Date and Place:
Held at 11:00 am, on June 27, 2013, at the Company's headquarters at Rua Olimpíadas, 205, cj.142/143, São Paulo, SP, CEP 04551-000.
CALL AND ATTENDANCE:
Regularly summoned, attended the conclave the Directors who undersign these minutes.
COMPOSITION OF THE BOARD:
Mr. Luiz Fernando Wolff de Carvalho presided the Meeting, and I, Paula Paulozzi Villar, performed as secretary of the works.
Analysis and deliberation on:
Approval of the procedures for payment of the shares subject matter of the stock options ("Stock Option") to be exercised by the beneficiaries under the Stock Option Plan of Company's Shares Purchase, regulated at the General Assembly dated June 29, 2007.
In discussion the only item on the agenda, the board decided to approve the payment of the shares subject matter of the Stock Options in kind, or by promissory note due 60 (sixty) days, maximum.
There being nothing more to be discussed, Mr. Chairman, having thanked the contribution of all, adjourned the assembly. The secretary drew up these minutes; which after its terms having been read aloud was approved by all those present. São Paulo, June 27, 2013. Signatures: Board: Luiz Fernando Wolff de Carvalho - Chairman Paula Paulozzi Villar – Secretary, Luiz Fernando Wolff de Carvalho; Fernando Xavier Ferreira; Ricardo Stabille Piovezan; Leonardo Almeida Aguiar; Antonio Jose Monteiro da Fonseca de Queiroz; Ronald Herscovici; João Villar Garcia; and Marcelo Souza Monteiro.
I CERTIFY AND GUARANTEE THAT THE PRESENT MINUTES ARE A TRUE COPY OF THE ONE DRAWN IN THE APPROPRIATE BOOK FILED AT THE COMPANY'S HEADQUARTERS
Luiz Fernando Wolff de Carvalho
Paula Paulozzi Villar