<SEC-DOCUMENT>0001193805-21-000321.txt : 20210303
<SEC-HEADER>0001193805-21-000321.hdr.sgml : 20210303
<ACCEPTANCE-DATETIME>20210303161021
ACCESSION NUMBER:		0001193805-21-000321
CONFORMED SUBMISSION TYPE:	F-6EF
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20210303
DATE AS OF CHANGE:		20210303
EFFECTIVENESS DATE:		20210303

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vale S.A.
		CENTRAL INDEX KEY:			0000917851
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6EF
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-253830
		FILM NUMBER:		21709020

	BUSINESS ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145
		BUSINESS PHONE:		55 21 3485-3900

	MAIL ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Companhia Vale do Rio Doce
		DATE OF NAME CHANGE:	20051108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE RIO DOCE CO
		DATE OF NAME CHANGE:	20020129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE DOCE RIVER CO
		DATE OF NAME CHANGE:	19950602

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Citibank,N.A./ADR
		CENTRAL INDEX KEY:			0001472033
		IRS NUMBER:				521568099
		STATE OF INCORPORATION:			DC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6EF

	BUSINESS ADDRESS:	
		STREET 1:		388 GREENWICH STREET, 14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
		BUSINESS PHONE:		212-816-6647

	MAIL ADDRESS:	
		STREET 1:		388 GREENWICH STREET, 14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6EF
<SEQUENCE>1
<FILENAME>e620340_f6ef-vale.htm
<TEXT>
<html>
<head>
     <title></title>
</head>
<body style="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%"><B>As filed with the Securities and Exchange Commission on March 3, 2021</B></TD>
    <TD STYLE="text-align: right; width: 30%"><B>Registration No. 333-</B></TD></TR>
</TABLE>

<P STYLE="border-bottom: Black 2.5pt double; margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">__________________________</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B>FORM F-6</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933 FOR</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">AMERICAN DEPOSITARY SHARES
EVIDENCED BY AMERICAN DEPOSITARY RECEIPTS</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">_______________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-size: 18pt">VALE
S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">(Exact name of issuer of deposited
securities as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">_______________</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">[N/A]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">(Translation of issuer&rsquo;s
name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">_______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">Federative Republic of
Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">(Jurisdiction of incorporation
or organization of issuer<B>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">__________________________</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">CITIBANK, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">(Exact name of depositary as specified
in its charter<B>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B>_______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0; text-align: center">(877) 248-4237</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">(Address, including zip code,
and telephone number, including area code, of depositary&rsquo;s principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">_______________</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Vale
Americas Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>250
Pehle <FONT STYLE="letter-spacing: -0.15pt">Avenue, </FONT>Suite 302</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Saddle Brook, New Jersey <FONT STYLE="letter-spacing: -0.15pt">07663</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><FONT STYLE="letter-spacing: -0.15pt">Telephone </FONT>(201) 310-0173</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address, including zip code,
and telephone number, including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">__________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.95pt 0pt 2.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0; text-align: center"><I>Copies to:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center">Nicolas Grabar</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center">Cleary Gottlieb
Steen &amp; Hamilton LLP</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center">1 Liberty Plaza</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center">New York, New York
10006</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center">(212) 225-2414</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0; text-align: center">Herman H. Rasp&eacute;,
Esq.<BR>
Patterson Belknap Webb &amp; Tyler LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1133 Avenue of the Americas</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10036</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">__________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">It is proposed that this filing become effective
under Rule 466:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 5%">&nbsp;&#9746;</TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">immediately upon filing.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&#9744;</TD>
    <TD>Specific
Date</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">If a separate
registration statement has been filed to register the deposited shares, check the following box:&nbsp;&nbsp;</FONT>&#9744;<FONT STYLE="font-size: 10pt"><B><BR>
<BR></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CALCULATION OF REGISTRATION FEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; border: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Title of Each Class of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities to be Registered</P></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amount to be</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registered</P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proposed</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Maximum&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Offering Price&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Per Unit*</P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Proposed</FONT>&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Maximum</FONT>&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Aggregate Offering Price**</FONT></P></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amount of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registration Fee</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">American Depositary Shares, each representing one (1) common share, without par value, of Vale S.A.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">2,500,000,000 American Depositary Shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$5.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$125,000,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$13,637.50</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD>Each unit represents 100 ADSs.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD>Estimated solely for the purpose of calculating the registration
fee. Pursuant to Rule 457(k), such estimate is computed on the basis of the maximum aggregate fees or charges to be imposed in
connection with the issuance of American Depositary Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 136pt 0pt 1.5in; text-align: justify">This Registration Statement
may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together
shall constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 136pt 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 136pt 0pt 1.5in; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 136pt 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center">PART I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cross Reference Sheet</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 50.95pt">Item 1.</TD><TD STYLE="text-align: left">DESCRIPTION OF SECURITIES TO BE REGISTERED</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left; vertical-align: bottom"><B><U>Item Number and Caption</U></B></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><B>Location in Form of American</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><B>Depositary Receipt (&ldquo;Receipt&rdquo;)</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><B><U>Filed Herewith as Prospectus</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1.</TD>
    <TD COLSPAN="2">Name of Depositary and address of its principal executive office</TD>
    <TD></TD>
    <TD><U>Face of Receipt</U> - Introductory Article.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2.</TD>
    <TD COLSPAN="2">Title of Receipts and identity of deposited securities </TD>
    <TD>&nbsp;</TD>
    <TD><U>Face of Receipt</U> - Top Center.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Terms of Deposit:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD>The amount of deposited securities represented by one American Depositary Share (&quot;ADSs&quot;)</TD>
    <TD>&nbsp;</TD>
    <TD><U>Face of Receipt</U> - Upper right corner.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(ii)</TD>
    <TD>The procedure for voting, if any, the deposited securities</TD>
    <TD>&nbsp;</TD>
    <TD><U>Reverse of Receipt</U> - Paragraphs (17) and (18).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(iii)</TD>
    <TD>The collection and distribution of dividends</TD>
    <TD>&nbsp;</TD>
    <TD><U>Reverse of Receipt</U> - Paragraph (15).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(iv)</TD>
    <TD>The transmission of notices, reports and proxy soliciting material</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><U>Face of Receipt</U> - Paragraph (14);</P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><U>Reverse of Receipt</U> - Paragraph (18).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(v)</TD>
    <TD>The sale or exercise of rights</TD>
    <TD>&nbsp;</TD>
    <TD><U>Reverse of Receipt</U> &ndash; Paragraphs (15) and (17).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(vi)</TD>
    <TD>The deposit or sale of securities resulting from dividends, splits or plans of reorganization</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><U>Face of Receipt</U> - Paragraphs (3) and (6);</P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><U>Reverse of Receipt</U> - Paragraphs (15) and (19).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(vii)</TD>
    <TD>Amendment, extension or termination of the deposit agreement</TD>
    <TD>&nbsp;</TD>
    <TD><U>Reverse of Receipt</U> - Paragraphs (23) and (24) (no provision for extensions).</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left; vertical-align: bottom"><B><U>Item Number and Caption</U></B></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><B>Location in Form of American</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><B>Depositary Receipt (&ldquo;Receipt&rdquo;)</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><B><U>Filed Herewith as Prospectus</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(viii)</TD>
    <TD>Rights of holders of Receipts to inspect the transfer books of the Depositary and the list of holders of ADSs</TD>
    <TD>&nbsp;</TD>
    <TD><U>Face of Receipt</U> - Paragraph (14).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(ix)</TD>
    <TD>Restrictions upon the right to deposit or withdraw the underlying securities</TD>
    <TD>&nbsp;</TD>
    <TD><U>Face of Receipt</U> &ndash; Paragraphs (2), (3), (4), (6), (8), (10) and (11).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(x)</TD>
    <TD>Limitation upon the liability of the Depositary</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><U>Face of Receipt</U> - Paragraph (8);</P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><U>Reverse of Receipt</U> - Paragraphs (20) and (21).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>3.</TD>
    <TD COLSPAN="2">Fees and charges, which may be imposed directly or indirectly on holders of ADSs</TD>
    <TD></TD>
    <TD><U>Face of Receipt</U> - Paragraph (11).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>Item 2.</B></TD>
    <TD STYLE="text-indent: 0.25in"><B>AVAILABLE INFORMATION</B></TD>
    <TD>&nbsp;</TD>
    <TD><U>Face of Receipt</U> - Paragraph (14).</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The
Company is subject to the periodic reporting requirements of the United States Securities Exchange Act of 1934, as amended, and,
accordingly, files certain reports with, and submits certain reports to, the United States Securities and Exchange Commission (the
&ldquo;Commission&rdquo;). These reports can be retrieved from the Commission&rsquo;s internet website (www.sec.gov), and can be
inspected and copied at the public reference facilities maintained by the Commission at 100 F Street, N.E., Washington D.C. 20549.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>PROSPECTUS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 100pt 0pt 1.5in; text-align: justify">The Prospectus consists of
the proposed form of American Depositary Receipt included as Exhibit A to the Amended and Restated Common Shares Deposit Agreement
filed as Exhibit (a) to this Registration Statement on Form F-6 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 100pt 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 100pt; margin-bottom: 0pt; text-align: left"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 100pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center">PART II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN
PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 50.95pt"><B>Item 3.</B></TD><TD><B>EXHIBITS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT>(a)</FONT></TD><TD>Amended and Restated Common Shares Deposit Agreement, dated
as of December 22, 2015, by and among <FONT STYLE="letter-spacing: -0.3pt">Vale </FONT>S.A. (the &ldquo;Company&rdquo;), Citibank,
N.A., as depositary (the &ldquo;Depositary&rdquo;), and all holders and beneficial owners of American Depositary Shares issued
thereunder (&ldquo;Deposit Agreement&rdquo;).&#9;Filed herewith
as Exhibit (a).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 20.2pt 0pt 5.95pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT>(b)</FONT></TD><TD>Any other agreement to which the Depositary is a party
relating to the issuance of the American Depositary Shares registered hereunder or the custody of the deposited securities represented
thereby. &mdash; None.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.7pt 0pt 5.95pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT>(c)</FONT></TD><TD>Every material contract relating to the deposited securities
between the Depositary and the issuer of the deposited securities in effect at any time within the last three years. &mdash; None.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 5.95pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="letter-spacing: -1.15pt">(d)</FONT></TD><TD>Opinion of counsel for the Depositary as to the legality
of the securities to be registered. &mdash; Filed herewith as Exhibit (d).</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT>(e)</FONT></TD><TD>Certificate under Rule 466. &mdash; Filed herewith as Exhibit
(e).</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT>(f)</FONT></TD><TD>Powers of Attorney for certain officers and directors and
the authorized representative of the Company. &mdash; Set forth on the signature pages hereto.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.75pt 0pt 5.95pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.75pt 0pt 5.95pt; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.75pt 0pt 5.95pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 50.95pt">Item 4.</TD><TD STYLE="text-align: left">UNDERTAKINGS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD>The Depositary undertakes to make available at the principal
office of the Depositary in the United States, for inspection by holders of ADSs, any reports and communications received from
the issuer of the deposited securities which are both (1) received by the Depositary as the holder of the deposited securities,
and (2) made generally available to the holders of the underlying securities by the issuer.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11pt 0pt 5.95pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD>If the amount of fees charged is not disclosed in the prospectus,
the Depositary undertakes to prepare a separate document stating the amount of any fee charged and describing the service for
which it is charged and to deliver promptly a copy of such fee schedule without charge to anyone upon request. The Depositary
undertakes to notify each registered holder of an ADS thirty (30) days before any change in the fee schedule.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0; text-align: center"><B><U>SIGNATURES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, Citibank, N.A., acting solely on behalf of the legal entity to be created by the Amended
and Restated Common Shares Deposit Agreement, by and among Vale S.A., Citibank, N.A., as depositary, and all Holders and Beneficial
Owners of American Depositary Shares to be issued thereunder, certifies that it has reasonable grounds to believe that all the
requirements for filing on Form F-6 are met and has duly caused this Registration Statement on Form F-6 to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on the 3rd day of March, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Legal
entity to be created by the Amended and Restated Common Shares Deposit Agreement under which the American Depositary Shares registered
hereunder are to be issued, each American Depositary Share representing one (1) common share, without par value, of Vale S.A.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CITIBANK, N.A., solely in its capacity as Depositary</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Leslie DeLuca</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Leslie DeLuca</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Attorney-in-fact</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0; text-align: center"><B><U>SIGNATURES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, Vale S.A. certifies that it has reasonable grounds to believe that all the requirements
for filing on Form F-6 are met and has duly caused this Registration Statement on Form F-6 to be signed on its behalf by the undersigned
thereunto duly authorized, in the city of Rio de Janeiro, Brazil, on February 26, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.7pt 0pt 5.95pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.7pt 0pt 5.95pt; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">VALE S.A.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Luciano Siani Pires</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Luciano Siani Pires</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0; text-align: center"><B><U>POWERS OF ATTORNEY</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><B>KNOW ALL PERSONS BY
THESE PRESENTS</B>, that each person whose signature appears below constitutes and appoints each of Eduardo de Salles Bartolomeo
and Luciano Siani Pires to act as his or her true and lawful attorney-in-fact and agents, each with full power of substitution,
for him/her and in his/her name, place and stead, in any and all such capacities, to sign any and all amendments (including post-effective
amendments) and supplements to this Registration Statement, and to file the same, with all exhibits thereto and other documents
in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power
and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully
to all intents and purposes as s/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact
and agent, or his/her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.35pt 0pt 5.95pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement on Form F-6 has been signed by the following persons in
the following capacities on February 26, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><U>Signature</U></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 50%"><U>Title</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Eduardo de Salles Bartolomeo</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Eduardo de Salles Bartolomeo</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Luciano Siani Pires</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Luciano Siani Pires</TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jos&eacute; Mauricio Pereira Coelho</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jos&eacute; Mauricio Pereira Coelho</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Fernando Jorge Buso Gomes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Eduardo de Oliveira Rodrigues Filho</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Isabella Saboya de Albuquerque</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jos&eacute; Luciano Duarte Penido</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jos&eacute; Luciano Duarte Penido</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><U>Signature</U></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 50%"><U>Title</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Lucio Azevedo</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Lucio Azevedo</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Marcel Juviniano Barros</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Marcel Juviniano Barros</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Marcelo Gasparino da Silva</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Murilo Cesar Lemos dos Santos Passos</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Murilo Cesar Lemos dos Santos Passos&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Oscar Augusto de Camargo Filho</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Roger Allan Downey</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Roger Allan Downey</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Sandra Maria Guerra de Azevedo</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Toshiya Asahi</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Toshiya Asahi</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>VALE AMERICAS INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD>Authorized Representative</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Gustavo Fontanella</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>Gustavo Fontanella</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>Treasurer &amp; Comptroller</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B><U>Index to Exhibits</U></B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 30%; vertical-align: bottom"><B><U>Exhibit</U></B></TD>
    <TD STYLE="text-align: left; width: 40%; vertical-align: bottom"><B><U>Document</U></B></TD>
    <TD STYLE="width: 30%"><P STYLE="margin-top: 0; margin-bottom: 0"><B><U STYLE="text-decoration: none">Sequentially</U></B></P>
                           <P STYLE="margin-top: 0; margin-bottom: 0"><B><U>Numbered Page</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(a)</TD>
    <TD>Amended and Restated Common Shares Deposit Agreement</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(d)</TD>
    <TD>Opinion of counsel to the Depositary</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(e)</TD>
    <TD>Rule 466 Certification</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)
<SEQUENCE>2
<FILENAME>e620340_ex99-a.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit (a)</P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>EXECUTION</B></P>


<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">AMENDED
AND RESTATED COMMON SHARES D</FONT>EPOSIT AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">by and among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">VALE S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CITIBANK, N.A.,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Depositary,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE HOLDERS AND BENEFICIAL OWNERS OF<BR>
AMERICAN DEPOSITARY SHARES<BR>
ISSUED HEREUNDER</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of December 22, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left">ARTICLE I  DEFINITIONS</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in; width: 15%"><B>Section 1.1</B></TD>
    <TD STYLE="width: 80%"><B>&ldquo;<U>ADS Record Date</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right; width: 5%"><B>2</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.2</B></TD>
    <TD><B>&ldquo;<U>Affiliate</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>2</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.3</B></TD>
    <TD><B>&ldquo;<U>American Depositary Receipt(s)</U>&rdquo;, &ldquo;<U>ADR(s)&rdquo; </U>and &ldquo;<U>Receipt(s)</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>2</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.4</B></TD>
    <TD><B><U>&ldquo;American Depositary Share(s)</U>&rdquo; and &ldquo;<U>ADS(s)</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>2</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.5</B></TD>
    <TD><B>&ldquo;<U>Applicant</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>3</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.6</B></TD>
    <TD><B>&ldquo;<U>BACEN&rdquo;</U></B></TD>
    <TD STYLE="text-align: right"><B>3</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.7</B></TD>
    <TD><B>&ldquo;<U>Beneficial Owner</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>3</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.8</B></TD>
    <TD><B>&ldquo;<U>BM&amp;FBOVESPA</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>3</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.9</B></TD>
    <TD><B>&ldquo;<U>Brazil</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>3</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.10</B></TD>
    <TD><B>&ldquo;<U>CBLC</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>3</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.11</B></TD>
    <TD><B>&ldquo;<U>Certificated ADS(s)</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>3</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.12</B></TD>
    <TD><B>&ldquo;<U>Commission</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>4</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.13</B></TD>
    <TD><B>&ldquo;<U>Company</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>4</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.14</B></TD>
    <TD><B>&ldquo;<U>Custodian</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>4</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.15</B></TD>
    <TD><B>&ldquo;<U>CVM</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>4</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.16</B></TD>
    <TD><B>&ldquo;<U>Deliver</U>&rdquo; and &ldquo;<U>Delivery</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>4</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.17</B></TD>
    <TD><B>&ldquo;<U>Deposit Agreement</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>4</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.18</B></TD>
    <TD><B>&ldquo;<U>Depositary</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>4</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.19</B></TD>
    <TD><B>&ldquo;<U>Deposited Property</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>4</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.20</B></TD>
    <TD><B>&ldquo;<U>Deposited Securities</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>5</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.21</B></TD>
    <TD><B>&ldquo;<U>Dollars</U>&rdquo; and &ldquo;<U>$</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>5</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.22</B></TD>
    <TD><B>&ldquo;<U>DTC</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>5</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.23</B></TD>
    <TD><B>&ldquo;<U>DTC Participant</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>5</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.24</B></TD>
    <TD><B>&ldquo;<U>Exchange Act</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>5</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.25</B></TD>
    <TD><B>&ldquo;<U>Foreign Currency</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>5</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.26</B></TD>
    <TD><B>&ldquo;<U>Full Entitlement ADR(s)</U>&rdquo;, &ldquo;<U>Full Entitlement ADS(s)</U>&rdquo; and &ldquo;<U>Full Entitlement
    Share(s)</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>5</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.27</B></TD>
    <TD><B>&ldquo;<U>Holder(s)</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>5</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.28</B></TD>
    <TD><B>&ldquo;<U>Original Deposit Agreement</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>5</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.29</B></TD>
    <TD><B>&ldquo;<U>Original Depositary</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>6</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.30</B></TD>
    <TD><B>&ldquo;<U>Partial Entitlement ADR(s)</U>&rdquo;, &ldquo;<U>Partial Entitlement ADS(s)</U>&rdquo; and &ldquo;<U>Partial
    Entitlement Share(s)</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>6</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.31</B></TD>
    <TD><B>&ldquo;<U>Principal Office&rdquo;</U></B></TD>
    <TD STYLE="text-align: right"><B>6</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.32</B></TD>
    <TD><B>&ldquo;<U>Reais</U>&rdquo;, &ldquo;<U>Real</U>&rdquo;, &ldquo;<U>R$</U>&rdquo; or &ldquo;<U>BRL</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>6</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.33</B></TD>
    <TD><B>&ldquo;<U>Registrar</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>6</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.34</B></TD>
    <TD><B>&ldquo;<U>Restricted Securities</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>6</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.35</B></TD>
    <TD><B>&ldquo;<U>Restricted ADR(s)</U>&rdquo;, &ldquo;<U>Restricted ADS(s)</U>&rdquo; and &ldquo;<U>Restricted Shares</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>6</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.36</B></TD>
    <TD><B>&ldquo;<U>Securities Act</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>6</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.37</B></TD>
    <TD><B>&ldquo;<U>Share Registrar</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>6</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.38</B></TD>
    <TD><B>&ldquo;<U>Shares</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>7</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.39</B></TD>
    <TD><B>&ldquo;<U>Uncertificated ADS(s)</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>7</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 1.40</B></TD>
    <TD><B>&ldquo;<U>United States</U>&rdquo; and &ldquo;<U>U.S.</U>&rdquo;</B></TD>
    <TD STYLE="text-align: right"><B>7</B></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">ARTICLE II APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER
    AND SURRENDER OF RECEIPTS</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in; width: 15%"><B>Section 2.1</B></TD>
    <TD STYLE="width: 80%"><B><U>Appointment of Depositary.</U></B></TD>
    <TD STYLE="text-align: right; width: 5%"><B>7</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 2.2</B></TD>
    <TD><B><U>Form and Transferability of ADSs.</U></B></TD>
    <TD STYLE="text-align: right"><B>7</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 2.3</B></TD>
    <TD><B><U>Deposit of Shares.</U></B></TD>
    <TD STYLE="text-align: right"><B>9</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 2.4</B></TD>
    <TD><B><U>Registration and Safekeeping of Deposited Securities.</U></B></TD>
    <TD STYLE="text-align: right"><B>10</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 2.5</B></TD>
    <TD><B><U>Issuance of ADSs.</U></B></TD>
    <TD STYLE="text-align: right"><B>11</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 2.6</B></TD>
    <TD><B><U>Transfer, Combination and Split-up of ADRs.</U></B></TD>
    <TD STYLE="text-align: right"><B>11</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 2.7</B></TD>
    <TD><B><U>Surrender of ADSs and Withdrawal of Deposited Securities.</U></B></TD>
    <TD STYLE="text-align: right"><B>12</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 2.8</B></TD>
    <TD><B><U>Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc.</U></B></TD>
    <TD STYLE="text-align: right"><B>14</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 2.9</B></TD>
    <TD><B><U>Lost ADRs, etc.</U></B></TD>
    <TD STYLE="text-align: right"><B>15</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 2.10</B></TD>
    <TD><B><U>Cancellation and Destruction of Surrendered ADRs; Maintenance of Records.</U></B></TD>
    <TD STYLE="text-align: right"><B>15</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 2.11</B></TD>
    <TD><B><U>Escheatment.</U></B></TD>
    <TD STYLE="text-align: right"><B>15</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 2.12</B></TD>
    <TD><B><U>Partial Entitlement ADSs.</U></B></TD>
    <TD STYLE="text-align: right"><B>15</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 2.13</B></TD>
    <TD><B><U>Certificated/Uncertificated ADSs.</U></B></TD>
    <TD STYLE="text-align: right"><B>16</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 2.14</B></TD>
    <TD><B><U>Restricted ADSs.</U></B></TD>
    <TD STYLE="text-align: right"><B>17</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2">ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 3.1</B></TD>
    <TD><B><U>Proofs, Certificates and Other Information.</U></B></TD>
    <TD STYLE="text-align: right"><B>19</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 3.2</B></TD>
    <TD><B><U>Liability for Taxes and Other Charges.</U></B></TD>
    <TD STYLE="text-align: right"><B>20</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 3.3</B></TD>
