<SEC-DOCUMENT>0001019155-14-000315.txt : 20140812
<SEC-HEADER>0001019155-14-000315.hdr.sgml : 20140812
<ACCEPTANCE-DATETIME>20140811113733
ACCESSION NUMBER:		0001019155-14-000315
CONFORMED SUBMISSION TYPE:	F-6
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20140811
DATE AS OF CHANGE:		20140811

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMPANHIA SUZANO DE PAPEL E CELULOSE                    /FI
		CENTRAL INDEX KEY:			0000909327
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 8880 [8880]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-6
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-198020
		FILM NUMBER:		141029483

	BUSINESS ADDRESS:	
		STREET 1:		AV BRIGADEIRO FARIA LIMA
		CITY:			BRAZIL
		STATE:			D5
		ZIP:			G1452 002

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANK OF NEW YORK / ADR DIVISION
		CENTRAL INDEX KEY:			0001201935
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 8880 [8880]
		IRS NUMBER:				135160382
		STATE OF INCORPORATION:			NY

	FILING VALUES:
		FORM TYPE:		F-6

	BUSINESS ADDRESS:	
		STREET 1:		AMERICAN DEPOSITARY RECEIPTS DIVISION
		STREET 2:		101 BARCLAY STREET - 22WEST
		CITY:			NYC
		STATE:			NY
		ZIP:			10286
		BUSINESS PHONE:		212-815-4601

	MAIL ADDRESS:	
		STREET 1:		ATTN: THERESA BOTROS - 15EAST
		STREET 2:		101 BARCLAY STREET
		CITY:			NYC
		STATE:			NY
		ZIP:			10286

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANK OF NEW YORK/ADR DIVISION
		DATE OF NAME CHANGE:	20021028
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6
<SEQUENCE>1
<FILENAME>suzb6117292f6.htm
<DESCRIPTION>FORM F-6
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the Securities and Exchange Commission
on August 11, 2014</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4in">Registration No. 333-</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM F-6</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE SECURITIES ACT OF 1933</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">For American Depositary Shares</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">of</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUZANO PAPEL E CELULOSE S.A.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of issuer of deposited securities
as specified in its charter)</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of issuer's name into English)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">FEDERATIVE REPUBLIC OF BRAZIL</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Jurisdiction of incorporation or organization
of issuer)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE BANK OF NEW YORK MELLON</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of depositary as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">One Wall Street, New York, New York 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 495-1784</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of depositary's principal executive offices)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>One Wall Street, 11th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10286</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 495-1784</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of agent for service)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brian D. Obergfell, Esq.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>120 Broadway</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10271</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 238-3032</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">It is proposed that this filing become effective
under Rule 466</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">[ ] immediately upon filing</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">[ ] on (Date) at (Time).</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">If a separate registration statement has been
filed to register the deposited shares, check the following box. [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">CALCULATION OF REGISTRATION FEE</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 6pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; border: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">Title of each class <BR> of Securities to be registered</TD>
    <TD STYLE="width: 17%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">Amount to be registered</TD>
    <TD STYLE="width: 22%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold"><B>Proposed <BR>
maximum aggregate price per unit <SUP>(1)</SUP></B></TD>
    <TD STYLE="width: 21%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold"><B>Proposed <BR>
maximum aggregate offering price <SUP>(1)</SUP></B></TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">Amount of registration fee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; border-top-color: windowtext; border-top-width: 1pt; padding-right: 4.8pt; padding-left: 4.8pt; text-align: justify; font-weight: bold"><B>American Depositary Shares, each American Depositary Share representing Preferred Shares (<I>a&ccedil;&otilde;es preferenciais</I>)<FONT STYLE="font-family: Times New Roman Bold,serif">, of Suzano Papel e Celulose S.A.</FONT></B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">100,000,000 American Depositary Shares</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">$5.00</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">$5,000,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center; font-weight: bold">$644.00</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt"><SUP>1</SUP></TD><TD STYLE="text-align: justify">For the purpose of this table only the term &quot;unit&quot; is defined as 100 American Depositary
Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in"><B>The registrant
hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date
as the Commission, acting pursuant to said Section 8(a) may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to Rule 429 under
the Securities Act of 1933, the Prospectus contained herein also relates to the Depositary Shares of the registrant covered by
a previous Registration Statement on Form F-6 of the registrant (Regis. No. 33-69192).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">The prospectus
consists of the proposed Form of American Depositary Receipt included as Exhibit A to the Form of Deposit Agreement filed as Exhibit
1 to this Registration Statement which is incorporated herein by reference.</P>

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

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

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

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; text-align: left; font-size: 10pt">Item -1.</TD>
    <TD STYLE="width: 90%; padding-left: 5.4pt; text-align: center; font-size: 10pt; text-decoration: underline">Description of Securities to be Registered</TD></TR>
</TABLE>
<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">Cross Reference Sheet</P>

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

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

<TABLE ALIGN="CENTER" CELLSPACING="1" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="padding: 0.05in 5.75pt; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-align: justify"><B>Item Number and Caption</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.05in 5.75pt; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 56.9pt 0 0; text-align: justify"><B>Location in Form of Receipt Filed
        Herewith as Prospectus</B></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 COLSPAN="3" STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0.5in; text-align: justify; text-indent: -0.25in">1.&#9;Name
        and address of depositary</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0.25in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Introductory Article</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0.5in; text-align: justify; text-indent: -0.25in">2.&#9;Title
        of American Depositary Receipts and identity of deposited securities</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0.25in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Face of Receipt, top center</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-align: justify; text-indent: 0.5in">Terms of Deposit:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify">(i)&nbsp;&nbsp; The amount of deposited securities represented by one unit of American Depositary Receipts</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Face of Receipt, upper right corner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify">(ii)&nbsp;&nbsp; The procedure for voting, if any, the deposited securities</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Articles number 15, 16 and 18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify">(iii)&nbsp;&nbsp; The collection and distribution of dividends</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Articles number 4, 12, 13, 15 and 18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify">(iv)&nbsp; The transmission of notices, reports and proxy soliciting material</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Articles number 11, 15, 16 and 18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify">(v)&nbsp;&nbsp; The sale or exercise of rights</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Articles number 13, 14, 15 and 18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify">(vi)&nbsp; The deposit or sale of securities resulting from dividends, splits or plans of reorganization</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Articles number 12, 13, 15, 17 and 18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify">(vii)&nbsp; Amendment, extension or termination of the deposit agreement</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Article number 20 and 21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify">(viii)&nbsp; Rights of holders of Receipts to inspect the transfer books of the depositary and the list of holders of Receipts</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Article number 11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify">(ix)&nbsp; Restrictions upon the right to deposit or withdraw the underlying securities</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Articles number 2, 3, 4, 5, 6, 8 and 22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify">(x)&nbsp;&nbsp; Limitation upon the liability of the depositary</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Articles number 14, 18 19 and 21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: -0.25in">3.&#9;Fees and
        Charges</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Articles 7 and 8</TD></TR>
<TR>
    <TD STYLE="width: 1%; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 10%; vertical-align: bottom; text-align: left">Item - 2.</TD>
    <TD STYLE="width: 42%; vertical-align: bottom; text-align: left; text-decoration: underline">Available Information</TD>
    <TD STYLE="width: 8%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 39%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Public reports furnished by issuer</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Article number 11</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PART II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Item - 3.&#9;<U>Exhibits</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">a.</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Form of Deposit Agreement dated November 1, 1993, as amended and restated as of September 23, 2004, as further amended and restated as of ____________, 2014, among Suzano Papel e Celulose S.A., The Bank of New York Mellon as Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder. &#45; Filed herewith as Exhibit 1.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">b.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Any other agreement to which the Depositary is a party relating to the issuance of the Depositary Shares registered hereby or the custody of the deposited securities represented. &#45; Not Applicable.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">c.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Every material contract relating to the deposited securities between the Depositary and the issuer of the deposited securities in effect at any time within the last three years. &#45; See (a) above.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">d.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Opinion of Emmet, Marvin &amp; Martin, LLP, counsel for the Depositary, as to legality of the securities to be registered. &ndash; Filed herewith as Exhibit 4. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">e.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Certification under Rule 466. &#45; Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Item - 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.25in"><U>Undertakings</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(a)</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The Depositary hereby undertakes to make available at the principal office of the Depositary in the United States, for inspection by holders of the ADSs, any reports and communications received from the issuer of the deposited securities which are both (1) received by the Depositary as the holder of the deposited securities, and (2) made generally available to the holders of the underlying securities by the issuer.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(b)</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">If the amounts of fees charged are not disclosed in the prospectus, the Depositary undertakes to prepare a separate document stating the amount of any fee charged and describing the service for which it is charged and to deliver promptly a copy of such fee schedule without charge to anyone upon request. The Depositary undertakes to notify each registered holder of an ADS thirty days before any change in the fee schedule.</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that all the requirements
for filing on Form F-6 are met and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York, State of New York, on August 11, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: justify">Legal entity created by the agreement
for the issuance of American Depositary Shares for Preferred Shares (<I>a&ccedil;&otilde;es preferenciais</I>) of Suzano Papel
e Celulose S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">By:&#9;The Bank of New York Mellon,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left; text-indent: 0.5in">As Depositary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">By: <U>/s/ Robert W. Goad</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">Name: Robert W. Goad</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">Title: Managing Director</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">Pursuant to the
requirements of the Securities Act of 1933, SUZANO PAPEL E CELULOSE S.A.<B> </B>has caused this Registration Statement to be signed
on its behalf by the undersigned thereunto duly authorized, in the City of S&atilde;o Paulo, Brazil on August 11, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 3in"><B>SUZANO PAPEL E
CELULOSE S.A.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">By: <U>/s/ Walter Schalka</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Name: Walter Schalka</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Title: CEO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">By: <U>/s/ Marcelo Bacci</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Name: Marcelo Bacci</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Title: CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.75in">Pursuant to the
requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities
and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; 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/ David
        Feffer</P></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 45%; 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/ Walter
        Schalka</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">David Feffer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;Walter Schalka</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Chairman</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: left">&nbsp;&nbsp;Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Date: August 11, 2014</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;(Principal Executive Officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;Date: August 11, 2014</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD 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/ Daniel
        Feffer</P></TD>
    <TD>&nbsp;</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; border-bottom: Black 0.5pt solid">/s/ Marcelo
        Feriozzi Bacci</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Daniel Feffer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;Marcelo Feriozzi Bacci</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Vice Chairman</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: left">&nbsp;&nbsp;Chief Financial Officer, IR Director,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Date: &nbsp;August 11, 2014</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;Authorized U.S. Representative</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;(Principal Financial and Accounting Officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;Date: August 11, 2014</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD 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/ Claudio
        Thomaz Lobo Sonder</P></TD>
    <TD>&nbsp;</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; border-bottom: Black 0.5pt solid">/s/ Antonio
        de Souza Corr&ecirc;a Meyer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Claudio Thomaz Lobo Sonder</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;Antonio de Souza Corr&ecirc;a Meyer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Vice Chairman</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;Board Member</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Date: August 11, 2014</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.6pt; text-align: justify">&nbsp;&nbsp;Date: August 11, 2014</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; 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/ Jorge
        Feffer</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Jorge Feffer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Board Member</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Date: August 11, 2014</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Number</U>&#9;<U>Exhibit</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">1</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Form of Deposit Agreement dated November 1, 1993, as amended and restated as of September 23, 2004, as further amended and restated as of ____________, 2014, among Suzano Papel e Celulose S.A., The Bank of New York Mellon as Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">4</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Opinion of Emmet, Marvin &amp; Martin, LLP, counsel for the Depositary, as to legality of the securities to be registered.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



