<SEC-DOCUMENT>0001292814-25-004369.txt : 20251222
<SEC-HEADER>0001292814-25-004369.hdr.sgml : 20251222
<ACCEPTANCE-DATETIME>20251222170324
ACCESSION NUMBER:		0001292814-25-004369
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:		251593285

	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_8a12b1.htm
<DESCRIPTION>8-A12B
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.45pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>UNITED <FONT STYLE="letter-spacing: -0.1pt">STATES</FONT></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.6pt 104pt 0pt 101.1pt; text-align: center"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>SECURITIES AND EXCHANGE <FONT STYLE="letter-spacing: -0.1pt">COMMISSION</FONT></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.6pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>Washington, D.C. 20549 FORM 8-A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>SECTION 12(b) OR (g) OF THE</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 104pt 0pt 101.1pt; text-align: center"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>SECURITIES EXCHANGE ACT OF <FONT STYLE="letter-spacing: -0.2pt">1934</FONT></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.35pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt"><B>CENTRAIS EL&Eacute;TRICAS BRASILEIRAS S.A. - ELETROBRAS </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.6pt 104pt 0pt 101.15pt; text-align: center"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)">(Exact name of registrant as specified in its <FONT STYLE="letter-spacing: -0.1pt">charter)</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.6pt 104pt 0pt 101.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.6pt 104pt 0pt 101.15pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>BRAZILIAN ELECTRIC POWER COMPANY</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.6pt 104pt 0pt 101.15pt; text-align: center"><FONT STYLE="font-size: 9pt">(Translation of Registrant&rsquo;s name into English)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.6pt 104pt 0pt 101.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 63%; vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>Federative Republic of Brazil</B></FONT></P></TD>
    <TD STYLE="width: 37%; vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>Not Applicable</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)">(State or other jurisdiction of incorporation or organization)</FONT></P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)">(I.R.S. Employer Identification No.)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>Rua da Quitanda, 196 &ndash; 24th floor,</B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>Centro, CEP 20091-005,</B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>Rio de Janeiro, RJ, Brazil</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>Not Applicable</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)">(Address of principal executive offices)</FONT></P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)">(Zip Code)</FONT></P></TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.5pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>Copy to:</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.5pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>David S. Bakst, Esq.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.5pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>Elizabeth C. Walsh, Esq.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.5pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>Mayer Brown LLP</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.5pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>1221 Avenue of the Americas</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.5pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>New York, New York 10020</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.5pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>(212) 506-2275</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.6pt 126.4pt 0pt 6pt; text-align: center"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)">Securities to be registered pursuant to Section 12(b) of the Act:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 51%; vertical-align: top; border-bottom: solid 1pt Black">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>Title of each <FONT STYLE="letter-spacing: -0.1pt">class</FONT></B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)"><B>to be so <FONT STYLE="letter-spacing: -0.1pt">registered</FONT></B></FONT></P></TD>
    <TD STYLE="width: 3%; vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="width: 46%; vertical-align: top; border-bottom: solid 1pt black">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.3pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: Black"><B>Name of each exchange on which</B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.3pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: Black"><B>each class is to be registered</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: Black">Preferred Class B1 Shares, without par value</FONT></P></TD>
