WORDS OF HUGO FIGUEIREDO ON THE INAUGURATION OF BRUNO LIMA ROCHA AND THE NEW BOARD OF DIRECTORS OF SYNDARMA ON 14 JULY 2011 Good evening, I would invite my colleagues to approach to begin the inauguration of the new board of Syndarma. Please: Paul Cotta, Cezar Baião, Cláudio Loureiro, Ronaldo Lima, Manoel Requeijo Sergio Bacci, Marco Aurelio, Pedro Henrique, Andre Mello, Balau, Luis Mauricio and Luiz Roberto Galli. In my name, and my fellow directors, I would like to thank the presence all that gave prestige to this important, and festive night to Syndarma. In particular I greet Adm. Prado Maia, Director General of Navigation, representing the Navy Commander, and greeting Adm. Prado Maia I greet the other authorities that honor us with their presence. After 12 years I am leaving the presidency of Syndarma, very happy and fulfilled as it is with great pleasure that I relay the Presidency of this honorable institution to my dear friend Bruno. In these six mandates I had the unique opportunity to live and participate in the enormous transformation that occurred in our merchant fleet in the recent years. With much pain, we resisted and went through the worst moments when our industry was at rock bottom. But fortunately today we are in a full and exuberant recovery. I feel very proud and gratified to have participated actively in this process of revival of our merchant navy and also of our shipbuilding. (Speaking of resurgence of the merchant marine and shipbuilding, I must mention and thank the presence of my dear friend Sergio Machado who is crucial part in this process.) It's amazing all that has been occurring recently and the future opportunities are extraordinary. They are magnificent! However there are still major challenges to be overcome. The challenges are many, but two I would highlight as priorities. The more urgent and distressing, is the availability of officers to man our ships. Even if my friend Severino tries to deny, the picture is alarming. It's scary. The feeling that we have is that we're falling from a ten-story building and we have seen the ninth floor go, the eighth floor, and we are already seeing the fourth floor. If a parachute does not turn up rapidly, we will soon be smashed on the floor. The picture is serious. Very serious. If we survive, in my point of view, the greatest challenge that lies ahead is to achieve a reasonable level of competitiveness for the operation of ships with the Brazilian flag. Today, our costs are a little more than double the international average. This situation is untenable in the medium and long term. We do not need to be the most competitive in the world, but we can not continue with these current cost levels. If we wish to have a merchant marine, strong, vibrant and sustainable, rather than a huge nightmare in the future, we must work hard to improve the competitiveness of the Brazilian flag. I have no doubt that the reason we do not have a presence today in the long haul transport is a lack of competitiveness to compete in the open market. We will only regain a position in the long haul, develop the coastal shipping with the desired level, continue the magnificent development of the offshore and port support, if we improve our competitiveness. Achieve self-sustainability in our industry is critical to the future. In this sense the Syndarma, presented to the government a proposal for improving competitiveness through a program called "PRO-REB." Major institutions like the Brazilian Navy, Sinaval the CONTTIMAF, among others, have committed to support to PRO-REB. We are confident that with the new administration in the Ministry of Transport, this program will refloat (and the correct term is indeed refloating) and the "PRO-REB" is readily implemented to the good of the survival of the Brazilian merchant marine. I leave very quiet, because I know that Bruno and his colleagues in the Board of Syndarma are fully aware and are committed on the pursuit of competitiveness and the implementation of the "PRO-REB." Anyway, what I really want to do here today are thanks. My sincere thanks to all who helped, coexisted and cooperated with me in these 12 years that I had the honor of chairing the Syndarma. I am afraid to name one by one, whether individuals or institutions, it would be a huge list and I could not fail to mention all. I must thank my colleagues especially to the current and past Boardds of Directors, who together fought unabated for the uplift and development of our Merchant Marine. I am extremely grateful to the spirit of permanent union, and the incessant search for consensus, which has always prevailed between us. In this regard I would like to nominate this wonderful group of friends who accompanied me on this long journey in the successive Board of Directors of the Syndarma. My emotional thank you to; Sergio Bacci, Ronaldo Lima, Rodrigo Torrealba, Richard Klien, Pedro Henrique Garcia, Paulo Cotta, Odacir Klein, Mauro Amorelli, Marianne Lachmann, Marco Aurelio Guedes, Manoel Requeijo, Luiz Mauricio Portela, José Balau, Claudio Marote, Claudio Loureiro, Celina Torrealba, Carlos Ebner, Carlos de Vicenzi, Bruno Rocha Lima, Cezar Baião, Arnaldo Calbucci, Andre Mello and Amin Murad. I would also like to record my thanks to all Syndarma’s staff for the support you have given to me all this time, and as a symbol I would mention our tireless Fernando Santana who represents all so well. I could not also fail to mention the beautiful and nostalgic memory that I keep of the friends Eduardo Sa, Narciso and Vidigal that unfortunately are no longer with us. However, I wish to make a special thanks from the bottom of my heart, to my dear friends Claudio Décourt and Roberto Galli, efficients Vice-Presidents of the Syndarma, that were fundamental to me, I would say indispensables and wonderful companions, throughout these 12 years. Finally, I also wish to register my great joy and satisfaction in hand over the helm for my dearest friend Bruno, who with his skill, competence and dedication, I'm sure will do a great job leading the Syndarma. I wish every success to Bruno and the friends that make up this Board and takes office today, and I'm sure will continue in the ceaseless struggle for sustainable development of our merchant marine. The Syndarma is in excellent hands. Thank you.