Explanatory notes
09. Variable Income
b) Investment Funds
The shares of Litel Participações are registere in the exclusive BB Active Portfolio Fund and in PREVI's own portfolio. Litel is a specific purpose company (SPE), which participates in Valepar, the controlling company of Vale. Since Litel has no shares traded in the market (although indirectly representing Vale shares) since 2002 such participation has been evaluated by the economic value criterion.
In 2007, the revaluation of PREVI's participation in Litel raised its value to R$30,668,312 thousand. Part of that amount, according to item 8 of these Notes, is allocated to Fundo BB Renda Fixa IV (Fixed Income BB Fund IV) (R$2,674,640 thousand).
The shares of 521 Participações (a specific purpose company) are allocated to Fundo de Investimento Exclusivo Carteira Livre I (which participates of companies of the electricity sector, such as CPFL, Neoenergia and Itapebi, that amount to 93.1% of that Fund's assets)
During 2007, were also recorded by their economic value the companies 521 Participações (R$7,654,082 thousand) and Neoenergia (R$3,220,774 thousand). Part of 521 Participações' value is allocated to the BB Fixed Income Exclusive Fund IV (R$1,201,716 thousand); and part of Neoenergia's value is recorded in PREVI's own portfolio (R$2,578,983 thousand).
