<SEC-DOCUMENT>0001292814-25-004367.txt : 20251222
<SEC-HEADER>0001292814-25-004367.hdr.sgml : 20251222
<ACCEPTANCE-DATETIME>20251222170001
ACCESSION NUMBER:		0001292814-25-004367
CONFORMED SUBMISSION TYPE:	8-A12B
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251222
DATE AS OF CHANGE:		20251222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRAZILIAN ELECTRIC POWER CO
		CENTRAL INDEX KEY:			0001439124
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-A12B
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34129
		FILM NUMBER:		251593196

	BUSINESS ADDRESS:	
		STREET 1:		RUA DA QUITANDA, 196, 24TH FLOOR
		STREET 2:		CENTRO
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			20091-005
		BUSINESS PHONE:		55 21 2514 5891

	MAIL ADDRESS:	
		STREET 1:		RUA DA QUITANDA, 196, 24TH FLOOR
		STREET 2:		CENTRO
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			20091-005
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-A12B
<SEQUENCE>1
<FILENAME>axia20251222_8a12b.htm
<DESCRIPTION>8-A12B
<TEXT>
<HTML>
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<TITLE></TITLE>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: center; color: #231F20"><B>UNITED <FONT STYLE="letter-spacing: -0.1pt">STATES</FONT></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.6pt 104pt 0 101.1pt; text-align: center; color: #231F20"><B>SECURITIES AND
EXCHANGE <FONT STYLE="letter-spacing: -0.1pt">COMMISSION</FONT></B></P>

<P STYLE="font: 9pt/207% Times New Roman, Times, Serif; margin: 0.6pt 0 0; text-align: center; color: #231F20"><B>Washington, D.C. 20549
</B></P>

<P STYLE="font: 9pt/207% Times New Roman, Times, Serif; margin: 0.6pt 0 0; text-align: center; color: #231F20"><B>FORM 8-A</B></P>

<P STYLE="font: 9pt/102% Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20"><B>FOR REGISTRATION OF CERTAIN
CLASSES OF SECURITIES PURSUANT TO </B></P>

<P STYLE="font: 9pt/102% Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20"><B>SECTION 12(b) OR (g) OF THE</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 104pt 0 101.1pt; text-align: center; color: #231F20"><B>SECURITIES EXCHANGE
ACT OF <FONT STYLE="letter-spacing: -0.2pt">1934 </FONT></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CENTRAIS EL&Eacute;TRICAS BRASILEIRAS S.A. - ELETROBRAS
</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.6pt 104pt 0 101.15pt; text-align: center; color: #231F20">(Exact name of
registrant as specified in its <FONT STYLE="letter-spacing: -0.1pt">charter)</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.6pt 104pt 0 101.15pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.6pt 104pt 0 101.15pt; text-align: center"><B>BRAZILIAN ELECTRIC POWER COMPANY</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.6pt 104pt 0 101.15pt; text-align: center">(Translation of Registrant&#8217;s
name into English)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.6pt 104pt 0 101.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 75%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Federative Republic of Brazil</B></FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Not Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 5.65pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt; color: #231F20">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="padding-left: 5.65pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt; color: #231F20">(I.R.S. Employer Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 126.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt; padding-left: 5.65pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20"><B>Rua da Quitanda, 196 &#8211; 24th
    floor,</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20"><B>Centro, CEP 20091-005,</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20"><B>Rio de Janeiro, RJ, Brazil</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.65pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Not Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.65pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt; color: #231F20">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="padding-left: 5.65pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt; color: #231F20">(Zip Code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 1.5pt 0 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 1.5pt 0 0; text-align: center; color: #231F20"><B>Copy to:</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 1.5pt 0 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 1.5pt 0 0; text-align: center; color: #231F20"><B>David S. Bakst, Esq.</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 1.5pt 0 0; text-align: center; color: #231F20"><B>Elizabeth C. Walsh, Esq.</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 1.5pt 0 0; text-align: center; color: #231F20"><B>Mayer Brown LLP</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 1.5pt 0 0; text-align: center; color: #231F20"><B>1221 Avenue of the Americas</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 1.5pt 0 0; text-align: center; color: #231F20"><B>New York, New York 10020</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 1.5pt 0 0; text-align: center; color: #231F20"><B>(212) 506-2275</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 1.5pt 0 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 9pt/207% Times New Roman, Times, Serif; margin: 0.6pt 126.4pt 0 6pt; text-align: center; color: #231F20">Securities to
be registered pursuant to Section 12(b) of the Act:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.65pt; padding-left: 5.65pt">
    <P STYLE="font: 9pt/13.7pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: center; color: #231F20"><B>Title of each <FONT STYLE="letter-spacing: -0.1pt">class</FONT></B></P>
    <P STYLE="font: 9pt/13.7pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: center; color: #231F20"><B>to be so <FONT STYLE="letter-spacing: -0.1pt">registered</FONT></B></P></TD>
    <TD STYLE="padding-top: 0.3pt; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.65pt; padding-left: 5.65pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0; text-align: center"><B>Name of each exchange on which</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0; text-align: center"><B>each class is to be registered</B></P></TD></TR>
  <TR>
    <TD STYLE="padding-top: 12pt; padding-right: 5.65pt; padding-left: 5.65pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">Preferred Class C Shares, without par value</FONT></TD>
    <TD STYLE="padding-top: 0.3pt; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.65pt; padding-left: 5.65pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">The New York Stock Exchange (&#8220;<B>NYSE</B>&#8221;)*</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0.3pt; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.3pt; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.3pt; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.65pt; padding-left: 5.65pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0; text-align: center">American Depositary Shares (the &#8220;<B>ADSs</B>&#8221;),
    each</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0; text-align: center">representing one Preferred Class C Share</P></TD>
    <TD STYLE="padding-top: 0.3pt; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 0.3pt; padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 9pt">The New York Stock Exchange</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 6pt"><FONT STYLE="font-size: 9pt; color: #231F20">If this form relates
to the registration of a class of securities pursuant to Section 12(b) of the Exchange Act <FONT STYLE="letter-spacing: -0.25pt">and </FONT>is
effective pursuant to General Instruction A.(c) or (e), check the following <FONT STYLE="letter-spacing: -0.2pt">box.</FONT></FONT> <FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="font-size: 9pt; color: #231F20">If this form relates
to the registration of a class of securities pursuant to Section 12(g) of the Exchange Act <FONT STYLE="letter-spacing: -0.25pt">and </FONT>is
effective pursuant to General Instruction A.(d) or (e), check the following <FONT STYLE="letter-spacing: -0.2pt">box. </FONT></FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #231F20">If this form relates to the registration of a class
of securities concurrently with a Regulation A offering, <FONT STYLE="letter-spacing: -0.1pt">check</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.65pt 0 0 6pt"><FONT STYLE="font-size: 9pt; color: #231F20">the following
<FONT STYLE="letter-spacing: -0.2pt">box.</FONT></FONT> <FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6pt; color: #231F20">Securities Act registration statement or Regulation
A offering statement file number to which this form <FONT STYLE="letter-spacing: -0.1pt">relates:</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6pt; color: #231F20">Securities to be registered pursuant to Section
12(g) of the <FONT STYLE="letter-spacing: -0.2pt">Act: <B>None.</B></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* Application made for registration purposes only,
not for trading, and only in connection with the listing of the ADSs on the NYSE. Each ADS represents the right to receive one Preferred
Class C Share and the ADSs are being registered under the Securities Act of 1933, as amended, pursuant to a separate Registration Statement
on Form F-6. Accordingly, the ADSs are exempt from the operation of Section 12(a) of the Securities Exchange Act of 1934, as amended,
pursuant to Rule 12a-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.9pt 104pt 0 101.3pt; text-align: center; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 104pt 6pt 0; text-align: justify; color: #231F20"><FONT STYLE="letter-spacing: -0.1pt"><B>INFORMATION
REQUIRED IN REGISTRATION STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>&nbsp;<FONT STYLE="color: #231F20">Item 1.
Description of Registrant&#8217;s Securities to be <FONT STYLE="letter-spacing: -0.1pt">Registered.</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">This Form 8-A <FONT STYLE="color: #231F20">relates
</FONT>to the <FONT STYLE="color: #231F20">preferred class C shares, without par value (the &#8220;<B>Preferred Class C Shares</B>&#8221;)
and the American Depositary Shares (&#8220;<B>ADSs</B>&#8221;) each representing one Preferred Class C Share </FONT>of Centrais El&eacute;tricas
Brasileiras S.A. - Eletrobras <FONT STYLE="color: #231F20">(the &#8220;<B>Company</B>&#8221;, &#8220;<B>we</B>&#8221;, &#8220;<B>us</B>&#8221;
or &#8220;<B>our</B>&#8221;)</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The following information is a summary of
the material terms of the Preferred Class C Shares as set out in the Bylaws of the Company as presently in effect (the &#8220;<B>Bylaws</B>&#8221;).
