<SEC-DOCUMENT>0001193805-20-001461.txt : 20201123
<SEC-HEADER>0001193805-20-001461.hdr.sgml : 20201123
<ACCEPTANCE-DATETIME>20201123132524
ACCESSION NUMBER:		0001193805-20-001461
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201123
DATE AS OF CHANGE:		20201123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELEFONICA BRASIL S.A.
		CENTRAL INDEX KEY:			0001066119
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-249516
		FILM NUMBER:		201336196

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA ENGENHEIRO LUIS CARLOS BERRINI,
		STREET 2:		1376, CIDADE MONCOES
		CITY:			SAO PAULO-SP
		STATE:			D5
		ZIP:			04571-936
		BUSINESS PHONE:		55 11 3430-3687

	MAIL ADDRESS:	
		STREET 1:		AVENIDA ENGENHEIRO LUIS CARLOS BERRINI,
		STREET 2:		1376, CIDADE MONCOES
		CITY:			SAO PAULO-SP
		STATE:			D5
		ZIP:			04571-936

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELESP HOLDING CO
		DATE OF NAME CHANGE:	20051028

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELESP PARTICIPACOES SA
		DATE OF NAME CHANGE:	19980716
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>e620101_424b3-tb.htm
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<P STYLE="margin: 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><P STYLE="margin-top: 0; margin-bottom: 0"> Filed pursuant to Rule 424(b)(3): </P>
                           <P STYLE="margin-top: 0; margin-bottom: 0"> Registration Statement on Form F-6 </P>
                           <P STYLE="margin-top: 0; margin-bottom: 0"> Registration Number: 333-249516 </P></TD></TR>
</TABLE>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">Number&#9;</TD>
    <TD STYLE="text-align: right; width: 40%">CUSIP NUMBER: _______</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>_____________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">American Depositary Shares (each
American Depositary Share representing the right to receive one (1) fully paid common share)</TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">TELEF&Ocirc;NICA
BRASIL S.A.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CITIBANK, N.A., a national
banking association organized and existing under the laws of the United States of America, as depositary (the &ldquo;Depositary&rdquo;),
hereby certifies that _____________is the owner of ______________ American Depositary Shares (hereinafter &ldquo;ADS&rdquo;) representing
deposited common shares, including evidence of rights to receive such common shares (the &ldquo;Shares&rdquo;), of Telef&ocirc;nica
Brasil S.A., a <I>sociedade an&ocirc;nima</I> organized under the laws of the Federative Republic of Brazil (the &ldquo;Company&rdquo;).
As of the date of issuance of this ADR, each ADS represents the right to receive one (1) Share deposited under the Deposit Agreement
(as hereinafter defined) with the Custodian, which at the date of issuance of this ADR is Citibank DTVM S.A. (the &ldquo;Custodian&rdquo;).
The ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit Agreement. The Depositary&rsquo;s
Principal Office is located at 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Deposit Agreement</U>.</B> This American Depositary Receipt is one of an issue of American Depositary Receipts (&ldquo;ADRs&rdquo;),
all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of November 23, 2020 (as
amended and supplemented from time to time, the &ldquo;Deposit Agreement&rdquo;), by and among the Company, the Depositary, and
all Holders and Beneficial Owners from time to time of ADSs issued thereunder. The Deposit Agreement sets forth the rights and
obligations of Holders and Beneficial Owners of ADSs and the rights and duties of the Depositary in respect of the Shares deposited
thereunder and any and all other Deposited Property (as defined in the Deposit Agreement) from time to time received and held on
deposit in respect of the ADSs. Copies of the Deposit Agreement are on file at the Principal Office of the Depositary and with
the Custodian. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance
with the terms and conditions of the Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the
terms of the Deposit Agreement and the applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power
to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s),
to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion
may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such
actions to be the conclusive determinant of the necessity and appropriateness thereof. The manner in which a Beneficial Owner holds
ADSs (e.g., in a brokerage account vs. as registered holder) may affect the rights and obligations of, the manner in which, and
the extent to which, services are made available to, Beneficial Owners pursuant to the terms of the Deposit Agreement.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Surrender of ADSs and Withdrawal of Deposited Securities</U>. </B>The Holder of this ADR (and of the ADSs evidenced hereby)
shall be entitled to Delivery (at the Custodian&rsquo;s designated office) of the Deposited Securities at the time represented
by the ADSs evidenced hereby upon satisfaction of each of the following conditions: (i) the Holder (or a duly-authorized attorney
of the Holder) has duly Delivered ADSs to the Depositary at its Principal Office the ADSs evidenced hereby (and, if applicable,
this ADR evidencing such ADSs) for the purpose of withdrawal of the Deposited Securities represented thereby, (ii) if applicable
and so required by the Depositary, this ADR Delivered to the Depositary for such purpose has been properly endorsed in blank or
is accompanied by proper instruments of transfer in blank (including signature guarantees in accordance with standard securities
industry practice), (iii) if so required by the Depositary, the Holder of the ADSs has executed and delivered to the Depositary
a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written
order of the person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary
and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and <U>Exhibit B</U> to, the Deposit Agreement)
have been paid, <I>subject, however, in each case</I>, to the terms and conditions of this ADR evidencing the surrendered ADSs,
of the Deposit Agreement, of the Company&rsquo;s Bylaws and of any applicable laws and the rules of <I>Central Deposit&aacute;ria
da B3</I>, and to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof.Upon satisfaction
of each of the conditions specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, this ADR(s)
evidencing the ADSs so Delivered), (ii)&nbsp;shall direct the Registrar to record the cancellation of the ADSs so Delivered on
the books maintained for such purpose, and (iii)&nbsp;shall direct the Custodian to Deliver, or cause the Delivery of, in each
case, without unreasonable delay, the Deposited Securities represented by the ADSs so canceled together with any certificate or
other document of title for the Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case
may be, to or upon the written order of the person(s) designated in the order delivered to the Depositary for such purpose, <I>subject
however, in each case</I>, to the terms and conditions of the Deposit Agreement, of this ADR evidencing the ADS so canceled, of
the ` of the Company, of any applicable laws and of the rules of the <I>Central Deposit&aacute;ria da B3</I>, and to the terms
and conditions of or governing the Deposited Securities, in each case as in effect at the time thereof.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance With Information Requests</U>.</B> Notwithstanding any other provision of the Deposit Agreement or this ADR,
each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to applicable
law, the rules and requirements of the B3 and any other stock exchange on which the Shares or ADSs are, or will be, registered,
traded or listed, or the Bylaws of the Company, which are made to provide information, <I>inter alia</I>, as to the capacity in
which such Holder or Beneficial Owner owns ADSs (and the Shares represented by such ADSs, as the case may be) and regarding the
identity of any other person(s) interested in such ADSs (and the Shares represented by such ADSs, as the case may be) and the nature
of such interest and various other matters, whether or not they are Holders and/or Beneficial Owners at the time of such request.
