KROTON EDUCACIONAL S.A. Corporate Taxpayer ID (CNPJ/MF): 02.800.026/0001-40 Company Registry (NIRE): 31.300.025.187 Publicly Held Company

KROTON EDUCACIONAL S.A. Corporate Taxpayer ID (CNPJ/MF): 02.800.026/0001-40 Company Registry (NIRE): 31.300.025.187 Publicly Held Company MINUTES OF THE EXTRAORDINARY SHAREHOLDERS MEETING HELD ON JULY 3, 2014. 1. Date, Time and Place: On July 3, 2014, at 12:00 p.m., at the registered office of Kroton Educacional S.A. ( Kroton or Company ) located at Rua Santa Madalena Sofia, 25, 4o andar, sala 01, CEP 30380-650, Belo Horizonte, Minas Gerais. 2. Call Notice: The call notice was published in the Official Gazette of the state of Minas Gerais on June 10, 2014 (section 2, page 7), June 11, 2014 section 2 (page 4) and June 12, 2014 (section 2 page 4), and in the Folha de São Paulo newspaper on June 10, 2014 (page A15), June 11, 2014 (page B8) and June 12, 2014 (page B12). 3. Attendance: Shareholders representing 68.15% of the Company s voting capital, as per the signatures in the Shareholders Attendance Book. Also present, in accordance with law, were (i) Mrs. Evando José Neiva, Walfrido Silvino dos Mares Guia Neto, Júlio Fernando Cabizuca, Luiz Aníbal de Lima Fernandes, directors of the Company; Carlos Alberto Bolina Lazar, Leonardo Augusto Leão Lara, executive officers of the Company, (ii) the representative from the specialized company Apsis Consultoria e Avaliações Ltda., Ms. Marcia Aparecida de Lucca Calmone (iii) Ms. Lucila de Oliveira Carvalho, Mr. Antônio Lúcio Pereira Santos, members of the Company s Audit Board. 4. Presiding Board: Chairman: Evando José Neiva; Secretary: Leonardo Augusto Leão Lara. 5. Resolutions: Shareholders representing more than 68.15% of the Company s voting capital, took the following resolutions: 5.1. To authorize the drafting of the minutes of this Extraordinary Shareholders Meeting in summary form and its publication without the signatures of the shareholders present, in accordance with article 130 and it s of Law 6,404/76; 5.2. To record that, pursuant to the management proposal for this Extraordinary Shareholders' Meeting ("Management Proposal"), the matters to be deliberated in this Meeting (i) involve the association between Kroton and Anhanguera Educacional Participações S.A. ( Anhanguera and, jointly with Kroton, the Companies ) negotiated by the Companies in connection with the Association Agreement and Other Covenants executed on April 20, 2013,

and subsequently amended on April 25, 2013, June 18, 2013 and May 7, 2014, and (ii) are legal transactions that are reciprocally dependent, with the assumption that one transaction does not produce effect without the other transactions producing effect as well. Therefore, if this Extraordinary Shareholders Meeting rejects any of the items to be deliberated, no previous item approved on the agenda of the call notice for this Meeting will produce any effects. The resolutions taken in this Meeting also will come into effect only upon the approval of the merger of the stock of Anhanguera into Kroton ( Stock Merger ) at the General Shareholders Meeting of Anhanguera that will deliberate on the operation. 5.3. To elect by majority vote the following persons to the Board of Directors, recording that the Board of Directors will comprise 13 members until the expiry of the current unified term of office of the Board, that is, September 28, 2015: (a) Mr. Ricardo Leonel Scavazza, Brazilian, married, business administrator, bearer of identity card (RG) number 28.451.965-0 (SSP/SP), inscribed in the individual taxpayers register (CPF/MF) under number 148.090.838-02, resident and domiciled in the city and state of São Paulo, with business address at Rua Maria Tereza, 4.266, in the city of Valinhos, state of São Paulo, as director; and (b) Mr. Valdemar Ottani, Brazilian, economist, bearer of identity card (RG) number 186.584 SSP/DF, inscribed in the individual taxpayers register (CPF/MF) under number 008.121.611-49, resident and domiciled in the city of Brasília, Federal District, with address at SQS 315, bloco A, ap. 101 (Asa Sul), as independent director, in accordance with item 4.3.2 of BM&FBOVESPA s Novo Mercado Listing Rules. 5.4. To record that the investiture of the directors hereby elected is conditioned on (a) the signing of the instrument of investiture, drawn up in the Company's records; (b) the submission of the clearance certificate in accordance with article 147, paragraph 4 of Law 6,404/76 and CVM Instruction 367/02; (c) compliance with the Guidelines on the Use and Disclosure of Information and the Policy on Trading of Securities Issued by the Company; and (d) the signing of the Statement of Consent of Managers referred to in the Novo Mercado Listing Rules. 5.5. To approve by majority vote the new stock option plan of the Company ( New Kroton Plan ), which, after being countersigned by the Presiding Board, is attached hereto as Annex I, and to approve, pursuant to the Management Proposal, that the New Kroton Plan receives options granted and not exercised under the stock option plans of Anhanguera approved in the Extraordinary Shareholders Meetings of Anhanguera held on April 30, 2010 and March 11, 2013, respectively ( Anhanguera Plans ), as agreed upon between Kroton and Anhanguera. 5.6. To record that the options received by Kroton under the New Kroton Plan will be replaced by stock options issued by Kroton, and the number and price will be adjusted based on

the exchange ratio proposed for the merger of Anhanguera stock into Kroton, i.e. 0.30970293 common share issued by Kroton for each common share issued by Anhanguera. The price of each stock option issued by Kroton to be granted to participants of the Anhanguera Plan must match the price of each stock option originally established in Anhanguera plan and in their respective contracts, adjusted by the exchange ratio above mentioned, in order to certify that there is no change in the total purchase value of the options received to be paid by each of the beneficiaries after the options are received by Kroton ( Options of the New Kroton Plan ). 5.7. To record that the Options of the New Kroton Plan will correspond to the issue of up to 6,520,299 common shares of Kroton if and when exercised, therefore not exceeding 1.62% of the total capital of Kroton after the Stock Merger. 5.8. To approve, after examination and discussion, unanimously and without any reservation, the Agreement and Plan of Merger of the Stock of Anhanguera into the Company, entered into on June 6, 2014 between the managers of the Company and Anhanguera, which, after being countersigned by the Presiding Board, is attached hereto as Annex II ( Merger Agreement ). 5.9. To ratify, unanimously, the appointment and hiring, by the management, of APSIS CONSULTORIA E AVALIAÇÕES LTDA., a specialized company with registered office at Rua da Assembleia, 35, 12º andar, in the city and state of Rio de Janeiro, inscribed in the corporate taxpayers register (CNPJ/MF) under number 08.681.365/0001-30 ( Specialized Company ), which prepared the valuation report determining the book value of Anhanguera used to calculate the value of the shares issued by Anhanguera ( Valuation Report ). The Specialized Company was represented at the Meeting by Ms. Marcia Aparecida de Lucca Calmon, who was available to clarify any doubts regarding the Valuation Report prepared by the company. 5.10. To approve, after evaluation and discussion, unanimously, the Valuation Report which, after being countersigned by the Presiding Board, is attached hereto as Annex III, and based on which the book value of the shares issued by Anhanguera and to be merged into Kroton is R$2,327,298,047.40 on December 31, 2013, and the book value per share is R$5.324762345. 5.11. To approve unanimously the merger of stock issued by Anhanguera into the Company, as per the terms and conditions established in the Merger Agreement, with the new common shares issued as a result of the Stock Merger are hereby (i) subscribed to by the managers of Anhanguera on behalf of its shareholders, replacing their stake in Anhanguera, pursuant to article 252, paragraph 2 of Law no. 6,404/76, as per the Subscription Order which, after being countersigned by the Presiding Board, will be filed at the Company s registered office, (ii) paid in through the transfer of all the shares issued by Anhanguera to the Company s equity, thus turning Anhanguera into a wholly-owned subsidiary of the Company; (iii) fully handed over to

