DECREE NO. 6,132, OF June 22, 2007.

Approves the Status of the Federal Economic Box-CEF and gives other providences.

THE PRESIDENT OF THE REPUBLIC, in the use of the assignment that confers it on art. 84, inciso IV, of the Constitution, and with a view to the provisions of the Decree-Law no 759, of August 12, 1969,

DECRETA:

Art. First is approved the annex Statute of the Federal Economic Box Office-CEF.

Art. 2nd Decree takes effect on the date of its publication.

Art. 3rd Revogam-se the Decrees on the 5,056, April 29, 2004, and 5,210, of September 21, 2004.

Brasilia, June 22, 2007; 186th of the Independence and 119th of the Republic.

LUIZ INACIO LULA DA SILVA

Guido Mantega

Paulo Bernardo Silva

This text does not replace the one published in the DOU of 6/25/2007

ANNEX

STATUS OF THE FEDERAL ECONOMIC BOX-CEF

CHAPTER I

OF THE DENOMINATION, HEADQUARTERS, VENUE, DURATION AND TOO MUCH PRELIMINARY PROVISIONS

Art. 1st Federal Economic Box-CEF is a financial institution in the form of a public company, created pursuant to the Decree-Law no 759, of August 12, 1969, bound to the Ministry of Finance.

Art. 2nd The CEF has headquarters and venue in the Capital of the Republic, term of indefinite duration and performance throughout the national territory, and may create and suppress branches, branches or agencies, offices, dependencies and other points of care in the remaining squares of the Country and abroad.

Art. 3rd Member Institution of the National Financial System and assisting with the implementation of the Federal Government's credit policy, the CEF subject to the decisions and the normative discipline of the competent organ and to the surveillance of the Central Bank of Brazil.

Art. 4th The CEF administration will respect the constitutional principles of legality, impersonation, morality, publicity and efficiency, as well as the following precepts:

I-programming and coordination of your activities, at all administrative levels;

II-deconcentration of the executive authority as a way to ensure greater efficiency and agility to the activities-end, with decentralization and de-bureaucratization of services and operations;

III-rationalization of the administrative spending;

IV-simplification of its structure, avoiding the excess of levels hierarchies;

V-incentive to increase productivity, quality and efficiency of the services;

VI-application of rules of corporate governance and the principles of corporate social responsibility; and

VII-business administration directed by the risk management.

CHAPTER II

DOS GOALS

Art. 5th The CEF has for goals:

I-receive deposits, to any title, including the guaranteed by the Union, in particular those of popular economy, having as its purpose to encourage and educate the Brazilian population in the habits of savings and to foster credit in all regions of the Country;

II-render banking services of any nature, practicing active, passive and ancillary operations, inclusive of intermediation and financial supply, under its multiple forms;

III-administer, with exclusivity, the services of federal lotteries, pursuant to the specific legislation;

IV- to exercise the monopoly of civil pledge operations, in permanent and continuous character;

V- to provide services delegated by the Federal Government, which suits its structure and nature of financial institution, or by means of convenium with other entities or companies;

VI-carry out any operations, services and trading activities in the financial and capital markets, internal or external;

VII-effecting underwriting, acquisition and distribution of shares, bonds and any other securities or securities in the capital market, for investment or resale;

VIII-carry out operations related to the issuance and administration of credit cards;

IX-carry out exchange operations;

X-carry out insurance and securities brokerage operations, residential and mercantile renting, including in the form of leasing;

XI-render, directly or indirectly, services related to the activities of fomenting culture and tourism, including by intermediation and financial support;

XII-acting as a financial agent of the official housing and sanitation programs and as the main body of enforcement of the Federal Government's housing and sanitation policy, operating, including, as a real estate credit society, so as to promote access to housing, especially of the lower income classes of the population;

XIII-acting as an operator agent and financial from the Service Time Guarantee Fund-FGTS;

XIV-administer funds and programs delegated by the Federal Government;

XV-granting loans and financing from social nature, in line with the policy of the Federal Government, observed the conditions of return, which at the very least will come to ressarate the operational, catchment and allocated capital costs;

XVI-carry out, as an agent of the Federal Government, on account and order of this, any operations or services, in the financial and capital markets, which are delegated to you;

XVII-provide services of securities custody;

XVIII-providing advice services, consulting and management of economic activities, public policies, foresight and other matters related to your area of acting, directly or upon convenium or consortium with other entities or companies; and

XIX-acting in the commercial commercial exploitation of digital market for its institutional purposes.

Paragraph single. In the performance of its objectives, the CEF operates, still, on receipt of:

I-deposits judicial, in the form of the law; and

II-deposits of cash holdings of the organs or entities of the Public Power and of the companies by it controlled, observed the relevant legislation.

CHAPTER III

DO CAPITAL

Art. 6th the CEF capital is R$ 6,556,160,816.41 (six billion, five hundred and fifty six million, one hundred and sixty thousand, eight hundred and sixteen reais and forty-one cents), uniquely integrated by the Federal Union.

Art. 7th The modification of the capital, by incorporation of reserves or by absorption of possible damages, will depend on the authorization of the Minister of State for Finance, upon a proposal from the Board of Directors, listened to the Tax Council.

CHAPTER IV

OF THE ADMINISTRATION AND ORGANIZATION OF THE CEF

Section I

Das Norms Common

Administration organs

Art. 8th Are the organs of Administration:

I-the Board of Directors;

II-the Director Board;

III-the Vice-Presidency responsible for the administration of third-party assets;

IV-the Vice-Presidency responsible for the administration or operationalisation of funds, programs and services delegated by the Federal Government; and

V-the Executive Board.

Paragraph single. The organs of Administration should, within the framework of their respective attributions and competences, observe the following rules of segregation of functions:

I-the units responsible for contacting functions, controllers and internal controls will be under the direct supervision of the Vice-President designated exclusively for the control function;

II-the Vice-President assigned exclusively for the role of control will respond to the Central Bank of Brazil for the monitoring, supervision and compliance of accounting standards and procedures and of the Internal Controls System;

III-the units responsible for policy formulation and credit risk management cannot stay under the direct supervision of Vice-President to which are linked the activities of granting credits or reassurance analysis;

IV-is veheed to the Director Council and those responsible for CEF's own resources administration to intervene in the formulation of third-party resource administration policies and of administration or operationalization of funds, programs and services delegated by the Federal Government;

V-the members of the Director Council will not respond in solidarity with the activities of formulating third party resource administration policies and by the administration or operationalization of funds, programs and services delegated by the Federal Government; and

VI-a of the Vice-Presidents shall respond by the fulfillment of the measures as well as by communications regarding the prevention and combating of the activities related to the crimes set out in the Act no 9,613, March 3, 1998.