The Depositary and the Company shall comply with Resolution 4,373/2014 of the Brazilian Monetary Council, and agree to furnish
the CVM and the BACEN, whenever required, information or documents related to the approved ADR program, the Deposited Securities
and distributions thereon.</P>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reporting Obligations and Regulatory Approvals</U>.</B> Applicable laws and regulations, including those of BACEN, CVM
and the B3, may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to comply
with some disclosure and trading standards (as of the date of the Deposit Agreement, mainly provided for in CVM Ruling no. 358/02),
to satisfy reporting requirements. Holders and Beneficial Owners of ADSs are solely responsible for determining and complying with
such reporting requirements and obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to make such determination,
file such reports, and obtain such approvals to the extent and in the form required by applicable laws and regulations as in effect
from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates shall be
required to take any actions whatsoever on behalf of Holders or Beneficial Owners to determine or satisfy such reporting requirements
or obtain such regulatory approvals under applicable laws and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liability for Taxes and Other Charges</U>.</B> Any tax or other governmental charge payable by the Custodian or by the
Depositary with respect to any Deposited Property, ADSs or this ADR shall be payable by the Holders and Beneficial Owners to the
Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited
Property held on behalf of such Holder and/or Beneficial Owner, and may sell for the account of a Holder and/or Beneficial Owner
any or all of such Deposited Property and apply such distributions and sale proceeds in payment of, any taxes (including applicable
interest and penalties) or charges that are or may be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited
Property and this ADR, the Holder and the Beneficial Owner hereof remaining liable for any deficiency. The Custodian may refuse
the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs, register the
split-up or combination of ADRs and (subject to paragraph (25) of this ADR and Section 7.8 of the Deposit Agreement) the withdrawal
of Deposited Property until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner
agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, employees and Affiliates for,
and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties thereon)
arising from (i) any ADS held by such Holder and/or owned by such Beneficial Owner, (ii) the Deposited Property represented by
the ADSs, and (iii) any transaction entered into by such Holder and/or Beneficial Owner in respect of the ADSs and/or the Deposited
Property represented thereby. Notwithstanding anything to the contrary contained in the Deposit Agreement or any ADR, the obligations
of Holders and Beneficial Owners under Section 3.2 shall survive any transfer of ADSs, any cancellation of ADSs and withdrawal
of Deposited Securities, and the termination of the Deposit Agreement.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, Holders,
Beneficial Owners, persons depositing Shares or withdrawing Deposited Securities in connection with ADS issuances and cancellations,
and persons for whom ADSs are issued or cancelled shall be responsible for the following ADS charges under the terms of the Deposit
Agreement:</P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify">in connection with the conversion of Foreign Currency,
the fees, expenses, spreads, taxes and other charges of the Depositary and/or conversion service providers (which may be a division,
branch or Affiliate of the Depositary). Such fees, expenses, spreads, taxes and other charges shall be deducted from the Foreign
Currency;</TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">any reasonable and customary out-of-pocket expenses incurred
in such conversion and/or on behalf of the Holders and Beneficial Owners in complying with currency exchange control or other
governmental requirements; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">the fees, charges, costs and expenses incurred by the
Depositary, the Custodian, or any nominee in connection with the ADR program.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All ADS fees and charges
may, at any time and from time to time, be changed by agreement between the Depositary and Company but, in the case of ADS fees
and charges payable by Holders and Beneficial Owners, only in the manner contemplated by paragraph (23) of this ADR and as contemplated
in Section 6.1 of the Deposit Agreement. The Depositary shall provide, without charge, a copy of its latest ADS fee schedule to
anyone upon request.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <B><I>Elective
Distributions in Cash or Shares</I></B>: Upon the timely receipt of a notice indicating that the Company wishes an elective distribution
in cash or Shares to be made available to Holders of ADSs upon the terms described in the Deposit Agreement, the Company and the
Depositary shall determine in accordance with the Deposit Agreement whether such distribution is lawful and reasonably practicable.
The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that
the elective distribution be made available to Holders, (ii)&nbsp;the Depositary shall have determined that such distribution is
reasonably practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7
of the Deposit Agreement. If the above conditions are satisfied, the Depositary shall, subject to the terms and conditions of the
Deposit Agreement, establish the ADS Record Date according to paragraph (16) and establish procedures to enable the Holder hereof
to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder elects to receive the distribution in
cash, the distribution shall be made as in the case of a distribution in cash. If the Holder hereof elects to receive the distribution
in additional ADSs, the distribution shall be made as in the case of a distribution in Shares upon the terms described in the Deposit
Agreement. If such elective distribution is not reasonably practicable or if the Depositary did not receive satisfactory documentation
set forth in the Deposit Agreement, the Depositary shall establish an ADS Record Date upon the terms of Section 4.9 of the Deposit
Agreement and, to the extent permitted by law, distribute to Holders, on the basis of the same determination as is made in Brazil
in respect of the Shares for which no election is made, either (x)&nbsp;cash or (y)&nbsp;additional ADSs representing such additional
Shares, in each case, upon the terms described in the Deposit Agreement. Nothing herein or in the Deposit Agreement shall obligate
the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs).
