Clube de Regatas do Flamengo, in light of recent news reports on the securitization of receivables relating to the 12,5% ​​balance from the sale of athlete Ibson to FC Porto, clarifies the following:

1- The athlete was sold for two million euros and Flamengo has already received one million and nine hundred thousand euros;

2- Flamengo carried out a receivables securitization operation with the financial company Pentland Capital Limited, based in London, relating to the last installment owed by FC Porto, in the total amount of two hundred and fifty thousand euros, of which it has only received one hundred and fifty thousand euros, to date;

3- Flamengo has already appointed lawyers to take the necessary measures to receive the one hundred thousand euros still owed to the club.

It is important to emphasize that Flamengo has taken all necessary precautions to ensure full receipt of the amounts owed to it and all documents relating to the matter are available to members.

Rio de Janeiro, October 17, 2007

Marcio Baroukel de Souza Braga

President