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<DESCRIPTION>FORM OF DEPOSIT AGREEMENT
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<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 48pt; text-align: left">===============================================================</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 42pt; text-align: center">SUZANO PAPEL E CELULOSE S.A.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 42pt; text-align: center">AND</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 42pt; text-align: justify; text-indent: 4in">As Depositary</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 42pt; text-align: center">AND</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 42pt; text-align: center">OWNERS AND HOLDERS OF AMERICAN DEPOSITARY
SHARES</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated as of November 1, 1993</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Amended and Restated as of September 23, 2004</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 48pt; text-align: center">As Further Amended and Restated as of
_______________, 2014</P>

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

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

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

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<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>DEPOSIT AGREEMENT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">DEPOSIT AGREEMENT
dated as of November 1, 1993, as amended and restated as of September 23, 2004, as further amended and restated as of _____________,&nbsp;2014
(herein called this &ldquo;Deposit Agreement&rdquo;) among SUZANO PAPEL E CELULOSE S.A., a company incorporated under the laws
of Brazil (herein called the &ldquo;Issuer&rdquo;), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called
the &ldquo;Depositary&rdquo;), and all Owners (as hereinafter defined) and holders from time to time of American Depositary Shares
issued hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Issuer
desires to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the
Issuer from time to time with the Depositary or with the Custodian (as hereinafter defined) as agent of the Depositary for the
purposes set forth in this Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited
and for the execution and delivery of American Depositary Receipts evidencing the American Depositary Shares; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the American
Depositary Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications
and omissions, as hereinafter provided in this Deposit Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
in consideration of the premises, it is agreed by and between the parties hereto as follows:</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT> DEFINITIONS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following definitions
shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>American Depositary Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;American
Depositary Shares&quot; shall mean the securities representing the interests in the Deposited Securities and evidenced by the Receipts
issued hereunder. Each American Depositary Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement,
until there shall occur a distribution upon Deposited Securities covered by Section 4.03 or a change in Deposited Securities covered
by Section 4.08 with respect to which additional Receipts are not executed and delivered, and thereafter American Depositary Shares
shall evidence the amount of Shares or Deposited Securities specified in such Sections.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Brazil.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The term &ldquo;Brazil&rdquo;
shall mean the Federative Republic of Brazil.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.03.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Central Bank.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The term &ldquo;Central
Bank&rdquo; shall mean the Banco Central do Brasil or any successor governmental agency in Brazil.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.04.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Business Day.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Business
Day&quot; shall mean any day in which both the banks in S&atilde;o Paulo, Brazil and the banks in New York, New York are open for
business.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.05.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Commission.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Commission&quot;
shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.06.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Custodian.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Custodian&quot;
shall mean the principal S&atilde;o Paulo, Brazil, office of Banco Ita&uacute;, S.A., as agent of the Depositary for the purposes
of this Deposit Agreement, or any other firm or corporation which may hereafter be appointed by the Depositary pursuant to the
terms of Section 5.05, as substitute custodian hereunder, as the context shall require.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.07.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>CVM.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;CVM&rdquo;
shall mean the Comiss&atilde;o de Valores Mobili&aacute;rios, the Brazilian securities agency, or any successor governmental agency
in Brazil.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.08.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Deliver; Surrender.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;The term &ldquo;deliver&rdquo;,
or its noun form, when used with respect to Shares or other Deposited Securities, shall mean (i) book-entry transfer of those Shares
or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of
such securities designated by the person entitled to that delivery or (ii) physical transfer of certificates evidencing those Shares
or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to,
the person entitled to that delivery.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;The term &ldquo;deliver&rdquo;,
or its noun form, when used with respect to American Depositary Shares, shall mean (i) book-entry transfer of American Depositary
Shares to an account at DTC designated by the person entitled to such delivery, evidencing American Depositary Shares registered
in the name requested by that person, (ii) registration of American Depositary Shares not evidenced by a Receipt on the books of
the Depositary in the name requested by the person entitled to such delivery and mailing to that person of a statement confirming
that registration or (iii) if requested by the person entitled to such delivery, delivery at the Corporate Trust Office of the
Depositary to the person entitled to such delivery of one or more Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&#9;The term &ldquo;surrender&rdquo;,
when used with respect to American Depositary Shares, shall mean (i) one or more book-entry transfers of American Depositary Shares
to the DTC account of the Depositary, (ii) delivery to the Depositary at its Corporate Trust Office of an instruction to surrender
American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary at its Corporate Trust Office of one
or more Receipts evidencing American Depositary Shares.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.09.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Deposit Agreement.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Deposit
Agreement&quot; shall mean this Agreement, as the same may be amended from time to time in accordance with the provisions hereof.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Depositary; Corporate Trust
Office.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Depositary&quot;
shall mean The Bank of New York Mellon, a New York banking corporation and any successor as depositary hereunder. The term &quot;Corporate
Trust Office&quot;, when used with respect to the Depositary, shall mean the office of the Depositary which at the date of this
Agreement is 101 Barclay Street, New York, New York, 10286. If the address of the Corporate Trust Office changes after the date
of this Deposit Agreement, notice shall be given 30 days prior to such change by the Depositary to the Issuer of such new address.
During such 30 day notification period, the Issuer shall send all communications to the Depositary's previous address.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Deposited Securities.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Deposited
Securities&quot; as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement
and any and all other securities, property and cash received by the Depositary or the Custodian in respect thereof and at such
time held hereunder, subject as to cash to the provisions of Section 4.05.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Dollars.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Dollars&quot;
shall mean United States dollars.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>DTC.</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; text-indent: 1in; margin-right: 0; margin-left: 0">The term &ldquo;DTC&rdquo;
shall mean The Depository Trust Company or its successor.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.14.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Foreign Currency.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Foreign
Currency&quot; shall mean currency other than Dollars.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.15.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Foreign Registrar.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Foreign
Registrar&quot; shall mean the entity that presently carries out the duties of registrar for the Shares of the Issuer or any successor
as registrar for the Shares of the Issuer and any other appointed agent of the Issuer for the transfer and registration of Shares.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.16.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Issuer.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Issuer&quot;
shall mean Suzano Papel e Celulose S.A., a company incorporated under the laws of Brazil, and its successors.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.17.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Owner.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Owner&quot;
shall mean the person in whose name a Receipt is registered on the books of the Depositary maintained for such purpose.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.18.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Receipts.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Receipts&quot;
shall mean the American Depositary Receipts issued hereunder evidencing American Depositary Shares.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.19.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Registrar.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Registrar&quot;
shall mean any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed
to register Receipts and transfers of Receipts as herein provided and shall include any co-registrar appointed by the Depositary
after consultation with the Issuer.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.20.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Restricted Receipts.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Restricted
Receipts&quot; shall mean any Receipts issued pursuant to Section 4.04 hereunder in connection with the issuance of rights by the
Issuer as set forth in such Section. Any such Restricted Receipts shall be legended in accordance with applicable U.S. laws, and
shall be subject to the appropriate restrictions on sale, deposit, cancellation, and transfer under such laws.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.21.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Securities Act of 1933.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Securities
Act of 1933&quot; shall mean the United States Securities Act of 1933, as from time to time amended.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
1.22.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Shares&quot;
shall mean Preferred Shares (<I>a&ccedil;&otilde;es preferenciais</I>) of the Issuer heretofore validly issued and outstanding
and fully paid or hereafter validly issued and outstanding and fully paid; provided, however, that if there shall occur any change
in nominal value, a split-up or consolidation or any other reclassification or, upon the occurrence of an event described in Section
4.08, an exchange or conversion in respect of the Shares, the term &quot;Shares&quot; shall thereafter represent the successor
securities resulting from such change in nominal value, split-up or consolidation or such other reclassification or such exchange
or conversion. Reference to Shares shall include evidence of rights to receive Shares; provided that in no event shall the term
&quot;Shares&quot; include evidence of rights to receive Shares with respect to which the full purchase price has not been paid.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Form
and Transferability of Receipts.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Definitive Receipts
shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or
obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the manual or facsimile signature
of a duly authorized signatory of the Depositary and, if a Registrar for the Receipts shall have been appointed, countersigned
by the manual or facsimile signature of a duly authorized officer of the Registrar. The Depositary shall maintain books on which
each Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt shall be registered. Receipts
bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory
of the Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold such office prior to the execution
and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Receipts may be
endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions
of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulations thereunder
or with the rules and regulations of any securities exchange upon which American Depositary Shares may be listed or to conform
with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are
subject by reason of the date of issuance of the underlying Deposited Securities or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Title to a Receipt
(and to the American Depositary Shares evidenced thereby), when properly endorsed or accompanied by a proper instrument or instruments
of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however,
that the Issuer and the Depositary, notwithstanding any notice to the contrary, may treat the Owner thereof as the absolute owner
thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice
provided for in this Deposit Agreement, and for all other purposes, and neither the Depositary nor the Issuer shall have any obligation
or be subject to any liability under this Deposit Agreement to any holder of a Receipt unless such holder is the Owner thereof.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Deposit
of Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the terms
and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited by delivery thereof to
the Custodian hereunder, accompanied by any appropriate instrument or instruments of transfer, or endorsement, in form reasonably
satisfactory to the Custodian, together with all such certifications as may be required from the individual depositing the underlying
Shares or any governmental agency, stock exchange, etc., by the Depositary or the Custodian in accordance with the provisions of
this Deposit Agreement, and, if the Depositary requires, together with a written order directing the Depositary to execute and
deliver to, or upon the written order of, the person or persons stated in such order, a Receipt or Receipts for the number of American
Depositary Shares representing such deposit. No Share shall be accepted for deposit unless accompanied by evidence, if any is required
by the Depositary, that is reasonably satisfactory to the Depositary that all conditions to such deposit have been satisfied by
the person depositing such Shares under Brazilian laws and regulations and any necessary approval has been granted by any governmental
body in Brazil, if any, which is then performing the function of the regulation of currency exchange. If required by the Depositary,
Shares presented for deposit at any time, whether or not the transfer books of the Issuer or the Foreign Registrar, if applicable,
are closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, which
will provide for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive
other property which any person in whose name the Shares are or have been recorded may thereafter receive upon or in respect of
such deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">At the request and
risk and expense of any person proposing to deposit Shares, and for the account of such person, the Depositary may receive certificates
or evidence of ownership of title to shares to be deposited, together with the other instruments herein specified, for the purpose
of forwarding such Shares to the Custodian for deposit hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon each delivery
to the Custodian of a certificate or certificates or evidence of ownership and title to Shares to be deposited hereunder, together
with the other documents above specified, the Custodian shall, as soon as transfer and recordation can be accomplished, present
such certificate or certificates or evidence of ownership and title to the Issuer or the Foreign Registrar, if applicable, for
transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or the Custodian or its nominee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Deposited Securities
shall be held by the Depositary or by the Custodian for the account and to the order of the Depositary or at such other place or
places as the Depositary shall determine.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.03.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Execution
and Delivery of Receipts.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon receipt by the
Custodian of any deposit pursuant to Section 2.02 hereunder (and in addition, if the transfer books of the Issuer or the Foreign
Registrar, if applicable, are open, the Depositary may in its sole discretion require a proper acknowledgment or other evidence
from the Issuer that any Deposited Securities have been recorded upon the books of the Issuer or the Foreign Registrar, if applicable,
in the name of the Depositary or its nominee or the Custodian or its nominee), together with the other documents required as above
specified, the Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order
a Receipt or Receipts are deliverable in respect thereof and the number of American Depositary Shares to be evidenced thereby.
Such notification shall be made by letter or, at the request, risk and expense of the person making the deposit, by cable, telex
or facsimile transmission. Upon receiving such notice from the Custodian, or upon the receipt of Shares by the Depositary, the
Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver at its Corporate Trust Office,
to or upon the order of the person or persons named in the notice delivered to the Depositary, a Receipt or Receipts, registered
in the name or names and evidencing any authorized number of American Depositary Shares requested by such person or persons, but
only upon payment to the Depositary of the fees of the Depositary for the execution and delivery of such Receipt or Receipts as
provided in Section 5.09, and of all taxes and governmental charges and fees payable in connection with such deposit and the transfer
of the Deposited Securities. For the avoidance of doubt, the Issuer shall have no obligation to pay any fee, tax or charge referred
to in the preceding sentence if the Issuer will not be the Owner.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.04.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Transfer
of Receipts; Combination and Split-up of Receipts.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary, subject
to the terms and conditions of this Deposit Agreement including payment of the fees of the Depositary as provided in Section 5.09,
shall, without unreasonable delay, register transfers of Receipts on its transfer books from time to time, upon any surrender of
a Receipt, by the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by a proper instrument or
instruments of transfer, and duly stamped as may be required by the laws of the State of New York and of the United States of America.
Thereupon the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled
thereto but only upon payment to the Depositary of the fees of the Depositary as provided in Section 5.09.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary, subject
to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting
a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number
of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts
surrendered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may,
after consultation with the Issuer, appoint one or more co-transfer agents for the purpose of effecting transfers, combinations
and split-ups of Receipts at designated transfer offices on behalf of the Depositary. Each co-transfer agent appointed under this
Section 2.04 shall give notice in writing to the Issuer and the Depositary accepting such appointment and agreeing to be bound
by the applicable terms of this Deposit Agreement. In carrying out its functions, a co-transfer agent may require evidence of authority
and compliance with applicable laws and other requirements by Owners or persons entitled to Receipts and will be entitled to protection
and indemnity to the same extent as the Depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.05.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Surrender
of Receipts and Withdrawal of Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon surrender at
the Corporate Trust Office of the Depositary of a Receipt for the purpose of withdrawal of the Deposited Securities represented
by the American Depositary Shares evidenced by such Receipt, and upon payment of the fee of the Depositary for the surrender of
Receipts as provided in Section 5.09 and payment of all taxes and governmental charges payable in connection with such surrender
and withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of such
Receipt shall be entitled to delivery, to him or upon his order, of the amount of Deposited Securities or evidence of ownership