    <TD><B><U>Representations and Warranties on Deposit of Shares.</U></B></TD>
    <TD STYLE="text-align: right"><B>20</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 3.4</B></TD>
    <TD><B><U>Compliance with Information Requests.</U></B></TD>
    <TD STYLE="text-align: right"><B>20</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 3.5</B></TD>
    <TD><B><U>Ownership Restrictions.</U></B></TD>
    <TD STYLE="text-align: right"><B>21</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 3.6</B></TD>
    <TD><B><U>Reporting Obligations and Regulatory Approvals.</U></B></TD>
    <TD STYLE="text-align: right"><B>21</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2">ARTICLE IV THE DEPOSITED SECURITIES</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.1</B></TD>
    <TD><B><U>Cash Distributions.</U></B></TD>
    <TD STYLE="text-align: right"><B>21</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.2</B></TD>
    <TD><B><U>Distribution in Shares.</U></B></TD>
    <TD STYLE="text-align: right"><B>22</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.3</B></TD>
    <TD><B><U>Elective Distributions in Cash or Shares.</U></B></TD>
    <TD STYLE="text-align: right"><B>23</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.4</B></TD>
    <TD><B><U>Distribution of Rights to Purchase Additional ADSs.</U></B></TD>
    <TD STYLE="text-align: right"><B>24</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.5</B></TD>
    <TD><B><U>Distributions Other Than Cash, Shares or Rights to Purchase Shares.</U></B></TD>
    <TD STYLE="text-align: right"><B>26</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.6</B></TD>
    <TD><B><U>Distributions with Respect to Deposited Securities in Bearer Form.</U></B></TD>
    <TD STYLE="text-align: right"><B>27</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.7</B></TD>
    <TD><B><U>Redemption.</U></B></TD>
    <TD STYLE="text-align: right"><B>27</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.8</B></TD>
    <TD><B><U>Conversion of Foreign Currency.</U></B></TD>
    <TD STYLE="text-align: right"><B>28</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.9</B></TD>
    <TD><B><U>Fixing of ADS Record Date.</U></B></TD>
    <TD STYLE="text-align: right"><B>28</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.10</B></TD>
    <TD><B><U>Voting of Deposited Securities.</U></B></TD>
    <TD STYLE="text-align: right"><B>29</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.11</B></TD>
    <TD><B><U>Changes Affecting Deposited Securities.</U></B></TD>
    <TD STYLE="text-align: right"><B>31</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.12</B></TD>
    <TD><B><U>Available Information.</U></B></TD>
    <TD STYLE="text-align: right"><B>32</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.13</B></TD>
    <TD><B><U>Reports.</U></B></TD>
    <TD STYLE="text-align: right"><B>32</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.14</B></TD>
    <TD><B><U>List of Holders.</U></B></TD>
    <TD STYLE="text-align: right"><B>32</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 4.15</B></TD>
    <TD><B><U>Taxation.</U></B></TD>
    <TD STYLE="text-align: right"><B>32</B></TD></TR>
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<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">ARTICLE V THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY</TD>
    <TD STYLE="text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in; width: 15%"><B>Section 5.1</B></TD>
    <TD STYLE="width: 80%"><B><U>Maintenance of Office and Transfer Books by the Registrar.</U></B></TD>
    <TD STYLE="text-align: right; width: 5%"><B>33</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 5.2</B></TD>
    <TD><B><U>Exoneration.</U></B></TD>
    <TD STYLE="text-align: right"><B>34</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 5.3</B></TD>
    <TD><B><U>Standard of Care.</U></B></TD>
    <TD STYLE="text-align: right"><B>35</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 5.4</B></TD>
    <TD><B><U>Resignation and Removal of the Depositary; Appointment of Successor Depositary.</U></B></TD>
    <TD STYLE="text-align: right"><B>36</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 5.5</B></TD>
    <TD><B><U>The Custodian.</U></B></TD>
    <TD STYLE="text-align: right"><B>37</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 5.6</B></TD>
    <TD><B><U>Notices and Reports.</U></B></TD>
    <TD STYLE="text-align: right"><B>37</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 5.7</B></TD>
    <TD><B><U>Issuance of Additional Shares, ADSs etc.</U></B></TD>
    <TD STYLE="text-align: right"><B>38</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 5.8</B></TD>
    <TD><B><U>Indemnification.</U></B></TD>
    <TD STYLE="text-align: right"><B>39</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 5.9</B></TD>
    <TD><B><U>ADS Fees and Charges.</U></B></TD>
    <TD STYLE="text-align: right"><B>40</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 5.10</B></TD>
    <TD><B><U>Pre-Release Transactions.</U></B></TD>
    <TD STYLE="text-align: right"><B>41</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 5.11</B></TD>
    <TD><B><U>Restricted Securities Owners.</U></B></TD>
    <TD STYLE="text-align: right"><B>42</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE VI AMENDMENT AND TERMINATION</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 6.1</B></TD>
    <TD><B><U>Amendment/Supplement.</U></B></TD>
    <TD STYLE="text-align: right"><B>42</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 6.2</B></TD>
    <TD><B><U>Termination.</U></B></TD>
    <TD STYLE="text-align: right"><B>43</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE VII MISCELLANEOUS</TD>
    <TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 7.1</B></TD>
    <TD><B><U>Counterparts.</U></B></TD>
    <TD STYLE="text-align: right"><B>44</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 7.2</B></TD>
    <TD><B><U>No Third Party Beneficiaries.</U></B></TD>
    <TD STYLE="text-align: right"><B>44</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 7.3</B></TD>
    <TD><B><U>Severability.</U></B></TD>
    <TD STYLE="text-align: right"><B>45</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 7.4</B></TD>
    <TD><B><U>Holders and Beneficial Owners as Parties; Binding Effect.</U></B></TD>
    <TD STYLE="text-align: right"><B>45</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 7.5</B></TD>
    <TD><B><U>Notices.</U></B></TD>
    <TD STYLE="text-align: right"><B>45</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 7.6</B></TD>
    <TD><B><U>Governing Law and Jurisdiction.</U></B></TD>
    <TD STYLE="text-align: right"><B>46</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 7.7</B></TD>
    <TD><B><U>Assignment.</U></B></TD>
    <TD STYLE="text-align: right"><B>47</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 7.8</B></TD>
    <TD><B><U>Compliance with U.S. Securities Laws.</U></B></TD>
    <TD STYLE="text-align: right"><B>47</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 7.9</B></TD>
    <TD><B><U>Brazilian Law References.</U></B></TD>
    <TD STYLE="text-align: right"><B>48</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 7.10</B></TD>
    <TD><B><U>Relationship between the Company and Holders and Beneficial Owners.</U></B></TD>
    <TD STYLE="text-align: right"><B>48</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in"><B>Section 7.11</B></TD>
    <TD><B><U>Titles and References.</U></B></TD>
    <TD STYLE="text-align: right"><B>48</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in"><B>Section 7.12</B></TD>
    <TD><B><U>Amendment and Restatement.</U></B></TD>
    <TD STYLE="text-align: right"><B>49</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">EXHIBITS</TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD><B><U STYLE="text-decoration: none">Form of ADR.</U></B></TD>
    <TD STYLE="text-align: right"><B>A-1</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD><B><U STYLE="text-decoration: none">Fee Schedule.</U></B></TD>
    <TD STYLE="text-align: right"><B>B-1</B></TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED COMMON SHARES
DEPOSIT AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>AMENDED AND RESTATED COMMON SHARES DEPOSIT
AGREEMENT</B>, dated as of December 22, 2015, by and among (i)&nbsp;Vale S.A. (formerly Companhia Vale do Rio Doce), a company
organized under the laws of Brazil, and its successors (the &ldquo;Company&rdquo;), (ii)&nbsp;CITIBANK, N.A., a national banking
association organized under the laws of the United States of America acting in its capacity as depositary, and any successor depositary
hereunder (the &ldquo;Depositary&rdquo;), and (iii)&nbsp;all Holders and Beneficial Owners of American Depositary Shares issued
hereunder (all such capitalized terms as hereinafter defined).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H&nbsp;&nbsp;&nbsp;T
H A T</B>:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company and JPMorgan
Chase Bank, N.A. (the &ldquo;Original Depositary&rdquo;) previously entered into a Deposit Agreement, dated as of February 25,
2002 (as amended, the &ldquo;Original Deposit Agreement&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company desires to amend
and restate the Original Deposit Agreement and to transfer to the Depositary the ADR facility currently existing under the Original
Deposit Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Depositary is willing
to act as the Depositary for such ADR facility upon the terms set forth in the Deposit Agreement (as hereinafter defined); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, any American Depositary
Receipts issued pursuant to the terms of the Deposit Agreement are to be substantially in the form of <U>Exhibit A</U> attached
hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in the Deposit Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Shares are listed and
traded on the S&atilde;o Paulo Stock Exchange (<I>BM&amp;FBOVESPA S.A. &ndash; Bolsa de Valores Mercadorias e Futuros</I>, also
known as &ldquo;<U>BM&amp;FBOVESPA</U>&rdquo;) and the American Depositary Shares issued pursuant to the terms of the Deposit Agreement
are listed for trading on The New York Stock Exchange, Inc.; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Board of Executive Officers
of the Company has duly approved the establishment of an ADR facility upon the terms set forth in the Deposit Agreement, the execution
and delivery of the Deposit Agreement on behalf of the Company, and the actions of the Company and the transactions contemplated
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NOW, THEREFORE</B>, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE I<BR>
<BR>
DEFINITIONS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All capitalized terms used, but not otherwise
defined, herein shall have the meanings set forth below, unless otherwise clearly indicated:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>ADS Record Date</U></B>&rdquo; shall have the meaning given to such term in Section&nbsp;4.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Affiliate</U></B>&rdquo; shall have the meaning assigned to such term by the Commission (as hereinafter
defined) under Regulation C promulgated under the Securities Act (as hereinafter defined), or under any successor regulation thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>American Depositary Receipt(s)</U></B>&rdquo;, &ldquo;<B><U>ADR(s)</U></B>&rdquo; and &ldquo;<B><U>Receipt(s)</U></B>&rdquo;
shall mean the certificate(s) issued by the Depositary to evidence the American Depositary Shares issued under the terms of the
Deposit Agreement in the form of Certificated ADS(s) (as hereinafter defined), as such ADRs may be amended from time to time in
accordance with the provisions of the Deposit Agreement. An ADR may evidence any number of ADSs and may, in the case of ADSs held
through a central depository such as DTC, be in the form of a &ldquo;Balance Certificate.&rdquo; Notwithstanding anything else
contained herein or therein, the American depositary receipts issued and outstanding under the terms of the Original Deposit Agreement
shall, from and after the date hereof, be treated as ADRs issued hereunder and shall, from and after the date hereof, be subject
to the terms hereof in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>American Depositary Share(s)</U></B>&rdquo; and &ldquo;<B><U>ADS(s)</U></B>&rdquo; shall mean the rights
and interests in the Deposited Property (as hereinafter defined) granted to the Holders and Beneficial Owners pursuant to the terms
and conditions of the Deposit Agreement and, if issued as Certificated ADS(s) (as hereinafter defined), the ADR(s) issued to evidence
such ADSs. ADS(s) may be issued under the terms of the Deposit Agreement in the form of (a)&nbsp;Certificated ADS(s) (as hereinafter
defined), in which case the ADS(s) are evidenced by ADR(s), or (b)&nbsp;Uncertificated ADS(s) (as hereinafter defined), in which
case the ADS(s) are not evidenced by ADR(s) but are reflected on the direct registration system maintained by the Depositary for
such purposes under the terms of Section 2.13. Unless otherwise specified in the Deposit Agreement or in any ADR, or unless the
context otherwise requires, any reference to ADS(s) shall include Certificated ADS(s) and Uncertificated ADS(s), individually or
collectively, as the context may require. Each ADS shall represent the right to receive, and to exercise the beneficial ownership
interests in, the number of Shares specified in the form of ADR attached hereto as <U>Exhibit A</U> (as amended from time to time)
that are on deposit with the Depositary and/or the Custodian, subject, in each case, to the terms and conditions of the Deposit
Agreement and the applicable ADR (if issued as a Certificated ADS), until there shall occur a distribution upon Deposited Securities
referred to in Section 4.2 or a change in Deposited Securities referred to in Section 4.11 with respect to which additional ADSs
are not issued, and thereafter each ADS shall represent the right to receive, and to exercise the beneficial ownership interests
in, the applicable Deposited Property on deposit with the Depositary and the Custodian determined in accordance with the terms
of such Sections, subject, in each case, to the terms and conditions of the Deposit Agreement and the applicable ADR (if issued
as a Certificated ADS). American depositary shares outstanding under the Original Deposit Agreement as of the date hereof shall,
from and after the date hereof, for all purposes be treated as American Depositary Shares issued and outstanding hereunder and
shall, from and after the date hereof, be subject to the terms and conditions of the Deposit Agreement in all respects, except
that any amendment of the Original Deposit Agreement effected under the terms of the Deposit Agreement which prejudices any substantial
existing right of &ldquo;Holders&rdquo; (as defined in the Original Deposit Agreement) shall not become effective as to &ldquo;Owners&rdquo;
and &ldquo;Beneficial Owners&rdquo; of American depositary shares until the expiration of thirty (30) days after notice of the
amendments effected by the Deposit Agreement shall have been given to the &ldquo;Holders&rdquo; of American depositary shares outstanding
under the Original Deposit Agreement as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Applicant</U></B>&rdquo; shall have the meaning given to such term in Section 5.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>BACEN</U></B>&rdquo; shall have the meaning given to such term in Section 3.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Beneficial Owner</U></B>&rdquo; shall mean, as to any ADS, any person or entity having a beneficial interest
deriving from the ownership of such ADS. Notwithstanding anything else contained in the Deposit Agreement, any ADR(s) or any other
instruments or agreements relating to the ADSs and the corresponding Deposited Property, the Depositary, the Custodian and their
respective nominees are intended to be, and shall at all times during the term of the Deposit Agreement be, the record holders
only of the Deposited Property represented by the ADSs for the benefit of the Holders and Beneficial Owners of the corresponding
ADSs. The Depositary, on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial
ownership interest in the Deposited Property held on behalf of the Holders and Beneficial Owners of ADSs. The beneficial ownership
interests in the Deposited Property are intended to be, and shall at all times during the term of the Deposit Agreement continue
to be, vested in the Beneficial Owners of the ADSs representing the Deposited Property. The beneficial ownership interests in the
Deposited Property shall, unless otherwise agreed by the Depositary, be exercisable by the Beneficial Owners of the ADSs only through
the Holders of such ADSs, by the Holders of the ADSs (on behalf of the applicable Beneficial Owners) only through the Depositary,
and by the Depositary (on behalf of the Holders and Beneficial Owners of the corresponding ADSs) directly, or indirectly through
the Custodian or their respective nominees, in each case upon the terms of the Deposit Agreement and, if applicable, the terms
of the ADR(s) evidencing the ADSs. A Beneficial Owner of ADSs may or may not be the Holder of such ADSs. A Beneficial Owner shall
be able to exercise any right or receive any benefit hereunder solely through the person who is the Holder of the ADSs owned by
such Beneficial Owner. Unless otherwise identified to the Depositary, a Holder shall be deemed to be the Beneficial Owner of all
the ADSs registered in his/her/its name. Persons who own beneficial interests in the American depositary shares issued under the
terms of the Original Deposit Agreement and outstanding as of the date hereof shall, from and after the date hereof, be treated
as Beneficial Owners of ADS(s) under the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>BM&amp;FBOVESPA</U></B>&rdquo;shall have the meaning given to such term in the recital to the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Brazil</U></B>&rdquo; shall mean the Federative Republic of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>CBLC</U></B>&rdquo; shall mean the Brazilian Clearing and Depository Corporation (<I>Companhia Brasileira
de Liquida&ccedil;&atilde;o e Cust&oacute;dia</I>), which provides the book-entry settlement system for securities traded in BM&amp;FBOVESPA,
or any successor entity thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Certificated ADS(s)</U></B>&rdquo; shall have the meaning set forth in Section 2.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Commission</U></B>&rdquo; shall mean the Securities and Exchange Commission of the United States or any
successor governmental agency thereto in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Company</U></B>&rdquo; shall mean Vale S.A. (formerly Companhia Vale do Rio Doce), a company incorporated
and existing under the laws of Brazil, and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Custodian</U></B>&rdquo; shall mean (i) as of the date hereof, Banco Bradesco S.A., having its principal
office at 4010-0 DEP de A&ccedil;&otilde;es e Cust&oacute;dia, Cidade de Deus, Vila Yara, S/N Pr&eacute;dio Amarelo 2&ordm; Andar,
Osasco-SP, Brazil, as the custodian of Deposited Property for the purposes of the Deposit Agreement, (ii) Citibank, N.A., acting
as custodian of Deposited Property pursuant to the Deposit Agreement, and (iii) any other entity that may be appointed by the Depositary
pursuant to the terms of Section&nbsp;5.5 as successor, substitute or additional custodian hereunder. The term &ldquo;Custodian&rdquo;
shall mean any Custodian individually or all Custodians collectively, as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>CVM</U></B>&rdquo; shall have the meaning given to such term in Section 3.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Deliver</U></B>&rdquo; and &ldquo;<B><U>Delivery</U></B>&rdquo; shall mean (x) <I>when used in respect
of Shares and other Deposited Securities</I>, either (i)&nbsp;the physical delivery of the certificate(s) representing such securities,
or (ii)&nbsp;the book-entry transfer and recordation of such securities on the books of the Share Registrar (as hereinafter defined)
or in the book-entry settlement of CBLC, and (y) <I>when used in respect of ADSs</I>, either (i) the physical delivery of ADR(s)
evidencing the ADSs, or (ii) the book-entry transfer and recordation of ADSs on the books of the Depositary or any book-entry
settlement system in which the ADSs are settlement-eligible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Deposit Agreement</U></B>&rdquo; shall mean this Amended and Restated Common Shares Deposit Agreement and
all exhibits hereto, as the same may from time to time be amended and supplemented from time to time in accordance with the terms
of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.18<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Depositary</U></B>&rdquo; shall mean Citibank, N.A., a national banking association organized under the
laws of the United States, in its capacity as depositary under the terms of the Deposit Agreement, and any successor depositary
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Deposited Property</U></B>&rdquo; shall mean the Deposited Securities and any cash and other property held
on deposit by the Depositary and the Custodian in respect of the ADSs under the terms of the Deposit Agreement, subject, in the
case of cash, to the provisions of Section&nbsp;4.8. All Deposited Property shall be held by Custodian, the Depositary and their
respective nominees for the benefit of the Holders and Beneficial Owners of the ADSs representing the Deposited Property. The Deposited
Property is not intended to, and shall not, constitute proprietary assets of the Depositary, the Custodian or their nominees. Beneficial
ownership in the Deposited Property is intended to be, and shall at all times during the term of the Deposit Agreement continue
to be, vested in the Beneficial Owners of the ADSs representing the Deposited Property. Notwithstanding the foregoing, the collateral
delivered in connection with Pre-Release Transactions described in Section&nbsp;5.10 shall not constitute Deposited Property. Notwithstanding
anything else contained herein, the securities, cash and other property delivered to the Custodian and the Depositary in respect
of American depositary shares outstanding as of the date hereof under the Original Deposit Agreement and defined as &ldquo;Deposited
Securities&rdquo; thereunder shall, for all purposes from and after the date hereof, be considered to be, and treated as, Deposited
Property hereunder in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.20<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Deposited Securities</U></B>&rdquo; shall mean the Shares and any other securities held on deposit by the
Custodian from time to time in respect of the ADSs under the Deposit Agreement and constituting Deposited Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.21<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Dollars</U></B>&rdquo; and &ldquo;<B><U>$</U></B>&rdquo; shall refer to the lawful currency of the United
States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.22<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>DTC</U></B>&rdquo; shall mean The Depository Trust Company, a national clearinghouse and the central book-entry
settlement system for securities traded in the United States and, as such, the custodian for the securities of DTC Participants
(as hereinafter defined) maintained in DTC, and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.23<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>DTC Participant</U></B>&rdquo; shall mean any financial institution (or any nominee of such institution)
having one or more participant accounts with DTC for receiving, holding and delivering the securities and cash held in DTC. A DTC
Participant may or may not be a Beneficial Owner. If a DTC Participant is not the Beneficial Owner of the ADSs credited to its
account at DTC, or of the ADSs in respect of which the DTC Participant is otherwise acting, such DTC Participant shall be deemed,
for all purposes hereunder, to have all requisite authority to act on behalf of the Beneficial Owner(s) of the ADSs credited to
its account at DTC or in respect of which the DTC Participant is so acting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.24<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Exchange Act</U></B>&rdquo; shall mean the United States Securities Exchange Act of 1934, as amended from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.25<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Foreign Currency</U></B>&rdquo; shall mean any currency other than Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.26<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Full Entitlement ADR(s)</U></B>&rdquo;, &ldquo;<B><U>Full Entitlement ADS(s)</U></B>&rdquo; and &ldquo;<B><U>Full
Entitlement Share(s)</U></B>&rdquo; shall have the respective meanings set forth in Section&nbsp;2.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.27<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Holder(s)</U></B>&rdquo; shall mean the person(s) in whose name the ADSs are registered on the books of
the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. If a Holder
is not the Beneficial Owner of the ADS(s) registered in its name, such person shall be deemed, for all purposes hereunder, to have
all requisite authority to act on behalf of the Beneficial Owners of the ADSs registered in its name. The &ldquo;Holders&rdquo;
(as defined in the Original Deposit Agreement) of American depositary shares issued under the terms of the Original Deposit Agreement
and outstanding as of the date hereof shall from and after the date hereof, become Holders under the terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.28<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Original Deposit Agreement</U></B>&rdquo; shall have the meaning given to such term in the preambles to
the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.29<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Original Depositary</U></B>&rdquo; shall have the meaning given to such term in the preambles to the Deposit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.30<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Partial Entitlement ADR(s)</U></B>&rdquo;, &ldquo;<B><U>Partial Entitlement ADS(s)</U></B>&rdquo; and &ldquo;<B><U>Partial
Entitlement Share(s)</U></B>&rdquo; shall have the respective meanings set forth in Section 2.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.31<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Principal Office</U></B>&rdquo; shall mean, when used with respect to the Depositary, the principal office
of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of
the Deposit Agreement, is located at 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.32<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Reais</U></B>&rdquo;, &ldquo;<B><U>Real</U></B>&rdquo;, &ldquo;<B><U>R$</U></B>&rdquo; or &ldquo;<B><U>BRL</U></B>&rdquo;
shall refer to the lawful currency of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.33<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Registrar</U></B>&rdquo; shall mean the Depositary or any bank or trust company having an office in the
Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register issuances, transfers and cancellations
of ADSs as herein provided, and shall include any co-registrar appointed by the Depositary for such purposes. Registrars (other
than the Depositary) may be removed and substitutes appointed by the Depositary. Each Registrar (other than the Depositary) appointed
pursuant to the Deposit Agreement shall be required to give notice in writing to the Depositary accepting such appointment and
agreeing to be bound by the applicable terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.34<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Restricted Securities</U></B>&rdquo; shall mean Shares, Deposited Securities or ADSs which (i)&nbsp;have
been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving
any public offering and are subject to resale limitations under the Securities Act or the rules issued thereunder, or (ii)&nbsp;are
held by an executive officer or director (or persons performing similar functions) or other Affiliate of the Company, or (iii)&nbsp;are
subject to other restrictions on sale or deposit under the laws of the United States, Brazil, or under a shareholder agreement
or the <I>estatuto social</I> of the Company or under the regulations of an applicable securities exchange unless, in each case,
such Shares, Deposited Securities or ADSs are being transferred or sold to persons other than an Affiliate of the Company in a
transaction (a)&nbsp;covered by an effective resale registration statement, or (b)&nbsp;exempt from the registration requirements
of the Securities Act (as hereinafter defined), and the Shares, Deposited Securities or ADSs are not, when held by such person(s),
Restricted Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.35<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Restricted ADR(s)</U></B>&rdquo;, &ldquo;<B><U>Restricted ADS(s)</U></B>&rdquo; and &ldquo;<B><U>Restricted
Shares</U></B>&rdquo; shall have the respective meanings set forth in Section 2.14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.36<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Securities Act</U></B>&rdquo; shall mean the United States Securities Act of 1933, as amended from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.37<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Share Registrar</U></B>&rdquo; shall mean the entity that presently carries out the duties of registrar
for the Shares or any other institution organized under the laws of Brazil appointed by the Company to carry out the duties of
registrar for the Shares, and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.38<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Shares</U></B>&rdquo; shall mean the Company&rsquo;s common shares, without par value, validly issued and
outstanding and fully paid and may, if the Depositary so agrees after consultation with the Company, include evidence of the right
to receive Shares; <U>provided that</U> in no event shall Shares include evidence of the right to receive Shares with respect to
which the full purchase price has not been paid or Shares as to which preemptive rights have theretofore not been validly waived
or exercised; <U>provided further</U>, <U>however</U>, <U>that</U>, if there shall occur any change in par value, split-up, consolidation,
reclassification, exchange, conversion or any other event described in Section 4.11 in respect of the Shares of the Company, the
term &ldquo;Shares&rdquo; shall thereafter, to the maximum extent permitted by law, represent the successor securities resulting
from such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.39<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>Uncertificated ADS(s)</U></B>&rdquo; shall have the meaning set forth in Section 2.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.40<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B><U>United States</U></B>&rdquo; and &ldquo;<B><U>U.S.</U></B>&rdquo; shall have the meaning assigned to it
in Regulation&nbsp;S as promulgated by the Commission under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE II<BR>
<BR>
APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;<BR>
DEPOSIT OF SHARES; EXECUTION AND<BR>
DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appointment of Depositary</U>.</B> The Company hereby appoints the Depositary as depositary for the Deposited Property
and hereby authorizes and directs the Depositary to act in accordance with the terms and conditions set forth in the Deposit Agreement
and the applicable ADRs. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in
accordance with the terms and conditions of the Deposit Agreement or by continuing to hold, from and after the date hereof any
American depositary shares issued and outstanding under the Original Deposit Agreement, shall be deemed for all purposes to (a)&nbsp;be
a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), and (b)&nbsp;appoint the Depositary its attorney-in-fact,
with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the
applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary
in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable
ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form and Transferability of ADSs</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form</U>. </B>Certificated ADSs shall be evidenced by definitive ADRs which shall be engraved, printed, lithographed
or produced in such other manner as may be agreed upon by the Company and the Depositary. ADRs may be issued under the Deposit
Agreement in denominations of any whole number of ADSs. The ADRs shall be substantially in the form set forth in <U>Exhibit&nbsp;A</U>
to the Deposit Agreement, with any appropriate insertions, modifications and omissions, in each case as otherwise contemplated
in the Deposit Agreement or required by law. ADRs shall be (i)&nbsp;dated, (ii)&nbsp;signed by the manual or facsimile signature
of a duly authorized signatory of the Depositary, (iii)&nbsp;countersigned by the manual or facsimile signature of a duly authorized
signatory of the Registrar, and (iv)&nbsp;registered in the books maintained by the Registrar for the registration of issuances
and transfers of ADSs. No ADR and no Certificated ADS evidenced thereby shall be entitled to any benefits under the Deposit Agreement
or be valid or enforceable for any purpose against the Depositary or the Company, unless such ADR shall have been so dated, signed,
countersigned and registered (other than an American depositary receipt issued and outstanding as of the date hereof under the
terms of the Original Deposit Agreement which from and after the date hereof becomes subject to the terms of the Deposit Agreement
in all respects). ADRs bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at
the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary,
notwithstanding the fact that such signatory has ceased to be so authorized prior to the delivery of such ADR by the Depositary.
