, observing the following:

3.6.1. Results obtained through actuarial earnings originated form imminent risk associates.
We observed a significant amount of associates who remained on the Plan even after qualifying for the acquisition of the benefit (particularly the benefit in advance);

3.6.2. Results obtained through capital gain. Rather significant results were reported by Variable Income Investments since the beginning of the 2nd half of the 2004 administration. Internal Return Rate, considering all financial investments, revenues and social security expenses, resulted in the net valuation of Guaranteeing Resources of about 26,76% (1,995% p/month), against approximately 4,22% (0,345% p/ month) necessary for the Plan’s stability;

3.7. We state that, based on studies of PREVI’s actuarial section, the Advanced Amortization Account Value shall correspond to the Mathematic Provision to Constitute (Former Administration) in May 2005, when, complying to article #8 of the PREVI – Sponsor Banco do Brasil S.A. Dec. 24, 1997 deal, the later must adjourn the contribution’s flow (regular and advanced) – for as long as the situation persists – related to the aforementioned contract.

3.8. The annual flow of resources established on the Deal, as explained on the previous item, was reported at R$2,314,398,909.59, on the appraised administration.

3.9. After thoughtful consideration of Item 3.10 of the Dec. 31, 2003 Actuarial Opinion Report, we proposed the adoption of the Mortality Table GAM-83 (MF) for Benefits Plan 1, effective from this administration onwards. The Advisory Council, on Jan. 24, 2005 Agenda 0166, decided that such proposal “should be subjected to actuarial, legal and accounting studies jointly with the sponsor, in view of its implementation on the current administration.”

3.10. Considering the results achieved by Benefits Plan 1 and stated on this Actuarial Opinion Report, we hereby recommend the maintenance of its current Costing Plan.

3.11. We demonstrate below the progression of the Mathematic provisions and Net Assets of Benefits Plan 1 during the last three administrations:

	2002	2003	2004
Net Assets
Mathematic Provisions
Benefits settled
Benefits to Settle

	4. PREVI Futuro Benefits Plan

	NET ASSETS Part I – Risk Benefits Part II – Programmed Benefits MATHEMATIC PROVISIONS Benefits Settled (Parts I and II) Plan Benefits Benefits to Settle (Parts I and II) Benefits of Current Generation’s Plan (-) Sponsors Contributions on Current Generation’s Benefits (-) Other Current Generation’s Contributions 260.188.719,50 32.243.671,04 227.945.048,46 260.188.643,70 2.643.949,25 2.643.949,25 257.544.694,45 358.085.688,75 0,00 100.540.994,30

4.1. PREVI Futuro Benefits Plan is in balance with regards to Part II, while showing technical surplus of R$75.80 regarding Part I (Risk Benefits).

4.2. After considering item 4.3. of the Dec. 31, 2003 Actuarial Opinion Report, we had proposed the implementation of Mortality Table GAM-83 (MF) for the PREVI Futuro Plan, to be effective on the current administration. The Advisory Council, on Jan. 24, 2005 Agenda 0166, decided that such proposal “should be subjected to actuarial, legal and accounting studies jointly with the sponsor, in view of its implementation on the current administration.”

4.3. Considering the results achieved by PREVI Futuro Benefits Plan and stated on this Actuarial Opinion Report, we hereby recommend the maintenance of its current Costing Plan.

4.4. We point out, however, that concerning costing rate related to Part I (Rick Benefits) there has been a decline from 1,285363% to 1,160513% over total revenue (contributions generated by associates and sponsors).

4.5. We demonstrate below the progression of the Mathematic Provisions and Net Assets of PREVI Futuro Benefits Plan during the last three administrations:

	2002	2003	2004
Net Assets
Mathematic Provisions
Benefits settled
Benefits to Settle

	5. CAPEC – Banco do Brasil Employees Savings Portfolio

5.1. CAPEC reported on the administration evaluated a technical surplus of R$9,359,107.00

5.2. We have recorded the value of R$10,510,088.29 related to the accrual for informed casualties not paid by the portfolio, corresponding to 396 lawsuits.

5.3. The CAPEC Fund accumulated the amount of R$98,542,625.00, already incorporating the administration’s result and the provision for informed and unpaid casualties, as explained on the previous items.

5.4. In consequence of the results reported on the last administrations and of the significant value reached by the Reserve Fund, we recommend as a good prospect a change in the costing and management systems of CAPEC.

5.5. This recommendation intends to adjust the Portfolio to the current biometric profile of associates, maintaining the Office Ruling, and inaugurating the charge of insurance premium over age group, as already mentioned on our Actuarial Opinion Report of April 9, 2001.

Respectfully,