Luiz Fernando Romano: Mr. Romano obtained his degree in Economic Science from the Candido Mendes University in 1988 and his Masters in Business Administration from COPPEAD/UFRJ in 2000. He worked for Banco Marka from 1986 to 1993 and for Banco Graphus from 1994 to 1995, as Chief Trader and Manager responsible for Asset Trading and Management of the financial resources of both institutions. He joined Banco Brascan in 1996. Mr. Romano is a Partner in the Bank and an Executive Director in charge of the Treasury.

Mônica Oliveira: Mrs. Oliveira obtained her degree in Economics from the Gama Filho University in 1989. In 1990, she post-graduated in Finance at IBMEC-RJ. From 1991 to 1998, she worked at Banco Performance as an Economist. In 1999, she joined Banco Fleming Graphus as a Fixed Income Manager. In 2000, Mrs. Oliveira joined Banco Brascan as Senior Economist. In 2006, she was transferred to BGA as Head of the Macroeconomic Research Area.

Ricardo Novaes: Mr. Novaes has a B.A. degree in Business Administration from PUC-RJ and M.A. in Finance and Managerial Economics from the EPGE-FGV. He joined Banco Brascan in 1998 as a Trainee in the Treasury Area. In 2002 he became a Manager responsible for the domestic fixed income trading positions. In 2006, Mr. Novaes was assigned to BGA as a Fixed Income Trader.

Marco Antônio Azevedo: Mr. Azevedo obtained his degree in Industrial Mechanical Engineering from PUC-RJ in 1999. In 2001, he obtained his post-graduate degree in Financial Engineering also from PUC-RJ. He started working for Banco Brascan in 1997, as a Trainee in the International Back-Office Area. In 1998, he was transferred to the Treasury Area of the Bank and, since 2001, he has been responsible for the foreign exchange proprietary desk. In 2006, Mr. Azevedo was transferred to BGA in charge of the foreign exchange portfolio.

Paulo Bruno F. Lorena de Araujo: Mr. Lorena obtained his degree in Industrial Engineering from the Federal University of Rio de Janeiro in 1999. He concluded his post-graduate degree in Financial Engineering from PUC-RJ 2001. He joined Banco Brascan in 1997 in charge of the proprietary trading in equity markets. In 2006, he was transferred to BGA as Portfolio Manager responsible for equity markets.

Roberto Costa: Mr. Costa obtained his degree in Civil Engineering from PUC-RJ in 1999. In 2001, he obtained his post-graduate degree in Financial Engineering also at PUC-RJ. In 2003, he obtained his post-graduate degree in Commercial Law at Fundação Getulio Vargas. He joined Banco Brascan in 1998 as a Trainee in the International Back-Office Area. From 1999 to 2000 he worked in the Private Banking Area of the Bank and in 2001, he was assigned to the Treasury Area as an Equity Trader. In 2006, he was transferred to BGA as an Equity Trader.

Marcel Leal da Silva: Mr. Leal obtained his degree in business administration from the Cândido Mendes University in Rio de Janeiro in 2004. He joined Banco Brascan in 2000 as a Trainee in the Treasury Area. In 2002, he became a Foreign Exchange Trader. In 2006, he was transferred to BGA in that capacity.

Maurício de Sousa Ferraz: Mr. Ferraz obtained his degree in Industrial Engineering from the Federal University of Rio de Janeiro in 2005. He joined Banco Brascan in 2001 as a trainee in the Treasury Area. After 3 years, he became an International Fixed-Income Trader. In 2006, he was transferred to BGA, as one of the Managers responsible for the International Fixed-Income activity.

Frederic Campos Brown: Mr. Brown obtained his degree in Economics from PUC-Rio 2007. He joined Brascan Gestão de Ativos in 2006 as a Trainee in the Macroeconomic Research Area. In 2007, he was transfered to the trading desk joining the Quantitative Area. He has been certified with CPA-20 by ANBID.