BANCO CENTRAL DO BRASIL FOCUS

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1 BANCO CENTRAL DO BRASIL FOCUS July 4, 2000 Top 50 company-sponsored closed pension funds ranked by total assets (Table 1). The pension plans industry, comprising entities offering open and closed retirement plans and disability benefits grew threefold since 1994 to total reported assets of R$132 billion. Portfolio balance progression and asset portfolio allocation of closed pension funds as of March 2000 are presented in Figure 1, and for open plans entities in Tables 2 and 3. Banco Central do Brasil Resolution n. 2720, of April 24, 2000 established directives for asset allocation of company-sponsored closed pension funds according to criteria of safety, yield, solvency and liquidity. Specific ceilings for investments in six segments and 19 portfolios were set. Loans to sponsors are forbidden (Table 3). Full compliance will be required after April 30, Complementary Law Project n. 63/99 in Congress assigns added flexibility to establish entities and pension plans by the federal government, states, municipalities, unions and professional associations, incorporating the concepts of differed benefits and savings portability. Brazil s labor market factsheet and pension coverage in Table 4. Figure 1 Company-Sponsored Closed Pension Funds Evolution of Total Assets and Portfolio Allocation R$ Billion and Share of Total 130 Operations with Sponsors 0.06% Investment Funds (FIF) 34.23% Loans to Participants 1.52% 100 Bonds 2.38% 90 Other 2.93% Mortgage Loans 3.16% Time Deposits 3.81% Government Securities 6.30% Stocks 25.85% 50 Real State 8.47% Investment Funds (RV) 11.30% 40 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99

2 Table 1 Top 50 Company-Sponsored Pension Funds Ranked by Asset Portfolio R$ Thousand March 2000

3 Table 2 Open-Membership Pension Funds Ranked by Asset Portfolio R$ Thousands March 2000 Insurance Companies Operating Open Pension Plans Provisions Mar-99 R$ Thousands Provisions Mar-00 BRADESCO PREVIDENCIA E SEGUROS S/A 4,026,070 5,727,300 UNIBANCO AIG S/A - SEGUROS E PREVIDENCIA 854,201 1,067,568 SASSE CIA NACIONAL DE SEGUROS GERAIS 519, ,729 ITAU PREVIDENCIA E SEGUROS S/A 346, ,282 ICATU HARTFORD SEGUROS S/A 196, ,156 SUL AMERICA AETNA SEGS.E PREVIDENCIA S/A 1, ,885 REAL PREVIDENCIA E SEGUROS S/A 93, ,439 VERA CRUZ VIDA E PREVIDENCIA S/A 93, ,574 AGF BRASIL SEGUROS S/A 39,945 93,982 CCF BRASIL SEGUROS S/A 15,352 76,837 SUDAMERIS GENERALI CIA NAC SEG E PREV 43,493 69,145 BOZANO, SIMONSEN SEGURADORA S/A 43,172 53,109 TREVO SEGURADORA S/A 21,860 25,988 PORTO SEGURO VIDA E PREVIDENCIA S/A 5,798 24,396 UNIMED SEGURADORA S/A 10,757 22,424 GENERALI DO BRASIL CIA NACIONAL DE SEGS 16,211 22,226 SEGURADORA AMERICA DO SUL S/A 7,760 16,801 PACTUAL PREVIDENCIA E SEGUROS S/A 11,138 11,875 AGF VIDA E PREVIDENCIA S/A 7,089 6,969 CIGNA SEGURADORA S/A - 4,558 INVESTPREV SEGUROS E PREVIDENCIA S/A 3,403 3,644 SANTA CATARINA SEGUROS E PREVIDENCIA S/A 1,756 2,904 CIA DE SEGUROS GRALHA AZUL 1,368 2,313 BCN SEGURADORA S/A 3,996 1,947 CIA DE SEGUROS PREVIDENCIA DO SUL 945 1,619 MARITIMA SEGUROS 1,137 1,339 MULTIPLIC SEGURADORA S/A SOMA SEGURADORA S/A UAP SEGUROS BRASIL S/A AMIL SEGURADORA S/A 7, HSBC SEGUROS S/A SABEMI SEGURADORA S/A SAOEX S/A SEGURADORA E PREVID.PRIVADA CAIXAGERAL S/A - SEGURADORA VANGUARDA COMPANHIA DE SEGUROS GERAIS MBM SEGURADORA S/A 5 41 EDEL SEGURADORA S/A MARTINELLI SEGURADORA S/A 3 9 Total Insurance Companies 6,375,387 9,455,141