You are encouraged to read the full Bylaws which are filed as Exhibit 1.1 to this Form 8-A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><B>Description of the Company&#8217;s Preferred
Class C Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>General </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The Preferred Class C Shares may be held
in the form of ADSs, each of which represents <FONT STYLE="color: #231F20">one </FONT>Preferred Class C Share. The Deposit Agreement by
and among the Company, Citibank, N.A., a national banking association organized under the laws of the United States (the &#8220;<B>Depositary</B>&#8221;),
and all holders and beneficial owners from time to time of ADSs issued and outstanding (the &#8220;<B>Deposit Agreement</B>&#8221;) governs
the rights of holders of ADSs as described below in &#8220;<I>Description of the Company&#8217;s American Depositary Shares</I>.&#8221;
You should be aware that these rights are different from the rights of the holders of the Preferred Class C Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">All of the issued Preferred Class C Shares
are fully paid and are represented in book-entry form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0.05in 12pt 0; text-align: justify">Holders of the Preferred Class C Shares
will participate on equal terms with the Company&#8217;s common shares and the special class preferred share in the distribution of dividends
and other proceeds by the Company subject to the minimum provided for in the Bylaws. The holders of Preferred Class C Shares will have
priority in the reimbursement of capital, without premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 3.7pt 12pt 0; text-align: justify"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt">Holders of Preferred Class C Shares are entitled to one vote per
Preferred Class C Share at annual or special general meetings of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Conversion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The Preferred Class C Shares will be automatically
converted into common shares of the Company, at a ratio of one to one, on a date to be determined by the Board of Directors of the Company
(the &#8220;<B>Board</B>&#8221;) in each fiscal year between 2026 and 2031, as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">4% of the total volume of Preferred Class C Shares originally issued by
the Company, allocated proportionally among all of the shareholders on the date determined by the Board, in each of fiscal years of 2026,
2027, 2028, 2029 and 2030; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all Preferred Class C Shares that remain outstanding in the fiscal year
of 2031.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The Board may however, at any time, increase
the volume of Preferred Class C Shares to be converted in each fiscal year until all the Preferred Class C Shares have been converted
or redeemed. Such conversion will be conducted <I>pro rata</I> across all holders of Preferred Class C Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">If, because of a conversion of Preferred
Class C Shares as described above, a shareholder or group of shareholders will hold greater than 15% of the Company&#8217;s interest (including
common shares and Preferred Class C Shares), then the amount of Preferred Class C Shares that would cause such shareholder&#8217;s ownership
of Company securities to exceed such threshold, if converted, will be compulsorily redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Any holder or group of holders of Preferred
Class C Shares must notify the Company upon reaching an interest exceeding 15% of the total number of voting shares outstanding and issued
by the Company. Further, the Company may, at any time, request information from shareholders in order to verify their ownership of Company
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">For shareholders or group of shareholders
who, on the issuance date of the Preferred Class C Shares, currently hold more than 15% of the Company&#8217;s outstanding common shares,
the conversion limit will correspond to the percentage of common shares held on that date (the &#8220;<B>Original Common Shareholding</B>&#8221;).
Thus, on each conversion date, only the amount of Preferred Class C Shares compatible with maintaining such Original Common Shareholding
will be converted, and any excess Preferred Class C Shares will be compulsorily and automatically redeemed, applying the same redemption
value criteria used for redemptions approved by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Transfer of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Preferred Class C Shares are subject to the
limitations and procedures set forth in the Bylaws and applicable Brazilian corporate and securities laws and regulations. More specifically,
the Bylaws may, in certain circumstances: (i) restrict transfers of Preferred Class C Shares that would result in the direct or indirect
ownership of Preferred Class C Shares or voting rights by a single shareholder, or group of shareholders, exceeding the limits imposed
by applicable Brazilian law and/or the Bylaws; (ii) remove or restrict the voting rights accruing to a single shareholder, or group of
shareholders, of Preferred Class C Shares where the voting rights of such shareholders exceed the limits imposed by applicable Brazilian
law and/or the Bylaws; and (iii) require the Company to make a mandatory offer to repurchase Preferred Class C Shares owned by a single
shareholder, or group of owners, that exceed the limits set forth by applicable Brazilian law and/or in the Bylaws, at a purchase price
determined in accordance with applicable Brazilian law and/or the Bylaws. Brazilian law and/or the Bylaws may also, in certain circumstances,
restrict or prohibit shareholder agreements that could have the effect of exceeding the limits imposed by Brazilian law and/or the Bylaws
on direct or indirect ownership of Preferred Class C Shares or voting rights by a single shareholder, or group of shareholders, of Preferred
Class C Shares. For any transfer of ownership of Preferred Class C Shares, the financial institution where such shares are deposited may
charge the transferring shareholder fees and charges in connection with such transfer, as permitted under applicable regulations and such
institution&#8217;s fee schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Preemptive Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">No preemptive rights apply on the transfer
of the Preferred Class C Shares, but they do apply if the Company decides to issue new shares. However, preemptive rights do not apply
to the subscription of shares within the limit of authorized capital if the placement of those shares is made through the stock exchange
or public subscription, under article 172 of the Brazilian Corporate Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Tag-Along Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Holders of Preferred Class C Shares will
have the right to sell their shares in a public tender offer triggered by a sale of control of the Company, in order to ensure equal treatment
to that afforded to the selling controlling shareholder (100% tag-along right).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Redemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The Preferred Class C Shares may be redeemed
at anytime by resolution of the Board, without the need for approval at a general meeting or a special meeting of preferred shareholders.
In the case of such a redemption, each Preferred</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Class C Share will be redeemed at an amount
per share equivalent to the average price of the Company&#8217;s common shares in the trading session prior to the date of the redemption
resolution in question. Upon the Board&#8217;s decision to effectuate a compulsory redemption, the amount of Preferred Class C Shares
redeemed will proportionally reduce the minimum amount of Preferred Class C Shares previously scheduled to be converted in that fiscal
year. A shareholder may, however, under the terms and procedures defined by the Board, express an intent to convert its Preferred Class
C Shares into common shares, in or whole or in part, for the amount of Preferred Class C Shares that would otherwise be subject to such
redemption. The resolution of the Board regarding such redemption of Preferred Class C Shares will decide the payment date of the redemption
amount for such Preferred Class C Shares. Any partial redemption will occur on a pro rata basis with respect to the holding of the Preferred
Class C Shares of all the shareholders on the record date decided by the Board, disregarding any fractional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Notification of Interests in Company Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Any holder of Preferred Class C Shares who
acquires or disposes of 10% or 15% cumulatively of the Company&#8217;s capital stock in any share class is required to notify the Company
immediately upon completion of such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center"><B>Description of the Company&#8217;s American
Depositary Shares </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">Citibank, N.A. has agreed
to act as the Depositary for the American Depositary Shares. Citibank&#8217;s depositary offices are located at 388 Greenwich Street,
New York, New York 10013. American Depositary Shares are frequently referred to as &#8220;ADSs&#8221; and represent ownership interests
in securities that are on deposit with the Depositary. ADSs may be represented by certificates that are commonly known as &#8220;American
Depositary Receipts&#8221; or &#8220;ADRs.&#8221; The Depositary typically appoints a custodian to safekeep the securities on deposit.
In this case, <FONT STYLE="background-color: white">Banco Bradesco S.A.,</FONT> located at <FONT STYLE="background-color: white">Cidade
de Deus, S/N, Pr&eacute;dio Amarelo, 1st floor, Vila Yara, Osasco, S&atilde;o Paulo, Brazil &#8211; Zip Code: 06029-900 is the custodian
(the &#8220;<B>Custodian</B>&#8221;)</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">We will appoint Citibank
as Depositary pursuant to a deposit agreement. A copy of the form of deposit agreement is on file with the SEC under cover of a Registration
Statement on Form F-6. You may obtain a copy of the deposit agreement from the SEC&#8217;s Public Reference Room at 100 F Street, N.E.,
Washington, D.C. 20549 and from the SEC&#8217;s website (www.sec.gov). Please refer to Registration Number 333-291898 when retrieving
such copy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">We are providing you with
a summary description of the material terms of the ADSs and of your material rights as an owner of ADSs. Please remember that summaries
by their nature lack the precision of the information summarized and that the rights and obligations of an owner of ADSs will be determined
by reference to the terms of the deposit agreement and not by this summary. We urge you to review the deposit agreement in its entirety.
The portions of this summary description that are italicized describe matters that may be relevant to the ownership of ADSs but that may
not be contained in the deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">Each ADS represents the
right to receive, and to exercise the beneficial ownership interests in, one Preferred Class C Share that is on deposit with the Depositary
and/or Custodian. An ADS also represents the right to receive, and to exercise the beneficial interests in, any other property received
by the Depositary or the Custodian on behalf of the owner of the ADS but that has not been distributed to the owners of ADSs because of
legal restrictions or practical considerations. We and the Depositary may agree to change the ADS-to-Share ratio by amending the deposit
agreement. This amendment may give rise to, or change, the Depositary fees payable by ADS owners. The Custodian, the Depositary and their
respective nominees will hold all deposited property for the benefit of the holders and beneficial owners of ADSs. The deposited property
does not constitute the proprietary assets of the Depositary, the Custodian or their nominees. Beneficial ownership in the deposited property
will under the terms of the deposit agreement be vested in the beneficial owners of the ADSs. The Depositary, the Custodian and their
respective nominees will be the record holders of the deposited property represented by the ADSs for the benefit of the holders and beneficial
owners of the corresponding ADSs. A beneficial owner of ADSs may or may not be the holder of ADSs. Beneficial owners of ADSs will be able
to receive, and to exercise beneficial ownership interests in, the deposited property only through the registered holders of the ADSs,
the registered holders of the ADSs (on behalf of the applicable ADS owners) only through the Depositary, and the Depositary (on behalf
of the 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.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">If you become an owner
of ADSs, you will become a party to the deposit agreement and therefore will be bound to its terms and to the terms of any ADR that represents
your ADSs. The deposit agreement and the ADR specify our rights and obligations as well as your rights and obligations as an owner of
ADSs and those of the Depositary. As an ADS holder you appoint the Depositary to act on your behalf in certain circumstances. The deposit
agreement and the ADRs are governed by New York law. However, our obligations to the holders of Preferred Class C Shares will continue
to be governed by the laws of Brazil, which may be different from the laws in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">In addition, applicable
laws and regulations may require you to satisfy reporting requirements and obtain regulatory approvals in certain circumstances. You are
solely responsible for complying with such reporting requirements and obtaining such approvals. Neither the Depositary, the Custodian,
us or any of their or our respective agents or affiliates shall be required to take any actions whatsoever on your behalf to 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: 6pt 0 12pt; text-align: justify; text-indent: 0in"><I>As an owner of ADSs,
we will not treat you as one of our shareholders and you will not have direct shareholder rights. The Depositary will hold on your behalf
the shareholder rights attached to the Preferred Class C Shares underlying your ADSs. As an owner of ADSs you will be able to exercise
the shareholders rights for the Preferred Class C Shares represented by your ADSs through the Depositary only to the extent contemplated
in the deposit agreement. To exercise any shareholder rights not contemplated in the deposit agreement you will, as an ADS owner, need
to arrange for the cancellation of your ADSs and become a direct shareholder.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The manner in which you
own the ADSs (e.g., in a brokerage account vs. as registered holder, or as holder of certificated vs. uncertificated ADSs) may affect
your rights and obligations, and the manner in which, and extent to which, the Depositary&#8217;s services are made available to you.