The ADRs shall bear a CUSIP number that is different from any CUSIP number that was, is or may be assigned to any depositary receipts
previously or subsequently issued pursuant to any other arrangement between the Depositary (or any other depositary) and the Company
and which are not ADRs outstanding hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Legends</U>. </B>The ADRs may be endorsed with, or have incorporated in the text thereof, such legends or recitals not
inconsistent with the provisions of the Deposit Agreement as may be (i) necessary to enable the Depositary and the Company to perform
their respective obligations hereunder, (ii)&nbsp;required to comply with any applicable laws or regulations, or with the rules
and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage
with respect thereto, (iii)&nbsp;necessary to indicate any special limitations or restrictions to which any particular ADRs or
ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise, or (iv) required by any book-entry
system in which the ADSs are held. Holders and Beneficial Owners shall be deemed, for all purposes, to have notice of, and to be
bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable
Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs owned by such Beneficial Owners.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title</U>. </B>Subject to the limitations contained herein and in the ADR, title to an ADR (and to each Certificated
ADS evidenced thereby) shall be transferable upon the same terms as a certificated security under the laws of the State of New
York, provided that, in the case of Certificated ADSs, such ADR has been properly endorsed or is accompanied by proper instruments
of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of an ADS
(that is, the person in whose name an ADS is registered on the books of the Depositary) as the absolute owner thereof for all purposes.
Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or
any ADR to any holder or any Beneficial Owner unless, in the case of a holder of ADSs, such holder is the Holder registered on
the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner, or the Beneficial Owner&rsquo;s representative,
is the Holder registered on the books of the Depositary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Book-Entry Systems</U>. </B>The Depositary shall make arrangements for the acceptance of the ADSs into DTC. All ADSs
held through DTC will be registered in the name of the nominee for DTC (currently &ldquo;Cede &amp; Co.&rdquo;). As such, the nominee
for DTC will be the only &ldquo;Holder&rdquo; of all ADSs held through DTC. Unless issued by the Depositary as Uncertificated ADSs,
the ADSs registered in the name of Cede &amp; Co. will be evidenced by one or more ADR(s) in the form of a &ldquo;Balance Certificate,&rdquo;
which will provide that it represents the aggregate number of ADSs from time to time indicated in the records of the Depositary
as being issued hereunder and that the aggregate number of ADSs represented thereby may from time to time be increased or decreased
by making adjustments on such records of the Depositary and of DTC or its nominee as hereinafter provided. Citibank, N.A. (or such
other entity as is appointed by DTC or its nominee) may hold the &ldquo;Balance Certificate&rdquo; as custodian for DTC. Each Beneficial
Owner of ADSs held through DTC must rely upon the procedures of DTC and the DTC Participants to exercise or be entitled to any
rights attributable to such ADSs. The DTC Participants shall for all purposes be deemed to have all requisite power and authority
to act on behalf of the Beneficial Owners of the ADSs held in the DTC Participants&rsquo; respective accounts in DTC and the Depositary
shall for all purposes be authorized to rely upon any instructions and information given to it by DTC Participants. So long as
ADSs are held through DTC or unless otherwise required by law, ownership of beneficial interests in the ADSs registered in the
name of the nominee for DTC will be shown on, and transfers of such ownership will be effected only through, records maintained
by (i) DTC or its nominee (with respect to the interests of DTC Participants), or (ii) DTC Participants or their nominees (with
respect to the interests of clients of DTC Participants).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit of Shares</U>.</B> Subject to the terms and conditions of the Deposit Agreement and applicable law, Shares or
evidence of rights to receive Shares (other than Restricted Securities) may be deposited by any person (including the Depositary
in its individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7) at
any time, whether or not the transfer books of the Company or the Share Registrar, if any, are closed, by Delivery of the Shares
to the Custodian. Every deposit of Shares shall be accompanied by the following: (A)&nbsp;(i)&nbsp;<I>in the case of Shares represented
by certificates issued in registered form</I>, appropriate instruments of transfer or endorsement, in a form reasonably satisfactory
to the Custodian, (ii)&nbsp;<I>in the case of Shares represented by certificates in bearer form</I>. the requisite coupons and
talons pertaining thereto, and (iii)&nbsp;<I>in the case of Shares delivered by book-entry transfer and recordation</I>, confirmation
of such book-entry transfer and recordation in the books of the Share Registrar or of the CBLC, as applicable, to the Custodian
or that irrevocable instructions have been given to cause such Shares to be so transferred and recorded, (B)&nbsp;such certifications
and payments (including, without limitation, the Depositary&rsquo;s fees and related charges) and evidence of such payments (including,
without limitation, stamping or otherwise marking such Shares by way of receipt) as may be required by the Depositary or the Custodian
in accordance with the provisions of the Deposit Agreement and applicable law, (C)&nbsp;if the Depositary so requires, a written
order directing the Depositary to issue and deliver to, or upon the written order of, the person(s) stated in such order the number
of ADSs representing the Shares so deposited, (D)&nbsp;if the Depositary so requires, evidence reasonably satisfactory to the Depositary
(which may be an opinion of counsel) that all necessary approvals have been granted by, or there has been compliance with the rules
and regulations of, any applicable governmental agency in Brazil, and (E)&nbsp;if the Depositary so requires, (i)&nbsp;an agreement,
assignment or instrument reasonably satisfactory to the Depositary or the Custodian which provides for the prompt transfer by any
person in whose name the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe for additional
Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof, such indemnity or other agreement
as shall be satisfactory to the Depositary or the Custodian and (ii)&nbsp;if the Shares are registered in the name of the person
on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect
of the Shares for any and all purposes until the Shares so deposited are registered in the name of the Depositary, the Custodian
or any nominee.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limiting any other provision of
the Deposit Agreement, the Depositary shall instruct the Custodian not to, and the Depositary shall not knowingly, accept for deposit
(a)&nbsp;any Restricted Securities except as contemplated by Section 2.14, nor (b)&nbsp;any fractional Shares or fractional Deposited
Securities nor (c)&nbsp;a number of Shares or Deposited Securities which upon application of the ADS to Shares ratio would give
rise to fractional ADSs. No Shares shall be accepted for deposit unless accompanied by evidence, if any is required by the Depositary,
that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the
person depositing such Shares under the laws and regulations of Brazil and any necessary approval has been granted by any applicable
governmental body in Brazil, if any. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company,
any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or
transaction records in respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of
ownership of Shares furnished by the Company or any such custodian, registrar, transfer agent, clearing agency or other entity
involved in ownership or transaction records in respect of the Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limitation of the foregoing, the
Depositary shall not knowingly accept for deposit under the Deposit Agreement (A)&nbsp;any Shares or other securities required
to be registered under the provisions of the Securities Act, unless (i)&nbsp;a registration statement is in effect as to such Shares
or other securities or (ii)&nbsp;the deposit is made upon terms contemplated in Section 2.14, or (B)&nbsp;any Shares or other securities
the deposit of which would violate any provisions of the <I>estatuto social</I> of the Company. For purposes of the foregoing sentence,
the Depositary shall be entitled to rely upon representations and warranties made or deemed made pursuant to the Deposit Agreement
and shall not be required to make any further investigation. The Depositary will comply with written instructions of the Company
(received by the Depositary reasonably in advance) not to accept for deposit hereunder any Shares identified in such instructions
at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company's
compliance with the securities laws of the United States.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration and Safekeeping of Deposited Securities</U>.</B> The Depositary shall instruct the Custodian upon each Delivery
of registered Shares being deposited hereunder with the Custodian (or other Deposited Securities pursuant to Article IV hereof),
together with the other documents above specified, to present such Shares, together with the appropriate instrument(s) of transfer
or endorsement, duly stamped, to the Share Registrar for transfer and registration of the Shares (as soon as transfer and registration
can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian
or a nominee of either. Deposited Securities shall be held by the Depositary, or by a Custodian for the account and to the order
of the Depositary or a nominee of the Depositary, in each case, on behalf of the Holders and Beneficial Owners, at such place(s)
as the Depositary or the Custodian shall determine. Notwithstanding anything else contained in the Deposit Agreement, any ADR(s),
or any other instruments or agreements relating to the ADSs and the corresponding Deposited Property, the registration of the Deposited
Securities in the name of the Depositary, the Custodian or any of their respective nominees, shall, to the maximum extent permitted
by applicable law, vest in the Depositary, the Custodian or the applicable nominee the record ownership in the applicable Deposited
Securities with the beneficial ownership rights and interests in such Deposited Securities being at all times vested with the Beneficial
Owners of the ADSs representing the Deposited Securities. Notwithstanding the foregoing, the Depositary, the Custodian and the
applicable nominee shall at all times be entitled to exercise the beneficial ownership rights in all Deposited Property, in each
case only on behalf of the Holders and Beneficial Owners of the ADSs representing the Deposited Property, upon the terms set forth
in the Deposit Agreement and, if applicable, the ADR(s) representing the ADSs. The Depositary, the Custodian and their respective
nominees shall for all purposes be deemed to have all requisite power and authority to act in respect of Deposited Property on
behalf of the Holders and Beneficial Owners of ADSs representing the Deposited Property, and upon making payments to, or acting
upon instructions from, or information provided by, the Depositary, the Custodian or their respective nominees all persons shall
be authorized to rely upon such power and authority.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of ADSs.</U></B> The Depositary has made arrangements with the Custodian for the Custodian to confirm to the
Depositary upon receipt of a deposit of Shares (i)&nbsp;that a deposit of Shares has been made pursuant to Section 2.3, (ii)&nbsp;that
such Deposited Securities have been recorded in the name of the Depositary, the Custodian or a nominee of either on the shareholders&rsquo;
register maintained by or on behalf of the Company by the Share Registrar on the books of the CBLC, (iii)&nbsp;that all required
documents have been received, and (iv)&nbsp;the person(s) to whom or upon whose order ADSs are deliverable in respect thereof and
the number of ADSs to be so delivered. Such notification may be made by letter, cable, telex, SWIFT message or, at the risk and
expense of the person making the deposit, by facsimile or other means of electronic transmission. Upon receiving such notice from
the Custodian, the Depositary, subject to the terms and conditions of the Deposit Agreement and applicable law, shall issue the
ADSs representing the Shares so deposited to or upon the order of the person(s) named in the notice delivered to the Depositary
and, if applicable, shall execute and deliver at its Principal Office Receipt(s) registered in the name(s) requested by such person(s)
and evidencing the aggregate number of ADSs to which such person(s) are entitled, but, in each case, only upon payment to the Depositary
of the charges of the Depositary for accepting a deposit of Shares and issuing ADSs (as set forth in Section&nbsp;5.9 and <U>Exhibit&nbsp;B</U>
hereto) and all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Shares
and the issuance of the ADS(s). The Depositary shall only issue ADSs in whole numbers and deliver, if applicable, ADR(s) evidencing
whole numbers of ADSs. Nothing herein shall prohibit any Pre-Release Transaction upon the terms set forth in the Deposit Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer, Combination and Split-up of ADRs</U>.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer</U>. </B>The Registrar shall register the transfer of ADRs (and of the ADSs represented thereby) on the books
maintained for such purpose, as soon as is reasonably practicable, and the Depositary shall (x)&nbsp;cancel such ADRs and execute
new ADRs evidencing the same aggregate number of ADSs as those evidenced by the ADRs canceled by the Depositary, (y)&nbsp;cause
the Registrar to countersign such new ADRs and (z)&nbsp;Deliver such new ADRs to or upon the order of the person entitled thereto,
if each of the following conditions has been satisfied: (i)&nbsp;the ADRs have been duly Delivered by the Holder (or by a duly
authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii)&nbsp;the
surrendered ADRs have been properly endorsed or are accompanied by proper instruments of transfer (including signature guarantees
in accordance with standard securities industry practice), (iii)&nbsp;the surrendered ADRs have been duly stamped (if required
by the laws of the State of New York or of the United States), and (iv)&nbsp;all applicable fees and charges of, and expenses incurred
by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section&nbsp;5.9 and <U>Exhibit&nbsp;B</U>
hereto) have been paid, <I>subject, however, in each case, </I>to the terms and conditions of the applicable ADRs, of the Deposit
Agreement and of applicable law, in each case as in effect at the time thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Combination &amp; Split-Up</U>. </B>The Registrar, as soon as is reasonably practicable, shall register the split-up
or combination of ADRs (and of the ADSs represented thereby) on the books maintained for such purpose and the Depositary shall
(x)&nbsp;cancel such ADRs and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the number
of ADSs evidenced by the ADRs canceled by the Depositary, (y)&nbsp;cause the Registrar to countersign such new ADRs and (z)&nbsp;Deliver
such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i)&nbsp;the
ADRs have been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal
Office for the purpose of effecting a split-up or combination thereof, and (ii)&nbsp;all applicable fees and charges of, and expenses
incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section&nbsp;5.9 and <U>Exhibit
B</U> hereto) have been paid, <I>subject, however, in each case</I>, to the terms and conditions of the applicable ADRs, of the
Deposit Agreement and of applicable law, in each case as in effect at the time thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Co-Transfer Agents</U>. </B>The Depositary may (with notice given as promptly as practicable to the Company) appoint
one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of ADRs at designated transfer
offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance
with applicable laws and other requirements by Holders or persons entitled to such ADRs and will be entitled to protection and
indemnity to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes appointed by the Depositary
(with notice given as promptly as practicable to the Company). Each co-transfer agent appointed under this Section 2.6 (other than
the Depositary) shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable
terms of the Deposit Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Surrender of ADSs and Withdrawal of Deposited Securities</U>.</B>The Holder of ADSs shall be entitled to Delivery (at
the Custodian&rsquo;s designated office) of the Deposited Securities at the time represented by the ADSs upon satisfaction of each
of the following conditions: (i)&nbsp;the Holder (or a duly-authorized attorney of the Holder) has duly Delivered ADSs to the Depositary
at its Principal Office (and if applicable, the ADRs evidencing such ADSs) for the purpose of withdrawal of the Deposited Securities
represented thereby, (ii)&nbsp;if applicable and so required by the Depositary, the ADRs Delivered to the Depositary for such purpose
have been properly endorsed in blank or are accompanied by proper instruments of transfer in blank (including signature guarantees
in accordance with standard securities industry practice), (iii)&nbsp;if so required by the Depositary, the Holder of the ADSs
has executed and delivered to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn
to be Delivered to or upon the written order of the person(s) designated in such order, and (iv) all applicable fees and charges
of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section&nbsp;5.9
and <U>Exhibit B</U>) have been paid, <I>subject, however, in each case</I>, to the terms and conditions of the ADRs evidencing
the surrendered ADSs, of the Deposit Agreement, of the Company&rsquo;s <I>estatuto social</I> and of any applicable laws and the
rules of the CBLC, and to any provisions of or governing the Deposited Securities , in each case as in effect at the time thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon satisfaction of each of the conditions
specified above, the Depositary (i)&nbsp;shall cancel the ADSs Delivered to it (and, if applicable, the ADR(s) evidencing the ADSs
so Delivered) in accordance with U.S. market practice, (ii)&nbsp;shall direct the Registrar to record the cancellation of the ADSs
so Delivered on the books maintained for such purpose, and (iii)&nbsp;shall direct the Custodian to Deliver, or cause the Delivery
of, in each case, without unreasonable delay, the Deposited Securities represented by the ADSs so canceled together with any certificate
or other document of title for the Deposited Securities, or evidence of the electronic transfer thereof (if available), as the
case may be, to or upon the written order of the person(s) designated in the order delivered to the Depositary for such purpose,
<I>subject however, in each case, </I>to the terms and conditions of the Deposit Agreement, of the ADRs evidencing the ADSs so
canceled, of the <I>estatuto social</I> of the Company, of any applicable laws and of the rules of the CBLC, and to the terms and
conditions of or governing the Deposited Securities, in each case as in effect at the time thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not accept for surrender
ADSs representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number other than a whole number
of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the
terms hereof, and shall, at the discretion of the Depositary, either (i)&nbsp;return to the person surrendering such ADSs the number
of ADSs representing any remaining fractional Share, or (ii)&nbsp;sell or cause to be sold the fractional Share represented by
the ADSs so surrendered and remit the proceeds of such sale (net of (a)&nbsp;applicable fees and charges of, and expenses incurred
by, the Depositary and (b)&nbsp;taxes withheld) to the person surrendering the ADSs.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in any ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary of Deposited Property
consisting of (i)&nbsp;any cash dividends or cash distributions, or (ii)&nbsp;any proceeds from the sale of any non-cash distributions,
which are at the time held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation
and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs, and for the account of such Holder, the Depositary
shall direct the Custodian to forward (to the extent permitted by law) any Deposited Property (other than Deposited Securities)
held by the Custodian in respect of such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction
shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section
2.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc</U>.</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Requirements</U>. </B>As a condition precedent to the execution and delivery, the registration of issuance,
transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited
Property, the Company, the Depositary or the Custodian may require (i)&nbsp;payment from the depositor of Shares or presenter of
ADSs or of an ADR of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration
fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment
of any applicable fees and charges of the Depositary as provided in Section&nbsp;5.9 and <U>Exhibit B</U>, (ii)&nbsp;the production
of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1,
and (iii)&nbsp;compliance with (A)&nbsp;any laws or governmental regulations relating to the execution and delivery of ADRs or
ADSs or to the withdrawal of Deposited Securities and (B)&nbsp;such reasonable regulations as the Depositary and the Company may
establish consistent with the provisions of the representative ADR, if applicable, the Deposit Agreement and applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Limitations</U>. </B>The issuance of ADSs against deposits of Shares generally or against deposits of particular
Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular
instances may be refused, or the registration of transfers of ADSs generally may be suspended, during any period when the transfer
books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or
advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law or
regulation, any government or governmental body or commission or any securities exchange on which the ADSs or Shares are listed,
or under any provision of the Deposit Agreement or the representative ADR(s), if applicable, or under any provision of, or governing,
the Deposited Securities, or because of a meeting of shareholders of the Company or for any other reason, subject, in all cases,
to Section 7.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Regulatory Restrictions</U>. </B>Notwithstanding any provision of the Deposit Agreement or any ADR(s) to the contrary,
Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated herewith at any time subject
only to (i)&nbsp;temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares
in connection with voting at a shareholders&rsquo; meeting or the payment of dividends, (ii)&nbsp;the payment of fees, taxes and
similar charges, (iii)&nbsp;compliance with any U.S. or foreign laws or governmental regulations relating to the ADSs or to the
withdrawal of the Deposited Securities, and (iv)&nbsp;other circumstances specifically contemplated by Instruction I.A.(l) of the
General Instructions to Form F-6 (as such General Instructions may be amended from time to time).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lost ADRs, etc</U>.</B> In case any ADR shall be mutilated, destroyed, lost, or stolen, the Depositary shall execute
and deliver a new ADR of like tenor at the expense of the Holder (a)&nbsp;<I>in the case of a mutilated ADR, </I>in exchange of
and substitution for such mutilated ADR upon cancellation thereof, or (b)&nbsp;<I>in the case of a destroyed, lost or stolen ADR,</I>
in lieu of and in substitution for such destroyed, lost, or stolen ADR, after the Holder thereof (i)&nbsp;has submitted to the
Depositary a written request for such exchange and substitution before the Depositary has notice that the ADR has been acquired
by a bona fide purchaser, (ii)&nbsp;has provided such security or indemnity (including an indemnity bond) as may be reasonably
required by the Depositary to save it and any of its agents harmless, and (iii)&nbsp;has satisfied any other reasonable requirements
imposed by the Depositary, including, without limitation, evidence satisfactory to the Depositary of such destruction, loss or
theft of such ADR, the authenticity thereof and the Holder&rsquo;s ownership thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cancellation and Destruction of Surrendered ADRs; Maintenance of Records</U>.</B> All ADRs surrendered to the Depositary
shall be canceled by the Depositary. Canceled ADRs shall not be entitled to any benefits under the Deposit Agreement or be valid
or enforceable against the Depositary or the Company for any purpose. The Depositary is authorized to destroy ADRs so canceled,
provided the Depositary maintains a record of all destroyed ADRs. Any ADSs held in book-entry form (<I>i.e.</I>, through accounts
at DTC) shall be deemed canceled when the Depositary causes the number of ADSs evidenced by the Balance Certificate to be reduced
by the number of ADSs surrendered (without the need to physically destroy the Balance Certificate). The Depositary agrees to maintain
records of all ADRs surrendered and the Shares withdrawn, substitute ADRs delivered and canceled or destroyed ADRs as required
by the regulations governing the stock transfer industry. Upon the reasonable request of the Company, the Depositary shall provide
a copy of such records to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Escheatment</U>.</B> In the event any unclaimed property relating to the ADSs, for any reason, is in the possession of
Depositary and has not been claimed by the Holder thereof or cannot be delivered to the Holder thereof through usual channels,
the Depositary shall, upon expiration of any applicable statutory period relating to abandoned property laws, escheat such unclaimed
property to the relevant authorities in accordance with the laws of each of the relevant States of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Partial Entitlement ADSs</U>.</B> In the event any Shares are deposited which (i)&nbsp;entitle the holders thereof to
receive a per-share distribution or other entitlement in an amount different from the Shares then on deposit or (ii)&nbsp;are not
fully fungible (including, without limitation, as to settlement or trading) with the Shares then on deposit (the Shares then on
deposit collectively, &ldquo;<U>Full Entitlement Shares</U>&rdquo; and the Shares with different entitlement, &ldquo;<U>Partial
Entitlement Shares</U>&rdquo;), the Depositary shall (i)&nbsp;cause the Custodian to hold Partial Entitlement Shares separate and
distinct from Full Entitlement Shares, and (ii)&nbsp;subject to the terms of the Deposit Agreement, issue ADSs representing Partial
Entitlement Shares which are separate and distinct from the ADSs representing Full Entitlement Shares, by means of separate CUSIP
numbering and legending (if necessary) and, if applicable, by issuing ADRs evidencing such ADSs with applicable notations thereon
(&ldquo;<U>Partial Entitlement ADSs/ADRs</U>&rdquo; and &ldquo;<U>Full Entitlement ADSs/ADRs</U>&rdquo;, respectively). If and
when Partial Entitlement Shares become Full Entitlement Shares, the Depositary shall (a) give notice thereof to Holders of Partial
Entitlement ADSs and give Holders of Partial Entitlement ADRs the opportunity to exchange such Partial Entitlement ADRs for Full
Entitlement ADRs, (b)&nbsp;cause the Custodian to transfer the Partial Entitlement Shares into the account of the Full Entitlement
Shares, and (c)&nbsp;take such actions as are necessary to remove the distinctions between (i)&nbsp;the Partial Entitlement ADRs
and ADSs, on the one hand, and (ii)&nbsp;the Full Entitlement ADRs and ADSs on the other. Holders and Beneficial Owners of Partial
Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement Shares. Holders and Beneficial Owners of Full
Entitlement ADSs shall be entitled only to the entitlements of Full Entitlement Shares. All provisions and conditions of the Deposit
Agreement shall apply to Partial Entitlement ADRs and ADSs to the same extent as Full Entitlement ADRs and ADSs, except as contemplated
by this Section&nbsp;2.12. The Depositary is authorized to take any and all other actions as may be necessary (including, without
limitation, making the necessary notations on ADRs) to give effect to the terms of this Section&nbsp;2.12. The Company agrees to
give timely written notice to the Depositary if any Shares issued or to be issued are Partial Entitlement Shares and shall assist
the Depositary with the establishment of procedures enabling the identification of Partial Entitlement Shares upon Delivery to
the Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certificated/Uncertificated ADSs</U>.</B> Notwithstanding any other provision of the Deposit Agreement, the Depositary
may, at any time and from time to time, issue ADSs that are not evidenced by ADRs (such ADSs, the &ldquo;<U>Uncertificated ADS(s)</U>&rdquo;
and the ADS(s) evidenced by ADR(s), the &ldquo;<U>Certificated ADS(s)</U>&rdquo;). When issuing and maintaining Uncertificated
ADS(s) under the Deposit Agreement, the Depositary shall at all times be subject to (i)&nbsp;the standards applicable to registrars
and transfer agents maintaining direct registration systems for equity securities in New York and issuing uncertificated securities
under New York law, and (ii)&nbsp;the terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs
shall not be represented by any instruments but shall be evidenced by registration in the books of the Depositary maintained for
such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or adverse claims
of which the Depositary has notice at such time, shall at all times have the right to exchange the Uncertificated ADS(s) for Certificated
ADS(s) of the same type and class, subject in each case to applicable laws and any rules and regulations the Depositary may have
established in respect of the Uncertificated ADSs. Holders of Certificated ADSs shall, if the Depositary maintains a direct registration
system for the ADSs, have the right to exchange the Certificated ADSs for Uncertificated ADSs upon (i) the due surrender of the
Certificated ADS(s) to the Depositary for such purpose and (ii) the presentation of a written request to that effect to the Depositary,
subject in each case to (a) all liens and restrictions noted on the ADR evidencing the Certificated ADS(s) and all adverse claims
of which the Depositary then has notice, (b) the terms of the Deposit Agreement and the rules and regulations that the Depositary
may establish for such purposes hereunder, (c)&nbsp;applicable law, and (d)&nbsp;payment of the Depositary fees and expenses applicable
to such exchange of Certificated ADS(s) for Uncertificated ADS(s). Uncertificated ADSs shall in all material respects be identical
to Certificated ADS(s) of the same type and class, except that (i)&nbsp;no ADR(s) shall be, or shall need to be, issued to evidence
Uncertificated ADS(s), (ii)&nbsp;Uncertificated ADS(s) shall, subject to the terms of the Deposit Agreement, be transferable upon
the same terms and conditions as uncertificated securities under New York law, (iii)&nbsp;the ownership of Uncertificated ADS(s)
shall be recorded on the books of the Depositary maintained for such purpose and evidence of such ownership shall be reflected
in periodic statements provided by the Depositary to the Holder(s) in accordance with applicable New York law, (iv)&nbsp;the Depositary
may from time to time, upon notice to the Holders of Uncertificated ADSs affected thereby, establish rules and regulations, and
amend or supplement existing rules and regulations, as may be deemed reasonably necessary to maintain Uncertificated ADS(s) on
behalf of Holders, provided that (a)&nbsp;such rules and regulations do not conflict with the terms of the Deposit Agreement and
applicable law, and (b)&nbsp;the terms of such rules and regulations are readily available to Holders upon request, (v)&nbsp;the
Uncertificated ADS(s) shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose
against the Depositary or the Company unless such Uncertificated ADS(s) is/are registered on the books of the Depositary maintained
for such purpose, (vi)&nbsp;the Depositary may, in connection with any deposit of Shares resulting in the issuance of Uncertificated
ADSs and with any transfer, pledge, release and cancellation of Uncertificated ADSs, require the prior receipt of such documentation
as the Depositary may deem reasonably appropriate, and (vii)&nbsp;upon termination of the Deposit Agreement, the Depositary shall
not require Holders of Uncertificated ADSs to affirmatively instruct the Depositary before remitting proceeds from the sale of
the Deposited Property represented by such Holders' Uncertificated ADSs under the terms of Section 6.2 of the Deposit Agreement.
