Ms. Denise Aguiar Valente

Denise Aguiar Alvarez Valente, Director: Born on January 24, 1958.Ms. Valente received a degree in education from São Paulo Pontific Catholic University and received a Masters in Education from New York University.In April 1986, she was appointed to the Board of Directors of Cidade de Deus - Companhia Comercial de Participações, one of our controlling shareholders, and since July 1988 she has also been serving as an Officer.Since February 1990, Ms. Valente has served as a member of our Board of Directors, and since March 2000, she has also served as a Director of Bradespar S.A.She is also a member of the Board of Trustees and Associate Director of Fundação Bradesco and member of the Board of Directors and Associate Directors of Institute of Diseases of the Digestive System and Nutrition (Fimaden).In addition to these activities, she is a member of the Board of Directors of Associação dos Amigos da Pinacoteca do Estado and of the Deliberative Board of Fundo Social de Solidariedade do Estado de São Paulo - Fussesp and of Museu de Arte Moderna de São Paulo - MAM, member of the Board of Trustees of Fundação Dorina Nowill para Cegos and Fundação Roberto Marinho, member of the Governance Board of GIFE - Group of Institutions, Foundations and Companies, member of the Consulting Board of Canal Futura; Member of the General Board of Comunitas Parcerias para o Desenvolvimento Solidário; and effective member (Socia Efetiva) of Associação de Apoio ao Programa Alfabetização Solidária - AAPAS.

Raul Santoro de Mattos Almeida, Director: Born on September 16, 1952.

Denise Aguiar Alvarez Valente, Director: 47 years old.Ms. Valente received a degree in education from São Paulo Pontific Catholic University and received a Masters in Education from New York University.In April 1986, she was appointed to the Board of Directors of Cidade de Deus - Companhia Comercial de Participações, one of our controlling shareholders, and since July 1988 she has also served as an Officer.Since February 1990, Ms. Valente has served as a member of our Board of Directors, and since March 2000, she has also served as a Director of Bradespar S.A..She is also a member of the Board of Trustees and Assistant Officer of the Fundação Bradesco and director and Assistant Officer of the Institute of Diseases of the Digestive System.Ms. Valente hold a position of member of the Deliberative Board of the Association of the Friends of the Pinacoteca of the State since March 2002, and of the Fundo Social de Solidariedade do Estado de São Paulo - FUSSESP since April 2003.

Raul Santoro de Mattos Almeida, Director: 52 years old.

Denise Aguiar Alvarez Valente, Director: Born on January 24, 1958.Ms. Valente received a degree in education from São Paulo Pontific Catholic University and received a Masters in Education from New York University.In April 1986, she was appointed to the Board of Directors of Cidade de Deus - Companhia Comercial de Participações, one of our controlling shareholders, and since July 1988 she has also been serving as an Officer.Since February 1990, Ms. Valente has served as a member of our Board of Directors, and since March 2000, she has also served as a Director of Bradespar S.A.She is also a member of the Board of Trustees and Associate Director of Fundação Bradesco and member of the Board of Directors and Associate Directors of Institute of Diseases of the Digestive System and Nutrition (FIMADEN).In addition to these activities, she is a member of the Board of Directors of Associação dos Amigos da Pinacoteca do Estado and of the Deliberative Board of Fundo Social de Solidariedade do Estado de São Paulo - FUSSESP, member of Fundação Dorina Nowill para Cegos and Fundação Roberto Marinho, member of the Governance Board of GIFE - Group of Institutions, Foundations and Companies, member of the Consulting Board of Canal Futura and effective member (Socia Efetiva) of Associacao de Apoio ao Programa Alfabetizacao Solidaria - AAPAS.

Raul Santoro de Mattos Almeida, Director: Born on September 16, 1952.

Mr. Aguiar Alvarez's sister, Ms. Denise Aguiar Alvarez Valente, is also a director.

Denise Aguiar Alvarez Valente, Director: 46 years old.Ms. Valente received a degree in education from S,o Paulo Pontific Catholic University and received a Masters in Education from New York University.She was appointed to the Board of Directors of Cidade de Deus - Companhia Comercial de Participa,,es on April 30, 1986.Since 1988 she has also served as an Officer.Since February 1990 Ms. Valente has served as a member of our Board of Directors, and since March 2000 she has also served as a member of the Board of Directors of Bradespar.