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MATERIAL FACT

Saraiva S.A. Livreiros Editores (BM&FBOVESPA: SLED4) ("Company"), in compliance with article 157, paragraph 4, of Law No.6,404 of December 15, 1976, as amended, and in accordance with the Comissão de Valores Mobiliários ("CVM") Instruction No.358 of January 03, 2002, as amended, hereby announces that, the Board of Directors, at a meeting held on May 12, 2016, approved the cancellation of 1,894,378 (one million, eight hundred and ninety-four thousand, three hundred and seventy-eight) preferred shares held in treasury on this date by the Company, all book entry and with no par value, without any reduction in the capital stock.

Due to the cancellation of shares above mentioned, the Company´s capital stock is now divided in twenty-six million, seven hundred and one thousand, seven hundred and forty-five (26,701,745) shares, out of which nine million, six hundred and twenty-two thousand, three hundred and thirteen (9,622,313) are common shares and seventeen million, seventy-nine thousand, four hundred and thirty-two (17,079,432) are preferred shares, all book entry and with no par value.

The amendment to Article 5 of the Company´s Bylaws, in order to reflect the new number of shares representing the Company´s capital stock, will be submitted to the first Shareholders’ Meeting to be held after the date hereof.

São Paulo, May 13, 2016

JORGE SARAIVA NETO
CEO and Investor Relations Officer

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