    <TD STYLE="vertical-align: middle"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: middle; border-top: solid 1pt black"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: Black">The New York Stock Exchange (&ldquo;<B>NYSE</B>&rdquo;)*</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: middle"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: middle"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: solid 1pt Black">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.3pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: Black">American Depositary Shares (the &ldquo;<B>ADSs</B>&rdquo;), each</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.3pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: Black">representing one Preferred Class B1 Share</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.3pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: middle"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: middle; border-bottom: solid 1pt Black"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt; color: Black">The New York Stock Exchange</FONT></P></TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.3pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0pt; margin-left: 6pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)">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: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.05pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)">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: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.05pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)">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></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.65pt; margin-bottom: 0pt; margin-left: 6pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)">the following <FONT STYLE="letter-spacing: -0.2pt">box.</FONT></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0pt; margin-left: 6pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)">Securities Act registration statement or Regulation A offering statement file number
to which this form <FONT STYLE="letter-spacing: -0.1pt">relates:</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0pt; margin-left: 6pt"><FONT STYLE="font-size: 9pt; color: rgb(35,31,32)">Securities to be registered pursuant to Section 12(g) of the <FONT STYLE="letter-spacing: -0.2pt">Act:
<B>None.</B></FONT></FONT></P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 12pt; margin-bottom: 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 12pt; margin-bottom: 12pt"><FONT STYLE="font-size: 9pt">* 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 B1 Share, and the ADSs were previously registered
under the Securities Act of 1933, as amended, pursuant to a separate Registration Statement on Form F-6, which was originally declared
effective by the U.S. Securities and Exchange Commission on August 18, 2017 (File No. 333-219599).  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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; margin-right: 104pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt"><B>EXPLANATORY NOTE</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt">This Registration Statement on Form 8-A is being filed in
connection with the mandatory exchange of all the Registrant&rsquo;s currently outstanding Preferred Class B Shares into Preferred Class
B1 Shares and Preferred ADRs into Class B1 Preferred ADRs.  The material terms and conditions of the Preferred Class B Shares and the
Preferred Class B1 Shares are identical in all material respects, as are the material terms and conditions of the Preferred ADRs and
the Preferred Class B1 ADRs. Notwithstanding, Preferred Class B1 Shares and Preferred Class B1 ADRs are entitled to certain tag along
rights, as described further below</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; margin-right: 104pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt"><B>INFORMATION REQUIRED IN REGISTRATION STATEMENT</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32)"><B>Item 1. Description of Registrant&rsquo;s Securities to be <FONT STYLE="letter-spacing: -0.1pt">Registered.</FONT></B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">This Form 8-A <FONT STYLE="color: rgb(35,31,32)">relates </FONT>to the <FONT STYLE="color: rgb(35,31,32)">preferred
class B1 shares, without par value (the &ldquo;<B>Preferred Class B1 Shares</B>&rdquo;) and the American Depositary Shares (&ldquo;<B>ADSs</B>&rdquo;)
each representing </FONT>one <FONT STYLE="color: rgb(35,31,32)">Preferred Class B1 Share </FONT>of Centrais El&eacute;tricas Brasileiras
S.A. - Eletrobras (the <FONT STYLE="color: rgb(35,31,32)">&ldquo;<B>Company</B>&rdquo;, &ldquo;<B>we</B>&rdquo;, &ldquo;<B>us</B>&rdquo;
or &ldquo;<B>our</B>&rdquo;)</FONT>. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">The following information is a summary of the material terms of the Preferred Class B1 Shares as set out
in the Bylaws of the Company as presently in effect (the &ldquo;<B>Bylaws</B>&rdquo;).  You are encouraged to read the full Bylaws which
are filed as Exhibit 1.1 to this Form 8-A. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>Description of the Company&rsquo;s Preferred Class B1 Shares</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Preferred Class B1 Shares may be held in the form of ADSs, each of which represents one Preferred Class
B1 Share.  The Second Amended and Restated Deposit Agreement, as amended by Amendment No. 1 thereto, by and among the Company, Citibank,
N.A., a national banking association organized under the laws of the United States (the &ldquo;<B>Depositary</B>&rdquo;), and all holders
and beneficial owners from time to time of ADSs issued and outstanding (the &ldquo;<B>Deposit Agreement</B>&rdquo;) governs the rights
of holders of ADSs as described below in &ldquo;<I>Description of the Company&rsquo;s American Depositary Shares</I>.&rdquo; You should
be aware that these rights are different from the rights of the holders of the Preferred Class B1 Shares. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">All of the issued Preferred Class B1 Shares are fully paid and are represented in book-entry form. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>Dividends</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; margin-right: 3.6pt"><FONT STYLE="font-size: 10pt">Holders of the Preferred Class B1 Shares are entitled to participate in all future capital increases.
