The members of the Audit Committee, assembled with the Directors and those responsible for KPMG Auditores Independentes, have analyzed the Financial Statements of CCR S.A., for the year ended in December 31, 2011 with the corresponding Notes, the Management Report and Independent Auditors‘ Report on Financial Statements of the Company, issued on February 29, 2012.

Following the discussions and relevant explanations, the members of the Committee have forwarded their opinion to the Board of Directors, recommending, unanimously by present members, the approval of referred Statements.

São Paulo, February 29, 2012.

ANA DOLORES MOURA CARNEIRO DE NOVAES
ANA MARIA MARCONDES PENIDO SANT’ANNA
PAULO ROBERTO RECKZIEGEL GUEDES
ROBERTO CARLOS DEUTSCH