INSTRUCTION CVM NO. 138, OF JANUARY 16, 1991.

Amends provisions of CVM Instruction No. 64, of May 19, 1987, which provides for procedures for the preparation and publication of supplementary accounting statements, in constant purchasing power currency, to fully comply with the Principle of Common Monetary Denominator.

The PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a session held on 16.01.91, based on Article 176 "caput" and its paragraphs 1 and 4, Article 177, paragraph 3, of Law No. 6,404, of December 15, 1976, and Article 22, sole paragraph, items I, II, and IV, of Law No. 6,385, of December 7, 1976, and, furthermore, having regard to Item 5.2 of the pronouncement annexed to CVM Deliberation No. 29, of February 5, 1986, and in consonance with Article 27 of Law No. 7,738, of March 9, 1989,

RESOLVED:

Art. 1. Monetary assets and liabilities shall be brought to present value, at the balance sheet date, based on the rate practiced by the company in its credit sales/purchases or based on the variation of the BTNF (National Treasury Bond - Fiscal), regardless of their respective maturity dates.

Art. 2. Open companies that were not adopting the criteria for reduction to present value shall make the necessary adjustments in their opening supplementary balance sheet for the fiscal year, giving due prominence to the fact and the values involved.

Art. 3. Paragraph 1 of Art. 3 of CVM Instruction No. 64, of May 19, 1987, as well as the other provisions contained in CVM acts that conflict with this Instruction, are hereby revoked.

Art. 4. This Instruction enters into force on the date of its publication, applying to financial statements relating to fiscal years beginning from the month of January 1991.

Signed original by

ARY OSWALDO MATTOS FILHO
President