As an owner of ADSs, you may hold your ADSs either by means of an ADR registered in your name, through a brokerage or safekeeping account,
or through an account established by the Depositary in your name reflecting the registration of uncertificated ADSs directly on the books
of the Depositary (commonly referred to as the &#8220;<B>direct registration system</B>&#8221;). The direct registration system reflects
the uncertificated (book-entry) registration of ownership of ADSs by the Depositary. Under the direct registration system, ownership of
ADSs is evidenced by periodic statements issued by the Depositary to the holders of the ADSs. The direct registration system includes
automated transfers between the Depositary and The Depository Trust Company (&#8220;<B>DTC</B>&#8221;), the central book-entry clearing
and settlement system for equity securities in the United States. If you decide to hold your ADSs through your brokerage or safekeeping
account, you must rely on the procedures of your broker or bank to assert your rights as ADS owner. Banks and brokers typically hold securities
such as the ADSs through clearing and settlement systems such as DTC. The procedures of such clearing and settlement systems may limit
your ability to exercise your rights as an owner of ADSs. Please consult with your broker or bank if you have any questions concerning
these limitations and procedures. All ADSs held through DTC will be registered in the name of a nominee of DTC. This summary description
assumes you have opted to own the ADSs directly by means of an ADS registered in your name and, as such, we will refer to you as the &#8220;holder.&#8221;
When we refer to &#8220;you,&#8221; we assume the reader owns ADSs and will own ADSs at the relevant time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The registration of the
Preferred Class C Shares in the name of the Depositary or the Custodian shall, to the maximum extent permitted by applicable law, vest
in the Depositary or the Custodian the record ownership in the applicable Preferred Class C Shares with the beneficial ownership rights
and interests in such Preferred Class C Shares being at all times vested with the beneficial owners of the ADSs representing the Preferred
Class C Shares. The Depositary or the Custodian 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.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Dividends and Distributions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">As a holder of ADSs, you
generally have the right to receive the distributions we make on the securities deposited with the Custodian. Your receipt of these distributions
may be limited, however, by practical considerations and legal limitations. Holders of ADSs will receive such distributions under the
terms of the deposit agreement in proportion to the number of ADSs held as of the specified record date, after deduction of the applicable
fees, taxes and expenses.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Distributions of Cash</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">Whenever we make a cash
distribution for the securities on deposit with the Custodian, we will deposit the funds with the Custodian. Upon receipt of confirmation
of the deposit of the requisite funds, the Depositary will arrange for the funds received in a currency other than U.S. dollars to be
converted into U.S. dollars and for the distribution of the U.S. dollars to the holders, subject to the Brazilian laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The conversion into U.S.
dollars will take place only if practicable and if the U.S. dollars are transferable to the United States. The Depositary will apply the
same method for distributing the proceeds of the sale of any property (such as undistributed rights) held by the Custodian in respect
of securities on deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The distribution of cash
will be made net of the fees, expenses, taxes and governmental charges payable by holders under the terms of the deposit agreement. 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.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Distributions of Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">Whenever we make a free
distribution of Preferred Class C Shares for the securities on deposit with the Custodian, we will deposit the applicable number of Preferred
Class C Shares with the Custodian. Upon receipt of confirmation of such deposit, the Depositary will either distribute to holders new
ADSs representing the Preferred Class C Shares deposited or modify the ADS-to-Preferred Class C Shares ratio, in which case each ADS you
hold will represent rights and interests in the additional Preferred Class C Shares so deposited. Only whole new ADSs will be distributed.
Fractional entitlements will be sold and the proceeds of such sale will be distributed as in the case of a cash distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The distribution of new
ADSs or the modification of the ADS-to-Preferred Class C Shares ratio upon a distribution of Preferred Class C Shares will be made net
of the fees, expenses, taxes and governmental charges payable by holders under the terms of the deposit agreement. In order to pay such
taxes or governmental charges, the Depositary may sell all or a portion of the new Preferred Class C Shares so distributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">No such distribution of
new ADSs will be made if it would violate a law (<I>e.g.</I>, the U.S. securities laws) or if it is not operationally practicable. If
the Depositary does not distribute new ADSs as described above, it may sell the Preferred Class C Shares received upon the terms described
in the deposit agreement and will distribute the proceeds of the sale as in the case of a distribution of cash.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Distributions of Rights</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">Whenever we intend to distribute
rights to subscribe for additional Preferred Class C Shares, we will give prior notice to the Depositary and we will assist the Depositary
in determining whether it is lawful and reasonably practicable to distribute rights to subscribe for additional ADSs to holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The Depositary will establish
procedures to distribute rights to subscribe for additional ADSs to holders and to enable such holders to exercise such rights if it is
lawful and reasonably practicable to make the rights available to holders of ADSs, and if we provide all of the documentation contemplated
in the deposit agreement (such as opinions to address the lawfulness of the transaction). You may have to pay fees, expenses, taxes and
other governmental charges to subscribe for the new ADSs upon the exercise of your rights. The Depositary is not obligated to establish
procedures to facilitate the distribution and exercise by holders of rights to subscribe for new Preferred Class C Shares other than in
the form of ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-indent: 0in">The Depositary will <I>not</I> distribute the
rights to you if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We do not timely request that the rights be distributed to you or we request
that the rights not be distributed to you; or</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We fail to deliver satisfactory documents to the Depositary; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">It is not reasonably practicable to distribute the rights.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The Depositary will sell
the rights that are not exercised or not distributed if such sale is lawful and reasonably practicable. The proceeds of such sale will
be distributed to holders as in the case of a cash distribution. If the Depositary is unable to sell the rights, it will allow the rights
to lapse.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Elective Distributions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">Whenever we intend to distribute
a dividend payable at the election of shareholders either in cash or in additional shares, we will give prior notice thereof to the Depositary
and will indicate whether we wish the elective distribution to be made available to you. In such case, we will assist the Depositary in
determining whether such distribution is lawful and reasonably practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The Depositary will make
the election available to you only if it is reasonably practicable and if we have provided all of the documentation contemplated in the
deposit agreement. In such case, the Depositary will establish procedures to enable you to elect to receive either cash or additional
ADSs, in each case as described in the deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">If the election is not
made available to you, you will receive either cash or additional ADSs, depending on what a shareholder in Brazil would receive upon failing
to make an election, as more fully described in the deposit agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Other Distributions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">Whenever we intend to distribute
property other than cash, Preferred Class C Shares or rights to subscribe for additional Preferred Class C Shares, we will notify the
Depositary in advance and will indicate whether we wish such distribution to be made to you. If so, we will assist the Depositary in determining
whether such distribution to holders is lawful and reasonably practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">If it is reasonably practicable
to distribute such property to you and if we provide to the Depositary all of the documentation contemplated in the deposit agreement,
the Depositary will distribute the property to the holders in a manner it deems practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The distribution will be
made net of fees, expenses, taxes and governmental charges payable by holders under the terms of the deposit agreement. In order to pay
such taxes and governmental charges, the Depositary may sell all or a portion of the property received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The Depositary will <I>not</I>
distribute the property to you and will sell the property if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We do not request that the property be distributed to you or if we request
that the property not be distributed to you; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We do not deliver satisfactory documents to the Depositary; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Depositary determines that all or a portion of the distribution to you
is not reasonably practicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The proceeds of such a
sale will be distributed to holders as in the case of a cash distribution.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Redemption</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">Whenever we decide to redeem
any of the securities on deposit with the Custodian, we will notify the Depositary in advance. If it is practicable and if we provide
all of the documentation contemplated in the deposit agreement, the Depositary will provide notice of the redemption to the holders.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The Custodian will be instructed
to surrender the shares being redeemed against payment of the applicable redemption price. The Depositary will convert into U.S. dollars
upon the terms of the deposit agreement the redemption funds received in a currency other than U.S. dollars and will establish procedures
to enable holders to receive the net proceeds from the redemption upon surrender of their ADSs to the Depositary. You may have to pay
fees, expenses, taxes and other governmental charges upon the redemption of your ADSs. If less than all ADSs are being redeemed, the ADSs
to be retired will be selected by lot or on a <I>pro rata</I> basis, as the Depositary may determine.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Changes Affecting Preferred
Class C Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The Preferred Class C Shares
held on deposit for your ADSs may change from time to time. For example, there may be a change in nominal or par value, split-up, cancellation,
consolidation or any other reclassification of such Preferred Class C Shares or a recapitalization, reorganization, merger, consolidation
or sale of assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">If any such change were
to occur, your ADSs would, to the extent permitted by law and the deposit agreement, represent the right to receive the property received
or exchanged in respect of the Preferred Class C Shares held on deposit. The Depositary may in such circumstances deliver new ADSs to
you, amend the deposit agreement, the ADRs and the applicable Registration Statement(s) on Form F-6, call for the exchange of your existing
ADSs for new ADSs and take any other actions that are appropriate to reflect as to the ADSs the change affecting the Preferred Class C
Shares. If the Depositary may not lawfully distribute such property to you, the Depositary may sell such property and distribute the net
proceeds to you as in the case of a cash distribution.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Issuance of ADSs upon
Deposit of Preferred Class C Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The Depositary may create
ADSs on your behalf if you or your broker deposit Preferred Class C Shares with the Custodian. The Depositary will deliver these ADSs
to the person you indicate only after you pay any applicable issuance fees and any charges and taxes payable for the transfer of the Preferred
Class C Shares to the Custodian. Your ability to deposit Preferred Class C Shares and receive ADSs may be limited by U.S. and Brazilian
legal considerations applicable at the time of deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The issuance of ADSs may
be delayed until the Depositary or the Custodian receives confirmation that all required approvals have been given and that the Preferred
Class C Shares have been duly transferred to the Custodian. The Depositary will only issue ADSs in whole numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">When you make a deposit
of Preferred Class C Shares, you will be responsible for transferring good and valid title to the Depositary. As such, you will be deemed
to represent and warrant that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Preferred Class C Shares are duly authorized, validly issued, fully
paid, non&#45;assessable and legally obtained.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All preemptive (and similar) rights, if any, with respect to such Preferred
Class C Shares have been validly waived or exercised.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">You are duly authorized to deposit the Preferred Class C Shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Preferred Class C Shares presented for deposit are free and clear of
any lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the ADSs issuable upon such deposit will
not be, &#8220;restricted securities&#8221; (as defined in the deposit agreement).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Preferred Class C Shares presented for deposit have not been stripped