There can be no assurance that the Holder hereof will be given the opportunity to receive elective distributions on the same terms
and conditions as the holders of Shares. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event
the Company fails to give the Depositary timely notice of the proposed distribution provided for above, the Depositary agrees to
use commercially reasonable efforts to perform the actions contemplated in Section 4.3 of the Deposit Agreement, and the Company,
the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s failure
to perform the actions contemplated in Section 4.3 of the Deposit Agreement where such notice has not been so timely given, other
than for willful misconduct or its failure to use commercially reasonable efforts, as provided herein.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) <B><I>Distribution
of Rights to Purchase Additional ADSs</I></B>: Upon the timely receipt by the Depositary of a notice indicating that the Company
wishes rights to subscribe for additional Shares to be made available to Holders of ADSs, the Depositary upon consultation with
the Company, shall determine, whether it is lawful and reasonably practicable to make such rights available to the Holders. The
Depositary shall make such rights available to any Holders only if (i) the Company shall have timely requested that such rights
be made available to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7
of the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution of rights is reasonably practicable.
If such conditions are not satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the Depositary
shall sell the rights as described below. In the event all conditions set forth above are satisfied, the Depositary shall establish
the ADS Record Date (upon the terms described in Section 4.9 of the Deposit Agreement) and establish procedures to (x)&nbsp;distribute
rights to purchase additional ADSs (by means of warrants or otherwise), (y)&nbsp;enable the Holders to exercise such rights (upon
payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b)
taxes), and (z)&nbsp;deliver ADSs upon the valid exercise of such rights. Nothing herein or in the Deposit Agreement shall obligate
the Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs). If (i)
the Company does not timely request the Depositary to make the rights available to Holders or requests that the rights not be made
available to Holders, (ii)&nbsp;the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 of the
Deposit Agreement or determines it is not reasonably practicable to make the rights available to Holders, or (iii) any rights made
available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably
practicable to sell such rights, in a riskless principal capacity, at such place and upon such terms (including public and private
sale) as it may deem practicable. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable
(a)&nbsp;fees and charges of, and expenses incurred by, the Depositary and (b)&nbsp;taxes) upon the terms hereof and of Section
4.1 of the Deposit Agreement. If the Depositary is unable to make any rights available to Holders upon the terms described in Section
4.4(a) of the Deposit Agreement or to arrange for the sale of the rights upon the terms described in Section 4.4(b) of the Deposit
Agreement, the Depositary shall allow such rights to lapse. The Depositary shall not be liable for (i) any failure to accurately
determine whether it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular,
(ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise, or (iii) the content of any materials
forwarded to the Holders on behalf of the Company in connection with the rights distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
herein or in the Deposit Agreement to the contrary, if registration (under the Securities Act or any other applicable law) of the
rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities
to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders
(i)&nbsp;unless and until a registration statement under the Securities Act (or other applicable law) covering such offering is
in effect or (ii)&nbsp;unless the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and
counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactory to the Depositary,
to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require
registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary
or the Custodian shall be required to withhold and does withhold from any distribution of Deposited Property (including rights)
an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs shall be reduced accordingly.
In the event that the Depositary determines that any distribution of Deposited Property (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may
dispose of all or a portion of such Deposited Property (including Shares and rights to subscribe therefor) in such amounts and
in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or
charges.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) <B><I>Distributions
other than Cash, Shares or Rights to Purchase Shares</I></B>: Upon receipt of a notice indicating that the Company wishes property
other than cash, Shares or rights to purchase additional Shares to be made to Holders of ADSs, the Depositary shall determine whether
such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the
Company shall have requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received the documentation
contemplated in the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution is reasonably practicable.