the shareholders of Anhanguera, as per the exchange ratio established in the Merger Agreement, of 0.30970293 common share issued by Kroton for each common share issued by the Anhanguera merged into the Company. 5.12. To approve, unanimously, as a result of the Stock Merger, the increase in the Company s capital by R$2,327,298,047.40, through the issue of 135,362,103 new common shares, with the head paragraph of article 5 of the Company s Bylaws coming into force with the following wording: Article 5 - The capital stock of the Company is R$4,194,526,705.40, fully subscribed to and paid in, divided into 404,065,979 common shares, all book-entry, registered and without par value. 5.13. To record that the fractions of the shares issued by Kroton resulting from the exchange of holdings of each shareholder of Anhanguera that does not join other shareholders of Anhanguera to form whole numbers of shares, within 30 days from the date of this Meeting, shall be gathered together and sold on the BM&FBOVESPA by Kroton, and the respective amount, without any inflation adjustment and net of whatever related costs, shall be paid by Kroton in local currency, to the holders of the respective fractions in proportion to their stake in the shares sold, within 30 business days from the receipt of the sale proceeds. 5.14. To authorize unanimously the management of the Company to take all measures required to formalize and consummate the Stock Merger. 5.15. To arrange, unanimously, in accordance with the Management Proposal, for the restatement of the Company s Bylaws which, after being countersigned by the Presiding Board, will be attached hereto as Annex IV. 6. Documents and Statements: The ballots, documents, proposals, votes and dissensions submitted during this Meeting were countersigned by the presiding board and filed at the Company's registered office. 7. Closure. There being no further business to address, the meeting was adjourned to draw up these minutes, which were read, approved and signed by shareholders representing the quorum required for the resolutions to be taken. Signatures. Presiding Board: Chairman: Evando José Neiva; Secretary: Leonardo Augusto Leão Lara. Shareholders: EVANDO JOSÉ NEIVA; NEIVA PARTICIPAÇÕES LTDA, represented by Evando José Neiva; WALFRIDO SILVINO DOS MARES GUIA NETO; SAMOS PARTICIPAÇOES LTDA, represented by Walfrido Silvino dos Mares Guia Neto; JULIO FERNANDO CABIZUCA; HENRIQUETA MARTINS DOS MARES GUIA, CELIA MARILENA CALVO GALINDO, ALTAMIRO BELO GALINDO, RODRIGO CALVO GALINDO, MARCO

ANTÔNIO LAFFRANCHI, ELISABETH BUENO LAFFRANCHI, RUI FAVA e NICOLAU FERREIRA CHACUR, FREDERICO DO CASAL RIBEIRO DE BRITO E ABREU, represented by Leonardo Augusto Leão Lara; CARLOS ALBERTO BOLINA LAZAR; LEONARDO AUGUSTO LEAO LARA; ALEXANDRE PEDERCINI ISSA; DIRCEO ANTONIO LEME DE MELO. MSQ BRV LLC; M SQUARE ALISIO FIA; MSQ BRV LONG ONLY LLC; M SQUARE ACOES CSHG MASTER FIA; MBV FIA; NATO FIA - INVESTIMENTO NO EXTERIOR; FIA SABESPREV M SQUARE ACOES VALOR; YALE UNIVERSITY, represented by Paulo Bertolucci Belliboni. BARTHE HOLDINGS LLC; TYLER FINANCE LLC; LS OC LLC; BEWETT INTERNACIONAL LLC; CONSTELLATION FEEDER II INST FUNDO DE INVESTIMENTO DE ACOES; CONSTELLATION MASTER FUNDO DE INVESTIMENTO DE ACOES; GC FUNDO DE INVESTIMENTO DE ACOES, represented by Luciano Veloso de Castro Ferreira. GERAÇÃO FUNDO DE INVESTIMENTO EM AÇÕES; GERAÇÃO FUTURO FUNDO DE INVESTIMENTO EM AÇÕES DUQUE DE CAXIAS; GERAÇÃO FUTURO FUNDO DE INVESTIMENTO EM AÇÕES MENINAS IRADAS; GERAÇÃO FUTURO FUNDO DE INVESTIMENTO EM AÇÕES PROGRAMADO IBOVESPA ATIVO;GERAÇÃO FUTURO SELEÇÃO FUNDO DE INVESTIMENTO EM AÇÕES; GERAÇÃO FUTURO FUNDO DE INVESTIMENTO EM AÇÕES EXCELLENCE;GERAÇÃO FUTURO DIVIDENDOS FUNDO DE INVESTIMENTO EM AÇÕES; GF SMALL CAPS FUNDO DE INVESTIMENTO EM AÇÕES; GERAÇÃO FUTURO FUNDO DE INVESTIMENTO EM AÇÕES GEAP; GF PYXIS FUNDO DE INVESTIMENTO EM AÇÕES; GERAÇÃO FUTURO FUNDO DE INVESTIMENTO EM AÇÕES APLIKAÇÃO; GERAÇÃO FUTURO ATIVAÇÕES FUNDO DE INVESTIMENTO EM AÇÕES; GERAÇÃO FUTURO FUNDO DE INVESTIMENTO EM AÇÕES FEEVALE; GERAÇÃO FUTURO IDEA FIX FUNDO DE INVESTIMENTO EM AÇÕES; GERAÇÃO FUTURO INVESTCEL FUNDO DE INVESTIMENTO EM AÇÕES; GERAÇÃO FUTURO FUNDO DE INVESTIMENTO EM AÇÕES INVESTPOST; GERAÇÃO FUTURO FUNDO DE INVESTIMENTO EM AÇÕES SAPHIRA; GERAÇÃO FUTURO FUNDO DE INVESTIMENTO EM AÇÕES VESPI; GERAÇÃO FUTURO DRAM PAR FUNDO DE INVESTIMENTO EM AÇÕES; GERAÇÃO FUTURO FUNDO DE INVESTIMENTO EM AÇÕES GERAPAR; EVC GERAÇÃO FUTURO FUNDO DE INVESTIMENTO EM AÇÕES; GERAÇÃO FUTURO BRASIL CAPITAL FUNDO DE INVESTIMENTO EM AÇÕES; GERAÇÃO FUTURO VF CAPITAL FUNDO DE INVESTIMENTO EM AÇÕES; FUNDO DE INVESTIMENTO MULTIMERCADO ODESSA CRÉDITO PRIVADO; AMJD FUNDO DE INVESTIMENTO EM AÇÕES; SERPROS FUNDO DE INVESTIMENTO EM AÇÕES II IBOV ATIVO; NOBEL ORION FIA; GERACAO FUTURO FUNDO DE INVESTIMENTO EM ACOES EXCELLENCE; GERACAO FUTURO FUNDO DE INVESTIMENTO EM ACOES GEAP; GF PYXIS FUNDO DE INVESTIMENTO EM ACOES, represented by Gisele Esteves Guedes. BRASIL CAPITAL MASTER - FUNDO DE INVESTIMENTO EM AÇÕES; PARTNER - FUNDO DE INVESTIMENTO EM AÇÕES; BRASIL CAPITAL LONG BIASED MASTER