From the members and the investiture

Art. 9th The organs of the Administration will be integrated by Brazilians residing in the Country, endowed with a reputation of ilibada and notorious knowledge, including on the practices of corporate governance, experience and technical capacity compatible with the cargo, observed the specific requirements laid out in the art. 11.

Single paragraph. The members of the Administration bodies will be invested in their posts upon signature of terms of possession.

Impediments and sealings

Art. 10. They may not participate in the organs of Administration, in addition to the implets by law:

I-the doomed, by decision carried forward on trial, for ffeeding crime, of tax evasion, of prevarication, of active or passive corruption, of concussion, of embezzle, against the popular economy, against public faith, against property, against the System National Finance and those sentenced to criminal punishment who vein, albeit temporarily, access to public office;

II-those declared inabilited for management positions in institutions authorized to operate by the Central Bank of Brazil or in other institutions subject to authorization, control and surveillance of organs and entities of the public administration, therein included the supplementary provident entities, the holding companies, the capitalization societies and the open companies;

III-rising, top-down, collateral relative or afim, up to the third degree, spouse or partner of member of the Board of Administration, Director Council, Fiscal Council and Directors;

IV-those who are in mora with the CEF or which have caused him injury not yet ressarated;

V-those that to hold the substantial control or parcel of the social capital of legal person in mora with the CEF or which has caused him injury not yet ressarated, extending this impediment to those who have occupied office in a company or entity in that situation in the social exercise immediately prior to the investiture;

VI-os that they are responding personally, or as a controller or legal person administrator, for pendency concerning the protest of unchallenged securities, judicial charges with transit on trial, issuance of funds without funds, inadimpletion of obligations and other occurrences of the species;

VII-the declared bankrupt or insolvent, as long as they endure that situation;

VIII-those who exercise management positions, direction, surveillance, or management, or hold control or parcel greater than ten percent of the social capital of institution, financial or otherwise, whose interests are conflicting with those of the CEF; and

IX-those who have held control or participated in the administration of concordatary legal person, bankrupt or insolvent, in the period of five years prior to the date of appointment, excepted cases in which participation has taken place in the condition of liquidator, commissioner or judicial administrator.

Requirements for the exercise of the office

Art. 11. In addition to the requirements set out in the art caput. 9th and of the gaskets and impediments provided for in the art. 10, the following conditions shall be observed cumulatively, the following conditions for the exercise of the office of President, Vice-President and Member of the Board of Directors:

I-be graduated in higher course; and

II-have exercised, in the last five years:

a) managerial positions in member institutions of the National Financial System, for at least two years;

b) managerial positions in the financial area in other entities holding net worth not less than one-fourth of the minimum caps of realized capital and net worth of CEF, for at least four years; or

c) relevant positions in organs or entities of the public administration, for at least two years.

§ First Ressalvare, in relation to the requirements of the incisos I and II of the caput, without prejudice to the conditions laid down in the caput of the art. 9th, the former trustees who have been exercising directing positions in National Financial System institutions for more than five years, except in credit cooperative.

§ 2nd The exercise of the post of Director is deprivative of employees of the active CEF framework that detain technical capacity-building compatible with the tasks of the office, to which it can be proven on the basis of academic training, professional experience or other relevant judgements relevant by the Board of Directors, observed the requirements and impediments contained in the arts. 9th and 10 and the relevant legislation.

§ 3rd The post office of President, de Vice President and Director of the CEF requires full dedication, being vetoed to any of its members, under penalty of loss of office, the exercise of activities in other societies with a lucrative end, save:

I-in societies of which the CEF participates, either directly or indirectly; and

II-in other societies by prior authorization and express from the Board of Directors, observed regulation in force.

Art. 12. The members of the bodies of the Administration and the Fiscal Council are vested to intervene in the study, decision-making, control or liquidation of any operation in which, directly or indirectly, they are interested societies to detain the control or parcel greater than ten percent of the social capital, applying that impediment, yet, when control or participation in the capital is held by people of which it treats art. 10, inciso III, and when it comes to the company in which they occupy or have occupied post of management in the social exercise immediately preceding the investiture in the CEF.

Loss of the post

Art. 13. You will lose the post:

I-the member of the Board of Directors leaving to attend, without written justification, to three consecutive ordinary meetings or to four alternating ordinary meetings during the term of office; and

II-the member of the Board Director or the Director who walk away, without authorization, for more than thirty days.

Paragraph single. The loss of the office does not elide the civil and criminal liability to which the members of the CEF administration bodies are subject, by virtue of the defulfillment of their obligations.

Remuneration

Art. 14. The remuneration of the members of the CEF administration bodies shall be fixed annually by the Minister of State for Finance, upon a proposal from the Board of Directors, observed the statutory requirements.

Vacancy, substitution and vacations

Art. 15. The licences of the President of the CEF will be granted by the Minister of State for Finance and those of the Vice-Presidents and the Directors, by the Board of Directors.

§ 1st The President of the CEF will be replaced:

I-in the departments up to thirty consecutive days, by Vice-President designated by the Board of Directors;

II-in the upper back apartments for thirty consecutive days, by whom, in the form of the law, is appointed interinally by the President of the Republic; and

III-in the case of vacancy, up to the inauguration of the new President, by the Vice-President designated by the Board of Directors.

§ 2nd The Vice-Presidents and the Directors will be replaced in compliance with the rules set out in the respective internal regiments.

§ 3rd Is assured to the President, the Vice-Presidents and the Directors the annual holiday enjoyment, vehementing the payment in double the remuneration for vacations not enjoyed in the course of the concessional period.

Section II

From the Board of Directors

Composition

Art. 16. The Board of Directors is the general governing body of the CEF business and will be composed of seven advisors, as follows:

I-five counsellors nominated by the Minister of State for Finance, among them the President of the Council;

II-the President of the CEF, who will exercise the Vice Presidency of the Council; and

III-an advisor appointed by the Minister of State for Planning, Budget and Management.

