<SEC-DOCUMENT>0001292814-24-002614.txt : 20240701
<SEC-HEADER>0001292814-24-002614.hdr.sgml : 20240701
<ACCEPTANCE-DATETIME>20240701062603
ACCESSION NUMBER:		0001292814-24-002614
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240630
FILED AS OF DATE:		20240701
DATE AS OF CHANGE:		20240701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP
		CENTRAL INDEX KEY:			0001170858
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31317
		FILM NUMBER:		241088059

	BUSINESS ADDRESS:	
		STREET 1:		RUA COSTA CARVALHO, 300
		STREET 2:		SAO PAULO
		CITY:			SP
		STATE:			D5
		ZIP:			05429-900
		BUSINESS PHONE:		011-55-11-3388-8000

	MAIL ADDRESS:	
		STREET 1:		RUA COSTA CARVALHO, 300
		STREET 2:		SAO PAULO
		CITY:			SP
		STATE:			D5
		ZIP:			05429-900
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>sbs20240628_6k.htm
<DESCRIPTION>6-K
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

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

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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center">FORM&nbsp;6-K</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">Pursuant to Rule 13a-16 or 15d-16 of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the month of June, 2024<BR>
(Commission File No.&nbsp;1-31317)</B></P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><BR>
</FONT>Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo - SABESP</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Basic Sanitation Company of the State of S&atilde;o
Paulo - SABESP</P>

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

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><BR>
</FONT>Rua Costa Carvalho, 300</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">05429-900 S&atilde;o Paulo, SP, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Address of principal executive office)</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><BR>
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">Form 20-F&nbsp;&#9746;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 1in; text-align: center; text-indent: -1in">Yes&nbsp;&#9744;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 1in; text-align: center; text-indent: -1in">Yes&nbsp;&#9744;<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No&nbsp;&#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center; text-indent: 0in">Indicate by check mark whether
the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 1in; text-align: center; text-indent: -1in">Yes&nbsp;&#9744;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">If &ldquo;Yes&rdquo; is marked, indicated below the
file number assigned to the registrant in connection with Rule 12g3-2(b):</P>

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

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SABESP ANNOUNCES THE EXISTENCE OF A REFERENCE INVESTOR</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>COMPANHIA DE SANEAMENTO B&Aacute;SICO DO ESTADO
DE S&Atilde;O PAULO &ndash; SABESP </B>(the &ldquo;Company&rdquo;) (B3: SBSP3; NYSE: SBS) on June 21, 2024, filed a registration statement
with the Brazilian Securities Commission and the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;), respectively,
in respect of a global offering that consists of an international offering outside Brazil and a concurrent public offering in Brazil (the
&ldquo;Global Offering&rdquo;) of common shares of the Company (the &ldquo;Shares&rdquo;), including Shares represented by American Depositary
Shares, evidenced by American Depositary Receipts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described in the preliminary prospectus filed with
the Commission, the State of S&atilde;o Paulo (the &ldquo;Selling Shareholder&rdquo;) initiated a process to select a reference investor
to purchase a certain number of common shares from the Selling Shareholder, contingent on satisfaction of a minimum price condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The qualification stage for the selection of a finalist
reference investor by the Selling Shareholder has been completed. We have been informed by the Selling Shareholder that a single reference
investor has qualified as a finalist and will be subject to the bookbuilding process. This finalist reference investor is a consortium
led by Equatorial Energia S.A., a Brazilian energy distribution company. The price submitted by the consortium is R$67.00 per share, which
would result in a total investment of approximately R$6.9 billion. On or around the closing of the Global Offering, the finalist reference
investor, if any, will enter into an investment agreement with the Selling Shareholder substantially in the form set out in the Exhibit
hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will inform its shareholders and the market
regarding any further developments with respect to the Global Offering in accordance with applicable regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">S&atilde;o Paulo, June 28, 2024.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chief Financial Officer and Investor Relations Officer</B></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">This press release may contain forward-looking
statements. These statements are statements that are not historical facts and are based on management&rsquo;s current view and estimates
of future economic circumstances, industry conditions, company performance and financial results. The words &ldquo;anticipates&rdquo;,
&ldquo;believes&rdquo;, &ldquo;estimates&rdquo;, &ldquo;expects&rdquo;, &ldquo;plans&rdquo; and similar expressions, as they relate to
the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation
of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends
affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect
the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events,
trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market
conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ
materially from current expectations.</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This report shall be deemed to be incorporated by
reference in our registration statement on Form F-3 filed with the Commission on June 21, 2022 (File No. 333-280420), and shall be deemed
to be a part thereof from the date on which this report is furnished to the Commission, to the extent not superseded by documents or reports
subsequently filed or furnished to the Commission.</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report in the Form of 6-K to be signed on its behalf by the
undersigned, thereunto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">COMPANHIA DE SANEAMENTO B&Aacute;SICO DO ESTADO DE
    S&Atilde;O PAULO &ndash; SABESP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Andre Gustavo
    Salcedo Teixeira Mendes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">Name:</TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">Andre Gustavo Salcedo Teixeira Mendes</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chief Executive Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Catia Cristina
    Teixeira Pereira</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Catia Cristina Teixeira Pereira</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: justify">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: justify">Chief Financial Officer and Investor Relations Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">June 28, 2024</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>EXHIBIT</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 7%; border-bottom: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: -1.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-bottom: 6pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 89%; border-bottom: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%"><B>Document Description</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; width: 1%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">10.1</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%"><A HREF="ex10-1.htm">Investment Agreement</A></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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


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<P STYLE="font: 10pt Arial MT; margin: 0 33.9pt 0 36.9pt; text-align: center"><B>INVESTMENT AGREEMENT, LOCK-UP, AND OTHER COVENANTS</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0 33.9pt 0 34.25pt; text-align: center">of</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0 33.9pt 0 34.6pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Companhia de Saneamento
B&aacute;sico do Estado de S&atilde;o Paulo &#8211; SABESP</B></FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0 33.9pt 0 34.4pt; text-align: center">among</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0 33.9pt 0 34.55pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>S&atilde;o Paulo
State Government, through the Investment Partnerships Secretariat</B></FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 3.15pt; text-align: center">and</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0 33.9pt 0 36.95pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>[Reference Investor]<FONT STYLE="font-family: Arial MT,sans-serif"><SUP>1</SUP></FONT></B></FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0 33.9pt 0 36.8pt; text-align: center">and, as consenting intervening parties</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0 33.9pt 0 36.75pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Companhia de
Saneamento B&aacute;sico do Estado de S&atilde;o Paulo &#8211; SABESP,</B></FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 3.2pt; text-align: center"><B>AND</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0 33.9pt 0 36.95pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Direct Shareholders/Quota
Holders of the Reference Investor</B></FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 3.1pt; text-align: center">[=] [=], 2024.</P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 3.1pt; text-align: center">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 8pt Arial MT; margin: 4.7pt 0 0"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 8pt"><SUP>1</SUP></FONT>
<FONT STYLE="font-size: 8pt"><B>Note</B>: The Agreement will be adapted if the Reference Investor is a consortium or has more than one
investment vehicle</FONT><FONT STYLE="font-size: 10pt">.</FONT></P>

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<P STYLE="font: bold 10pt Arial MT,sans-serif; margin-top: 0; margin-bottom: 0; text-align: center">INVESTMENT AGREEMENT,
LOCK-UP, AND OTHER COVENANTS OF COMPANHIA DE SANEAMENTO B&Aacute;SICO DO ESTADO DE S&Atilde;O PAULO &#8211; SABESP</P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0 17.95pt 0 26.9pt; text-align: left; text-indent: 37.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: -0.5pt">This Investment Agreement, Lock-up, and Other Covenants of Companhia de
Saneamento B&aacute;sico do Estado de S&atilde;o Paulo &#8211; SABESP (&#8220;<U>Agreement</U>&#8221;) is executed between the following
parties:</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">S&atilde;o Paulo State Government</FONT></B> <FONT STYLE="font-size: 10pt">(&#8220;S&atilde;o
Paulo State&#8221;), herein represented by the Investment Partnerships Secretariat; through the Investment Partnerships Secretariat, registered
under the CNPJ number 96.480.850/0001-03, headquartered at Rua Iai&aacute;, n&ordm; 126, Itaim Bibi, CEP: 04542-906, in the City of S&atilde;o
Paulo, State of S&atilde;o Paulo, herein represented by its Secretary, Mr. Rafael Antonio Cren Benini, holder of identification document
(RG) number 25.243.050-5 and individual taxpayer&#8217;s ID (CPF) number 223.011.918-42;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[<FONT STYLE="font-variant: small-caps"><B>Reference Investor</B></FONT>],
[qualification] (&#8220;<U>Reference Investor</U>&#8221; and, collectively with the State, &#8220;<U>Parties</U>&#8221; or &#8220;<U>Shareholders</U>&#8221;
and, individually, &#8220;<U>Shareholder</U>&#8221; or &#8220;<U>Party</U>&#8221;); and, as a consenting intervening party, expressly
agreeing to the obligations established herein, including the arbitration clause outlined below;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">III.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial MT,sans-serif; font-variant: small-caps">Companhia de Saneamento B&aacute;sico
do Estado de S&atilde;o Paulo &#8211; SABESP</FONT><FONT STYLE="font-family: Arial MT,sans-serif; font-weight: normal">, a publicly-held
company, headquartered in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, at Rua Costa Carvalho, n&ordm; 300, bairro Pinheiros,
CEP 05.429-000, registered in the National Register of Legal Entities of the Ministry of Finance (&#8220;<U>CNPJ/MF</U>&#8221;) under
number 43.776.517/0001-80, herein represented according to its Bylaws (&#8220;<U>Sabesp</U>&#8221; or &#8220;<U>Company</U>&#8221;); [=].
[qualification] (&#8220;<U>[=]</U>&#8221;); [=]. [qualification] (&#8220;[=]&#8221;); [=]. [qualification] (&#8220;[=]&#8221;); [=]. [qualification]
(&#8220;[=]&#8221;) and, collectively with [=], [=], [=], and [=] the &#8220;<U>Direct [Shareholders/Quota Holders] of the Reference Investor</U>&#8221;);</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0; text-align: left">CONSIDERING THAT:</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/98% Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>(A)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-size: 10pt">the Company is a publicly-held company, registered with the Brazilian Securities and Exchange
Commission (&#8220;<U>CVM</U>&#8221;) as an issuer of category &#8220;A&#8221; securities, under CVM Resolution 80/22, listed on the Novo
Mercado special listing segment of B3 S.A. &#8211; Brasil, Bolsa, Balc&atilde;o (&#8220;<U>B3</U>&#8221;);</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/98% Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>(B)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-size: 10pt">State Law 17,853, of December 08, 2023, which authorized the Executive Branch of the S&atilde;o
Paulo State to carry out the Company&#8217;s privatization with the sale of its shares, including controlling interest, through trading
session, stock exchange auction, or public offering for the distribution of securities, as well as capital increase, with total or partial,
waiver or transfer of subscription rights;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>(C)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-size: 10pt">On [&#8226;] [&#8226;], 2024, Order no. [&#8226;] (&#8220;<U>Approval Order of the Privatization
Model</U>&#8221;) by the Governor of the S&atilde;o Paulo State was published. The Order approves the recommendation of the Board of the
State Privatization Program (&#8220;<U>CDPED</U>&#8221;), under Article 5, item I, sub-items &#8221;b&#8220; and &#8221;i&#8220;, of Law
No. 9.361, of July 05, 1996, and Article 21, item I, of Decree No. 67.759, of June 20, 2023, regarding the Company&#8217;s privatization
modeling and general conditions of the secondary public distribution offering of shares issued by Sabesp held by the S&atilde;o Paulo
State (&#8221;<U>Offering</U>&#8221;);</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>(D)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-size: 10pt">The Approval Order of the Privatization Model approved the main terms and conditions of the Offering,
including a selection process for an investor capable of and willing to act in the strategic role of supporting the Company in the universalization
process of water supply and sewage services in its area of operation in the State of S&atilde;o Paulo (&#8220;<U>Selected Reference Investor</U>&#8221;).
Accordingly, the Offering included a priority tranche for the placement of part of the common shares issued by the Company representing
15% (fifteen percent) of the Company&#8217;s total voting shares (&#8220;<U>Initial Reference Investor Stake</U>&#8221; and &#8220;<U>Investment</U>&#8221;,
respectively) to a single Selected Reference Investor (&#8220;<U>Priority Allocation to the Selected Reference Investor</U>&#8221;);</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>(E)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-size: 10pt">Under the Approval Order of the Privatization Model, the Pre-Selection Stage Participation Manual
of the Reference Investor Selection Process disclosed on June [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024 (&#8220;<U>Pre-Selection
Stage Manual</U>&#8221;), and the Preliminary Prospectus of the Offering disclosed on [<FONT STYLE="font-family: Symbol">&middot;</FONT>]
2024 (&#8220;<U>Preliminary Prospectus</U>&#8221;), the Selected Reference Investor will be subject to certain trading restrictions on
the Initial Reference Investor Stake until December 31, 2029, and will be entitled to certain corporate governance rights, as provided
for in this Agreement;</FONT></P>