FI EM AÇÕES; MANASLU LLC; BRASIL CAPITAL LONG ONLY MASTER FUNDO DE INVESTIMENTO EM AÇÕES; BR CAPITAL MERIDIANO FIA; BRASIL CAPITAL AÇÕES LONG ONLY MASTER FIA; BRASIL CAPITAL MASTER - FUNDO DE INVESTIMENTO MULTIMERCADO, represented by Gisele Esteves Guedes. QUEST MASTER FUNDO DE INVESTIMENTO MULTIMERCADO; QUEST TOP MASTER FIA; QUEST SMALL CAPS MASTER FUNDO DE INVESTIMENTO DE ACOES; QUEST MASTER FUNDO DE INVESTIMENTO DE ACOES; QUEST MASTER EQUITY HEDGE FUNDO DE INVESTIMENTO MULTIMERCADO; QUEST TOTAL RETURN FUNDO DE INVESTIMENTO DE ACOES; QUEST INDEPENDENCIA FUNDO DE INVESTIMENTO EM ACOES; ITUPAVA FUNDO DE INVESTIMENTO EM ACOES PREVIDENCIARIO; FPRV QUEST GAIVOTA FUNDO DE INVESTIMENTO DE ACOES; FRG FUNDO DE INVESTIMENTO EM ACOES Q; QUEST MIRANTE FIA SMALL CAPS; CITI QUEST FUNDO DE INVESTIMENTO EM ACOES; QUEST ATLANTIS FUNDO DE INVESTIMENTO DE ACOES, represented by Gisele Esteves Guedes. OPUS EQUITY HEDGE MASTER FUNDO DE INVESTIMENTO MULTIMERCADO; OPUS HEDGE INSTITUCIONAL FUNDO DE INVESTIMENTO MULTIMERCADO; OPUS ABSOLUTO MASTER FUNDO DE INVESTIMENTO MULTIMERCADO;OPUS ACOES FUNDO DE INVESTIMENTO EM ACOES; LATIN AMERICA SECURITIES LLC; TOTAL RETURN INVESTMENT LLC, represented by Gisele Esteves Guedes. BRASIL PLURAL RETORNO ABSOLUTO FUNDO DE INVESTIMENTO MULTIMERCADO CREDITO PRIVADO; BRASIL PLURAL PREVIDÊNCIA MASTER FUNDO DE INVESTIMENTO MULTIMERCADO; PLURAL CAPITAL EQUITY HEDGE FUNDO DE INVESTIMENTO MULTIMERCADO; BRASIL PLURAL FUNDO DE INVESTIMENTO DE AÇÕES; BRASIL PLURAL LONG BIASED FUNDO DE INVESTIMENTO MULTIMERCADO; PLURAL CAPITAL INSTITUCIONAL FUNDO DE INVESTIMENTO MULTIMERCADO; BRASIL PLURAL LONG & SHORT PLUS FUNDO DE INVESTIMENTO EM AÇÕES; PLURAL BRAZIL (DE) LLC, inscrito no CNPJ MF n 11.987.747/0001-00; PÍTUBA FUNDO DE INVESTIMENTO EM AÇÕES; BRASIL PLURAL MULTIMANAGER BBDC FUNDO DE INVESTIMENTO MULTIMERCADO; BRASIL PLURAL MACRO FUNDO DE INVESTIMENTO MULTIMERCADO, represented by Gisele Esteves Guedes. APEX MASTER FUNDO DE INVESTIMENTOS DE AÇOES; APEX MASTER FUNDO DE INVESTIMENTOS DE AÇOES INSTITUCIONAL; APEX EQUITY STR FUNDO DE INVESTIMENTO MULTIMERCADO; APEX INFINITY MASTER LONG BIASED FI EM AÇOES; APEX EQUITY HEDGE MASTER FUNDO DE INVESTIMENTO MULTIMERCADO, represented by Gisele Esteves Guedes. ABSOLUTO LLC; BTG ARF BRAZIL INVESTMENTS LP; BTG GEMM BRAZIL INVESTMENTS LP; QUEEN STREET FUND BRAZIL INVESTMENTS LP; TOTAL RETURN INVESTMENTS LLC; BTG PACTUAL ABS INST PREVIDÊNCIA FUNDO DE INVESTIMENTOS EM AÇÕES; BTG PACTUAL MULTIMANAGER BBDC FUNDO DE INVESTIMENTO MULTIMERCADO; FUNDO DE INVESTIMENTO DE AÇÕES NAXOS; BTG PACTUAL ABSOLUTO INSTITUCIONAL MASTER FUNDO DE INVESTIMENTO DE AÇÕES; BTG PACTUAL ABSOLUTO LS MASTER FUNDO DE INVESTIMENTO DE

AÇÕES; BTG PACTUAL ABSOLUTO MASTER FUNDO DE INVESTIMENTO DE AÇÕES; BTG PACTUAL ANDRÔMEDA FUNDO DE INVESTIMENTO DE AÇÕES; BTG PACTUAL DINAMICO FUNDO DE INVESTIMENTO EM AÇOES; BTG PACTUAL EQUITY HEDGE FUNDO DE INVESTIMENTO MULTIMERCADO; BTG PACTUAL FUNDO DE INVESTIMENTO MULTIMERCADO LOCAL INSTITUCIONAL; BTG PACTUAL HEDGE PLUS FUNDO DE INVESTIMENTO MULTIMERCADO; BTG PACTUAL ICATU SEG SELECT PREVIDÊNCIA MULTIMERCADO FUNDO DE INVESTIMENTO PREVIDENCIÁRIO; BTG PACTUAL LOCAL FUNDO DE INVESTIMENTO MULTIMERCADO; BTG PACTUAL NE FUNDO DE INVESTIMENTO EM AÇÕES PREVIDENCIÁRIO EXCLUSIVO; BTG PACTUAL PENSION FUNDO DE INVESTIMENTO DE AÇÕES PREVIDENCIÁRIO; BTG PACTUAL PENSION MULTIMERCADO FUNDO DE INVESTIMENTO PREVIDENCIÁRIO; BTG PACTUAL PIPE FUNDO DE INVESTIMENTO DE AÇÕES; BTG PACTUAL SMALL CAPS FUNDO DE INVESTIMENTO DE AÇÕES; FUNDO DE INVESTIMENTO DE AÇÕES AMIS; FUNDO DE INVESTIMENTO DE AÇÕES BELLS; FUNDO DE INVESTIMENTO DE AÇÕES TUDDY II; FUNDO DE INVESTIMENTO MULTIMERCADO MODERADO RONCADOR; PREVICAT FUNDO DE INVESTIMENTO EM AÇÕES; PREVIDÊNCIA "B" FUNDO DE INVESTIMENTO EM AÇÕES; FUNDO DE INVESTIMENTO MULTIMERCADO ARPOADOR; BTG PACTUAL MULTISTRATEGIES ADVANCED FUNDO DE INVESTIMENTO MULTIMERCADO; BTG PACTUAL MULTISTRATEGIES ADVANCED PLUS FUNDO DE INVESTIMENTO MULTIMERCADO; COMSHELL BTG PACTUAL FUNDO DE INVESTIMENTO EM AÇÕES; AUDACE FUNDO DE INVESTIMENTO DE AÇOES; BTG PACTUAL MULTIMANAGER IB - FUNDO DE INVESTIMENTO MULTIMERCADO; BTG PACTUAL MULTIMANAGER PLUS IB - FUNDO DE INVESTIMENTO MULTIMERCADO; FUNDO DE INVESTIMENTO MULTIMERCADO UNIPREV III;MBPREVI I MULTIMERCADO - FUNDO DE INVESTIMENTO; FUNDO DE INVESTIMENTO MULTIMERCADO CREDITO PRIVADO LS INVESTIMENTO NO EXTERIOR; FUNDO DE INVESTIMENTO MULTIMERCADO PREV 1, represented by Marco Túlio Pinto Dias. AMUNDI FUNDS; BLACKWELL PARTNERS, LLC; FIDELITY FUNDS SICAV - SUB 20; BEST INVESTIMENT CORPORATION; BEST INVESTIMENT CORPORATION; BLACKROCK KOREA EMERGING MARKETS PRIVATE FUND-MASTER; BOMBARDIER TRUST (CANADA) GLOBAL EQUITIES FUND; HSBC INTERNATIONAL SELECT FUND - MULTIALPHA GLOBAL EMERGING MARKETS EQUITY; KOOKMIN BANK AS TRUSTEE OF JPMORGAN GLOBAL EMERGING MARKET EQUITY INVESTMENT TRUST; ROBECO CAPITAL GROWTH FUNDS; THE BOMBARDIER TRUST (UK); WOORICS LATIN AMERICA EQUITY FUND; AMUNDI ACTIONS EMERGENTS; EDMOND DE ROTHSCHILD GLOBAL EMERING; EDMOND DE ROTHSCHILD LATIN AMERICA; FDA 21; GRD21; BOMBARDIER TRUST (U.S.) MASTER TRUST; BRITISH COAL STAFF SUPERANNUATION SCHEME; BRITISH COAL STAFF SUPERANNUATION SCHEME; CITY OF PHILADELPHIA PUBLIC EMPLOYEES RETIREMENT SYSTEM; CORONATION GLOBAL EMERGING MARKETS EQUITY FUND, (A PORTFOLIO OF CORONATION UNIVERSAL FUND); CORONATION GLOBAL OPPORTUNITIES FUND; FIDELITY ADVISOR SERIES VIII: FIDELITY ADVISOR EMERGING MARKETS FUND; FIDELITY INSTITUTIONAL FUNDS ICVC - SELECT EMERGING MARKETS EQUITIES FUND; FIDELITY INVESTMENT TRUST: FIDELITY EMERGING MARKETS FUND; FIDELITY