§ 1st Councillors will be appointed by the Minister of State for Finance, for three-year terms, counted from of the date of publication of the act of appointment, and may be re-conducted for equal period.

§ 2nd The member of the Board of Directors, appointed in the form of the § 1st, will be able to be reappointed only once, and will only be able to be part of the Colegiate once he has elapsed at least one year from the end of his last term.

§ 3rd The investiture of the members of the Board of Directors will be done by signing in term book of Possession.

§ 4th In the redriving hypothesis, the term of the new term will count as of the date from the end of the previous management.

§ 5th Findo the mandates, the members of the Board of Administration will remain in exercise until the inauguration of the new Councillors.

§ 6th In case of vacancy in the course of the mandate, will be appointed new Councilor, who will complete the term of management of the substituted.

Attributions and competencies

Art. 17. To the Board of Directors compete:

I-approve the policies, the strategies corporate, the general business plan, the annual work plan, the long-term acting programs and the general budget of the CEF, always in harmony with the economic-financial policy of the Federal Government;

II-scrutinise the implementation of the general policy of the CEF business and services, monitor and scrutinise the management of the members of the Director Council, the Vice Presidencies responsible for the segregated areas, the Executive Directorate and the Directors;

III-authorize the hiring of independent auditors and the termination of the respective contracts;

IV-opines, when requested by the Minister of State for Finance, on relevant issues linked to the economic and social development of the Country and related to the activities of the CEF;

V- advising the President of the CEF on the issues that concern the general lines of the Company's performance;

VI-evaluate and guide CEF's acting in the conduct of the major programs and projects by it supported in the economic and social areas;

VII-deliberating about:

a) the internal regiments of the Commission and of the Statutory Committees;

b) the reports of the internal, external, integrated and the Audit Committee's audits, as well as assessing the level of care for the recommendations contained therein;

c) the budget proposal of the CEF and of the social funds and programs by it administered or operated and not subordinated to external managers;

d) the proposals of the Director Council regarding global expenditures, targeting of the net result, payment of dividends and interest on equity capital, capital modification, constitution of reserves funds and provisions and the absorption of possible damages with the profit reserves; and

e) the financial statements of the CEF and the funds and programmes by it administered or operated, inclusive of their balance;

VIII-deliberating on the following subjects to be submitted to the decision of the Minister of State for Finance, on a proposal from the Director Council:

a) provision of annual accounts;

b) divestment, in whole or in part, of shares owned by the CEF in controlled companies; underwriting or waiving the right to subscribe for shares or convertible debentures in shares in controlled companies; sale of convertible debentures in shares of entitlement and issuance of controlled companies;

c) fission, merger, or incorporation of companies controlled by CEF;

d) exchange of shares or other representative securities of CEF participation in the capital of companies controlled;

and) payment of dividends and interest on the equity capital;

f) modification of the CEF capital; and

g) consistent CEF acts in firming shareholder agreements or waiving the rights in them predicted, or, still, in take on any commitments of a societal nature, referring to the provisions of art. 118 of the Law no 6,404, of December 15, 1976, with respect to the companies in which it holds participation;

IX-decide on vetoes of the President of the CEF to the deliberations of the Director Council and the Executive Directorate;

X-disciplinary the granting of vacations from the President, the Vice-Presidents and the Directors, including on what it refers to to the conversion in kind, vetoed the payment at double the remuneration for unenjoyed vacations;

XI-appoint and impeach the Directors, by proposal of the President of CEF;

XII-establish the acting areas of the Vice-Presidents and Directors, by proposal of the President of the CEF, observed the limits of this Statute;

XIII-communicate to the Central Bank of Brazil the appointment and exoneration of the President of CEF;

XIV-designate the Vice President who will replace the President of the CEF in his impediments;

XV-deliberating on proposal of the President of the CEF of appointment and dispensation of the internal audit officer, observed the current legislation;

XVI-deliberating on appointment and replacement of the representatives of the CEF in the Deliberative and Fiscal Councils of the private provident entity by it sponsored, upon proposal of the President of the CEF;

XVII-evaluate the semestral reports related to the system of internal controls of the CEF;

XVIII-approve proposal for creation, installation and suppression of agencies, branches, representations, or offices in the exterior;

XIX-exercise the remaining attributions to its power of surveillance and address emerging doubts of any omissions of this Statute, by observing, secondarily, the provisions of the Act no 6,404, of 1976;

XX-approve the annual work plan of the Audit Committee and the budget intended to cover the necessary expenditons for its proper implementation;

XXI-approve and review the annual management policy of CEF operational risk; and

XXII-manifest about the actions to be implemented for timely corrections of any shortcomings of control and management of operational risk.

§ 1st The audit of which treats inciso II may be exercised in isolation by the Councillors, whom they will have access to the books and roles of the CEF, and may requisition to the members of the Board of Directors and the Executive Board the information they deem necessary for the performance of their functions.

§ § 2nd arrangements arising from the surveillance of which it treats § submitted to the deliberation of the Board of Directors.

§ 3rd The Board of Directors is responsible for the information disclosed in the annual report regarding the management structure of the operational risk.

Health

Art. 18. The Board of Directors shall convene ordinarily once a month and, extraordinarily, whenever convened by its President or by the majority of its members.

§ 1st The Council will only deliberate with the presence of at least four of its members.

§ 2nd Council deliberations will be taken by majority of votes and registered in minutes, fit to the President the vote of quality, in addition to the ordinary vote.

§ 3rd The Chairman of the Committee of Audit will participate in all meetings of the Board of Directors, without the right to vote.

Section III

Do Director Board

Composition

Art. 19. The Director Council is the collegiate body made up of the President of the CEF and nine Vice-Presidents, who will be appointed and dismissed ad nutum by the President of the Republic, on the appointment of the Minister of State for Finance, heard the Council of Administration.