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<P STYLE="font: 11pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>(F)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-size: 10pt">The Reference Investor was the Selected Reference Investor in the Offering, as disclosed to the
market on [<FONT STYLE="font-family: Symbol">&middot;</FONT>] 2024;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>(G)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-size: 10pt">the Controlling Shareholders of the Shareholders/Quota Holders of the Reference Investor are
described in <U>Attachment A</U> herein; and</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/98% Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>(H)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-size: 10pt">the Shareholders wish to enter into this Agreement to regulate the relationships among the Shareholders
as shareholders of the Company following the Offering, especially to regulate the rights and duties of each Shareholder during the term
of this Agreement.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">THEREFORE, the Parties, in mutual and common agreement,
hereby enter into this Agreement, including for the purposes of Article 118 of Brazilian Corporation Law, under the terms and conditions
below.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE I</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">INTERPRETATIONS AND DEFINITIONS</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">1.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Definitions</U>. The following terms, when capitalized, shall have the meanings defined to them
in this Agreement (including the preamble and the recitals), applying to their singular and plural forms:</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Share</U>&#8221; or &#8220;<U>Shares</U>&#8221;
means all registered, book-entry common shares with no par value issued by the Company, as well as any subscription rights (including
subscription preemptive right) of securities, subscription receipts, shares, or any securities convertible into or exchangeable for shares
issued by the Company, under any circumstance, free of charge or onerous, including by subscription, acquisition, bonus, dividend distribution
with payment in shares, capitalization of profits or reserves, stock split or reverse stock split, conversion of shares or share options,
or arising from share purchase, mergers, spin-offs, or any other corporate restructuring transactions or any other form of conversion
into shares or any securities issued by the Company, including derivative instruments backed by or referenced to shares issued by the
Company.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Restricted Share</U>&#8221; or &#8220;<U>Restricted
Shares</U>&#8221; means all Shares held by Shareholders immediately following the physical and financial settlement of the Offering on
the Offering Settlement Date.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">Restricted Shares shall also include shares to be
held by the Shareholders in the future, during the term of this Agreement, provided that the provisions outlined in CLAUSE VII - Lock-up
and CLAUSE VIII - Transfers after the Lock-Up Period shall not apply to such Shares.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">For clarification purposes, the special class preferred
share issued by the Company and held by the S&atilde;o Paulo State is not binding to this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Shareholders</U>&#8221; or &#8220;<U>Shareholder</U>&#8221; shall
have the meaning contained in the <U>Preamble</U> of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Offered Shareholder</U>&#8221; shall have the meaning contained in <U>Clause 8.2</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Offering Shareholder</U>&#8221; shall have the meaning contained in <U>Clause 8.2</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Offered Shares</U>&#8221; shall have the meaning contained in <U>Clause 8.2</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: -0.5pt">&#8220;<U>Agreement</U>&#8221; or &#8220;<U>Investment Agreement, Lock-up,
and Other Covenants</U>&#8221; shall have the meaning contained in the <U>Preamble</U> of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Administrator</U>&#8221; means any member
of the Board of Directors, Executive Board, and/or any statutory body created by the Company or any of its Subsidiaries with technical
capacities to advise the Board of Directors.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Affiliate</U>&#8221; when used in reference
to any Person, means any other Person that, directly or indirectly, through one or more intermediaries, Controls, is Controlled, or is
under common Control with the first Person. To avoid any doubts, investment funds Controlled by the same manager with discretionary</P>


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<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">management powers shall be considered Affiliates of each other.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>CADE Approval</U>&#8221; shall have the meaning contained in
<U>Clause 11.1.1.</U></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Authority</U>&#8221; means the government
of any country, including Brazil, or any of its political subdivisions, at the federal, state, regional, municipal, or provincial level,
or any court or tribunal (including arbitration), agency, secretariat, department, or any of its agencies, regulatory or not, including,
in the case of Brazil, the Prosecution Office, the Federal Police, the Federal Revenue Office, the National Social Security Institute
(INSS), the Registries of Commerce, the civil registry of legal entities, the civil registry of natural persons, the civil registry of
deeds and documents, the civil registry of real estate, the Central Bank of Brazil, the Brazilian Securities and Exchange Commission,
the Brazilian Association of Financial and Capital Markets Entities (ANBIMA), CADE and other competition defense bodies, B3, and other
self-regulatory entities of the capital markets.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Notice</U>&#8221; shall have the meaning contained in <U>Clause
8.2</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>B3</U>&#8221; shall have the meaning contained in the <U>Preamble</U> of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>CADE</U>&#8221; means the Brazilian Antitrust Authority (CADE) and its bodies: (i)
Administrative Court of Economic Defense; (ii) General Superintendence; and (iii) Department of Economic Studies.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>CAM</U>&#8221; shall have the meaning contained in <U>Clause 17.3</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>CDPED</U>&#8221; shall have the meaning contained in the <U>Preamble</U> of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>CNPJ</U>&#8221; shall have the meaning contained in the <U>Preamble</U> of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Civil Code</U>&#8221; means Federal Law 10,406, of January 10, 2002.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Code of Civil Procedure</U>&#8221; means Federal Law 13,105, of March 16, 2015.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Company</U>&#8221; or &#8220;<U>Sabesp</U>&#8221; shall have the meaning contained
in the <U>Preamble</U> of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Investment Commitment</U>&#8221; shall have the meaning contained in <U>Clause 2.1</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Competitor</U>&#8221; shall have the meaning contained in <U>Clause 8.6</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Condition Precedent</U>&#8221; shall have the meaning contained in <U>Clause 12.1</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Conflict</U>&#8221; shall have the meaning contained in <U>Clause 17.2</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Board Member</U>&#8221; means one or more members of the Board of Directors.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Independent Board Members</U>&#8221; shall have the meaning contained in <U>Clause
5.2.1</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: -0.5pt">&#8220;<U>Binding Board Member</U>&#8221; means the member of the Board
of Directors appointed by any of the Shareholders, who is not an Independent Board Member.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Board of Directors</U>&#8221; means the Company&#8217;s Board of Directors.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Control</U>&#8221; when used regarding a
Person other than a natural person, shall have the meaning contained in Article 116 and Paragraph 2 of Article 243 of Brazilian Corporation
Law. Derivatives of Control, such as &#8220;<U>Subsidiary</U>&#8221; and &#8220;<U>Parent Company</U>&#8221;, shall be construed according
to the Control definition herein. If a Person is an investment fund, investment club, or similar entity structured as a co-ownership (&#8220;<U>Entity</U>&#8221;),
the Control of such Entity shall be considered as <B>(a) </B>the power to manage its portfolio by an administrator or manager with discretionary
management powers over such Entity; or, if item &#8220;a&#8221; above is not applicable, <B>(b) </B>the management power exercised by
investors holding decision-making powers over the management of the Entity&#8217;s assets and liabilities through (i) the ownership of
the majority of the quotas, shares, or other securities issued by the Entity, and/or (ii) an agreement and/or (iii) the power to appoint
the majority of the members of the investment committee or similar committee that</P>


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<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">holds management powers over the Entity&#8217;s assets.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Creditors</U>&#8221; shall have the meaning contained in <U>Clause
3.1.4.1</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>CVM</U>&#8221; shall have the meaning contained in the <U>Preamble</U> of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Effective Date of the Agreement</U>&#8221; shall have the meaning contained in <U>Clause
12</U> of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Offering Settlement Date</U>&#8221; means the settlement date
of the offering shares (including any additional shares, excluding shares of the supplemental lot), as defined in the Preliminary Prospectus.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Relevant Corporate Decision</U>&#8221; shall have the meaning
contained in <U>Clause 6.1</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Default on Investment Financing</U>&#8221;
means, by the Reference Investor, any default on a monetary obligation, filing for bankruptcy or restructuring, or the occurrence of any
early maturity event under the Investment Financing, provided that it has not been remedied within the cure period provided for in the
documents related to the Investment Financing.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Modeling Order</U>&#8221; shall have the meaning contained in
the <U>Preamble</U> of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Business Day</U>&#8221; means any day that
is not a Saturday, Sunday, or a day on which commercial banks are required or authorized by Applicable Legislation to remain closed in
the City of S&atilde;o Paulo, State of S&atilde;o Paulo.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Preemptive Right</U>&#8221; shall have the meaning contained
in <U>Clause 8.2</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: -0.5pt">&#8220;<U>Priority Right over Business Opportunity</U>&#8221; shall have
the meaning contained in <U>Clause 10.2</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: -0.5pt">&#8220;<U>Executive Officer</U>&#8221; means one or more members of the
Executive Board of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Executive Board</U>&#8221; means the Company&#8217;s Executive Board.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>End of the Lock-up Period</U>&#8221; shall have the meaning contained in <U>Clause
7.1</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>S&atilde;o Paulo State</U>&#8221; shall have the meaning contained in the <U>Preamble</U>
of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Bylaws</U>&#8221; means the Company&#8217;s
Bylaws approved at the Extraordinary Shareholders&#8217; Meeting held on May 27, 2024, under the condition precedent of the Settlement
of the Offering, as amended.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Joint Operation</U>&#8221; shall have the meaning contained in
<U>Clause 10.3(ii)</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Individual Operation</U>&#8221; shall have the meaning contained in <U>Clause 10.3(ii)</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Investment Financing</U>&#8221; shall have the meaning contained in <U>Clause 3.1.4.1</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>IBGE</U>&#8221; means the Brazilian Institute of Geography and Statistics.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Reference Investor</U>&#8221; shall have the meaning contained in the <U>Preamble</U>
of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Reference Investor</U>&#8221; shall have the meaning contained in the <U>Preamble</U>
of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Investment</U>&#8221; shall have the meaning contained in the <U>Preamble</U> of this
Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Anti-Corruption Legislation</U>&#8221; means
(i) the Applicable Legislation in Brazil related to the prevention and sanctioning of corruption and misconduct against the government
and public property, including Federal Law 12,846, of August 01, 2013, Federal Decree 11,129, of July 11, 2022, Federal Decree-Law 2,848,
of December 07, 1940, Law 8,429, of June 02, 1992, Federal Law 8,666, of June 21, 1993, Federal Law 12,529, of November 30, 2011, and
Federal Law 14,133, of April 01, 2021, the Applicable</P>


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<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">Legislation issued by the Office of the Brazilian Federal Controller General;
and (ii) any other Applicable Legislation in the jurisdictions where the respective Party operates regarding corruption, bribery, fraud,
conflicts of interest, administrative corruption, violations of bidding processes and public contracts, money laundering, electoral violations,
and harmful acts against the government and public property.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Applicable Legislation</U>&#8221; means
any law, decree, decree-law, resolutions, instructions, normative instructions, declaratory acts, regulations, ordinances, norms, or any
other measure issued by an Authority applicable to a certain Person or their businesses, properties, or acts, including norms and guidelines
formally issued by an Authority, the Anti-Corruption Legislation, and the Anti-Money Laundering Laws.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Brazilian Corporation Law</U>&#8221; means Federal Law 6,404,
of December 15, 1976.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Arbitration Law</U>&#8221; means Federal Law 9,307, of September 23, 1996.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Anti-Money Laundering Laws</U>&#8221; means the anti-money laundering
Applicable Legislation in the jurisdictions where the respective Party operates, including the accounting and disclosure requirements
provided for in such Applicable Legislation. Such as, Federal Law 9,613, of March 03, 1998, the rules, regulations, and anti-money laundering
policies, enacted or applied by any Governmental Authority with jurisdiction over the respective Party.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Lock-up</U>&#8221; shall have the meaning contained in <U>Clause
7.1</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Preliminary Stage Manual</U>&#8221; shall have the meaning contained in the <U>Preamble</U>
of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Consensus Matters</U>&#8221; shall have the meaning contained in <U>Clause 6.2</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Veto Matters</U>&#8221; shall have the meaning contained in <U>Clause 6.3</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Non-Compete</U>&#8221; shall have the meaning contained in <U>Clause 10.1</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Business</U>&#8221; means the public service
activities of (i) water supply and (ii) sewage services, in Brazil, under Articles 3-A and 3-B of Federal Law 11,445, of January 05, 2007,
as amended by Federal Law 14,026/2020.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Notification of Business Opportunity</U>&#8221; shall have the
meaning contained in <U>Clause 10.3(i)</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Offering</U>&#8221; shall have the meaning contained in the <U>Preamble</U> of this
Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Liens</U>&#8221; means any encumbrance,
guarantee, or lien, judicial or extrajudicial, voluntary or involuntary, including any promise of sale, with our without reservation of
ownership, option, right of joint sale, bond, charge, pledge, restriction, right of first offer, right of first refusal, right to match
the proposal, last call right to submit a proposal, preemptive right, priority right, security right, third-party right, exclusivity right,
participation right, negotiation or acquisition right, shareholders&#8217; agreements, voting agreements, trust, mortgage, pledge, secured
fiduciary sale, secured fiduciary assignment, usufruct or any other real right of enjoyment, attachment, sequestration, levy or small-estate
probate, lease, sublease, licensing, loan for use, servitude, condition, disturbance or criminal trespass, or other constraints or restrictions
of any nature, including encumbrances constituted as a result of contractual provision or Order, as well as any other claims that have
substantially the same effects as any of the aforementioned institutes, excluding the regular application of Applicable Legislation.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Permitted Indirect Liens</U>&#8221; means
any Liens on shares/quotas issued by the Reference Investor agreed upon by the Direct Shareholders/Quota Holders of the Reference Investor
and which affects, directly or indirectly, shares/quotas issued by the Reference Investor or contracted in favor of Creditors under the
Investment Financing, except (i) those agreed upon the Direct Shareholders/Quota Holders of the Reference Investor and which affect, directly
or indirectly, shares/quotas issued by the Reference Investor representing a percentage greater than 50% (fifty percent) of the total
voting shares/quotas issued by the Reference Investor and /or representing the Control of the Strategic Investor; or (ii) those contracted
in favor of Creditors under the Investment Financing, where the enforcement of the</P>