INVESTMENTS MONEY MANAGEMENT INC.; HARTFORD INTERNATIONAL CAPITAL APPRECIATION FUND; JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND; JPMORGAN FUNDS; JPMORGAN SAR GLOBAL EMERGING MARKETS FUND; KOOKMIN BANK ACTING AS TRUSTEE OF MIRAE ASSET ER EM PRIVATE EQUITY MASTER INVESTMENT TRUST; MINEWORKERS' PENSION SCHEME; NATIONWIDE BAILARD EMERGING MARKETS EQUITY FUND; NEW WORLD FUND INC.; NEW YORK STATE COMMON RETIREMENT FUND; NEW YORK STATE COMMON RETIREMENT FUND; NEW YORK STATE COMMON RETIREMENT FUND; NORGES BANK; NORGES BANK; PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO; PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO; PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO; PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO; SBC MASTER PENSION TRUST; SBC MASTER PENSION TRUST; SCHRODER EMERGING MARKET EQUITY FUND; STATE OF NEW MEXICO EDUCATIONAL RETIREMENT BOARD; STATE OF WYOMING; STATE SUPER FINANCIAL SERVICES INTERNATIONAL EQUITIES SECTOR TRUST; STATE SUPER FINANCIAL SERVICES INTERNATIONAL EQUITIES SECTOR TRUST; STICHTING DEPOSITARY APG EMERGING MARKETS EQUITY POOL; STICHTIN G DEPOSITARY APG EMERGING MARKETS EQUITY POOL; STICHTING DEPOSITARY APG EMERGING MARKETS EQUITY POOL; STICHTING DEPOSITARY APG EMERGING MARKETS EQUITY POOL; STICHTING DEPOSITARY APG EMERGING MARKETS EQUITY POOL; STICHTING DEPOSITARY APG EMERGING MARKETS EQUITY POOL; STICHTING PENSIOENFONDS MEDISCH SPECIALISTEN;STICHTING PENSIOENFONDS VOOR HUISARTSEN; STICHTING PENSIOENFONDS VOOR HUISARTSEN; THE BOEING COMPANY EMPLOYEE RETIREMENT PLANS MASTER TRUST; THE BOEING COMPANY EMPLOYEE RETIREMENT PLANS MASTER TRUST; THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ400045833; THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MUTB400045792; VANGUARD INVESTMENT SERIES, PLC; VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND, A SERIES OF VANGUARD STAR FUNDS; ABU DHABI RETIREMENT PENSIONS AND BFNEFITS FUND; ACADIAN CORE INTERNATIONAL EQUITY FUND; ACADIAN EMERGING MARKETS EQUITY FUND; ACADIAN EMERGING MARKETS EQUITY II FUND, LLC; ACADIAN EMERGING MARKETS SMALL CAP EQUITY FUND, LLC; ACADIAN GLOBAL EQUITY FUND; ADVANCED STRITS TRUST - AST ADVANCED STRATEGIES PORTFOLIO; ADVANCED SERIES TRUST - AST AQR EMERGING MARKETS EQUITY PORTFOLIO; ADVANCED SERIES TRUST - AST GOLDMAN SACHS MULTI-ASSET PORTFOLIO; ADVANCED SERIES TRUST - AST INTERNATIONAL GROWTH PORTFOLIO; ADVANCED SERIES TRUST - AST JP MORGAN STRATEGIC OPPORTUNITIES PORTFOLIO; ADVANCED SERIES TRUST - AST PRUDENTIAL GROWTH ALLOCATION PORTFOLIO; ADVANCED SERIES TRUST - AST QMA FMFRGING MARKETS EQUITY PORTFOLIO; ADVANCED SERIES TRUST - AST RCM WORLD TRENDS PORTFOLIO; ADVISORS FNNER CIRCLE FUND - ACADIAN EMERGING MARKETS PORTFOLIO; AGF INVESTMENTS INC; ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST; AMERGEN CLINTON NUCLEAR POWER PLANT NONQUALIFIED FUND; AMERICAN AIRLINES,INC.MASTER FIXED BENEFIT PENSION TRUST; AMERICAN FUNDS INSURANCE SERIES - NEW WORLD FUND ARIZONA PSPRS TRUST; AT&T SAVINGS GROUP INVESTMENT TRUST; AT&T UNION WELFARE BENEFIT TRUST; BARING UK UMBRELLA FUND - BARING EMERGING MARKETS FUND; BARON EMERGING MARKETS FUND; BARON