Attributions and competencies

Art. 20. The Board of Directors competes:

I-submit to the Board of Directors, through the President of the CEF, the subjects provided for in art. 17;

II-approve and present to the Board of Directors:

a) the policies, the corporate strategies, the general business plan, the long-term acting programs, the master plan and the overall budget;

b) the accounting statements of the CEF and the funds and programs by it operated or administered, inclusive of monthly balances;

c) the budget proposals and their accompanying monthly implementation, of targeting of the net result, of dividend and interest payment on equity, of capital modification, of constitution of funds, reserves and provisions and of absorption of possible damages with the reserves of CEF profits and of the funds and programmes by it administered or operationalised and not subordinated to external managers;

d) the provision of annual accounts;

e) proposal for creation, installation and suppression of agencies, branches, representations or offices abroad;

f) the regulation of bidding; and

g) the system of internal controls and their periodic reviews, presenting semestically the situation reports to the Board of Directors;

III-approve the operational, economic, and financial;

IV-authorizes, provided the outoring of these powers with express limitation, a:

a) disposal of assets of the permanent asset, with the exception of the shareholdings in controlled companies, listening to the Fiscal Council in the cases of divestments or burdening of real-use real estate, except when it comes to the attachment of penhora in lawsuits;

b) constitution of real burden;

c) provision of guarantees to third-party obligations;

d) renunciation of rights; and

e) transaction or reduction of the value of credits under negotiation;

V-decide on:

a) plans of positions, careers, salaries, perks and benefits;

b) CEF staff regulation, in which they build the rights and duties of the employees, the disciplinary regime and the standards on functional accountability ascertaining; and

c) creation of jobs, staffing framework and their changes;

VI-distribute and apply the ascertained profits, in the form of the deliberation of the Board of Directors, observed current legislation;

VII-decide on the organizational structure of the CEF, including from the Internal Audit and on the creation, installation and suppression of internal units and agencies, offices, representations, dependencies, and other fulfillment points in the Country;

VIII-decide on the creation and extinction of non-statutory internal committees;

IX-fix the alters of the Executive Directorate and the assignments and alds of the committees, of the administrative units, of the regional units, the distribution network and CEF employees, provided the outoring of these powers with express limitation;

X-approve the designation of the holders of the posts of National Superintendents and Regional Superintendents, upon proposal of the Vice President to which it is subordinate directly the nominee;

XI-approve the selection criteria and the referral of advisors to integrate the boards of companies and institutions from which the CEF participates or has the right to indicate representative;

XII-approve your internal regiment and the regiment of the Executive Direction;

XIII-deliberating on matters considered strategic as Internal Rules;

XIV-formally communicate to the independent auditor and the Audit Committee, within the maximum of twenty-four hours of the identification, the existence or evidence of situations whose occurrence imports notification to the supervising bodies, in the form of the art. 36, § 12, inciso VIII;

XV-resaved the consistent acts in firming agreements of shareholders or waive the rights in them foreseen or, yet, assume any commitments of a society-related nature regarding the provisions of the art. 118 of the Act No. 6,404, 1976, approve, in relation to the companies from whose capital the CEF participates without detaining control, the following society†acts:

a) divestments, in whole or in part, of shares owned by CEF in the companies; underwriting or waiving the right to subscribe for shares or convertible debentures in shares in the companies; sale of convertible debentures in title and issuance shares of the companies;

b) spin-off, merger or incorporation of the companies; and

c) exchange of shares or other representative securities of CEF participation in the capital of societies; and

XVI-approve the requisition of personnel and the assignment of employees, as well as the hiring of professionals to term, in the form of the relevant legislation.

Single paragraph. To the Board Director is provided the outorga, with express limitation, of the powers of constitution of real burden, provision of guarantees to third party obligations, waiver of rights, transaction or reduction of the value of credits under negotiation.

Health

Art. 21. The Governing Board shall convene ordinarily once a week or extraordinarily by convening its President, observed the conditions of operation laid down in its internal regiment.

§ First of the meetings will obligatorily participate, the Vice-President responsible for the control functions and the Director Legal, or its substitutes, being that the quorum for collegiate deliberation will be of at least seven members holding or substitutes in the exercise of the title.

§ 2nd The deliberations of the Director Council will be taken by a majority of the members entitled to vote, holders or substitutes in the exercise of the title, cabling to the President, in the event of a tie in the votes, the right to the quality vote in addition to the ordinary vote.

§ 3rd The President will be able to veto the deliberations of the Board Director within the seventy-two hours of the knowledge of the deliberation, and shall submit the veto to the assessment of the Board of Directors at the first meeting of the Colegiate that takes place after the decision.

Section IV

Das Segregated Vice-Presidencies

Composition and competencies

Art. 22. In addition to the Vice-Presidents who integrate the Director Council, they will be appointed and demisible ad nutum by the President of the Republic, by appointment of the Minister of State for Finance, listened to the Board of Directors, two Vice-Presidents, which will respond exclusively by the administration of third-party assets and by the administration or operationalization of funds, programs and services delegated by the Federal Government.

§ 1st The Vice-Presidents responsible for the segregated areas will not integrate the Director Council and will not respond by the remaining activities of the CEF and deliberations of that Colegiaved.

Health

§ 2nd The activities of the segregated Vice-Presidencies will be developed in compliance with the guidelines laid down by the Strategic Committees provided for in the IV and V incisies of the art. 30.

Section V

From the Director's Cargo and the Executive Directorate

From the position of Director

Art. 23. The CEF will have twelve Directors appointed by the Board of Directors, per proposal of the President, being:

I-a Director-linked to the Vice Presidency responsible for the administration of third-party assets, pursuant to the regulations expedited by the National Monetary Council;

II-a Director-linked to the Vice Presidency responsible for the administration or operationalization of funds, programs and services delegated by the Federal Government;

III-a Legal Director linked to the CEF Presidency, which will respond by the supervision and coordination of legal activities in general and by the judicial representation of the CEF in the form of this Statute; and

IV-nine Directors linked to each of the Vice-Presidents that make up the Director Board.

Paragraph single. The Directors mentioned in the incisians I, II and III will not integrate the Executive Board and will not respond by the deliberations of that Colegient.

From the Executive Directorate

Composition

Art. 24. The Executive Board will be composed:

I-by the representative of the Presidency of the CEF, indicated in the forecast form in the art. 27, inciso I, point (? p?, to whom it will be able to preside the Colegiate; and

II-by the nine Directors nominees in the inciso IV of the art. 23.

Attributions and competencies

Art. 25. It is incumbent on the Executive Board:

I-execute and enforce the deliberations of the Board of Administration and the decisions of the Director Council;

II-making the policies, the corporate strategies and the operational and financial guidelines of CEF;

III-make perform the allocation of resources for operational activities and for investments;

IV- authorize the transaction or reduction of the value of trading credits, in consonance with the regime of the wavewalks; and

V-deliberating on subjects subjected to their approval, in the form of their internal regiment.

