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Mr. Fraga was elected a member of our Board of Directors in January 2004. Mr. Fraga served as Chairman of the Central Bank of Brazil from March 1999 to December 2002. Previously, he held for six years the position of Managing Director at Soros Fund Management LLC in New York. From 1991 to 1992 he had a passage through the Central Bank of Brazil, as Director of International Affairs; he also worked for Salomon Brothers, in New York, as Vice-President, and as chief-economist at Banco de Investimentos Garantia, in Brazil. Among other academic affiliations, Mr. Fraga is an adjunct professor at Getulio Vargas Foundation (Fundação Getulio Vargas). Received a Ph.D. in Economics, from Princeton University in 1985, and Bachelor's and Master's degrees in Economics, from the Catholic University (Pontifícia Universidade Católica) of Rio de Janeiro.
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