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Board of Directors

 

The Board of Directors is a collective decision-making body, which is responsible for defining the general business policies and overall strategic guidelines, including long-term strategy. The duties of the board of directors include, among other things, electing or removing executive officers and supervising management. Under Brazilian Corporate Law, the Board of Directors is also in charge of appointing independent auditors.

The members of our board of directors meet every two months and as may be necessary under special circumstances, pursuant to call notices sent by the chairman or vice-chairman. Resolutions of the Board of Directors are taken by a majority vote of the directors attending the meeting.

Name	Title	Term of Office
Cláudio Coutinho Mendes	Chairman	Annual Shareholders´ General Meeting in 2010
Carlos Antonio Guedes Valente	Vice-Chairman	Annual Shareholders´ General Meeting in 2010
Stephen Howland Taber	Independent Director	Annual Shareholders´ General Meeting in 2010
Marco Paulo de Alvarenga Costa	Director	Annual Shareholders´ General Meeting in 2010
Raquel Santos Carneiro	Director	Annual Shareholders´ General Meeting in 2010
Pedro Pezzi Eberle	Independent Director	Annual Shareholders´ General Meeting in 2010
Luiz Fernando Azevedo Resende	Independent Director	Annual Shareholders´ General Meeting in 2010

Cláudio Coutinho Mendes. Mr. Mendes graduated in Engineering in 1982 from the Federal University of Rio de Janeiro (UFRJ) and in Economics from the State University of Rio de Janeiro in 1986. He also holds a postgraduate degree in Oceanic Engineering from UFRJ’s Graduate School. He became an investment manager at Corretora Schahim Cury S.A. in 1985, joining the BBM Group as trading desk manager at BBM Corretora in the following year. In 1989, he became an assistant officer at Banco BBM, and was promoted to executive officer in 1993, being in charge of the credit, commercial, consumer, foreign exchange, product and marketing areas. In 1995, he became a Banco BBM partner and in 1997 took charge of the bank’s real estate investment and real estate fund management areas. In 1999, he became a founding partner of CR2 DTVM, now Banco CR2 S.A., as executive officer in charge of the commercial credit analysis. In 2006, he became a partner in CR2 Serviços Financeiros Ltda. He has been a member of the Company’s Board of Directors since January 10, 2006, and was appointed Chairman on March 13, 2007.

Carlos Antonio Guedes Valente. Mr. Valente graduated in Economics from the Pontifical Catholic University of Rio de Janeiro in 1982 and was awarded a postgraduate degree in Economics from the same institution in 1984. In 1985 he joined the BBM Group as an adviser to the CEO’s office. In 1986, as a manager of BBM Corretora de Valores S.A., he was responsible for the Group’s equity trading. In 1989, he was appointed assistant officer of Banco BBM and was promoted to executive officer in 1993, being responsible for the bank’s own portfolio, as well as the price risk and human resources areas. In 1995, he became a Banco BBM partner, leaving the position two years later to take over the Group’s international assets area. He resigned from BBM in 1998 and, in 1999, became a founding partner of CR2 DTVM, now Banco CR2 S.A., as executive officer in charge of asset management. In 2006, he became a partner in CR2 Serviços Financeiros Ltda. Since January 10, 2006, he has been the Company‘s CEO. On March 13, 2007, he became a member of the Board of Directors.

Marco Paulo de Alvarenga Costa. Mr. Costa graduated in Business Administration from the Brazilian School of Public Administration (EBAP-FGV) and holds a doctorate in Capital Markets from the Getúlio Vargas Foundation’s Economics Graduate School (EPGE-FGV). Between 1982 and 1987, he was a manager at Advalor Distribuidora de Valores. In 1988, he joined Lecca DTVM, where he was responsible for future market operations, before becoming a partner of Brascan Corretora de Futuros in 1989. He joined Banco BBM in 1994, working in the international funding area, and subsequently became development manager for BB Asset’s sales areas. He left Banco BBM in 1998 and became a founding partner of CR2 DTVM, now Banco CR2 S.A., where he was appointed an executive officer. In 2007, he resigned from his executive position to become a member of CR2‘s Board of Directors. Since December 20, 2007, he has been a member of the Board of Directors.

