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Opinion of the independent auditors

1. We have examined the balance sheets of PREVI - Banco do Brasil Employee Pension Fund, as they stood on December 31 2008 and 2007, the respective result statements, and the financial flow of the fiscal years ending on those dates, as prepared under the responsibility of its management. Our responsibility is to issue an opinion on these accounting statements.

2. Our examinations were carried out pursuant to the audit rules applicable in Brazil and involved: (a) Planning the work, considering the relevance of the balances, volume of transactions and the internal accounting and control system, (b) the determination, based on tests, of evidence and records that support the announced amounts and accounting information, and (c) the assessment of the most representative accounting practices and estimates adopted by the Insurance Company’s management, in addition to the accounting statement presentation as a whole.

3. In our opinion, the above-mentioned accounting statements appropriately represent, in all relevant aspects, the asset and financial position of PREVI - Banco do Brasil Employee Pension Fund, on December 31 2008 and 2007, the result of its operations and its financial flows for the fiscal years ending on those dates, as per the accounting practices adopted in Brazil.

4. We audited the accounting statements for the year ending on December 31 2007, presented for comparison purposes. The report that was issued on February 19 2008 had an emphasis paragraph regarding the acknowledgement of the effects brought on by the change from the GAM-83 Mortality Table to the AT-83 Mortality Table. A change was made from the GAM-71 Mortality Table to the GAM-83 Mortality Table in 2005. Aiming to minimize the impacts that would occur immediately on the plan’s cost and funding structure, and in line with the legislation in effect, the entity decided to register the effects of the mentioned change in five years, at a rate of 20% per year, as of December 31 2005. In July 2007, PREVI fully implemented the AT-83 Mortality Table, replacing the GAM-83 one, amortized through the second year, as determined by the Office of Supplemental Pension Plans (SPC).

 

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