of any rights or entitlements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">If any of the representations
or warranties are incorrect in any way, we and the Depositary may, at your cost and expense, take any and all actions necessary to correct
the consequences of the misrepresentations.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Transfer, Combination
and Split Up of ADRs</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">As an ADR holder, you will
be entitled to transfer, combine or split up your ADRs and the ADSs evidenced thereby. For transfers of ADRs, you will have to surrender
the ADRs to be transferred to the Depositary and also must:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ensure that the surrendered ADR is properly endorsed or otherwise in proper
form for transfer;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">provide such proof of identity and genuineness of signatures as the Depositary
deems appropriate;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">provide any transfer stamps required by the State of New York or the United
States; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">pay all applicable fees, charges, expenses, taxes and other government charges
payable by ADR holders pursuant to the terms of the deposit agreement, upon the transfer of ADRs.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">To have your ADRs either
combined or split up, you must surrender the ADRs in question to the Depositary with your request to have them combined or split up, and
you must pay all applicable fees, charges and expenses payable by ADR holders, pursuant to the terms of the deposit agreement, upon a
combination or split up of ADRs.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Withdrawal of Preferred
Class C Shares Upon Cancellation of ADSs</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">As a holder, you will be
entitled to present your ADSs to the Depositary for cancellation and then receive the corresponding number of underlying Preferred Class
C Shares at the Custodian&#8217;s offices. Your ability to withdraw the Preferred Class C Shares held in respect of the ADSs may be limited
by U.S. and Brazilian law considerations applicable at the time of withdrawal. In order to withdraw the Preferred Class C Shares represented
by your ADSs, you will be required to pay to the Depositary the fees for cancellation of ADSs and any charges and taxes payable upon the
transfer of the Preferred Class C Shares. You assume the risk for delivery of all funds and securities upon withdrawal. Once canceled,
the ADSs will not have any rights under the deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">If you hold ADSs registered
in your name, the Depositary may ask you to provide proof of identity and genuineness of any signature and such other documents as the
Depositary may deem appropriate before it will cancel your ADSs. The withdrawal of the Preferred Class C Shares represented by your ADSs
may be delayed until the Depositary receives satisfactory evidence of compliance with all applicable laws and regulations. Please keep
in mind that the Depositary will only accept ADSs for cancellation that represent a whole number of securities on deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">You will have the right
to withdraw the securities represented by your ADSs at any time except for:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Temporary delays that may arise because (i)&nbsp;the transfer books for
the Preferred Class C Shares or ADSs are closed, or (ii)&nbsp;Preferred Class C Shares are immobilized on account of a shareholders&#8217;
meeting or a payment of dividends.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Obligations to pay fees, taxes and similar charges.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Restrictions imposed because of laws or regulations applicable to ADSs or
the withdrawal of securities on deposit.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The deposit agreement may
not be modified to impair your right to withdraw the securities represented by your ADSs except to comply with mandatory provisions of
law.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Voting Rights</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">As a holder, you generally
have the right under the deposit agreement to instruct the Depositary to exercise the voting rights for the Preferred Class C Shares represented
by your ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">At our request, the Depositary
will distribute to you any notice of shareholders&#8217; meeting received from us together with information explaining how to instruct
the Depositary to exercise the voting rights of the securities represented by ADSs. In lieu of distributing such materials,
the Depositary may distribute to holders of ADSs instructions on how to retrieve such materials upon request.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">Pursuant
to the terms of Brazilian law and our Bylaws, we may, in certain circumstances and regardless of the amount of a holder&#8217;s Preferred
Class C Shares, remove or restrict the voting rights accruing to such Preferred Class C Shares where the voting rights of the owners of
such Preferred Class C Shares exceed the limits imposed by applicable Brazilian law and/or our Bylaws. As a result, we may instruct the
</FONT>Depositary <FONT STYLE="background-color: white">to, and the </FONT>Depositary <FONT STYLE="background-color: white">may, and upon
such instruction from us shall use commercially practicable efforts to, remove or restrict the voting rights accruing to those ADSs where
the </FONT>Depositary <FONT STYLE="background-color: white">is timely informed by us that the direct or indirect voting rights of certain
holders and beneficial owners of ADSs exceed the limits imposed by applicable Brazilian law and/or our Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">If the Depositary timely receives voting
instructions from a holder of ADSs, it will endeavor to vote the securities (in person or by proxy) represented by the holder&#8217;s
ADSs in accordance with such voting instructions. <FONT STYLE="background-color: white">The </FONT>Depositary <FONT STYLE="background-color: white">and
us may require a holder of ADSs who provides voting instructions to the </FONT>Depositary <FONT STYLE="background-color: white">to certify
to us and the </FONT>Depositary <FONT STYLE="background-color: white">to that (i) the beneficial owner of such ADSs does not own, directly
or indirectly, </FONT>Preferred Class C Shares<FONT STYLE="background-color: white">, and/or does not and will not exercise voting rights,
in excess of the limits imposed by applicable Brazilian law and/or our Bylaws, and (ii) the beneficial owner of such ADSs has not entered
into any agreement with the intent to exceed the limits on ownership of </FONT>Preferred Class C Shares <FONT STYLE="background-color: white">and/or
voting rights imposed by applicable Brazilian law and/or our Bylaws. Failure by a holder of ADSs to provide such certification (if required
by the us and the </FONT>Depositary<FONT STYLE="background-color: white">) may invalidate any voting instructions received.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">Securities for which no
voting instructions have been received will not be voted (except as otherwise contemplated in the deposit agreement). Please note that
the ability of the Depositary to carry out voting instructions may be limited by practical and legal limitations and the terms of the
securities on deposit. We cannot assure you that you will receive voting materials in time to enable you to return voting instructions
to the Depositary in a timely manner.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Fees and Charges</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">As an ADS holder, you will
be required to pay the following fees (some of which may be cumulative) under the terms of the deposit agreement:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-top: 6pt; padding-bottom: 12pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Service</U></B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 48%; padding-top: 6pt; padding-bottom: 12pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><U>Fees</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 6pt 5.4pt 12pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Issuance of ADSs (e.g., an issuance of ADS upon a deposit of Preferred Class C Shares, upon a change in the ADS(s)-to- Preferred Class C Shares ratio, ADS conversions, or for any other reason), excluding ADS issuances as a result of distributions of Preferred Class C Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS issued</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 6pt 5.4pt 12pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Cancellation of ADSs (e.g., a cancellation of ADSs for delivery of deposited property, upon a change in the ADS(s)-to-Preferred Class C Shares ratio, ADS conversions, upon termination of the Deposit Agreement, or for any other reason)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS cancelled</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 6pt 5.4pt 12pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding: 6pt 5.4pt 12pt 0.25in; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii)&nbsp;exercise of rights to purchase additional ADSs</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 48%; padding-top: 6pt; padding-bottom: 12pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 6pt 5.4pt 12pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Distribution of <FONT STYLE="background-color: white">financial instruments, including, without limitation, </FONT>securities other than ADSs or rights to purchase additional ADSs (e.g., upon a spin-off <FONT STYLE="background-color: white">and contingent value rights</FONT>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 6pt 5.4pt 12pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">ADS Services</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held on the applicable record date(s) established by the Depositary</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 6pt 5.4pt 12pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Registration of ADS transfers (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and <I>vice versa</I>, or for any other reason)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS (or fraction thereof) transferred</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 6pt 5.4pt 12pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Conversion of ADSs of one series for ADSs of another series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of Restricted ADSs (each as defined in the Deposit Agreement) into freely transferable ADSs, and <I>vice versa </I>or conversion of ADSs for unsponsored American Depositary Shares (e.g., upon termination of the Deposit Agreement)).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS (or fraction thereof) converted</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">As an ADS holder you will
also be responsible to pay certain charges (some of which may be cumulative) such as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">taxes (including applicable interest and penalties) and other governmental
charges;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the registration fees as may from time to time be in effect for the registration
of Preferred Class C Shares on the share register and applicable to transfers of Preferred Class C Shares to or from the name of the Custodian,
the Depositary or any nominees upon the making of deposits and withdrawals, respectively;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">certain cable, telex and facsimile transmission and delivery expenses;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the fees, expenses, spreads, taxes and other charges of the Depositary and/or
service providers (which may be a division, branch or affiliate of the Depositary) in the conversion of foreign currency;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the reasonable and customary out-of-pocket expenses incurred by the Depositary
in connection with compliance with exchange control regulations and other regulatory requirements applicable to Preferred Class C Shares,
ADSs and ADRs; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the fees, charges, costs and expenses incurred by the Depositary, the Custodian,
or any nominee in connection with the ADR program; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the amounts payable to the Depositary by any party to the deposit agreement
pursuant to any ancillary agreement to the deposit agreement in respect of the ADR program, the ADSs and the ADRs.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">ADS fees and charges for
(i) the issuance of ADSs, and (ii) the cancellation of ADSs are charged to the person for whom the ADSs are issued (in the case of ADS
issuances) and to the person for whom ADSs are cancelled (in the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">case of ADS cancellations). In the case of
ADSs issued by the Depositary into DTC, the ADS issuance and cancellation fees and charges may be deducted from distributions made through
DTC, and may be charged to the DTC participant(s) receiving the ADSs being issued or the DTC participant(s) holding the ADSs being cancelled,
as the case may be, on behalf of the beneficial owner(s) and will be charged by the DTC participant(s) to the account of the applicable
beneficial owner(s) in accordance with the procedures and practices of the DTC participants as in effect at the time. ADS fees and charges
in respect of distributions and the ADS service fee are charged to the holders as of the applicable ADS record date. 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, holders as of the ADS record date will be invoiced for the amount of the ADS fees and charges
and such ADS fees and charges may be deducted from distributions made to holders of ADSs. 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 and the DTC participants in turn charge the
amount of such ADS fees and charges to the beneficial owners for whom they hold ADSs. In the case of (i) registration of ADS transfers,
the ADS transfer fee will be payable by the ADS holder whose ADSs are being transferred or by the person to whom the ADSs are transferred,
and (ii) conversion of ADSs of one series for ADSs of another series (which may entail the cancellation, issuance and transfer of ADSs
and the conversion of ADSs from one series to another series), the applicable ADS issuance, cancellation, transfer and conversion fees
will be payable by the holder whose ADSs are converted or by the person to whom the converted ADSs are delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">In the event of refusal
to pay the Depositary fees, the Depositary may, under the terms of the deposit agreement, refuse the requested service until payment is
received or may set off the amount of the Depositary fees from any distribution to be made to the ADS holder. Certain Depositary fees
and charges (such as the ADS services fee) may become payable shortly after the closing of the ADS offering. Note that the fees and charges
you may be required to pay may vary over time and may be changed by us and by the Depositary. You will receive prior notice of such changes.