When issuing ADSs under the terms of the Deposit Agreement, including, without limitation, issuances pursuant to Sections 2.5,
4.2, 4.3, 4.4, 4.5 and 4.11, the Depositary may in its discretion determine to issue Uncertificated ADSs rather than Certificated
ADSs, unless otherwise specifically instructed by the applicable Holder to issue Certificated ADSs. All provisions and conditions
of the Deposit Agreement shall apply to Uncertificated ADSs to the same extent as to Certificated ADSs, except as contemplated
by this Section 2.13. The Depositary is authorized and directed to take any and all actions and establish any and all procedures
deemed reasonably necessary to give effect to the terms of this Section 2.13. Any references in the Deposit Agreement or any ADR(s)
to the terms &ldquo;American Depositary Share(s)&rdquo; or &ldquo;ADS(s)&rdquo; shall, unless the context otherwise requires, include
Certificated ADS(s) and Uncertificated ADS(s). Except as set forth in this Section 2.13 and except as required by applicable law,
the Uncertificated ADSs shall be treated as ADSs issued and outstanding under the terms of the Deposit Agreement. In the event
that, in determining the rights and obligations of parties hereto with respect to any Uncertificated ADSs, any conflict arises
between (a) the terms of the Deposit Agreement (other than this Section 2.13) and (b) the terms of this Section 2.13, the terms
and conditions set forth in this Section 2.13 shall be controlling and shall govern the rights and obligations of the parties to
the Deposit Agreement pertaining to the Uncertificated ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted ADSs</U>.</B> The Depositary shall, at the request and expense of the Company, establish procedures enabling
the deposit hereunder of Shares that are Restricted Securities in order to enable the holder of such Shares to hold its ownership
interests in such Restricted Shares in the form of ADSs issued under the terms hereof (such Shares, &ldquo;<U>Restricted Shares</U>&rdquo;).
Upon receipt of a written request from the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to
establish procedures permitting the deposit of such Restricted Shares and the issuance of ADSs representing the right to receive,
subject to the terms of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), such deposited Restricted
Shares (such ADSs, the &ldquo;<U>Restricted ADSs</U>,&rdquo; and the ADRs evidencing such Restricted ADSs, the &ldquo;<U>Restricted
ADRs</U>&rdquo;). Notwithstanding anything contained in this Section 2.14, the Depositary and the Company may, to the extent not
prohibited by law, agree to issue the Restricted ADSs in uncertificated form (&ldquo;<U>Uncertificated Restricted ADSs</U>&rdquo;)
upon such terms and conditions as the Company and the Depositary may deem necessary and appropriate. The Company shall assist the
Depositary in the establishment of such procedures and agrees that it shall take all steps necessary and reasonably satisfactory
to the Depositary to ensure that the establishment of such procedures does not violate the provisions of the Securities Act or
any other applicable laws. The depositors of such Restricted Shares and the Holders of the Restricted ADSs may be required prior
to the deposit of such Restricted Shares, the transfer of the Restricted ADRs and Restricted ADSs or the withdrawal of the Restricted
Shares represented by Restricted ADSs to provide such written certifications or agreements as the Depositary or the Company may
require. The Company shall provide to the Depositary in writing the legend(s) to be affixed to the Restricted ADRs (if the Restricted
ADSs are to be issued as Certificated ADSs<B>)</B>, or to be included in the statements issued from time to time to Holders of
Uncertificated ADSs (if issued as Uncertificated Restricted ADSs), which legends shall (i) be in a form reasonably satisfactory
to the Depositary and (ii) contain the specific circumstances under which the Restricted ADSs, and, if applicable, the Restricted
ADRs evidencing the Restricted ADSs, may be transferred or the Restricted Shares withdrawn. The Restricted ADSs issued upon the
deposit of Restricted Shares shall be separately identified on the books of the Depositary and the Restricted Shares so deposited
shall, to the extent required by law, be held separate and distinct from the other Deposited Securities held hereunder. The Restricted
Shares and the Restricted ADSs shall not be eligible for Pre-Release Transactions. The Restricted ADSs shall not be eligible for
inclusion in any book-entry settlement system, including, without limitation, DTC, and shall not in any way be fungible with the
ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADSs, and, if applicable, the Restricted ADRs evidencing
the Restricted ADSs, shall be transferable only by the Holder thereof upon delivery to the Depositary of (i) all documentation
otherwise contemplated by the Deposit Agreement and (ii) an opinion of counsel reasonably satisfactory to the Depositary setting
forth, <I>inter alia</I>, the conditions upon which the Restricted ADSs presented, and, if applicable, the Restricted ADRs evidencing
the Restricted ADSs, are transferable by the Holder thereof under applicable securities laws and the transfer restrictions contained
in the legend applicable to the Restricted ADSs presented for transfer. Except as set forth in this Section 2.14 and except as
required by applicable law, the Restricted ADSs and the Restricted ADRs evidencing Restricted ADSs shall be treated as ADSs and
ADRs issued and outstanding under the terms of the Deposit Agreement. In the event that, in determining the rights and obligations
of parties hereto with respect to any Restricted ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other
than this Section 2.14) and (b) the terms of (i) this Section 2.14 or (ii) the applicable Restricted ADR, the terms and conditions
set forth in this Section 2.14 and of the Restricted ADR shall be controlling and shall govern the rights and obligations of the
parties to the Deposit Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Restricted ADRs, the Restricted ADSs
and the Restricted Shares cease to be Restricted Securities, the Depositary, upon receipt of (x) an opinion of counsel satisfactory
to the Depositary setting forth, <I>inter alia</I>, that the Restricted ADRs, the Restricted ADSs and the Restricted Shares are
not as of such time Restricted Securities, and (y) instructions from the Company to remove the restrictions applicable to the Restricted
ADRs, the Restricted ADSs and the Restricted Shares, shall (i)&nbsp;eliminate the distinctions and separations that may have been
established between the applicable Restricted Shares held on deposit under this Section 2.14 and the other Shares held on deposit
under the terms of the Deposit Agreement that are not Restricted Shares, (ii)&nbsp;treat the newly unrestricted ADRs and ADSs on
the same terms as, and fully fungible with, the other ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement
that are not Restricted ADRs or Restricted ADSs, and (iii)&nbsp;take all actions necessary to remove any distinctions, limitations
and restrictions previously existing under this Section 2.14 between the applicable Restricted ADRs and Restricted ADSs, respectively,
on the one hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively, on the other hand,
including, without limitation, by making the newly-unrestricted ADSs eligible for Pre-Release Transactions and for inclusion in
the applicable book-entry settlement systems.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE III<BR>
<BR>
CERTAIN OBLIGATIONS OF HOLDERS<BR>
AND BENEFICIAL OWNERS OF ADSs</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proofs, Certificates and Other Information</U>.</B> Any person presenting Shares for deposit, any Holder and any Beneficial
Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary, the Company
and the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental
charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Property, compliance with applicable laws,
the terms of the Deposit Agreement or the ADR(s) evidencing the ADSs and the provisions of, or governing, the Deposited Property,
to execute such certifications and to make such representations and warranties, and to provide such other information and documentation
(or, in the case of Shares in registered form presented for deposit, such information relating to the registration on the books
of the Company or of the Share Registrar) as the Depositary or the Custodian may reasonably deem necessary or proper or as the
Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement
and the applicable ADR(s). The Depositary and the Registrar, as applicable, may, and at the reasonable request of the Company,
shall, to the extent practicable, withhold the execution or delivery or registration of transfer of any ADR or ADS or the distribution
or sale of any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited by the terms of Section
7.8, the delivery of any Deposited Property until such proof or other information is filed or such certifications are executed,
or such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary&rsquo;s,
the Registrar&rsquo;s and the Company&rsquo;s satisfaction. The Depositary shall provide the Company, in a timely manner, with
copies or originals if necessary and appropriate of (i) any such proofs of citizenship or residence, taxpayer status, or exchange
control approval or copies of written representations and warranties which it receives from Holders and Beneficial Owners, and
(ii) any other information or documents which the Company may reasonably request and which the Depositary shall request and receive
from any Holder or Beneficial Owner or any person presenting Shares for deposit or ADSs for cancellation, transfer or withdrawal.
The Depositary shall not be required to (i) except to the extent that such information is readily accessible from the records of
the Depositary, obtain any information for the Company if not provided by the Holders or Beneficial Owners, or (ii) verify or vouch
for the accuracy of the information so provided by the Holders or Beneficial Owners.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liability for Taxes and Other Charges</U>.</B> Any tax or other governmental charge payable by the Custodian or by the
Depositary with respect to any Deposited Property, ADSs or ADRs shall be payable by the Holders and Beneficial Owners to the Depositary,
and the Company shall have no liability therefor (except in case the Company is the Holder or the Beneficial Owner of the applicable
ADSs). The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited
Property, and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Property and apply such
distributions and sale proceeds in payment of, any taxes (including applicable interest and penalties) or charges that are or may
be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited Property and ADRs, the Holder and the Beneficial Owner
remaining liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs,
to deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs and (subject to Section 7.8) the withdrawal
of Deposited Property until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner
agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, employees and Affiliates for,
and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties thereon)
arising from any tax benefit obtained for such Holder and/or Beneficial Owner.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties on Deposit of Shares</U>.</B> Each person depositing Shares under the Deposit Agreement
shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly
issued, fully paid, non-assessable and legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with
respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do,
(iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse
claim, (v) the Shares presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities
(except as contemplated in Section 2.14), and (vi)&nbsp;the Shares presented for deposit have not been stripped of any rights or
entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation
of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company
and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary
to correct the consequences thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Information Requests</U>.</B> Notwithstanding any other provision of the Deposit Agreement or any ADR(s),
each Holder and Beneficial Owner agrees to comply with requests from the Company pursuant to applicable law, the rules and requirements
of the BM&amp;FBOVESPA, and any other stock exchange on which the Shares or ADSs are, or will be, registered, traded or listed
or the <I>estatuto social</I> of the Company, which are made to provide information, <I>inter alia</I>, as to the capacity in which
such Holder or Beneficial Owner owns ADSs (and Shares as the case may be) and regarding the identity of any other person(s) interested
in such ADSs and the nature of such interest and various other matters, whether or not they are Holders and/or Beneficial Owners
at the time of such request. The Depositary agrees, at the Company&rsquo;s expense, to use its reasonable efforts to (i) forward,
upon the request of the Company, any such request from the Company to the Holders or the Beneficial Owners, and (ii) to forward
to the Company any responses to such requests received by the Depositary. The Depositary and the Company shall comply with paragraph
3, article 3 of Regulation Annex V to Resolution 1.289.87 (as published in Resolution 1.927/92) of the Brazilian Monetary Council,
and agree to furnish the Brazilian Securities and Exchange Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>, also
known as &ldquo;<U>CVM</U>&rdquo;) and the Brazilian Central Bank (<I>Banco Central do Brasil</I>, also known as &ldquo;<U>BACEN</U>&rdquo;),
whenever required, information or documents related to the approved ADR program, the Deposited Securities and distributions thereon.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Ownership Restrictions</U>.</B> Notwithstanding any other provision in the Deposit Agreement or any ADR, the Company
may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable
law or the <I>estatuto social</I> of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers
of the ADSs where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial
Owner exceeding any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary
to take action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the
preceding sentence, including, but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation
of voting rights or mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs
held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable
law and the <I>estatuto social</I> of the Company. Nothing herein shall be interpreted as obligating the Depositary or the Company
to ensure compliance with the ownership restrictions described in this Section 3.5.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reporting Obligations and Regulatory Approvals</U>.</B>Applicable laws and regulations, including those of BACEN, CVM
and BM&amp;FBOVESPA, may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs,
to comply with some disclosure and trading standards (as of the date of this Deposit Agreement, mainly provided for in CVM Ruling
no. 358/02), to satisfy reporting requirements and to obtain regulatory approvals in certain circumstances. Holders and Beneficial
Owners of ADSs are solely responsible for determining and complying with such reporting requirements and obtaining such approvals.
Each Holder and each Beneficial Owner hereby agrees to make such determination, file such reports, and obtain such approvals to
the extent and in the form required by applicable laws and regulations as in effect from time to time. Neither the Depositary,
the Custodian, the Company or any of their respective agents or Affiliates shall be required to take any actions whatsoever on
behalf of Holders or Beneficial Owners to determine or satisfy such reporting requirements or obtain such regulatory approvals
under applicable laws and regulations.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE IV<BR>
<BR>
THE DEPOSITED SECURITIES</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cash Distributions</U>.</B> Whenever the Company intends to make a distribution of a cash dividend or other cash distribution
in respect of any Deposited Securities, the Company shall give notice thereof to the Depositary at least fifteen (15) days prior
to the proposed distribution specifying, <I>inter alia</I>, the record date applicable for determining the holders of Deposited
Securities entitled to receive such distribution. Upon the timely receipt of such notice, the Depositary shall establish an ADS
Record Date upon the terms described in Section 4.9. Upon receipt of confirmation from the Custodian of the receipt of (x)&nbsp;any
cash dividend or other cash distribution on any Deposited Securities, or (y)&nbsp;proceeds from the sale of any Deposited Property
held in respect of the ADSs under the terms hereof, the Depositary will (i)&nbsp;if at the time of receipt thereof any amounts
received in a Foreign Currency can, in the judgment of the Depositary (pursuant to Section 4.8), be converted on a practicable
basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution
or proceeds into Dollars (on the terms described in Section 4.8), (ii)&nbsp;if applicable and unless previously established, establish
the ADS Record Date upon the terms described in Section 4.9, and (iii)&nbsp;distribute promptly the amount thus received (net of
(a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders entitled
thereto as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute
only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not
so distributed shall be held by the Depositary (without liability for interest thereon) and shall be added to and become part of
the next sum received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next distribution. If
the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution
in respect of any Deposited Securities, or from any cash proceeds from the sales of Deposited Property, an amount on account of
taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs shall be reduced accordingly. Such withheld
amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of
payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary will hold any cash
amounts it is unable to distribute in a non-interest bearing account for the benefit of the applicable Holders and Beneficial Owners
of ADSs until the distribution can be effected or the funds that the Depositary holds must be escheated as unclaimed property in
accordance with the laws of the relevant states of the United States. Notwithstanding anything contained in the Deposit Agreement
to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for
in this Section 4.1, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this Section
4.1, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s
failure to perform the actions contemplated in this Section 4.1 where such notice has not been so timely given, other than its
failure to use commercially reasonable efforts, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution in Shares</U>.</B> Whenever the Company intends to make a distribution that consists of a dividend in, or
free distribution of, Shares, the Company shall give notice thereof to the Depositary at least twenty (20) days prior to the proposed
distribution, specifying, <I>inter alia</I>, the record date applicable to holders of Deposited Securities entitled to receive
such distribution. Upon the timely receipt of such notice from the Company, the Depositary shall establish an ADS Record Date upon
the terms described in Section 4.9. Upon receipt of confirmation from the Custodian of the receipt of the Shares so distributed
by the Company, the Depositary shall either (i) subject to Section 5.9, distribute to the Holders as of the ADS Record Date in
proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of
Shares received as such dividend, or free distribution, subject to the other terms of the Deposit Agreement (including, without
limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional
ADSs are not so distributed, take all actions necessary so that each ADS issued and outstanding after the ADS Record Date shall,
to the extent permissible by law, thenceforth also represent rights and interests in the additional integral number of Shares distributed
upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the
case may be, represented by the aggregate of such fractions and distribute the net proceeds upon the terms described in Section
4.1. In the event that the Depositary determines that any distribution in property (including Shares) is subject to any tax or
other governmental charges which the Depositary is obligated to withhold, or, if the Company in the fulfillment of its obligation
under Section 5.7, has furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act
or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), the Depositary
may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such
manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute
the net proceeds of any such sale (after deduction of (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary)
to Holders entitled thereto upon the terms described in Section 4.1. The Depositary shall hold and/or distribute any unsold balance
of such property in accordance with the provisions of the Deposit Agreement. Notwithstanding anything contained in the Deposit
Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided
for in this Section 4.2, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this
Section 4.2, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for
the Depositary&rsquo;s failure to perform the actions contemplated in this Section 4.2 where such notice has not been so timely
given, other than its failure to use commercially reasonable efforts, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Elective Distributions in Cash or Shares</U>.</B>Whenever the Company intends to make a distribution payable at the election
of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary
at least sixty (60) days prior to the proposed distribution, or such shorter period as the Depositary and the Company may mutually
agree, specifying, <I>inter alia</I>, the record date applicable to holders of Deposited Securities entitled to receive such elective
distribution and whether or not it wishes such elective distribution to be made available to Holders of ADSs. Upon the timely receipt
of a notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary
shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful
and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such
elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution be
made available to Holders, (ii)&nbsp;the Depositary shall have determined, upon consultation with the Company, that such distribution
is reasonably practicable and (iii) the Depositary shall have received reasonably satisfactory documentation within the terms of
Section 5.7. If the above conditions are not satisfied, the Depositary shall establish an ADS Record Date on the terms described
in Section 4.9 and, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made
in Brazil in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y)
additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied,
the Depositary shall establish an ADS Record Date on the terms described in Section 4.9 and establish procedures to enable Holders
to elect the receipt of the proposed distribution in cash or in additional ADSs. The Company shall assist the Depositary in establishing
such procedures to the extent necessary. If a Holder elects to receive the proposed distribution (X) in cash, the distribution
shall be made upon the terms described in Section 4.1, or (Y)&nbsp;in ADSs, the distribution shall be made upon the terms described
in Section 4.2. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective distribution
in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the
opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. Notwithstanding anything
contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the
proposed distribution provided for in this Section 4.3, the Depositary agrees to use commercially reasonable efforts to perform
the actions contemplated in this Section 4.3, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary
shall have no liability for the Depositary&rsquo;s failure to perform the actions contemplated in this Section 4.3 where such notice
has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution of Rights to Purchase Additional ADSs</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution to ADS Holders</U>. </B>Whenever the Company intends to distribute to the holders of the Deposited Securities
rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least sixty (60) days prior
to the proposed distribution, or such shorter period as the Depositary and the Company may mutually agree, specifying, <I>inter
alia</I>, the record date applicable to holders of Deposited Securities entitled to receive such distribution and whether or not
it wishes such rights to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company
wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the
Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such rights available
to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested
that such rights be made available to Holders, (ii) the Depositary shall have received reasonably satisfactory documentation within
the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution of rights is reasonably practicable.
In the event any of the conditions set forth above are not satisfied or if the Company requests that the rights not be made available
to Holders of ADSs, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below. In the event
all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section
4.9) and establish procedures to (x)&nbsp;distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y)&nbsp;to
enable the Holders to exercise such rights (upon payment of the subscription price and of the applicable (a) fees and charges of,
and expenses incurred by, the Depositary and (b) taxes), and (z)&nbsp;to deliver ADSs upon the valid exercise of such rights. The
Company shall assist the Depositary to the extent necessary in establishing such procedures. Nothing herein shall obligate the
Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sale of Rights</U>. </B>If (i) the Company does not timely request the Depositary to make the rights available to Holders
or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within
the terms of Section 5.7, or determines, upon consultation with the Company, it is not reasonably practicable to make the rights
available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall
determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity, at such place
and upon such terms (including public or private sale) as it may deem practicable. The Company shall assist the Depositary to the
extent necessary to determine such legality and practicability. The Depositary shall, upon such sale, convert and distribute proceeds
of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms
set forth in Section 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lapse of Rights</U>. </B>If the Depositary is unable to make any rights available to Holders upon the terms described
in Section 4.4(a) or to arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall allow
such rights to lapse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be responsible
for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any
Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii)
the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything to the contrary
in this Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights or the securities to
which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell
the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i)&nbsp;unless and until
a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii)&nbsp;unless
the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any
other applicable country in which rights would be distributed, in each case reasonably satisfactory to the Depositary, to the effect
that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration
under, the provisions of the Securities Act or any other applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Company, the Depositary
or the Custodian shall be required to withhold and does withhold from any distribution of Deposited Property (including rights)
an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs shall be reduced accordingly.
In the event that the Depositary determines that any distribution of Deposited Property (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may
dispose of all or a portion of such Deposited Property (including Shares and rights to subscribe therefor) in such amounts and
in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or
charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that Holders generally,
or any Holder in particular, will be given the opportunity to receive or exercise rights on the same terms and conditions as the
holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement
in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions Other Than Cash, Shares or Rights to Purchase Shares</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or
rights to purchase additional Shares, the Company shall give timely notice thereof to the Depositary and shall indicate whether
or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes such
distribution be made to Holders of ADSs, the Depositary shall consult with the Company, and the Company shall assist the Depositary,
to determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution
unless (i) the Company shall have requested the Depositary to make such distribution to Holders, (ii)&nbsp;the Depositary shall
have received reasonably satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined,
after consultation with the Company, that such distribution is reasonably practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Upon receipt of reasonably satisfactory documentation and the request of the Company to distribute property to Holders
of ADSs and after making the requisite determinations set forth in (a) above, the Depositary shall distribute the property so received
to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held by them respectively and in such
manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable
fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of
all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private
sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or
other governmental charges applicable to the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>If (i) the Company does not request the Depositary to make such distribution to Holders or requests not to make such
distribution to Holders, (ii) the Depositary does not receive reasonably satisfactory documentation within the terms of Section
5.7, or (iii) the Depositary determines, after consultation with the Company, that all or a portion of such distribution is not
reasonably practicable, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place
or places and upon such terms as it may deem practicable and shall (i) cause the proceeds of such sale, if in a Foreign Currency,
to be converted into Dollars and (ii) distribute the proceeds of such conversion received by the Depositary (net of applicable
(a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon
the terms of Section 4.1. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the
account of the Holders in any way it deems reasonably practicable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Neither the Depositary nor the Company shall be responsible for (i) any failure to determine whether it is lawful or
practicable to make the property described in this Section 4.5 available to Holders in general or any Holders in particular, nor
(ii) any loss incurred in connection with the sale or disposal of such property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions with Respect to Deposited Securities in Bearer Form</U>.</B> Subject to the terms of this Article IV, distributions
in respect of Deposited Securities that are held by the Depositary in bearer form shall be made to the Depositary for the account
of the respective Holders of ADS(s) with respect to which any such distribution is made upon due presentation by the Depositary
or the Custodian to the Company of any relevant coupons, talons, or certificates. The Company shall promptly notify the Depositary
of such distributions. The Depositary or the Custodian shall promptly present such coupons, talons or certificates, as the case
may be, in connection with any such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption</U>.</B> If the Company intends to exercise any right of redemption in respect of any of the Deposited Securities,
the Company shall give notice thereof to the Depositary at least sixty (60) days prior to the intended date of redemption, or such
shorter period that Depositary and the Company may mutually agree, which notice shall set forth the particulars of the proposed
redemption. Upon timely receipt of (i) such notice and (ii)&nbsp;satisfactory documentation given by the Company to the Depositary
within the terms of Section 5.7, and only if, after consultation with the Company, the Depositary shall have determined that such
proposed redemption is practicable, the Depositary shall provide to each Holder a notice setting forth the intended exercise by
the Company of the redemption rights and any other particulars set forth in the Company&rsquo;s notice to the Depositary. The Depositary
shall instruct the Custodian to present to the Company the Deposited Securities in respect of which redemption rights are being
exercised against payment of the applicable redemption price. Upon receipt of confirmation from the Custodian that the redemption
has taken place and that funds representing the redemption price have been received, the Depositary shall convert, transfer, and
distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred by, the Depositary, and (b) taxes),
retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1
and 6.2. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected by lot or on a
pro rata basis, as may be reasonably determined by the Depositary. The redemption price per ADS shall be the dollar equivalent
of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the
Deposited Securities represented by ADSs (subject to the terms of Section 4.8 and the applicable fees and charges of, and expenses
incurred by, the Depositary, and applicable taxes) multiplied by the number of Deposited Securities represented by each ADS redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything contained in the
Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed redemption
provided for in this Section 4.7, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated
in this Section 4.7, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability
for the Depositary&rsquo;s failure to perform the actions contemplated in this Section 4.7 where such notice has not been so timely
given, other than its failure to use commercially reasonable efforts, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion of Foreign Currency</U>.</B> Whenever the Depositary or the Custodian shall receive Foreign Currency, by way
of dividends or other distributions or the net proceeds from the sale of Deposited Property, which in the reasonable judgment of
the Depositary can at such time be converted on a practicable basis, by sale or in any other manner that it may determine in accordance
with applicable law, into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary
shall convert or cause to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars,
and shall distribute such Dollars (net of any applicable fees, any reasonable and customary expenses incurred in such conversion
and any expenses incurred on behalf of the Holders in complying with currency exchange control or other governmental requirements)
in accordance with the terms of the applicable sections of the Deposit Agreement. If the Depositary shall have distributed warrants
or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders
of such warrants and/or instruments upon surrender thereof for cancellation, in either case without liability for interest thereon.
Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on account
of any application of exchange restrictions or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If such conversion or distribution generally
or with regard to a particular Holder can be effected only with the approval or license of any government or agency thereof, the
Depositary shall have authority to file such application for approval or license, if any, as it may deem desirable. In no event,
however, shall the Depositary be obligated to make such a filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If at any time the Depositary shall determine
that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received
by the Depositary is not practicable or lawful, or if any approval or license of any governmental authority or agency thereof that
is required for such conversion, transfer and distribution is denied or, in the opinion of the Depositary, not obtainable at a
reasonable cost or within a reasonable period, the Depositary may, in its reasonable discretion, (i) make such conversion and distribution
in Dollars to the Holders for whom such conversion, transfer and distribution is lawful and practicable, (ii)&nbsp;distribute the
Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) to Holders for whom this is
lawful and practicable, or (iii) hold (or cause the Custodian to hold) such Foreign Currency (without liability for interest thereon)
for the respective accounts of the Holders entitled to receive the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fixing of ADS Record Date</U>.</B> Whenever the Depositary shall receive notice of the fixing of a record date by the
Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares,
rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented
by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders
of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the
giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix a record date (the &ldquo;<U>ADS
Record Date</U>&rdquo;) for the determination of the Holders of ADS(s) who shall be entitled to receive such distribution, to give
instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or
solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented
by each ADS. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as possible to the applicable
record date for the Deposited Securities (if any) set by the Company in Brazil and shall not announce the establishment of any
ADS Record Date prior to the relevant corporate action having been made public by the Company (if such corporate action affects
the Deposited Securities). Subject to applicable law and the provisions of Sections 4.1 through 4.8 and to the other terms and
conditions of the Deposit Agreement, only the Holders of ADSs at the close of business in New York on such ADS Record Date shall
be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise
take action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting of Deposited Securities</U>.</B>As soon as practicable after receipt of notice of any meeting at which the holders
of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the
Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance with Section
4.9. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take
any further action if the request shall not have been received by the Depositary at least thirty (30) days prior to the date of
such vote or meeting), at the Company&rsquo;s expense and provided no U.S. legal prohibitions exist, distribute, as soon as reasonably
practicable after receipt thereof, to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent
or proxy, (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to Brazilian
laws and regulations and any other applicable law, the provisions of the Deposit Agreement, the <I>estatuto social</I> of the Company
and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by
the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
represented by such Holder&rsquo;s ADSs, and (c) a brief statement as to the manner in which such voting instructions may be given
to the Depositary or in which voting instructions may be deemed to have been given, in accordance with this Section 4.10 and Brazilian
laws and regulations, if no instructions are received prior to the deadline set for such purposes. In establishing the procedures
to enable ADS Holders to instruct the Depositary to vote the Deposited Securities, the Depositary shall consult with the Company
and shall take into consideration the applicable requirements of Brazilian law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In order to give Holders a reasonable opportunity
to instruct the Depositary as to the exercise of voting rights relating to Deposited Securities, if the Company will request the
Depositary to act under this Section 4.10, the Company shall give the Depositary notice of any such vote or meeting and details
concerning the matters to be voted upon not less than thirty (30) days prior to the date thereof. The instructions received by
the Depositary in connection with a certain vote or meeting shall be applicable to any adjournment or postponement of any such
vote or meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything contained in the
Deposit Agreement or any ADR, the Depositary may, with the Company&rsquo;s prior written consent, to the extent not prohibited
by law or regulations, or by the requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the
materials provided to the Depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of
Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicizes to Holders, instructions
on how to retrieve such materials or receive such materials upon request (<I>i.e.</I>, by reference to a website containing the
materials for retrieval or a contact for requesting copies of the materials).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Voting instructions may be given only in
respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs
as of the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar
as practicable and permitted under applicable law, the provisions of the Deposit Agreement, <I>estatuto social</I> of the Company
and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or
by proxy) represented by such Holder&rsquo;s ADSs in accordance with such voting instructions and the applicable provisions of
Brazilian law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall not be responsible for
confirming that each voting instruction was properly given by the Holders to the Depositary and by the Depositary to the Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deposited Securities represented by ADSs
for which no timely voting instructions are received by the Depositary from the Holder shall not be voted (except as otherwise
contemplated herein). Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting
and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of for purposes
of establishing a quorum or otherwise, the Deposited Securities represented by ADSs, except pursuant to and in accordance with
the voting instructions timely received from Holders or as otherwise contemplated herein. If the Depositary timely receives voting
instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented
by such Holder&rsquo;s ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders)
to have instructed the Depositary to vote in favor of the items set forth in such voting instructions. If the Depositary does not
receive voting instructions from a Holder as of the ADS Record Date on or before the date established by the Depositary for such
purpose, such Holder shall be deemed, and the Depositary shall (unless otherwise specified in the notice distributed to Holders)
deem such Holder, to have instructed the Depositary to give a discretionary proxy to a person designated by the Company to vote
the Deposited Securities; provided, however, that no such discretionary proxy shall be given by the Depositary with respect to
any matter to be voted upon as to which the Company informs the Depositary that (A) the Company does not wish such a discretionary
proxy to be given, (B) substantial opposition exists from holders of Shares against the outcome for which the person designated
by the Company would otherwise vote, or (C) the outcome for which the person designated by the Company would otherwise vote would
materially and adversely affect the rights of holders of Deposited Securities. Notwithstanding anything else contained herein,
the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting instructions
have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose of establishing
quorum at a meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall give notice to the
Company of the voting instructions received by the Depositary from the Holders in accordance with the timing requirements of Brazilian
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in the Deposit Agreement or any ADR, the Depositary shall not have any obligation to take any action with respect to any meeting,
or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws.
The Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting
rights accruing to the Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel addressing any actions
requested to be taken if so reasonably requested by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting
instructions to the Depositary in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Changes Affecting Deposited Securities</U>.</B> Upon any change in nominal or par value, split-up, cancellation, consolidation
or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale
of assets affecting the Company or to which it is a party, any property which shall be received by the Depositary or the Custodian
in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities shall, to the extent
permitted by law, be treated as new Deposited Property under the Deposit Agreement, and the ADSs shall, subject to the provisions
of the Deposit Agreement, any ADR(s) evidencing such ADSs and applicable law, represent the right to receive such additional or
replacement Deposited Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification
of Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of assets, the Depositary may, with the
Company&rsquo;s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement and receipt
of an opinion of counsel to the Company reasonably satisfactory to the Depositary that such actions are not in violation of any
applicable laws or regulations, (i)&nbsp;issue and deliver additional ADSs as in the case of a stock dividend on the Shares, (ii)&nbsp;amend
the Deposit Agreement and the applicable ADRs, (iii)&nbsp;amend the applicable Registration Statement(s) on Form F-6 as filed with
the Commission in respect of the ADSs, (iv)&nbsp;call for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v)&nbsp;take
such other actions as the Depositary in consultation with the Company considers are appropriate to reflect the transaction with
respect to the ADSs, or as reasonably requested by the Company and necessary to comply with applicable law. The Company agrees
to, jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance
of such new form of ADRs. Notwithstanding the foregoing, in the event that any Deposited Property so received may not be lawfully
distributed to some or all Holders, the Depositary may, with the Company&rsquo;s approval, and shall, if the Company requests,
subject to receipt of an opinion of Company&rsquo;s counsel reasonably satisfactory to the Depositary that such action is not in
violation of any applicable laws or regulations, sell such Deposited Property at public or private sale, at such place or places
and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and
expenses incurred by, the Depositary and (b) applicable taxes) for the account of the Holders otherwise entitled to such Deposited
Property upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net
proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1. The
Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such Deposited
Property available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in
connection with such sale, or (iii) any liability to the purchaser of such Deposited Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Available Information</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is subject to the periodic reporting
requirements of the Exchange Act and, accordingly, is required to file or submit certain reports with the Commission. These reports
can be retrieved from the Commission's website (www.sec.gov) and can be inspected and copied at the public reference facilities
maintained by the Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports</U>.</B> The Depositary shall make available for inspection by Holders at its Principal Office, as promptly as
practicable after receipt thereof, any reports and communications, including any proxy soliciting materials, received from the
Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited
Property and (b) made generally available to the holders of such Deposited Property by the Company. The Depositary shall also provide
or make available to Holders copies of such reports when furnished by the Company pursuant to Section 5.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>List of Holders</U>.</B> Upon written request by the Company, the Depositary shall furnish to it a list, as of a recent
date, (i) promptly, of the names, addresses and holdings of ADSs of all Holders and (ii) to the extent available, and at the Company&rsquo;s
expense, of the names of Beneficial Owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxation</U></B>. The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such
information from its records as the Company may reasonably request to enable the Company or its agents to file the necessary tax
reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may file such reports
as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Property
under applicable tax treaties or laws for the Holders and Beneficial Owners. In accordance with instructions from the Company and
to the extent practicable, the Depositary or the Custodian will take reasonable administrative actions to obtain tax refunds, reduced
withholding of tax at source on dividends and other benefits under applicable tax treaties or laws with respect to dividends and
other distributions on the Deposited Property. As a condition to receiving such benefits, Holders and Beneficial Owners of ADSs
may be required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership
(as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information
or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary&rsquo;s or the Custodian&rsquo;s
obligations under applicable law. The Depositary and the Company shall have no obligation or liability to any person if any Holder
or Beneficial Owner fails to provide such information or if such information does not reach the relevant tax authorities in time
for any Holder or Beneficial Owner to obtain the benefits of any tax treatment. The Holders and Beneficial Owners shall indemnify
the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and
hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or
interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company (or any of its agents) withholds
from any distribution any amount on account of taxes or governmental charges, or pays any other tax in respect of such distribution
(<I>i.e.</I>, stamp duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to) remit promptly
to the Depositary information about such taxes or governmental charges withheld or paid, and, if so requested, the tax receipt
(or other proof of payment to the applicable governmental authority) therefor, in each case, in a form reasonably satisfactory
to the Depositary. The Depositary shall, to the extent required by U.S. law, report to Holders any taxes withheld by it or the
Custodian, and, if such information is provided to it by the Company, any taxes withheld by the Company. The Depositary and the
Custodian shall not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any
taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the
Depositary or the Custodian, as applicable. Neither the Depositary nor the Custodian shall be liable for the failure by any Holder
or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder&rsquo;s or Beneficial
Owner&rsquo;s income tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary is under no obligation to
provide the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur
any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the
ADSs, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a
&ldquo;Passive Foreign Investment Company&rdquo; (in each case as defined in the U.S. Internal Revenue Code and the regulations
issued thereunder) or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.85pt; text-align: center; text-indent: 0in">ARTICLE
V<BR>
<BR>
THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.85pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Office and Transfer Books by the Registrar</U>.</B> Until termination of the Deposit Agreement in accordance
with its terms, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the
issuance and delivery of ADSs, the acceptance for surrender of ADS(s) for the purpose of withdrawal of Deposited Securities, the
registration of issuances, cancellations, transfers, combinations and split-ups of ADS(s) and, if applicable, to countersign ADRs
evidencing the ADSs so issued, transferred, combined or split-up, in each case in accordance with the provisions of the Deposit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 37; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar shall keep books for the registration
of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that
such inspection shall not be, to the Registrar&rsquo;s knowledge, for the purpose of communicating with Holders of such ADSs in
the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement
or the ADSs. Upon the reasonable request, and at the expense of, the Company, the Company shall have the right to examine and copy
the registration and transfer records of the Depositary or the Registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar may close the transfer books
with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection
with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Section
7.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any ADSs are listed
on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or, upon
consultation with the Company if such consultation is reasonably practicable under the circumstances, or with notice to the Company
if such consultation is not reasonably practicable, appoint a Registrar or one or more co-registrars for registration of issuances,
cancellations, transfers, combinations and split-ups of ADSs and, if applicable, to countersign ADRs evidencing the ADSs so issued,
transferred, combined or split-up, in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars
may, upon consultation with the Company if such consultation is reasonably practicable under the circumstances, or with notice
to the Company if such consultation is not reasonably practicable, be removed and a substitute or substitutes appointed by the
Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exoneration</U>.</B> Notwithstanding anything contained in the Deposit Agreement or any ADR, neither the Depositary nor
the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur
any liability (i) if the Depositary or the Company shall be prevented or forbidden from, or delayed in or subject to any civil
or criminal penalty or restraint on account of, doing or performing any act or thing required by the terms of the Deposit Agreement,
by reason of any provision of any present or future law or regulation of the United States, Brazil or any other country, or of
any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties
or restraint, or by reason of any provision, present or future, of the <I><U>estatuto social</U></I> of the Company or any provision
of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including,
without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism,
revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion
provided for in the Deposit Agreement or in the <I>estatuto social</I> of the Company or provisions of or governing Deposited Securities,
(iii) for any action or inaction in reliance upon the advice of or information from legal counsel, accountants, any person presenting
Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in
good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit
from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not,
under the terms of the Deposit Agreement, made available to Holders of ADSs, or (v) for any consequential or punitive damages (including
lost profits) for any breach of the terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary, its controlling persons,
its agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon
any written notice, request or other document reasonably believed by it to be genuine and to have been signed or presented by the
proper party or parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No disclaimer of liability under the Securities
Act is intended by any provision of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Standard of Care</U>.</B> The Company, the Depositary and their respective directors, officers, employees, agents and
Affiliates assume no obligation and shall not be subject to any liability under the Deposit Agreement or any ADRs to any Holder(s)
or Beneficial Owner(s), except that the Company and the Depositary agree to perform their respective obligations specifically set
forth in the Deposit Agreement or the applicable ADRs without negligence or bad faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limitation of the foregoing, neither
the Depositary, nor the Company, nor any of their respective controlling persons, directors, officers, employees, agents or Affiliates,
shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited
Property or in respect of the ADSs, which in its reasonable opinion may involve it in expense or liability, unless indemnity satisfactory
to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required
(and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian
being solely to the Depositary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None of the Company, the Depositary or any
of their respective controlling persons, directors, officers, employees, agents or Affiliates shall not be liable for any failure
to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect
of any vote, provided that any such action or omission is in good faith and in accordance with the terms of the Deposit Agreement.
Neither the Company nor the Depositary shall incur any liability for any failure to determine that any distribution or action may
be lawful or reasonably practicable, for any investment risk associated with acquiring an interest in the Deposited Property, for
the validity or worth of the Deposited Property or for any tax consequences that may result from the ownership of ADSs, Shares
or other Deposited Property, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the
Deposit Agreement, for the failure or timeliness of any notice from the Company, or for any action of or failure to act by, or
any information provided or not provided by, DTC or any DTC Participant. The Depositary shall not be liable for the content of
any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in
connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with
the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith
while it acted as Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection
with any matter arising wholly prior to the appointment of the Depositary or after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations
without negligence or bad faith while it acted as Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resignation and Removal of the Depositary; Appointment of Successor Depositary</U>.</B> The Depositary may at any time
resign as Depositary hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the
earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled to take the actions
contemplated in Section 6.2), or (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment
as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may at any time be removed
by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery
thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii)&nbsp;upon
the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case at any time the Depositary acting
hereunder shall resign or be removed, the Company shall use its reasonable best efforts to appoint a successor depositary, which
shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary
shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting
its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable
law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor (other than as contemplated
in Sections&nbsp;5.8 and 5.9). The predecessor depositary, upon payment of all sums due it and on the written request of the Company,
shall, (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder
(other than as contemplated in Sections 5.8 and 5.9), (ii)&nbsp;duly assign, transfer and deliver all of the Depositary&rsquo;s
right, title and interest to the Deposited Property to such successor, and (iii) deliver to such successor a list of the Holders
of all outstanding ADSs and such other information relating to ADSs and Holders thereof as the successor may reasonably request.
Any such successor depositary shall promptly provide notice of its appointment to such Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any entity into or with which the Depositary
may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further
act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Custodian</U>.</B> The Depositary has initially appointed Banco Bradesco S.A. as Custodian for the purpose of the
Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the
direction of the Depositary for the Deposited Property for which the Custodian acts as custodian and shall be responsible solely
to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Property and no other
Custodian has previously been appointed hereunder, the Depositary shall, with notice to the Company, promptly appoint a substitute
custodian. The Depositary shall require such resigning or discharged Custodian to Deliver, or cause the Delivery of, the Deposited
Property held by it, together with all such records maintained by it as Custodian with respect to such Deposited Property as the
Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, in its discretion, that
it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Property, or discharge the Custodian
with respect to any Deposited Property and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect
to the Deposited Property. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders
of ADSs, each other Custodian and the Company. The Depositary agrees that at no time shall there be more than one Custodian acting
in connection with the Deposit Agreement unless permitted by Brazilian law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Citibank, N.A. may at any time act as Custodian
of the Deposited Property pursuant to the Deposit Agreement, in which case any reference to Custodian shall mean Citibank, N.A.
solely in its capacity as Custodian pursuant to the Deposit Agreement, and the Depositary shall promptly give notice thereof to
the Company. Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary shall not be obligated to give
notice to any Holders of ADSs or any other Custodian of its acting as Custodian pursuant to the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the appointment of any successor depositary,
any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited
Property without any further act or writing, and shall be subject to the direction of the successor depositary. The successor depositary
so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments
as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices and Reports</U>.</B> On or before the first date on which the Company gives notice, by publication or otherwise,
of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking
of any action by such holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions
or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian
a copy of the notice thereof in the English language but otherwise in the form given or to be given to holders of Shares or other
Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary in English, or an English translation,
of any applicable provisions or proposed provisions of the <I>estatuto social</I> of the Company that may be relevant or pertain
to such notice of meeting or be the subject of a vote thereat.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will also transmit to the Depositary
(a) an English language version or with an English translation or summary of the other notices, reports and communications which
are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) the English-language
versions or with an English translation or summary of the Company&rsquo;s annual reports prepared in accordance with the applicable
requirements of the Commission, provided that the requirement in clause (b) shall be deemed completed if the Company files such
annual report with the Commission on the Electronic Data-Gathering, Analysis, and Retrieval (&ldquo;EDGAR&rdquo;) system or any
successor system as is in place from time to time. The Depositary shall arrange, at the request of the Company and at the Company&rsquo;s
expense, to provide copies thereof to all Holders or make such notices, reports and other communications available to all Holders
on a basis similar to that for holders of Shares or other Deposited Securities or on such other basis as the Company may advise
the Depositary or as may be required by any applicable law, regulation or stock exchange requirement. The Company has delivered
to the Depositary and the Custodian a copy of the Company&rsquo;s <I>estatuto social</I> along with the provisions of or governing
the Shares and any other Deposited Securities issued by the Company in connection with such Shares, and promptly upon any amendment
thereto or change therein, the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or change
therein. The Depositary may rely upon such copy for all purposes of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary will, at the expense of the
Company, make available a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary
for inspection by the Holders of the ADSs at the Depositary&rsquo;s Principal Office, at the office of the Custodian and at any
other designated transfer office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of Additional Shares, ADSs etc</U>.</B> The Company agrees that in the event it or any of its Affiliates proposes
(i) an issuance, sale or distribution of additional Shares to Holders, (ii) an offering to Holders of rights to subscribe for Shares
or other Deposited Securities to Holders, (iii) an issuance or assumption of securities convertible into or exchangeable for Shares,
(iv) an issuance of rights to Holders to subscribe for securities convertible into or exchangeable for Shares, (v) an elective
dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting of holders of Deposited Securities, or solicitation
of consents or proxies, relating to any reclassification of securities, merger or consolidation or transfer of assets, (viii) any
assumption, reclassification, recapitalization, reorganization, merger, consolidation or sale of assets which affects the Deposited
Securities, or (ix) a distribution of securities to Holders other than Shares, it will obtain U.S. legal advice and take all steps
reasonably necessary to ensure that the proposed transaction does not violate the registration provisions of the Securities Act,
or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act and
the securities laws of the states of the U.S.). In support of the foregoing, the Company will furnish to the Depositary, upon request,
(a) a written opinion of U.S. counsel (reasonably satisfactory to the Depositary) stating whether such transaction (1)&nbsp;requires
a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities
Act and (b) an opinion of Brazilian counsel stating that (1) making the transaction available to Holders and Beneficial Owners
does not violate the laws or regulations of Brazil and (2) all requisite regulatory consents and approvals have been obtained in
Brazil. If the filing of a registration statement is required, the Depositary shall not have any obligation to proceed with the
transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement has been declared,
or has otherwise become, effective. If, being advised by counsel, the Company determines that a transaction is required to be registered
under the Securities Act, the Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of
the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures,
in each case as contemplated in the Deposit Agreement, to prevent such transaction from violating the registration requirements
of the Securities Act. The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any time
(i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other Deposited
Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional Shares, rights to
subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe for such securities or
distribute securities other than Shares, unless such transaction and the securities issuable in such transaction do not violate
the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment
Company Act of 1940, as amended, the Exchange Act and the securities laws of the states of the U.S.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in the Deposit Agreement, nothing in the Deposit Agreement shall be deemed to obligate the Company to file any registration statement
in respect of any proposed transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>.</B> The Depositary agrees to indemnify the Company and its directors, officers, employees, agents
and Affiliates against, and hold each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever
(including, but not limited to, the reasonable fees and expenses of counsel) which may arise out of acts performed or omitted by
the Depositary, the Custodian (for so long as the Custodian is a branch of Citibank, N.A.), or any of their respective directors,
officers, employees agents or Affiliates under the terms hereof due to the negligence or bad faith of any of them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company agrees to indemnify the Depositary,
the Custodian and any of their respective directors, officers, employees, agents and Affiliates against, and hold each of them
harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited to, the reasonable
fees and expenses of counsel) that are required to be paid by the relevant person as a direct result (a) of, or in connection with,
any offer, issuance, sale, resale, transfer, deposit or withdrawal of ADRs, ADSs, the Shares, or other Deposited Securities, as
the case may be, (b) of material omissions or misstatements in any offering documents in respect thereof or (c) of acts performed
or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the
Company in connection with the Deposit Agreement, the ADRs, the ADSs, the Shares, or any Deposited Property, in any such case (i)
by the Depositary, the Custodian or any of their respective directors, officers, employees, agents and Affiliates, except to the
extent such loss, liability, tax, charge or expense is due to the negligence or bad faith of any of them, or (ii) by the Company
or any of its directors, officers, employees, agents and Affiliates, except to the extent any such loss, liability, tax, charge
or expense arises out of information relating to the Depositary or, to the extent it is a branch of the Depositary, any Custodian,
as the case may be, furnished in a writing to the Company, by the Depositary or such Custodian expressly for use in any registration
statement, proxy statement, prospectus or preliminary prospectus relating to any Deposited Securities represented by the ADSs,
and not materially changed or altered by the Company. The indemnities contained in this paragraph shall not extend to any loss,
liability, tax, charge or expense that may arise solely and exclusively out of any Pre-Release Transaction, other than a Pre-Release
Transaction entered into at the request of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations set
forth in this Section shall survive the termination of the Deposit Agreement and the succession or substitution of any party hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any person seeking indemnification hereunder
(an &ldquo;indemnified person&rdquo;) shall notify the person from whom it is seeking indemnification (the &ldquo;indemnifying
person&rdquo;) of the commencement of any indemnifiable action or claim promptly after such indemnified person becomes aware of
such commencement (provided that the failure to make such notification shall not affect such indemnified person&rsquo;s rights
to seek indemnification except to the extent the indemnifying person is materially prejudiced by such failure) and shall consult
in good faith with the indemnifying person as to the conduct of the defense of such action or claim that may give rise to an indemnity
hereunder, which defense shall be reasonable in the circumstances. No indemnified person shall compromise or settle any action
or claim that may give rise to an indemnity hereunder without the consent of the indemnifying person, which consent shall not be
unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ADS Fees and Charges</U>.</B> The Company, the Holders, the Beneficial Owners, and persons depositing Shares for issuance
of ADSs or surrendering ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay the ADS fees and
charges identified as payable by them respectively in the ADS fee schedule attached hereto as Exhibit B. All ADS fees and charges
so payable may be deducted from distributions or must be remitted to the Depositary, or its designee, and may, at any time and
from time to time, be changed by agreement between the Depositary and the Company, but, in the case of ADS fees and charges payable
by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1. The Depositary shall provide, without charge,
a copy of its latest ADS fee schedule to anyone upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">ADS fees and charges payable upon (i) deposit
of Shares against issuance of ADSs and (ii)&nbsp;surrender of ADSs for cancellation and withdrawal of Deposited Property will be
payable by the person to whom the ADSs so issued are delivered by the Depositary (in the case of ADS issuances) and by the person
who delivers the ADSs for cancellation to the Depositary (in the case of ADS cancellations). In the case of ADSs issued by the
Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges will be payable
by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) surrendering the ADSs to the Depositary
for cancellation, as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the
account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC participant(s) as in
effect at the time. ADS fees and charges in respect of distributions and the ADS service fee are payable by Holders as of the applicable
ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the applicable ADS fees and
charges is deducted from the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service
fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced for the amount of the ADS
fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees
and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through DTC, and
may be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and
the DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may reimburse the Company
for certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making
available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company
and the Depositary agree from time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary
for such out-of-pocket expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such
fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise
agreed, the Depositary shall present its statement for such fees, charges and reimbursements to the Company once every three months.