of and title to such Deposit and Securities at the time represented by the American Depositary Shares evidenced by such Receipt.
Delivery of such Deposited Securities or evidence of ownership of and title to such Deposit and Securities may be made by the delivery
of (a) certificates in the name of such Owner or as ordered by him or certificates properly endorsed or accompanied by a proper
instrument or instruments of transfer to such Owner or as ordered by him or proper instruments of Transfer and (b) any other securities,
property and cash to which such Owner is then entitled in respect of such Receipts to such Owner or as ordered by him. Such delivery
shall be made, as hereinafter provided, without unreasonable delay. For the avoidance of doubt, the Issuer shall have no obligation
to pay any fee, tax or charge referred to in the preceding sentence if the Issuer is not the Owner and is not receiving delivery
of the Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">A Receipt surrendered
for such purposes may be required by the Depositary to be properly endorsed in blank or accompanied by a proper instrument or instruments
of transfer in blank, and if the Depositary so requires, the Owner thereof shall execute and deliver to the Depositary a written
order directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of
a person or persons designated in such order. Thereupon the Depositary shall direct the Custodian to deliver at the S&atilde;o
Paulo, office of the Custodian, subject to Sections 2.06, 3.01 and 3.02 and to the other terms and conditions of this Deposit Agreement,
to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the
amount of Deposited Securities represented by the American Depositary Shares evidenced by such Receipt, except that the Depositary
may make delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with
respect to the Deposited Securities represented by the American Depositary Shares evidenced by such Receipt, or of any proceeds
of sale of any dividends, distributions or rights, which may at the time be held by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">At the request, risk
and expense of any Owner so surrendering a Receipt, and for the account of such Owner, the Depositary shall direct the Custodian
to forward any cash or other property (other than rights) comprising, and forward a certificate or certificates or such documents
evidencing ownership of and title to such Deposited Securities and other proper documents of title for, the Deposited Securities
represented by the American Depositary Shares evidenced by such Receipt to the Depositary for delivery at the Corporate Trust Office
of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Owner, by cable, telex
or facsimile transmission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Custodian shall deliver Shares, by physical delivery, book-entry or otherwise (other than to the Issuer or its agent as
contemplated by Section 4.08), or otherwise permit Shares to be withdrawn from the facility created hereby, except upon the surrender
of American Depositary Shares or in connection with a sale permitted under Section 3.02, 4.03, 4.11 or 6.02.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.06.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Limitations
on Execution and Delivery, Transfer and Surrender of Receipts.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">As a condition precedent
to the execution and delivery, registration of transfer, split-up, combination or surrender of any Receipt or withdrawal of any
Deposited Securities, the Depositary, the Custodian or Registrar may require payment from the depositor of Shares or the presentor
of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration
fee with respect thereto (including any such tax or charge or fee with respect to the Shares being deposited or withdrawn) and
payment of any applicable fees as herein provided, may require the production of proof satisfactory to it as to the identity and
genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with
the provisions of this Deposit Agreement, including, without limitation, Section 7.07.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The delivery of Receipts
against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer of Receipts in
particular instances may be refused, or the registration of transfer of outstanding Receipts generally may be suspended, during
any period when the transfer books of the Depositary or the Issuer or the Foreign Registrar, if applicable, are closed, or if any
such action is deemed necessary or advisable by the Depositary or the Issuer at any time or from time to time because of any requirement
of law or of any government or governmental body or commission, or under any provision of this Deposit Agreement, or for any other
reason, subject to Section 7.07 of this Deposit Agreement. The Depositary shall notify the Issuer as promptly as practicable of
any suspension or refusal under the preceding sentence that is outside the ordinary course of business and the reason for that
action. Notwithstanding any other provision of this Deposit Agreement or the Receipts, the surrender of outstanding Receipts and
withdrawal of Deposited Securities may be suspended only for (i) temporary delays caused by closing the transfer books of the Depositary
or the Issuer or the deposit of Shares in connection with voting at a shareholders' meeting, or the payment of dividends, (ii)
the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations
relating to the Receipts or to the withdrawal of the Deposited Securities. The Depositary and the Custodian will comply with reasonable
written instructions from the Issuer requesting that the Depositary and the Custodian not accept for deposit hereunder any Shares
identified in such instructions in order to facilitate the Issuer&rsquo;s compliance with United States federal securities laws,
any provision of the Issuer&rsquo;s By-laws or Brazilian law. Without limitation of the foregoing, the Depositary shall not knowingly
accept for deposit under this Deposit Agreement any Shares required to be registered under the provisions of the Securities Act
of 1933, unless a registration statement is in effect as to such Shares or unless the offering and sale of such Shares are exempt
from registration under the provisions of such Act. For purposes of the foregoing sentence the Depositary shall be entitled to
rely upon representations and warranties deemed made pursuant to Section 3.03 of this Deposit Agreement and shall not be required
to make any further investigation.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.07.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Mutilated,
Destroyed, Lost or Stolen Receipts.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In case any Receipt
shall be mutilated, destroyed, lost or stolen, the Depositary shall execute and deliver a new Receipt of like tenor in exchange
and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost
or stolen Receipt. Before the Depositary shall execute and deliver a new Receipt in substitution for a destroyed, lost or stolen
Receipt, the Owner thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary
has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfied any
other reasonable requirements imposed by the Depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.08.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Cancellation
and Destruction of Surrendered Receipts.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">All Receipts surrendered
to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.09.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Pre-Release
of Receipts.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding Section
2.03 hereof, <FONT STYLE="color: black">unless requested in writing by the Issuer to cease doing so, </FONT>the Depositary may
deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.02 (a &ldquo;Pre-Release&rdquo;). The Depositary
may, pursuant to Section 2.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether
or not such cancellation is prior to the termination of such Pre-Release or the Depositary knows that such American Depositary
Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release.
Each Pre-Release will be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares
or Shares are to be delivered, that such person, or its customer, (i) owns the Shares or American Depositary Shares to be remitted,
as the case may be, <FONT STYLE="color: black">(ii) transfers all beneficial right, title and interest in such Shares or American
Depository Shares, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners, and (iii) will
not take any action with respect to such Shares or American Depository Shares, as the case may be, that is inconsistent with the
transfer of ownership (including, without the consent of the Depositary, disposing of Shares or American Depository Shares, as
the case may be, other than in satisfaction of such Pre-Release),</FONT> (b) at all times fully collateralized with cash or such
other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days
notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Issuer will
not incur any liability to any Owners or holders of a Receipt as a result of actions taken by the Depositary pursuant to this Section
2.09. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release
will not normally exceed thirty percent (30%) of the Shares deposited hereunder; <U>provided</U>, <U>however</U>, that the Depositary
reserves the right to change or disregard such limit from time to time as it deems appropriate. <FONT STYLE="color: black">For
purposes of enabling the Depositary to fulfill its obligations to the Owners under this Deposit Agreement, the collateral referred
to in clause (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee&rsquo;s obligations
to the Depositary in connection with a Pre-Release transaction, including the Pre-Releasee&rsquo;s obligation to deliver Shares
or American Depository Shares upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute
Deposited Securities hereunder).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
retain for its own account any compensation received by it in connection with the foregoing.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Maintenance
of Records.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary agrees
to maintain records of all Receipts surrendered and Deposited Securities withdrawn under Section 2.05, substitute Receipts delivered
under Section 2.07, and cancelled or destroyed Receipts under Section 2.08, in keeping with procedures ordinarily followed by stock
transfer agents located in The City of New York.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
2.11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>DTC
Direct Registration System and Profile Modification System.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;Notwithstanding
the provisions of Section 2.04, the parties acknowledge that the Direct Registration System (&ldquo;DRS&rdquo;) and Profile Modification
System (&ldquo;Profile&rdquo;) shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC.
DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated American Depositary
Shares, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile
is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares,
to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those
American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization
from the Owner to register such transfer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;In connection
with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary
will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner
in requesting a registration of transfer and delivery as described in subsection (a) has the actual authority to act on behalf
of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of
Sections 5.03 and 5.08 shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary&rsquo;s
reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with this
Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
3.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Filing
Proofs, Certificates and Other Information.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any person presenting
Shares for deposit or any Owner of a Receipt may be required from time to time to file with the Depositary or the Custodian such
proof of citizenship or residence, exchange control approval, proof of the identity of any person legally or beneficially interested
in the Receipt and the nature of such interest or such information relating to the registration on the books of the Issuer or the
Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary
or the Issuer may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of any Receipt
or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or of any Deposited Securities
until such proof or other information is filed or such certificates are executed or such representations and warranties made. Upon
the request of the Issuer, the Depositary shall provide the Issuer with copies of all such certificates and such written representations
and warranties provided to the Depositary under this Section 3.01. The Issuer may from time to time request Owners to provide information
as to the capacity in which such Owners own or owned Receipts and regarding the identity of any other persons then or previously
interested in such Receipts and the nature of such interest and various other matters. Each Owner agrees to provide any information
requested by the Issuer or the Depositary pursuant to this paragraph.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
3.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Liability
of Owner for Taxes.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any tax or other
governmental charge shall become payable with respect to any Receipt or any Deposited Securities represented by any Receipt, such
tax or other governmental charge shall be payable by the Owner of such Receipt to the Depositary. The Depositary may refuse to
effect any transfer of such Receipt or any withdrawal of Deposited Securities represented by American Depositary Shares evidenced
by such Receipt until such payment is made, and may withhold any dividends or other distributions, or may sell for the account
of the Owner thereof any part or all of the Deposited Securities represented by the American Depositary Shares evidenced by such
Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental
charge and the Owner of such Receipt shall remain liable for any deficiency.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
3.03.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Warranties
on Deposit of Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Every person depositing
Shares under this Deposit Agreement, including every person depositing Shares on behalf of an owner of Shares, shall be deemed
thereby to represent and warrant that (i) such Shares are validly issued, fully paid and non-assessable, (ii) the person making
such deposit is duly authorized to do so, (iii) such Shares are not &quot;restricted securities&quot; as defined in Rule 144 under
the Securities Act of 1933, (iv) such Shares are free and clear of any lien, encumbrance, security interest, charge, mortgage,
pledge or restriction on transfer, (v) such Shares are free of any pre-emptive rights of the holders of outstanding Shares, and
(vi) such Shares include all rights to receive dividends thereon. Such representations and warranties shall survive the deposit
of such Shares and issuance of Receipts in respect thereof.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
3.04.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Information
Requests.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer may from
time to time request Owners of Receipts to provide information as to the capacity in which such Owners own or owned Receipts and
regarding the identity of any other persons then or previously interested in such Receipts as to the nature of such interest and
various other matters. Each such Owner agrees to provide any such information reasonably requested by the Issuer or the Depositary
pursuant to this Section 3.04 and such agreement shall survive any disposition of such Owner&rsquo;s Receipts or the American Depositary
Shares evidenced thereby. The Depositary agrees to use reasonable efforts to comply with written instructions received from the
Issuer requesting that the Depositary forward any such requests to the Owners and to forward to the Issuer any responses to such
requests received by the Depositary, and to use its reasonable efforts, at the Issuer&rsquo;s request and expense, to assist the
Issuer in obtaining such information.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 74.8pt">Each of the Depositary
and the Issuer hereby confirms to the other that for as long as the Deposit Agreement is in effect, it shall furnish the CVM and
the Central Bank, at any time and within the period that may be determined, with any information and documents related to the American
Depositary Receipt program and the Receipts issued hereunder. In the event that the Depositary or the Custodian shall be advised
in writing by reputable independent Brazilian counsel that the Depositary or the Custodian reasonably could be subject to criminal,
or material, as reasonably determined by the Depositary, civil, liabilities as a result of the Issuer having failed to provide
such information or documents reasonably available only through the Issuer, the Depositary shall have the right to terminate this
Deposit Agreement, upon at least 15 days&rsquo; prior notice to the Owners and the Issuer, and the Depositary shall not be subject
to any liability hereunder on account of such termination or such determination. The effect of any such termination of this Deposit
Agreement shall be as provided in Section 6.2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 74.8pt">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>THE DEPOSITED SECURITIES.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Cash
Distributions.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the Depositary
or the Custodian shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary or the
Custodian shall convert or cause to be converted within one Business Day of it or the Custodian's receipt of such dividend or other
cash distribution, in accordance with applicable law, subject to the provisions of Section 4.05, and either the Depositary or the
Custodian shall as promptly as practicable distribute the amount thus received (net of the fees of the Depositary as provided in
Section 5.09) by check drawn on a bank in The City of New York, to the Depositary which shall distribute such amounts to the Owners
entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them
respectively; provided, however, that in the event that the Issuer or the Depositary shall be required to withhold and does withhold
from such cash dividend or such other cash distribution an amount on account of taxes or other governmental charges, the amount
distributed to the Owner of the Receipts evidencing American Depositary Shares representing such Deposited Securities shall be
reduced accordingly. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any
Owner a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to Owners
entitled thereto. The Issuer or its agent will remit to the appropriate governmental agency in Brazil all amounts withheld and
owing to such agency. The Depositary will forward to the Issuer or its agent such information from its records as the Issuer may
reasonably request to enable the Issuer or its agent to file necessary reports with governmental agencies.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Distributions
other than Cash, Shares or Rights.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the provisions
of Section 4.11 and 5.09, whenever the Depositary shall receive any distribution other than a distribution described in Sections
4.01, 4.03 or 4.04, the Depositary shall cause the securities or property received by it or the Custodian to be distributed to
the Owners entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held
by them respectively, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution;
provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled
thereto, or if for any other reason (including, but not limited to, any requirement that the Issuer or the Depositary withhold
an amount on account of taxes or other governmental charges or that such securities must be registered under the Securities Act
of 1933 in order to be distributed to Owners or holders) the Depositary deems such distribution not to be feasible, the Depositary
may adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not
limited to, the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of
any such sale (net of the fees of the Depositary as provided in Section 5.09) shall be distributed by the Depositary to the Owners
entitled thereto as in the case of a distribution received in cash, provided that any unsold balance of such securities or property
may be distributed by the Depositary to the Owners entitled thereto in accordance with such equitable and practicable method as
the Depositary shall have adopted.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.03.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Distributions
in Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any distribution
upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the
Issuer shall so request, distribute to the Owners of outstanding Receipts entitled thereto, in proportion to the number of American
Depositary Shares representing such Deposited Securities held by them respectively, additional Receipts evidencing an aggregate
number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject
to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary
Shares evidenced by Receipts, including the withholding of any tax or other governmental charge as provided in Section 4.11 and
the payment of the fees of the Depositary as provided in Section 5.09. For the avoidance of doubt, the Issuer shall have no obligation
to pay any fee, tax or charge referred to in the preceding sentence if the Issuer will not be the Owner. In lieu of delivering
Receipts for fractional American Depositary Shares in any such case, the Depositary shall sell the amount of Shares represented
by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to the conditions described in
Section 4.01. If additional Receipts are not so distributed, each American Depositary Share shall thenceforth also represent the
additional Shares distributed upon the Deposited Securities represented thereby.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.04.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Rights.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the event that