Health

Art. 26. The functioning of the Executive Board will be disciplined in its internal regiment, noted the willing in this article.

§ 1st The Executive Directorate will convene ordinarily once a week and, extraordinarily, whenever convened by the President of the CEF, or by his representative, in the form of the inciso I of the art. 24.

§ 2nd of the meetings of the Executive Board will obligatorily attend the Director linked to the Vice-Presidency responsible for the control functions and the Legal Director, or its substitutes, being the quorum for collegiate deliberation of at least seven members holding or substitutes in the exercise of the title.

§ 3rd The President of the CEF will be able to veto the deliberations of the Executive Board, within seventy deadline and two hours counted from the knowledge of the deliberation, owing to submit the veto to the Board's appreciation at the first meeting of the Colegiate that takes place after the decision.

Section VI

Das Supplementary Norms

Attributions and individual competencies

Art. 27. They are still assignments and specific competencies of the President, Vice-Presidents and Directors:

I-from the President:

a) represent the CEF in judgment or outside of it, and may to both constitute preposedand mandate and give them powers and prerogatives, under the law and standards internal;

b) refer to the Boards of Directors and Fiscal the subjects on which should pronounce-se;

c) to present to the Central Bank of Brazil the subjects that depend on your hearing or the deliberation of the National Monetary Council;

d) communicate to the Bank Central Brazil the appointment, designation and exoneration of Vice-President, Director and member of the Boards of Directors and Fiscal and the Audit Committee;

e) admit, dismiss, dismiss, promote, designate for the exercise of commissioned office, transfer, license, grant honorable mention, punish employees, faculty outoring of these powers with express limitation;

f) to propose to the Board Director the creation of jobs in the permanent career and the setting of salaries and perks;

g) convene and preside the meetings of the Board Director;

h) propose to the Board of Directors the names of Directors for approval, appointment and destitution;

i) to propose to the Board of Directors the area of acting of the Vice-Presidents and the Directors, as well as eventual remanding;

j) to supervise and coordinate the acting of the members of the Director Board, the Executive Directorate and those responsible for the units that are under their direct supervision;

l) chair the Strategic Board of Directors of Third Parties and the Strategic Committee of Administration of Funds, Programs and Services delegated by the Government Federal;

m) scrutinize the execution of the general policy of the business and services of the Vice Presidency responsible for the administration of third-party assets and the Vice Presidency responsible for the administration or operationalisation of funds, programs and services delegated by the Federal Government, for what it may request, to any time, information about books, papers, electronic records, services, operations, contracts, and any instruments or acts;

n) appoint and dismiss the holder of the internal audit unit, after approval by the Board of Directors, observed the applicable legislation;

o) appoint and replace the CEF representatives in the Deliberative and Fiscal Councils of the private provident entity sponsored by CEF, after approval by the CEF Board of Directors;

p) indicate, after approval of the Board of Directors, the representative of the Chair of the CEF on the Executive Board, and may hear from it, including, veto powers;

q) disclose, before public, economic and social bodies and institutions, the results obtained by the CEF in fulfilling its objectives and in the administration or operationalization of delegated programs and services by the Federal Government; and

r) exercise the remaining powers of executive direction;

II-of the Vice-Presidents:

a) administer the areas that are assigned to them by the appointment decree or by the Board of Directors;

b) outline joint general and harmonic strategies with the other Vice-Presidents;

c) exasking general orientations and setting goals and objectives to be achieved by the Director and by the units under its subordination and supervision; and

d) integrate the Governing Board in the form defined in this Statute;

III-of the Directors:

a) administer, supervise, and coordinate the activities, business and services of the units under its liability;

b) provide advice to the Presidency and the Vice Presidencies in the framework of respective assignments;

c) draw up proposal of a regime of alactus in the framework of their acting; and

d) to integrate the Executive Board in the form defined in this Statute.

Extrajudicial representation and constitution of mandants

Art. 28. The extrajudicial representation and constitution of CEF mandators compete for the President or the Vice-Presidents, these at the limits of their attributions and powers.

Paragraph single. The term instruments will be valid even if your signatory cees to occupy the post, unless expressly revoked.

Judicial representation

Art. 29. The judicial representation competes with the President, the Vice-Presidents or the Chief Legal Officer, and it is incumbent upon this to hear from the judicial mandate that it may be for an indefinite term.

Paragraph single. The CEF shall ensure its leaders and advisors, present and past, in cases where there is no incompatibility with the interests of the Company and in the form defined by the Director Council, by proposal of the Legal Directorate, the defence in judicial and administrative proceedings against them instituted by the practice of acts in the exercise of the office or function, observed the provisions of the Act no 8,906, of July 4, 1994.

Section VII

From the Committees and Commissions

From the Committees and Commissions

Art. 30. The CEF will constitute the following Committees and Commission:

I-Credit Committee and Renegotiation;

II-Committee on Purchasing and Hiring;

III-Strategic Caption and Application Committee;

IV-Strategic Board of Directors of Third Parties' Asset Management;

V-Strategic Administration Committee of Funds, Programs and Services Delegated by the Federal Government;

VI-Committee of Auditing;

VII-Risk Committee;

VIII-Committee on Information Technology; and

IX-Credit Commission.

Paragraph single. The composition and operation of the Committees and the Commission of which it deals with this article shall be disciplined by internal regiment edited with observance of the provisions of this Statute, in what couber, and submitted to the approval of the Board of Directors on the proposal of the Committee itself, in the case of the Audit Committee, and by proposal of the President of the CEF in the remaining cases.

Credit and Renegotiation Committee

Art. 31. It is incumbent upon the Credit and Renegotiation Committee, autonomous body and deliberative character, opinionate and decide, in the limits of its competence, on the credit concessions, renegotiations and acquisitions in residential tenancy program.

Committee of Purchasing and Hiring

Art. 32. It is incumbent upon the Committee on Procurement and Contracting, the autonomous body and of deliberative character, opines and decides, in the limits of its competence, on purchases and hiring with dispensation or inexigibility of bidding, pursuant to the legislation specific, and opines on the deflagration of licitatory processes whose remit is from the Board Director.

Strategic Caption and Application Committee

Art. 33. It is incumbent upon the Strategic Caption and Application Committee to subsidize the Director Council in formulating the capping and application policies of the CEF in its acting segments, define methodologies and guidelines for formatting rates and parameters in the capturing and application operations, observed the guidelines set by the Director Board; evaluate and propose, based on the analysis of scenarios, economic studies and analysis of the portfolios and market research, the capturing acting strategies and Application.