In addition, holders of Preferred Class B1 Shares, resulting from the conversion of Preferred Class B Shares will have priority in the
reimbursement of capital and distribution of dividends, which will be levied at the rate of 6% per year and distributed on the capital
linked to those shares, with priority dividends to be apportioned equally among the shareholders. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; margin-right: 3.6pt"><FONT STYLE="font-size: 10pt">Unpaid dividends on Preferred Class B1 Shares are not payable in future years.  Preferred Class B1 Shares
rank equally with the Company&rsquo;s preferred Class A shares on a liquidation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; margin-right: 3.6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; margin-right: 3.6pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>Voting Rights</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Holders of Preferred Class B1 Shares are not entitled to vote at annual or special general meetings of
shareholders, except under limited circumstances.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Preferred Class B1 Shares cannot be converted into the Company&rsquo;s common shares.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Preferred Class B1 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 B1 Shares that would result in the direct or indirect ownership of Preferred Class B1 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 B1 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 B1 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 B1 Shares or voting rights by a single shareholder, or group of shareholders, of Preferred Class B1 Shares.  For any transfer of
ownership of Preferred Class B1 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&rsquo;s fee schedule.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">No preemptive rights apply on the transfer of the Preferred Class B1 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.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Holders of Preferred Class B1 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).</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">The redemption of shares of one or more classes, including but not limited to the Preferred Class B1 Shares,
may be undertaken upon resolution of a shareholders&rsquo; meeting. </FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Any holder of Preferred Class B1 Shares who acquires or disposes of 10% or 15% cumulatively of the Company&rsquo;s
capital stock in any share class is required to notify the Company immediately upon completion of such transaction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">Citibank, N.A. has agreed to act as the Depositary for the American Depositary Shares. Citibank&rsquo;s
depositary offices are located at 388 Greenwich Street, New York, New York 10013. American Depositary Shares are frequently referred
to as &ldquo;ADSs&rdquo; and represent ownership interests in securities that are on deposit with the Depositary. ADSs may be represented
by certificates that are commonly known as &ldquo;American Depositary Receipts&rdquo; or &ldquo;ADRs.&rdquo; The Depositary typically
appoints a custodian to safekeep the securities on deposit. In this case, Banco Bradesco S.A., located at Cidade de Deus, S/N, Pr&eacute;dio
Amarelo, 1st floor, Vila Yara, Osasco, S&atilde;o Paulo, Brazil &ndash; Zip Code: 06029-900 is the custodian (the &ldquo;<B>Custodian</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">We have appointed Citibank as Depositary pursuant to a deposit agreement. Copies of the deposit agreement
and the form of amendment no.  1 to the deposit agreement are 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&rsquo;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549
and from the SEC&rsquo;s website (www.sec.gov). Please refer to Registration Number 333-219599 when retrieving such copies.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">Each ADS represents the right to receive, and to exercise the beneficial ownership interests in, one Preferred
Class B1 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. &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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 B1 Shares will continue to be governed by the laws of Brazil, which may be different from the laws
in the United States.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt"><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 B1 Shares underlying your ADSs.