the Issuer shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional
Shares or any rights of any other nature, the Depositary, after consultation with the Issuer, shall have discretion as to the procedure
to be followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making
the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may
not either make such rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners,
then the Depositary shall allow the rights to lapse; provided, however, if at the time of the offering of any rights the Depositary
determines in its discretion, after consultation with the Issuer, that it is lawful and feasible to make such rights available
to all Owners or to certain Owners but not to other Owners, the Depositary, after consultation with the Issuer, may distribute
to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary
Shares held by such Owner, warrants or other instruments therefor in such form as it deems appropriate. If the Depositary determines
in its discretion, after consultation with the Issuer, that it is not lawful and feasible to make such rights available to certain
Owners, it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by
the Owners to whom it has determined it may not lawfully or feasibly make such rights available, and allocate the net proceeds
of such sales (net of the fees of the Depositary as provided in Section 5.09 and all taxes and governmental charges payable in
connection with such rights and subject to the terms and conditions of this Deposit Agreement) for the account of such Owners otherwise
entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions
among such Owners because of exchange restrictions or the date of delivery of any Receipt or otherwise. For the avoidance of doubt,
the Issuer shall have no obligation to pay any fee, tax or charge referred to in the preceding sentence if the Issuer will not
be the Owner. The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make such
rights available to Owners in general or any Owner in particular.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If an Owner of Receipts
requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary
Shares of such Owner hereunder, the Depositary will make such rights available to such Owner upon written notice from the Issuer
to the Depositary that (a) the Issuer has elected in its sole discretion to permit such rights to be exercised and (b) such Owner
has executed such documents as the Issuer has determined in its sole discretion are required under applicable law. Upon instruction
pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such
Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon
the exercise of the rights, and upon payment of the fees of the Depositary as set forth in such warrants or other instruments,
the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Issuer shall cause the Shares
so purchased to be delivered to the Depositary on behalf of such Owner. For the avoidance of doubt, the Issuer shall have no obligation
to pay any fee, tax or charge referred to in the preceding sentence if the Issuer will not be the Owner. As agent for such Owner,
the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.02 of this Deposit Agreement, and shall,
pursuant to Section 2.03 of this Deposit Agreement, execute and deliver to such Owner Restricted Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If registration under
the Securities Act of 1933 of the securities to which any rights relate is required in order for the Issuer to offer such rights
to Owners and sell the securities upon the exercise of such rights to Owners, the Depositary will not offer such rights to the
Owners unless and until such a registration statement is in effect, or unless the offering and sale of such securities to the Owners
of such Receipts are exempt from registration under the provisions of such Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Nothing in this Deposit
Agreement shall create any obligation on the part of the Issuer to file a registration statement in respect of any rights or securities
for any purpose or to endeavor to have such a registration statement declared effective.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.05.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Conversion
of Foreign Currency.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the Depositary
or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of
securities, property or rights in respect of such Receipts, and if at the time of the receipt thereof the Foreign Currency so received
can, pursuant to applicable law, be converted into Dollars, the Depositary shall convert or cause to be converted within one Business
Day of its or the Custodian's receipt of such Foreign Currency, by sale or in any other manner that it may determine in accordance
with applicable law, such Foreign Currency into Dollars. If at the time of conversion of such Foreign Currency into Dollars such
Dollars can, pursuant to applicable law, be transferred outside of Brazil for distribution to the owners entitled thereto, such
Dollars shall be distributed as promptly as practicable to the Owners entitled thereto or, if the Depositary shall have distributed
any rights, warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such rights,
warrants and/or instruments upon surrender thereof for cancellation. Such distribution or conversion may be made upon an averaged
or other practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery
of any Receipt or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided
in Section 5.09. For the avoidance of doubt, the Issuer shall have no obligation to pay any expense referred to in the preceding
sentence if the Issuer is not the Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If conversion of Foreign
Currency into Dollars or distribution of Dollars or non-convertible Foreign Currency can be effected only with the approval or
license of any government or agency thereof, the Depositary shall file as promptly as practicable such application for approval
or license; however, the Depositary shall be entitled to rely upon Brazilian local counsel in such matters, which counsel shall
be instructed to act as promptly as possible.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If at any time Foreign
Currency received by the Depositary or the Custodian is not, pursuant to applicable law, convertible, in whole or in part, into
Dollars transferable to United States, or if any approval or license of any government or agency thereof which is required for
such conversion is denied or in the opinion of the Depositary can not be promptly obtained, the Depositary shall, (a) as to that
portion of the Foreign Currency that is convertible into Dollars, make such conversion and (i) if permitted pursuant to applicable
law, transfer such Dollars to the United States and distribute to Owners in accordance with the first paragraph of this Section
4.05 or (ii) to the extent transfer of such Dollars to the United States is not permitted pursuant to applicable law, hold such
Dollars as may not be transferred for the benefit of the Owners entitled thereto, and (b) as the non-convertible balance, if any,
(i) if requested in writing by an Owner, distribute or cause the Custodian to distribute the Foreign Currency (or an appropriate
document evidencing the right to receive such Foreign Currency) received by the Depositary or the Custodian to such Owner and,
(ii) the Depositary shall hold or shall cause the Custodian to hold any amounts of nonconvertible Foreign Currency not distributed
pursuant to the immediately preceding subclause (b)(i) uninvested and without liability for interest thereon for the respective
accounts of the Owners entitled to receive the same.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.06.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Fixing
of Record Date.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever any cash
dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights
shall be issued with respect to the Deposited Securities, or whenever for any reason the Depositary causes a change in the number
of Shares that are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting
of holders of Shares or other Deposited Securities, the Depositary shall fix a record date, after consultation with the Issuer
if such record date is different from the record date applicable to the Deposited Securities, (a) for the determination of the
Owners who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof or (ii)
entitled to give instructions for the exercise of voting rights at any such meeting, or (b) on or after which each American Depositary
Share will represent the changed number of Shares. Subject to the provisions of Sections 4.01 through 4.05 and to the other terms
and conditions of this Deposit Agreement, the Owners on such record date shall be entitled, as the case may be, to receive the
amount distributable by the Depositary with respect to such dividend or other distribution or such rights or the net proceeds of
sale thereof in proportion to the number of American Depositary Shares held by them respectively and to give voting instructions,
to exercise the rights of Owners hereunder with respect to such changed number of Shares and to act in respect of any other such
matter.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.07.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Voting
of Deposited Securities.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in">As of the date of this
Deposit Agreement, the Shares do not give the holders thereof any voting rights, except in certain limited circumstances. If in
the future the terms of the Shares should be revised or amended to provide for voting rights, or should such Shares otherwise obtain
any voting rights, then, upon receipt of notice of any meeting of holders of Shares or other Deposited Securities, if requested
in writing by the Issuer, the Depositary shall, as soon as practicable thereafter, mail to the Owners a notice, the form of which
notice shall be subject to the reasonable discretion of the Depositary, which shall contain (a) such information as is contained
in such notice of meeting received by the Depositary from the Issuer, (b) a statement that the Owners as of the close of business
on a specified record date will be entitled, subject to any applicable provision of Brazilian law and of the By-laws (<I>Estatuto
Social</I>) of the Issuer and the provisions of the Deposited Securities, to instruct the Depositary as to the exercise of the
voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their respective American
Depositary Shares and (c) a statement as to the manner in which such instructions may be given, including, when applicable, an
express indication that instructions may be given (or, if applicable, deemed given in accordance with the second paragraph of this
Section 4.07 if no instruction is received) to the Depositary to give a discretionary proxy to a person designated by the Issuer.
Upon the written request of an Owner on such record date, received on or before the date established by the Depositary for such
purpose, the Depositary shall endeavor, insofar as practicable and permitted under applicable laws and the provisions of the By-laws
(<I>Estatuto Social</I>) of the Issuer and the provisions of the Deposited Securities, to vote or cause to be voted the amount
of Shares or other Deposited Securities represented by the American Depositary Shares evidenced by such Receipt in accordance with
any non-discretionary instructions set forth in such request, including their instruction to give a discretionary proxy to a person
designated by the Issuer. The Depositary shall not, and the Depositary shall ensure that the Custodian or any of its nominees shall
not, exercise any voting discretion over any Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If after complying
with the procedures set forth in this Section the Depositary does not receive instructions from the Owner of a Receipt on or before
the date established by the Depositary for such purpose, the Depositary shall give a discretionary proxy for the Shares evidenced
by such Receipt to a person designated by the Issuer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In order to give Owners
a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited Securities, if the
Issuer will request the Depositary to act under this Section 4.7, the Issuer shall use reasonable efforts to give the Depositary
notice of any such meeting and details concerning the matters to be voted upon not less than 30 days prior to the meeting date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the rules
of any securities exchange on which American Depositary Shares or the Deposited Securities represented thereby are listed or quoted,
the Depositary shall, if requested by the Issuer deliver, at least two (2) Business Days prior to the date of such meeting, to
the Issuer, to the attention of the [Chief Financial Officer and General Counsel], copies of all instructions received from Owners
in accordance with which the Depositary will vote, or cause to be voted, the Deposited Securities represented by the American Depositary
Shares evidenced by such Receipts at such meeting. Delivery of instructions will be made at the expense of the Issuer (unless otherwise
agreed in writing by the Issuer and the Depositary) provided that payment of any such expense by the Issuer shall not be a condition
precedent to the obligations of the Depositary under this Section 4.07.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.08.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Changes
Affecting Deposited Securities.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In circumstances where
the provisions of Section 4.03 do not apply, upon any change in nominal value, change in par value, split-up, consolidation or
any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale
of assets affecting the Issuer or to which it is a party, any securities which shall be received by the Depositary or the Custodian
in exchange for or in conversion of or in respect of Deposited Securities, shall be treated as new Deposited Securities under this
Deposit Agreement, and American Depositary Shares shall thenceforth represent the new Deposited Securities so received in exchange
or conversion, unless additional Receipts are delivered pursuant to the following sentence. In any such case the Depositary may,
after consultation with the Issuer, and shall, if the Issuer shall so request, execute and deliver additional Receipts as in the
case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing
such new Deposited Securities.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.09.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Reports.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
make available for inspection by Owners at its Corporate Trust Office any reports and communications, including any proxy soliciting
material, received from the Issuer which are both (a) received by the Depositary or the Custodian or the nominee of either as the
holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Issuer.
The Depositary shall also send to the Owners copies of such reports when furnished by the Issuer pursuant to Section 5.06. Any
such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Issuer shall
be furnished in English.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Lists
of Owners.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Promptly upon request
by the Issuer, the Depositary shall, at the expense of the Issuer, furnish to it a list, as of the most recent practicable date,
of the names, addresses and holdings of American Depositary Shares by all persons in whose names Receipts are registered on the
books of the Depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
4.11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Withholding.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the event that
the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any
tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose
of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as
the Depositary deems necessary and practicable to pay any such taxes or charges, and the Depositary shall distribute the net proceeds
of any such sale after deduction of such taxes or charges to the Owners entitled thereto in proportion to the number of American
Depositary Shares held by them respectively, and the Depositary shall distribute any unsold balance of such property in accordance
with the provisions of this Deposit Agreement. The Issuer or its agent shall remit to appropriate governmental authorities and
agencies in Brazil all amounts, if any, withheld and owing to such authorities and agencies by the Issuer. The Depositary or its
agent shall remit to appropriate governmental authorities and agencies in the United States all amounts, if any, withheld and owing
to such authorities and agencies by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
forward to the Issuer or its agent such information from its records as the Issuer may reasonably request to enable the Issuer
or its agent to file necessary reports with governmental agencies.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>THE DEPOSITARY, THE CUSTODIAN AND THE ISSUER.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Maintenance
of Office and Transfer Books by the Depositary.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Until termination
of this Deposit Agreement in accordance with its terms, the Depositary shall maintain in the Borough of Manhattan, The City of
New York, facilities for the execution and delivery, registration, registration of transfers and surrender of Receipts in accordance
with the provisions of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection
by the Owners, provided that such inspection shall not be for the purpose of communicating with Owners in the interest of a business
or object other than the business of the Issuer or a matter related to this Deposit Agreement or the Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
close the transfer books, at any time or from time to time, when deemed expedient by it in connection with the performance of its
duties hereunder or at the written request of the Issuer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any Receipts or
the American Depositary Shares evidenced thereby are listed on one or more stock exchanges in the United States, after consultation
with the Issuer, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for registry of such
Receipts in accordance with any requirements of such exchange or exchanges. Such Registrar or co-registrars shall be removed only
after consultation with the Issuer. Each Registrar and co-registrar appointed under this Section 5.01 shall give notice in writing
to the Issuer and the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer shall have
the right, at all reasonable times, to inspect transfer and registration records of the Depositary, the Registrar and any co-transfer
agents or co-registrars and to require such parties to supply copies of such portions of their records as the Issuer may request.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Prevention
or Delay in Performance by the Depositary or the Issuer.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Issuer nor any of their officers, directors, employees, agents or affiliates shall incur any liability to any Owner or
holder of any Receipt, (i) if by reason of any provision of any present or future law or regulation of the United States, Brazil
or any other country, or of any governmental or regulatory authority or stock exchange, including NASDAQ, or by reason of any provision,
present or future, of the By-laws (<I>Estatuto Social</I>) of the Issuer, or by reason of any provision of any securities issued
or distributed by the Issuer, or any offering or distribution thereof, or by reason of any act of God or war or other circumstances
beyond its control, the Depositary or the Issuer or any of their directors, employees, agents or affiliates shall be prevented,
delayed or forbidden from, or be subject to any civil or criminal penalty on account of, doing or performing any act or thing which
by the terms of this Deposit Agreement it is provided shall be done or performed; (ii) by reason of any non-performance or delay,
caused as aforesaid, in the performance of any act or thing which by the terms of this Deposit Agreement it is provided shall or
may be done or performed, (iii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit
Agreement, (iv) for the inability of any Owner or holder to benefit from any distribution, offering, right or other benefit which
is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners
or holders, or (v) for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. Where,
by the terms of a distribution pursuant to Sections 4.01, 4.02, or 4.03 of this Deposit Agreement, or an offering or distribution
pursuant to Section 4.04 of this Deposit Agreement, because of applicable law, or for any other reason such distribution or offering
may not be made available to Owners, and the Depositary may not dispose of such distribution or offering on behalf of such Owners
and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall
allow any rights, if applicable, to lapse.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.03.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Obligations
of the Depositary, the Custodian and the Issuer.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer assumes
no obligation nor shall it be subject to any liability under this Deposit Agreement or the Receipts to Owners or holders of Receipts,
except that it agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence and to act
in good faith in the performance of such duties.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary assumes
no obligation nor shall it be subject to any liability under this Deposit Agreement or the Receipts to any Owner or holder of any
Receipt (including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that
it agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence and to act in good faith
in the performance of such duties.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Issuer shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect
of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless
indemnity satisfactory to it against all expense and liability shall be furnished as often as may be required, and the Custodian
shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely
to the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Issuer shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be competent