The charges and expenses of the Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations of Holders and Beneficial
Owners to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation
or removal of such Depositary as described in Section 5.4, the right to collect ADS fees and charges shall extend for those ADS
fees and charges incurred prior to the effectiveness of such resignation or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pre-Release Transactions</U>.</B> Subject to the further terms and provisions of this Section 5.10, the Depositary, its
Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates
and in ADSs. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary
may, except in the case of Restricted ADSs, (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 and (ii) deliver
Shares prior to the receipt of ADSs for withdrawal of Deposited Securities pursuant to Section 2.7, including ADSs which were issued
under (i) above but for which Shares may not have been received (each such transaction a &ldquo;<U>Pre-Release Transaction</U>&rdquo;).
The Depositary may receive ADSs in lieu of Shares under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such
Pre-Release Transaction will be (a) subject to a written agreement whereby the person or entity (the &ldquo;<U>Applicant</U>&rdquo;)
to whom ADSs or Shares are to be delivered (w) represents that at the time of the Pre-Release Transaction the Applicant or its
customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (x) agrees to indicate
the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until
such Shares or ADSs are delivered to the Depositary or the Custodian, (y) unconditionally guarantees to deliver to the Depositary
or the Custodian, as applicable, such Shares or ADSs, and (z) agrees to any additional restrictions or requirements that the Depositary
deems appropriate, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the
Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days&rsquo; notice and (d) subject
to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the
number of ADSs and Shares involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding
(without giving effect to ADSs outstanding under (i) above), provided, however, that the Depositary reserves the right to change
or disregard such limit from time to time as it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may also set limits with
respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case-by-case basis as it
deems appropriate. The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing.
Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than
the Applicant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted Securities Owners</U>.</B> The Company agrees to advise in writing each of the persons or entities who, to
the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder
(except under the circumstances contemplated in Section 2.14) and, to the extent practicable, shall require each of such persons
to represent in writing that such person will not deposit Restricted Securities hereunder (except under the circumstances contemplated
in Section 2.14).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE VI<BR>
<BR>
AMENDMENT AND TERMINATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment/Supplement</U>.</B> Subject to the terms and conditions of this Section 6.1 and applicable law, the ADRs outstanding
at any time, the provisions of the Deposit Agreement and the form of ADR attached hereto and to be issued under the terms hereof
may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in
any respect which they may deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any
amendment or supplement which shall impose or increase any fees or charges (other than charges in connection with foreign exchange
control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially
prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding
ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders
of outstanding ADSs. Notice of any amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific
amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice
invalid, <U>provided</U>, <U>however</U>, that, in each such case, the notice given to the Holders identifies a means for Holders
and Beneficial Owners to retrieve or receive the text of such amendment (<I>i.e.</I>, upon retrieval from the Commission&rsquo;s,
the Depositary&rsquo;s or the Company&rsquo;s website or upon request from the Depositary). The parties hereto agree that any amendments
or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be
registered on Form F-6 under the Securities Act or (b) the ADSs to be settled solely in electronic book-entry form and (ii) do
not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice
any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement
so becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such amendment or supplement and
to be bound by the Deposit Agreement and the ADR, if applicable, as amended or supplemented thereby. In no event shall any amendment
or supplement impair the right of the Holder to surrender such ADS and receive therefor the Deposited Securities represented thereby,
except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body
should adopt new laws, rules or regulations which would require an amendment of, or supplement to, the Deposit Agreement to ensure
compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and any ADRs at any time in
accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and any ADRs in
such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other
period of time as required for compliance with such laws, rules or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U>.</B> The Depositary shall, at any time at the written direction of the Company, terminate the Deposit
Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior
to the date fixed in such notice for such termination. If ninety (90) days shall have expired after (i) the Depositary shall have
delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary
a written notice of the removal of the Depositary, and a successor depositary shall not have been appointed and accepted its appointment
as provided in Section 5.4 of the Deposit Agreement, the Depositary may terminate the Deposit Agreement by distributing notice
of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice
for such termination. The date so fixed for termination of the Deposit Agreement in any termination notice so distributed by the
Depositary to the Holders of ADSs is referred to as the &ldquo;<U>Termination Date</U>&rdquo;. Until the Termination Date, the
Depositary shall continue to perform all of its obligations under the Deposit Agreement, and the Holders and Beneficial Owners
will be entitled to all of their rights under the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any ADSs shall remain outstanding after
the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform any
further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions
of the Deposit Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell
Deposited Property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends
or other distributions received with respect thereto and the net proceeds of the sale of any other Deposited Property, in exchange
for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of,
and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial
Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required
under applicable law in connection with its role as Depositary under the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time after the Termination Date,
the Depositary may sell the Deposited Property then held under the Deposit Agreement and shall after such sale hold un-invested
the net proceeds of such sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account
and without liability for interest, for the pro - rata benefit of the Holders whose ADSs have not theretofore been surrendered.
After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to account
for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of,
and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial
Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection
with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations
under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement.
The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination
Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to
the Depositary for cancellation under the terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE VII<BR>
<BR>
MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>.</B> The Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed
an original and all of such counterparts together shall constitute one and the same agreement. Copies of the Deposit Agreement
shall be maintained with the Depositary and shall be open to inspection by any Holder during business hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Third-Party Beneficiaries</U>.</B> The Deposit Agreement is for the exclusive benefit of the parties hereto (and their
successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except
to the extent specifically set forth in the Deposit Agreement. Nothing in the Deposit Agreement shall be deemed to give rise to
a partnership or joint venture among the parties nor establish a fiduciary or similar relationship among the parties. The parties
hereto acknowledge and agree that (i) the Depositary and its Affiliates may at any time have multiple banking relationships with
the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in transactions in which parties
adverse to the Company or the Holders or Beneficial Owners may have interests and (iii) nothing contained in the Deposit Agreement
shall (a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing or maintaining such
relationships, and (b) obligate the Depositary or any of its Affiliates to disclose such transactions or relationships or to account
for any profit made or payment received in such transactions or relationships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>.</B> In case any one or more of the provisions contained in the Deposit Agreement or in the ADRs should
be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Holders and Beneficial Owners as Parties; Binding Effect</U>.</B> The Holders and Beneficial Owners from time to time
of ADSs issued hereunder shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof
and of any ADR evidencing their ADSs by acceptance thereof or any beneficial interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>.</B> Any and all notices to be given to the Company shall be deemed to have been duly given if personally
delivered or sent by mail, air courier or cable, telex, facsimile or other electronic transmission, confirmed by letter personally
delivered or sent by mail or air courier, addressed to Vale S.A., Av. Gra&ccedil;a Aranha, 26-12&ordm; andar, 20005-900 Rio de
Janeiro, RJ Brasil or to any other address which the Company may specify in writing to the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any and all notices to be given to the Depositary
shall be deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex, facsimile or other
electronic transmission, confirmed by letter personally delivered or sent by mail or air courier, addressed to Citibank, N.A.,
388 Greenwich Street, New York, New York 10013, U.S.A., <U>Attention</U>: Depositary Receipts Department, or to any other address
which the Depositary may specify in writing to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any and all notices to be given to any Holder
shall be deemed to have been duly given if (a)&nbsp;personally delivered or sent by mail or cable, telex or facsimile transmission,
confirmed by letter, addressed to such Holder at the address of such Holder as it appears on the books of the Depositary or, if
such Holder shall have filed with the Depositary a request that notices intended for such Holder be mailed to some other address,
at the address specified in such request, or (b)&nbsp;if a Holder shall have designated such means of notification as an acceptable
means of notification under the terms of the Deposit Agreement, by means of electronic messaging addressed for delivery to the
e-mail address designated by the Holder for such purpose. Notice to Holders shall be deemed to be notice to Beneficial Owners for
all purposes of the Deposit Agreement. Failure to notify a Holder or any defect in the notification to a Holder shall not affect
the sufficiency of notification to other Holders or to the Beneficial Owners of ADSs held by such other Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Delivery of a notice sent by mail, air courier
or cable, telex or facsimile transmission shall be deemed to be effective at the time when a duly addressed letter containing the
same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office
letter box or delivered to an air courier service, without regard for the actual receipt or time of actual receipt thereof by a
Holder. The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received by it from any
Holder, the Custodian, the Depositary, or the Company, notwithstanding that such cable, telex or facsimile transmission shall not
be subsequently confirmed by letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Delivery of a notice by means of electronic
messaging shall be deemed to be effective at the time of the initiation of the transmission by the sender (as shown on the sender&rsquo;s
records), notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve such message, or
fails to receive such notice on account of its failure to maintain the designated e-mail address, its failure to designate a substitute
e-mail address or for any other reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law and Jurisdiction</U>.</B> The Deposit Agreement and the ADRs shall be interpreted in accordance with, and
all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York applicable
to contracts made and to be wholly performed in that State without regard to the principles of choice of law which would result
in the application of the substantive law of any other jurisdiction. Notwithstanding anything contained in the Deposit Agreement,
any ADR or any present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other
Deposited Securities and the obligations and duties of the Company in respect of the holders of Shares and other Deposited Securities,
as such, shall be governed by the laws of Brazil (or, if applicable, such other laws as may govern the Deposited Securities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as set forth in the following paragraph
of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have jurisdiction
to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection
with the Deposit Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The
Company hereby designates, appoints and empowers Vale Americas Inc. (the &ldquo;<U>Agent</U>&rdquo;) now at Park 80 West 250 Pehle
Ave., Suite 302 Saddle Brook, New Jersey 07663 as its authorized agent to receive and accept for and on its behalf, and on behalf
of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be
served in any suit, action or proceeding brought against the Company in any federal or state court as described in the preceding
sentence or in the next paragraph of this Section 7.6. The Company may replace the Agent at its election at any time, but agrees
that if for any reason the Agent shall cease to be available to act as such, the Company agrees to designate a new agent in New
York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby
irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action
or proceeding against the Company, by service by mail of a copy thereof upon the Agent (whether or not the appointment of such
Agent shall for any reason prove to be ineffective or such Agent shall fail to accept or acknowledge such service), with a copy
mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5. The Company
agrees that the failure of the Agent to give any notice of such service to it shall not impair or affect in any way the validity
of such service or any judgment rendered in any action or proceeding based thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, the Depositary
and the Company unconditionally agree that in the event that a Holder or Beneficial Owner brings a suit, action or proceeding against
(a) the Company, (b) the Depositary in its capacity as Depositary under the Deposit Agreement or (c) against both the Company and
the Depositary, in any such case, in any state or federal court of the United States, and the Depositary or the Company have any
claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding,
then the Company and the Depositary may pursue such claim against each other in the state or federal court in the United States
in which such suit, action, or proceeding is pending and, for such purposes, the Company and the Depositary irrevocably submit
to the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Agent in the manner set forth
in the preceding paragraph shall be effective service upon it for any suit, action or proceeding brought against it as described
in this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any actions,
suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives
and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, and agrees not to plead or claim, any right of immunity from legal action, suit
or proceeding, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or
prior to judgment, from attachment in aid of execution or judgment, from execution of judgment, or from any other legal process
or proceeding for the giving of any relief or for the enforcement of any judgment, and consents to such relief and enforcement
against it, its assets and its revenues in any jurisdiction, in each case with respect to any matter arising out of, or in connection
with, the Deposit Agreement, any ADR or the Deposited Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>EACH OF THE PARTIES TO THE DEPOSIT AGREEMENT
(INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING
TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE).
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No disclaimer of liability under the Securities
Act is intended by any provision of the Deposit Agreement. The provisions of this Section 7.6 shall survive any termination of
the Deposit Agreement, in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assignment</U>.</B> Subject to the provisions of Section 5.4, the Deposit Agreement may not be assigned by either the
Company or the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with U.S. Securities Laws</U>.</B> Notwithstanding anything in the Deposit Agreement to the contrary, the
withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted
by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the
Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Brazilian Law References</U>.</B> Any summary of Brazilian laws and regulations and of the terms of the Company&rsquo;s
<I>estatuto social</I> set forth in the Deposit Agreement have been provided by the Company solely for the convenience of Holders,
Beneficial Owners and the Depositary. While such summaries are believed by the Company to be accurate as of the date of the Deposit
Agreement, (i)&nbsp;they are summaries and as such may not include all aspects of the materials summarized applicable to a Holder
or Beneficial Owner, and (ii) these laws and regulations and the Company&rsquo;s <I>estatuto social</I> may change after the date
of the Deposit Agreement. Neither the Depositary nor the Company has any obligation under the terms of the Deposit Agreement to
update any such summaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Relationship between the Company and Holders and Beneficial Owners</U>.</B> Notwithstanding any provision in this Deposit
Agreement to the contrary, Holders and Beneficial Owners, in their capacity as such, have no claims or rights against or in relation
to the Company to the extent that such claims or rights are conferred through ownership of the Shares, unless and until such Holders
and Beneficial Owners convert their ADSs into Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Titles and References</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit Agreement</U>.</B> All references in the Deposit Agreement to exhibits, articles, sections, subsections, and
other subdivisions refer to the exhibits, articles, sections, subsections and other subdivisions of the Deposit Agreement unless
expressly provided otherwise. The words &ldquo;the Deposit Agreement&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereby&rdquo;,
&ldquo;hereunder&rdquo;, and words of similar import refer to the Deposit Agreement as a whole as in effect at the relevant time
between the Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless
expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words
in the singular form shall be construed to include the plural and <I>vice versa</I> unless the context otherwise requires. Titles
to sections of the Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained
in the Deposit Agreement. References to &ldquo;applicable laws and regulations&rdquo; shall refer to laws and regulations applicable
to ADRs, ADSs or Deposited Property as in effect at the relevant time of determination, unless otherwise required by law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ADRs</U>.</B> All references in any ADR(s) to paragraphs, exhibits, articles, sections, subsections, and other subdivisions
refer to the paragraphs, exhibits, articles, sections, subsections and other subdivisions of the ADR(s) in question unless expressly
provided otherwise. The words &ldquo;the Receipt&rdquo;, &ldquo;the ADR&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereby&rdquo;,
&ldquo;hereunder&rdquo;, and words of similar import used in any ADR refer to the ADR as a whole and as in effect at the relevant
time, and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender in any
ADR shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and
<I>vice versa</I> unless the context otherwise requires. Titles to paragraphs of any ADR are included for convenience only and
shall be disregarded in construing the language contained in the ADR. References to &ldquo;applicable laws and regulations&rdquo;
shall refer to laws and regulations applicable to ADRs, ADSs or Deposited Property as in effect at the relevant time of determination,
unless otherwise required by law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment and Restatement</U></B>. As soon as practicable after the date of the Deposit Agreement, the Depositary shall
arrange to have new ADRs printed that reflect the form of ADR attached to the Deposit Agreement. All ADRs issued hereunder after
the date hereof, whether upon the deposit of Shares or other Deposited Securities or upon the transfer, combination or split-up
of existing ADRs, shall be substantially in the form of the specimen ADR attached as <U>Exhibit A</U> hereto. However, American
depositary receipts issued prior to the date hereof under the terms of the Original Deposit Agreement and outstanding as of the
date hereof, which do not reflect the form of ADR attached hereto as <U>Exhibit A</U>, do not need to be called in for exchange
and may remain outstanding until such time as the Holders thereof choose to surrender them for any reason under the Deposit Agreement.
The Depositary is authorized and directed to take any and all actions deemed necessary to effect the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby instructs the Depositary
to (i) promptly send notice of the execution of the Deposit Agreement to all holders of American depositary shares outstanding
under the Original Deposit Agreement as of the date hereof and (ii) inform holders of American depositary shares issued as &ldquo;certificated
American depositary shares&rdquo; and outstanding under the Original Deposit Agreement as of the date hereof that they have the
opportunity, but are not required, to exchange their American depositary receipts for one or more ADR(s) issued pursuant to the
Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders and Beneficial Owners of American
depositary shares issued pursuant to the Original Deposit Agreement and outstanding as of the date hereof, shall, from and after
the date hereof, be deemed Holders and Beneficial Owners of ADSs issued pursuant and be subject to all of the terms and conditions
of the Deposit Agreement in all respects, provided, however, that any term of the Deposit Agreement that prejudices any substantial
existing right of holders or beneficial owners of American depositary shares issued under the Original Deposit Agreement shall
not become effective as to Holders and Beneficial Owners until thirty (30) days after notice of the amendments effectuated by the
Deposit Agreement shall have been given to holders of ADSs outstanding as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, VALE S.A. and CITIBANK,
N.A. have duly executed the Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners
shall become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon acquisition of
any beneficial interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">VALE S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">By: <U>/s/
Luciano Siani Pires</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:
Luciano Siani Pires</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Executive Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">CITIBANK, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">By:
<U>/s/ Keith Galfo</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:
Keith Galfo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Vice President</P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM OF ADR]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">Number</TD>
    <TD STYLE="width: 40%">&#9;CUSIP NUMBER:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>_____________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>American Depositary Shares (each American Depositary
Share representing the right to receive one (1) fully paid common share, without par value)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY RECEIPT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">representing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEPOSITED COMMON SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vale S.A. (formerly &ldquo;Companhia Vale
do Rio Doce&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Incorporated under the laws of the Federative
Republic of Brazil)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">CITIBANK, N.A., a national banking association
organized and existing under the laws of the United States of America, as depositary (the &ldquo;Depositary&rdquo;), hereby certifies
that _____________is the owner of ______________ American Depositary Shares (hereinafter &ldquo;ADS&rdquo;) representing deposited
common shares, without par value, including evidence of rights to receive such common shares (the &ldquo;Shares&rdquo;), of Vale
S.A. (formerly &ldquo;Companhia Vale do Rio Doce&rdquo;), a corporation incorporated under the laws of the Federative Republic
of Brazil (the &ldquo;Company&rdquo;). As of the date of the Deposit Agreement (as hereinafter defined), each ADS represents the
right to receive one (1) Share deposited under the Deposit Agreement with the Custodian, which at the date of execution of the
Deposit Agreement is Banco Bradesco S.A. (the &ldquo;Custodian&rdquo;). The ADS(s)-to-Share(s) ratio is subject to amendment as
provided in Articles IV and VI of the Deposit Agreement. The Depositary&rsquo;s Principal Office is located at 388 Greenwich Street,
New York, New York 10013, U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Deposit Agreement</U>.</B> This American Depositary Receipt is one of an issue of American Depositary Receipts (&ldquo;ADRs&rdquo;),
all issued and to be issued upon the terms and conditions set forth in theAmended and Restated Common Shares Deposit Agreement,
dated as of December 22, 2015 (as amended and supplemented from time to time, the &ldquo;Deposit Agreement&rdquo;), by and among
the Company, the Depositary, and all Holders and Beneficial Owners from time to time of ADSs issued thereunder. The Deposit Agreement
sets forth the rights and obligations of Holders and Beneficial Owners of ADSs and the rights and duties of the Depositary in respect
of the Shares deposited thereunder and any and all other Deposited Property (as defined in the Deposit Agreement) from time to
time received and held on deposit in respect of the ADSs. Copies of the Deposit Agreement are on file at the Principal Office of
the Depositary and with the Custodian. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein)
issued in accordance with the terms and conditions of the Deposit Agreement, or by continuing to hold, from and after the date
hereof any American depositary shares issued and outstanding under the Original Deposit Agreement, shall be deemed for all purposes
to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), and (b) appoint the Depositary
its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit
Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action
as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and
the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The statements made on the face and reverse
of this ADR are summaries of certain provisions of the Deposit Agreement and the <I>estatuto social</I> of the Company (as in effect
on the date of the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit
Agreement and the <I>estatuto social</I>, to which reference is hereby made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All capitalized terms not defined herein
shall have the meanings ascribed thereto in the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary makes no representation or
warranty as to the validity or worth of the Deposited Property. The Depositary has made arrangements for the acceptance of the
ADSs into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the procedures of DTC and the DTC Participants to exercise
and be entitled to any rights attributable to such ADSs. The Depositary may issue Uncertificated ADSs subject, however, to the
terms and conditions of Section 2.13 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Surrender of ADSs and Withdrawal of Deposited Securities</U>.</B> The Holder of this ADR (and of the ADSs evidenced hereby)
shall be entitled to Delivery (at the Custodian&rsquo;s designated office) of the Deposited Securities at the time represented
by the ADSs evidenced hereby upon satisfaction of each of the following conditions: (i) the Holder (or a duly-authorized attorney
of the Holder) has duly Delivered ADSs to the Depositary at its Principal Office the ADSs evidenced hereby (and, if applicable,
this ADR evidencing such ADSs) for the purpose of withdrawal of the Deposited Securities represented thereby, (ii) if applicable
and so required by the Depositary, this ADR Delivered to the Depositary for such purpose has been properly endorsed in blank or
is accompanied by proper instruments of transfer in blank (including signature guarantees in accordance with standard securities
industry practice), (iii) if so required by the Depositary, the Holder of the ADSs has executed and delivered to the Depositary
a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written
order of the person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary
and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and <U>Exhibit B</U> to, the Deposit Agreement)
have been paid, <I>subject, however, in each case</I>, to the terms and conditions of this ADR evidencing the surrendered ADSs,
of the Deposit Agreement, of the Company&rsquo;s <I>estatuto social</I>, and of any applicable laws and the rules of the CBLC,
and to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon satisfaction of each of the conditions
specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, this ADR(s) evidencing the ADSs
so Delivered) in accordance with U.S. market practice, (ii)&nbsp;shall direct the Registrar to record the cancellation of the ADSs
so Delivered on the books maintained for such purpose, and (iii)&nbsp;shall direct the Custodian to Deliver, or cause the Delivery
of, in each case, without unreasonable delay, the Deposited Securities represented by the ADSs so canceled together with any certificate
or other document of title for the Deposited Securities, or evidence of the electronic transfer thereof (if available), as the
case may be, to or upon the written order of the person(s) designated in the order delivered to the Depositary for such purpose,
<I>subject however, in each case</I>, to the terms and conditions of the Deposit Agreement, of this ADR evidencing the ADS so canceled,
of the <I>estatuto social</I> of the Company, of any applicable laws and of the rules of the CBLC, and to the terms and conditions
of or governing the Deposited Securities, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not accept for surrender
ADSs representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number other than a whole number
of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the
terms hereof, and shall, at the discretion of the Depositary, either (i)&nbsp;return to the person surrendering such ADSs the number
of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs
so surrendered and remit the proceeds of such sale (net of (a)&nbsp;applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes withheld) to the person surrendering the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in this ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary of Deposited Property
consisting of (i)&nbsp;any cash dividends or cash distributions, or (ii)&nbsp;any proceeds from the sale of any non-cash distributions,
which are at the time held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation
and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs represented by this ADR, and for the account
of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any Deposited Property (other
than Deposited Securities) held by the Custodian in respect of such ADSs to the Depositary for delivery at the Principal Office
of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex
or facsimile transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer, Combination and Split-up of ADRs</U>.</B> The Registrar shall register the transfer of this ADR (and of the
ADSs represented hereby) on the books maintained for such purpose, as soon as is reasonably practicable, and the Depositary shall
(x)&nbsp;cancel this ADR and execute new ADRs evidencing the same aggregate number of ADSs as those evidenced by this ADR canceled
by the Depositary, (y)&nbsp;cause the Registrar to countersign such new ADRs, and (z)&nbsp;Deliver such new ADRs to or upon the
order of the person entitled thereto, if each of the following conditions has been satisfied: (i)&nbsp;this ADR has been duly Delivered
by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting
a transfer thereof, (ii)&nbsp;this surrendered ADR has been properly endorsed or is accompanied by proper instruments of transfer
(including signature guarantees in accordance with standard securities industry practice), (iii) this surrendered ADR has been
duly stamped (if required by the laws of the State of New York or of the United States), and (iv)&nbsp;all applicable fees and
charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section
5.9 of, and <U>Exhibit B</U> to, the Deposit Agreement) have been paid, <I>subject, however, in each case,</I> to the terms and
conditions of this ADR, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar, as soon as is reasonably
practicable, shall register the split-up or combination of this ADR (and of the ADSs represented hereby) on the books maintained
for such purpose and the Depositary shall (x)&nbsp;cancel this ADR and execute new ADRs for the number of ADSs requested, but in
the aggregate not exceeding the number of ADSs evidenced by this ADR canceled by the Depositary, (y)&nbsp;cause the Registrar to
countersign such new ADRs, and (z)&nbsp;Deliver such new ADRs to or upon the order of the Holder thereof, if each of the following
conditions has been satisfied: (i)&nbsp;this ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the
Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or combination hereof, and (ii)&nbsp;all
applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as
are set forth in Section 5.9 of, and <U>Exhibit B</U> to, the Deposit Agreement) have been paid, <I>subject, however, in each case</I>,
to the terms and conditions of this ADR, of the Deposit Agreement and of applicable law, in each case as in effect at the time
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may (with notice given as
promptly as practicable to the Company) appoint one or more co-transfer agents for the purpose of effecting transfers, combinations
and split-ups of ADRs at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer
agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons entitled
to such ADRs and will be entitled to protection and indemnity to the same extent as the Depositary. Such co-transfer agents may
be removed and substitutes appointed by the Depositary (with notice given as promptly as practicable to the Company). Each co-transfer
agent appointed under Section 2.6 of the Deposit Agreement (other than the Depositary) shall give notice in writing to the Depositary
accepting such appointment and agreeing to be bound by the applicable terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pre-Conditions to Registration, Transfer, Etc</U>.</B> As a condition precedent to the execution and delivery, the registration
of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal
of any Deposited Property, the Company, the Depositary or the Custodian may require (i) payment from the depositor of Shares or
presenter of ADSs or of this ADR of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer
or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn)
and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 and <U>Exhibit B</U> to the Deposit
Agreement and in this ADR, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature
or any other matter contemplated by Section 3.1 of the Deposit Agreement, and (iii) compliance with (A) any laws or governmental
regulations relating to the execution and delivery of this ADR or ADSs or to the withdrawal of Deposited Securities and (B) such
reasonable regulations as the Depositary and the Company may establish consistent with the provisions of this ADR, if applicable,
the Deposit Agreement and applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The issuance of ADSs against deposits of
Shares generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused,
or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfer of ADSs generally
may be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar
are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time
or from time to time because of any requirement of law or regulation, any government or governmental body or commission or any
securities exchange on which the Shares or ADSs are listed, or under any provision of the Deposit Agreement or this ADR, if applicable,
or under any provision of, or governing, the Deposited Securities, or because of a meeting of shareholders of the Company or for
any other reason, subject, in all cases to paragraph (25) of this ADR and Section 7.8 of the Deposit Agreement. Notwithstanding
any provision of the Deposit Agreement or this ADR to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw
the Deposited Securities associated therewith at any time subject only to (i)&nbsp;temporary delays caused by closing the transfer
books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders&rsquo; meeting or the
payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental
regulations relating to the ADSs or to the withdrawal of the Deposited Securities, and (iv)&nbsp;other circumstances specifically
contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time
to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance With Information Requests</U>.</B> Notwithstanding any other provision of the Deposit Agreement or this ADR,
each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to applicable
law, the rules and requirements of the BM&amp;FBOVESPA, and any other stock exchange on which the Shares or ADSs are, or will be,
registered, traded or listed, or the <I>estatuto social</I> of the Company, which are made to provide information, <I>inter alia</I>,
as to the capacity in which such Holder or Beneficial Owner owns ADSs (and the Shares represented by such ADSs, as the case may
be) and regarding the identity of any other person(s) interested in such ADSs (and the Shares represented by such ADSs, as the
case may be) and the nature of such interest and various other matters, whether or not they are Holders and/or Beneficial Owners
at the time of such request. The Depositary agrees, at the Company&rsquo;s expense, to use its reasonable efforts to (i) forward,
upon the request of the Company, any such request from the Company to the Holders or the Beneficial Owners, and (ii) to forward
to the Company any responses to such requests received by the Depositary. The Depositary and the Company shall comply with paragraph
3, article 3 of Regulation Annex V to Resolution 1.289.87 (as published in Resolution 1.927/92) of the Brazilian Monetary Council,
and agree to furnish the Brazilian Securities and Exchange Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>, also
known as &ldquo;<U>CVM</U>&rdquo;) and the Brazilian Central Bank (<I>Banco Central do Brasil</I>, also known as &ldquo;<U>BACEN</U>&rdquo;),
whenever required, information or documents related to the approved ADR program, the Deposited Securities and distributions thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Ownership Restrictions</U>.</B> Notwithstanding any other provision of this ADR or of the Deposit Agreement, the Company
may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable
law or the <I>estatuto social </I>of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers
of the ADSs where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial
Owner exceeding any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary
to take action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the
preceding sentence, including but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation
of voting rights or the mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the
ADSs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted
by applicable law and the <I>estatuto social</I> of the Company. Nothing herein or in the Deposit Agreement shall be interpreted
as obligating the Depositary or the Company to ensure compliance with the ownership restrictions described herein or in Section
3.5 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reporting Obligations and Regulatory Approvals</U>.</B> Applicable laws and regulations, including those of BACEN, CVM
and BM&amp;FBOVESPA, may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs,
to comply with some disclosure and trading standards (as of the date of the Deposit Agreement, mainly provided for in CVM Ruling
no. 358/02), to satisfy reporting requirements and to obtain regulatory approvals in certain circumstances. Holders and Beneficial
Owners of ADSs are solely responsible for determining and complying with such reporting requirements and for obtaining such approvals.
