BOVESPA Announces The Creation Of A Listing Committee

Following the launching of BOVESPA MAIS – a new listing segment for companies that need a gradual access to the capital market announced in May 2005, BOVESPA’s Board of Directors approved the creation of a Listing Committee aiming at pre analyzing the application of companies joining the BOVESPA MAIS and those planning to enter Novo Mercado, Nível 2 or Nível 1 with public offerings of shares whose estimated values are lower than BRL 150 million.

Besides the analysis already conducted by BOVESPA whenever a company decides to be listed in one of its markets, an additional stage to the existing formal registration process named “previous analysis” will be taken now by the Listing Committee.

Consisted of Brazilian capital market experts, the Listing Committee is intended to keep BOVESPA Mais’ credibility and also provide guidance to companies on the most appropriate segment for them to list according to their profile, as well as their offering’s and listing’s objectives. The Listing Committee’s opinion is delivered within 40 days as of the submission date by the company.

As soon as the Listing Committee issues a favorable evaluation, companies will be provided with 90 days to submit any complementary documentation related to the formal registration process; otherwise the Committee's opinion will no longer be effective. In case the Committee’s resolution is not favorable to the registration application, companies may appeal to BOVESPA’s Board of Directors within 15 days.

Companies already listed on BOVESPA and planning to migrate to one of the Special Levels of Corporate Governance and those planning to migrate from BOVESPA Mais to Novo Mercado are not subject to the Listing Committee’s prior review.