Responsibility means the obligation to answer for one's own actions, assuming that these actions are supported by reasons or motives.

It is regrettable that Mr. Edmundo Santos Silva is not here to answer for the lawsuit filed by Clube Atlético de Madrid SAD regarding the signing of the player Gamarra on July 13, 2000, and the non-payment of debts related to the player's federative rights at that time.

Flamengo was ordered to pay R$ 6.450.194,04 (six million four hundred and fifty thousand, one hundred and ninety-four reais and four cents), the sentence determining the blocking of Petrobras sponsorship credits, which would have caused several problems were it not for the skill of the CRF Legal Department in negotiating the installment payment of the debt left by Mr. Edmundo Santos Silva, in 16 installments, which is already being paid.

Therefore, it is worth highlighting that successful management only occurs when it is done with RESPONSIBILITY, and that the current Board's attitude in solving the problems of previous administrations has been intense in the pursuit of a better future for FLAMENGO.

Finally, rest assured that FLAMENGO is a very big club and will always win!

Rio de Janeiro, October 1, 2008

The Board

Flamengo Regatta Club