INTERNATIONAL GROWTH FUND; BELL ATLANTIC MASTER TRUST; BLACKROCK CDN MSCI EMERGING MARKFTS TNDEX FUND; BLACK ROCK EMERGING MARKETS DIVIDEND FUND OF BLACKROCK FUNDS; BLACKROCK EMERGING MARKETS FUND, INC.; BLACKROCK INSTITUTIONAL TRUST COMPANY, N.A.; BLACKROCK LATIN AMERICA FUND, INC; BLACKROCK MULTI- ASSET INCOME PORTFOLIO OF BLACKROCK FUNDS II; BRITISH AIRWAYS PENSION TRUSTEES LIMITED - MAIN A/C; BRITISH AIRWAYS PENSION TRUSTEES LIMITED - MAIN A/C; BRITISH AIRWAYS PENSION TRUSTEES LTD. (MPF A/C); CAISSE DE DEPOT ET PLACEMENT DU QUEBEC; CAISSE DE DEPOT ET PLACEMENT DU QUEBEC; CAISSE DE DEPOT ET PLACEMENT DU QUEBEC; CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM; CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM; CALIFORNIA PUBLIC EMPLOYEES ' RETIREMENT SYSTEM; CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM; CATHOLIC HEALTH INITIATIVES; CC&L Q GLOBAL EQUITY FUND; CC&L 0 GROUP GLOBAL EQUITY FUND; CENTRAL STATES SOUTHEAST AND SOUTHWEST AREAS PENSION FUND; CF DV EMERGING MARKETS STOCK INDEX FUND; CHANG HWA COMMERCIAL BANK, LTD., IN ITS CAPACITY AS MASTER; CUSTODIAN OF ING BRAZIL FUND; CITY OF NEW YORK GROUP TRUST; CITY OF NEW YORK GROUP TRUST; CITY OF NEW YORK GROUP TRUST; CITY OF NEW YORK GROUP TRUST; CITY OF NEW YORK GROUP TRUST; CITY OF NEW YORK GROUP TRUST; CITY OF NEW YORK GROUP TRUST; CITY OF NEW YORK GROUP TRUST; CITY OF NEW YORK GROUP TRUST; CLASS D SERIES OF GEF-PS, LP; CN CANADIAN MASTER TRUST FUND; COLLEGE RETIREMENT EQUITIES FUND; COLORADO PUBLIC EMPLOYEES RETIREMENT ASSOCIATION; COMMONWEALTH OF PENNSYLVANIA STATE EMPLOYEES' RETIREMENT SYSTEM; COMMONWEALTH SUPERANNUATION CORPORATION; CORNELL UNIVERSITY CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND; COUNTY EMPLOYEES ANNUITY AND BENEFIT FUND OF THE COOK COUNTY; DB X -TRACKERS MSCI BRAZIL HEDGED EQUITY FUND DOW RETIREMENT GROUP TRUST; DREYFUS INVESTMENT FUNDS - DIVERSIFIED EMERGING MARKETS FUND; DRIEHAUS COMPANIES PROFIT SHARING PLAN AND TRUST; DRIEHAUS GLOBAL GROWTH FUND, A SERIES OF DRIEHAUS MUTUAL FUNDS; DRIEHAUS INTERNATIONAL DISCOVERY FUND; EMERGING MARKETS EQUITY INDEX MASTER FUND; EMERGING MARKETS EQUITY INDEX PLUS FUND; EMERGING MARKETS EQUITY TRUST 4; EMERGING MARKETS EX-CONTROVERSIAL WEAPONS EQUITY INDEX FUND B; EMERGING MARKETS INDEX NON-LENDABLE FUND; EMERGING MARKETS INDEX NON LENDABLE FUND B; EMERGING MARKETS PLUS SERIES OF BLACKROCK QUANTITATIVE PARTNERS, L.P.; EMERGING MARKETS SUDAN FREE EQUITY INDEX FUND; EMPLOYEES RETIREMENT SYSTEM OF TEXAS; EMPLOYEES RETIREMENT SYSTEM OF THE STATE OF HAWAII; EP LATIN AMERICA FUND; FERN STREET LLC; FIDELITY ADVISOR INTERNATIONAL CAPITAL APPRECIATION FUND; FIDELITY ADVISOR SERIES VIII: FIDELITY ADVISOR GLOBAL CAPITAL APPRECIATION FUND; FIDELITY EMERGING MARKETS FUND; FIDELITY GLOBAL FUND; FIDELITY INTERNATIONAL DISCIPLINED EQUITY FUND; FIDELITY INVESTMENT TRUST: FIDELITY INTERNATIONAL CAPITAL APPRECIATION FUND; FIDELITY INVESTMENT TRUST: FIDELITY TOTAL INTERNATIONAL EQUITY FUND; FIDELITY RUTLAND SQUARE TRUST II; STRATEGIC ADVISERS INTERNATIONAL MULTI-MANAGER FUND; FIDELITY RUTLAND SQUARE TRUST

II; STRATEGIC ADVISERS EMERGING MARKETS FUND; FIDELITY RUTLAND SQUARE TRUST II: STRATEGIC ADVISERS INTERNATIONAL FUND; FIDELITY SALEM STREET TRUST: FIDELITY SERIES GLOBAL EX U.S. INDEX FUND; FIDELITY SALEM STREET TRUST: SPARTAN EMERGING MARKETS INDEX FUND; FIDELITY SALEM STREET TRUST: SPARTAN GLOBAL EX U.S. INDEX FUND; FIDELITY SECURITIES FUND: FIDELITY BLUE CHIP GROWTH FUND; FIRE & POLICE EMPLOYEES RETIREMENT SYSTEM, CITY OF BALTIMORE; FIRST INITIATIVES INSURANCE, LTD; FIRST TRUST BICK INDEX FUND; FIRST TRUST BRAZIL ALPHADEX FUND FIRST TRUST EMERGING MARKETS ALPHADEX FUND; FIRST TRUST EMERGING MARKETS ALPHADEX UCITS ETF; FIRST TRUST LATIN AMERICA ALPHADEX FUND; FLORIDA RETIREMENT SYSTEM TRUST FUND; FORD MOTOR COMPANY DEFINED BENEFIT MASTER TRUST; FORD MOTOR COMPANY OF CANADA, LIMITED PENSION TRUST; FUTURE FUND BOARD OF GUARDIANS; GARD COMMON CONTRACTUAL FUND; GE INSTITUTIONAL FUNDS; GENERAL CONFERENCE CORPORATION OF SEVENTH-DAY ADVENTIST; GENERAL ELECTRIC PENSION TRUST; GENERAL ELECTRIC PENSION TRUST; GENERAL ELECTRIC PENSION TRUST; GLOBAL X BRAZIL MID CAP ETF; GMAM GROUP PENSION TRUST II; GMAM INVESTMENT FUNDS TRUST; GOLDMAN SACHS GMS ERISA GROUP TRUST ON BEHALF OF NON-US EQUITY MANAGERS: PORTFOLIO 1 [ERISA]; GOVERNMENT OF SINGAPORE; HEWLETT PACKARD COMPANY TAX SAVING CAPITAL ACCUMULATION PLAN - ALLIANCE BERNSTEIN; IBM 401(K) PLUS PLAN; IBM DIVERSIFIED GLOBAL EQUITY FUND; ING (L); ING EMERGING MARKETS INDEX PORTFOLIO ING INTERNATIONAL SMALLCAP FUND; ING MUTUAL FUNDS - ING EMERGING MARKETS EQUITY FUND; ISHARES MSCI ACWI EX US INDEX FUND; ISHARES MSCI BRAZIL CAPPED ETF; ISHARES MSCI BRIC INDEX FUND; ISHARES MSCI EMERGING MARKETS INDEX FUND; ISHARES MSCI EMERGING MARKETS MINIMUM VOLATILITY INDEX FUND; IVY ASSET STRATEGY NEW OPPORTUNITIES FUND; JANUS CAPITAL MANAGEMENT LLC; JAPAN TRUSTEE SERVICES BANK, LTD. RE: RTB NIKKO BRAZIL EQUITY ACTIVE MOTHER FUND; KANSAS PUBLIC EMPLOYEES RETIREMENT SYSTEM; LAUDUS INTERNATIONAL MARKETMASTERS FUND; LAZARD ASSET MANAGEMENT LLC; LEGG MASON GLOBAL FUNDS, P.L.C.; LOCKHEED MARTIN CORPORATION MASTER RETIREMENT TRUST; LUCENT TECHNOLOGIES INC.; MASTER PENSION TRUST LYONDELL CHEMICAL COMPANY RETIREMENT MASTER TRUST; MAGNA UMBRELLA FUND PLC; MANULIFE ASSET MANAGEMENT EMERGING MARKETS EQUITY POOLED FUND; MARQUIS INSTITUTIONAL GLOBAL EQUITY PORTFOLIO; MASS MUTUAL PREMIER STRATEGIC EMERGING MARKETS FUND; MCKINLEY CAPITAL EMERGING MARKETS GROWTH FUND SERIES A; MCKINLEY CAPITAL EMERGING MARKETS GROWTH FUND SERIES B; MELLON BANK N.A EMPLOYEE BENEFIT COLLECTIVE INVESTMENT FUND PLAN; MEMORIAL SLOAN KETTERING CANCER CENTER; MFS DEVELOPMENT FUNDS, LLC; MFS DEVELOPMENT FUNDS, LLC; MFS EMERGING MARKETS EQUITY FUND; MFS GLOBAL NEW DISCOVERY FUND; MFS HERITAGE TRUST COMPANY COLLECTIVE INVESTMENT TRUST; MFS HERITAGE TRUST COMPANY COLLECTIVE INVESTMENT TRUST; MFS INVESTMENT FUNDS - EMERGING MARKETS EQUITY FUND; MFS LATIN AMERICAN EQUITY FUND; MFS MERIDIAN FUNDS - EMERGING MARKETS EQUITY FUND; MFS MERIDIAN FUNDS - LATIN AMERICAN EQUITY FUND; MFS VARIABLE INSURANCE TRUST II - MFS EMERGING MARKETS