Each Holder and each Beneficial Owner hereby agrees to make such determination, file such reports, and obtain such approvals to
the extent and in the form required by applicable laws and regulations as in effect from time to time. Neither the Depositary,
the Custodian, the Company or any of their respective agents or Affiliates shall be required to take any actions whatsoever on
behalf of Holders or Beneficial Owners to determine or satisfy such reporting requirements or obtain such regulatory approvals
under applicable laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liability for Taxes and Other Charges</U>.</B> Any tax or other governmental charge payable by the Custodian or by the
Depositary with respect to any Deposited Property, ADSs or this ADR shall be payable by the Holders and Beneficial Owners to the
Depositary, and the Company shall have no liability therefor (except in case the Company is the Holder or the Beneficial Owner
of the applicable ADSs). The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in
respect of Deposited Property, and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Property
and apply such distributions and sale proceeds in payment of, any taxes (including applicable interest and penalties) or charges
that are or may be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited Property and this ADR, the Holder
and the Beneficial Owner hereof remaining liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary
may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs and (subject
to paragraph (25) of this ADR and Section 7.8 of the Deposit Agreement) the withdrawal of Deposited Property until payment in full
of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the
Company, the Custodian, and any of their agents, officers, employees and Affiliates for, and to hold each of them harmless from,
any claims with respect to taxes (including applicable interest and penalties thereon) arising from any tax benefit obtained for
such Holder and/or Beneficial Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties of Depositors</U>.</B> Each person depositing Shares under the Deposit Agreement shall
be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued,
fully paid, non-assessable and legally obtained by such person, (ii)&nbsp;all preemptive (and similar) rights, if any, with respect
to such Shares have been validly waived or exercised, (iii)&nbsp;the person making such deposit is duly authorized so to do, (iv)
the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim,
(v) the Shares presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except
as contemplated in Section 2.14 of the Deposit Agreement), and (vi)&nbsp;the Shares presented for deposit have not been stripped
of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance
and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false
in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take
any and all actions necessary to correct the consequences thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proofs, Certificates and Other Information</U>.</B> Any person presenting Shares for deposit, any Holder and any Beneficial
Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary, the Company
and the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental
charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Property, compliance with applicable laws,
the terms of the Deposit Agreement or this ADR evidencing the ADSs and the provisions of, or governing, the Deposited Property,
to execute such certifications and to make such representations and warranties, and to provide such other information and documentation
(or, in the case of Shares in registered form presented for deposit, such information relating to the registration on the books
of the Company or of the Share Registrar) as the Depositary or the Custodian may reasonably deem necessary or proper or as the
Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement
and this ADR. The Depositary and the Registrar, as applicable, may, and at the reasonable request of the Company, shall, to the
extent practicable, withhold the execution or delivery or registration of transfer of any ADR or ADS or the distribution or sale
of any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited by paragraph (25) and Section
7.8 of the Deposit Agreement, the delivery of any Deposited Property until such proof or other information is filed or such certifications
are executed, or such representations and warranties are made, or such other documentation or information provided, in each case
to the Depositary&rsquo;s, the Registrar&rsquo;s and the Company&rsquo;s satisfaction. The Depositary shall provide the Company,
in a timely manner, with copies or originals if necessary and appropriate of (i) any such proofs of citizenship or residence, taxpayer
status, or exchange control approval or copies of written representations and warranties which it receives from Holders and Beneficial
Owners, and (ii) any other information or documents which the Company may reasonably request and which the Depositary shall request
and receive from any Holder or Beneficial Owner or any person presenting Shares for deposit or ADSs for cancellation, transfer
or withdrawal. The Depositary shall not be required to (i) except to the extent that such information is readily accessible from
the records of the Depositary, obtain any information for the Company if not provided by the Holders or Beneficial Owners, or (ii)
verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ADS Fees and Charges</U>. </B>The following ADS fees are payable under the terms of the Deposit Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(i)</B></FONT></TD><TD><U>ADS Issuance Fee</U>: by any person depositing Shares
or to whom ADSs are issued upon the deposit of Shares (excluding issuances as a result of distributions described in paragraph
(iv) below), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) so issued under the terms of the Deposit Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(ii)</B></TD><TD><U>ADS Cancellation Fee</U>: by any person surrendering ADSs for cancellation and withdrawal of Deposited Property or by any
person to whom Deposited Property is delivered, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) surrendered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(iii)</B></TD><TD><U>Cash Distribution Fee</U>: by any Holder of ADSs, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held
for the distribution of cash dividends or other cash distributions (<I>i.e.</I>, sale of rights and other entitlements);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(iv)</B></TD><TD><U>Stock Distribution /Rights Exercise Fee</U>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or
fraction thereof) held for (a)&nbsp;stock dividends or other free stock distributions, or (b)&nbsp;exercise of rights to purchase
additional ADSs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(v)</B></TD><TD><U>Other Distribution Fee</U>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof)
held for the distribution of securities other than ADSs or rights to purchase additional ADSs (i.e., spin-off shares); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(vi)</B></TD><TD><U>Depositary Services Fee</U>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof)
held on the applicable record date(s) established by the Depositary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Holders, Beneficial Owners, persons
depositing Shares and persons surrendering ADSs for cancellation and for the purpose of withdrawing Deposited Securities shall
be responsible for the following ADS charges under the terms of the Deposit Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD>taxes (including applicable interest and penalties) and other governmental charges;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD>such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on
the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the
Depositary or any nominees upon the making of deposits and withdrawals, respectively;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD>such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit Agreement to be
at the expense of the person depositing Shares or withdrawing Deposited Securities or of the Holders and Beneficial Owners of ADSs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD>the expenses and charges incurred by the Depositary in the conversion of foreign currency;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD>such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and
other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD>the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the servicing or delivery
of Deposited Property.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All ADS fees and charges may, at any time
and from time to time, be changed by agreement between the Depositary and Company but, in the case of ADS fees and charges payable
by Holders and Beneficial Owners, only in the manner contemplated by paragraph (23) of this ADR and as contemplated in the Deposit
Agreement. The Depositary shall provide, without charge, a copy of its latest ADS fee schedule to anyone upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">ADS fees and charges payable upon (i) deposit
of Shares against issuance of ADSs and (ii)&nbsp;surrender of ADSs for cancellation and withdrawal of Deposited Property will be
payable by the person to whom the ADSs so issued are delivered by the Depositary (in the case of ADS issuances) and by the person
who delivers the ADSs for cancellation to the Depositary (in the case of ADS cancellations). In the case of ADSs issued by the
Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges will be payable
by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) surrendering the ADSs to the Depositary
for cancellation, as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the
account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC Participant(s) as in
effect at the time. ADS fees and charges in respect of distributions and the ADS service fee are payable by Holders as of the applicable
ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the applicable ADS fees and
charges is deducted from the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service
fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced for the amount of the ADS
fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees
and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through DTC and may
be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and the
DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may reimburse the Company
for certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making
available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company
and the Depositary agree from time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary
for such out-of-pocket expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such
fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise
agreed, the Depositary shall present its statement for such fees, charges and reimbursements to the Company once every three months.
The charges and expenses of the Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations of Holders and Beneficial
Owners to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation
or removal of such Depositary as described in Section 5.4 of the Deposit Agreement, the right to collect ADS fees and charges shall
extend for those ADS fees and charges incurred prior to the effectiveness of such resignation or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to ADRs</U>.</B> Subject to the limitations contained in the Deposit Agreement and in this ADR, it is a condition
of this ADR, and every successive Holder of this ADR by accepting or holding the same consents and agrees, that title to this ADR
(and to each Certificated ADS evidenced hereby) shall be transferable upon the same terms as a certificated security under the
laws of the State of New York, provided that, in the case of Certificated ADSs, this ADR has been properly endorsed or is accompanied
by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat
the Holder of this ADR (that is, the person in whose name this ADR is registered on the books of the Depositary) as the absolute
owner thereof for all purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability
under the Deposit Agreement or this ADR to any holder of this ADR or any Beneficial Owner unless, in the case of a holder of ADSs,
such holder is the Holder of this ADR registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial
Owner, or the Beneficial Owner&rsquo;s representative, is the Holder registered on the books of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Validity of ADR</U>.</B> The Holder(s) of this ADR (and the ADSs represented hereby) shall not be entitled to any benefits
under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless this ADR has
been (i) dated, (ii) signed by the manual or facsimile signature of a duly-authorized signatory of the Depositary, (iii) countersigned
by the manual or facsimile signature of a duly-authorized signatory of the Registrar, and (iv) registered in the books maintained
by the Registrar for the registration of issuances and transfers of ADRs. An ADR bearing the facsimile signature of a duly-authorized
signatory of the Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the Depositary or
the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so
authorized prior to the delivery of such ADR by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Available Information; Reports; Inspection of Transfer Books</U>. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is subject to the periodic reporting
requirements of the Exchange Act and, accordingly, is required to file or submit certain reports with the Commission. These reports
can be retrieved from the Commission's website (www.sec.gov) and can be inspected and copied at the public reference facilities
maintained by the Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549. The
Depositary shall make available for inspection by Holders at its Principal Office, as promptly as practicable after receipt thereof,
any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received
by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Property and (b) made generally
available to the holders of such Deposited Property by the Company. The Depositary shall also provide or make available to Holders
copies of such reports when furnished by the Company pursuant to Section 5.6 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar shall keep books for the registration
of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that
such inspection shall not be, to the Registrar&rsquo;s knowledge, for the purpose of communicating with Holders of such ADSs in
the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement
or the ADSs. Upon the reasonable request, and at the expense of, the Company, the Company shall have the right to examine and copy
the registration and transfer records of the Depositary or the Registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar may close the transfer books
with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection
with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to paragraph
(25) and Section 7.8 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">CITIBANK, N.A.<BR>
Transfer Agent and Registrar</TD>
    <TD STYLE="width: 50%">CITIBANK, N.A.<BR>
as Depositary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:&#9;__________________________________&#9;</TD>
    <TD>By:&#9;__________________________________&#9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.125in; text-align: left">&nbsp;&nbsp;&nbsp;Authorized Signatory</TD>
    <TD STYLE="text-indent: 0.125in; text-align: left">&nbsp;&nbsp;&nbsp;Authorized Signatory</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">The address of the Principal
Office of the Depositary is 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM OF REVERSE OF ADR]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SUMMARY OF CERTAIN ADDITIONAL PROVISIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF THE DEPOSIT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dividends and Distributions in Cash, Shares, etc</U>.</B> (a) <B><I>Cash Distributions</I></B>: Whenever the Company
intends to make a distribution of a cash dividend or other cash distribution in respect of any Deposited Securities, the Company
shall give notice thereof to the Depositary at least fifteen (15) days prior to the proposed distribution specifying, <I>inter
alia</I>, the record date applicable for determining the holders of Deposited Securities entitled to receive such distribution.
Upon the timely receipt of such notice, the Depositary shall establish an ADS Record Date upon the terms described in Section 4.9
of the Deposit Agreement. Upon receipt of confirmation from the Custodian of the receipt of (x)&nbsp;any cash dividend or other
cash distribution on any Deposited Securities, or (y)&nbsp;proceeds from the sale of any Deposited Property held in respect of
the ADSs under the terms of the Deposit Agreement, the Depositary will (i)&nbsp;if at the time of receipt thereof any amounts received
in a Foreign Currency can, in the judgment of the Depositary (pursuant to Section 4.8 of the Deposit Agreement), be converted on
a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend,
distribution or proceeds into Dollars (on the terms described in Section 4.8 of the Deposit Agreement), (ii)&nbsp;if applicable
and unless previously established, establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement,
and (iii)&nbsp;distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred
by, the Depositary and (b) taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the number
of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without
attributing to any Holder a fraction of one cent, and any balance not so distributed shall be held by the Depositary (without liability
for interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution to Holders
of ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the Depositary is required to withhold
and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities, or from any cash proceeds
from the sales of Deposited Property, an amount on account of taxes, duties or other governmental charges, the amount distributed
to Holders on the ADSs shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or
the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company
to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest bearing
account for the benefit of the applicable Holders and Beneficial Owners of ADSs until the distribution can be effected or the funds
that the Depositary holds must be escheated as unclaimed property in accordance with the laws of the relevant states of the United
States. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the
Depositary timely notice of the proposed distribution provided for in Section 4.1 of the Deposit Agreement, the Depositary agrees
to use commercially reasonable efforts to perform the actions contemplated in Section 4.1 of the Deposit Agreement, and the Company,
the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s failure
to perform the actions contemplated in Section 4.1 of the Deposit Agreement where such notice has not been so timely given, other
than its failure to use commercially reasonable efforts, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) <B><I>Share Distributions</I></B>: Whenever
the Company intends to make a distribution that consists of a dividend in, or free distribution of, Shares, the Company shall give
notice thereof to the Depositary at least twenty (20) days prior to the proposed distribution, specifying, <I>inter alia</I>, the
record date applicable to holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such
notice from the Company, the Depositary shall establish an ADS Record Date upon the terms described in Section 4.9 of the Deposit
Agreement. Upon receipt of confirmation from the Custodian of the receipt of the Shares so distributed by the Company, the Depositary
shall either (i) subject to Section 5.9 of the Deposit Agreement, distribute to the Holders as of the ADS Record Date in proportion
to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received
as such dividend, or free distribution, subject to the other terms of the Deposit Agreement (including, without limitation, (a)
the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not
so distributed, take all actions necessary so that each ADS issued and outstanding after the ADS Record Date shall, to the extent
permissible by law, thenceforth also represent rights and interests in the additional integral number of Shares distributed upon
the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary,
and (b) taxes). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may
be, represented by the aggregate of such fractions and distribute the net proceeds upon the terms described in Section 4.1 of the
Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Depositary determines
that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is
obligated to withhold, or, if the Company in the fulfillment of its obligations under Section 5.7 of the Deposit Agreement, has
furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order
to be distributed to Holders (and no such registration statement has been declared effective), the Depositary may dispose of all
or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including
by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds
of any such sale (after deduction of (a) taxes and (b)&nbsp;fees and charges of, and the expenses incurred by, the Depositary)
to Holders entitled thereto upon the terms of Section 4.1 of the Deposit Agreement. The Depositary shall hold and/or distribute
any unsold balance of such property in accordance with the provisions of the Deposit Agreement. Notwithstanding anything contained
in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution
provided for in Section 4.2 of the Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the
actions contemplated in Section 4.2 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge
that the Depositary shall have no liability for the Depositary&rsquo;s failure to perform the actions contemplated in Section 4.2
of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable
efforts, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) <B><I>Elective Distributions in Cash
or Shares</I></B>: Whenever the Company intends to make a distribution payable at the election of the holders of Deposited Securities
in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least sixty (60) days prior to the
proposed distribution, or such shorter period as the Depositary and the Company may mutually agree, specifying, <I>inter alia</I>,
the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not
it wishes such elective distribution to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating that
the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company
to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable
to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution available
to Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii)&nbsp;the
Depositary shall have determined, upon consultation with the Company, that such distribution is reasonably practicable and (iii)
the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement.
If the above conditions are not satisfied, the Depositary shall establish an ADS Record Date on the terms described in Section
4.9 of the Deposit Agreement and, to the extent permitted by law, distribute to the Holders, on the basis of the same determination
as is made in Brazil in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section
4.1 of the Deposit Agreement or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2
of the Deposit Agreement. If the above conditions are satisfied, the Depositary shall establish the ADS Record Date on the terms
described in Section 4.9 of the Deposit Agreement and establish procedures to enable the Holder to elect the receipt of the proposed
distribution in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent
necessary. If a Holder elects to receive the proposed distribution (X) in cash, the distribution shall be made upon the terms described
in Section 4.1 of the Deposit Agreement, or (Y)&nbsp;in ADSs, the distribution shall be made upon the terms described in Section
4.2 of the Deposit Agreement. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the
elective distribution in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular,
will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. Notwithstanding
anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice
of the proposed distribution provided for in Section 4.3 of the Deposit Agreement, the Depositary agrees to use commercially reasonable
efforts to perform the actions contemplated in Section 4.3 of the Deposit Agreement, and the Company, the Holders and the Beneficial
Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s failure to perform the actions contemplated
in Section 4.3 of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially
reasonable efforts, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) <B><I>Distribution of Rights to Purchase
Additional ADSs</I></B>: Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe
for additional Shares, the Company shall give notice thereof to the Depositary at least sixty (60) days prior to the proposed distribution,
or such shorter period as the Depositary and the Company may mutually agree, specifying, <I>inter alia</I>, the record date applicable
to holders of Deposited Securities entitled to receive such distribution and whether or not it wishes such rights to be made available
to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such rights to be made available to
Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its
determination, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall
make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to
Holders, (ii) the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.7 of the Deposit
Agreement, and (iii) the Depositary shall have determined that such distribution of rights is reasonably practicable. In the event
any of the conditions set forth above are not satisfied or if the Company requests that the rights not be made available to Holders
of ADSs, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) of the Deposit Agreement. In
the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described
in Section 4.9 of the Deposit Agreement) and establish procedures to (x)&nbsp;distribute rights to purchase additional ADSs (by
means of warrants or otherwise), (y)&nbsp;to enable the Holders to exercise such rights (upon payment of the subscription price
and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes), and (z)&nbsp;to deliver
ADSs upon the valid exercise of such rights. The Company shall assist the Depositary to the extent necessary in establishing such
procedures. Nothing herein shall obligate the Depositary to make available to the Holders a method to exercise rights to subscribe
for Shares (rather than ADSs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If (i) the Company does not timely request
the Depositary to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary
fails to receive satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, or determines, upon consultation
with the Company, it is not reasonably practicable to make the rights available to Holders, or (iii) any rights made available
are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable
to sell such rights, in a riskless principal capacity, at such place and upon such terms (including public or private sale) as
it may deem practicable. The Company shall assist the Depositary to the extent necessary to determine such legality and practicability.
The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of,
and expenses incurred by, the Depositary and (b) taxes) upon the terms set forth in Section 4.1 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Depositary is unable to make any
rights available to Holders upon the terms described in Section 4.4(a) of the Deposit Agreement or to arrange for the sale of the
rights upon the terms described in Section 4.4(b) of the Deposit Agreement, the Depositary shall allow such rights to lapse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be responsible
for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any
Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii)
the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything to the contrary
in Section 4.4 of the Deposit Agreement, if registration (under the Securities Act or any other applicable law) of the rights or
the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders
and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i)&nbsp;unless
and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii)&nbsp;unless
the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any
other applicable country in which rights would be distributed, in each case reasonably satisfactory to the Depositary, to the effect
that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration
under, the provisions of the Securities Act or any other applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Company, the Depositary
or the Custodian shall be required to withhold and does withhold from any distribution of Deposited Property (including rights)
an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs shall be reduced accordingly.