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<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">respective Permitted Indirect Liens involves shares/quotas issued by the
Reference Investor, directly or indirectly, of any type or class representing a percentage greater than 50% (fifty percent) of the total
voting shares/quotas issued by the Reference Investor and/or representing the Control of the Strategic Investor.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">Direct and indirect liens of all shares/quotas of
the Reference Investor for financing purposes are permitted, subject to the rules for the sale of execution of financing guarantees provided
for in Clause 3.1.4.1. in the case of shares/quotas held by the Controller of the Reference Investor or shareholder or quota holder representing
a percentage greater than 50% of the voting rights issued by the Reference Investor.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">The constitution of Permitted Indirect Liens shall
only be valid if the Reference Shareholder previously confirms to the S&atilde;o Paulo State that said Permitted Indirect Liens do not
violate the aforementioned rules.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">The shares/quotas issued by the Reference Investor
covered by items (i) and (ii) above may only be Transferred, directly or indirectly, with the consent of the State, within 60 days of
the formal request. If the S&atilde;o Paulo State fails to respond in due time to the aforementioned request, said request will be considered
as tacit approval by the S&atilde;o Paulo State.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">Furthermore, the Direct Shareholders/Quota Holders
of the Reference Investor may enter into shareholders&#8217; agreements and voting agreements among themselves, covering up to all the
shares/quotas issued by the Reference Investor, provided that the Reference Investor control transfer process outlined in this Agreement
is observed.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Permitted Liens</U>&#8221; shall have the meaning contained in <U>Clause 3.1.4.1</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: -0.5pt">&#8220;<U>Public Offering for Achievement of Relevant Interest</U>&#8221;
shall have the meaning contained in <U>Clause 9.1</U> of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Business Opportunity</U>&#8221; shall have the meaning contained in <U>Clause 10.2</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Parties</U>&#8221; or &#8220;<U>Party</U>&#8221; shall have the meaning contained
in the <U>Preamble</U> of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Executed Party</U>&#8221; shall have the meaning contained in <U>Clause 3.1.5</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Non-Executed Party</U>&#8221; shall have the meaning contained in <U>Clause 3.1.5</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Related Parties</U>&#8221; shall have the
meaning contained in Technical Pronouncement CPC 05(R1) of the Accounting Pronouncements Committee (CPC), as approved by CVM Resolution
94, of May 20, 2022.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Initial Reference Investor Stake</U>&#8221;
shall have the meaning contained in the <U>Preamble </U>of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Lock-up Period</U>&#8221; shall have the meaning contained in
<U>Clause 7.1</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Person</U>&#8221; means any natural or legal
person, corporation, limited liability company, partnership, consortium, association, cooperative, joint venture, trust, investment fund
or non-incorporated company, or any other entity or organization, including an Authority.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Bidder</U>&#8221; shall have the meaning contained in <U>Clause
8.2</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Proposal</U>&#8221; shall have the meaning contained in <U>Clause 8.22</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Preliminary Prospectus</U>&#8221; shall have the meaning contained in the <U>Preamble</U>
of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Regulation</U>&#8221; shall have the meaning contained in <U>Clause 17.3</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>CADE Remedies</U>&#8221; shall have the meaning contained in <U>Clause 11.3</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Additional Transfer Request</U>&#8221; shall have the meaning contained in <U>Clause
3.1.4.2</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&#8220;<U>Sabesp</U>&#8221; or &#8220;<U>Company</U>&#8221; shall have the meaning contained
in the <U>Preamble</U> of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Subsidiaries</U>&#8221; means any Person
directly or indirectly Controlled by the Company through one or more intermediaries of the Company, or any Person whose Control is shared
or Controlled by the Company through a shareholders&#8217; or quota holders&#8217; agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Third Party</U>&#8221; means any Person who is not a Party to
this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Related-Party Transactions</U>&#8221; means, regarding a Person,
any legal businesses, negotiations, agreements, contracts, operations, transactions, and /or commercial relationships between that Person
and any of its Related Parties.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Transfer</U>&#8221; (and its verbal variations) means any operation
involving, voluntarily or involuntarily, a sale, commitment to sell, contribution, alienation, assignment (including for preemptive rights),
exchange, donation, lease, lien, pledge, seizure, fiduciary alienation, sequestration, assignment of the right of possession, granting
of a purchase or sale option, granting of a purchase or sale option, contribution to the share capital of another company, transfer, constitution
of a Lien or loss of ownership, including, but not limited to, loss of ownership of Shares held at any time by the Shareholders via corporate
reorganizations, subject to any limitations applicable to the concept, as expressly defined in this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&#8220;<U>Arbitration Court</U>&#8221; shall have the meaning contained
in <U>Clause 17.4</U>.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.5pt">&#8220;<U>Sale on the Stock Exchange</U>&#8221; means
the Transfer of any of the Shares bounded by this Agreement on B3 or any other stock exchange, organized over-the-counter market or regulated
market, in Brazil or abroad, provided that such Transfer is made through regular and organized auctions regulated by CVM Resolution 135,
of June 10, 2022, or through secondary public offerings of shares (registered with the CVM under the terms of CVM Resolution 160, of July
13, 2022), and/or arising from the adherence to any mandatory or voluntary public offerings to acquire shares issued by the Company, being
certain that, in the event of organized auctions regulated by CVM Resolution 135, the Transfer of Shares shall only be considered as a
&#8220;Sale on the Stock Exchange&#8221; if it represents a percentage less than 5% (five percent) of the Company&#8217;s total share
capital and any Transfer of Shares in a percentage equal to or greater than 5% (five percent) shall be subject to the Preemptive Right
conditions provided in Clause 8.2. Furthermore, an auction involving Direct Shareholders/Quota Holders of the Reference Investor or a
Party Related to them will not be considered a Sale on the Stock Exchange.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">1.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Rules of Interpretation</U>. Except if and where expressly provided otherwise in this Agreement
and its attachments:</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">I.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Titles</U>: the titles of clauses, subsections, attachments, parts, and paragraphs are for convenience
only and do not affect or restrict their interpretation;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">II.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Complete and Consolidated Documents</U>: any reference to documents, instruments, or contracts,
including this Agreement, shall include (i) all attachments to the respective document, instrument, or contract; (ii) all documents, instruments,
or contracts signed or issued amending or restating said documents; and (iii) all additions, substitutions, and consolidations, including
their respective complements;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">III.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>References to Copies</U>: any reference to copies of documents, instruments, or contracts must
be truthful, correct, complete, and legible and shall include (i) all attachments to the respective document, instrument, or contract;
(ii) all documents, instruments or contracts signed or issued amending or restating said documents; and (iii) all additions, substitutions,
and consolidations, including their respective complements;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">IV.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Reference to Provisions</U>: any reference to a &#8220;Clause&#8221; shall refer to the entire
clause, that is, including its sub-clauses;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">V.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-size: 10pt"><U>Reference to this Agreement</U>: the terms &#8220;herein&#8221;, &#8220;in this instrument&#8221;,
&#8220;according to this instrument&#8221; and similar wording shall be interpreted as referring to this Agreement in its entirety (including
all attachments), as amended;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">VI.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Reference to Clauses of this Agreement</U>: references to clauses, items, parts, sections or attachments
apply to the clauses, items, parts, sections, and attachments of this Agreement;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">VII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Incorporation by Reference</U>: the preamble and attachments are part of this Agreement and shall
be in force and have the same effects as if they were expressly transcribed in the body of this Agreement, and any reference to this Agreement
must include all items in the preamble and all attachments. The provisions contained in the body of this Agreement shall prevail in relation
to any conflict arising from any of its attachments;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">VIII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>&#8220;Or&#8221; with Alternative and Additive Meanings</U>: the term &#8220;or&#8221; shall not
be exclusive and must be interpreted with the inclusive meaning of &#8220;and/or&#8221;;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">IX.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Without Limitation</U>: the words &#8220;include(s)&#8221;, &#8220;inclusive&#8221;, &#8220;including&#8221;,
&#8220;in particular&#8221;, &#8220;particularly&#8221;, &#8220;for example&#8221;, &#8220;<I>exempli gratia</I>&#8221; and other similar
words or expressions shall be interpreted as examples, illustrations or to put emphasis only as if accompanied by the phrase &#8220;but
not limited to&#8221;, and should not be interpreted or applied as a restriction to its general use with any previous word;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">X.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Successors</U>: any reference to any Persons includes, as applicable, their successors, beneficiaries,
assignees, and heirs;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">XI.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Third Parties</U>: any reference to &#8220;third parties&#8221; includes any Person, except the
Parties, also including Related Parties of the Parties and Authorities;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">XII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Singular, Plural, and Genders</U>: according to the context, any expressions in this Agreement
shall be applied in the singular and plural sense, any text in the masculine gender shall also include the feminine gender and vice versa,
and the term &#8220;any&#8221; shall also be considered as &#8220;any and all&#8221;;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">XIII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Notices</U>: any notices to the Parties mentioned in this Agreement must be carried out according
to <U>Clause 15</U>;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">XIV.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Days</U>: references to days (but not &#8220;business days&#8221; or &#8220;Business Days&#8221;)
means the calendar days of the civil calendar;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">XV.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Best Efforts</U>: whenever the terms &#8220;best efforts&#8221;, &#8220;commercially reasonable
efforts&#8221; or similar expressions are used, said efforts shall be interpreted as those commonly used by Persons operating in the same
sector of activity as the Party or its Affiliates, as applicable, considering the relevant legal concepts, common market practices and
the technical and financial capacity of these Persons, not including any obligation to incur extraordinary expenses or responsibilities;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">XVI.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Deadlines</U>: all deadlines, terms, or periods contained in this Agreement shall be counted excluding
the date of the actual event and includes the last day of the referred deadline or period. Whenever a term in this Agreement expires on
a day that is not a Business Day, this term shall be automatically extended to the Business Day that immediately follows, without any
penalty to the Parties; references to &#8220;calendar&#8221; means the Gregorian calendar;</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">XVII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Reference to Legislation</U>: any reference to laws or legal provisions must include all additional
Applicable Legislation enacted or sanctioned until the date of this Agreement; and</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">XVIII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Dates</U>. References to &#8220;this date&#8221;, &#8220;current date&#8221; and similar terms
mean the date on which this Agreement was signed.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE II</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">INVESTMENT COMMITMENT</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">2.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Reference Investor, in this act, undertakes, directly, irrevocably and irreversibly, to acquire</FONT></P>


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<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify">and settle [<FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">]<FONT STYLE="font-family: Arial MT,sans-serif"><SUP>2</SUP></FONT>
Shares corresponding to 15% (fifteen percent) of the Company&#8217;s voting and total share capital, under the irrevocable and irreversible
Investment Request presented by the Reference Investor in the Offering, under the exact terms and conditions provided in section <I>&#8220;[=]&#8221;
</I>of the Preliminary Prospectus (&#8220;<U>Investment Commitment</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">2.1.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The rights and obligations related to the Investment Commitment must be fulfilled and respected,
including the right to enforce the defaulting party&#8217;s obligations.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt/11.4pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">2.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If a positive difference exists between the Investment per Share of the Priority Allocation (as defined
in the Preliminary Prospectus) offered by the Reference Investor and the Price per Share of the Follow-on Offering (as defined in the
Preliminary Prospectus) (&#8220;<U>Positive Difference</U>&#8221;), the S&atilde;o Paulo State has the right to demand, after the closing
of the Offering, the Reference Investor to pay the Positive Difference to the S&atilde;o Paulo State, of multiplied by the number of Shares
acquired by the Reference Investor within the scope of the Offering.</FONT></P>

<P STYLE="font: 11pt/11.4pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">2.2.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">According to the rules contained in the Preliminary Prospectus, the payment of the Positive Difference
must be guaranteed by a private guarantee instrument, to be presented by the Reference Investor in favor of the S&atilde;o Paulo State
within the scope of the Follow-on Offering and will be valid until the effective payment, according to the procedure established in the
Follow-on Offering Documents.</FONT></P>

<P STYLE="font: 10pt/11.4pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/11.4pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">2.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The State will notify the Reference Investor, in writing, about the requirement to pay the Positive
Difference, providing details of the amount due. This notification may be issued as soon as the non-payment is confirmed after the closing
of the Offering and the payment must be made by the Reference Investor within a maximum of 10 (ten) Business Days from the date on which
the notification was received.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/11.4pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">2.4.
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">In the event of a delay in the payment of the Positive Difference within the deadline established
in Clause 2.2 above, (i) the value of the Reference Investor&#8217;s debt will be accrued by an interest rate of 1% (one percent) per
month, calculated <I>pro rata die</I> from the date in which the payment or disbursement was due until the effective payment date, plus
a late payment fine of 5% (five percent) of the amount due, and paid to the S&atilde;o Paulo State; and (ii) The Reference Investor will
lose the benefit of the rights provided in this Agreement, notwithstanding the ongoing enforceability of the established obligations
and liens, until the total amount of the debt, including the interest and fine described in item (i) above, is paid in full.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE III</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">RESTRICTED SHARES</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">3.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Restricted Shares</U>. The Parties acknowledge, declare, and guarantee that, as of the Effective
Date of the Agreement (including this date), all the Restricted Shares shall be fully bound to this Agreement, regardless of any formality.
The Restricted Shares grant their holders the rights and advantages established in the Company&#8217;s Bylaws, the Brazilian Corporation
Law, and, in particular, this Agreement.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">3.1.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Shares currently held by Shareholders<FONT STYLE="font-family: Arial MT,sans-serif"><SUP>3</SUP></FONT></U>.
Upon the Settlement of the Offering, Shareholders will hold Restricted Shares in the proportion below:</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="background-color: #D8D8D8">
    <TD STYLE="width: 29%; border: black 1pt solid; text-align: left; line-height: 10.5pt"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 10pt"><B>Shareholder</B></FONT></TD>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; line-height: 10.5pt"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 10pt"><B>Restricted Shares</B></FONT></TD>
    <TD STYLE="width: 39%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; line-height: 10.5pt"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 10pt"><B>% of Restricted Shares</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; line-height: 10.5pt"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 10pt">S&atilde;o Paulo State</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; line-height: 10.5pt"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 10pt">[=]</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; line-height: 10.5pt"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 10pt">[=]</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; line-height: 11.5pt"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 10pt">Reference Investor</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 10pt">[=]</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 10pt">[=]</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; line-height: 10.5pt"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; line-height: 10.5pt"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 10pt"><B>[=]</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left; line-height: 10.5pt"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 10pt"><B>[=]</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">3.1.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Each Shareholder shall declare and guarantee, on the Offering Settlement Date, that: (i) they are
the holder and legitimate owner of the Restricted Shares, as described in <U>Clause 3.1.1</U>; (ii) the Restricted Shares are free and
clear of any Liens (except by this Agreement or as permitted by this</FONT></P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">


