1. DATE, TIME AND LOCATION: At 4:30 p.m. of May 10, 2011 at the Company’s head offices located at Avenida Chedid Jafet, 222, Block B, 5th floor, in the city of São Paulo, State of São Paulo.

2. ATTENDANCE: All effective members.

3. PRESIDING: Mr. Newton Brandão Ferraz Ramos was president of the head table and Mr. Rui de Souza Oliveira was secretary.

4. AGENDA: To discuss the analysis of the Financial Statements for the quarter ending March 31, 2011.

5. The members voted unanimously, without any restrictions, pursuant to line (vi) article 2 of the Fiscal Council’s Internal Regulations, already duly reviewed by KPMG Auditores Independentes, in favor of the aforementioned statements.

6. With no further business to discuss, the meeting was adjourned for the time necessary to prepare these minutes. The meeting was then resumed, read, found in order, approved and signed by all present.

São Paulo, May 10, 2011.

Newton Brandão Ferraz Ramos
President of the Head Table

Rui de Souza Oliveira
Secretary

Members:

Mr. Newton Brandão Ferraz Ramos

Mr. Adalgiso Fragoso de Farias

Mr. José Valdir Pesce