I do know that the Federal Senate has approved, and I, Aníbal Diniz, First Vice President of the Federal Senate, in the exercise of the Presidency, in the terms of the art. 48, inciso XXVIII, of the Rules of Procedure, promulgated the following

R E S O L U Ç Ã °-60, DE 2012

Authorizes the Federative Republic of Brazil to hire external credit operation, at the total value of up to US$ 10,000,000.00 (ten million U.S. dollars), with the Inter-American Development Bank (BID), intended for the partial financing of the " Program of Support for Modernization of Social Security System Management (Proprev)-Second Phase ".

The Federal Senate resolves:

Art. 1º It is the Federative Republic of Brazil authorized to hire external credit operation, at the total value of up to US$ 10,000,000.00 (ten million U.S. dollars), with the Inter-American Development Bank (BID).

Paragraph single. The proceeds from this credit operation are intended for the partial financing of the "Program of Support for Modernization of Social Security System Management (Proprev)-Second Phase".

Art. 2º The basic financial conditions of the credit operation are as follows:

I-debtor: Federative Republic of Brazil;

II-creditor: Inter-American Development Bank (BID);

III-total value: up to US$ 10,000,000.00 (ten million U.S. dollars);

IV-term of disbursement: 5 (five) years, counted from the duration of the contract;

V-amortization: repayment single, to be paid on May 15, 2027;

VI-modification of the amortization schedule: the amortization schedule can be modified, provided that the final date of May 15, 2027 is respected and that the Average Life Weighted, to be established on the date of signing of the contract, is not extrapolated;

VII-interest: required semester on May 15 and on November 15 of each year, calculated on the periodic debtor balance of the loan, at an annual rate for each compound quarter:

a) by the interest rate Libor quarterly to U.S. dollar;

b) more, or less, a cost margin related to the borrowings that finance the loans of the modality Libor; and

c) plus the margin for loans from the ordinary capital;

VIII-credit commission: up to 0.75% a.a. (seventy-five hundrths per cent a year), calculated on the undisbursed balance of the loan, required semi-annually on the same interest payment dates, entering into force 60 (sixty) days after the signing of the contract;

IX-expenses with inspection and general supervision: up to 1% (one percent) on the value of the loan, being that, in a given semester, if so require the BID, the value due to meet these expenses may not be higher than the referred to 1% of the value of the financing, divided by the number of semesters understood within the original period of disbursements.

§ 1º The payment dates of the principal and the financial charges, as well as the disbursements, provided for in the contractual minutes, may be changed depending on the date of signing of the contract.

§ 2º It is provided to the borrower to request the conversion of the interest rate of the loan, of variable to fixed and vice versa, of part or of the totality of its debtor balances, with commission payment to the BID.

Art. 3º The permission granted by this Resolution is to be exercised within 540 (five hundred and forty) days, counted from the date of its publication.

Art. 4º This Resolution comes into effect on the date of its publication.

Federal Senate, on December 13, 2012.

Senator ANIBAL DINIZ

First Vice President of the Federal Senate, at the exercise of the Presidency