<P STYLE="font: 8pt Arial MT; margin: 4.7pt 0 0"><FONT STYLE="font-family: Arial MT,sans-serif"><SUP>2</SUP></FONT> <B>Note</B>: the
number of shares will be included and disclosed in the Preliminary Prospectus.</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><FONT STYLE="font-family: Arial MT,sans-serif; font-size: 8pt"><SUP>3</SUP></FONT> <FONT STYLE="font-size: 8pt"><B>Note</B>:
information to be completed on the date this Agreement is signed</FONT>.</P>

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<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: 0in">Agreement); and (iii) there are no judicial or administrative procedures
that could, in any way, even if indirectly, affect or restrict the free exercise of the rights and prerogatives inherent to their Restricted
Shares.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">3.1.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>New Shares</U>. The Shareholder who acquires additional Shares to the Restricted Shares indicated
in item 3.1.1 after the current date must ensure that, through said acquisition and as a condition for the registration of such Shares
on behalf of the respective Shareholder, the Company records and registers, in the respective corporate books, the fact that said new
Shares are bound by the terms of this Agreement (except for the provisions of CLAUSE VII - Lock-up and CLAUSE VIII - Transfers after the
Lock-Up Period).</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">3.1.4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Voluntary Encumbrance of Shares</U>. During the Lock-up Period, except for the Permitted Liens
and Permitted Indirect Liens, Shareholders will not be able to create, promise, attempt to create, or be allowed to create, directly,
an Liens on the Shares held by them (or on any rights inherent to said Shares, including subscription rights), unless expressly authorized
by the other Shareholder, except for Permitted Liens and Permitted Indirect Liens.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-align: justify">3.1.4.1. Notwithstanding the provisions above, the Reference
Investor may establish a Lien on all its Restricted Shares (&#8220;Permitted Lien&#8221;) exclusively for the benefit of the creditor(s)
of the financing obtained to carry out the Investment, the refinancing of the Investment and/or any other funds raised to finance the
acquisition of the Shares, including through derivatives (&#8220;<U>Creditors</U>&#8221; and &#8220;<U>Investment Financing</U>&#8221;,
respectively). In the event the Reference Investor fails to comply with the Investment Financing during the Lock-up Period, (i) the equivalent
of 20% (twenty percent) of the Initial Reference Investor Stake may be freely Transferred from the Reference Investor to the Creditors,
who may, in turn, Transfer to any Third Party; and (ii) the remaining stake held by the Reference Investor not covered by item (i) above
may only be Transferred from the Reference Investor to the Creditors, or to any Third Party with the consent of the S&atilde;o Paulo State,
to be expressed within 60 days of the formal request (&#8220;<U>Additional Transfer Request</U>&#8221;).</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-align: justify">3.1.4.2. In the absence of a response, by the S&atilde;o Paulo
State, to the Additional Transfer Request in due time, a tacit approval will be considered for the S&atilde;o Paulo State regarding said
request.</P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-align: justify">3.1.4.3. The contracts for Investment Financing must require
each Creditor to notify the S&atilde;o Paulo State, under the terms of this Agreement, of any event of Non-Compliance with the Investment
Financing by 1 (one) Business Day from the date of said event.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: -0.45in">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 35pt; text-align: justify">3.1.4.4. If any Transfer of Shares occurs within the scope of
item (i) Clause 3.1.4.1 above, the rights and obligations of this Agreement shall not apply to said Transfers and will not be transferred
to the acquirers of the Shares, and said Shares shall no longer be part of the Restricted Shares under this Agreement. Additionally, if
any Transfer of Shares occurs within the scope of item (ii) of Clause 3.1.4.1 above, the validity and performance of the Transfer of Shares
to the acquirer require that the latter adhere to this Agreement jointly or in replacement of the Reference Investor, as applicable. Furthermore,
a Transfer of Shares under the Additional Transfer Request must include the entire Initial Reference Investor Stake then held by the Reference
Investor.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">3.1.5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Involuntary Encumbrance of Shares</U>. If, notwithstanding the provisions of Clause 3.1.4, any
Shares held by a Shareholder are pledged or otherwise subject to any restriction, including by virtue of a court order, then such Shareholder
(&#8220;<U>Executed Party</U>&#8221;) must (i) inform this fact to the other Shareholder (&#8220;<U>Non-Executed Party</U>&#8221;) immediately
after gaining awareness of the fact and (ii) take all necessary legal measures to release said Shares from the Lien in the shortest amount
of time, including by replacing said Shares with another asset or carrying out the settlement of the debt that resulted in the respective
Lien.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">3.1.5.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">In the event any Transfer of Shares occurs within the scope of this Clause 3.1.5, (i) the rights
under this Agreement shall not be transferred to the acquirers of the Shares; and (ii) the Reference Investor must pay a fine equivalent
to 20% of the closing Share price on B3 on the</FONT></P>


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<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-align: justify">Business Day immediately preceding the Transfer, multiplied by
the number of Shares Transferred.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">3.1.6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Enforcement</U>. If the Executed Party is unable to (i) release or cancel the Lien, or (ii) replace
the pledged Shares with another asset or bank guarantee, due to omission or any other reason, the Executed Party must, without prejudice
to the Non-Executed Party also adopting measures in this regard, obtain a court order to send a notification to the Non-Executed Party
offering it the preemptive right to acquire the pledged Shares, under Article 861, II, of the Code of Civil Procedure.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">3.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Company Obligations and Compliance with the Agreement</U>. The Company commits and undertakes
to comply, and the Shareholders undertake to ensure that the Company complies with any and all provisions of this Agreement during the
course of its validity. The Company may not (a) register, consent, or ratify, and the Shareholders commit to ensuring that the Company
does not register, consent, or ratify, any vote or approval by the Shareholders or Binding Board Members, or (b) perform or fail to perform
any act that violates or is inconsistent with the provisions of this Agreement or that, in any way, may jeopardize the rights of Shareholders
provided in this Agreement.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">3.2.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">According to Article 118, paragraph 8, of the Brazilian Corporation Law, the Chair of the Company&#8217;s
Shareholders&#8217; Meeting and the Chair of the Board of Directors&#8217; Meeting, as applicable, shall not count any vote cast in disagreement
with the provisions of this Agreement. According to Article 118, paragraph 9, of the Brazilian Corporation Law, the harmed Shareholder
shall have the right to vote with the shares belonging to the absent or omitted Shareholder or, in at meetings held by the Company&#8217;s
management bodies, by the absent or omitted Binding Board Member.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">3.2.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">In the event the exercise of the right to vote by any of the Parties (or by their respective representatives
in the Company&#8217;s management bodies), is in disagreement with the provisions of this <U>CLAUSE III</U>, it shall be considered a
breach of the Agreement and, notwithstanding any other right provided in this Agreement or Applicable Legislation, the innocent Party(ies)
shall be allowed to enforce, individually or jointly, as applicable and at their sole discretion, the breached obligation and to claim
the losses and damages they may be entitled to, as applicable.</FONT></P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE IV</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">VOTING EXERCISE IN CORPORATE RESOLUTIONS</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">4.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Binding Votes</U>. The Shareholders irrevocably and irreversibly agree and commit to exercise,
and ensure that Binding Board Members exercise, the voting right conferred to them by the Brazilian Corporation Law, the Company&#8217;s
Bylaws, and this Agreement by virtue of their ownership of Restricted Shares, in relation to the election of Administrators (under the
terms of Clause V), and any of the Consensus Matters and Veto Matters (under the terms of Clause VI).</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">4.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Prohibition of Competing Agreements</U>. The Parties commit to use their voting rights relating
to their Restricted Shares for the faithful and full compliance with the provisions contained in this Agreement, with the prohibition
of any of the Parties from entering into, as of this date, other shareholders&#8217; agreements involving the Company with provisions
that limit, harm, affect or compete with the rights provided in this Agreement.</FONT></P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE V</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">COMPANY&#8217;S MANAGEMENT</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Null Votes</U>. In the event any of the Board Members exercises their respective right to vote
in disagreement with the provisions of this Agreement, said voting exercise shall be considered null and void, and the Chair of the Board
of Directors&#8217; Meeting, within his/her attributions, shall disregard said vote, according to Clause 3.2.2.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Board of Directors</U>. Subject to applicable legal and statutory provisions, the Company&#8217;s
Board of Directors will be comprised of 9 (nine) members, with a unified office term of 2 (two) years.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.2.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Shareholders must exercise their voting rights to elect the members of the Board of Directors through
a slate comprised of (i) 3 (three) members appointed by the Reference Investor, (ii)</FONT></P>


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<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">3 (three) Independent Members, according to the criteria established by
B3&#8217;s Novo Mercado Regulation (&#8220;Independent Board Members&#8221;); and (iii) 3 (three) members appointed by the S&atilde;o
Paulo State.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.2.1.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">In the event that a multiple voting process is adopted, the slate must indicate the order in which
the candidates must be elected, observing the order of priority listed in Clause 5.5.1 below.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.2.1.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The nomination of members to the Board of Directors must comply with other regulations applicable
to the Company, such as the rules of the CVM, B3&#8217;s Novo Mercado Regulation, the New York Stock Exchange, and the Securities and
Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.2.1.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Reference Investor shall have the right to nominate the member who will occupy the role of Chair
of the Board of Directors and the S&atilde;o Paulo State is obliged to ensure its Binding Board Members vote in favor to elect the Chair
of the Board of Directors nominated by the Reference Investor.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.2.1.4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Independent Board Members must be jointly nominated by the Reference Investor and the S&atilde;o
Paulo State Government, according to the procedure explained in Clause 5.3 below. For clarification purposes, the Independent Board Members
will not be bound by the voting obligations of this Agreement.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.2.1.5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The S&atilde;o Paulo State will not be able to nominate as an Independent Board Member (i) a representative
of the regulator to which the Company is subject, a Minister of State, a Secretary of State, a Municipal Secretary, holders of special
positions or higher management/advisory roles in public administration, a statutory leader of a political party and a holder of a mandate
in the Legislative Branch of any federal entity, even if in leave of absence from the position; (ii) a person who has worked, in the last
36 (thirty-six) months, as a participant in the decision-making structure of a political party or in a related position to the organization,
structuring and carrying out electoral campaigns or who holds a role in a trade union organization; (iii) a person who has signed a document
as a supplier or buyer, or demanding or offering party of goods or services, of any nature, with the Company in less than 3 (three) years
prior to the nomination date; (iv) a person who has/may have any type of conflict of interest with the Company; and (v) a blood relative
or similar relatives up to the third degree of the persons listed above. Furthermore, among the 3 (three) members the S&atilde;o Paulo
State has the right to nominate, under Clause 5.2.1 (iii) above, at least 2 (two) members must have a minimum experience of 5 (five) years
in the utilities sector.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.2.1.6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The S&atilde;o Paulo State commits to not nominate and ensures that its Binding Board Members do
not nominate candidates for the position of the Company&#8217;s Chief Executive Officer.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.2.1.7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Candidates nominated by Shareholders for the departments responsible for providing basic sanitation
services (which, in the Company&#8217;s current statutory executive board consists of the positions of Engineering and Innovation Officer
and Operation and Maintenance Officer) must have at least 10 (ten) years of experience in the utilities sector.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Waiver of the Multiple Voting Process</U>. The Shareholders hereby irrevocably and irreversibly
waive the right to request the election of members of the Board of Directors through the multiple voting process, under Article 141 of
the Brazilian Corporation Law, unless they expressly agree that this mechanism is convenient to ensure the election of a greater number
of Binding Board Members in view of the election of board members by the Company&#8217;s other shareholders.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Procedure for Selecting the Independent Board Members</U>. Before electing the Board of Directors,
Shareholders must select the 3 (three) candidates for the positions of Independent Board Members of the Company&#8217;s Board of Directors.
The procedure to select the 3 (three) candidates is as follows:</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Reference Investor must, within at least 30 (thirty) Business Days before
the expected date in which the Company&#8217;s Board of Directors&#8217; Meeting to decide on the slate of candidates for the Board of
Directors to be backed by the Company&#8217;s management, present to the S&atilde;o Paulo</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-align: justify">State a list of 3 (three) or more potential candidates for the
positions of Independent Board Members;</P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the S&atilde;o Paulo State must, within 10 (ten) Business Days from the
receipt of the list presented by the Reference Investor (a) accept the 3 (three) candidates nominated by the Reference Investor; or (b)
choose 2 (two) candidates from the list presented by the Reference Investor and present to the Reference Investor a list with an additional
2 (two) or more potential candidates for the remaining positions of Independent Board Member;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Reference Investor must, within 10 (ten) Business Days from receipt
of the list from the S&atilde;o Paulo State, agree with 1 (one) candidate from said list, therefore concluding the selection of the 3
(three) candidates for the positions of Independent Board Member.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Shareholders commit to exercise their voting rights at the Company&#8217;s Shareholders&#8217; Meetings
to elect the largest number of directors nominated under this Clause 5.2, including the adoption of a multiple voting and/or separate
voting process upon request by a shareholder who is not a signatory to this Agreement, under the terms of the Brazilian Corporation Law.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.5.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">In the event said procedure(s) is(are) adopted, the Reference Investor shall act as a representative
of both Shareholders to resolve on the election of the Board of Directors and must allocate the votes of both Shareholders in the candidates
nominated by the Shareholders according to the order of slate, alternately, in which (i) the first candidate is nominated by the S&atilde;o
Paulo State; (ii) the following 3 (three) candidates are nominated by the Reference Investor; (iii) 1 (one) candidate is nominated by
the S&atilde;o Paulo State; (iv) the 3 (three) candidates for Independent Board Members are nominated by the Shareholders (or, as applicable,
2 (two) candidates for Independent Board Members are nominated by the Reference Investor and, subsequently, 1 (one) candidate for Independent
Director is nominated by the Sao Paulo State); and (iv) 1 (one) remaining candidate is nominated by the S&atilde;o Paulo State.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Voting Manifestation</U>. The Shareholders commit to ensure that the Board Members appointed by
them, to the extent legally possible (a) are present at the Board of Directors&#8217; Meeting, and (b) manifest their opinions and votes
at said meetings according to the provisions of this Agreement.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Replacement of Board of Directors Members</U>. Shareholders may replace, at any time and without
justification, the member(s) of the Company&#8217;s Board of Directors indicated by them (except for Independent Board Members and including,
for the Reference Investor, the Board Member who occupies the role of Chair of the Board of Directors), and the other Shareholders are
hereby obliged to vote in favor to elect the replacement appointed by the other Shareholder under the terms of this Agreement. The same
procedure must be observed by the Parties when renewing the term of office for the members of the Board of Directors, when expired.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Vacancy and Impediment</U>. In the event of a vacant position for a member of the Board of Directors
(including, for the Reference Investor, the Board Member who occupies the role of Chair of the Board of Directors), the members of the
Board of Directors nominated by the Reference Investor and the S&atilde;o Paulo State must combine their votes to elect a substitute member
for the remaining mandate term of the substituted member and to be chosen by the Shareholder who nominated the absent member to complete
the mandate. Notwithstanding the above, Shareholders must ratify the decision indicated above at the Shareholders&#8217; Meeting convened
to resolve on said matter. For the purposes of this Agreement, it means:</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An absent Board Member is one who (a) resigns or is removed from his/her
position; (b) fails to perform his/her duties or is prevented from performing his/her duties for a period longer than 30 (thirty) consecutive
days, except if a justification is accepted by the majority of the other members of the Board of Directors; and/or (c) is absent for 3
(three) consecutive or 6 (six) alternate meetings without a justification accepted by the majority of the other members of the Board of
Directors; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A Board Member under impediment is one who, for any reason or event, (a)
has passed away; (b) has been legally declared incapable of performing civil acts; and/or (c) falls within the legal</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Arial MT; margin: 0 0 0 35.45pt; text-align: justify">circumstances of impediment, including those provided in article
147 of the Brazilian Corporation Law and Article 2 of Attachment K of CVM Resolution 80, unless a waiver is granted by the Shareholders&#8217;
Meeting, when permitted.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">5.9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Exercise of the Right to Vote in Related-Party Transactions</U>. At the Shareholders&#8217; Meetings
or Board of Directors&#8217; Meetings in which the approval of any Related-Party Transaction is on the agenda, Shareholders or Board Members
with conflicts of interest for the approval of the matter shall abstain from participating and voting on the respective resolution, in
addition to observing other applicable procedures established by the Company&#8217;s Related-Party Transactions and Conflict of Interest
Policy. Having observed the competitiveness of a proposal from a Related Party, as provided in the Company&#8217;s Related-Party Transactions
and Conflict of Interest Policy, the unimpeded Shareholders or Board Members, as applicable, shall make assessments based on technical
criteria, observing the Company&#8217;s best interest. The resolutions taken by the Shareholders&#8217; Meeting or the Board of Directors&#8217;
Meeting shall be based on technical aspects of their decisions.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt/12.5pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE VI</P>