As an owner of ADSs you will be able to exercise the shareholders rights for the Preferred Class B1 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></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">The manner in which you own the ADSs (e.g., as holder of certificated vs. uncertificated ADSs) may affect
your rights and obligations, and the manner in which, and extent to which, the Depositary&rsquo;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 &ldquo;direct registration system&rdquo; or &ldquo;DRS&rdquo;). 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 (&ldquo;DTC&rdquo;), 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 &ldquo;holder.&rdquo; When we refer to &ldquo;you,&rdquo; we assume the reader owns ADSs and will own ADSs at the relevant
time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">The registration of the Preferred Class B1 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 B1 Shares with the beneficial ownership rights and interests in such Preferred Class B1 Shares being at all times vested with the
beneficial owners of the ADSs representing the Preferred Class B1 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.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Dividends and Distributions</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Distributions of Cash</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Distributions of Shares</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">Whenever we make a free distribution of Preferred Class B1 Shares for the securities on deposit with the
Custodian, we will deposit the applicable number of Preferred Class B1 Shares with the Custodian. Upon receipt of confirmation of such
deposit, the Depositary will either distribute to holders new ADSs representing the Preferred Class B1 Shares deposited or modify the
ADS-to-Preferred Class B1 Shares ratio, in which case each ADS you hold will represent rights and interests in the additional Preferred
Class B1 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">The distribution of new ADSs or the modification of the ADS-to-Preferred Class B1 Shares ratio upon a distribution
of Preferred Class B1 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 B1 Shares so distributed.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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 B1 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.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Distributions of Rights</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">Whenever we intend to distribute rights to subscribe for additional Preferred Class B1 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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 B1 Shares other than in the form of ADSs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">The Depositary will <I>not</I> distribute the rights to you if:</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Elective Distributions</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Other Distributions</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">Whenever we intend to distribute property other than cash, Preferred Class B1 Shares or rights to subscribe
for additional Preferred Class B1 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">The Depositary will <I>not</I> distribute the property to you and will sell the property if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">The proceeds of such a sale will be distributed to holders as in the case of a cash distribution.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Redemption</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Changes Affecting Preferred Class B1 Shares</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">The Preferred Class B1 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 B1 Shares or a recapitalization, reorganization, merger, consolidation or sale of assets of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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 B1 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 B1 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.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Issuance of ADSs upon Deposit of Preferred Class B1 Shares</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">The Depositary may create ADSs on your behalf if you or your broker deposit Preferred Class B1 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 B1 Shares to the Custodian. Your ability to deposit Preferred Class
B1 Shares and receive ADSs may be limited by U.S. and Brazilian legal considerations applicable at the time of deposit.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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 B1 Shares have been duly transferred to the Custodian. The Depositary
will only issue ADSs in whole numbers.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">When you make a deposit of Preferred Class B1 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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Preferred Class B1 Shares are duly authorized, validly issued, fully paid, nonassessable and legally obtained.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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 B1 Shares have been validly waived or exercised.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">You are duly authorized to deposit the Preferred Class B1 Shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Preferred Class B1 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, &ldquo;restricted securities&rdquo; (as defined in the deposit agreement).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Preferred Class B1 Shares presented for deposit have not been stripped of any rights or entitlements.</FONT></TD></TR></TABLE>




<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Transfer, Combination and Split Up of ADRs</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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: </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Withdrawal of Preferred Class B1 Shares Upon Cancellation of ADSs</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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 B1 Shares at the Custodian&rsquo;s offices. Your ability to withdraw the Preferred
Class B1 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 B1 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 B1 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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 B1 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">You will have the right to withdraw the securities represented by your ADSs at any time except for:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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 B1 Shares or ADSs are closed, or (ii)&nbsp;Preferred Class B1 Shares are immobilized on account of a shareholders&rsquo; meeting or a payment of dividends.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Voting Rights</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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 B1 Shares represented by your ADSs. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">At our request, the Depositary will distribute to you any notice of shareholders&rsquo; 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">Pursuant to the terms of Brazilian law and our Bylaws, we may, in certain circumstances and regardless
of the amount of a holder&rsquo;s Preferred Class B1 Shares, remove or restrict the voting rights accruing to such Preferred Class B1
