1. DATE, TIME AND VENUE: May 13, 2015, at 05:00 p.m., at the Company’s headquarters, at Avenida Chedid Jafet, 222, Bloco B, 5º andar, in the city and state of São Paulo.

2. ATTENDANCE: All the members of the Company‘s Board of Directors were present.

3. PRESIDING BOARD: Ana Maria Marcondes Penido Sant’Anna presided over the meeting and Marcus Rodrigo de Senna acted as secretary.

4. AGENDA: To resolve on the Company’s Quarterly Information (ITR) for the period ended March 31, 2015.

5. RESOLUTIONS: In compliance with item (v) of Article 142 of Law 6404/76 and item (v) of Article 14 of the Company’s Bylaws, and based on the Review Report issued by Deloitte Touche Tohmatsu Auditores Independentes today, and the analysis of the Company’s Audit Committee and Fiscal Council at the meetings held today, the Board members analyzed and approved unanimously and without restrictions the Quarterly Information (ITR) for the period ended March 31, 2015, as per the documents presented to the Board members at this meeting.

6. CLOSURE: There being no further business to address, these minutes were read, found to be in compliance, approved and signed by all attending Board members. São Paulo, May 13, 2015. Ana Maria Marcondes Penido Sant’Anna, chairman, and Marcus Rodrigo de Senna acted, secretary. Board members: (1) ANA MARIA MARCONDES PENIDO SANT’ANNA; (2) ALBRECHT CURT REUTER DOMENECH; (3) EDUARDO BORGES DE ANDRADE; (4) FRANCISCO CAPRINO NETO; (5) HENRIQUE SUTTON DE SOUSA NEVES; (6) LUIZ ALBERTO COLONNA ROSMAN; (7) LUIZ ANÍBAL DE LIMA FERNANDES; (8) LUIZ CARLOS VIEIRA DA SILVA; (9) MURILO CÉSAR LEMOS DOS SANTOS PASSOS; (10) PAULO ROBERTO RECKZIEGEL GUEDES; (11) RICARDO COUTINHO DE SENA.

I certify that this instrument is a true copy of the minutes drawn up in the Company‘s Record of the Minutes of the Board of Directors Meetings, Book No.12, pages 55 and 56.

Marcus Rodrigo de Senna
Secretary