Tarnova 
                      investments operates as a management team of resources 
                      of private investments ("Private 
                      Equity"), identifying markets and chances of 
                      investment for private customers, executing asset sales 
                      and acquisitions for its customers and creating value through 
                      strategic and operational changes in the companies. When 
                      these are finally negotiated, capital is then returned to 
                      the investors. 
                    Tarnova Investments 
                      has a differentiated activity that prioritizes the creation 
                      of value through private investments chances, derived from 
                      an extensive network of contacts. 
                    Our philosophy is based on non speculative 
                      investments and the impartial commitment of the contracted 
                      shareholders of our company. The experience and network 
                      of relationships of the Tarnova executives 
                    
                     The Tarnova 
                      propitiate exclusive chances to our range of customers, 
                      facilitating growth and developing potential strategically 
                      partnerships. 
                    The results of our work is the satisfaction 
                      of our enterprising customers, company shareholders and 
                      the continuation of a investment group that is used to evaluating 
                      futures projects with the quality stamp of  
                      Tarnova Investments.  
                    Tarnova Investments 
                      developed an investment approach that contemplates the capital 
                      necessities and company changes as well as “ apportion 
                      of capital. The investments are aimed at companies who can 
                      be benefit of capital apportion and the support in the strategic 
                      restructure of operational and/or financial reorganization. 
                    
                    In some cases, significant minority investments 
                      are considered in conjunction with strategic investors that 
                      search for domestic and mainly international partners. Such 
                      strategy of investment is based on four differentiating 
                      factors:
                    Local presence and Team: The presence 
                      of key-people with excellent experience in the local market 
                      and vast International experience makes it possible for 
                      Tarnova to structure and execute 
                      complex operations, some of them demanding significant changes 
                      in control positions and in the managing team, strategy 
                      and operations of the company. 
                    We consider the proximity with the company 
                      portfolio and with potential acquisition targets a key factor 
                      for the success of our efforts of developing operations 
                      and investment, bringing as a result good performance for 
                      our investors. 
                    Flexible investment approach 
                      The Tarnova Investments uses 
                      a more flexible approach for its customers, identifying 
                      quality companies that search to expand their operational 
                      and strategic horizons. Typical opportunities of investment 
                      are negotiated in private transactions that include situations 
                      such consolidations the capital for growth, minority significant 
                      positions and restructures.
                      
                      Strategic and Operational changes through the implementation 
                      of significant strategic and operational changes, Tarnova 
                      Investments looks to create value for its customers and 
                      investors:
                    I. 
                      working with the managers of companies in the development 
                      of business oriented plans;
                      II. developing 
                      information systems that assist the efforts of cost reduction 
                      and revenue increase;
                      III. participating 
                      in the planning and monitoring the performance of the investments;
                      IV. positioning 
                      the company portfolio in the investment community to maximize 
                      its value