Bradespar Material Fact Minutes of the Ordinary Meeting #21, of 2.28.2014, of Bradespar S.A.'s Board of Executive Officers, CNPJ (Corporate Taxpayer's ID) #03.847.461/0001-92 NIRE (Companies Registration Number) 35.300.178.360.

On February 28, 2014, at 7:30 a.m., at the Company's head office, at Avenida Paulista, 1.450, 9oandar, Cerqueira César, São Paulo, SP, CEP 01310-917, the members of the Board of Executive Officers of Bradespar S.A. were called together in a meeting under the chairmanship of Mr. Luiz Mauricio Leuzinger. During the meeting, the Officers resolved to submit to the Board of Directors, which will resolve at the meetings of April 28 and October 31, 2014, the proposal for payment of minimum compensation to the Company´s shareholders in 2014, in the total amount equivalent to US$250,000,000.00, corresponding to
US$0.671590888 per common share and US$0.738749978 per preferred share. Once the proposal is approved, the payment will be made in two semiannual installments equivalent to US$125,000,000.00 each, on May 15 and November 14,
2014, converted into domestic currency by the quotation of the dollar for sale (Ptax
- option 5), as disclosed by Brazilian Central Bank, of the business day prior to the respective meetings of the Board of Directors. There being no further business to
be discussed, the meeting was adjourned and these Minutes were drawn up, which the present Officers sign. Sign) Luiz Mauricio Leuzinger and Renato da Cruz Gomes.

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