<P STYLE="font: bold 10pt/11.35pt Arial MT,sans-serif; margin: 0; text-align: center">BINDING VOTES</P>

<P STYLE="font: bold 10pt/11.35pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Binding Votes</U>. The exercise of votes by Shareholders and Binding Board Members for the corporate
resolutions referred to in Clauses 6.2 and 6.3 below, at any of the Company&#8217;s Shareholders&#8217; Meeting or Board of Directors&#8217;
Meeting, as applicable (indistinctly, a &#8220;<U>Material Corporate Resolution</U>&#8221;), must be carried out in strict compliance
with the voting instructions and under the procedure of this Clause VI, which will bind the Shareholders (and the Shareholders&#8217;
representatives at the Shareholders&#8217; Meetings) and the Binding Board Members.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Consensus Matters among Shareholders</U>. Shareholders and Binding Board Members may only vote
in favor at the Shareholders&#8217; Meetings and at the Board of Directors&#8217; Meetings, as applicable, on the matters listed below
if both Shareholders have agreed to vote in favor of a Material Corporate Resolution (&#8220;<U>Consensus Matters</U>&#8221;):</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">amendments to the Company&#8217;s Bylaws involving changes in its corporate
purpose (except to include activities related to the ones already carried out by the Company or its Subsidiaries, or to comply with Applicable
Legislation), duration period, change in authorized share capital, composition, attributions and functioning of management bodies, rules
related to the Public Offering for Achievement of Relevant Interest and/or to limit voting rights;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">voting for a possible exemption from the obligation to carry out a Public
Offering for Achievement of Relevant Interest;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">transformation, liquidation, dissolution, bankruptcy, judicial or out-of-court
reorganization of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">delisting from the Novo Mercado segment or canceling the Company&#8217;s
registration as a publicly listed company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes to the Related Parties Transaction Policy;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes to the Profit Allocation and Dividend Distribution Policy; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changes to the Company&#8217;s employee pension plan.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Right of Individual Veto</U>. The S&atilde;o Paulo State and the Reference Investor, individually,
may veto proposals for business combinations, incorporations, incorporations of shares, mergers, or any other corporate reorganization
and transfer of assets or liabilities, corporate interests, rights or duties involving, on one side, the Company and/or its Subsidiaries
and, on the other, the S&atilde;o Paulo State or the Reference Investor, the Direct Shareholders/Quota Holders of the Reference Investor
and/or its Affiliates (&#8220;<U>Veto Matters</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.3.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">For clarification purposes, if the party involved in the transaction with the Company or</FONT></P>


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<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">its Subsidiaries is the S&atilde;o Paulo State, the Reference Shareholder
shall have the right to veto, and if the party involved Ain the transaction is the Reference Shareholder, the S&atilde;o Paulo State shall
also have the right to veto.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Procedure for Determining Instructions for Binding Vote &#8211; Consensus Matters:</U></FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.4.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If the Material Social Resolution includes a Consensus Matter in its agenda, each Shareholder must
send to the other Shareholder, up to 5 (five) Business Days in advance of the Material Corporate Resolution, a notification containing
the respective voting instruction (to vote in favor, against or to abstain) for the Material Corporate Resolution.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.4.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If the notification of both Shareholders contains the voting instruction in the same direction, the
voting instruction contained in the notifications shall be considered final for the purposes of Binding Votes for Shareholders and Binding
Board Members, as applicable.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.4.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If the notification to Shareholders contains a different voting instruction (for example, one Shareholder
indicates the intention to vote in favor and the other Shareholder indicates the intention to vote against the Material Corporate Resolution),
the Shareholders must, by up to 2 (two) Business Days before the Material Corporate Resolution (&#8220;Consensus Composition Deadline&#8221;),
discuss the matter and reach, in good faith, a consensus on the voting instruction for the Consensus Matter.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.4.4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If the Shareholders reach a consensus on the voting instruction within the Consensus Composition
Deadline, the instruction must be formalized in writing, and signed by both Shareholders and will be considered final for the purposes
of Binding Votes for Shareholders and Binding Board Members, as applicable.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.4.5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If the Shareholders do not reach a consensus on the voting instruction within the Consensus Composition
Deadline, the Shareholders or Binding Board Members, as applicable, must propose and vote in favor of removing the Consensus Matter from
the agenda of the Material Corporate Resolution. If the Shareholders or Binding Board Members, as applicable, do not have the required
votes to remove the Consensus Matter from the agenda, the Binding Vote for Shareholders or Board Members, as applicable, shall necessarily
be to vote against the Material Corporate Resolution.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Procedure for Determining Instruction for Binding Vote &#8211; Veto Matters</U>:</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.5.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If the Material Corporate Resolution includes a Veto Matter in its agenda, the Shareholder not involved
in the transaction, according to Clause 6.3 above, must send to the other Shareholder (involved in the transaction), by up to 36 (thirty-six)
hours in advance of the Material Corporate Resolution, a notification containing the respective voting instruction (to vote in favor or
against) for the Material Corporate Resolution.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.5.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If the notification from the Shareholder not involved in the transaction indicates a voting instruction,
the Shareholders or Binding Board Members, as applicable, must propose and vote in favor of removing the Veto Matter from the agenda of
the Material Corporate Resolution. If the Shareholders or Binding Board Members, as applicable, do not have the required votes to remove
the Veto Matter from the agenda, the Binding Vote for Shareholders or Board Members, as applicable, shall necessarily be to vote against
the Material Corporate Resolution.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.5.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If the notification from the Shareholder that is not involved in the transaction indicates that it
will not veto the Material Corporate Resolution, all Shareholders will be free to vote as they desire in the Material Corporate Resolution.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The notifications referred to in Clauses 6.4 and 6.5 must be sent to the email address(es) indicated
by each Shareholder for this purpose, which may be occasionally amended by means of a communication sent by one Shareholder to the other
Shareholder, with a copy to the Company&#8217;s Binding Board Members.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Commitment to call a Shareholders&#8217;
Meeting after the Offering The Shareholders commit, as soon as possible after the Offering and, as applicable, after the Investment has
been approved by CADE</FONT></P>


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<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">(according to Clause XI below), to ensure that the Board of Directors call
a Shareholders&#8217; Meeting to replace and elect new members of the Company&#8217;s Board of Directors, and the Shareholders must proceed
with nominations for the list of candidates and voting regarding the Restricted Shares at the Shareholders&#8217; Meeting, under Clause
V of this Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.7.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Additionally, if the Reference Investor informs the S&atilde;o Paulo State of its intention to propose
an amendment to the Bylaws at the Company&#8217;s Shareholders&#8217; Meeting, aimed at changing the shareholding percentage from 30%
(thirty percent) to 20% (twenty percent) that obligates a public offering to be carried out upon reaching a relevant shareholding, as
provided in the <I>caput </I>and paragraphs seven, nine, ten and eleven of Article 56 of the Bylaws, in which the S&atilde;o Paulo State
commits to (i) ensure that the Binding Board Members appointed by it to vote in favor of calling a Shareholders&#8217; Meeting for the
Company to resolve on the aforementioned changes, and (ii) vote in favor of such changes to the Bylaws at the Shareholders&#8217; Meeting,
subject to the provisions of Clause 6.8 below.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Voting Instruction</U>. Notwithstanding the obligation to abstain required for Shareholders and/or
Binding Board Members provided in Clause 5.12 and in other situations established in Applicable Legislation and/or the Bylaws, Shareholders
expressly agree that the voting instruction under the procedure in Clauses 6.4, 6.5 and 6.7 above, as applicable, shall bind all Shareholders
(concerning Restricted Shares and Free Shares) and all Binding Board Members, including those absent and dissenting from the Material
Corporate Resolution, regardless of the percentage of Shares held individually by each Shareholder. Therefore, Shareholders are obliged
to exercise their voting rights (including for their Free Shares) and to ensure that Binding Board Members exercise their votes, in the
same sense approved in the Binding Vote.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.8.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Subject to the provisions of Clause 6.8.2 below, the Shareholders hereby irrevocably and irreversibly,
according to Article 118, paragraph 9, and Article 126, paragraph 1, of the Brazilian Corporation Law, grant each other powers to, solely
and exclusively, be represented by one another at any Shareholders&#8217; Meeting in which one of the parties are absent, regarding any
and all Consensus Matters or Matters Determined by an Individual Shareholder, to exercise their voting rights in accordance with the Binding
Votes. The powers granted herein shall be valid for the granting Shareholder so long as this Agreement remains in effect, according to
Article 118, paragraph 7, of the Brazilian Corporation Law.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.8.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The instructions for Binding Votes must be communicated to the presiding board of the Material Corporate
Resolution by 24 (twenty-four) hours before the Material Corporate Resolution.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Noncompliance with this Policy</U>. The eventual exercise, by any of the Shareholders (or Binding
Board Members), of the right to vote in the Material Corporate Resolution in disagreement with the provisions established herein, shall
bind the Chair of the Shareholders&#8217; Meeting and the Chair of the related Board of Directors&#8217; Meeting, respectively, under
the terms of Article 118, paragraphs 8 and 9, of the Brazilian Corporation Law, to (a) not compute the vote cast by Shareholders or Binding
Board Members that violate the provisions of this Agreement or that differs from the instructions for Binding Votes; and (b) declare,
at the Shareholders&#8217; Meeting or at the Board of Directors&#8217; Meeting, the invalidity of the vote cast by the dissenting Shareholders
or Binding Board Members that violate the provisions of this Agreement or the instructions for Binding Votes. However, if the Chair of
the Shareholders&#8217; Meeting or the Board of Directors&#8217; Meeting accepts the aforementioned vote, and this acceptance is decisive
for the voting result, the decision taken must be considered null and void, not binding the Shareholders or the Company&#8217;s management.
If necessary, the harmed Shareholder or member of the Board of Directors shall be responsible for taking the necessary measures for said
nullity to be declared by the competent arbitration or legal court.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">6.9.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Notwithstanding the above, if any Binding Board Member fails to express his/her vote in the same
direction as the Binding Vote instruction, the Shareholder who nominated said member may be requested by any other Shareholder to effectively
promote a new nomination to replace said Board Member. This applies to all binding dissidents, as many times necessary, to ensure the
prevalence of Binding Votes.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE VII</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">LOCK-UP</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">7.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Lock-up</U>. Subject to the exceptions provided in this Agreement, Shareholders shall not be able
to Transfer, in any capacity, entirely or partially, or constitute a Lien on any Shares or rights conferred to Shares or securities convertible
into Shares, until December 31, 2029 (&#8220;<U>Lock-up</U>&#8221; and &#8220;<U>Lock-up Period</U>&#8221;). Transfers will be allowed
after the Lock-up period, subject to the provisions of Clause 8 of this Agreement.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in">7.1.1. The Lock-up obligation shall also apply to Transfers
involving shares/quotas issued by the Reference Investor representing a percentage greater than 50% (fifty percent) of the total shares/quotas
with voting rights issued by the Reference Investor and/or that represent a Strategic Investor Control.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">7.1.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Lock-up obligation shall not apply to (i) Transfers carried out by Shareholders and Shareholders/Quota
Holders of the Reference Investor among themselves and/or their respective Affiliates; and (ii) the constitution and exercise of rights
and/or execution of Permitted Liens and/or Permitted Indirect Liens.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">7.1.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Regarding the Reference Investor, the Lock-up obligation shall only apply to the Initial Reference
Investor Stake and shall not apply to additional Shares that the Reference Investor may hold during the Lock-up Period.</FONT></P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE VIII</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">TRANSFERS AFTER THE LOCK-UP PERIOD</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">8.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Transfer of Shares</U>. Each of the Shareholders hereby agrees that the Transfer of any of their
Shares shall not be permitted, and the Company shall not be able to register any Transfer in its corporate documents or books, except
under the provisions of this Agreement. Any Transfer of Shares or rights to subscribe to additional Shares by Shareholders, voluntarily
or involuntarily, directly or indirectly, shall be subject to the provisions of this Agreement.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">8.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Private Sale &#8211; Shareholders&#8217; Preemptive Right</U>. Subject to the provisions of this
Agreement, in the event any Shareholder (&#8220;<U>Offering Shareholder</U>&#8221;) desires to carry out a private Transfer of its Shares
after the Lock-up Period (other than a Sale on the Stock Exchange) and receives a written firm proposal (&#8220;<U>Proposal</U>&#8221;)
from a Third Party (&#8220;<U>Bidder</U>&#8221;), the Offering Shareholder shall provide a written notification (&#8220;<U>Notice</U>&#8221;),
as soon as possible and no later than by 5 (five) days of receipt of the Proposal, to the other Shareholder (&#8220;<U>Offered Shareholder</U>&#8221;),
with a copy to the Company, containing all the terms and conditions of the Proposal, including, but not limited to, the name of the Bidder,
number and type of Shares involved (&#8220;<U>Offered Shares</U>&#8221;), proposed Share price, payment method and payment deadline. The
Notice shall be considered an irrevocable offer by the Offering Shareholder to sell all (and no less than all) of the Offered Shares to
the Offered Shareholder, under the same conditions contained in the Proposal (&#8220;<U>Preemptive Right</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">8.2.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Within 10 (ten) days from the receipt of the Notice, the Offered Shareholder must submit a written
notification to the Offering Shareholder, with a copy sent to the Company, indicating if they desire to:</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">exercise the Preemptive Right over all the Offered Shares; or</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">waive their Preemptive Right (and the absence of said notification within the established period
shall be understood as a waiver of the Preemptive Right), and the assignment of such right to Third Parties will not be permitted, informing
if they agree or not with the adhesion of said Bidder to the Agreement.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">8.2.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Transfer of the Offered Shares, subject to the provisions of this Clause, must be carried out
within 10 (ten) days from the end of the period established in Clause 8.2.1 above.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">8.2.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If the Offered Shareholder does not exercise its Preemptive Right over the Offered</FONT></P>