Shares where the voting rights of the owners of such Preferred Class B1 Shares exceed the limits imposed by applicable Brazilian law
and/or our Bylaws. As a result, we may instruct the Depositary to, and the Depositary 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 Depositary 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: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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&rsquo;s ADSs in accordance with such voting instructions. The Depositary
and us may require a holder of ADSs who provides voting instructions to the Depositary to certify to us and the Depositary to that (i)
the beneficial owner of such ADSs does not own, directly or indirectly, Preferred Class B1 Shares, 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 Preferred Class B1 Shares 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 Depositary) may invalidate any voting instructions received.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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. </FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Fees and Charges</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; margin-left: 39.6pt; font-size: 11pt">
  <TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 60%; vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt; text-decoration: underline solid"><B>Service</B></FONT></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 35%; vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt; text-decoration: underline solid"><B>Fees</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Issuance of ADSs (e.g., an issuance of ADS upon a deposit of Preferred Class B1 Shares, upon a change in
the ADS(s)-to- Preferred Class B1 Shares ratio, or for any other reason), excluding ADS issuances as a result of distributions of Preferred
Class B1 Shares</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS issued</FONT></P></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><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 B1 Shares ratio, or for any other reason)</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS cancelled</FONT></P></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements)</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held</FONT></P></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><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></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held </FONT></P></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares)</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Up to U.S. 5&cent; per ADS held</FONT></P></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">ADS Services</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><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></P></TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">As an ADS holder you will also be responsible to pay certain charges (some of which may be cumulative)
such as:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">such registration fees as may from time to time be in effect for the registration of Preferred Class B1 Shares or other deposited securities on the share register and applicable to transfers of Preferred Class B1 Shares or other deposited securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at the expense of the person depositing Preferred Class B1 Shares or withdrawing deposited securities or of the holders and beneficial owners of ADSs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the expenses and charges incurred by the Depositary in the conversion of foreign currency;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory requirements applicable to Preferred Class B1 Shares, deposited securities, ADSs and ADRs; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the servicing or delivery of deposited property.</FONT></TD></TR></TABLE>




<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">ADS fees and charges payable upon (i) the issuance of ADSs, and (ii) the cancellation of ADSs are charged
to the person to whom the ADSs are issued (in the case of ADS issuances) and to the person whose ADSs are cancelled (in the 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.
</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Amendments and Termination</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">We may agree with the Depositary to modify the deposit agreement at any time without your consent. We undertake
to give holders 30 days&rsquo; 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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 B1 Shares represented by your ADSs (except as permitted by law).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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 B1 Shares represented by ADSs and to direct the depositary of such Preferred Class B1
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. </FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Books of Depositary</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Limitations on Obligations and Liabilities</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">The deposit agreement limits our obligations and the Depositary&rsquo;s obligations to you. Please note
the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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 B1 Shares, for the validity or worth of the Preferred Class B1 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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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 other circumstances beyond our control.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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 B1 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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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 B1 Shares but is not, under the terms of the deposit agreement, made available to you.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo; obligations under any applicable Brazilian law or regulation relating to foreign investment in Brazil in respect of a withdrawal or sale of Preferred Class B1 Shares, 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 (opera&ccedil;&atilde;o simb&oacute;lica de c&acirc;mbio)) related to or as a result of a deposit of Preferred Class B1 Shares and/or withdrawal or sale of Preferred Class B1 Shares 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 Preferred Class B1 Shares.</FONT></TD></TR></TABLE>







<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt"><I>As the above limitations relate to our obligations and the depositary&rsquo;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 B1 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 B1 Shares, and such limitations would
most likely not apply to ADS holders who withdraw the Preferred Class B1 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 B1 Shares and not under the deposit
agreement.</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt"><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&rsquo;s compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder. In fact,
you cannot waive our or the depositary&rsquo;s compliance with U.S. federal securities laws and the rules and regulations promulgated