The Depositary may reimburse us for certain expenses incurred by us in respect of the ADR program, by making available a portion of the
ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as we and the Depositary agree from time to
time. Any failure by us to timely pay any fees, charges and reimbursements of the Depositary for which we are responsible pursuant to
the deposit agreement, or any ancillary agreement between us and the Depositary, may suspend the obligation of the Depositary to provide
the services contemplated in the deposit agreement at our expense (including services being made available to you), and the Depositary
shall have no obligation to provide any such services made available at our expense (including services being made available to you) unless
and until we have made payment in full.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Amendments and Termination</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">We may agree with the Depositary
to modify the deposit agreement at any time without your consent. We undertake to give holders 30 days&#8217; prior notice of any modifications
that would materially prejudice any of their substantial rights under the deposit agreement. We will not consider to be materially prejudicial
to your substantial rights any modifications or supplements that are reasonably necessary for the ADSs to be registered under the Securities
Act or to be eligible for book-entry settlement, in each case without imposing or increasing the fees and charges you are required to
pay. In addition, we may not be able to provide you with prior notice of any modifications or supplements that are required to accommodate
compliance with applicable provisions of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">You will be bound by the
modifications to the deposit agreement if you continue to hold your ADSs after the modifications to the deposit agreement become effective.
The deposit agreement cannot be amended to prevent you from withdrawing the Preferred Class C Shares represented by your ADSs (except
as permitted by law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">We have the right to direct
the Depositary to terminate the deposit agreement. Similarly, the Depositary may in certain circumstances on its own initiative terminate
the deposit agreement. In either case, the Depositary must give notice to the holders at least 30 days before termination. Until termination,
your rights under the deposit agreement will be unaffected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">After termination, the
Depositary will continue to collect distributions received (but will not distribute any such property until you request the cancellation
of your ADSs) and may sell the securities held on deposit. After the sale, the Depositary will hold the proceeds from such sale and any
other funds then held for the holders of ADSs in a non-interest bearing account. At that point,
the Depositary will have no further obligations to holders other than to account for the funds then held for the holders of ADSs still
outstanding (after deduction of applicable fees, taxes and expenses).</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">In connection with any
termination of the deposit agreement, the Depositary may make available to owners of ADSs a means to withdraw the Preferred Class C Shares
represented by ADSs and to direct the Depositary of such Preferred Class C Shares into an unsponsored American Depositary share program
established by the Depositary. The ability to receive unsponsored American Depositary Shares upon termination of the deposit agreement
would be subject to limitations of the laws of Brazil, satisfaction of certain U.S. regulatory requirements applicable to the creation
of unsponsored American Depositary Shares and the payment of applicable Depositary fees.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Books of Depositary</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The Depositary will maintain
ADS holder records at its Depositary office. You may inspect such records at such office during regular business hours but solely for
the purpose of communicating with other holders in the interest of business matters relating to the ADSs and the deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The Depositary will maintain
in New York facilities to record and process the issuance, cancellation, combination, split-up and transfer of ADSs. These facilities
may be closed from time to time, to the extent not prohibited by law.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Limitations on Obligations
and Liabilities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The deposit agreement limits
our obligations and the Depositary&#8217;s obligations to you. Please note the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary are obligated only to take the actions specifically
stated in the deposit agreement without negligence or bad faith.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Depositary disclaims any liability for any failure to carry out voting
instructions, for any manner in which a vote is cast or for the effect of any vote, provided it acts in good faith and in accordance with
the terms of the deposit agreement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Depositary disclaims any liability for any failure to determine the
lawfulness or practicality of any action, for the content of any document forwarded to you on our behalf or for the accuracy of any translation
of such a document, for the investment risks associated with investing in Preferred Class C Shares, for the validity or worth of the Preferred
Class C Shares, for any financial transaction entered into by any person in respect of the ADSs or any Deposited Property, for any tax
consequences that result from the ownership of, or any transaction involving, ADSs, for the credit-worthiness of any third party, for
allowing any rights to lapse under the terms of the deposit agreement, for the timeliness of any of our notices or for our failure to
give notice.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary will not be obligated to perform any act that is inconsistent
with the terms of the deposit agreement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary disclaim any liability if we or the Depositary are
prevented or forbidden from or subject to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing
any act or thing required by the terms of the deposit agreement, by reason of any provision, present or future of any law or regulation,
or by reason of present or future provision of any provision of our Bylaws, or any provision of or governing the securities on deposit,
or by reason of any act of God or war or other circumstances beyond our control.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary disclaim any liability by reason of any exercise of,
or failure to exercise, any discretion provided for in the deposit agreement or in our By-laws or in any provisions of or governing the
securities on deposit.</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary further disclaim any liability for any action or inaction
in reliance on the advice or information received from legal counsel, accountants, any person presenting Preferred Class C Shares for
deposit, any holder of ADSs or authorized representatives thereof, or any other person believed by either of us in good faith to be competent
to give such advice or information.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary also disclaim liability for the inability by a holder
to benefit from any distribution, offering, right or other benefit that is made available to holders of Preferred Class C Shares but is
not, under the terms of the deposit agreement, made available to you.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary may rely without any liability upon any written notice,
request or other document believed to be genuine and to have been signed or presented by the proper parties.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We and the Depositary also disclaim liability for any consequential or punitive
damages for any breach of the terms of the deposit agreement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No disclaimer of any Securities Act liability is intended by any provision
of the deposit agreement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Nothing in the deposit agreement gives rise to a partnership or joint venture,
or establishes a fiduciary relationship, among us, the Depositary and you as ADS holder.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Nothing in the deposit agreement precludes Citibank (or its affiliates)
from engaging in transactions in which parties adverse to us or the ADS owners have interests, and nothing in the deposit agreement obligates
Citibank to disclose those transactions, or any information obtained in the course of those transactions, to us or to the ADS owners,
or to account for any payment received as part of those transactions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">None of the Depositary, the Custodian or us shall
be liable for any action or failure to act by any holder of ADSs relating to the holder of ADSs&#8217; obligations under any applicable
Brazilian law or regulation relating to foreign investment in Brazil in respect of a withdrawal or sale of </FONT><FONT STYLE="font-size: 10pt">Preferred
Class C Shares<FONT STYLE="background-color: white">, including, without limitation, any failure to comply with a requirement to register
such investment pursuant to the terms of any applicable Brazilian law or regulation prior to such withdrawal or any failure to report
foreign exchange transactions to the Brazilian Central Bank, as the case may be. Without limiting the provisions hereof, each holder of
ADS will be responsible for the payment and/or reimbursement of any and all taxes effectively paid or incurred by us, the Depositary or
the Custodian (including as a result of the execution of any symbolic foreign exchange transaction (<I>opera&ccedil;&atilde;o simb&oacute;lica
de c&acirc;mbio</I>)) related to or as a result of a deposit of </FONT>Preferred Class C Shares <FONT STYLE="background-color: white">and/or
withdrawal or sale of </FONT>Preferred Class C Shares <FONT STYLE="background-color: white">by such holder of ADSs. Each holder of ADSs
will be responsible for the reporting of any false or misleading information, or the failure to report required information, relating
to foreign exchange transactions to the Custodian or the Brazilian Central Bank, as the case may be, in connection with deposits or withdrawals
of </FONT>Preferred Class C Shares<FONT STYLE="background-color: white">.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in"><I>As the above limitations
relate to our obligations and the Depositary&#8217;s obligations to you under the deposit agreement, we believe that, as a matter of construction
of the clause, such limitations would likely to continue to apply to ADS holders who withdraw the Preferred Class C Shares from the ADS
facility with respect to obligations or liabilities incurred under the deposit agreement before the cancellation of the ADSs and the withdrawal
of the Preferred Class C Shares, and such limitations would most likely not apply to ADS holders who withdraw the Preferred Class C Shares
from the ADS facility with respect to obligations or liabilities incurred after the cancellation of the ADSs and the withdrawal of the
Preferred Class C Shares and not under the deposit agreement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in"><I>In any event, you will
not be deemed, by agreeing to the terms of the deposit agreement, to have waived our or the Depositary&#8217;s compliance with U.S. federal
securities laws and the rules and regulations promulgated thereunder. In fact, you cannot waive our or the Depositary&#8217;s compliance
with U.S. federal securities laws and the rules and regulations promulgated thereunder.</I></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Taxes</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">You will be responsible
for the taxes and other governmental charges payable on the ADSs and the securities represented by the ADSs. We, the Depositary and the
Custodian may deduct from any distribution the taxes and governmental charges payable by holders and may sell any and all property on
deposit to pay the taxes and governmental charges payable by holders. You will be liable for any deficiency if the sale proceeds do not
cover the taxes that are due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The Depositary may refuse
to issue ADSs, to deliver, transfer, split and combine ADRs or to release securities on deposit until all taxes and charges are paid by
the applicable holder. The Depositary and the Custodian may take reasonable administrative actions to obtain tax refunds and reduced tax
withholding for any distributions on your behalf. However, you may be required to provide to the Depositary and to the Custodian proof
of taxpayer status and residence and such other information as the Depositary and the Custodian may require to fulfill legal obligations.
