Brasil Brokers Participações S.A. requested authorization to buy back its own outstanding shares, under Article 23 of Instruction 10/80, to fulfill obligations assumed under real estate intermediation company acquisition agreements.

The Corporate Relations Superintendence (SEP) supported the company's request, due to the following: 1) the market would apparently not be compromised; 2) the company appropriately disclosed its intended operations; and 3) the amount of shares involved in these operations would be small. Therefore, the SEP submitted the matter for the Board's appraisal.

Rapporteur Eli Loria voted against the request. He argued that the conditions to grant this exceptional request did not exist. After that, director Otavio Yazbek requested to review the proceeding.

When the decision was resumed, Director Otavio Yazbek voted in favor of the request, emphasizing that it fulfills the requirements for approval, as the market would not be compromised. Particularly, no losses would be incurred by the company's share capital and no risk of stock price manipulation would be created.

The director also underscored that, considering the real estate intermediation market's peculiarities, the company's practice of paying for part of an acquisition using its own issued shares is reasonable. This is because that market has a personal nature, which would justify the model proposed by the company, in which the company's sellers would receive shares and thus become partners, with restrictions on share transfer for a certain period of time.

After director Eli Loria was defeated, the Board decided to grant the request based on the opinion presented by director Otavio Yazbek. The Board decided that the SEP will require the company to continue using procedures to avoid price composition distortions regarding their own issued shares (1/26/2010 Board Meeting; Rapporteur Eli Loria).