Opinions
Actuarial Opinion
10. Considerações adicionais
10.1 : Benefit Plan 1:
10.1.1: Suspension of Contributions: In July 2007, all staff and sponsors' contributions relative to 2007 were suspended, having been paid back all contributions collected since 01.01.2007. There was no alteration in the Costing Plan, since the amount relative to contributions was accounted for in the Contribution Fund, created with funds from the Special Reserve as calculated in 2006. The Contribution Fund, established as per a requirement of Budgetary Forecast, showed a balance of R$3,490,664.38 (Three million, four hundred and ninety thousand, six hundred and sixty four reais and thirty eight centavos).
10.1.2: We point out that the suspension of staff and sponsors' contributions along 2007, did not produce any conjunctural or structural imbalance to this plan.
10.1.3 : Creation of Special Benefits: On December 19, 2997, the Department of Complementary Pension Plans approved changes in its Regulations which established the creation of special benefits. With funds originated from the Special Reserve, were created the Remuneration and Proportionality Funds, established based on actuarial calculations and the Fixed Income Fund, based on financial calculation.
10.1.4 : The Remuneration and Proportionality Funds were actuarially determined for the payment of the Remuneration and Proportionality Special Benefits, respectively. Such benefits do not represent an increase in the amount of the benefits established in that Plan's General Section and were not incorporated to it. Those Special Benefits will be paid as long as the respective Funds show the existence of credit balances, and will be due starting January 2007, in accordance with the conditions established in that Plan's regulations. All participants who retired after December 24, 1997, will be entitled to receive them.
10.1.5 : The Fixed Income Fund was reckoned financially for the payment of the Fixed Income Special Benefit. This benefit, in force after January 2007 in accordance with the conditions established in this Plan's Regulations, does not represent an increase in the value of the benefits determined in the plan's General Section and was not incorporated to it.
10.1.6 : We point out that the creation of the Proportionality, Remuneration and Fixed Income Funds did not result in conjunctural or structural imbalance, since their amounts do no affect the this Plan's Mathematical reserves.
10.1.7 : Establishment of the Mortality Table AT-83: The Mortality Table AT-83 was established in July 2007, in accordance to Resolution CGPC 18, of 03.28. 2006. The cost of such implementation on the Mathematical Funds amounted to R$1,278.060,524.68 (one billion, two hundred and seventy eight million, sixty thousand, five hundred and twenty four reais and sixty eight centavos).
10. 1. 8 :Concerning the Mathematical Provisions to Constitute, referring to Banco do Brazil's commitment towards the participants of Group 67, the implementation cost of the Table amounted to R$1,560,141,013.24 (one billion, five hundred and sixty million, one hundred and forty one thousand, thirteen reais and twenty four centavos).
10.1.9: Contingency reserve: The closing of 2007's balance sheet presented, for the fifth consecutive year, a surplus in Benefit Plan 1. In accordance to article 20 of Complementary Law n° 19, of May 29, 2001, was constituted a Contingency Reserve in the amount of R$15,520,400,602.08 (fifteen billion, five hundred and twenty million, four hundred thousand, six hundred and two reais and eight centavos) available to meet risk events not predictable at the present time.
10.1.10: Special Reserve: Benefit Plan 1 presented also a balance which exceeded the Contingency Reserve in this fiscal year. According to paragraph 1 of art. 20 of the above mentioned Complementary Law, a Special Reserve was established in the amount of 37,417,439.788.04 (thirty seven billion, four hundred and seventeen million, four hundred and thirty nine thousand, seven hundred and eighty eight reais and four centavos).
10.2: Benefit Plan PREVI Futuro:
10.2.1: Establishment of Mortality Table AT-83: The Mortality Table AT-83 was established in October 2007, in accordance to Resolution CGPC 18, of 03.28.2006. the establishment of that Table resulted in a reduction in the Mathematical Funds in the amount of R$41,143,527.82 (forty one million, one hundred and forty three thousand, five hundred and twenty seven reais and eighty two centavos), As of 10.31.2007.
10.2.2: Protected Quota Fund: in the amount of R$14,383,644.31 (fourteen million, three hundred and eighty three thousand, six hundred and forty four reais and thirty one centavos) relative to the balance of accounts (staff and sponsors') of Part II (programmed), of the participants who were classified as "Retired - Part 1", "Terminated", "Creditor" and "Pension - Part 1".
10.2.3: Participant's Readmission Risk Coverage Fund: in the amount of R$8,002,753.94 (eight million, two thousand, seven hundred and fifty three reais and ninety four centavos) relative to the amount necessary to recompose the mathematical reserves of participants who may return to this Plan and who have such right acknowledged according to Plan's Regulations.
10.2.4: Risk Management Fund: in the amount of R$15,450,906.72 (fifteen million, four hundred and fifty thousand, nine hundred and six reais and seventy two centavos), as of 12.31.2007, allocated to face that Plan's commitment oscillations and operational adjustments.
10.2.5: Risk Oscillation Coverage Fund: its amount was increased to R$39,978,333.91 (thirty nine million, nine hundred and seventy eight thousand, Three hundred and thirty three reais and ninety one centavos), due to the allocation of the surplus generated by the establishment of Mortality Table AT-83. The objective of this Fund is to reduce impacts caused by Plan modifications, as mentioned in item 7.2.2.
Rio de Janeiro, February 14, 2008.
Cleide Barbosa da Rocha
Actuary – MIBA 732
Dilcrécio Akira Miki
Actuary – MIBA 1.959