MINUTES OF THE BOARD OF DIRECTORS’ MEETING

MINUTES OF THE BOARD OF DIRECTORS’ MEETING

DATE, TIME AND VENUE: October 13, 2008, at 9:00 a.m., at Av. Paulista, 925, 3º andar, in the city and state of São Paulo.

CALL NOTICE AND ATTENDANCE: The call notice was waived due to the presence of all acting members of the Board of Directors.

PRESIDING BOARD: Chairman: Fernando Luiz Schettino Moreira
Secretary: Orlando Machado Júnior

AGENDA: To resolve on the following matter:
(i) proposal for the payment of interim dividends.

RESOLUTIONS: The board members present voted unanimously, with no restrictions, to take the follow resolution:

(i) to approve the payment of interim dividends in the total amount of R$15,000,000.00 (fifteen million Brazilian Reais), to be paid by October 22, 2008, based on shareholdings on October 13, 2008, at R$0.2272626898 per share.

CLOSURE: There being no further business on the agenda, the meeting was brought to a close and these minutes were drawn up, read, found to be in accordance and signed by all those present. São Paulo, October 13, 2008 Signatures: Chair: Fernando Luiz Schettino Moreira; Secretary: Orlando Machado Júnior; Fernando Luiz Schettino Moreira; Evandro Luiz Coser; Mário Sérgio Moreira Franco; Orlando Machado Júnior; Murilo Cesar Lemos dos Santos Passos.

This instrument is a free translation of the minutes drawn up in the company‘s records.

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