Upon satisfaction of such conditions, the Depositary shall distribute the property so received to the Holders of record, as of
the ADS Record Date, in proportion to the number of ADSs held by them respectively and in such manner as the Depositary may deem
practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses
incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or a portion of the property
so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem
practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable
to the distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the conditions above
are not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places
and upon such terms as it may deem practicable and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars
and (ii)&nbsp;distribute the proceeds of such conversion received by the Depositary (net of applicable (a) fees and charges of,
and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms hereof and of the
Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account
of the Holders in any way it deems reasonably practicable under the circumstances.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(16)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption</U>.</B> Upon timely receipt of notice from the Company that it intends to exercise its right of redemption
in respect of any of the Deposited Securities, and satisfactory documentation, and upon determining that such proposed redemption
is practicable, the Depositary shall (to the extent practicable) provide to each Holder a notice setting forth the Company&rsquo;s
intention to exercise the redemption rights and any other particulars set forth in the Company&rsquo;s notice to the Depositary.
The Depositary shall instruct the Custodian to present to the Company the Deposited Securities in respect of which redemption rights
are being exercised against payment of the applicable redemption price. Upon receipt of confirmation from the Custodian that the
redemption has taken place and that funds representing the redemption price have been received, the Depositary shall convert, transfer,
and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred by, the Depositary, and (b) taxes),
retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1
and 6.2 of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be
selected by lot or on a pro rata basis, as may be determined by the Depositary. The redemption price per ADS shall be the dollar
equivalent of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption
of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 of the Deposit Agreement and the applicable
fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number of Deposited Securities represented
by each ADS redeemed. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails
to give the Depositary timely notice of the proposed redemption provided for above, the Depositary agrees to use commercially reasonable
efforts to perform the actions contemplated in Section 4.7 of the Deposit Agreement, and the Company, the Holders and the Beneficial
Owners acknowledge that the Depositary shall have no liability for the Depositary&rsquo;s failure to perform the actions contemplated
in Section 4.7 of the Deposit Agreement where such notice has not been so timely given, other than for willful misconduct or its
failure to use commercially reasonable efforts, as provided herein.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(17)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fixing of ADS Record Date</U>.</B> Whenever the Depositary shall receive notice of the fixing of a record date by the
Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares,
rights or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented
by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders
of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the
giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix the record date (the &ldquo;<U>ADS
Record Date</U>&rdquo;) for the determination of the Holders of ADS(s) who shall be entitled to receive such distribution, to give
instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or
solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented
by each ADS. Subject to applicable law, the terms and conditions of this ADR and Sections 4.1 through 4.8 of the Deposit Agreement,
only the Holders of ADSs at the close of business in New York on such ADS Record Date shall be entitled to receive such distribution,
to give such voting instructions, to receive such notice or solicitation, or otherwise take action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B>(18)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting of Deposited Securities</U>.</B> As soon as practicable after receipt of notice of any meeting at which the holders
of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities,
the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of such consent or proxy in accordance
with Section 4.9 of the Deposit Agreement. The Depositary shall, if requested by the Company in writing in a timely manner (the
Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least
twenty (20) days prior to the date of such vote or meeting), at the Company&rsquo;s expense and provided no U.S. legal prohibitions
exist, distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy, (b) a
statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the
provisions of the Deposit Agreement, the Bylaws of the Company and the provisions of or governing the Deposited Securities (which
provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the
voting rights, if any, pertaining to the Deposited Securities represented by such Holder&rsquo;s ADSs, and (c) a brief statement
as to the manner in which such voting instructions may be given to the Depositary or in which voting instructions may be deemed
to have been given in accordance with Section 4.10 of the Deposit Agreement. </P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the Depositary
nor the Custodian shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian
shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise,
the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions received from Holders
in a timely manner or as otherwise contemplated herein. If the Depositary timely receives voting instructions from a Holder which
fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder&rsquo;s ADSs,
the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary
to abstain from voting with respect to the items set forth in such voting instructions. If the Depositary does not receive voting
instructions from a Holder as of the ADS Record Date on or before the date established by the Depositary for such purpose (which
date shall be no later than two calendar days prior to the meeting to which such ADS Record Date relates), such Holder shall be
deemed absent from the meeting, and no vote shall be recorded in respect of such Holder. Notwithstanding anything else contained
