VIVO Companies have adopted procedures and controls for disclosure of their public information to financial and capital markets, always in compliance with the applicable laws. The Company abides by the regulations set forth in the Stock Corportions Act (Law 6404/76, as amended) and pertinent rules in Brazil, North-American rules for listing and issue of shares at the United States stock exchanges, in addition to being committed with full compliance with the referred laws, and highly upright and ethical behavior standards in all their activities.

The ultimate responsibility for the disclosure of relevant Information, Acts or Facts lays on the CEO, the CFO and the Investor Relations Officer, the first two being responsible for authorizing the information to be disclosed, while the Investor Relations Officer is responsible for communicating the same, under the terms of the provisions contained in the Relevant Act and Fact Policy and in CVM Instructions 358/02 and 369/02.

The referred disclosures are reviewed by the Disclosure Committee, upon providing assistance to the CEO and the CFO.

The Disclosure Committee is responsible for the disclosure process in connection with the Company’s relevant Information, Acts and Facts, ensuring quality disclosure of Information as well as implementation of Disclosure Procedures and Controls.

It is incumbent upon the Committee:

• to review, supervise and formalize procedures for preparation of disclosure reports;

• to provide for that the different business areas of the Company should timely report the necessary information in order to allow an adequate evaluation of the information to be disclosed;

• to identify the information to be disclosed through follow-up of the shareholders’ and market’s information needs, as well as the applicable laws;

• to ensure constant updating relating to disclosure requirements and rules;

• to inform the disclosure procedures to the companies, departments and collaborators involved in the reporting process;

• to ensure that it has sound knowledge of the rules issued by the regulatory entities governing the capital markets where the Companies are listed;

• to evaluate the need to include other areas within the company in the reporting process and identify the persons with responsibility for them;

• to evaluate the need to resort to independent entities in order to ensure an adequate support to the disclosure process; and

• to perform other duties according to the appointment of the CEO or of the CFO.

The Disclosure Committee must evaluate the need to resort to independent entities (auditors, lawyers and other independent consultants) in order to ensure an adequate support to the disclosure process.

The Disclosure Committee reports directly to the CEO and to the CFO, and comprises the following members:


Representative Duty in the Committee
Investor Relations Officer

Coordinator and Member

General Secretary and Legal Officer

Member

Control Officer

Member

Institutional Communication Officer

Member

Accounting Officer

Member

Financial Officer

Member

Financial Planning Officer

Member

Communication and Advertising Officer

Member

Compliance Officer

Member

General Institutional Relations Officer

Member



Updated: October/2006.