You are required to indemnify us, the Depositary and the Custodian for any claims with respect to taxes based on any tax benefit obtained
for you.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Foreign Currency Conversion</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The Depositary will arrange
for the conversion of all foreign currency received into U.S. dollars if such conversion is practical, and it will distribute the U.S.
dollars in accordance with the terms of the deposit agreement. You may have to pay fees and expenses incurred in converting foreign currency,
such as fees and expenses incurred in complying with currency exchange controls and other governmental requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">If the conversion of foreign
currency is not practical or lawful, or if any required approvals are denied or not obtainable at a reasonable cost or within a reasonable
period, the Depositary may take the following actions in its discretion:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Convert the foreign currency to the extent practical and lawful and distribute
the U.S. dollars to the holders for whom the conversion and distribution is lawful and practical.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Distribute the foreign currency to holders for whom the distribution is
lawful and practical.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hold the foreign currency (without liability for interest) for the applicable
holders.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="text-decoration: none">Governing Law/Waiver
of Jury Trial</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in">The deposit agreement,
the ADRs and the ADSs will be interpreted in accordance with the laws of the State of New York. The rights of holders of Preferred Class
C Shares (including Preferred Class C Shares represented by ADSs) are governed by the laws of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in"><B>AS A PARTY TO THE DEPOSIT
AGREEMENT, YOU IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, YOUR RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF THE DEPOSIT AGREEMENT OR THE ADRs AGAINST US AND/OR THE DEPOSITARY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B><I>The deposit agreement
provides that, to the extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the
depositary arising out of or relating to our ordinary shares, the ADSs or the deposit agreement, including any claim under U.S. federal
securities laws. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver
was enforceable in the facts and circumstances of that case in accordance with applicable case law. However, you will not be deemed, by
agreeing to the terms of the deposit agreement, to have waived our or the depositary&#8217;s compliance with U.S. federal securities laws
and the rules and regulations promulgated thereunder.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: center; text-indent: 0in"><B>Taxation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B><I>United States Federal Income Taxation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The following discussion describes the material
United States federal income tax consequences of purchasing, owning and disposing of the Preferred Class C Shares or ADSs. This discussion
applies only to beneficial owners of our Preferred Class C Shares or ADSs that are &#8220;U.S. Holders,&#8221; as defined below. This
discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the &#8220;<B>Code</B>&#8221;), its legislative history, existing
final, temporary and proposed Treasury Regulations, administrative pronouncements by the United States Internal Revenue Service (the &#8220;<B>IRS</B>&#8221;),
and judicial decisions, all as currently in effect and all of which are subject to change (possibly on a retroactive basis) and to different
interpretations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">This discussion does not purport to address
all United States federal income tax consequences that may be relevant to a particular holder and you are urged to consult your own tax
advisor regarding your specific tax situation. This discussion does not address any aspect of U.S. federal taxation other than U.S. federal
income taxation (such as the estate and gift tax or the Medicare tax on net investment income). The discussion applies only to U.S. Holders
who hold our <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Shares or </FONT>ADSs as&nbsp;&#8220;capital assets&#8221;&nbsp;(generally,
property held for investment) under the Code and does not address the tax consequences that may be relevant to U.S. Holders in special
tax situations including, for example:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">financial institutions or insurance companies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">tax-exempt organizations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">broker-dealers; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">traders in securities that elect mark to market;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">real estate investment trusts, regulated investment companies, partnership
or grantor trusts;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">investors whose functional currency is not the United States dollar;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">United States expatriates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Holders that hold our <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">shares
or </FONT>ADSs as part of a hedge, straddle, or conversion transaction; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Holders that own, directly, indirectly, or constructively, 10% or more of
the total combined voting power or value, if any, of our <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">shares or </FONT>ADS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Except where specifically described below,
this discussion assumes that we are not a passive foreign investment company (as defined below) for United States federal income tax purposes.
Please see the discussion in &#8220;<I>Passive Foreign Investment Company Rules</I>&#8221; below. Further, this discussion does not address
the alternative minimum tax consequences of holding our <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">shares or</FONT> ADSs or
the indirect consequences to holders of equity interests in partnerships or other entities that own our <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">shares
or </FONT>ADSs. In addition, this discussion does not address the state, local and non-U.S. tax consequences of holding our <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">shares
or </FONT>ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">In general, for U.S. federal income tax purposes,
if you are a holder of ADSs, you generally will be treated as the owner of the shares represented by such ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">You should consult your own tax advisor regarding
the United States federal, state, local and non-U.S. income and other tax consequences of purchasing, owning, and disposing of our <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred
Class C Shares or</FONT> ADSs in your particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">You are a &#8220;<B>U.S. Holder</B>&#8221;
if you are a beneficial owner of <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Shares or </FONT>ADSs and you
are for United States federal income tax purposes:</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An individual who is a citizen or resident of the United States;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A corporation, or any other entity taxable as a corporation, created or
organized in or under the laws of the United States, any state thereof, or the District of Columbia;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An estate the income of which is subject to United States federal income
tax regardless of its source; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A trust if a court within the United States is able to exercise primary
supervision over its administration and one or more United States persons have the authority to control all substantial decisions of the
trust.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">If a partnership holds <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">shares
or </FONT>ADSs, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership.
A prospective investor who is a partner of a partnership holding our s<FONT STYLE="color: #231F20; letter-spacing: -0.1pt">hares or </FONT>ADSs
should consult its own tax advisor regarding the specific tax consequences of the purchase, ownership and disposition of the <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred
Class C Shares or </FONT>ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Conversion of Preferred Class C Shares
or ADSs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">A U.S. Holder generally will not recognize
any gain or loss in respect of the receipt of common shares (or ADSs) upon the conversion of Preferred Class C Shares (or ADSs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Cash received upon conversion in lieu of
a fractional common share (or ADS) generally will be treated as a payment in a taxable exchange for such fractional common share (or ADS),
and gain or loss will be recognized on the receipt of cash in an amount equal to the difference between the amount of cash received and
the adjusted tax basis allocable to the fractional common share (or ADS) deemed exchanged. The gain or loss will be long-term capital
gain or loss if the U.S. Holder has held the Preferred Class C Shares (or ADSs) for more than one year at the time of conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The adjusted tax basis of the common shares
received on conversion will equal the adjusted tax basis of the Preferred Class C Shares (or ADSs) converted. The holding period of the
commons shares received on conversion will generally include the period during which the converted Preferred Class C Shares (or ADSs)
was held prior to conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Distributions on Preferred Class C Shares
or ADSs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The gross amount of distributions made to
you of cash or property with respect to your <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Shares or </FONT>ADSs,
before reduction for any Brazilian taxes withheld therefrom, will be includible in your income as dividend income to the extent such distributions
are paid out of our current or accumulated earnings and profits as determined under United States federal income tax principles. We, however,
do not expect to maintain calculations of our earnings and profits in accordance with the U.S. federal income tax accounting principles.
You should, therefore, expect that any distribution we make will be treated as a dividend. Such dividends will not be eligible for the
dividends received deduction generally allowed to corporate U.S. Holders. Subject to applicable limitations, including holding period
limitations, dividends paid to non-corporate U.S. Holders of Preferred Class C Shares or ADSs will be taxable at preferential rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">If you are a U.S. Holder, and we pay a dividend
in Brazilian <I>reais</I>, any such dividend will be included in your gross income in an amount equal to the U.S. dollar value of Brazilian
<I>reais</I> on the date of receipt by you or, in the case of ADS, the Depositary, regardless of whether or when the payment is in fact
converted into U.S. dollars. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not
be required to recognize foreign currency gain or loss in respect of the dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">If you are a U.S. Holder, dividends paid
to you with respect to your <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Shares or</FONT> ADSs should be treated
as foreign source income, which may be relevant in calculating your foreign tax credit limitation. Subject to certain conditions and limitations,
Brazilian tax withheld on dividends may be credited against your U.S. federal income tax liability. Instead of claiming a credit, you
may, at your election, deduct such otherwise creditable Brazilian taxes in computing your taxable income, subject to generally applicable
limitations under U.S. law. The rules relating to foreign tax credits and deductions are very complex, and recent changes to the foreign
tax credit rules introduced additional requirements and limitations (though the application of some of these changes has been deferred
pending further guidance). Therefore, you should
consult your own tax advisor regarding the applicability of these rules in your particular circumstances.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Sale or Exchange or other Taxable Disposition
of <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Shares or </FONT>ADSs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">A U.S. Holder generally will recognize capital
gain or loss upon the sale, exchange or other taxable disposition of our <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred
Class C Shares or </FONT>ADSs measured by the difference between the U.S. dollar value of the amount realized and the U.S. Holder&#8217;s
adjusted tax basis in the <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Shares or </FONT>ADSs. Any gain or loss
will be long-term capital gain or loss if the <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Shares or </FONT>ADSs
have been held for more than one year. Long-term capital gains of certain U.S. holders (including individuals) are eligible for reduced
rates of United States federal income taxation. The deductibility of capital losses is subject to certain limitations under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">If Brazilian tax is withheld on the sale
or other disposition of a <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Share or </FONT>ADSs, the amount realized
by a U.S. Holder will include the gross amount of the proceeds of that sale or other disposition before deduction of the Brazilian tax.