EQUITY PORTFOLIO; MICROSOFT CORPORATION SAVINGS PLUS 40l(K] PLAN; MICROSOFT CORPORATION SAVINGS PLUS 401(K) PLAN; MICROSOFT GLOBAL FINANCE; MINISTRY OF STRATEGY AND FINANCE; MINISTRY OF STRATEGY AND FINANCE; MINISTRY OF STRATEGY AND FINANCE; MML STRATEGIC EMERGING MARKETS FUND; MONEDA LATAM GROWTH FUND; MUNICIPAL EMPLOYEES RETIREMENT SYSTEM OF MICHIGAN; NATIONAL ELEVATOR INDUSTRY PENSION PLAN NAV CANADA PENSION PLAN; NEI ETHICAL INTERNATIONAL EQUITY FUND; NEW YORK STATE TEACHERS RETIREMENT SYSTEM; NEW ZEALAND SUPERANNUATION FUND; NOMURA MULT I MANAGERS FUND III - EMERGING MARKETS EQUITY; NORTHERN TRUST INVESTMENT FUNDS PLC; NORTHWESTERN MUTUAL SERIES FUND, INC. - EMERGING MARKETS EQUITY PORTFOLIO; NZAM EM8 EQUITY PASSIVE FUND; OMERS ADMINISTRATION CORPORATION; ONTARIO POWER GENERATIONS INC PENSION PLAN; OYSTER CREEK NUCLEAR GENERATING STATION QUALIFIED FUND; PACE INTERNATIONAL EMERGING MARKETS EQUITY INVESTMENTS PAN AGORA GROUP TRUST; PICTET - EMERGING MARKETS INDEX; PICTET FUNDS S.A RE: PI(CH)-EMERGING MARKETS TRACKER; POLICEMEN AND FIREMEN RETIREMENT SYSTEM OF THE CITY OF DETROIT; POPLAR TREE FUND OF AMERICAN INVESTMENT TRUST; PRINCIPAL FUNDS, INC. DIVERSIFIED INTERNATIONAL FUND; PRINCIPAL FUNDS, INC. - INTERNATIONAL EMERGING MARKETS FUND;PRINCIPAL LIFE INSURANCE COMPANY; PRINCIPAL LIFE INSURANCE COMPANY;PRINCIPAL VARIABLE CONTRACTS FUNDS, INC. - DIVERSIFIED INTERNATIONAL ACCOUNT; PRINCIPAL VARIABLE CONTRACTS FUNDS, INC - INTERNATIONAL EMERGING MARKETS ACCOUNT; PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY; PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY PSP FOREIGN EQUITY FUND; PUBLIC EMPLOYEE RETIREMENT SYSTEM OF IDAHO; PUBLIC SECTOR PENSION INVESTMENT BOARD; PYRAMIS GLOBAL EX U.S. INDEX FUND LP; PYRAMIS GROUP TRUST FOR EMPLOYEE BENEFIT PLANS; PYRAMIS LIFE CYCLE BLUE CHIP GROWTH COMMINGLED POOL; PYRAMIS SELECT EMERGING MARKETS EQUITY TRUST; RAILWAYS PENSION TRUSTEE COMPANY LIMITED; ROBECO PORTFOLIO TRUST - ROBECO GLOBAL EMERGING MARKETS EQUITY FUND; SCHWAB EMERGING MARKETS EQUITY ETF; SCOTIA LATIN AMERICAN FUND; SEMPRA ENERGY PENSION MASTER TRUST; SMITHFIELD FOODS MASTER TRUST; SOUTHERN CA EDISON CO NUCLEAR FAC QUAL CPUC DECOM M T FOR SAN ONOFRE AND PALO VERDE NUC GE; SOUTHERN CALIFORNIA EDISON RETIREMENT PLAN SPDR SSP EMERGING MARKETS ETF; SSGA ACTIVE EMERGING MARKETS SECURITIES LENDING QP COMMON TRUST FUND; SSGA EMERGING MARKETS FUND; SSGA EMERGING MARKETS INDEX PLUS NON LENDING COMMON TRUST FUND; SSGA MSCI BRAZIL INDEX NON-LENDING QP COMMON TRUST FUND; STATE OF INDIANA PUBLIC EMPLOYFFS RETIREMENT FUND; STATE OF OREGON; STATE OF OREGON; STATE OF OREGON; STATE OF OREGON; STATE OF WINSCONSIN INVESTMENT BOARD MASTER TRU5T; STATE STREET BANK AND TRUST COMPANY INVESTMENT FUNDS FOR TAX EXEMPT RETIREMENT PLANS; STATE STREET BANK AND TRUST COMPANY INVESTMENT FUNDS FOR TAX EXEMPT RETIREMENT PLANS; STATE STREET EMERGING MARKETS; STATE STREET GLOBAL ADVISORS LUXEMBOURG SICAV-SSGA ENHANCED EMERGING MARKETS EQUITY FUND; STATE UNIVERSITY

