On November 29 2001, the National Monetary Council approved Resolution 2.907, authorizing investment funds in receivables and investment funds in shares of the funds in receivables.

The new funds aim to attract investments by qualified investors in receivables or in securities representing such receivables arising from financial, commercial, industrial and real estate transactions. There is a minimum value applicable to those investments.

The new funds and the relevant receivables or securities will be classified by a risk rating agency in Brazil and the funds will be managed by commercial and investment banks, credit, financing and investment Companies, real estate credit companies, securities distribution companies and the Federal Government Savings Bank.

Further rules will be published shortly by the Federal Securities Commission.