Dear ETCO partners,

ETCO's success is due to the effective integration between the ceaseless work of the team that is in charge of daily tasks, the commitment of the members of the Board of Directors and the commitment of the Advisory Board, whose contribution, through ideas, comments and suggestions, has been extremely valuable.
In recent conversations, the President of the Advisory Council, Minister Marcílio Marques Moreira, informed us that he would like to disengage himself from being a member of the Advisory Council and, consequently, from his Presidency, a position he has held since 2006, to be able, as Senior Consultant of the Management and Advisory Boards, as well as the Executive Presidency, contribute, in a more integrated and flexible way, to the Institute's multiple initiatives.
Minister Marcílio acted and will continue acting, now as a consultant, decisively for the successful trajectory of ETCO, in a manner consistent with his experience and outstanding performance, both in the public sector and in the private sector.
I am pleased to announce that, as per the Board of Directors' resolution, we invited Dr. Everardo Maciel to assume the Presidency of the Advisory Board, as of September 1, an invitation to which Dr. Everardo kindly acquiesced.
Dr. Everardo has been a member of the Institute's Advisory Board since its constitution in 2004, and, like Marcílio, has played a key role in ETCO's trajectory.
We want to take this opportunity to emphasize that the experience of each of the Advisory Counselors has added relevant value to the Institute, over the years, in its permanent struggle for a more attractive and more ethical business environment in the country.

Cordially,
Victor Carlos De Marchi
Chairman of the Board of Directors