Stephen Taber. Mr. Taber graduated in Business Administration from George Washington University in 1976 and was awarded a MBA from Thunderbird, the Garvin School of International Management in 1984. He is employed by Autonomy Capital Research LLP, a UK-based investment fund. In 2005, he was the Brazilian representative of Pali Capital Inc, a brokerage firm based in New York, and in 2004 he was a financial consultant for Telefinance Ltda., a financial consulting firm. Between 2002 and 2003, he worked for Tradition (North America) Inc., a New York-based brokerage house, focused on emerging markets. Between 1999 and 2002, he was a member of the management team of Latin America Technology Fund, LP, an investment fund. From 1996 to 1998, he was assistant officer at London’s ING Barings´ Emerging Market and Vice-President of ING Bank in Brazil. He also held several positions at the Latin America division of the Marine Midland Bank (HSBC Group), including Vice-President of the Colombia, Panama, Puerto Rico and Bermuda divisions. He has also worked as consultant for several companies that invest in Latin America. He is both a Brazilian and a U.S. citizen. Mr. Taber has been a member of the Company’s Board of Directors since April 11, 2006.

Raquel Santos Carneiro. Ms. Carneiro holds a Law degree (1989) from the State University of Rio de Janeiro and joined Banco BBM in 1989 as a lawyer. In 1992, she took over the legal department and in 1995 became manager of the contracts department. She became a Banco BBM partner in January 1996 and middle-market credit manager in 1997. She left BBM in 1998 and, in 1999, became a founding partner of CR2 DTVM, now Banco CR2 S.A., as the Legal and Compliance Officer. In 2006, she became a partner in CR2 Serviços Financeiros Ltda. and has been a member of the Company’s Board of Directors since April 11, 2006.

Pedro Pezzi Eberle. Mr. Eberle graduated in Engineering from the Federal University of Rio Grande do Sul in 1971 and was awarded a postgraduate degree in Industrial Engineering by the Pontifical Catholic University of Rio de Janeiro (PUC-RJ) in 1973 and a Master’s degree in Economics from the University of Virginia in 1976. Between 1973 and 1975, he was financial manager at Sisal Imobiliária Santo Afonso S.A., before joining Fiat do Brasil S.A. Participações in 1977 as an economic consultant. In 1982, he moved to Banco Boavista S.A. as member of the Investment Committee. In 1987, he joined Gardi S.A., a Banco de Investimentos Garantia company, before moving to Docas S.A. and Docas DTVM in 1989. In 1993, he co-founded Dynamo Administração de Recursos S.A, where he was a member of the Executive Board. He has also been a member of the Board of Directors of several firms, including Eternit S/A and Marisol Industria do Vestuário. He has sat on the Board of Lojas Renner S.A. since March, 2007, and became a member of CR2’s Board on December 20, 2007.

Luiz Fernando Azevedo Resende. Mr. Luiz Fernando Azevedo Resende graduated in Business Administration at the Federal University of Minas Gerais. Mr. Luiz Fernando Azevedo Resende is LatinFinance’s founder and CEO. Before estabilishing LatinFinance in December 2001, he was the Director Vice President of Banco Santander Brasil S.A. and Banco Bozano, Simonsen S.A., where he was responsible for coordinating the investment banking activities, including the areas of capital markets, M&A, privatization, project finance, securities brokerage and equity research. Between 1975 and 1995, he was an Executive Director at Unibanco where he developed several activities in the areas of corporate banking, retail and mainly investment banking. Between 1998 and 2002, Mr. Resende was Director of the National Association of Investment Banks – ANBID and one of the founding members of the Capital Markets Self-regulation Council. Since 2002, he has accumulated the roles of Vice President of ANBID, Chairman of the Board of the Self-regulation Commission and a Board member of the Self-regulation Council of the Continuing Certification Program.

Executive Officers

Executive officers are legal representatives, responsible for day-to-day management and for implementing the policies and general guidelines set by the Board of Directors.

Under Brazilian Corporate Law, all executive officers should be residents of Brazil and may or may not be shareholders of the Company. In addition, a maximum of one-third of directors may also serve as executive officers.

Name	Title	Date of election	Term of Office
Carlos Antonio Guedes Valente	Chief executive officer	May 7, 2008	Annual Shareholders´ General Meeting in 2011
Rogério Furtado Moreira	Investor relations’ officer and chief financial officer	May 7, 2008	Annual Shareholders´ General Meeting in 2011
Monique Leone Moreira Cezar	General counsel	May 7, 2008	Annual Shareholders´ General Meeting in 2011
Sérgio Wellington Lopes de Sousa	Executive Officer	May 7, 2008	Annual Shareholders´ General Meeting in 2011
Flávio Wrobel	Executive Officer	June 5, /2008	Annual Shareholders´ General Meeting in 2011
Marcello Alves Costa	Executive Officer	June 5, /2008	Annual Shareholders´ General Meeting in 2011

Carlos Antonio Guedes Valente. Mr. Guedes Valente resume is shown above.

