LEI No. 11,887, DE December 24, 2008.

Cria the Brazilian sovereign wealth fund-FSB, has it on its structure, sources of resources and applications and gives other arrangements.

THE PRESIDENT OF THE REPUBLICI make it known that the National Congress decrees and I sanction it following Law:

Art. 1^the It is created the Sovereign Fund of Brazil-FSB, special fund of nature accounting and financial, linked to the Ministry of Finance, with the purposes of promoting investments in assets in Brazil and abroad, form public savings, mitigate the effects of economic cycles and foster projects of strategic interest of the Country located abroad.

Art. 2^o FSB resources will be used exclusively for investments and financial inversions in the purposes provided for in art. 1^the of this Act, in the following ways:

I-acquiring external financial assets:

a) upon application in paid special deposits at federal financial institution ; or

b) directly, by the Ministry of Finance ; or

II-by the integralization of private fund quotas to which the art refers. 7^the of this Act.

§ 1^o It is vetoed to the FSB, directly or indirectly, grant guarantees.

§ 2^o The expenses relating to the operationalization of the FSB will be by it costing.

§ 3^o FSB's financial assets applications will have minimum profitability estimated by operation, weighted by risk, equivalent to the Libor rate (London Interbank Offered Rate) of 6 (six) months.

Art. 3^o The FSB will be regulated by decree that will establish inclusive:

I-application guidelines, laying down criteria and levels of profitability and risk ;

II-administrative, budgetary and financial management guidelines ;

III-rules of prudential supervision, respected international best practices ;

IV-conditions and requirements for the integralization of Union quotas in the fund to which the art is referred. 7^the of this Act ; and

V-other devices aiming at the proper functioning of the fund.

Art. 4^the Power constitutes FSB resources:

I-resources of the National Treasury corresponding to the appropriations that are allocated to it in the budget annual, including those arising from the issuance of securities of public debt ;

II-shares of federal mixed economy society surpluses to the necessary for maintenance of your control by the Union or other rights with heritage value ; and

III-results of financial applications to your account.

§ 1^o The FSB's features, while not intended for the purposes set out in art. 1^the of this Act, shall be deposited in the Single Account of the National Treasury.

§ 2^o It is vetoed the integralization of quotas from the bottom to which the art refers. 7^the of this Act with resources arising from the issuance of public debt securities, including those arising out of the return of their financial applications.

Art. 5^o Resources arising from FSB rescues will exclusively meet the purpose of mitigating the effects of economic cycles and will be intended as laid down in the annual budget law.

§ 1^o For the achievement of the goal that treats the caput of this article, the Board Deliberative of the FSB will draw up technical opinion demonstrating the relevance of the rescue before the current macroeconomic scenario.

§ 2^o It is vetoed the linking of features that treats the caputof this article, well as their application in mandatory expenses of continued character.

Art. 6^the Decree of the Executive Power will institute the FSB Deliberative Council, composed of the Minister of State for Finance, the Minister of State for Planning, Budget and Management and the President of the Central Bank of Brazil, and will have on their assignments, structure and competencies.

§ 1^o Observed the willing on art. 3^the of this Act, it shall be up to the Deliberative Council, without prejudice to the provisions of the caput of this article, to approve the form, time limit and nature of the FSB's investments.

§ 2^o The Union may, at the discretion of the Deliberative Council, hire institutions federal financial to act as agents operators of the FSB, which will do jus to remuneration for the services rendered.

Art. 7^o The Union, with FSB resources, will be able to participate as a single-cotist of Fiscal Fund for Investments and Stabilization-FFIE, to be constituted by federal financial institution, observed the standards referred to in the inciso XXII of the art. 4^o of Law n^o 4,595, of December 31, 1964.

§ 1^o The FFIE will have private nature, own equity separate from the cotist's heritage and will be subject to own rights and obligations.

§ 2^o The integralization of the FFIE quotas will be authorized by decree upon proposal of the Minister of State of the Farm.

§ 3^o The FFIE will be intended to promote the application in assets in Brazil and abroad, with views in the formation of public savings, mitigation of the effects of economic cycles and foster the projects of strategic interest of the Country located abroad.

§ 4^o The FFIE will respond for its obligations to the goods and rights of its patrimony, not responding to the co-tist for any obligation of the FFIE, save by the integralization of the quotas it subscribes to.

§ 5^o The dissolution of the FFIE will give you in the form of your status and your resources will return to the FSB.

§ 6^o About credit, foreign exchange and insurance operations and on income and earnings from the fund that it treats the caputof this article will not focus on any tax or social contribution of competence of the Union.

Art. 8^o The status of the FFIE should be approved by the co-tist, through the Ministry of Finance.

Single Paragraph. The statute will even define the policies of application, criteria and levels of profitability and risk, operational issues of the administrative and financial management and prudential supervision rules of the FFIE.

Art. 9^o The accounting statements and the results of the FSB applications will be prepared and ascertained semarily, under the terms laid down by the central accounting body of which it treats the inciso I of the art. 17 of Law n^o 10,180, of February 6, 2001.

Art. 10. The Ministry of Finance will forward quarterly to the National Congress performance report, as provided for in FSB regulation.

Art. 11. The FFIE should draw up accounting for accounting in accordance with the legislation in force and as set forth in statute.

Art. 12. This Act shall enter into force on the date of its publication.

Brasilia, December 24, 2008 ; 187^the of Independence and 120^o of the Republic.

LUIZ INACIO LULA DA SILVA

Guido Mantega