1. DATE, TIME AND VENUE: August 5, 2015, at 5:00 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 elected members of the Company‘s Board of Directors were present.

3. PRESIDING: Ms. Ana Maria Marcondes Penido Sant‘Anna presided over the meeting and invited Mr. Marcus Rodrigo de Senna to act as secretary.

4. AGENDA: To resolve on the Quarterly Information for the period ended June 30, 2015.

5. RESOLUTIONS: Pursuant to 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 on this date, on the analysis by the Fiscal Council and the Company’s Audit Committee, in meetings also held on this date, the Board members after discussions, unanimously and without restrictions APPROVED the Quarterly Information (ITR) for the period ended June 30, 2015, as per the documents submitted thereto 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 those present. São Paulo, August 5, 2015. Ms. Ana Maria Marcondes Penido Sant’Anna, Chairwoman and Mr. Marcus Rodrigo de Senna, Secretary. Board members: (1) MS. ANA MARIA MARCONDES PENIDO SANT’ANNA; (2) MR. ALBRECHT CURT REUTER DOMENECH; (3) MS. ANA DOLORES MOURA CARNEIRO DE NOVAES; (4) MR. EDUARDO BORGES DE ANDRADE; (5) MR. FRANCISCO CAPRINO NETO; (6) MR. HENRIQUE SUTTON DE SOUSA NEVES; (7) MR. LUIZ ALBERTO COLONNA ROSMAN; (8) MR. LUIZ CARLOS VIEIRA DA SILVA; (9) MR. MURILO CESAR LEMOS DOS SANTOS PASSOS; (10) MR. PAULO MÁRCIO DE OLIVEIRA MONTEIRO; (11) MR. PAULO ROBERTO RECKZIEGEL GUEDES.

This is a free English translation of the original minutes drawn up on the Company’s records no. 12, pages 103 to 104.

Marcus Rodrigo de Senna
Secretary