to give such advice or information including, but not limited to, any such action or nonaction based upon any written notice, request,
direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of
the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that
in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence
or bad faith while it acted as Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Issuer
nor the Depositary shall be liable for the acts or omissions of any securities depository, clearing agency or settlement system
in connection with or arising out of book-entry settlement of Deposited Securities or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary and
the Issuer may rely and shall be protected in acting upon any written notice, request, direction or other documents believed by
them to be genuine and to have been signed or presented by the proper party or parties.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in
which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">None of the Issuer,
the Depositary or the Custodian will have any liability or responsibility whatsoever for any action or failure to act by any Owner
relating to the Owner's obligations under any applicable Brazilian law or regulation relating to foreign investment in Brazil in
respect of a withdrawal or sale of Deposited Securities, including, without limitation, any failure to comply with a requirement
to register such investment pursuant to the terms of any such applicable Brazilian law or regulation prior to such withdrawal or
any failure to report foreign exchange transactions to the Brazilian Central Bank, as the case may be. Each Owner will be responsible
for the report of any false information relating to foreign exchange transactions to the Custodian or the Brazilian Central Bank
in connection with deposits or withdrawals of Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">No disclaimer of liability
under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.04.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Resignation
and Removal of the Depositary.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Issuer effective upon the
appointment of a successor depositary and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
at any time be removed by the Issuer by written notice of such removal effective upon the appointment of a successor depositary
and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In case at any time
the Depositary acting hereunder shall resign or be removed, the Issuer shall use its best efforts to appoint a successor depositary,
which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary
shall execute and deliver to its predecessor and to the Issuer an instrument in writing accepting its appointment hereunder, and
thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties
and obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on the written request
of the Issuer, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor
hereunder, shall duly assign, transfer and deliver all right, title and interest in the Deposited Securities to such successor,
and shall deliver to such successor all materials necessary to enable the successor depositary to carry out the responsibilities
of the Depositary hereunder, including, but not limited to, a list of the Owners of all outstanding Receipts. Any such successor
depositary shall promptly mail notice of its appointment to the Owners. Notwithstanding the foregoing, any resignation or removal
and appointment of a successor Depositary shall not relieve the prior depositary or the Issuer from its obligations and liabilities
pursuant to Section 5.08.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any corporation into
or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing
of any document or any further act.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.05.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>The
Custodian.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 74.8pt">The Custodian or its successor
shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. The
Custodian may resign and be discharged from its duties hereunder by written notice of such resignation delivered to the Depositary
at least 60 days prior to the date on which such resignation is to become effective. If upon such resignation there shall be no
Custodian acting hereunder, the Depositary shall, promptly after receiving such notice, and after consultation with the Issuer,
appoint a substitute custodian, which shall thereafter be the Custodian hereunder. The Depositary may discharge the Custodian any
time upon notice to the Custodian being discharged. Whenever the Depositary in its discretion determines that it is in the best
interest of the Owners to do so, it may appoint a substitute custodian, which shall thereafter be the Custodian hereunder. Upon
demand of the Depositary, the Custodian shall deliver such of the Deposited Securities or evidence of ownership and title of the
Deposited Securities held by it as are requested of it to the substitute custodian. The substitute custodian shall deliver to the
Depositary, forthwith upon its appointment, an acceptance of such appointment satisfactory in form and substance to the Depositary.
The Depositary agrees with the Issuer that at no time shall there be more than one Custodian acting in connection with this Deposit
Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 74.8pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 74.8pt">Upon the appointment of
any successor depositary hereunder, the Custodian then acting hereunder shall forthwith become, without any further act or writing,
the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair the authority
of the Custodian hereunder; but the successor depositary so appointed shall, nevertheless, on the written request of the Custodian,
execute and deliver to the Custodian all such instruments as may be proper to give to the Custodian full and complete power and
authority as agent hereunder of such successor depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 74.8pt">&nbsp;</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.06.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Notices
and Reports.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">On or before the first
date on which the Issuer gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities,
or of any adjourned meeting of such holders, or of the taking of any action in respect of any cash or other distributions or the
offering of any rights, the Issuer agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in the form
given or to be given to holders of Shares or other Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer will arrange
for the translation into English and the prompt transmittal by the Issuer to the Depositary and the Custodian of such notices and
any other reports and communications which are made generally available by the Issuer to holders of its Shares. If requested in
writing by the Issuer, the Depositary will arrange for the mailing, at the Issuer's expense, of copies of such notices, reports
and communications to all Owners. The Issuer will timely provide the Depositary with the quantity of such notices, reports, and
communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.07.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Distribution
of Additional Shares, Rights, etc.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer agrees
that in the event of any distribution of (1) additional Shares, (2) rights to subscribe for Shares, (3) securities convertible
into or exchangeable for Shares, or (4) rights to subscribe for any such securities (each a &quot;Distribution&quot;), the Issuer
will promptly furnish to the Depositary a written opinion from U.S. counsel for the Issuer, which counsel shall be reasonably satisfactory
to the Depositary, stating whether or not the Distribution requires a registration statement under the Securities Act of 1933 to
be in effect prior to making such Distribution available to Owners entitled thereto. If in the opinion of such counsel a registration
statement under the Securities Act of 1933 is required, such counsel shall furnish to the Depositary a written opinion as to whether
or not there is a registration statement in effect which will cover such Distribution.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the event that
such registration under the Securities Act of 1933 would be required in connection with any such Distribution, the Issuer shall
have no obligation to effect such registration.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the event of any
issuance of additional securities, the Issuer shall have no obligation to register such additional securities under the Securities
Act of 1933 and, to the extent the Issuer in its discretion deems it necessary or advisable in order to avoid any requirement to
register such additional securities under the Securities Act of 1933, may prevent Owners in the United States from purchasing any
such additional securities (whether pursuant to pre-emptive rights or otherwise) and direct the Depositary not to accept any Shares
for deposit for such period of time following the issuance of such additional securities and to adopt such other specific measures
as the Issuer may reasonably request in writing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer agrees
with the Depositary that neither the Issuer nor any company controlled by, controlling or under common control with the Issuer
will at any time deposit any Shares, either originally issued or previously issued and reacquired by the Issuer or by any company
under its control, unless a registration statement is in effect as to such Shares under the Securities Act of 1933. The Depositary
will comply with the written instructions of the Issuer not to accept knowingly for deposit hereunder any Shares identified in
such instructions at such times and under such circumstances as may be specified in such instructions in order to facilitate the
Issuer's compliance with the securities laws of the United States. Nothing in this Section 5.07 or elsewhere in this Deposit Agreement
shall create any obligation on the part of the Issuer or the Depositary to file a registration statement in respect of any such
securities or rights or to endeavor to have such a registration statement declared effective.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.08.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Indemnification.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer agrees
to indemnify the Depositary, its directors, employees, agents and affiliates and the Custodian against, and hold each of them harmless
from, any liability or expense (including, but not limited to, the reasonable fees and expenses of counsel) which may arise out
of acts performed or omitted, in accordance with the provisions of this Deposit Agreement and of the Receipts, as the same may
be amended, modified or supplemented from time to time, (i) by either the Depositary or the Custodian or their respective directors,
employees, agents and affiliates, except for any liability or expense arising out of the negligence of any of them or the failure
of any of them to act in good faith, or (ii) by the Issuer or any of its directors, employees, agents and affiliates.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The indemnities
contained in the preceding paragraph shall not extend to any liability or expense which arises solely and exclusively out of a
Pre-Release (as defined in Section 2.09) of a Receipt or Receipts in accordance with Section 2.09 and which would not otherwise
have arisen had such Receipt or Receipts not been the subject of a Pre-Release pursuant to Section 2.09; <U>provided</U>, <U>however</U>,
that the indemnities provided in the preceding paragraph shall apply to any such liability or expense (i) to the extent that such
liability or expense would have arisen had a Receipt or Receipts not be the subject of a Pre-Release, or (ii) which may arise out
of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus
(or placement memorandum), or preliminary prospectus (or preliminary placement memorandum) relating to the offer or sale of American
Depositary Shares, except to the extent any such liability or expense arises out of (y) information relating to the Depositary
or any Custodian (other than the Issuer), as applicable, furnished in writing and not materially changed or altered by the Issuer
expressly for use in any of the foregoing documents, or, (z) if such information is provided, the failure to state a material fact
necessary to make the information provided not misleading.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer shall not
indemnify the Depositary or the Custodian against any liability or expense arising out of information relating to the Depositary
or the Custodian, as the case may be, furnished in writing to the Issuer and executed by the Depositary or the Custodian expressly
for the use in any registration statement, prospectus (or placement memorandum) or preliminary prospectus (or preliminary placement
memorandum) relating to the Shares evidenced by the American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary agrees
to indemnify the Issuer, its officers, directors, employees, agents and affiliates against and hold each of them harmless from,
any liability or expense (including, but not limited to, the reasonable fees and expenses of counsel) which may arise out of acts
performed or omitted by the Depositary or the Custodian or their respective directors, employees, agents and affiliates due to
their negligence or failure to act in good faith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any person seeking
indemnification hereunder (an &ldquo;indemnified person&rdquo;) shall notify the person from whom it is seeking indemnification
(the &ldquo;indemnifying person&rdquo;) of the commencement of any indemnifiable action or claim promptly after such indemnified
person becomes aware of such commencement (<I>provided </I>that the failure to make such notification shall not affect such indemnified
person&rsquo;s rights to seek indemnification except to the extent such failure results in the forfeiture of substantive rights
or defenses of the indemnifying person) and shall consult in good faith with the indemnifying person as to the conduct of the defense
of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable in the circumstances. No
indemnified person shall compromise or settle any action or claim that may give rise to an indemnity hereunder without the consent
of the indemnifying person; <I>provided</I>, <I>however</I>, that such consent shall not be unreasonably withheld or delayed</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.09.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Charges
of Depositary.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Issuer agrees
to pay the fees and reasonable expenses of the Depositary and those of any Registrar only in accordance with agreements in writing
entered into between the Depositary and the Issuer from time to time. The Depositary shall present its statement for such charges
and expenses to the Issuer once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering Receipts or to whom Receipts are issued
(including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Issuer or an exchange of stock
regarding the Receipts or Deposited Securities or a distribution of Receipts pursuant to Section 4.03 hereof), whichever applicable:
(1) a fee not in excess of U.S.$5.00 per 100 American Depositary Shares (or portion thereof) for the execution and delivery of
Receipts pursuant to Section 2.03, the execution and delivery of Receipts pursuant to Section 4.03, and the surrender of Receipts
pursuant to Section 2.05, (2) taxes and other governmental charges, (3) such registration fees as may from time to time be in effect
for the registration of transfers of Shares generally on the Share register of the Issuer or Foreign Registrar and applicable to
transfers of Shares to the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals
hereunder, (4) such cable, telex and facsimile transmission expenses as are expressly provided in this Deposit Agreement, (5) such
expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.05, (6) a fee not in excess
of U.S.$.02 per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement
including, but not limited to, Sections 4.01 through 4.04 hereof, (7) a fee for the distribution of securities pursuant to Section
4.02, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above
which would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities
as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged
under clause 6, a fee of $.02 or less per American Depositary Share (or portion thereof) per annum for depositary services, which
will be payable as provided in clause 9 below, and<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> </FONT>(9) any other charges
payable by the Depositary, any of the Depositary's agents, including the Custodian, or the agents of the Depositary's agents in
connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed against Owners as of the
date or dates set by the Depositary in accordance with Section 4.06 and shall be payable at the sole discretion of the Depositary
by billing such Owners for such charge or by deducting such charge from one or more cash dividends or other cash distributions).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
collect any of its fees by deduction from any cash distribution payable to Owners that are obligated to pay those fees. For the
avoidance of doubt, the Issuer shall have no obligation to pay any of the fees, taxes, charges or expenses referred to in the preceding
paragraph, except for the cases where the Issuer is the Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary, subject
to Section 2.09 hereof, may own and deal in any class of securities of the Issuer and its affiliates and in Receipts.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Retention
of Depositary Documents.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Except as otherwise
explicitly provided herein, the Depositary is authorized to destroy those documents, records, bills and other data compiled during
the term of this Deposit Agreement at the times permitted by the laws or regulations governing the Depositary unless the Issuer
requests that such papers be retained for a different period or turned over to the Issuer or to a successor depositary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
5.11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Exclusivity.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Without prejudice
to the Issuer&rsquo;s right to remove the Depositary under Section 5.04, the Issuer agrees not to appoint any other depositary
for issuance of American Depositary Receipts so long as The Bank of New York Mellon is acting as Depositary hereunder.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>AMENDMENT AND TERMINATION.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
6.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Amendment.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The form of the Receipts
and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Issuer and
the Depositary in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase any fees
or charges (other than taxes and other governmental charges), or which shall otherwise prejudice any substantial existing right
of Owners, shall, however, not become effective as to outstanding Receipts until the expiration of thirty days after notice of
such amendment shall have been given to the Owners of outstanding Receipts. Every Owner at the time any amendment so becomes effective
shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement
as amended thereby. In no event shall any amendment impair the right of the Owner of any Receipt to surrender such Receipt and
receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable
law.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
6.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Termination.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
at any time at the direction of the Issuer terminate this Deposit Agreement by mailing notice of such termination to the Owners
of all Receipts then outstanding at least 30 days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate the Deposit Agreement by mailing notice of such termination to the Issuer and the Owners of all Receipts then
outstanding if at any time 60 days shall have expired after the Depositary shall have delivered to the Issuer a written notice
of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in
Section 5.04. On and after the date of termination, the Owner of a Receipt will, upon (a) surrender of such Receipt at the Corporate
Trust Office of the Depositary, (b) payment of the fee of the Depositary for the surrender of Receipts referred to in Section 2.05,
and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount
of Deposited Securities represented by the American Depositary Shares evidenced by such Receipt. If any Receipts shall remain outstanding
after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend
the distribution of dividends to the Owners thereof, and shall not give any further notices or perform any further acts under this
Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited
Securities, shall sell property and rights as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities,
together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights
or other property, in exchange for Receipts surrendered to the Depositary (after deducting, in each case, the fee of the Depositary
for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions
of this Deposit Agreement, and any applicable taxes or governmental charges). At any time after the expiration of one year from
the date of termination, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested
the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for
interest, for the pro rata benefit of the Owners of Receipts which have not theretofore been surrendered, such Owners thereupon
becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be
discharged from all obligations under this Deposit Agreement, except to account for such net proceeds and other cash (after deducting,
in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt
in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). Upon
the termination of this Deposit Agreement, the Issuer shall be discharged from all obligations under this Deposit Agreement except
for its obligations to the Depositary under Sections 5.08 and 5.09. The obligations of the Depositary under Section 5.08 shall
survive the termination of this Deposit Agreement.</P>