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<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">Shares by the end of the period established in Clause 8.2.1 above, the
Offering Shareholder shall be free to transfer the Offered Shares to the Bidder, under the terms of the Proposal, within 10 (ten) days
immediately following the end of the period established in Clause 8.2.1 above.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">8.2.4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">At least 5 (five) Business Days after the closing of the Transfer of Offered Shares transaction,
the Shareholders involved in the transaction must send the Company all documents proving the terms, conditions, price, and payment of
the Transfer of Offered Shares to the Bidder.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">8.2.5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">In the event of any changes to the terms and conditions of the Proposal by a Third Party for the
acquisition of Restricted Shares from the Offering Shareholder, the Offering Shareholder must notify the Offered Shareholder once again
so it has the option to exercise the Preemptive Right provided in Clause 8.2, even if the initial term for the exercise of the Preemptive
Right has ended without any manifestation from the Offered Shareholder.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">8.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Authorized Transfers</U>. The Preemptive Right does not apply to (i) Sales on the Stock Exchange
provided that said Sales on the Stock Exchange comply with the provisions of Clause 8.3.1 below; (ii) Transfers of Shares carried out
by Shareholders and/or their respective Affiliates; and (iii) the constitution and exercise of rights and/or execution of Permitted Liens
and/or Permitted Indirect Liens over the Shares. To avoid doubts, the Preemptive Right does not apply to any indirect Transfers, including
those involving shares/quotas issued by the Reference Investor.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">8.3.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The unbinding of Shares held by Shareholders for the purposes of a Sale on the Stock Exchange shall be automatic and only
as strictly necessary for said Sale on the Stock Exchange and Shares not sold after 10 (ten) days from the unbinding date will automatically
be reinstated as Restricted Shares to this Agreement. The referred Shareholder, with the cooperation of the other Shareholder as necessary,
must promptly notify the Bookkeeping Agent and adopt any other necessary measures, including a contact made by the Company&#8217;s management,
to arrange both the unbinding for the purposes of a Sale on the Stock Exchange, as well as the respective endorsements for the reinstating
the restriction of unsold Shares. After a Sale on the Stock Exchange, the referred Shareholder must, on the same date, submit a written
notification to the other Shareholder and to the Company informing the number of Shares sold, jointly with a copy of the notification(s)
sent to the Bookkeeping Agent requesting the formalization of the unbinding of Shares and the possible reinstatement the restriction of
unsold Shares, as applicable.</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">8.4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Acquisition by a Third Party</U>. Except regarding the situation contained in Clause 8.3 above,
any Third Party that acquires Shares held by an Offering Shareholder, under the terms established herein, must, before the effective Transfer,
submit a written agreement that it is an unconditionally restricted party to the terms of this Agreement, as occasionally amended, provided
that the Offered Shareholder has agreed to the adhesion of said Third Party to the Agreement, according to the provisions of Clause 8.2.1(ii)
above. If the Offered Shares do not represent the entirety of the Shares held by the Offering Shareholder, all rights and obligations
of the Offering Shareholder under the terms of this Agreement shall be exercised by the Offering Shareholder, jointly with the Third-Party
acquirer.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">8.5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Invalid Transfers</U>. Any Transfer of Shares that violates the terms of this Agreement shall
not be considered valid, being therefore prohibited (a) its registration by the bookkeeping agent of securities issued by the Company;
and (b) the exercise, by the transferee, of the corresponding voting right or any other right guaranteed by the Shares, including preemptive
rights for the subscription of Shares or securities convertible into Shares.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">8.6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Transfer to Competitors</U>. Notwithstanding other rules of this Agreement regarding the Transfer
of Shares, the S&atilde;o Paulo State is prohibited from carrying out any Transfer of its Shares to any Party acting in its same line
of Business (&#8220;Competitor&#8221;). In the event of a Transfer of Shares by the S&atilde;o Paulo State, the Third Party acquiring
said Shares must provide a declaration that it is not a Controlled, a Controlling or under common Control of a Competitor, under penalty
of compensating the other Reference Investor and having the Transfer considered ineffective for all purposes.</FONT></P>


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<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE IX</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">PUBLIC OFFERING FOR ACHIEVEMENT OF RELEVANT INTEREST</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">9.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Obligation to Issue a Public Offering</U>. If any of the Shareholders need to carry out or request
a registration for a public offering with the CVM, as applicable, arising from the acquisition of all shares issued by the Company under
the provisions of the Bylaws (&#8220;<U>Public Offering for Achievement of Relevant Interest</U>&#8221;), said Shareholder shall be responsible
for launching and registering the Public Offering for Achievement of Relevant Interest and all costs involved therein including, but not
limited to, the acquisition of all shares, the hiring of an intermediary institution, advisors and payment of any fees and costs involved
in the transaction.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">9.1.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">In the event the Shareholder responsible for launching the Public Offering for Achievement of Relevant
Interest becomes the holder of the percentage established in Article 56 of the Bylaws, it shall have a period of 60 (sixty) days to dispose
of the surplus shares, to not incur in the obligation to launch the Public Offering for Achievement of Relevant Interest and, in lack
of compliance, this Agreement will be automatically terminated.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE X</P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0; text-align: center">NON-COMPETING AND PRIORITY RIGHT OVER BUSINESS OPPORTUNITIES</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">10.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">As of January 1, 2025, so long as this Agreement is in force, the Reference Investor and its Controllers
agree they must carry out any and all new Business Opportunities (as defined below), in the State of S&atilde;o Paulo that the Reference
Investor and its Controllers identify with, or are presented to them by Third Parties, solely and exclusively through the Company, without
engaging or investing (including as a partner, shareholder, administrator, employee, consultant or representative), through any of its
Affiliates or Third Parties, in activities covered by the Business in the State of S&atilde;o Paulo (&#8220;<U>Non-Competing Agreement</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">10.1.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">For clarification purposes, the Non-Competing Agreement will not cover (i) financing/credit granting
activities by financial institutions for its customers; and (ii) any Party who cumulatively (a) is an open investment fund with at least
50 (fifty) quota holders, (b) holds a shareholding interest in at least 5 (five) publicly-held companies whose shares are admitted to
trading on a stock exchange, in which the shares issued by the Company must not represent more than 20% of the equity of the respective
fund, and (c) is not part of a shareholders&#8217; agreement, investment agreement or any instrument or contract regulating the exercise
of voting rights regarding the Company.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">10.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Notwithstanding the provisions above, as of January 1, 2025, and as long as this Agreement is in
force, if the Reference Investor and its Controllers come to identify or are presented, by Third Parties, an opportunity to develop or
participate in initiatives, opportunities, ventures, investments, or equity interests involving a Business in Brazil (but outside the
State of S&atilde;o Paulo), whose investment vehicle or business operates or intends to operate in any municipality or group of municipalities
with a total population of more than 50,000 (fifty thousand) inhabitants according to the most recent data from the IBGE, in a public-private
partnership, concession or privatization project (&#8220;<U>Business Opportunity</U>&#8221;), the Reference Investor and its Controllers
may not proceed with the Business Opportunity without first offering the Company the option for said Business Opportunity to be developed
according to the provisions described in Clause 10.3 below (&#8220;<U>Priority Right over Business Opportunities</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">10.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Priority Right over Business Opportunities</U>. For the purposes of Clause 10.2, in the event
that the Reference Investor and its Controllers are interested in developing a Business Opportunity, the following procedure must be followed:</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Reference Investor and its Controllers, as applicable, must submit a
written notification to the Company&#8217;s Board of Directors before formalizing any commitment, presenting a formal intention, engaging
or signing any definitive contract to carry out the Business Opportunity (&#8220;<U>Notification of a Business Opportunity</U>&#8221;).
The Notification of a Business Opportunity must contain the following: (a) a detailed description of the Business Opportunity; (b) the
name (or corporate name) and address (or registered office) of potential partners; (c) the assessment of the Business Opportunity, indicating
the estimated required investment, along with a copy of all</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-align: justify">materials provided by accounting companies, banks, co-investors,
auditors, when available; (d) the main terms and conditions of the Business Opportunity, if available; (e) the eventual investment structure
for the Business Opportunity under a Partnership Exploration regime (as defined below) by the Reference Investor, its Controllers and
the Company; and (f) any other terms and conditions relevant to evaluate the Business Opportunity, as applicable;</P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Upon receipt of a Notification of a Business Opportunity, the Company&#8217;s
Board of Directors must choose among the following options regarding the exercise, by the Company, of the Priority Right over Business
Opportunities: (a) exploration of the Business Opportunity in partnership with the Reference Investor or its Controllers, as applicable,
provided the exploration will occur (a.1) in the proportion of 51% for the Company and 49% for the Reference Investor and its Controllers,
as applicable; (a.2) the Company will control the Business Opportunity; or (a.3) under terms and conditions other than those mentioned
above, so long as they are mutually agreed between the Reference Investor or its Controllers, as applicable, and the Company (&#8220;<U>Partnership
Exploration</U>&#8221;); (b) exploration of the Business Opportunity by the Company and potential competition with the Reference Investor
(&#8220;<U>Individual Exploration</U>&#8221;); and (c) reject any type of exploitation of the Business Opportunity. In the deliberation
provided in this Clause, (a) the Board Members appointed by the Reference Investor must not participate in the discussions (except if
expressly requested by the remaining Board Members for clarification purposes) and voting on the deliberation, and must not receive the
supporting material related to the matter. However, a representative of the Reference Investor is allowed to participate in the Board
of Directors&#8217; Meeting that will resolve on the Business Opportunity if the Board Members deem it necessary for clarification purposes;
and (b) in the event of a tie, the exploration of the Business Opportunity shall be considered approved and the Company must proceed with
the Business Opportunity;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company&#8217;s Board of Directors must come to a final decision on
the exploration of the Business Opportunity under the terms of Clause 10.3(ii) above, within 30 days of receiving the Notification of
a Business Opportunity;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the Board of Directors approves the exploration of the Business Opportunity
by the Company under a Partnership Exploration regime: (i) the Reference Investor or its Controllers, as applicable, may only carry out
the Business Opportunity subject to the Notification of a Business Opportunity in partnership with the Company or its Subsidiaries under
the investment structure approved in Clause 10.3(ii) above (or mutually agreed between the parties), and (ii) the Reference Investor or
its Controllers, as applicable, shall ensure the Company is involved in all negotiations, planning and discussions regarding the development
of the Business Opportunity. If the exploration of the Business Opportunity under a Partnership Exploration regime is approved, the Company,
irrevocably and irreversibly, is obliged to carry out the investment in the Business Opportunity under the approved terms and execute
all related investments;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the Board of Directors approves the Business Opportunity by the Company
as an Individual Exploration, both the Company and the Reference Investor may potentially participate in the Business Opportunity individually
and independently of each other, in such a way that the Reference Investor shall be free to explore, directly or indirectly, the Business
Opportunity subject to notification strictly under the terms and conditions described in the Notification of a Business Opportunity. The
Board Members appointed by the Reference Investor must not participate in discussions and vote on resolutions related to the Individual
Exploration, nor receive supporting material on the matter; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the Board of Directors approves the Individual Exploration and the specific
terms of said Business Opportunity prohibit cross-participation of potentially interested parties, or if it contains other prohibitions
that prevent or make the joint participation of the Company and the Reference Shareholder and its controllers as potentially interested
parties unfeasible, the Reference Investor and its Controllers may only execute the Business Opportunity through the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the event the Board of Directors (a) does not approve the exploration
of the Business Opportunity by the Company (not counting the votes of Board Members indicated by the Reference Investor); or (b) does
not resolve on the Business Opportunity in due time under</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-align: justify">Clause 10.3(ii) above, the Reference Investor and its Controllers,
as applicable, shall be free to explore, directly or indirectly, the Business Opportunity subject to notification strictly under the terms
and conditions described in the Notification of a Business Opportunity.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">10.3.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Related-Party Transactions Committee, as one of the Company&#8217;s statutory bodies, shall be
responsible for answering questions regarding the application of this Clause, within the scope of this Agreement.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">10.4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Exceptions</U>. The provisions in this clause shall not apply to (i) Business Opportunities existing
on the date this Agreement was signed and which are already explored by the Reference Investor or its Controllers; (ii) Business Opportunities
that may be explored by the Reference Investor or its Controllers not covered by the provisions of Clause 10.3 above; (iii) the commitments
already assumed, or to be assumed, by the Reference Investor or its Controllers, as applicable, in terms of growth, expansion or renewals
with government authorities and/or granting authority, as applicable, concerning Business Opportunities mentioned in items &#8220;(i)&#8221;;
(iv) any investment or participation by the Reference Investor or its Controllers, as applicable, in any company listed on a stock exchange
in which the Reference Investor or its Controllers does not have more than 5% (five percent) of the share capital, provided the Reference
Investor or its Controllers do not appoint any member of the Board of Directors of such company; and (v) financing/credit granting activities.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE XI</P>

