MINUTES OF THE BOARD OF DIRECTORS’ MEETING
HELD ON AUGUST 10th, 2010

DATE, TIME AND VENUE: On August 10th, 2010, at 2:30 pm, at the Company’s headquarters, located at Avenida Paulista, no. 37, 15th floor, Bairro Paraíso, Zip Code 01311-902, in the city and state of São Paulo.

CALL NOTICE: The call notice was waived due to the presence of all members of the Board of Directors, in accordance with Paragraph 2, Article 14 of the Company’s Bylaws.

OFFICERS OF THE MEETING: Chairman: Mr. Michel Esper Saad Junior; Secretary: Mr. Marco Antonio Cattini Mattar.

AGENDA: (i) to approve the Company’s operating results for the 2nd quarter 2010, duly audited by Terco Grand Thornton Auditores Independentes S/S; (ii) To approve pursuant to Section 17, X, of the Company’s Bylaws, the Management Reports relative to June 30th, 2010, which have been duly filed at the Company’s headquarters.

RESOLUTIONS: After analyzing the matters in the Agenda, the members of the Company‘s Board of Directors, by unanimous vote and with no restrictions, resolved on the following:

(i) To approve the Company’s operating results for the 2nd quarter 2010, duly audited by Terco Grant Thornton Auditores Independentes S/S, pursuant to Section 17, Paragraph VII of the Company’s Bylaws, which will be filed at the head office and will be opportunely published in accordance with legislation;

(ii) To approve, pursuant to Section 17, item X, of the Company’s Bylaws, the Management’s Reports relating to June 30th 2010, which have been duly filed at the Company’s headquarters;

CLARIFICATIONS: The drawing up of these minutes in summary format was authorized, as provided for in Article 130, paragraph 1 of Law 6,404/76.

CLOSURE, DRAWING UP, APPROVAL AND SIGNING OF MINUTES: There being no further issues to address, these Minutes were drawn up, read, approved and signed by those present.
Attendance: Michel Esper Saad Junior – Chairman; Marco Antonio Cattini Mattar – Secretary. Directors: Michel Esper Saad Junior, Jorge Cury Neto, José Roberto Cury, Marco Antonio Cattini Mattar, Ronaldo José Sayeg, Raul Carlos Pereira Barreto and Ricardo Malavazi Martins. São Paulo, August 10th, 2010.

These minutes are a true and correct copy of the original minutes drawn up in the pertinent book.

__________________________________________________
Marco Antonio Cattini Mattar
Secretary

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