<P STYLE="font: bold 12pt Times New Roman Bold; margin: 0 0 12pt; text-align: justify; text-indent: 0in">ARTICLE 7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>MISCELLANEOUS.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Counterparts;
Signatures.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit Agreement
may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall constitute
one and the same instrument. Copies of this Deposit Agreement shall be retained by the Depositary and filed with the Depositary
and the Custodian and shall be open to inspection by any holder or Owner of a Receipt at the Corporate Trust office of the Depositary
and the principal corporate office of the Custodian designated by the Custodian during business hours.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any manual signature
on this Deposit Agreement that is faxed, scanned or photocopied, and any electronic signature valid under the Electronic Signatures
in Global and National Commerce Act, 15 U.S.C. &sect; 7001, <I>et. seq</I>., shall for all purposes have the same validity, legal
effect and admissibility in evidence as an original manual signature, and the parties hereby waive any objection to the contrary.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>No
Third Party Beneficiaries.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit Agreement
is for the exclusive benefit of the parties hereto and shall not be deemed to give any legal or equitable right, remedy or claim
whatsoever to any other person.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.03.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Severability.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In case any one or
more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way
be affected, prejudiced or disturbed thereby.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.04.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Holders
and Owners as Parties; Binding Effect.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The holders and Owners
of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts by acceptance thereof.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.05.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Notices.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to the Issuer shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by registered mail, addressed to Suzano Papel e Celulose S.A., Avenida Brigadeiro Faria Lima 1355, 8<FONT STYLE="font-family: Symbol">&#176;</FONT>&nbsp;andar,
S&#227;o Paulo, SP&nbsp;CEP 01452-919, Brazil, Attention: Managing Officer, with a copy to the Financial Officer, or any other
place to which the Issuer may have transferred its principal office.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to the Depositary shall be deemed to have been duly given if in English and personally delivered or sent by mail or
cable, telex or facsimile transmission confirmed by letter, addressed to The Bank of New York Mellon, 101 Barclay Street, New York,
New York 10286, Attention: ADR Administration, or any other place to which the Depositary may have transferred its Corporate Trust
Office.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to any Owner shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by letter, addressed to such Owner at the address of such Owner as it appears on the transfer books for
Receipts of the Depositary, or, if such Owner shall have filed with the Depositary a written request that notices intended for
such Owner be mailed to some other address, at the address designated in such request.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Delivery of a notice
sent by mail or cable, telex or facsimile transmission shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is received. The Depositary
or the Issuer may, however, act upon any cable, telex or facsimile transmission received by it, notwithstanding that such cable,
telex or facsimile transmission shall not subsequently be confirmed by letter as aforesaid.</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.06.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Governing
Law.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit Agreement
and the Receipts shall be interpreted and all rights hereunder and thereunder and provisions hereof and thereof shall be governed
by the laws of the State of New York. It is understood that, notwithstanding any present or future provision of the laws of the
State of New York, the rights of holders of Shares and other Deposited Securities and the obligations and duties of the Issuer
in respect of such holders, as such, shall be governed by the laws of Brazil (or, if applicable, such other law as may govern Deposited
Securities).</P>