RETIREMENT SYSTEM STICHTING CUSTODY ROBECO INSTITUTIONAL RE: ROBECO INSTITUTIONEEL EMERGING MARKETS FONDS; STICHTING F&C MULTI MANAGER EMERGING EQUITY ACTIVE; STICHTING F&C MULTI MANAGER EMERGING EQUITY ACTIVE; STICHTING F&C MULTI MANAGER EMERGING EQUITY ACTIVE; STICHTING F&C WERELDWIJD ENHANCED AANDELENFONDS STICHTING PENSIOENFONDS HORECA & CATERING; STICHTING PENSIOENFONDS VAN DE ABN AMRO BANK NV; STICHTING PHILIPS PENSIOENFONDS; TCW AMERICAS DEVELOPMENT ASSOCIATION, L.P.; TCW EMERGING MARKETS MULTI-ASSET OPPORTUNITIES FUND TCW INTERNATIONAL GROWTH FUND; TEACHER RETIREMENT SYSTEM OF TEXAS; TEACHER RETIREMENT SYSTEM OF TEXAS; TEACHER RETIREMENT SYSTEM OF TEXAS; TEACHER RETIREMENT SYSTEM OF TEXAS; TEACHERS RETIREMENT SYSTEM OF THE STATE OF ILLINOIS; TEACHERS RETIREMENT SYSTEM OF THE STATE OF ILLINOIS; TEACHERS RETIREMENT SYSTEM OF THE STATE OF ILLINOIS; TEACHERS RETIREMENT SYSTEM OF THE STATE OF ILLINOIS; THE BANK OF KOREA; THE BARING EMERGING MARKETS UMBRELLA FUND SUB FUND; EMERGING OPPORTUNITIES FUND; THE BARING EMERGING MARKETS UMBRELLA FUND, SUB FUND,;THE BARING GLOBAL EMERGING MARKETS FUNC; THE BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM; THE BOEING COMPANY EMPLOYEE SAVINGS PLANS MASTER TRUST; THE CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM; THE CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM; THE GOVERNMENT OF THE PROVINCE OF ALBERTA; THE HONEYWELL INTERNATIONAL INC. MASTER RETIREMENT TRUST; THE ILLINOIS MUNICIPAL EMPLOYEES RETIREMENT FUND; THE NOMURA TRUST AND BANKING CO., LTD. RE: INT. EMERGING STOCK INDEX MSCI EMERGING NO HEDGE ML; THE PENSION RESERVES INVESTMENT MANAGEMENT BOARD; THE PRUDENTIAL SERIES FUND - SP INTERNATIONAL GROWTH PORTFOLIO; THE PRUDENTIAL SERIES FUND, INC. - GLOBAL PORTFOLIO; THE REGENTS OF THE UNIVERSITY OF CALIFORNIA; THE SEI EMERGING MARKETS EQUITY FUND; THE SEVENTH SWEDISH NATIONAL PENSION FUND - AP 7 EQUITY FUND; THE STATE TEACHERS RETIREMENT SYSTEM OF OHIO; THE WASHINGTON UNIVERSITY; THORNBURG DEVELOPING WORLD FUND; THORNBURG DEVELOPING WORLD FUND (Q.P.), LLC; THORNBURG GLOBAL INVESTMENT PLC- THORNBURG DEVELOPING WORLD FUND; THREE MILE ISLAND UNIT ONE QUALIFIED FUND; TIAA-CREF FUNDS - TIAA-CREF EMERGING MARKETS EQUITY INDEX FUND; UAW RETIREE MEDICAL BENEFITS TRUST; UAW RETIREE MEDICAL BENEFITS TRUST; UAW RETIREE MEDICAL BENEFITS TRUST; UNITED TECHNOLOGIES CORPORATION MASTER RETIREMENT TRUST; UPS GROUP TRUST; UTAH STATE RETIREMENT SYSTEMS; VANGUARD EMERGING MARKETS STOCK INDEX FUND; VANGUARD FTSE ALL-WORLD EX-US INDEX FUND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNC VANGUARD FUNDS PUBLIC LIMITED COMPANY; VANGUARD FUNDS PUBLIC LIMITED COMPANY; VANGUARD TOTAL WORLD STOCK INDEX FUND. A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDS; VARIABLE INSURANCE PRODUCTS FUND II: EMERGING MARKETS PORTFOLIO; VARIABLE INSURANCE PRODUCTS FUND II: INTERNATIONAL CAPITAL APPRECIATION PORTFOLIO; VIRGINIA RETIREMENT SYSTEM; W.K. KELLOGG FOUNDATION TRUST; WELLINGTON MANAGEMENT PORTFOLIOS (CANADA) GLOBAL PERSPECTIVES PORTFOLIO; WEST VIRGINIA INVESTMFNT

MANAGEMENT BOARD; WHEELS COMMON INVESTMENT FUND; WILLETT (A1V) SELECT INVESTORS I LP; WILLIAM BLAIR COLLECTIVE INVESTMENT TRUST; WILLIAM BLAIR COLLECTIVE INVESTMENT TRUST; WILLIAM BLAIR COLLECTIVE INVESTMENT TRUST; WILLIAM BLAIR COLLECTIVE INVESTMENT TRUST WILLIAM BLAIR DYNAMIC DIVERSIFIED ALLOCATION FUND, LLC; WILLIAM BLAIR EMERGING MARKETS GROWTH FUND; WILLIAM BLAIR EMERGING MARKETS LEADERS FUND; WILLIAM BLAIR EMERGING MARKETS SMALL CAP GROWTH FUND; WILLIAM BLAIR GLOBAL GROWTH FUND; WILLIAM BLAIR INSTITUTIONAL INTERNATIONAL GROWTH FUND; WILLIAM BLAIR INTERNATIONAL LEADERS FUND; WILLIAM BLAIR MUTUAL FUNDS, INC. INTERNATIONAL GROWTH FUND; WMC GEM SYSTEMATIC EQUITY FUND; WSIB INVESTMENTS PUBLIC EQUITIES POOLED FUND TRUST; WSIB INVESTMENTS PUBLIC EQUITIES POOLED FUND TRUST; CSHG MASTER AÇÕES FUNDO DE INVESTIMENTO PREVIDENCIÁRIO EM AÇÕES; CSHG UNIQUE GOLD FUNDO DE INVESTIMENTO EM AÇÕES; CSHG DIVIDENDOS IBOVESPA MASTER FUNDO DE INVESTIMENTO EM AÇÕES; CSHG DIVIDENDOS MASTER FUNDO DE INVESTIMENTO EM ACOES; CSHG PERFORMANCE FUNDO DE INVESTIMENTO EM ACOES; CSHG STRATEGY II MASTER FUNDO DE INVESTIMENTO EM ACOES; CSHG STRATEGY MASTER PREVIDENCIA FDO DE INVEST EM ACOES; CSHG UNIQUE FUND, LLC; CSHG UNIQUE LONG BIAS MASTER FUNDO DE INVESTIMENTO EM AÇÕES; CSHG UNIQUE MASTER FUNDO DE INVESTIMENTO EM ACOES; CSHG VALOR DIVIDENDOS FUNDO DE INVESTIMENTO EM ACOES; CSHG UNIQUE LONG BIAS MASTER FUND, LLC; THE MONETARY AUTHORITY OF SINGAPORE, represented by George W. Tenório Marcelino. BRESSER INVESTMENTS LLC.; ENDURANCE FUNDO DE INVESTIMENTO EM AÇOES; BRESSER HEDGE PLUS FIM; BRESSER HEDGE FIM; BRESSER AÇOES MASTER FUNDO DE INVESTIMENTO EM AÇOES, represented by Gisele Esteves Guedes. GERDAU PREVIDENCIA FUNDO DE INVESTIMENTO EM AÇOES 03; GAVEA ESTRATEGIA AÇOES MASTER FUNDO DE INVESTIMENTO EM AÇOES; GAVEA ESTRATEGIA AÇOES MASTER FUNDO DE INVESTIMENTO EM AÇOES; GERDAU PREVIDENCIA FUNDO DE INVESTIMENTO EM AÇOES 03; CITIPREVI TITANIUM FDO DE INVESTIMENTO EM AÇOES; CITIPREVI INSTITUCIONAL FIA; FUNDO DE INVESTIMENTO EM AÇOES RAT I; GAVEA AÇOES MASTER FUNDO DE INVESTIMENTOS EM AÇOES; GAVEA MASTER FI COM RENDA VARIAVEL MULTIMERCADO; GERDAU PREVIDENCIA FUNDO DE INVESTIMENTO EM AÇOES 03; GAVEA ESTRATEGIA AÇOES MASTER FUNDO DE INVESTIMENTO EM AÇOES, represented by Ricardo Penna Franca. OPPENHEIMER DEVELOPING MARKETS FUND; OPPENHEIMER INTERNATIONAL SMALL COMPANY FUND; OPPENHEIMER GLOBAL ALLOCATION FUND; TA IDEX OPPENHEIMER DEVELOPING MARKETS FUND; PF OPPENHEIMER EMERGING MARKETS PORTFOLIO, STICHTING PENSIOENFONDS HOOGOVENS; OFI GLOBAL: EMERGING MARKETS EQUITY FUND, LP; OFIGTC EMERGING MARKETS EQUITY FUND; HEPTAGON OFI DEVELOPING MARKETS; PACIFIC SELECT EMERGING