herein, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting
instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose
of establishing quorum at a meeting of shareholders.</P>

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(19)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Changes Affecting Deposited Securities</U>.</B> Upon any change in nominal or par value, split-up, cancellation, consolidation
or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale
of assets affecting the Company or to which it is a party, any property which shall be received by the Depositary or the Custodian
in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities shall, to the extent
permitted by law, be treated as new Deposited Property under the Deposit Agreement, and this ADR shall, subject to the provisions
of the Deposit Agreement, this ADR evidencing such ADSs and applicable law, represent the right to receive such additional or replacement
Deposited Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification of Deposited
Securities, recapitalization, reorganization, merger, consolidation or sale of assets, the Depositary may, with the Company&rsquo;s
approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement (including, without limitation,
(a) the applicable fees and charges of, and expenses incurred by, the Depositary, and (b) taxes) and receipt of an opinion of counsel
to the Company satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i)&nbsp;issue
and deliver additional ADSs as in the case of a stock dividend on the Shares, (ii)&nbsp;amend the Deposit Agreement and the applicable
ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the ADSs, (iv)&nbsp;call
for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect
the transaction with respect to the ADSs. Notwithstanding the foregoing, in the event that any Deposited Property so received may
not be lawfully distributed to some or all Holders, the Depositary may, with the Company&rsquo;s approval, and shall, if the Company
requests, subject to receipt of an opinion of Company&rsquo;s counsel satisfactory to the Depositary that such action is not in
violation of any applicable laws or regulations, sell such Deposited Property at public or private sale, at such place or places
and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and
expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to such Deposited Property
upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds
so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1 of the Deposit
Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make
such Deposited Property available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss
incurred in connection with such sale, or (iii) any liability to the purchaser of such Deposited Property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(20)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exoneration</U>.</B> Notwithstanding anything contained in the Deposit Agreement or any ADR, neither the Depositary nor
the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur
any liability (to the extent not limited by paragraph (25) hereof) (i) if the Depositary, the Custodian, the Company or their respective
agents shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required or contemplated by the
terms of the Deposit Agreement and this ADR, by reason of any provision of any present or future law or regulation of the United
States, Brazil, or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account
of potential criminal or civil penalties or restraint, or by reason of any provision, present or future, of the Bylaws of the Company
or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond
its control (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil
unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure
to exercise, any discretion provided for in the Deposit Agreement or in the Bylaws of the Company or provisions of or governing
Deposited Securities, (iii) for any action or inaction in reliance upon the advice of or information from legal counsel, accountants,
any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person
believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial
Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities
but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs, (v) for any action or inaction of any
clearing or settlement system (any participant thereof) for the Deposited Property or the ADSs, or (vi) for any consequential or
punitive damages (including lost profits) for any breach of the terms of the Deposit Agreement. The Depositary, its controlling
persons, its agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting
upon any written notice, request or other document believed by it to be genuine and to have been signed or presented by the proper
party or parties.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(21)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Standard of Care</U>.</B> The Company and the Depositary assume no obligation and shall not be subject to any liability
under the Deposit Agreement or this ADR to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree
to perform their respective obligations specifically set forth in the Deposit Agreement or this ADR without negligence or bad faith.
Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons,
or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any
Deposited Property or in respect of the ADSs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory
to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required
(and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian
being solely to the Depositary).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary and
its agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the
manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and without
negligence and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure
to accurately determine that any distribution or action may be lawful or reasonably practicable, for the content of any information
submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment
risk associated with acquiring an interest in the Deposited Property, for the validity or worth of the Deposited Property or for
any tax consequences that may result from the ownership of ADSs, Shares or other Deposited Property, for the credit-worthiness
of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement, for the failure or timeliness of
any notice from the Company, or for any action of or failure to act by, or any information provided or not provided by, DTC or
any DTC Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(22)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resignation and Removal of the Depositary; Appointment of Successor Depositary</U>.</B> The Depositary may at any time
resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to
be effective upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement.
The Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective upon
the appointment by the Company of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement.
In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint
a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York.
Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument
in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except
as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor
(other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement). The predecessor depositary, upon payment of all
sums due it and on the written request of the Company shall (i)&nbsp;execute and deliver an instrument transferring to such successor
all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement),
(ii) duly assign, transfer and deliver all of the Depositary&rsquo;s right, title and interest to the Deposited Property to such
successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other information relating
to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide notice
of its appointment to such Holders. Any entity into or with which the Depositary may be merged or consolidated shall be the successor
of the Depositary without the execution or filing of any document or any further act.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(23)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment/Supplement</U>.</B> Subject to the terms and conditions of this paragraph 23, and Section 6.1 of the Deposit
Agreement and applicable law, this ADR and any provisions of the Deposit Agreement may at any time and from time to time be amended
or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable
without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase
any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and other governmental
charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders
or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration of thirty (30) days after
notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. Notice of any amendment to the
Deposit Agreement or any ADR shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe
the specific amendments in any such notice shall not render such notice invalid, <I>provided, however</I>, that, in each such case,
the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment
(<I>e.g.</I>, upon retrieval from the Commission&rsquo;s, the Depositary&rsquo;s or the Company&rsquo;s website or upon request
from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed
by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs
to be settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to
be borne by Holders, shall be deemed not to materially prejudice any substantial existing rights of Holders or Beneficial Owners.
Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to
hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and this ADR, if
applicable, as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to
surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations
which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the
Depositary may amend or supplement the Deposit Agreement and this ADR at any time in accordance with such changed laws, rules or
regulations. Such amendment or supplement to the Deposit Agreement and this ADR in such circumstances may become effective before
a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with
such laws, rules or regulations.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(24)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U>.</B> The Depositary shall, at any time at the written direction of the Company, terminate the Deposit
Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior
to the date fixed in such notice for such termination. If ninety (90) days shall have expired after (i) the Depositary shall have
delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary
a written notice of the removal of the Depositary, and, in either case, a successor depositary shall not have been appointed and
accepted its appointment as provided in Section 5.4 of the Deposit Agreement, the Depositary may terminate the Deposit Agreement
by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date
fixed in such notice for such termination. The date so fixed for termination of the Deposit Agreement in any termination notice
so distributed by the Depositary to the Holders of ADSs is referred to as the &ldquo;<U>Termination Date</U>&rdquo;. Until the
Termination Date, the Depositary shall continue to perform all of its obligations under the Deposit Agreement, and the Holders
and Beneficial Owners will be entitled to all of their rights under the Deposit Agreement. If any ADSs shall remain outstanding
after the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform
any further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions
of the Deposit Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell
Deposited Property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends
or other distributions received with respect thereto and the net proceeds of the sale of any other Deposited Property, in exchange
for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of,
and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial
Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required
under applicable law in connection with its role as Depositary under the Deposit Agreement. At any time after the Termination Date,
the Depositary may sell the Deposited Property then held under the Deposit Agreement and shall after such sale hold un-invested
the net proceeds of such sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account
and without liability for interest, for the pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After
making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to account for
such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of, and
expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial
Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection
with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations
under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement.