<P STYLE="font: normal 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: none">SECTION
7.07.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Compliance
With U.S. Securities Laws.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding any
terms of this Deposit Agreement to the contrary, the Issuer and the Depositary each agrees that it will not exercise any rights
it has under the Deposit Agreement to prevent the withdrawal or delivery of Deposited Securities in a manner which would violate
the United States securities laws, including, but not limited to, Section I A(1) of the General Instructions to the Form F-6 Registration
Statement, as amended from time to time, under the Securities Act of 1933.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF,
SUZANO PAPEL E CELULOSE S.A. and THE BANK OF NEW YORK MELLON have duly executed this agreement as of the day and year first set
forth above and all Owners shall become parties hereto upon acceptance by them of Receipts issued in accordance with the terms
hereof.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify"><B>SUZANO PAPEL E CELULOSE
S.A.</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify">By:_________________________________________</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify">Name:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify">Title:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify">By:_________________________________________</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify">Name:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify">Title:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -30.4pt"><B>THE
BANK OF NEW YORK MELLON,<BR>
</B>as Depositary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify">By:__________________________________________</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify">Name:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 149.6pt; text-align: justify">Title:</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">EXHIBIT A</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 215.05pt; text-align: justify">___________________________________</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 215.05pt; text-align: justify">AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 215.3pt; text-align: justify">(Each American Depositary Share
represents</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 215.3pt; text-align: justify; text-indent: 0.5in">two
deposited Shares)</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">AMERICAN DEPOSITARY RECEIPT</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">FOR PREFERRED SHARES (<I>A&Ccedil;&Otilde;ES
PREFERENCIAIS</I>) WITHOUT PAR VALUE,</P>