Strategic Board of Directors of Third Parties

Art. 34. It is incumbent upon the Strategic Board of Directors of Third parties to fix the superior orientation of the business and services, inclusive of, of the Vice Presidency responsible for the administration of third-party assets.

§ First The Strategic Board of Directors of Third Parties will have the following composition:

I-President of the CEF, who will exercise the Chair of the Committee;

II-Vice-President responsible for the administration of third-party assets, which will exercise the vice presidency of the Committee;

III-Vice-President responsible for the control functions;

IV-Vice-President responsible for the network of agencies; and

V-Vice President responsible for administration of risks.

§ § 2nd Powers to participate in the meetings of the Committee, in the form provided for in the internal regiment, but without the right to vote, professionals empowered to advise in decision-making, to the exception of those responsible for activities that may conflict with the interests of the Vice Presidency of Directors of Third parties.

Strategic Administration Committee of Funds, Programs and Services Delegated by the Federal Government

Art. 35. It is incumbent upon the Strategic Committee of Funds Administration, Programs and Services Delegated by the Federal Government to define the general policy of business and services, establish guidelines, set alights and follow up with the acting of the Vice Presidency responsible for the administration or operationalization of funds, programs and services delegated by the Federal Government.

§ 1st The Strategic Committee of Funds Administration, Programs and Services Delegated by the Federal Government will have the following composition:

I-President of the CEF, who will exercise his presidency;

II-Vice-President responsible for the management, administration or operationalization of funds, programs and services delegates by the Federal Government;

III-Vice-President responsible for the functions of control;

IV-Vice-President responsible for the network of agencies; and

V-Vice-President responsible for the administration of risks.

§ 2nd of the Committee's meetings will be able to participate in technicians for advising, in the form foreseen in the internal regiment, to the exception of those responsible for activities that may conflict with the interests of the Vice-Presidency responsible for the management, administration or operationalization of funds, programs and services delegated by the Federal Government.

Audit Committee

Art. 36. The Audit Committee will be formed by three titular members and a supplent.

§ 1st board members and the alternate shall be chosen and appointed by the Board of Directors, with renewal every three years, may only be impeached, in that period, upon a motivated decision of the absolute majority of the members of the Board.

§ 2nd The previous occupant of the post will only be appointed again if already counting three years without occupying the post of a member of the Audit Committee.

§ 3rd The Chair of the Committee and the alternate will pass the post and the suppleness in up to three years, one of the remaining members, at up to two, and the other in up to one year, decorated from the first appointment.

§ 4th In addition to the requirements and sealings foreseen by the National Monetary Council, and which are listed in the arts. 9th, 10 and 11, are conditions for the exercise of the office of the member of the Audit Committee:

I- have proven knowledge in the areas of accounting and auditing;

II-own proven experience in matters of a financial and banking nature; and

III-hold total independence in relation to the company and its connected, as well as in relation to the Union, with full dedication, in the case of the Chairman of the Committee.

§ 5th The remuneration of the members of the Audit Committee, to be defined by the Board of Directors, will be compatible with their assignments and with the work plan approved by the Board of Directors, also noting that the remuneration:

I-of the President will be equal to the highest perceived salary among directors; and

II-of the remaining titular members and of the alternate, when in the condition of holder, shall not be more than eighty percent of the remuneration of the Chairman of the Audit Committee.

§ 6th The Audit Committee will meet at least once every month, with the presence of all its members, holders and alternates, and will have its functioning and assignments regulated in internal regiment approved by the Board of Directors.

§ 7th Desummer participate in the Committee's meetings, with no right to vote, whenever convened, the Auditor-General or any member of the internal audit; the independent auditors; any members of the Board of Directors and the Board, and any CEF employees.

§ 8th The alternate member will assist the holders in the work of the Committee, only having the right to vote in the lack of any of the holders.

§ 9th In the condition of § 8th and as the regiment dispenses internal, the alternate will perceive eighty percent of the remuneration of the holder of the Audit Committee.

§ 10. The Audit Committee will report to the Board of Directors.

§ 11. The Audit Committee, the independent auditor and the internal audit shall maintain immediate communication with each other when the identification of frauds, faults or errors that put at risk the continuity of the CEF or the fidedignity of the demonstrations accounting, of everything giving science to the Fiscal Council.

§ 12. Compete for the Audit Committee:

I-review, in advance of the publication, the demonstrations semiannual accounting, including explanatory notes, reports of the administration and opinion of the independent auditor;

II-evaluate the effectiveness of independent and internal audits, including as to the verification of compliance with statutory and regulatory devices applicable to the CEF, in addition to the internal regulations and regiments;

III-assess compliance, by the CEF administration, of the recommendations made by the independent or internal auditors;

IV-establish and to disseminate procedures for the reception and handling of information about the decompliance of legal, regulatory, regulations and internal standards applicable to the CEF, including with prediction of specific procedures for protection of the provider and the confidentiality of information;

V-recommend, to the Director Council and to the Executive Board, correction or enhancement of policies, practices and procedures identified in the framework of their assignments;

VI-meeting, at least quarterly, with the Director Board, with the Independent Audit and with the Internal Audit to check the fulfilment of its recommendations or indagations, including with regard to the planning of the respective audit work, formalizing in minutes the contents of such encounters;

VII-meet with the Fiscal Council and the Board of Directors, by request of these, to discuss about policies, practices and procedures identified in the framework of their respective competences;

VIII-communicate to the Central Bank of Brazil and to the Council of Administration, in the form and time limits set by the specific standards, the existence or evidence of frauds, faults or errors that jeopardize the continuity of the CEF or the fidedignity of its accounting statements;

IX-elaboration, keep at the disposal of the Central Bank of Brazil and publish to the end of the finer semesters on June 30 and December 31, report of the Audit Committee, containing the information required by the applicable regulation;

X-elaboration and forward for deliberation of the Board of Directors, by the end of the 3rd quarter, proposal of the work plan for the subsequent year.

XI-establish the operational rules for its own functioning, which must be approved by the Board of Directors;

XII-recommend, observed the specific legislation, à CEF administration the entity to be contracted for provision of the independent audit services, as well as the replacement of the provider of these services if it deems it necessary; and

XIII-perform other assignments set out in its internal regiment or determined by the Monetary Council National and Central Bank of Brazil.

