Fiscal Council

Operating independently of the Board of Directors and of the external auditors, the Fiscal Council, which is of a non-permanent nature, is made up of three members and their respective alternates, elected at a Shareholders’ Meeting, with a one-year term of office. Normally this body meets up every four months, and under extraordinary circumstances, whenever necessary, and is responsible for overseeing the actions of the managers, examining and commenting on the financial statements, always reporting its conclusions to the shareholders.

The members of this council should notify the management bodies and to the General Meeting of any errors, fraud or crimes detected, and suggest measures to guarantee the protection of the Company’s interests.

Fiscal Council Position Date Election Appointed by End of Term
Luiz Augusto Marques Paes Sitting member 04/27/2018 Controlling 2019 AGM

Luiz Augusto Marques Paes, With a law degree from Faculdade de Direito da Universidade de São Paulo (USP), during 30 years, Mr. Paes provided corporate, tax and financial consulting services for large and mid-sized companies, notable publicly-held companies. He has been a partner at Almeida Prado, Paes, Caruso e Colauto Consultoria Empresarial Ltda. since 1991. He serves as a member of the Fiscal Council of Suzano Papel e Celulose S.A., Cyrela Commercial Properties S.A. Empreendimentos e Participações, and Agre Empreendimentos Imobiliários S.A.

Luciano Douglas Colauto Sitting member 04/27/2018 Controlling 2019 AGM

Luciano Douglas Colauto, served as a consultant at Arthur Andersen (an audit firm) from September 1988 to December 1991, and he is currently partner at Almeida Prado, Paes, Caruso e Colauto Consultoria Empresarial Ltda. (a consulting firm), which he joined in December 1991. He served as a sitting member at the Fiscal Council of Nordeste Química S.A. – NORQUISA (a holding company operating in the petrochemical industry) between April 2003 and August 2004, and has served as a member of the Fiscal Council of Tecnisa S.A. (a real estate developer) since April 2008. He has a degree in business administration from Fundação Getulio Vargas (EAESP-FGV) and a law degree from Faculdade de Direito da Universidade de São Paulo (USP).

Rafael Ferraz Dias de Moraes Sitting member 04/27/2018 Minority 2019 AGM

Rafael Ferraz Dias de Moraes, partner and member of Guepardo Investimentos’ investment committee. He previously worked as a buy-side analyst at Funcesp, Gas Investimentos and Pátria Investimentos. Mr. Moraes has a degree in Public Administration from FGV EAESP, in São Paulo. He was also a member of Magnesita S.A.’s Fiscal Council between May 2015 and April 2016 and Randon S.A.’s Fiscal Council between May 2016 and April 2017.

Marcio Alvaro Moreira Caruso Alternate member 04/27/2018 Controlling 2019 AGM

Marcio Alvaro Moreira Caruso, served as a consultant at Arthur Andersen (an audit firm) from October 1987 to April 1991, and is currently a partner at Almeida Prado, Paes, Caruso e Colauto Consultoria Empresarial Ltda. (a consulting firm), which he joined in 1992. He served as a sitting member at the Board of Directors of Usina Santa Elisa S.A. (sugar and ethanol sector – 1997 to 2003), Santelisa Vale S.A. (sugar and ethanol sector – April 2007 to October 2009), Abyara S.A. (a publicly-held company operating in the real estate industry – July 2009 to February 2010), and he is currently a sitting member of the Fiscal Council of Trisul S.A. (a real estate company). He has a bachelor degree in business administration from Fundação Getulio Vargas (EAESP-FGV), where he also completed a graduate program in the same area.

Marcos Sampaio de Almeida Alternate member 04/27/2018 Controlling 2019 AGM

Marcos Sampaio de Almeida Prado, with a degree in business administration from Fundação Getulio Vargas, Mr. Prado has provided corporate, tax and financial consulting services for large and mid-sized companies, notable publicly-held companies, for 35 years, the first 20 years through Arthur Andersen (ten years of which as a managing partner) and the last 15 years through Almeida Prado, Paes, Caruso e Colauto Consultoria Empresarial Ltda. He has served a member of the Board of Directors of Cyrela Commercial Properties S.A. Empreendimentos em Participações since 2007.

Roberto de Magalhães Esteves Alternate member 04/27/2018 Minority 2019 AGM

Roberto de Magalhães Esteves, partner director, responsible for compliance with rules, policies, procedures and internal controls, and member of Guepardo Investimentos’ investment committee, being in charge of assessing risk and determining maximum limits. He previously worked at Votorantim Asset Management. Mr. Esteves has a degree in Business Administration from FGV EAESP, in São Paulo.