The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination
Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to
the Depositary for cancellation under the terms of the Deposit Agreement (except as specifically provided in the Deposit Agreement).</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(25)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with, and No Disclaimer under, U.S. Securities Laws</U>.</B> (a) Notwithstanding any provisions in this ADR
or the Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company
or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to the Form F-6 Registration
Statement, as amended from time to time, under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the parties to the Deposit Agreement (including, without limitation, each Holder and Beneficial Owner) acknowledges and agrees
that no provision of the Deposit Agreement or any ADR shall, or shall be deemed to, disclaim any liability under the Securities
Act or the Exchange Act, in each case to the extent established under applicable U.S. laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(26)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Third Party Beneficiaries / Acknowledgements</U></B><U>.</U> The Deposit Agreement is for the exclusive benefit of
the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever
to any other person, except to the extent specifically set forth in the Deposit Agreement. Nothing in the Deposit Agreement shall
be deemed to give rise to a partnership or joint venture among the parties nor establish a fiduciary or similar relationship among
the parties. The parties hereto acknowledge and agree that (i) Citibank and its Affiliates may at any time have multiple banking
relationships with the Company, the Holders, the Beneficial Owners, and their respective Affiliates, (ii) Citibank and its Affiliates
may own and deal in any class of securities of the Company and its Affiliates and in ADSs, and may be engaged at any time in transactions
in which parties adverse to the Company, the Holders, the Beneficial Owners or their respective Affiliates may have interests,
(iii) the Depositary and its Affiliates may from time to time have in their possession non-public information about the Company,
the Holders, the Beneficial Owners, and their respective Affiliates, (iv) nothing contained in the Deposit Agreement shall (a)
preclude Citibank or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships,
or (b) obligate Citibank or any of its Affiliates to disclose such information, transactions or relationships, or to account for
any profit made or payment received in such transactions or relationships, (v) the Depositary shall not be deemed to have knowledge
of any information any other division of Citibank or any of its Affiliates may have about the Company, the Holders, the Beneficial
Owners, or any of their respective Affiliates, and (vi) the Company, the Depositary, the Custodian and their respective agents
and controlling persons may be subject to the laws and regulations of jurisdictions other than the U.S. and Brazil, and the authority
of courts and regulatory authorities of such other jurisdictions, and, consequently, the requirements and the limitations of such
other laws and regulations, and the decisions and orders of such other courts and regulatory authorities, may affect the rights
and obligations of the parties to the Deposit Agreement.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(27)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law / Waiver of Jury Trial</U></B>. The Deposit Agreement, the ADRs and the ADSs shall be interpreted in accordance
with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of
New York applicable to contracts made and to be wholly performed in that State. Notwithstanding anything contained in the Deposit
Agreement to the contrary, any ADR or any present or future provisions of the laws of the State of New York, the rights of holders
of Shares and of any other Deposited Securities and the obligations and duties of the Company in respect of the holders of Shares
and other Deposited Securities, as such, shall be governed by the laws of Brazil (or, if applicable, such other laws as may govern
the Deposited Securities).</P>

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

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

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

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

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(ASSIGNMENT AND TRANSFER SIGNATURE
LINES)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FOR VALUE RECEIVED, the undersigned Holder
hereby sell(s), assign(s) and transfer(s) unto ______________________________ whose taxpayer identification number is _______________________
and whose address including postal zip code is ________________, the within ADR and all rights thereunder, hereby irrevocably constituting
and appointing ________________________ attorney-in-fact to transfer said ADR on the books of the Depositary with full power of
substitution in the premises.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">Dated:</TD>
    <TD STYLE="width: 50%">Name:
________________________________</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.375in">By:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.375in">Title:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">NOTICE: The signature of the Holder
to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without
alteration or enlargement or any change whatsoever.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">If the endorsement be executed
by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title
in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded
with this ADR.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>__________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>SIGNATURE GUARANTEED</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">All endorsements or assignments
of ADRs must be guaranteed by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc.</TD></TR>
</TABLE>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[The ADRs issued in respect of Partial Entitlement American Depositary Shares shall bear the following legend on the face of the
ADR: &ldquo;This ADR evidences ADSs representing &lsquo;partial entitlement&rsquo; Shares of the Company and as such do not entitle
the holders thereof to the same per-share entitlement as other Shares (which are &lsquo;full entitlement&rsquo; Shares) issued
and outstanding at such time. The ADSs represented by this ADR shall entitle holders to distributions and entitlements identical
to other ADSs when the Shares represented by such ADSs become &lsquo;full entitlement&rsquo; Shares.&rdquo;]</P>

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

<P STYLE="border-bottom: Black 2px solid; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">A-25</P>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
