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Minutes of the Board of Directors‘ Meeting - Maintenance of the Deferred Tax Asset

Minutes of the Board of Directors‘ Meeting

1. Date, Time and Place: March 5th, 2018, at 9:30 a.m., at the Company’s office, in the city of São Paulo, State of São Paulo, at Rua Leopoldo Couto de Magalhães Júnior, 758, 8th floor, suite 82, Postal Code ("CEP") 04542-000.

2. Presiding: Edivar Vilela de Queiroz, Chairman; Fernando Galletti de Queiroz, Secretary.

3. Call Notice: Call notice was submitted to the members of the Board of Directors of the Company on February 18th, 2018.

4. Attendance: The totality of the members of the Board of Directors of the Company were present being part of the members in person at the local of the meeting and other members participating in the meeting through remote devices, as allowed by Article 18, §1° of the Company’s Bylaws.

5. Agenda: The members of the Board of Directors of the Company gathered to examine, discuss and decide upon the following agenda: 5.1 Maintenance of the Deferred Tax Asset.

6. Resolutions: Subsequently to discussing the subjects included in the agenda, the members of the Board of Directors of the Company present, without any restrictions or exceptions, registered only the abstention of the Vice-Chairman of the Board of Directors, Mr. Frederico Alcântara de Queiroz, decided as follows:

6.1. Approve the maintenance of the Deferred Tax Assets in relation to tax losses, acknowledged in the Accounting Statements of the Company in year 2017, based upon a technical feasibility study presenting the expectation of creation of future taxable profits to support the implementation of such deferred tax asset within the term provided in the legislation, being such study filed at the head office of the Company.

7. Abstentions: The Vice-Chairman of the Board of Directors, Mr. Frederico Alcântara de Queiroz, abstained from voting on the matter contained in item 5.1 of the Agenda.

8. Closing and Drawing up of the Minutes: There being no further business to transact, Mr. Chairman offered the floor to whoever wished to take the floor and, as none of those present demonstrated interest, Mr. Chairman concluded the works and the meeting was adjourned for the period of time necessary to draw up these minutes, which, as the meeting was reopened, were read, approved and signed by all those present. Place and Date: São Paulo, March 5th, 2018. Presiding Officers: (sgd) Edivar Vilela de Queiroz, Chairman; Fernando Galletti de Queiroz, Secretary. Members of the Board of Directors Present: Edivar Vilela de Queiroz, Frederico Alcântara de Queiroz, Ibar Vilela de Queiroz, Alexandre Mendonça de Barros, José Luiz Rego Glaser, Abdulaziz Saleh Al-Rebdi, Salman Abdulrahaman Binseaidan, Abdullah Ali Aldubaikhi, Sergio Carvalho Mandim Fonseca and Gabriel Jaramillo Sanint.

Declaration: I certify that this is a true copy of the minutes drawn up in the Book of Minutes of Meeting of Board of Directors of the Company No. 11, on pages 215 to 217.

To access the Minutes of The Board of Director‘s Meeting, click here.


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