Capital gain or loss, if any, realized by a U.S. Holder on the sale, exchange or other taxable disposition of a <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred
Class C Share or </FONT>ADSs generally will be treated as United States source income or loss for United States foreign tax credit purposes.
In the case of a disposition of a share that is subject to Brazilian tax imposed on the gain (or, in the case of a deposit, in exchange
for a <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Share or </FONT>ADSs, as the case may be, that is not registered
pursuant to RC No. 13, on which a Brazilian capital gains tax is imposed), the U.S. Holder is likely not to be able to claim a foreign
tax credit for that Brazilian tax. The U.S. foreign tax credit rules are complex and recent changes to the foreign tax credit rules introduced
additional requirements and limitations. U.S. Holders should consult their own advisors with respect to the application of these rules
to their particular circumstances, including whether they can take a deduction in lieu of claiming a foreign tax credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Passive Foreign Investment Company Rules</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">In general, a non-U.S. corporation is a passive
foreign investment company (&#8220;<B>PFIC</B>&#8221;) with respect to a U.S. Holder if, for any taxable year in which the U.S. Holder
holds stock in the non-U.S. corporation, at least 75% of its gross income is passive income or at least 50% of the value of its assets
(determined on the basis of a quarterly average) produce passive income or are held for the production of passive income. For this purpose,
passive income generally includes, among other things, dividends, interest, rents, royalties and gains from the disposition of investment
assets (subject to various exceptions). Based upon the nature of our current and projected income, assets and activities, we do not expect
the <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Shares or </FONT>ADSs to be shares of a PFIC for United States
federal income tax purposes. However, the determination of whether the <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred
Class C Shares or </FONT>ADSs constitute shares of a PFIC is a factual determination made annually and thus may be subject to change.
Because these determinations are based on the nature of our income and assets from time to time, as well as certain items that are not
directly in our control, such as the value of <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Shares or </FONT>ADSs,
and involve the application of complex tax rules the application of which to our business is not always entirely clear, no assurances
can be provided that we will not be considered a PFIC for the current or any past or future tax year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">If we are treated as a PFIC for any taxable
year during which you are a U.S. Holder, various adverse consequences could apply to you. Neither gains nor dividends would be subject
to the reduced tax rates discussed above that are applicable in certain situations. Rather, gain recognized by you on a sale or other
disposition of the <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Shares or </FONT>ADSs would be allocated ratably
over your holding period for the <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Shares or </FONT>ADSs. The amounts
allocated to the taxable year of the sale or disposition and to any year before we became a PFIC would be taxed as ordinary income. The
amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as
appropriate, and an interest charge would be imposed on such tax as if it had not been paid from the original due date for your tax return
for such year. Further, any distribution in respect of the <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred Class C Shares
or </FONT>ADSs in excess of 125% of the average of the annual distributions on <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred
Class C Shares or </FONT>ADSs received by you during the preceding three years or, if shorter, your holding period would be subject to
taxation as described above. Certain elections may be available (including a mark to market election) to U.S. persons that may mitigate
the adverse consequences resulting from PFIC status. In any case, you would be subject to additional U.S. tax form filing requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Backup Withholding and Information Reporting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">In general, dividends on our <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred
Class C Shares or </FONT>ADSs, and payments of the proceeds of a sale, exchange or other disposition of <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred
Class C Shares or </FONT>ADSs, paid within the United States or through certain United States related financial intermediaries to a U.S.
Holder are subject to information reporting and may be subject to backup withholding unless the holder: (i) establishes, if required to
do so, that it is an exempt recipient; or (ii) in the case of backup withholding, provides an accurate taxpayer identification number
and certifies that it is a U.S. person and has not lost its exemption from backup withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">You can credit amounts withheld under these
rules against your United States federal income tax liability, or obtain a refund of such amounts that exceed your United States federal
income tax liability, provided that the required information is furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">You should consult your own tax advisors
concerning any U.S. reporting requirements that may arise out of your ownership or disposition of <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred
Class C Shares or </FONT>ADSs in light of your particular circumstances. The penalty for failing to comply with reporting requirements
can be significant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Specified Foreign Financial Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt">Certain U.S. Holders that own &#8220;specified foreign financial
assets&#8221; with an aggregate value in excess of U.S.$50,000 are generally required to file an information statement along with their
tax returns, currently on Form 8938, with respect to such assets. &#8220;Specified foreign financial assets&#8221; include any financial
accounts held at a non-U.S. financial institution, as well as securities issued by a non-U.S. issuer (which would include the <FONT STYLE="color: #231F20; letter-spacing: -0.1pt">Preferred
Class C Shares and </FONT>ADSs) that are not held in accounts maintained by financial institutions. Higher reporting thresholds apply
to certain individuals living abroad and to certain married individuals. Regulations extend this reporting requirement to certain entities
that are treated as formed or availed of to hold direct or indirect interests in specified foreign financial assets based on certain objective
criteria. U.S. Holders who fail to report the required information could be subject to substantial penalties. You should consult your
own tax advisors concerning the application of these rules to your particular circumstances.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><B><I>Brazil Taxation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The following discussion summarizes the main
Brazilian tax consequences applicable to the purchase, ownership and disposal of the Preferred Class C Shares and ADSs or by a holder
that is not domiciled in Brazil for purposes of Brazilian taxation but it does not purport to be a comprehensive description of all potential
tax considerations. Each Non-Resident Holder should consult his or her own tax adviser concerning the Brazilian tax consequences of an
investment in the Preferred Class C Shares and ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">This summary is based upon federal tax laws
of Brazil in effect as of the date hereof, which are subject to change and differing interpretations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Taxation of Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Dividends paid by a Brazilian corporation,
such as the Company, to the holder of the Preferred Class C Shares and ADSs that is not resident in Brazil for tax purposes (&#8220;<B>Non-Resident
Holder</B>&#8221;) will be subject to the Withholding Income Tax (&#8220;<B>WHT</B>&#8221;) at 10% rate, as of January 1, 2026, regardless
of the amount paid to the Non-Resident Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Distribution of Interest on Shareholders&#8217;
Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Brazilian law permits Brazilian corporations,
such as the Company, to make payments to shareholders of interest on shareholders&#8217; equity as an alternative to carrying out dividend
distributions, and to treat those payments as a deductible expense for the purposes of calculating Brazilian corporate income tax and
social contribution on net income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">For tax purposes, this interest is limited
to the dPayments of interest on shareholders&#8217;
equity to a Non-Resident Holder are subject to WHT at the rate of 15%, or 25% if the Non-Resident Holder is domiciled in a Low or Nil
Tax Jurisdiction (as defined below).aily variation of the pro rata variation of the TJLP, as determined by </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">These payments may be included, at their
net value, as part of any mandatory dividend. To the extent that such payments are accounted for as part of the mandatory dividend, Brazilian
law obligates us to distribute to shareholders an additional amount sufficient to ensure that the net amount received by the shareholders,
after payment by us of applicable WHT, plus the amount of declared dividends, is at least equal to the mandatory dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The distribution of interest on shareholders&#8217;
equity must be proposed by the Board and is subject to subsequent ratification by the Company&#8217;s shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Capital Gains</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><I>Sale of the Preferred Class C Shares and
ADSs </I>According to Brazilian Law No. 10,833, capital gains earned on the disposal of assets located in Brazil by a Non-Resident Holder,
whether to another non-Brazilian resident or to a Brazilian resident are subject to taxation in Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Our belief is that the Preferred Class C
Shares and ADSs do not qualify as assets located in Brazil for the purposes of Law No. 10,833 because they represent securities issued
and renegotiated in an offshore exchange market and, therefore, should not be subject to the Brazilian WHT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">However, we cannot assure you of how tax
authorities and Brazilian courts would interpret the definition of assets located in Brazil in connection with the taxation of gains realized
by a Non-Resident Holder on the disposal of the Preferred Class C Shares and ADSs to another non-Brazilian resident.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">If the Preferred Class C Shares and ADSs
are deemed to be assets located in Brazil, gains recognized by a Non-Resident Holder from the sale or other disposition to either a non-resident
or a resident in Brazil may be subject to income tax in Brazil as further described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><I>Conversion of the Preferred Class C Shares
and ADSs into Common Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Although there is no clear regulatory guidance,
the exchange of the Preferred Class C Shares and ADSs for common shares should not be subject to Brazilian tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Upon receipt of the underlying common shares
in exchange for the Preferred Class C Shares, Non-Resident Holders may register with the Central Bank, the U.S. dollar value of such common
shares as a foreign portfolio investment under Resolution No. 13/2024 (that replaced the Resolution No. 4,373), which will entitle them
to the tax treatment described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Alternatively, a Non-Resident Holder is also
entitled to register with the Central Bank, the U.S. dollar value of such common shares as a foreign direct investment under Law No. 4,131/62,
in which case the respective sale would be subject to the tax treatment applicable to transactions carried out of by a Non-Resident Holder
that is not registered before the Central Bank and the CVM in accordance with Resolution No. 13/2024 (that replaced the Resolution No.