thereunder.</I></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Taxes</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Foreign Currency Conversion</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt; margin-left: 36pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-decoration-style: solid; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Governing Law/Waiver of Jury Trial</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt">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 B1 Shares (including Preferred Class B1 Shares represented by ADSs) are governed
by the laws of Brazil. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt"><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></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt; text-indent: 36pt"><FONT STYLE="font-size: 10pt"><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&rsquo;s compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder.</I></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>Taxation</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">The following discussion describes the material United States federal income tax consequences of <FONT STYLE="color: Black">purchasing,
owning</FONT> and disposing of the Preferred Class B1 Shares or ADSs.  This discussion applies only to beneficial owners of our Preferred
Class B1 Shares or ADSs that are &ldquo;U.S. Holders,&rdquo; as defined below.  This discussion is based on the U.S. Internal Revenue
Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), its legislative history, existing final, temporary and proposed Treasury Regulations,
administrative pronouncements by the United States Internal Revenue Service (the &ldquo;<B>IRS</B>&rdquo;), 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 Shares or </FONT>ADSs as&nbsp;&ldquo;capital assets&rdquo;&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:</FONT></P>

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<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">broker-dealers; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Holders that hold our shares <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">or
</FONT>ADSs as part of a hedge, straddle, or conversion transaction; or</FONT></TD></TR></TABLE>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&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 shares <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">or </FONT>ADS.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt; color: Black">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 &ldquo;</FONT><FONT STYLE="font-size: 10pt"><I>Passive
Foreign Investment Company Rules</I><FONT STYLE="color: Black">&rdquo; below.  Further, this discussion does not address the alternative
minimum tax consequences of holding our</FONT> <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">shares or</FONT> <FONT STYLE="color: Black">ADSs
or the indirect consequences to holders of equity interests in partnerships or other entities that own our shares</FONT> <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">or
</FONT><FONT STYLE="color: Black">ADSs.  In addition, this discussion does not address the state, local and non-U.S. tax consequences
of holding our shares</FONT> <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">or </FONT><FONT STYLE="color: Black">ADSs. </FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt; color: Black">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt; color: Black">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> <FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 Shares or</FONT> <FONT STYLE="font-size: 10pt; color: Black">ADSs in your particular circumstances.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt; color: Black">You are a &ldquo;<B>U.S. Holder</B>&rdquo; if you are a beneficial owner of </FONT><FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 Shares or </FONT><FONT STYLE="font-size: 10pt; color: Black">ADSs and you are for United States federal income tax purposes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">An individual who is a citizen or resident of the United States;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">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" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">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: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt; color: Black">If a partnership holds shares</FONT> <FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt">or
</FONT><FONT STYLE="font-size: 10pt; color: Black">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 </FONT><FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt">shares
or </FONT><FONT STYLE="font-size: 10pt; color: Black">ADSs should consult its own tax advisor regarding the specific tax consequences
of the purchase, ownership and disposition of the </FONT><FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 Shares or </FONT><FONT STYLE="font-size: 10pt; color: Black">ADSs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>Distributions on Preferred Class B1 Shares or ADSs</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">The gross amount of distributions made to you of cash or property with respect to your <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 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.
&nbsp;&nbsp;&nbsp;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 B1 Shares or ADSs
will be taxable at preferential rates. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">If you are a U.S. Holder, dividends paid to you with respect to your <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>Sale or Exchange or other Taxable Disposition of <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 Shares or </FONT>ADSs</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">A U.S. Holder generally will recognize capital gain or loss upon the sale, exchange or other taxable disposition
of our <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred Class B1 Shares or </FONT>ADSs measured by the difference
between the U.S. dollar value of the amount realized and the U.S. Holder&rsquo;s adjusted tax basis in the <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 Shares or </FONT>ADSs.  Any gain or loss will be long-term capital gain or loss if the <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 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. &nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">If Brazilian tax is withheld on the sale or other disposition of a <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 Share or </FONT>ADS, 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: rgb(35,31,32); letter-spacing: -0.1pt">Preferred Class B1 Share or </FONT>ADS 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: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 Share or </FONT>ADS, 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. </FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">In general, a non-U.S. corporation is a passive foreign investment company <FONT STYLE="color: Black">(&ldquo;<B>PFIC</B>&rdquo;)
</FONT>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: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 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: rgb(35,31,32); letter-spacing: -0.1pt">Preferred Class B1 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: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 Shares or </FONT>ADSs would be allocated ratably over your holding period for the <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 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: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 Shares or </FONT>ADSs in excess of 125% of the average of the annual distributions on <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">In general, dividends on our <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred Class