4 Not-for-Profit Entities Operating Open Pension Plans Mar-99 Mar-00 CAPEMI CAIXA DE PECULIOS 130, ,846 ASSOC PROF LIB UNIV BRASIL APLUB 110, ,760 COIFA PECULIOS E PENSOES 19,479 23,552 MBM PREVIDENCIA PRIVADA 19,024 19,965 RSPP PREVIDÊNCIA PRIVADA 11,226 19,036 MONGERAL PREVIDENCIA PRIVADA 13,017 17,866 GBOEX GREMIO BENEFICENTE 6,818 11,059 LUTERPREV - ENT LUTERANA PREV P 4,526 5,773 RECIPROCA ASSISTENCIA 3,883 4,761 PECULIO ABRAHAM LINCOLN AMAL 2,574 4,425 PREVIMIL SOC DE PREV PRIVADA 3,511 3,863 GEPLAN SOC DE PREV PRIVADA 3,329 3,401 CORRFA PREVIDENCIA PRIVADA 3,165 3,306 UNIÃO PREVIDENCIARIA COMETA DO BRASIL 1,460 1,887 SOCIEDADE AUXILIADORA 1,255 1,774 ARC PREVIDENCIA PRIVADA 1,335 1,236 PREVBRAS SOC NAC DE PREV PRIV ASPECIR PREVIDENCIA FAMILIA BANDEIRANTE PREV PRIV PECULIO UNIAO SOC CAXIENSE DE MUTUO SOCORRO UNIPREV UNIAO PREVIDENCIARIA SUCV UNIAO DE PREVIDENCIA ACVAT PREVIDENCIA PRIVADA EMPRESARIAL DE PREV PRIV UPOFA UNIAO PREVIDENCIAL ARCESP PREVIDENCIA PRIVADA EQUATORIAL PREVIDENCIA PRIVADA SABEMI PREVIDENCIA PRIVADA PREVICORP PREVIDENCIA PRIVADA Total Not-for-Profit Entities 338, ,276 For-Profit Entities Operating Open Pension Plans Mar-99 Mar-00 BRASILPREV PREV PRIV S/A 750,092 1,219,270 BAMERCIO S/A PREVIDENCIA PRIVADA 3,100 3,075 Total For-Profit Entities 753,192 1,222,345 Total Open Pension Plans 7,467,372 11,094,762

5 Table 3 Asset Portfolio Allocation Ceilings Resolution n. 2,720 Investment Segment/Portfolio Ceiling Fixed Income Investment 100% Low Risk Instrument 100% Medium/High Risk Instrument 20% Fixed Income Derivatives 5% Equity Investment 60% Stock Market Index 60% Blue Chips (High Liquidity) 60% Arbitrage with Derivatives 10% Secondary Stocks (Average Liquidity) 20% Class C Stocks (Low Liquidity) 2% Stock Issues 2% Stock Certificates (BDR Levels II and III) 10% Real State Investment Development Income Real State Investment Funds Other Special Segment Infrastructure Projects Stocks and Debentures of Corporates under Restructuring Process Emerging Companies Investment Funds Other Bonds Loans and Financing Loans to Participants Real State Financing Risk Management Cross-Border Investment Loans to Sponsors 16% in 2001 progressively declining to 10% in % 10% Admitted hedging operations only Not Admitted Not Admitted Other constraints apply. For more details, please refer to the following address: C=2720&ASS=RESOLUCAO+N

6 Table 4 Brazil s Labor Market Factsheet and Pension Plans Coverage Millions Population Economic Active Population 76.9 Labor Force 69.9 Social Security Enrollment 26.7 Civil Servants (Public Sector Pension Regime) 4.5 Company-Sponsored and Open Pension Plans Enrollment Source Pesquisa Nacional por Amostra de Domicílios PNAD/IBGE A number of civil servants does not participate in the Public Sector Pension Regime Information for unrestricted disclosure. It is not intended to bind Banco Central do Brasil in its monetary or foreign exchange policy actions. Request for Focus Reports through the distribution list at [email protected]