In the event that the Depositary determines that any distribution of Deposited Property (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may
dispose of all or a portion of such Deposited Property (including Shares and rights to subscribe therefor) in such amounts and
in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or
charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that Holders generally,
or any Holder in particular, will be given the opportunity to receive or exercise rights on the same terms and conditions as the
holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement
in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) <B><I>Distributions other than Cash,
Shares or Rights to Purchase Shares</I></B>: Whenever the Company intends to distribute to the holders of Deposited Securities
property other than cash, Shares or rights to purchase additional Shares, the Company shall give timely notice thereof to the Depositary
and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating
that the Company wishes such distribution be made to Holders of ADSs, the Depositary shall consult with the Company, and the Company
shall assist the Depositary, to determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary
shall not make such distribution unless (i) the Company shall have requested the Depositary to make such distribution to Holders,
(ii)&nbsp;the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.7 of the Deposit
Agreement, and (iii) the Depositary shall have determined, after consultation with the Company, that such distribution is reasonably
practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon receipt of reasonably satisfactory
documentation and the request of the Company to distribute property to Holders of ADSs and after making the requisite determinations
set forth in (a) above, the Depositary shall distribute the property so received to the Holders of record, as of the ADS Record
Date, in proportion to the number of ADSs held by them respectively and in such manner as the Depositary may deem practicable for
accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred
by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or a portion of the property so distributed
and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or
necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If (i) the Company does not request the
Depositary to make such distribution to Holders or requests not to make such distribution to Holders, (ii) the Depositary does
not receive reasonably satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, or (iii) the Depositary
determines, after consultation with the Company, that all or a portion of such distribution is not reasonably practicable, the
Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms
as it may deem practicable and shall (i) cause the proceeds of such sale, if in a Foreign Currency, to be converted into Dollars
and (ii) distribute the proceeds of such conversion received by the Depositary (net of applicable (a) fees and charges of, and
expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms of Section 4.1 of the
Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account
of the Holders in any way it deems reasonably practicable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the Depositary nor the Company shall
be responsible for (i) any failure to determine whether it is lawful or practicable to make the property described in Section 4.5
of the Deposit Agreement available to Holders in general or any Holders in particular, nor (ii) any loss incurred in connection
with the sale or disposal of such property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(16)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption</U>.</B> If the Company intends to exercise any right of redemption in respect of any of the Deposited Securities,
the Company shall give notice thereof to the Depositary at least sixty (60) days prior to the intended date of redemption, or such
shorter period that Depositary and the Company may mutually agree, which notice shall set forth the particulars of the proposed
redemption. Upon timely receipt of (i) such notice and (ii)&nbsp;satisfactory documentation given by the Company to the Depositary
within the terms of Section 5.7 of the Deposit Agreement, and only if, after consultation with the Company, the Depositary shall
have determined that such proposed redemption is practicable, the Depositary shall provide to each Holder a notice setting forth
the intended exercise by the Company of the redemption rights and any other particulars set forth in the Company&rsquo;s notice
to the Depositary. The Depositary shall instruct the Custodian to present to the Company the Deposited Securities in respect of
which redemption rights are being exercised against payment of the applicable redemption price. Upon receipt of confirmation from
the Custodian that the redemption has taken place and that funds representing the redemption price have been received, the Depositary
shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred by,
the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by Holders thereof and the
terms set forth in Sections 4.1 and 6.2 of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed,
the ADSs to be retired will be selected by lot or on a pro rata basis, as may be reasonably determined by the Depositary. The redemption
price per ADS shall be the dollar equivalent of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s)
ratio) upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 of the Deposit
Agreement and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number
of Deposited Securities represented by each ADS redeemed. Notwithstanding anything contained in the Deposit Agreement to the contrary,
in the event the Company fails to give the Depositary timely notice of the proposed redemption provided for in Section 4.7 of the
Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section
4.7 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have
no liability for the Depositary&rsquo;s failure to perform the actions contemplated in Section 4.7 of the Deposit Agreement where
such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(17)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fixing of ADS Record Date</U>.</B> Whenever the Depositary shall receive notice of the fixing of a record date by the
Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares,
rights or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented
by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders
of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the
giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix the record date (the &ldquo;<U>ADS
Record Date</U>&rdquo;) for the determination of the Holders of ADS(s) who shall be entitled to receive such distribution, to give
instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or
solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented
by each ADS. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as possible to the applicable
record date for the Deposited Securities (if any) set by the Company in Brazil and shall not announce the establishment of any
ADS Record Date prior to the relevant corporate action having been made public by the Company (if such corporate action affects
the Deposited Securities). Subject to applicable law, the terms and conditions of this ADR and Sections 4.1 through 4.8 of the
Deposit Agreement, only the Holders of ADSs at the close of business in New York on such ADS Record Date shall be entitled to receive
such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(18)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting of Deposited Securities</U>.</B> As soon as practicable after receipt of notice of any meeting at which the holders
of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the
Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance with Section
4.9 of the Deposit Agreement. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having
no obligation to take any further action if the request shall not have been received by the Depositary at least thirty (30) days
prior to the date of such vote or meeting), at the Company&rsquo;s expense and provided no U.S. legal prohibitions exist, distribute,
as soon as reasonably practicable after receipt thereof, to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation
of consent or proxy, (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject
to Brazilian laws and regulations and any other applicable law, the provisions of the Deposit Agreement, <I>estatuto social </I>of
the Company and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent
part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
represented by such Holder&rsquo;s ADSs and (c) a brief statement as to the manner in which such voting instructions may be given
to the Depositary or in which voting instructions may be deemed to have been given, in accordance with Section 4.10 and Brazilian
laws and regulations, if no instruction are received prior to the deadline set for such purposes. In establishing the procedures
to enable ADS Holders to instruct the Depositary to vote the Deposited Securities, the Depositary shall consult with the Company
and shall take into consideration the applicable requirements of Brazilian law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In order to give Holders a reasonable opportunity
to instruct the Depositary as to the exercise of voting rights relating to Deposited Securities, if the Company will request the
Depositary to act under Section 4.10 of the Deposit Agreement, the Company shall give the Depositary notice of any such vote or
meeting and details concerning the matters to be voted upon not less than thirty (30) days prior to the date thereof. The instructions
received by the Depositary in connection with a certain vote or meeting shall be applicable to any adjournment or postponement
of any such vote or meeting. The Depositary will not be required to send new notices or proxy materials, or take any further action
in connection with any such adjournment or postponement other than to vote or cause the Custodian to vote the Deposited Securities
in accordance the terms of Section 4.10 of the Deposit Agreement with respect to instructions the Depositary receives by the originally
scheduled deadline therefore. Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, with
the Company&rsquo;s prior written consent, to the extent not prohibited by law or regulations, or by the requirements of the stock
exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any
meeting of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that
provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials
upon request (<I>i.e.</I>, by reference to a website containing the materials for retrieval or a contact for requesting copies
of the materials).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Voting instructions may be given only in
respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs
as of the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar
as practicable and permitted under applicable law, the provisions of the Deposit Agreement, <I>estatuto social</I> of the Company
and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or
by proxy) represented by such Holder&rsquo;s ADSs in accordance with such voting instructions and the applicable provisions of
Brazilian law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall not be responsible for
confirming that each voting instruction was properly given by the Holders to the Depositary and by the Depositary to the Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deposited Securities represented by ADSs
for which no timely voting instructions are received by the Depositary from the Holder shall not be voted (except as otherwise
contemplated herein). Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting
and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of for purposes
of establishing a quorum or otherwise, the Deposited Securities represented by ADSs, except pursuant to and in accordance with
the voting instructions timely received from Holders or as otherwise contemplated herein. If the Depositary timely receives voting
instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented
by such Holder&rsquo;s ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders)
to have instructed the Depositary to vote in favor of the items set forth in such voting instructions. If the Depositary does not
receive voting instructions from a Holder as of the ADS Record Date on or before the date established by the Depositary for such
purpose, such Holder shall be deemed, and the Depositary shall (unless otherwise specified in the notice distributed to Holders)
deem such Holder, to have instructed the Depositary to give a discretionary proxy to a person designated by the Company to vote
the Deposited Securities; provided, however, that no such discretionary proxy shall be given by the Depositary with respect to
any matter to be voted upon as to which the Company informs the Depositary that (A) the Company does not wish such a discretionary
proxy to be given, (B) substantial opposition exists from holders of Shares against the outcome for which the person designated
by the Company would otherwise vote, or (C) the outcome for which the person designated by the Company would otherwise vote would
materially and adversely affect the rights of holders of Deposited Securities. Notwithstanding anything else contained herein,
the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting instructions
have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose of establishing
quorum at a meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall give notice to the
Company of the voting instructions received by the Depositary from the Holders in accordance with the timing requirements of Brazilian
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in the Deposit Agreement or any ADR, the Depositary shall not have any obligation to take any action with respect to any meeting,
or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws.
The Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting
rights accruing to the Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel addressing any actions
requested to be taken if so reasonably requested by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting
instructions to the Depositary in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(19)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Changes Affecting Deposited Securities</U>.</B> Upon any change in nominal or par value, split-up, cancellation, consolidation
or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale
of assets affecting the Company or to which it is a party, any property which shall be received by the Depositary or the Custodian
in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities shall, to the extent
permitted by law, be treated as new Deposited Property under the Deposit Agreement, and this ADR shall, subject to the provisions
of the Deposit Agreement, this ADR evidencing such ADSs and applicable law, represent the right to receive such additional or replacement
Deposited Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification of Deposited
Securities, recapitalization, reorganization, merger, consolidation or sale of assets, the Depositary may, with the Company&rsquo;s
approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement and receipt of an opinion of
counsel to the Company reasonably satisfactory to the Depositary that such actions are not in violation of any applicable laws
or regulations, (i)&nbsp;issue and deliver additional ADSs as in the case of a stock dividend on the Shares, (ii)&nbsp;amend the
Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the Commission
in respect of the ADSs, (iv)&nbsp;call for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other
actions as the Depositary in consultation with the Company considers are appropriate to reflect the transaction with respect to
the ADSs, or as reasonably requested by the Company and necessary to comply with applicable law. The Company agrees to, jointly
with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new
form of ADRs. Notwithstanding the foregoing, in the event that any Deposited Property so received may not be lawfully distributed
to some or all Holders, the Depositary may, with the Company&rsquo;s approval, and shall, if the Company requests, subject to receipt
of an opinion of Company&rsquo;s counsel reasonably satisfactory to the Depositary that such action is not in violation of any
applicable laws or regulations, sell such Deposited Property at public or private sale, at such place or places and upon such terms
as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and expenses incurred by,
the Depositary and (b) applicable taxes) for the account of the Holders otherwise entitled to such Deposited Property upon an averaged
or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to
the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1 of the Deposit Agreement. The
Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such Deposited
Property available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in
connection with such sale, or (iii) any liability to the purchaser of such Deposited Property.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(20)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exoneration</U>.</B> Notwithstanding anything contained in the Deposit Agreement or any ADR, neither the Depositary nor
the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur
any liability (i) if the Depositary or the Company shall be prevented or forbidden from, or delayed in or subject to any civil
or criminal penalty or restraint on account of, doing or performing any act or thing required by the terms of the Deposit Agreement
and this ADR, by reason of any provision of any present or future law or regulation of the United States, Brazil or any other country,
or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil
penalties or restraint, or by reason of any provision, present or future, of the <I>estatuto social </I>of the Company or any provision
of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including,
without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism,
revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion
provided for in the Deposit Agreement or in the <I>estatuto social </I>of the Company or provisions of or governing Deposited Securities,
(iii) for any action or inaction in reliance upon the advice of or information from legal counsel, accountants, any person presenting
Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in
good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit
from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not,
under the terms of the Deposit Agreement, made available to Holders of ADSs, or (v) for any consequential or punitive damages (including
lost profits) for any breach of the terms of the Deposit Agreement. The Depositary, its controlling persons, its agents, any Custodian
and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request
or other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.
No disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement or this ADR.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(21)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Standard of Care</U>.</B> The Company, the Depositary and their respective directors, officers, employees, agents and
Affiliates assume no obligation and shall not be subject to any liability under the Deposit Agreement or this ADR to any Holder(s)
or Beneficial Owner(s), except that the Company and the Depositary agree to perform their respective obligations specifically set
forth in the Deposit Agreement or this ADR without negligence or bad faith. Without limitation of the foregoing, neither the Depositary,
nor the Company, nor any of their respective controlling persons, directors, officers, employees, agents or Affiliates, shall be
under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Property
or in respect of the ADSs, which in its reasonable opinion may involve it in expense or liability, unless indemnity satisfactory
to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required
(and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian
being solely to the Depositary).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None of the Company, the Depositary or any
of their respective controlling persons, directors, officers, employees, agents or Affiliates shall not be liable for any failure
to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect
of any vote, provided that any such action or omission is in good faith and in accordance with the terms of the Deposit Agreement.
Neither the Company nor the Depositary shall incur any liability for any failure to determine that any distribution or action may
be lawful or reasonably practicable, for any investment risk associated with acquiring an interest in the Deposited Property, for
the validity or worth of the Deposited Property or for any tax consequences that may result from the ownership of ADSs, Shares
or other Deposited Property, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the
Deposit Agreement, for the failure or timeliness of any notice from the Company, or for any action of or failure to act by, or
any information provided or not provided by, DTC or any DTC Participant. The Depositary shall not be liable for the content of
any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in
connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with
the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith
while it acted as Depositary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection
with any matter arising wholly prior to the appointment of the Depositary or after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations
without negligence or bad faith while it acted as Depositary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(22)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resignation and Removal of the Depositary; Appointment of Successor Depositary</U>.</B> The Depositary may at any time
resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to
be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled
to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii)&nbsp; the appointment by the Company of a successor
depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed
by the Company by written notice of such removal, which removal shall be effective on the later of (i)&nbsp;the 90th day after
delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2
of the Deposit Agreement), or (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment
as provided in the Deposit Agreement. In case at any time the Depositary acting hereunder shall resign or be removed, the Company
shall use its reasonable best efforts to appoint a successor depositary, which shall be a bank or trust company having an office
in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the Company to execute and deliver
to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor
depositary, without any further act or deed (except as required by applicable law), shall become fully vested with all the rights,
powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement).
The predecessor depositary, upon payment of all sums due it and on the written request of the Company shall (i)&nbsp;execute and
deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated
in Sections 5.8 and 5.9 of the Deposit Agreement), (ii) duly assign, transfer and deliver all of the Depositary&rsquo;s right,
title and interest to the Deposited Property to such successor, and (iii) deliver to such successor a list of the Holders of all
outstanding ADSs and such other information relating to ADSs and Holders thereof as the successor may reasonably request. Any such
successor depositary shall promptly provide notice of its appointment to such Holders. Any entity into or with which the Depositary
may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further
act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(23)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment/Supplement</U>.</B> Subject to the terms and conditions of this paragraph 23, and Section 6.1 of the Deposit
Agreement and applicable law, this ADR and any provisions of the Deposit Agreement may at any time and from time to time be amended
or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable
without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase
any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and other governmental
charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders
or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration of thirty (30) days after
notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. Notice of any amendment to the
Deposit Agreement or any ADR shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe
the specific amendments in any such notice shall not render such notice invalid, <U>provided</U>, <U>however</U>, that, in each
such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text
of such amendment (<I>i.e.</I>, upon retrieval from the Commission&rsquo;s, the Depositary&rsquo;s or the Company&rsquo;s website
or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary
(as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or
(b) the ADSs to be settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees
or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial
Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing
to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and this ADR,
if applicable, as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder
to surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations
which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the
Depositary may amend or supplement the Deposit Agreement and this ADR at any time in accordance with such changed laws, rules or
regulations. Such amendment or supplement to the Deposit Agreement and this ADR in such circumstances may become effective before
a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with
such laws, rules or regulations.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(24)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U>.</B> The Depositary shall, at any time at the written direction of the Company, terminate the Deposit
Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior
to the date fixed in such notice for such termination. If ninety (90) days shall have expired after (i) the Depositary shall have
delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary
a written notice of the removal of the Depositary, and a successor depositary shall not have been appointed and accepted its appointment
as provided in Section 5.4 of the Deposit Agreement, the Depositary may terminate the Deposit Agreement by distributing notice
of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice
for such termination. The date so fixed for termination of the Deposit Agreement in any termination notice so distributed by the
Depositary to the Holders of ADSs is referred to as the &ldquo;<U>Termination Date</U>&rdquo;. Until the Termination Date, the
Depositary shall continue to perform all of its obligations under the Deposit Agreement, and the Holders and Beneficial Owners
will be entitled to all of their rights under the Deposit Agreement. If any ADSs shall remain outstanding after the Termination
Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform any further acts under
the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions of the Deposit Agreement,
continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell Deposited Property received
in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other distributions received
with respect thereto and the net proceeds of the sale of any other Deposited Property, in exchange for ADSs surrendered to the
Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by,
the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each
case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required under applicable
law in connection with its role as Depositary under the Deposit Agreement. At any time after the Termination Date, the Depositary
may sell the Deposited Property then held under the Deposit Agreement and shall after such sale hold un-invested the net proceeds
of such sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account and without
liability for interest, for the pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making
such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to account for such net
proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses
incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners,
in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection
with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations
under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement.
The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination
Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to
the Depositary for cancellation under the terms of the Deposit Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(25)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with U.S. Securities Laws</U>.</B> Notwithstanding any provisions in this ADR or the Deposit Agreement to
the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except
as would be permitted by Instruction I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from
time to time, under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(26)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Rights of the Depositary; Limitations</U>.</B> Subject to the further terms and provisions of this paragraph
(26) and Section 5.10 of the Deposit Agreement, the Depositary, its Affiliates and their agents, on their own behalf, may own and
deal in any class of securities of the Company and its Affiliates and in ADSs. In its capacity as Depositary, the Depositary shall
not lend Shares or ADSs; <U>provided</U>, <U>however</U>, that the Depositary may, except in the case of Restricted ADSs, (i) issue
ADSs prior to the receipt of Shares pursuant to Section 2.3 of the Deposit Agreement and (ii) deliver Shares prior to the receipt
of ADSs for withdrawal of Deposited Securities pursuant to Section 2.7 of the Deposit Agreement, including ADSs which were issued
under (i) above but for which Shares may not have been received (each such transaction a &ldquo;<U>Pre-Release Transaction</U>&rdquo;).
The Depositary may receive ADSs in lieu of Shares under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such
Pre-Release Transaction will be (a) subject to a written agreement whereby the person or entity (the &ldquo;<U>Applicant</U>&rdquo;)
to whom ADSs or Shares are to be delivered (w) represents that at the time of the Pre-Release Transaction the Applicant or its
customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (x) agrees to indicate
the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until
such Shares or ADSs are delivered to the Depositary or the Custodian, (y) unconditionally guarantees to deliver to the Depositary
or the Custodian, as applicable, such Shares or ADSs and (z) agrees to any additional restrictions or requirements that the Depositary
deems appropriate, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the
Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days&rsquo; notice and (d) subject
to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the
number of ADSs and Shares involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding
(without giving effect to ADSs outstanding under (i) above), <U>provided</U>, <U>however</U>, that the Depositary reserves the
right to change or disregard such limit from time to time as it deems appropriate. The Depositary may also set limits with respect
to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case-by-case basis as it deems appropriate.
The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided
pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(27)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Relationship between the Company and Holders and Beneficial Owners</U></B>. Notwithstanding any provision in the Deposit
Agreement to the contrary, Holders and Beneficial Owners, in their capacity as such, have no claims or rights against or in relation
to the Company to the extent that such claims or rights are conferred through ownership of the Shares, unless and until such Holders
and Beneficial Owners convert their ADSs into Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(28)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law / Waiver of Jury Trial</U></B>. The Deposit Agreement and the ADRs shall be interpreted in accordance with,
and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York
applicable to contracts made and to be wholly performed in that State without regard to the principles of choice of law which would
result in the application of the substantive law of any other jurisdiction. Notwithstanding anything contained in the Deposit Agreement,
any ADR or any present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other
Deposited Securities and the obligations and duties of the Company in respect of the holders of Shares and other Deposited Securities,
as such, shall be governed by the laws of Brazil (or, if applicable, such other laws as may govern the Deposited Securities).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>EACH OF THE PARTIES TO THE DEPOSIT AGREEMENT
(INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING
TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE).
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(ASSIGNMENT AND TRANSFER SIGNATURE
LINES)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s)
and transfer(s) unto ______________________________ whose taxpayer identification number is _______________________ and whose address
including postal zip code is ________________, the within ADR and all rights thereunder, hereby irrevocably constituting and appointing
________________________ attorney-in-fact to transfer said ADR on the books of the Depositary with full power of substitution in
the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">Dated:&nbsp;</TD>
    <TD STYLE="width: 50%">Name:
________________________________</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;By:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;Title:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>NOTICE: The signature of the Holder to this assignment
must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement
or any change whatsoever.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>If the endorsement be executed by an attorney, executor,
administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper
evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this ADR.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>__________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>SIGNATURE GUARANTEED</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>All endorsements or assignments of ADRs must be guaranteed
by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Legends</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">The ADRs
issued in respect of Partial Entitlement American Depositary Shares shall bear the following legend on the face of the ADR: &ldquo;This
ADR evidences ADSs representing 'partial entitlement' Shares of Vale S.A. and as such do not entitle the holders thereof to the
same per-share entitlement as other Shares (which are 'full entitlement' Shares) issued and outstanding at such time. The ADSs
represented by this ADR shall entitle holders to distributions and entitlements identical to other ADSs when the Shares represented
by such ADSs become 'full entitlement' Shares.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal"></FONT>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT B</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FEE SCHEDULE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADS FEES AND RELATED CHARGES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All capitalized terms used but not otherwise defined herein
shall have the meaning given to such terms in the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>I.</B></TD><TD><B><U>ADS Fees</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following ADS fees are payable under the terms of the Deposit
Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: black 1pt solid"><B>Service</B></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><B>Rate</B></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><B>By Whom Paid</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(1)&#9;Issuance of ADSs upon deposit of Shares (excluding issuances as a result of distributions described in paragraph (4) below).</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person depositing Shares or person receiving ADSs.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(2)&#9;Delivery of Deposited Property against surrender of ADSs.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) surrendered.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person surrendering ADSs for the purpose of withdrawal of Deposited Property or person to whom Deposited Property is delivered.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(3)&#9;Distribution of cash dividends or other cash distributions (<I>i.e.</I>, sale of rights and other entitlements).</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person to whom distribution is made.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(4)&#9;Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii)&nbsp;exercise of rights to purchase additional ADSs.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person to whom distribution is made.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(5)&#9;Distribution of securities other than ADSs or rights to purchase additional ADSs (<I>i.e.</I>, spin-off shares).</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person to whom distribution is made.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">(6)&#9;ADS Services.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Person holding ADSs on the applicable record date(s) established by the Depositary.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">II.</TD><TD><U>Charges</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Holders, Beneficial Owners, persons depositing Shares and
persons surrendering ADSs for cancellation and for the purpose of withdrawing Deposited Securities shall be responsible for the
following ADS charges under the terms of the Deposit Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>taxes (including applicable interest and penalties) and other governmental charges;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on
the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the
Depositary or any nominees upon the making of deposits and withdrawals, respectively;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit Agreement to be
at the expense of the person depositing Shares or withdrawing Deposited Securities or of the Holders and Beneficial Owners of ADSs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>the expenses and charges incurred by the Depositary in the conversion of Foreign Currency;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and
other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the servicing or delivery
of Deposited Property.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="border-bottom: Black 2px solid; text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">B-2</P>

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<DOCUMENT>
<TYPE>EX-99.(D)
<SEQUENCE>3
<FILENAME>e620340_ex99-d.htm
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit (d)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT=""><BR> <BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 3, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citibank, N.A. &ndash; ADR Department<BR>
388 Greenwich Street<BR>
New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We refer to the Registration
Statement on Form F-6 (the &ldquo;<U>Registration Statement</U>&rdquo;) to be filed with the Securities and Exchange Commission
(the &ldquo;<U>SEC</U>&rdquo;) by the legal entity created by the Deposit Agreement (as hereinafter defined) for the purpose of
registering under the United States Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), 2,500,000,000
American Depositary Shares (the &ldquo;<U>ADSs</U>&rdquo;) to be issued under the Deposit Agreement, which is attached as Exhibit
(a) to the Registration Statement, by and among Vale S.A., a company organized under the laws of the Federative Republic of Brazil
(the &ldquo;<U>Company</U>&rdquo;), Citibank, N.A., as Depositary, and the Holders and Beneficial Owners (each as defined in the
Deposit Agreement and hereinafter used as so defined) from time to time of ADSs issued and outstanding under the Amended and Restated
Common Shares Deposit Agreement (the &ldquo;<U>Deposit Agreement</U>&rdquo;). Each ADS will represent, subject to the terms and
conditions of the Deposit Agreement and, if applicable, the American Depositary Receipt (the &ldquo;<U>ADR</U>&rdquo;) evidencing
such ADSs, the right to receive one (1) common share, without par value, of the Company (the &ldquo;<U>Shares</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Nothing contained herein
or in any document referred to herein is intended by this firm to be used, and the addressees hereof cannot use anything contained
herein or in any document referred to herein, as tax advice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Assuming that, at the
time of their issuance, the Registration Statement will be effective and the Shares have been legally issued, we are of the opinion
that the ADSs, when issued in accordance with the terms of the Deposit Agreement and the Registration Statement, will be legally
issued and will entitle the Holders to the rights specified in the Deposit Agreement and, if applicable, the ADR(s) evidencing
the ADS(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This opinion is limited
to the laws of the State of New York and the Federal laws of the United States. Without admitting that we are within the category
of persons whose consent is required under Section 7 of the Securities Act, we hereby consent to the use of this opinion as Exhibit
(d) to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>PATTERSON BELKNAP WEBB &amp; TYLER <FONT STYLE="font-size: 10pt">LLP</FONT></B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 35%">/s/ Herman H. Rasp&eacute;
<P STYLE="margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>


</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"> A Member of the Firm</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.(E)
<SEQUENCE>4
<FILENAME>e620340_ex99-e.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit (e)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rule 466 Certification<BR>
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The depositary, Citibank, N.A., represents and certifies the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">That it had previously filed a registration statement on Form F-6 (Registration No. 333-207957)
with respect to Vale S.A., which the U.S. Securities and Exchange Commission declared effective, with terms of deposit identical
to the terms of deposit of this Form F-6 Registration Statement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">That its ability to designate the date and time of effectiveness under Rule 466 has not been suspended.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">CITIBANK, N.A., as Depositary</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">/s/ Leslie DeLuca</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">Name:&nbsp;Leslie DeLuca</P>

</TD></TR>
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    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 43%"><P STYLE="margin-top: 0; margin-bottom: 0">Title: &nbsp;&nbsp;Attorney-in-Fact</P></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