Risk Committee

Art. 37. The Risk Committee competes to propose the risk policy of the CEF, decide on the array of global risks and economic scenarios, assess the levels of exposure of it at risk and decide on the models for risk measurement.

Information Technology Committee

Art. 38. The Information Technology Committee, deliberative and advisory forum, is the top guiding body of the information technology area and has for purpose to propose to the Board Director, at the limits of its assignments, the priorities in relation to information technology services that need to be implemented for the livelihood of CEF business, aligned to the best information security practices, guidelines and strategic planning.

§ First Compete to the Information Technology Committee:

I-promote the integration of information technology listening, based on the strategies, policies and guidelines of the CEF;

II-propose, to the Director Council, the policy, guideline and the criteria for prioritization of information technology services in the CEF;

III-approve the process and the methodology of their work and operationalization;

IV-evaluate and deliberate on priorities in the fulfilment of demands of the gestural areas, in the framework of information technology;

V- approving and forwarding, to the Director Council, the Director of Information Technology-PDTI;

VI-deliberating on the adequacy of the information technology area's investment policy to the PDTI and the strategic planning of the CEF; and

VII-present, to the Director Council, the annual budget proposal of the area of information technology.

§ 2nd The Information Technology Committee will have the following composition:

I-the Vice President responsible for the area of information technology, which will exercise the Chair of the Committee;

II-the Vice President responsible for the control functions;

III-the Vice President responsible for the network of agencies;

IV-the Vice President responsible for the administration of risks; and

V-the representative of the Chair of the CEF, indicated by the President of the CEF.

Credit Commission

Art. 39. The Credit Commission will be the instance responsible for the proposition of the credit policy and the CEF corporate credit strategy.

CHAPTER V

DO TAX ADVICE

Composition and function

Art. 40. The Fiscal Council will be integrated by five effective members and respective alternates.

§ The effective and alternate members will be chosen and assigned by the Minister of State for Finance, among Brazilians with moral suitability and illiberal reputation, senior level graduates and holders of technical capacity and experience in economic-financial, legal or business administration matters, observed still the provisions of the art. 9th and 10.

§ 2nd DAmong the members of the Fiscal Council, at least one effective member and respective alternation will be mandatorily indicated by the Minister of State for Finance, as representatives of the National Treasury.

§ 3rd The monthly remuneration of the members of the Fiscal Council shall be fixed annually by the Minister of State for Finance, observed the statutory requirements.

§ 4th The members of the Fiscal Council will be given a one-year term, and may be reconducted.

§ 5th The Fiscal Council will meet, at least, once every month.

§ 6th In the case of eventual absence, resignation or impediment of the effective counsellor, the President of the Fiscal Council will summon the respective alternate until the inauguration of the new holder.

§ 7th In addition to the cases of death, waiver, destitution and others provided for in law, the post will be deemed vague when the counsellor cede no written, unwarranted, to more than three consecutive or alternating meetings.

§ 8th Apart from the people with the impediments stated in the art. 10, they cannot integrate the Fiscal Council members of the governing bodies, employees of the CEF or of companies from which it participates and the spouse or relative, to the third degree, of administrator of the Company.

Attributions and competencies

Art. 41. To The Fiscal Council will compete:

I-scrutinize the acts of the administrators and check the fulfillment of its legal and statutory duties;

II-opinionon the provision of accounts annual CEF and the funds and programmes by it operated or administered, making the record of its opinion the supplementary information that you deem necessary or useful;

III-analyze, at least quarterly, the balance and too many accounting demonstratives of the CEF and of the funds and programs by it operated or administered;

IV-examine CEF's half-yearly and annual financial statements and those of closure of the social exercise of the funds and programs by it operated or administered, manifesting their opinion, including on the economic-financial situation of the Company;

V-manifest about alienation or burdening, except penhora in lawsuits, of real-use immovable property;

VI-denouncing to the administration bodies the errors, frauds or other irregularities that have knowledge and suggest to them the bootable arrangements;

VII-opines on the proposals:

a) CEF budget and of the funds and programs by it operated or administered;

b) of targeting the net result;

c) of payment of dividends and interest on the equity capital;

d) of capital modification;

e) of constitution of funds, reserves, and provisions;

f) of absorption of possible damage with the for-profit reserves; and

g) of investment plans or capital budget;

VIII-evaluate the semestral reports related to the systems of internal controls of the CEF;

IX-appreciate the results of the work produced by the external, internal and integrated audits, related to the assessment of credit management, market analysis and deferrals of CEF operations and their respective funds and programs by it operated or administered;

X-meet, at least quarterly, with the Audit Committee to discuss about policies, practices, and procedures identified within the framework of their respective competencies; and

XI-exercise the too many assignments reach its supervisory power, depending on the prevailing legislation.

§ First the administration bodies are required to provide the Fiscal Council with copy of the minutes of their meetings, the Balts and the remaining elaborate financial statements periodically as well as the implementation reports of budgets.

§ 2nd The Fiscal Council, at the request of any of its members, will ask the administration bodies for clarifications or information, as well as the drafting of special financial statements or accounting.

§ 3rd The members of the Fiscal Council will attend the meetings of the Board of Directors or the Director Council in which if deliberating subjects on which they should be opined.

CAPITCHAPTER VI

DA RESPONSIBILITY

Art. 42. The President, the Vice-Chairs, the Directors and the members of the Boards of Directors and Fiscal and of the Committees and Statutory Commission shall be responsible, in the form of the law, for the damage or damage caused in the exercise of their assignments.

CHAPTER VII

DO SOCIAL EXERCISE, FINANCIAL STATEMENTS, PROFITS AND RESERVES

Exercise social

Art. 43. The CEF social exercise will correspond to the calendar year.

Financial statements, profits and reservations

Art. 44. The CEF will raise financial statements at the end of each semester, certified by independent auditors, as per norms of the National Monetary Council and the Central Bank of Brazil.

§ First Other intermediate or extraordinary financial statements will be prepared, if necessary or required by specific legislation.