<P STYLE="font: bold 10pt/11.35pt Arial MT,sans-serif; margin: 0; text-align: center">ANTITRUST APPROVAL</P>

<P STYLE="font: bold 10pt/11.35pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">11.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>CADE</U>. If necessary, the Shareholders agree to jointly submit the Investment included in this
Agreement to CADE for approval, within 30 (thirty) days from the date this instrument is signed under a fast-track regime, or to initiate
a pre-notification and approval process under a common approval regime. This period may be extended if agreed in good faith between the
Parties, and a new deadline shall be determined to complete the notification or pre-notification process, as applicable. The submission
process will be jointly conducted by the legal advisors appointed by the Shareholders.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">11.1.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The CADE approval will be considered achieved in the following events, whichever occurs last: (i)
after the appeal period of 15 (fifteen) days has expired, from the date in which CADE&#8217;s Superintendence published the approval of
the Transaction in the official press, according to Law 12,529/2011, without an appeal being filed by any Interested Third Party or a
call-back has been issued by the CADE Court; or (ii) after the approval decision has been issued by the CADE Court (&#8220;<U>CADE Approval</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">11.1.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The S&atilde;o Paulo State undertakes and ensures that the Board Members appointed by the S&atilde;o
Paulo State will undertake all necessary measures to prevent the Company and its Subsidiaries from carrying out or approving any acts
that are not part of the Company&#8217;s normal course of business in the event the Reference Investor is prohibited from exercising the
political rights linked to the Shares held by it until the CADE Approval, unless expressly authorized by CADE.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">11.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Reference Investor must coordinate (i) the process involving the application with CADE; (ii)
the preparation, presentation, and monitoring of acts of concentration and documents submitted to CADE; and (iii) any and all interactions
with CADE involving acts of concentration. Notwithstanding the provisions in this Clause, Shareholders agree to consult and cooperate
with each other regarding any communications with CADE and not to participate separately in any meeting or carry out any communication
with CADE concerning the Investment without prior notification to the other Party, or without allowing the other Party to attend or participate
in said meeting or communication.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">11.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Negotiation of Legal Actions or Restrictions with CADE</U>. If CADE imposes any restrictions as
a condition for approving the Investment, including changes to this Agreement, the Parties must jointly, through their own and individual
lawyers, negotiate with CADE and make efforts to achieve the approval from CADE, considering the Investment must be concluded and the
original financial terms contracted in this Agreement must be preserved in the matters that do not conflict with CADE&#8217;s decision
(&#8220;<U>CADE Remedies</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">11.4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If CADE imposes restrictions as a condition for approving the Investment, the Parties will</FONT></P>


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<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">continue to be bound by the Agreement and must undertake all necessary
measures to comply with the formulated restrictions, except for the Reference Investor, who must be responsible for taking all measures
related to the CADE Remedies and implementing them regardless of the possible financial impact to the Reference Investor. The CADE Remedies
must be addressed through the sale of the Reference Investor&#8217;s assets or through obligations that must be fully observed by the
Reference Investor in such a way it does not burden, directly or indirectly, the Company. If compliance with the CADE Remedies is a condition
for the Investment to be executed, the Investor must comply with it as quickly as possible.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">11.4.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">For clarification purposes, the Parties agree that, in the event CADE imposes any restrictions on
the Investment, this Agreement will continue to bind the Parties, who are obliged to take the necessary measures to obtain the CADE Approval
and execute the Investment under the exact terms and conditions established herein.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">11.5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The presentation fees related to the notification of the Investment to CADE, and the legal advisory
fees for submitting the Investment to CADE, will be paid by the Reference Investor. If the Shareholders decide to have their own legal
counsel, they shall be responsible for paying the costs of their corresponding legal fees.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">11.6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Considering the Transaction will take place through a public offering of shares and in the event
the acquisition by any shareholder, especially by the Reference Investor, generates the need for a notification to CADE, under Law 12,529/2011
and Articles 9 and 10 of CADE Resolution 33/2022, said Shareholders undertake, under Articles 89, sole paragraph, of Law 12,529/2011 c/c
art. 108, <I>caput </I>and paragraph 1 of CADE&#8217;s Internal Regulations, approved by CADE Resolution 22/2019 c/c art. 11, paragraph
2 of CADE Resolution 33/2022, not to exercise political rights relating to the shareholding stake acquired through the public offering
until the CADE Approval.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE XII</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">TERM AND RESOLUTION</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">12.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is in effect
from its execution date and will remain enforceable until January 1, 2035, and, under the terms of Article 125 of the Civil Code, the
effectiveness of CLAUSE III until CLAUSE XI shall be conditioned to the effective Settlement of the Offering, including the physical and
financial settlement of the acquisition by the Reference Investor of the Initial Reference Investor Stake in the Offering (&#8220;<U>Suspensive
Condition</U>&#8221; and &#8220;<U>Effective Agreement Date</U>&#8221;, respectively).</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">12.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regardless of the term established
in Clause 12.1, the parties shall have the right to an early termination, as of January 1, 2030, under the following conditions:</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">12.1.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the Reference Shareholder, at its sole discretion, so long as it is not in default with the obligations
required by this Agreement; and</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">12.1.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the State, if its shareholding stake or the shareholding stake of the Reference Shareholder is below
10% of the Company&#8217;s share capital, either due to the non-exercise of subscription rights in capital increases or disposals carried
out after the lock-up period.</FONT></P>

<P STYLE="font: 10pt/125% Arial MT; margin: 0; text-align: justify; text-indent: -0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">12.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of <U>CLAUSE
XVII</U> and <U>CLAUSE XVIII</U> shall remain valid and enforceable during the periods indicated in said clause, even after the termination
of this Agreement under the terms of Clause 12 above.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">12.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions
of the clauses above, in any of the aforementioned events regarding the termination of this Agreement, all rights and obligations provided
herein shall be terminated, regardless of any notification from one Party to another, with no obligation remaining between the Parties
regarding the provisions set forth herein.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt/12.5pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE XIII</P>

<P STYLE="font: bold 10pt/11.35pt Arial MT,sans-serif; margin: 0; text-align: center">REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: bold 10pt/11.35pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.75pt"><FONT STYLE="font-size: 10pt">13.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each Shareholder represents and guarantees to the other Shareholder that:</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/97% Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">it is a duly organized Party, validly existing under the laws of the jurisdiction
of the location in which it was incorporated;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/97% Arial MT; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 11pt Arial MT">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; text-indent: -0.01pt; width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">it has all the necessary legal and corporate powers and authorities to sign, comply, and adhere with the
obligations of this Agreement, as well as to own the Restricted Shares and execute the obligations outlined in this Agreement and that
the Restricted Shares are free and clear of any Liens. The Persons who, as representatives of the Shareholders, signed this Agreement
and any other instruments or documents before the present date and which are related to this Agreement and who were, on said signature
dates and on the date of the signing of this Agreement, duly indicated, qualified and acting as a representative of the Shareholder,
with their signatures on such documents being genuine;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/97% Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the signing and compliance with this Agreement and the fulfillment of the
obligations established herein do not violate: (i) any other previous obligation of said Shareholder; (ii) the corporate documents of
said Shareholder; (iii) any Applicable Legislation relevant to said Shareholder; or (iv) any decision of any court or government agency
or entity that has jurisdiction over said Shareholder. This Agreement is lawful, valid, and sets forth the obligations for each of the
Shareholders, which may be required of said Shareholder according to its conditions and subject to the legal provisions on bankruptcy,
insolvency, fraud, reorganizations, moratorium, or similar generally applied rules relating to or that may affect creditor rights and
general equity principles;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 11pt Arial MT">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; text-indent: -0.01pt; width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all authorizations, consents, approvals, exemptions, licenses, orders, and other actions, notifications,
or protocols before all courts, government, administrative, and other Brazilian bodies, or at any other location with jurisdiction over
the Shareholders, in addition to any political subdivision required or related to the valid signature, fulfillment, and performance of
this Agreement by the Shareholder, as applicable, have been obtained and are in force; and</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial MT; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/98% Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">there is no pending litigation to which said Shareholder or any of its Affiliates
is a party and that, if an adverse ruling is issued, could have a material negative effect on the financial condition of said Shareholder
or its ability to perform its obligations under this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">13.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Furthermore, the Reference Investor represents and guarantees to the S&atilde;o Paulo State that
(i) it is not in liquidation or insolvent; (ii) it has all corporate powers and government licenses, authorizations, consents, and approvals
necessary to own, lease, or operate its properties and to conduct its business as they are being currently conducted; and (iii) it will
settle the acquisition of the Initial Stake, under the procedures outlined in the Preliminary Prospectus.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">13.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Intervening Parties</U>. The Intervening Parties to this Agreement declare, individually and not
jointly, in this act, that they were present at all times and agree with all the provisions contained in this Agreement.</FONT></P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE XIV</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">REGISTRATION OF THE AGREEMENT</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">14.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this
Clause and the provisions of Article 118 of the Brazilian Corporation Law, and for the obligations or Liens arising from this Agreement
to be enforceable against third parties, the Parties commit to undertake measures that ensure this Agreement is filed at the Company&#8217;s
headquarters and that the obligations and liens arising thereto shall be registered with the bookkeeping agent of the Shares.</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE XV</P>

<P STYLE="font: bold 10pt/11.35pt Arial MT,sans-serif; margin: 0; text-align: center">NOTICES</P>

<P STYLE="font: bold 10pt/11.35pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">15.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise indicated
in this Agreement, all notices, communications, notifications, and correspondence resulting from the execution of this Agreement must
be made in writing by one Shareholder to the other Shareholders, or to the Company, via protocol, by mail with confirmation of receipt
through the Registry of Deeds and Documents, or by e-mail with confirmation of delivery to the</P>


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<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">addresses described in the preamble of this Agreement, or by delivery to
the representatives of the Parties, namely:</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><U>If intended to the S&atilde;o Paulo State:</U></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt/11.45pt Arial MT,sans-serif; margin: 0">S&atilde;o Paulo State, represented by the Investment Partnerships Secretariat</P>

<P STYLE="font: 10pt/11.45pt Arial MT; margin: 0">[=]</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.7pt">[=], S&atilde;o Paulo, SP Att. to: [=]</P>

<P STYLE="font: 10pt Arial MT; margin: 0">Email: [=]</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><U>If intended to the [Reference Investor]:</U></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0">[Reference Investor]</P>

<P STYLE="font: 10pt Arial MT; margin: 0">[=]</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.2pt">[=] Att. to: [=]</P>

<P STYLE="font: 10pt/11.4pt Arial MT; margin: 0">Email: [=]</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><U>If intended to the Company:</U></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0">Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo &#8211;
SABESP</P>

<P STYLE="font: 10pt Arial MT; margin: 0">Rua Costa Carvalho, n&ordm; 300, bairro Pinheiros, CEP 05.429-000, S&atilde;o Paulo, SP</P>

<P STYLE="font: 10pt/11.4pt Arial MT; margin: 0">Att. to: [=]</P>

<P STYLE="font: 10pt Arial MT; margin: 0">Email: [=]</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><U>If intended to the Direct &#8221;[Shareholders/Quota Holders] of the Reference Investor:</U></P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0">Direct [Shareholders/Quota Holders] of the Reference Investor</P>

<P STYLE="font: 10pt Arial MT; margin: 0">[=]</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-indent: 0.2pt">[=] Att. to: [=]</P>

