ANGRA INFRA FUND

Angra Infra Fundo de Investimento em Participações is a Private Investment Fund – "FIP" – incorporated in accordance with CVM Instruction 391/03 and by the fund's bylaws. The purpose of the fund is to invest in Brazilian infrastructure ventures, acquiring privately negotiated control or joint-control equity positions, always playing an active role in the management of invested companies.

KEY TERMS

Closing Date: October 11, 2006
Committed Capital: R$ 697.5 million
Term: 10 years, with the possibility for the extension of up to two additional two-year periods.
Investment period: 5 years from the Closing Date
Diversification limits: investments in a single company are limited to a minimum of R$ 20 million and a maximum of 20% of the committed capital. The fund invests in equity or convertible securities issued by private or public companies whose businesses are related to the infrastructure sector
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