Rogério Furtado Moreira. Mr. Moreira graduated in Production Engineering from the Federal University of Rio de Janeiro in 1987 and holds an MBA from the Instituto Brasileiro de Mercado de Capitais -IBMEC. He was a consultant at Arthur Andersen Consulting in 1988 and joined Banco BBM at the end of the same year as an equities and derivatives trader, before becoming overall manager of equity investments in 1993. In 1994, he was transferred to New York to structure BBM Securities, (the Group’s New York broker). He became a Banco BBM partner in 1995 and returned to Brazil to organize the bank’s asset management firm, where he was in charge of all investment funds and portfolios. He became an assistant officer in 1997, before leaving BBM at the end of 1998 and becoming a founding partner of CR2 DTVM, now Banco CR2 S.A. in 1999, where he was the executive officer in charge of operational control, controllership, administrative and risk control areas. In 2006, he became partner of CR2 Serviços Financeiros Ltda. He is currently the Company’s Chief Financial and Investor Relations Officer and was a member of the Board of Directors between January 10, 2006 and December 20, 2007.

Monique Leone Moreira Cezar. Ms. Cezar graduated in Law from the Pontifical Catholic University of Rio de Janeiro in 2000 and has a postgraduate degree in Economic and Corporate Law from the Getúlio Vargas Foundation. She was an intern at White Martins S/A, and at Supervia S.A. between 1998 and 1999 and joined Banco CR2 in 2000 as a junior lawyer. In 2005, she became head of the legal department and in April 2006, a partner of Banco CR2. In December 2006, she left Banco CR2 and became a partner of CR2 Serviços Financeiros Ltda. On December 20, 2006, she became Company partner and was appointed Legal Officer on February 5, 2007.

Sérgio Wellington Lopes de Souza. Mr. de Souza graduated in Data Processing Technology from the Pontifical Catholic University of Rio de Janeiro (1994), where he subsequently tutored projects for 2 years (1995-1997). Between 205 and 20066, he attended the Master’s program in Distributed and Parallel Computing at the Federal Fluminense University. He joined Banco Bozano Simonsen in 1994 as a systems analyst, where he participated in the downsizing of the accounting and human resources/personnel departments. In 1995 he joined Banco BBM, also as a system analyst and projected the bank’s credit system. In 1996, the BBM Group established a middle-market credit company, where he was promoted to project and process coordinator. He returned to Banco BBM in 1998, where he was responsible for the software for the auditing, corporate, accounting and information management areas. In 2000, he left Banco BBM and founded N2 Tecnologia Ltda, a consulting and systems development company, where he was chiefly involved in creating an information software for real estate developers. In May 2008, he left N2 Tecnologia and joined CR2 Empreendimentos Imobiliários S.A. as IT Manager. Since May 7, 2008 he has been the Company’s Officer without Portfolio.

Mr. Flávio Wrobel Mr. Wrobel graduated in Civil Engineering from the Pontifical Catholic University of Rio de Janeiro(PUC-RJ) in 2001 and holds a post-graduate degree in Corporate Finance from the same institution, as well as an MBA from the Federal University of Rio de Janeiro’s Graduate School. Between 1998 and 2006, he worked at W3 Engenharia Ltda., first as a works intern and, as of 2002, in the development department. He moved to Even Construtora e Incorporadora S.A in 2006, where he was development manager in charge of the company’s Rio operations, before joining Odebrecht Empreendimentos Imobiliários Ltda as development manager. He was appointed an Executive Officer of the Company on June 5, 2008.

Mr. Marcello Alves CostaMr. Costa graduated in Architecture and Urban Planning from Federal University of Rio de Janeiro in 1992. In 1996, he concluded his extension course in Systems Analysis at the Pontifical Catholic University of Rio de Janeiro, and in 2002 was awarded an MBA from the Instituto Brasileiro de Mercado de Capitais - IBMEC, Rio de Janeiro. He began his career in the projects division of Concal, a Rio-based construction company, and became manager of the projects department in 1994. He broadened his real estate experience by managing residential real estate development projects at Prodomo Empreendimentos Imobiliários. Between 1998 and 2006, he was responsible for the strategic management of the holdings of BVA Group and private equity funds in large-scale real estate projects in the residential, corporate and shopping mall areas. Between 2006 and 2008, he was CEO of Rio Amazonas Energia S.A., an electricity generating company with annual revenues of R$220 million. He was appointed an Executive Officer of the Company on June 5, 2008.

Management’s past experience

The management at CR2 has more than 10 years of experience in the real estate development industry.

These executives were responsible for developing five residential projects through SPEs administered by CR2 Administradora, and for six residential projects through real estate investment funds administered by Banco CR2, which combined represent total floor space of 74,000 square meters located in the Greater Rio de Janeiro area, or 465 units and launch sales value of R$ 218 million, corrected by the IGP-M inflation index as of December 2006.

In these 11 real estate projects, 60% of the units were sold in the first six months after the launch date and 95% of the units were sold before the completion of the projects.