4,373).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><I>Sale of Common Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Capital gains assessed on a Non-Resident
Holder on the disposition of common shares carried out on a Brazilian stock exchange (which may include transactions carried out on the
organized over-the-counter market, or OTC) are:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">exempt from income tax when realized by a Non-Resident Holder that (i) has
registered its investment in Brazil with the Central Bank under the rules of CMN Resolution No. 13/2024 (that replaced the Resolution
No. 4,373), or a 4,373 Holder, and (ii) is not resident or domiciled in a Low or Nil Tax Jurisdiction&#894;</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">subject to income tax at a rate of 15% in the case of gains realized by
(i) a Non-Resident Holder that (a) is not a 4,373 Holder and (b) is not resident or domiciled in a Low or Nil Tax Jurisdiction&#894; or
(ii) a Non-Resident Holder that (x) is a 4,373 Holder, and (y) is resident or domiciled in a Low or Nil Tax Jurisdiction. In this case,
a withholding income tax of 0.005% of the sale value shall be applicable and withheld by the intermediary institution (i.e., a broker)
that receives the order directly from the Non-Resident Holder, which can be later offset against any income tax due on the capital gain
earned by the Non-Resident Holder&#894; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">subject to income tax at a rate of up to 25% in the case of gains realized
by a Non-Resident Holder that (A) is not a 4,373 holder, and (B) is resident or domiciled in a Low or Nil Tax Jurisdiction. In this case,
a withholding income tax of 0.005% of the sale value shall be applicable and withheld by the intermediary institution (i.e., a broker)
that receives the order directly from the Non-Resident Holder, which can be later offset against any income tax due on the capital gain
earned by the Non-Resident Holder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Any other gains assessed on a sale or disposition
of common shares that is not carried out on a Brazilian stock exchange are subject to (i) income tax at a rate ranging from 15% up to
22.5% when realized by a Non-Resident Holder that is not resident or domiciled in a Low Tax Jurisdiction&#894; and (ii) income tax at
a rate of 25% when realized by a Non-Resident Holder that is domiciled or resident in a Low Tax Jurisdiction. If these gains are related
to transactions conducted on the Brazilian non-organized over-the-counter market with intermediation, a WHT of 0.005% on the sale value
will also apply and can be used to offset the income tax due on the capital gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">In the case of a redemption of common shares
or a capital reduction by a Brazilian corporation, such as the Company, the positive difference between the amount received by a Non-Resident
Holder and the acquisition cost of the common shares redeemed, including these underlying Preferred Class C Shares and ADSs is treated
as a capital gain derived from the sale or exchange of shares not carried out on a Brazilian stock exchange market, and is therefore subject
to income tax at the progressive rate from 15% to 22.5%, and 25% for residents in a Low or Nil Taxation Jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">As a general rule, the gains realized as
a result of the disposal of common shares, including these underlying the ADSs (Preferred Class C Shares), is the positive difference
between the amount realized on the sale or exchange of the common shares and their acquisition cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">There is no assurance that the current preferential
treatment for a Non-Resident Holder of the Preferred Class C Shares and ADSs and a 4,373 Holder of common shares will continue or that
it will not change in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><I>Gains on the exchange of common shares
for the Preferred Class C Shares and ADSs </I>The deposit of common shares in exchange for the Preferred Class C Shares and ADSs may be
subject to Brazilian income tax on capital gains if the amount previously registered with the Central Bank as a foreign investment in
common shares or, in the case of other market investors under Resolution No. 13/2024 (that replaced the Resolution No. 4,373), the acquisition
cost of the common shares, as the case may be, is lower than:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the average price per common share on the Brazilian stock exchange on which
the greatest number of such common shares were sold on the day of deposit&#894; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if no common shares were sold on that day, the average price on the Brazilian
stock exchange on which the greatest number of common shares were sold during the 15 preceding trading sessions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The difference between the amount previously
registered, or the acquisition cost, as the case may be, and the average price of the common shares, calculated as set forth above, is
considered a capital gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><I>Discussion on Low or Nil Taxation Jurisdictions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">A &#8220;<B>Low or Nil Taxation Jurisdiction</B>&#8221;
is a country or location that (i) does not impose taxation on income, (ii) imposes income tax at a maximum rate lower than 20%, or (iii)
imposes restrictions on the disclosure of shareholding composition or the ownership of the investment.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">&#8220;<B>Privileged Tax Regimes</B>,&#8221;
encompass the countries and jurisdictions that (a) do not tax income or tax it at a maximum rate lower than 20%&#894; (b) grant tax advantages
to a non-resident entity or individual either (x) without the need to carry out a substantial economic activity in the country or jurisdiction,
or (y) conditioned to the non-exercise of a substantial economic activity in the country or jurisdiction&#894; (c) do not tax or tax proceeds
generated abroad at a maximum rate lower than 20%&#894; or (d) restrict the ownership disclosure of assets and ownership right or restrict
disclosure about economic transactions carried out.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Currently, the understanding of the Brazilian
tax authorities is that the rate of 15% of WHT applies to payments made to beneficiaries resident in Privileged Tax Regimes (Answer to
Advance Tax Ruling Request COSIT No. 575, of December 20, 2017). In any case, if Brazilian tax authorities determine that payments made
to a Non-Resident Holder under a privileged tax regime are subject to the same rules applicable to payments made to Non-Resident Holders
located in a Low or Nil Tax Jurisdictions, the withholding income tax applicable to such payments could be assessed at a rate up to 25%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><B>Other Brazilian Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">There are no Brazilian federal inheritance,
gift or succession taxes applicable to the ownership, transfer or disposal of the Preferred Class C Shares and ADSs by a Non-Resident
Holder. Gift and inheritance taxes, however, may be levied by some states on gifts made to or inheritances bestowed by the Non-Resident
Holder on individuals or entities resident or domiciled within such states in Brazil. There is no Brazilian stamp, issue, registration
or similar taxes or duties payable by a Non-Resident Holder of the Preferred Class C Shares and ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><I>Taxation of Foreign Exchange Transactions
(IOF/Exchange)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The conversion into foreign currency or the
conversion into Brazilian currency of the proceeds received or remitted by a Brazilian entity from a foreign investment in the Brazilian
securities market, including those in connection with the investment by a Non-Resident Holder in the Preferred Class C Shares and ADSs,
may be subject to the Tax on Foreign Exchange Transactions, or IOF/Exchange. Currently, the applicable rate for almost all foreign currency
exchange transactions is 0.38%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Currently, foreign currency exchange transactions
carried out for the inflow of funds in Brazil for investment in the Brazilian financial and capital market made by a foreign investor
(including a Non-Resident Holder, as applicable) are subject to IOF/Exchange at a 0% rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The IOF/Exchange rate will also be 0% for
the outflow of resources from Brazil related to these types of investments, including payments of dividends and interest on shareholders&#8217;
equity and the repatriation of funds invested in the Brazilian market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><I>Tax on Bonds and Securities Transactions
(IOF/Bonds)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Pursuant to Decree 6,306/07, the Tax on Bonds
and Securities Transactions, or IOF/Bonds, may be imposed on any transaction involving bonds and securities even if the transactions are
performed on a Brazilian stock exchange. The rate of this tax for transactions involving common shares is currently 0%, but the Brazilian
government may increase such rate up to 1.5% per day, with respect to future transactions. Currently, the issuance of ADRs traded outside
of Brazil of which underlying shares are issued by a Brazilian company and listed on a Brazilian stock exchange are also subject to IOF/Bonds
at the 0% rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; color: #231F20"><B>&nbsp;</B></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; color: #231F20"><B>Item 2. <FONT STYLE="letter-spacing: -0.1pt">Exhibits.</FONT></B></P>

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    <TD STYLE="width: 24%; padding-right: 62.25pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20; letter-spacing: -0.1pt">Exhibit No.</FONT></TD>
    <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 104pt 0 0; text-align: justify; color: #231F20"><FONT STYLE="letter-spacing: -0.1pt">Description</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 104pt 0 0; text-align: justify; color: #231F20"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding-right: 62.25pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20; letter-spacing: -0.1pt">1.1</FONT></TD>
    <TD STYLE="width: 76%; padding-right: -5.2pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20; letter-spacing: -0.1pt">English translation of the Company&#8217;s Bylaws, as amended (<I>Estatuto Social</I>)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 62.25pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20; letter-spacing: -0.1pt">2.1</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: -5.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20; letter-spacing: -0.1pt">Form of Deposit Agreement, by and among the Registrant, Citibank, N.A., as ADS Depositary, and the holders and beneficial owners of American Depositary Shares issued thereunder (incorporated by reference to Exhibit (a) to the Registration Statement on Form F-6 (File No. 333-291898) filed with the Commission on December 2, 2025).</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 104pt 0 101.1pt; text-align: center; color: #231F20"><FONT STYLE="letter-spacing: -0.1pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #231F20">Pursuant to the requirements
of Section 12 of the Securities Exchange Act of 1934, the registrant has <FONT STYLE="letter-spacing: -0.2pt">duly </FONT>caused this
registration statement to be signed on its behalf by the undersigned, thereto duly <FONT STYLE="letter-spacing: -0.1pt">authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 233.9pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 233.9pt; text-align: justify; color: #231F20">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>CENTRAIS EL&Eacute;TRICAS BRASILEIRAS
    S.A. - ELETROBRAS </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 41.95pt 0 26.4pt; text-align: right; color: #231F20">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 5.65pt; padding-left: 26.65pt; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: #231F20">By:</FONT></TD>
    <TD STYLE="width: 59%; padding-right: 42.2pt; padding-left: 5.65pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20"><U>/s/ Eduardo Haiama&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.65pt; padding-left: 26.65pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #231F20">Name:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.65pt; padding-left: 5.65pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">Eduardo Haiama</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.65pt; padding-left: 26.65pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #231F20">Title:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.65pt; padding-left: 5.65pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">Vice-President of Finance and Investor Relations</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.65pt; padding-left: 26.65pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 42.2pt; padding-left: 26.65pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><BR STYLE="clear: both">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #231F20">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">Date: December <FONT STYLE="color: #231F20">22,
2025</FONT></P>


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