§ 2nd After the absorption of any accumulated damage and deducted the provision for income tax and social contribution on net profit, the Board of Directors shall fix the targeting of the results, observed the limits and the conditions required by law, namely:

I-five percent for constitution of the legal reserve, intended to ensure the integrity of the capital, until it reach twenty percent of the social capital;

II-profit reserves to be carried out;

III-reserves for contingencies;

IV-twenty five percent, at the very least, of adjusted net profit, for the payment of dividends and interest on capital of its own; and

V-statutory reserves, thus considered:

a) booking for expansion, intended to cope with the investments necessary for the maintenance and modernization of the activities of the CEF, not the profit plots, intended for the formation of that reserve, exceed the value of the budget allocation for investments approved for the subsequent year, excluded the investments in the area of lotteries; and

b) reservation of lotteries, intended for incorporation to the capital of the CEF, constituted by part of the result of the lotteries, in the form of the art. 47;

§ 3rd the statutory reserves will not be able to exceed individually to twenty percent and, in its entirety, the fifty per cent of the CEF capital.

§ 4th In the period in which the statutory reserves exceed the limit set in § 3rd, the corresponding difference shall be used in the clearing of any accumulated losses or for modification of the CEF capital.

§ 5th The amounts regarding the reserves for expansion and the bookings of lotteries, which have been carried out in the previous financial year, shall constitute, in the form of the provisions of this Statute, object of proposal to modify the capital of CEF.

§ 6th the accumulated damage should preferably be deducted from the capital in the form provided for in the art. 173 of the Law no 6,404, from 1976.

§ 7th The values of dividends and interest, in the title of remuneration on equity capital, will suffer incidence of financial charges equivalent to the rate of the Special Settlement and Custody System-SELIC, from the closing of the social exercise to the day of the effective pick-up or payment.

§ 8th After raised the balance sheet for the first semester, it may be deliberated by the Board of Directors, by proposal of the Board Director, the dividend payment, by way of advance on account of the dividend of the financial year, and, in the form of the law, at least twenty-five percent of the net profit until then ascertained.

§ 9th The proposal on the targeting of the profit of the exercise, after conclusive analysis of the internal organs of the CEF, shall be submitted for the approval of the Minister of State for Finance and published in the Official Journal of the Union, in up to thirty days from the date of the ministerial approval.

CHAPTER VIII

DO PERSONNEL

Art. 45. The CEF staff is admitted, obligatorily, by public tendering, evidence or evidence and securities, under legal regime of the Consolidation of Labor Laws-CLT and supplementary legislation.

§ First Powers to be requisitioned by the CEF servers of the federal public administration's personnel cadres, inclusive of the public companies and mixed-economy companies, for the exercise of advising function to the members of the Board Director, of the Vice-President responsible for the administration of third-party assets and the Vice President responsible for the administration or operationalization of funds and programs delegated by the Federal Government.

§ 2nd May be hired, the term, professionals for the exercise of advising function to the members of the Board Director, to the Vice-President responsible for the administration of third-party assets and the Vice President responsible for the administration or operationalization of funds and programs delegated by the Federal Government.

§ 3rd The application of § § 1st and 2nd will give to, at most, twelve requisitioned and twelve fixed-term contractors, with remuneration to be defined in specific standardization, limited to the ceiling and the criteria provided for the permanent framework of CEF staff.

CHAPTER IX

OF THE GENERAL PROVISIONS

Internal Audit

Art. 46. The CEF Internal Audit links to the Board of Directors, subject to the normative guidance and technical oversight of the Internal Control System of the Executive Power and has as its basic purpose to substantiate the legality and legitimacy of the acts and administrative facts and assess the effectiveness of risk management, control, and corporate governance practices, in addition to executing, monitoring and monitoring the determinations of the Audit Committee.

§ First the holder of the CEF Internal Audit unit will be designated or waived by proposal of the President of CEF, approved by the Board of Directors, observed the relevant legislation.

§ 2nd A Internal Audit, the independent auditor and the Audit Committee must keep, with each other, immediate communication when the identification of fraud, flaws or errors that jeopardize the continuity of the CEF or the fidedignity of the demonstrations accounting.

Administration of loterias

Art. 47. The results of the administration of the federal lotteries that have couched the CEF as the executor of these public services will be incorporated into their net worth, after deducting the appropriate instalment to the Fund for Development of Lotteries.

§ 1st The Fund for Development of Loterias has per object to cope with investments required modernization of lotteries and expenditures with their disclosure and advertising, pursuant to the specific legislation, vetoed their application at the costing of current expenses.

§ § 2nd CEF should account for separately all operations regarding lottery administration services, not the financial results arising from that administration, including those referred to in this article, to be considered, in no way, for the calculation of gratuities and any other advantages due to employees and administrators.

§ 3rd The upper limit for the effective costs of costing and maintaining the lotteric services for CEF remuneration will be established by the Minister of State for Finance, observed the legislation in force.

§ 4th The premiums of prescribed lotteries, excepting those who have, by legal provision, specific destination, will be accounted for the respective net income, in the form of the legislation in force, after deducting the amounts paid on the grounds of administrative complaints admitted and adjudicated procedues.

Phanhor operations

Art. 48. In the pawn operations the CEF will issue simplified cautions corresponding to the contracts carried out, which will contain all the elements required by the legislation.

§ First the auctions of the committed guarantees will be carried out by specially designated CEF employees, and should be preceded by notices published, in the legal deadline, in newspapers of wide circulation.

§ 2nd The committed objects resulting from theft, theft or embezzled appropriation will be returned to their owners after sentence transitioned on trial, owing the devolution, in the embezzling hypothesis, to be preceded by the debt bailout.

§ 3rd The objects under pawn, not claimed after the corresponding debt bailout, will stay in the custody of CEF and will be returned to the respective owners upon payment of bank fee, which will be charged when the return of the pledged objects occurs after the fifth business day, counted from the date of the provision of the guarantee.

§ 4th Elapsed time limit of five years from custody, the objects of which treats § 3rd will be auctioned off, converting the ascertained result in favour of the CEF.

§ 5th will constitute revenue of the CEF the surplus amount of the value of the loan under pledge, ascertained at auction, that is not claimed in the form of the relevant legislation.

Official publications

Art. 49. The Director Council will make it published, in the Official Journal of the Union, after the approvals:

I-o litigation regulation;

II-the personnel regulation;

III-the frame of personnel, with indication, in three columns, of the total jobs and the number of jobs providedand vacant, on June 30 and December 31 of each year; and

IV-the plan of salaries, benefits, advantages and any other installments that compose the remuneration of the employees.