Rio de Janeiro, September 3 of 2007

Dear Counselor,

I'd like to invite you to reflect. On September 1st, O Globo published its second report on the Maracanã's renovation, and both articles highlight that the project includes commercial developments, such as a shopping mall, as a way to make the initiative economically viable. This is true worldwide. Modern stadiums have added value through integrated developments such as a convention center (Wembley), a shopping mall (Basel), hotels (Bolton), museums (Preston), restaurants, shops, etc. This is essential for the rational and profitable use of the facility.

So, why can we modernize the Maracanã but not build our own modern stadium in Gávea? Why can't Flamengo offer leisure, entertainment, and services in its home, with comfort, safety, and quality, to its members, fans, and the general public?

The Gávea Revitalization Program, information about which has already been sent to you, is vitally important to the club and, in addition to the stadium, includes the expansion of the Olympic sports facilities, the completion and expansion of the clubhouse, and the construction of the Rowing Center of Excellence. Flamengo already has all the necessary permits, and the Board of Directors intends to submit the project to the Deliberative Council this month. 140 m² will be constructed, of which 60 will be allocated to parking and 24 will be gross leasable area.

The commercial area was designed to provide economic and financial viability for the project and also to meet the expectations of contemporary fans who appreciate comfortable facilities and a wide range of services. The shopping and leisure area is part of the stadium's attractions and will be available to the public at all times, not just on match days. The state itself wants to do the same for Maracanã, and Flamengo agrees. We eagerly await the publication of the privatization notice and will actively participate in the bidding process. After all, we all know that Flamengo is the best option for Maracanã, which is not incompatible with the Gávea Revitalization Program.

However, it's strange that interests opposing the club don't present themselves clearly and transparently for a beneficial and constructive discussion. The letter sent to the board members by someone outside the club, without even a return address, was an invasion of our privacy. The unauthorized disclosure of board members' data is criminal and must be rigorously investigated so that those responsible can be punished.

Clube de Regatas do Flamengo is at a decisive moment. Fiscal realignment, institutional reform, the creation of the football business association, the Maracanã Stadium, and the Gávea Revitalization Program will be the foundations of the Club in the 21st century. We cannot allow hidden, petty, and subordinate interests to prevent Flamengo from moving forward. We need to join hands and fight together. By fighting, we win!

Red-black greetings,

Marcio Baroukel de Souza Braga\ President\