MARKETS PORTFOLIO; OSOOL/SIO BAHRAIN EMERGING MARKETS EQUITY PORTFOLIO; MML/FERN STREET LLC., LIVSFORSIKRING ASA, represented by Gisele Esteves Guedes. STK LONG BIASED MASTER FUNDO DE INVESTIMENTO EM ACOES; STK DIVIDENDOS FUNDO DE INVESTIMENTO EM ACOES; STK LONG ONLY INSTITUCIONAL FI EM ACOES; VITORIA FUNDO DE INVESTIMENTO EM ACOES; WIDERIVER LLC - BNY MELLON SERVICOS FINANCEIROS DTVM S.A., represented by Gisele Esteves Guedes. NEO FALCON FUNDO DE INVESTIMENTO DE AÇÕES; NEO NAVITAS - FUNDO DE INVESTIMENTO EM AÇÕES, represented by Gisele Esteves Guedes and Marina Gemperli. SAFRA EQUITY PORTFOLIO MASTER FICFIA; CLUBE DE INVESTIMENTO BETA; SAFRA EQUITY PORTFOLIO FI ACOES; SAFRA PRIVATE FI ACOES; ESTRELA FUNDO DE INVESTIMENTO EM ACOES; GOET FI ACOES; GROWTH FIA; LUZ FUNDO INVESTIMENTO EM ACOES; SAFRA ARBITRAGEM FI MULTIMERCADO; SAFRA LONG BIAS FIA; SAFRA PREV ACOES FI ACOES; SAFRA SMALL CAP MASTER FIA; SAFRA CONSUMO FI ACOES; SOLANA LONG AND SHORT FUNDO DE INVESTIMENTO MULTIMERCADO; SOLANA ABSOLUTTO FUNDO DE INVESTIMENTO MULTIMERCADO; BBM EQUITY HEDGE MASTER FIM; BBM II FIA; BBM PROTON MASTER FIM; BBM SMID CAPS MASTER FIA; BBM VALUATION MASTER FIA; FIA SABESPREV BBM VALUATION; BBM BRAZIL EQUITY FUND LLC; BBM BAHIA MASTER EH FIM, represented by Gisele Esteves Guedes. TESCO PLC PENSION SCHEME, represented by Gisele Esteves Guedes. SPX NIMITZ MASTER FIM, SPX RAPTOR MASTER FI EXT MM CP; SPX PATRIOT MASTER FIA; SPX FALCON MASTER FIA; SPX APACHE MASTER FIA, represented by Gisele Esteves Guedes. ITAU ACOES CONSUMO - FUNDO DE INVESTIMENTO; ITAU INDEX ACOES IBRX - FUNDO DE INVESTIMENTO; ITAU BRASIL EUA MULTIMERCADO FI; IT NOW IGCT FUNDO DE INDICE; ITAU INSTITUCIONAL BOLSA INDEX FUNDO DE INVESTIMENTO EM ACOE; ITAU INVESTPREV PREVIDENCIARIO ACOES FUNDO DE INVESTIMENTO; MULTIPORTFOLIO AGGRESSIVE IB - MULTIMERCADO FUNDO DE INVEST; FUNDO DE APOSENTADORIA PROGRAMADA INDIVIDUAL BALANCED IB; FUNDO DE APOSENTADORIA PROGRAMADA INDIVIDUAL AGGRESSIVE IB; FUNDO DE APOSENTADORIA PROGRAMADA INDIVIDUAL CONSERVATIVE IB; ITAU INDEX ACOES IBOVESPA - FUNDO DE INVESTIMENTO; ITAU BALANCEADO FM DE PRIVATIZACAO FGTS CARTEIRA LIVRE; ITAU PERSONNALITE

BALANCEADO FMP FGTS CARTEIRA LIVRE; ITAU FLEXPREV ACOES FUNDO DE INVESTIMENTO; IT NOW PIBB IBRX-50 FUNDO DE INDICE; ITAU CAIXA ACOES - FUNDO DE INVESTIMENTO; ITAU SMALL CAP VALUATION FIA; HARBOR FUNDO DE INVESTIMENTO EM ACOES; LUXOR ACOES - FUNDO DE INVESTIMENTO; ITAU IBOVESPA ATIVO MASTER FIA; ITAU IBRX ATIVO MASTER FUNDO DE INVESTIMENTO EM ACOES; ITAU PREVIDENCIA IBRX FIA; FUNDO DE INVESTIMENTO MULTIMERCADO UNIPREV I; ITAU ACOES MULTIACOES FUNDO DE INVESTIMENTO; ITAU SELECAO ACOES - FUNDO DE INVESTIMENTO; ITAU ACOES SMALL CAP FUNDO DE INVESTIMENTO; UNIBANCO INSTITUCIONAL SMALL CAP FUNDO DE INVEST EM ACOES; ITAU INSTITUCIONAL 50 ACOES - FUNDO DE INVESTIMENTO; ITAU UNIBANCO OURO FINO FIA; ITAU ACOES TOP 5 FUNDO DE INVESTIMENTO; ITAU FLEXPREV IBOVESPA ATIVO ACOES - FUNDO DE INVESTIMENTO; ITAU INSTITUCIONAL ACOES MASTER IBOVESPA ATIVO FI; ITAU MOMENTO ACOES - FUNDO DE INVESTIMENTO; ITAU FLEXPREV DINAMICO MULTIMERCADO - FUNDO DE INVESTIMENTO; ITAU HEDGE PLUS MULTIMERCADO FUNDO DE INVESTIMENTO; ITAU MULTIMERCADO GLOBAL EQUITY HEDGE FI; ITAU LONG AND SHORT PLUS MULTIMERCADO FUNDO DE INVESTIMENTO; ITAU ACOES VALUATION MASTER FUNDO DE INVESTIMENTO; ITAU MASTER RETORNO TOTAL FI MULTIMERCADO; ITAU MULTIMERCADO LONG AND SHORT FUNDO DE INVESTIMENTO; ITAU PHOENIX ACOES FUNDO DE INVESTIMENTO, represented by Luciana Simões Rebelo Horta. REAL GRANDEZA FUNDAÇÃO DE PREVIDÊNCIA E ASSISTÊNCIA SOCIAL, represented by Marina Gemperli. Belo Horizonte, July 3, 2014. Presiding Board: Evando José Neiva Chairman Leonardo Augusto Leão Lara Secretary Representatives from the Board of Directors: Evando José Neiva Walfrido Silvino dos Mares Guia Neto

Júlio Fernando Cabizuca Luiz Aníbal de Lima Fernandes Representatives from the Board of Executive Officers: Carlos Alberto Bolina Lazar Leonardo Augusto Leão Lara Members of the Audit Board: Lucila de Oliveira Carvalho Antônio Lúcio Pereira Santos Representative from Apsis Consultoria e Avaliações Ltda.: Marcia Aparecida de Lucca Calmon Shareholders: Evando José Neiva Walfrido Silvino dos Mares Guia Neto

Júlio Fernando Cabizuca Leonardo Augusto Leão Lara Carlos Alberto Bolina Lazar Alexandre Perdercini Issa Dirceo Antônio Leme de Melo. Paulo Bertolucci Belliboni Luciano Veloso de Castro Ferreira Gisele Esteves Guedes Marina Gemperli Marco Túlio Pinto Dias George W. Tenório Marcelino Ricardo Penna Franca Luciana Simões Rebelo Horta