DECREE OF March 25, 2003.

Recognizes as in the interest of the Brazilian Government the increase in foreign participation in the social capital of the Pactual S.A. Bank and gives other arrangements.

THE PRESIDENT OF THE REPUBLIC, in the use of the attribution conferring you the art. 84, inciso IV, of the Constitution, and in view of the provisions of art. 52, single paragraph, of the Act of Transitional Constitutional Provisions,

DECRETA:

Art. 1 ° It is in the interest of the Brazilian Government to increase foreign participation, from 16.72% to 24.68%, in the capital of the Pactual S.A. Bank

Art. 2 ° The Central Bank of Brazil shall adopt the necessary arrangements for the execution of the provisions of this Decree.

Art. 3 ° This Decree comes into force on the date of its publication.

Brasilia, March 25, 2003 ; 182nd of Independence and 115th of the Republic.

LUIZ INACIO LULA DA SILVA

Antonio Palocci Filho