Change In BOVESPA's Trading Hours As Of October 15, 2007

BOVESPA´s Trading Hours will change as of October 15, 2007 due to the Brazilian Daylight Saving Time.

• The Mega Bolsa Trading System will operate on a continuous session from 11:00 a.m. to 6:00 p.m. – according to the following schedule:

  From 10.45 am to 11.00 am - pre-opening fixing
  Input of orders for the calculation of the theoretical opening price;
  From 5.55 pm to 6.00 pm - closing call
  For all the stocks traded on the cash market comprising the portfolio of the BOVESPA index and options series with higher liquidity.

• The After-Market trading session will work from 6:45 p.m. to 7:30 p.m., whereas the After Market´s pre-opening (period for cancellation of Crosbids and asks introduced in the regular trading session) will be from 6:30 p.m. to 6:45 p.m.

• The schedule for Blocking and Exercise of the Options Market will also be changed:

  Equity Options - Blocking/Exercise:
  On pre-expiration dates - from 11:00 a.m. to 5:00 p.m. - blocking and exercise.
  On expiration dates - from 11:00 a.m. to 12:00 p.m. - only blocking / from 12:00 p.m. to 02:00 p.m. - exercise and blocking.

  Index Options - Blocking/Exercise:
  On pre-expiration dates - from 11:00 a.m. to 02:00 p.m. - blocking and exercise.
  On expiration dates - from 11:00 a.m. to 02:00 p.m. - only blocking / from 02:00 p.m. to 6:00 p.m. - exercise and blocking

Note: The Period for correction of transactions will be up to 7:30 p.m.

Additional information: Brazil's time will be at GMT –02:00 during the Daylight Saving Time.