B1 Shares or </FONT>ADSs, and payments of the proceeds of a sale, exchange or other disposition of <FONT STYLE="color: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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: rgb(35,31,32); letter-spacing: -0.1pt">Preferred Class B1 Shares or </FONT>ADSs
in light of your particular circumstances.  The penalty for failing to comply with reporting requirements can be significant.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Certain U.S. Holders that own &ldquo;specified foreign financial assets&rdquo; 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.  &ldquo;Specified foreign financial assets&rdquo; 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: rgb(35,31,32); letter-spacing: -0.1pt">Preferred
Class B1 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;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B><I>Brazil Taxation</I></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">The following discussion summarizes the main Brazilian tax consequences applicable to the purchase, ownership
and disposal of Preferred Class B1Shares 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 B1 Shares and ADSs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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. </FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Dividends paid by a Brazilian corporation, such as the Company, to the holder of the Preferred Class B1
Shares and ADSs that is not resident in Brazil for tax purposes (&ldquo;<B>Non-Resident Holder</B>&rdquo;) will be subject to the Withholding
Income Tax (&ldquo;<B>WHT</B>&rdquo;) at 10% rate as of January 1, 2026, regardless of the amount paid to the Non-Resident Holder. </FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Brazilian law permits Brazilian corporations, such as the Company, to make payments to shareholders of
interest on shareholders&rsquo; 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Payments of interest on shareholders&rsquo; 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).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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. </FONT></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"><I>Sale of the Preferred Class B1 Shares and ADSs</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">Our belief is that the Preferred Class B1 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 negotiated in an offshore exchange market and, therefore,
should not be subject to the Brazilian WHT. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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 B1 Shares and ADSs to another non-Brazilian resident. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">If the Preferred Class B1 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 of Brazil may be subject to income tax
in Brazil, as further described below.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">A &ldquo;<B>Low or Nil Taxation Jurisdiction</B>&rdquo; 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. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">&ldquo;<B>Privileged Tax Regimes</B>&rdquo; 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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%.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"><I>Other Brazilian Taxes</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">There are no Brazilian federal inheritance, gift or succession taxes applicable to the ownership, transfer
or disposal of Preferred Class B1 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 Preferred
Class B1 Shares and ADSs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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 B1 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%. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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&rsquo; equity and the repatriation of funds invested in the
Brazilian market. </FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 6pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">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. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 12pt; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32)"><B>Item 2. <FONT STYLE="letter-spacing: -0.1pt">Exhibits.</FONT></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 27%; vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-right: 12.75pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt">Exhibit No.</FONT></P></TD>
    <TD STYLE="width: 73%; vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 104pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt">Description</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 104pt">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-right: 26.25pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt">1.1</FONT></P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt">English translation of the Company&rsquo;s Bylaws, as amended
(<I>Estatuto Social</I>)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-right: 104pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt">2.1</FONT></P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt">Form of Second Amended and Restated 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)(i) to the Registration Statement on Form F-6 (File No. 333-291599) filed with the
Commission on August 1, 2017).</FONT></P></TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 104pt 0pt 101.1pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 104pt 0pt 101.1pt; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 104pt 0pt 101.1pt; text-align: center"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32); letter-spacing: -0.1pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0.05pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32)">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></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0.05pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-right: 41.95pt"><FONT STYLE="font-size: 10pt"><B>CENTRAIS EL&Eacute;TRICAS BRASILEIRAS S.A. - ELETROBRAS </B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 41.95pt 0pt 26.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32)">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="height: 12.25pt">
    <TD STYLE="width: 40%; vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32)">By:</FONT></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 59%; vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; text-decoration: underline solid; color: rgb(35,31,32)">/s/ Eduardo Haiama &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
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    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32)">Name:</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32)">Eduardo Haiama</FONT></P></TD></TR>
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    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32)">Title:</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: rgb(35,31,32)">Vice-President of Finance and Investor Relations</FONT></P></TD></TR>
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    <TD>&nbsp;</TD>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0.05pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Date: December <FONT STYLE="color: rgb(35,31,32)">22, 2025</FONT></FONT></P>

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