Circular Letter No. 2.812

CIRCULAR LETTER No. 002812 ------------------------ Clarifies on the exclusion of the equity interests that it specifies for the purpose of verifying compliance with the limit of investment in permanent assets. We clarify that, for the purpose of verifying compliance with the limit of investment in permanent assets - addressed in art. 3 of Resolution No. 2.283, of 05.06.96, as amended by Resolution No. 2.481, of 26.03.98 -, there are not counted, in addition to the permanent equity interests referred to in item II of that article, those acquired indirectly within the scope of the National Privatization Program (PND) and of other privatization processes of the Union that have been the subject of specific legislation, provided that they are effected through companies that engage in making investments represented by interests in the capital of other companies, also observing that: I - the amount of each equity interest must be determined taking into account the percentages of interest in the capital of the companies involved; II - the 3 (three) year term established in art. 3, 1, item II, of Resolution No. 2.283/96, as amended by Resolution No. 2.481/98, applies to the aforementioned interests, for the purposes of their computation when verifying compliance with that limit. Brasilia, 26 August 1998. DEPARTMENT OF NORMS OF THE FINANCIAL SYSTEM Antonio Francisco Bernardes de Assis Chief, acting