<P STYLE="font: 10pt Arial MT; margin: 0">Email: [=]</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">15.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any changes to the addresses
indicated above must be communicated to the other Parties and the Company by up to 2 (two) Business Days, under penalty of being considered
received for all legal purposes.</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE XVI</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">ENFORCEMENT</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">16.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parties undertake to
exercise their voting rights and other rights and obligations concerning the Company under the terms of this Agreement, whereby any Shareholder
has the right to demand enforcement against the other Shareholders, under the provisions of Articles 497, 501, 536, 806, 815, 822 and
823 of the Code of Civil Procedure and Article 118, paragraph 3, of the Brazilian Corporation Law. Notwithstanding any provisions contrary
to the ones included in this Agreement, each Shareholder is aware and agrees that, in the event any Shareholder fails to comply with any
of the obligations established in this Agreement, the defaulting Shareholder will not be able to vote at the Company&#8217;s Shareholders&#8217;
Meetings until the default has been remedied, with the vote of the other Shareholder being valid to approve the matters contained in this
Agreement.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 40.5pt"><FONT STYLE="font-size: 10pt">16.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Shareholder has the right to request the Chair of the Shareholders&#8217; Meeting and the Chair of the Board of Directors&#8217; Meeting
and/or the Company&#8217;s CEO, as applicable, to declare the nullity of a vote cast by a Shareholder representative or regarding the
Transfer of Restricted Shares carried out in violation to the provisions of this Agreement, regardless of any judicial process or out-of-court
or arbitration procedure, with the Chair of the Shareholders&#8217; Meeting, the Chair of the Board of Directors&#8217; Meeting and the
Company&#8217;s CEO, as applicable, being responsible for complying with the Agreement and ensuring its compliance under the provisions
of Article 118 of the Brazilian Corporation Law</FONT>.</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE XVII</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">RESOLUTION OF DISPUTES</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">17.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Governing Law</U>. This Agreement shall be governed by the Applicable
Laws of Brazil.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">17.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Resolution of Disputes</U>. Any and all disputes, controversies, questions, concerns, or differences
relating directly or indirectly to this Agreement, any Investment Document or any appendix or document related to the Agreement (&#8220;<U>Disputes</U>&#8221;),
involving all or any of the Parties and/or Intervening Parties (&#8220;<U>Parties Involved</U>&#8221;) shall be resolved by arbitration,
under the provisions below.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">17.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Chamber</U>. The arbitration will be conducted and administered by the Market Arbitration Chamber
(&#8220;<U>MAC</U>&#8221;) according to the procedural rules included in its Regulations in effect at the time of the arbitration (&#8220;<U>Regulations</U>&#8221;).
The Parties may, upon mutual agreement, decide to change the arbitration chamber.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">17.4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Arbitration Court</U>. The Disputes shall be decided by an Arbitration Court comprised of 3 (three)
arbitrators, appointed according to the Regulations (&#8220;<U>Arbitration Court</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">17.5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Arbitration Location</U>: The arbitration procedure shall take place in the City of S&atilde;o
Paulo, State of S&atilde;o Paulo, the location where the arbitration decision shall be made. The arbitration language will be Portuguese,
and the arbitration will be based on legislation, applying the rules and principles of the Brazilian legal system, with judgment according
to equity being prohibited.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">17.6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Injunctive Relief</U>. Before the constitution of the Arbitration Court, any of the Parties Involved
may request injunctive relief, provided that any request for such relief from the Judiciary Branch will not affect the existence, validity,
and effectiveness of the arbitration convention, nor will it represent a waiver for the need to submit the Dispute to arbitration. After
the Arbitration Court has been constituted, requests for injunctive relief must be addressed to the Arbitration Court, and the arbitrators
may even review, maintain, or modify any decisions issued by the Judiciary before the constitution of the Arbitration Court, which may
be based on the provisions of Article 22, paragraph 4, of the Arbitration Law.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">17.7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Forum</U>. The parties elect the forum of the City of S&atilde;o Paulo, State of S&atilde;o Paulo,
expressly renouncing any other forum, however special or privileged it may be, to request: (i) legal measures aimed at obtaining injunctive
relief, under Article 22-A et seq. of the Arbitration Law; (ii) lawsuits provided in Article 33 of the Arbitration Law, (iii) lawsuits
provided for in Articles 381 to 383 of the Code of Civil Procedure, (iv) the execution of obligations provided in this instrument that
require immediately execution, (v) the enforcement of decisions made by the Arbitration Court and (vi) any disputes that, under Applicable
Legislation, cannot be submitted to arbitration.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">17.8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Contractual Fees</U>. Each of the Parties Involved shall be responsible for paying, without the
right to indemnity or reimbursement by the other Party involved, all contractual fees for their respective legal advisors.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">17.9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Loss Fees</U>. Subject to the provisions above, the arbitration ruling shall establish the loss
fees and determine the responsibility of the Parties involved for paying or reimbursing the arbitrators&#8217; fees and the expenses of
the arbitration procedure, observing the principles of loss (total or partial), proportionality and reasonableness.</FONT></P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt/12.55pt Arial MT,sans-serif; margin: 0; text-align: center">CLAUSE XVIII</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: center; text-indent: -7.1pt">GENERAL PROVISIONS</P>

<P STYLE="font: bold 10pt/11.4pt Arial MT,sans-serif; margin: 0; text-align: left; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">18.1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Severability of Provisions</U>. The nullity, invalidity, or ineffectiveness of any of the covenants
in this Agreement will not prejudice the validity and effectiveness of others, which must be fully complied with, obliging the Parties
to use their best efforts to validly achieve the objectives aimed through the provision that has been nullified, invalidated or declared
ineffective, through a mutual agreement, including the introduction of a replacement provision.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">18.2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Amendments</U>. Amendments to this Agreement shall only be considered valid if formalized by an
instrument signed by all Shareholders.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">18.3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Acknowledging Party</U>. The Company declares it is aware of all the terms, obligations, and conditions
established in this Agreement and undertakes to comply, or ensure its compliance, faithfully</FONT></P>


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<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">and completely.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">18.4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Full Agreement</U>. This Agreement and the Company&#8217;s Bylaws, including amendments, constitute
the full agreement among Shareholders regarding its purpose, replacing all previous agreements, understandings, representations or guarantees,
negotiations, and discussions, verbal or written, between the Shareholders relating to the matters contained herein.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">18.5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Waivers</U>. No waiver by either Party of any term or provision of this Agreement, or any breach
of this Agreement, shall affect the right of said Party to subsequently enforce said term or provision or to exercise any right or remedy
in the event of any other breaches, whether or not it is similar.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">18.6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Conflict with the Bylaws</U>. In the event of any conflict between the provisions of this Agreement
and the Company&#8217;s Bylaws, the provisions of this Agreement shall prevail to the extent permitted by applicable law. Each of the
Shareholders agrees to exercise, or ensures to exercise, the voting rights of their respective shares, as necessary, for the Company&#8217;s
Bylaws to be amended, as soon as possible, to resolve any conflict in favor of the provisions outlined in this Agreement.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">18.7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Assignment of Rights and Obligations</U>. The rights and obligations established herein may not
be assigned or transferred, in their entirety or partially, for any reason, without the prior and express written consent of the other
Party.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">18.8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Irrevocability and Irreversibility</U>. This Agreement is signed on an irrevocable and irreversible
basis, obligating the Parties and their successors in any capacity, being null and void the assignment or transfer of rights and obligations,
in any capacity, to third parties arising from and contracted or acquired by virtue of the signing of this Agreement that violates the
provisions of this Agreement, unless otherwise provided in this Agreement, without the prior written authorization by all Shareholders.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">18.9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Signatures</U>. All signatories acknowledge this Agreement is fully valid in its electronic format,
being equivalent to a physical document for all legal purposes, recognizing and declaring the signatories that signing this Agreement
in its electronic form, with no initialed pages, is the means mutually chosen and agreed by all Parties as capable of proving the authorship
and integrity of the instrument, confirming it full legal effect as if it were a physical document. All signatures attached to this instrument
in electronic format, as provided in this Clause, are fully valid and sufficient for the authenticity, integrity, existence, and validity
of this Agreement, given that the signatories of this instrument have agreed to no initialed pages, thus signing this instrument only
in the signature fields provided on the following pages as a way of recognizing the validity of all the pages and attachments to the Agreement.
If one single person represents, as an attorney or legal representative, more than one Party to this Agreement, his/her single electronic
signature shall be considered valid for all Parties represented and for all legal purposes. This Agreement comes into effect, for all
Parties, as of the date indicated therein, even if one or more Parties have filled out their electronic signature on a different date.</FONT></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0">IN WITNESS WHEREOF, the parties have caused this Investment Agreement, Lock-up, and Other Covenants
in 1 (one) single electronic version, in the presence of 2 (two) witnesses.</P>

<P STYLE="font: 10pt Arial MT; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0 33.9pt 0 23.05pt; text-align: center">S&atilde;o Paulo, [=] [=], 2024.</P>

<P STYLE="font: 10pt Arial MT; margin: 0 33.9pt 0 23.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0 75.2pt 0 67.05pt; text-align: center">(<I>Rest of page intentionally left blank</I>) (<I>signatures
on the following pages</I>)</P>


<!-- Field: Page; Sequence: 27 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Arial MT; margin-top: 0; margin-bottom: 0"><I>(page of signatures of the Investment Agreement,
Lock-up, and Other Covenants executed on [=] [=], 2024)</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0 0 0 8.05pt">S&atilde;o Paulo State Government, through the Investment Partnerships
Secretariat</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial MT; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD>
  <TD>&nbsp;</TD>
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD></TR>
</TABLE>



<P STYLE="font: 11pt/1.4pt Arial MT; margin: 0 0 0 6.6pt">&nbsp;</P>




<!-- Field: Page; Sequence: 28 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Arial MT; margin-top: 0; margin-bottom: 0"><I>(page of signatures of the Investment Agreement,
Lock-up, and Other Covenants executed on [=] [=], 2024)</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0 0 0 8.05pt">[Reference Investor]</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/1.4pt Arial MT; margin: 0 0 0 6.6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt"></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial MT; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD>
  <TD>&nbsp;</TD>
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD></TR>
</TABLE>



<P STYLE="font: 11pt/1.4pt Arial MT; margin: 0 0 0 6.6pt">&nbsp;</P>


<!-- Field: Page; Sequence: 29 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Arial MT; margin-top: 0; margin-bottom: 0"><I>(page of signatures of the Investment Agreement,
Lock-up, and Other Covenants executed on [=] [=], 2024)</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0 0 0 8.05pt">Companhia de Saneamento B&aacute;sico do Estado de S&atilde;o Paulo
&#8211; SABESP</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/1.4pt Arial MT; margin: 0 0 0 6.6pt">&nbsp;</P>


<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial MT; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD>
  <TD>&nbsp;</TD>
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD></TR>
</TABLE>



<P STYLE="font: 11pt/1.4pt Arial MT; margin: 0 0 0 6.6pt">&nbsp;</P>

<!-- Field: Page; Sequence: 30 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Arial MT; margin-top: 0; margin-bottom: 0"><I>(page of signatures of the Investment Agreement,
Lock-up, and Other Covenants executed on [=] [=], 2024)</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0 0 0 8.05pt">Direct [Shareholder/Member] of the Reference Investor</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial MT; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD>
  <TD>&nbsp;</TD>
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD></TR>
</TABLE>



<P STYLE="font: 11pt/1.4pt Arial MT; margin: 0 0 0 6.6pt">&nbsp;</P>


<!-- Field: Page; Sequence: 31 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial MT; margin-top: 0; margin-bottom: 0; text-align: center"><I>(page of signatures of the Investment Agreement, Lock-up,
and Other Covenants executed on [=] [=], 2024)</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin-top: 0; margin-bottom: 0; text-align: left">Direct [Shareholder/Member] of the Reference
Investor</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial MT; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD>
  <TD>&nbsp;</TD>
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD></TR>
</TABLE>



<P STYLE="font: 11pt/1.4pt Arial MT; margin: 0 0 0 6.6pt">&nbsp;</P>


<!-- Field: Page; Sequence: 32 -->
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    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Arial MT; margin-top: 0; margin-bottom: 0"><I>(page of signatures of the Investment Agreement,
Lock-up, and Other Covenants executed on [=] [=], 2024)</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0 0 0 8.05pt">Direct [Shareholder/Member] of the Reference Investor</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial MT; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD>
  <TD>&nbsp;</TD>
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD></TR>
</TABLE>



<P STYLE="font: 11pt/1.4pt Arial MT; margin: 0 0 0 6.6pt">&nbsp;</P>


<!-- Field: Page; Sequence: 33 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Arial MT; margin-top: 0; margin-bottom: 0"><I>(page of signatures of the Investment Agreement,
Lock-up, and Other Covenants executed on [=] [=], 2024)</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0 0 0 8.05pt">Direct [Shareholder/Member] of the Reference Investor:</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial MT; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD>
  <TD>&nbsp;</TD>
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD></TR>
</TABLE>



<P STYLE="font: 11pt/1.4pt Arial MT; margin: 0 0 0 6.6pt">&nbsp;</P>

<!-- Field: Page; Sequence: 34 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Arial MT; margin-top: 0; margin-bottom: 0"><I>(page of signatures of the Investment Agreement,
Lock-up, and Other Covenants executed on [=] [=], 2024)</I></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0 0 0 8.05pt">Witnesses:</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial MT; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD>
  <TD>&nbsp;</TD>
  <TD><P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Name: Individual</P>
      <P STYLE="font: 10pt Arial MT; margin: 0 126.45pt 0 8.05pt">Taxpayer&#8217;s ID (CPF):</P>
</TD></TR>
</TABLE>



<P STYLE="font: 11pt/1.4pt Arial MT; margin: 0 0 0 6.6pt">&nbsp;</P>


<!-- Field: Page; Sequence: 35 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial MT; margin: 0 13.2pt 0 5pt; text-align: center"><B><U>Attachment A to the Investment Agreement, Lock-Up, and
Other Covenants</U></B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">[To be included]</P>


<!-- Field: Page; Sequence: 36 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial MT; margin: 0 13.2pt 0 5pt; text-align: center"><B><U>Attachment B to the Investment Agreement, Lock-Up, and
Other Covenants</U></B></P>

<P STYLE="font: bold 10pt Arial MT,sans-serif; margin: 0 33.9pt 0 25.5pt; text-align: center">Notice to the Market</P>

<P STYLE="font: 10pt Arial MT; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial MT; margin: 0 0 0 8.05pt">[To be included]</P>

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