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

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SUZANO PAPEL E CELULOSE S.A.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center">(INCORPORATED UNDER THE LAWS OF
BRAZIL)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Bank of New
York Mellon as depositary (hereinafter called the &quot;Depositary&quot;), hereby certifies that __________________________________________________________,
or registered assigns IS THE OWNER OF ____________________________________</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">representing deposited Preferred Shares
(<I>a&ccedil;&otilde;es preferenciais</I>), without par value (herein called &quot;Shares&quot;), of Suzano Papel e Celulose S.A.,
a company incorporated under the laws of Brazil (herein called the &quot;Company&quot;). At the date hereof, each American Depositary
Share represents two Shares deposited or subject to deposit under the deposit agreement at the principal S&atilde;o Paulo, Brazil,
office of Banco Ita&uacute; (herein called the &quot;Custodian&quot;). The Depositary's Corporate Trust Office is located at a
different address than its principal executive office. Its Corporate Trust Office is located at 101 Barclay Street, New York, N.Y.
10286, and its principal executive office is located at One Wall Street, New York, N.Y. 10286.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE DEPOSITARY'S CORPORATE TRUST OFFICE
ADDRESS IS</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">101 BARCLAY STREET, NEW YORK, N.Y. 10286</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>THE DEPOSIT AGREEMENT.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">This American Depositary
is one of an issue (herein called &quot;Receipts&quot;), all issued and to be issued upon the terms and conditions set forth in
the deposit agreement, dated as of November 1, 1993, as amended and restated as of September 23, 2004, as further amended and restated
as of ______________, 2014 (herein called the &quot;Deposit Agreement&quot;), by and among the Company, the Depositary, and all
Owners and holders from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party
thereto and become bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights of Owners and holders
of the Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other
securities, property and cash from time to time received in respect of such Shares and held thereunder (such Shares, securities,
property, and cash are herein called &quot;Deposited Securities&quot;). Copies of the Deposit Agreement are on file at the Depositary's
Corporate Trust Office in New York City and at the office of the Custodian.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The statements made
on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject
to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit
Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">Upon surrender of
this Receipt at the Corporate Trust Office of the Depositary, and upon payment of the fee of the Depositary provided in this Receipt,
and subject to the terms and conditions of the Deposit Agreement, the Owner hereof is entitled to delivery, to him or upon his
order, of the Deposited Securities or evidence of ownership of and title to such Deposited Securities at the time represented by
the American Depositary Shares for which this Receipt is issued. Delivery of such Deposited Securities or evidence of ownership
of and title to such Deposited Securities may be made by the delivery of (a) certificates in the name of the Owner hereof or as
ordered by him or the delivery of certificates properly endorsed or accompanied by a proper instrument or instruments of transfer
to such Owner or as ordered by him or proper instruments of transfer and (b) any other securities, property and cash to which such
Owner is then entitled in respect of this Receipt. Such delivery will be made at the option of the Owner hereof, either at the
office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding of certificates for Shares
or other Deposited Securities or such documents evidencing ownership of and title to such Deposited Securities for such delivery
at the Corporate Trust Office of the Depositary shall be at the risk and expense of the Owner hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">The transfer of
this Receipt is registrable on the books of the Depositary at its Corporate Trust Office by the Owner hereof in person or by a
duly authorized attorney, without unreasonable delay, upon surrender of this Receipt properly endorsed for transfer or accompanied
by a proper instrument or instruments of transfer and funds sufficient to pay any applicable transfer taxes and the fees and expenses
of the Depositary and upon compliance with such regulations, if any, as the Depositary may establish for such purpose. This Receipt
may be split into other such Receipts, or may be combined with other such Receipts into one Receipt, evidencing the same aggregate
number of American Depositary Shares as the Receipt or Receipts surrendered. As a condition precedent to the execution and delivery,
registration of transfer, split-up, combination, or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary,
the Custodian, or Registrar may require payment from the depositor of Shares or the presentor of the Receipt of a sum sufficient
to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including
any such tax or charge or fee with respect to the Shares being deposited or withdrawn) and payment of any applicable fees as provided
in the Deposit Agreement or this Receipt, may require the production of proof satisfactory to it as to the identity and genuineness
of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions
of the Deposit Agreement or this Receipt, including, without limitation, paragraph (22) hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The delivery of
Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer of Receipts
in particular instances may be refused, or the registration of transfer of outstanding Receipts generally may be suspended, during
any period when the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, are closed, or if
any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any
requirement of law or of any government or governmental body or commission, or under any provision of the Deposit Agreement or
this Receipt, or for any other reason, subject to paragraph (22) hereof. The Depositary shall notify the Company as promptly as
practicable of any suspension or refusal under the preceding sentence that is outside the ordinary course of business and the reason
for that action. Notwithstanding any other provision of the Deposit Agreement or the Receipts, the surrender of outstanding Receipts
and withdrawal of Deposited Securities may be suspended only for (i) temporary delays caused by closing the transfer books of the
Depositary or the Company or the deposit of Shares in connection with voting at a shareholders' meeting, or the payment of dividends,
(ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations
relating to the Receipts or to the withdrawal of the Deposited Securities. The Depositary and the Custodian will comply with reasonable
written instructions from the Company requesting that the Depositary and the Custodian not accept for deposit hereunder any Shares
identified in such instructions in order to facilitate the Company&rsquo;s compliance with United States federal securities laws,
any provision of the Company&rsquo;s By-laws or Brazilian law. Without limitation of the foregoing, the Depositary shall not knowingly
accept for deposit under the Deposit Agreement any Shares required to be registered under the provisions of the Securities Act
of 1933, unless a registration statement is in effect as to such Shares or unless the offering and sale of such Shares are exempt
from registration under the provisions of such Act. For purposes of the foregoing sentence the Depositary shall be entitled to
rely upon representations and warranties deemed made pursuant to Section 3.03 of the Deposit Agreement and paragraph (5) hereof
and shall not be required to make any further investigation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>LIABILITY OF OWNER FOR TAXES.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">If any tax or other
governmental charge shall become payable with respect to any Receipt or any Deposited Securities represented hereby, such tax or
other governmental charge shall be payable by the Owner hereof to the Depositary. The Depositary may refuse to effect any transfer
of this Receipt or any withdrawal of Deposited Securities represented by American Depositary Shares evidenced by such Receipt until
such payment is made, and may withhold any dividends or other distributions, or may sell for the account of the Owner hereof any
part or all of the Deposited Securities represented by the American Depositary Shares evidenced by this Receipt, and may apply
such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental charge and
the Owner hereof shall remain liable for any deficiency.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>WARRANTIES OF DEPOSITORS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">Every person depositing
Shares under the Deposit Agreement, including every person depositing Shares on behalf of an owner of Shares, shall be deemed thereby
to represent and warrant that (i) such Shares are validly issued, fully paid and non-assessable, (ii) the person making such deposit
is duly authorized to do so, (iii) such Shares are not &quot;restricted securities&quot; as defined in Rule 144 under the Securities
Act of 1933, (iv) such Shares are free and clear of any lien, encumbrance, security interest, charge, mortgage, pledge or restriction
on transfer, (v) such Shares are free of any pre-emptive rights of the holders of outstanding Shares, and (vi) such Shares include
all rights to receive dividends thereon. Such representations and warranties shall survive the deposit of such Shares and issuance
of Receipts in respect thereof.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">Any person presenting
Shares for deposit or any Owner of a Receipt may be required from time to time to file with the Depositary or the Custodian such
proof of citizenship or residence, exchange control approval, proof of the identity of any person legally or beneficially interested
in the Receipt and the nature of such interest or such information relating to the registration on the books of the Company or
the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary
or the Company may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of any Receipt
or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited
Securities until such proof or other information is filed or such certificates are executed or such representations and warranties
made. Upon the request of the Company, the Depositary shall provide the Company with copies of all such certificates and such written
representations and warranties provided to the Depositary under this Article 6 and Section 3.01 of the Deposit Agreement. The Company
may from time to time request Owners to provide information as to the capacity in which such Owners own or owned Receipts and regarding
the identity of any other persons then or previously interested in such Receipts and the nature of such interest and various other
matters. Each Owner agrees to provide any information requested by the Company or the Depositary pursuant to this paragraph. No
Share shall be accepted for deposit unless accompanied by evidence, if any is required by the Depositary, that is reasonably satisfactory
to the Depositary that all conditions to such deposit have been satisfied by the person depositing such Shares under Brazilian
laws and regulations and any necessary approval has been granted by any governmental body in Brazil, if any, which is then performing
the function of the regulation of currency exchange.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CHARGES OF DEPOSITARY.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">The Company agrees
to pay the fees and reasonable expenses of the Depositary and those of any Registrar only in accordance with agreements in writing
entered into between the Depositary and the Company from time to time. The Depositary shall present its statement for such charges
and expenses to the Company once every three months. The charges and expenses of the Custodian are for the sole account of the
Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering Receipts or to whom Receipts are issued
(including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of
stock regarding the Receipts or Deposited Securities or a distribution of Receipts pursuant to Section 4.03 of the Deposit Agreement),
whichever applicable: (1) a fee not in excess of U.S.$5.00 per 100 American Depositary Shares (or portion thereof) for the execution
and delivery of Receipts pursuant to Section 2.03 of the Deposit Agreement, the execution and delivery of Receipts pursuant to
Section 4.03 of the Deposit Agreement, and the surrender of Receipts pursuant to Section 2.05 of the Deposit Agreement, (2) taxes
and other governmental charges, (3) such registration fees as may from time to time be in effect for the registration of transfers
of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to the name
of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (4) such cable,
telex and facsimile transmission expenses as are expressly provided in the Deposit Agreement, (5) such expenses as are incurred
by the Depositary in the conversion of foreign currency pursuant to Section 4.05 of the Deposit Agreement, (6) a fee not in excess
of U.S.$.02 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement
including, but not limited to Sections 4.01 through 4.04 of the Deposit Agreement, (7) a fee for the distribution of securities
pursuant to Section 4.02 of the Deposit Agreement, such fee being in an amount equal to the fee for the execution and delivery
of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities (for
purposes of this clause 7 treating all such securities as if they were Shares) but which securities are instead distributed by
the Depositary to Owners, (8) in addition to any fee charged under clause 6, a fee of $.02 or less per American Depositary Share
(or portion thereof) per annum for depositary services, which will be payable as provided in clause 9 below, and<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
</FONT>(9) any other charges payable by the Depositary, any of the Depositary's agents, including the Custodian, or the agents
of the Depositary's agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed
against Owners as of the date or dates set by the Depositary in accordance with Section 4.06 of the Deposit Agreement and shall
be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge from one
or more cash dividends or other cash distributions)..</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
collect any of its fees by deduction from any cash distribution payable to Owners that are obligated to pay those fees. For the
avoidance of doubt, the Company shall have no obligation to pay any of the fees, taxes, charges or expenses referred to in the
preceding paragraph, except for the cases where the Company is the depositor or the Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary,
subject to Paragraph (8) hereof, may own and deal in any class of securities of the Company and its affiliates and in Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">From time to time,
the Depositary may make payments to the Company to reimburse and / or share revenue from the fees collected from Holders, or waive
fees and expenses for services provided, generally relating to costs and expenses arising out of establishment and maintenance
of the American Depositary Shares program. In performing its duties under the Deposit Agreement, the Depositary may use brokers,
dealers or other service providers that are affiliates of the Depositary and that may earn or share fees and commissions.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>PRE-RELEASE OF RECEIPTS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
Section 2.03 of the Deposit Agreement, <FONT STYLE="color: black">unless requested in writing by the Company to cease doing so,
</FONT>the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.02 of the Deposit
Agreement (a &ldquo;Pre-Release&rdquo;). The Depositary may, pursuant to Section 2.05 of the Deposit Agreement, deliver Shares
upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is prior to the
termination of such Pre-Release or the Depositary knows that such American Depositary Shares have been Pre-Released. The Depositary
may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded
or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that
such person, or its customer, (i) owns the Shares or American Depositary Shares to be remitted, as the case may be, <FONT STYLE="color: black">(ii)
transfers all beneficial right, title and interest in such Shares or American Depository Shares, as the case may be, to the Depositary
in its capacity as such and for the benefit of the Owners, and (iii) will not take any action with respect to such Shares or American
Depository Shares, as the case may be, that is inconsistent with the transfer of ownership (including, without the consent of the
Depositary, disposing of Shares or American Depository Shares, as the case may be, other than in satisfaction of such Pre-Release),</FONT>
(b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by
the Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit regulations
as the Depositary deems appropriate. The Company will not incur any liability to any Owners or holders of a Receipt as a result
of actions taken by the Depositary pursuant to Section 2.09 of the Deposit Agreement. The number of Shares represented by American
Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of
the Shares deposited hereunder; <U>provided</U>, <U>however</U>, that the Depositary reserves the right to change or disregard
such limit from time to time as it deems appropriate. <FONT STYLE="color: black">For purposes of enabling the Depositary to fulfill
its obligations to the Owners under the Deposit Agreement, the collateral referred to in clause (b) above shall be held by the
Depositary as security for the performance of the Pre-Releasee&rsquo;s obligations to the Depositary in connection with a Pre-Release
transaction, including the Pre-Releasee&rsquo;s obligation to deliver Shares or American Depository Shares upon termination of
a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
retain for its own account any compensation received by it in connection with the foregoing.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">9.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>TITLE TO RECEIPTS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">It is a condition
of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that
title to this Receipt when properly endorsed or accompanied by a proper instrument or instruments of transfer, is transferable
by delivery with the same effect as in the case of a negotiable instrument, provided, however, that the Company and the Depositary,
notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary
as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions
or to any notice provided for in the Deposit Agreement or for all other purposes and neither the Depositary nor the Company shall
have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt unless such holder is
the Owner thereof.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>VALIDITY OF RECEIPT.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">This Receipt shall
not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall
have been executed by the Depositary by the manual signature or facsimile of a duly authorized signatory of the Depositary and
if a Registrar for the Receipts shall have been appointed, countersigned by the manual signature or facsimile of a duly authorized
officer of the Registrar.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>REPORTS; INSPECTION OF TRANSFER BOOKS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">The Company currently
furnishes the Securities and Exchange Commission (hereinafter called the &quot;Commission&quot;) with certain public reports and
documents required by foreign law or otherwise under Rule 12g3-2(b) under the Securities Exchange Act of 1934. Such reports and
communications will be available for inspection and copying by holders and Owners at the public reference facilities maintained
by the Commission located at 450 Fifth Street, N.W., Washington, D.C. 20549. Pursuant to such Rule, certain of such reports and
documents will be translated into or summarized in English.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary will
make available for inspection by Owners of Receipts at its Corporate Trust Office any reports and communications, including any
proxy soliciting material, received from the Company which are both (a) received by the Depositary or the Custodian or the nominee
of either as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities
by the Company. The Depositary will also send to Owners of Receipts copies of such reports when furnished by the Company pursuant
to the Deposit Agreement. Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary
by the Company shall be translated into English.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary will
keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection
by the Owners of Receipts provided that such inspection shall not be for the purpose of communicating with Owners of Receipts in
the interest of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the
Receipts.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DIVIDENDS AND DISTRIBUTIONS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">Whenever the Depositary
or the Custodian receives any cash dividend or other cash distribution on any Deposited Securities, the Depositary or the Custodian
will convert or cause to be converted within one Business Day of it or the Custodian's receipt of such dividend or other cash distribution,
in accordance with applicable law, if at the time of receipt thereof any amounts received in a foreign currency can in the judgment
of the Depositary be converted on a reasonable basis into United States dollars transferable to the United States, and subject
to the Deposit Agreement, such dividend or distribution into Dollars and either the Depositary or the Custodian will as promptly
as practicable distribute the amount thus received (net of the fees of the Depositary as provided in Section 5.09 of the Deposit
Agreement) by check drawn in a bank in the City of New York, to the Depositary which shall distribute such amounts to the Owners
of Receipts entitled thereto, provided, however, that in the event that the Company or the Depositary is required to withhold and
does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of
taxes or other governmental charges, the amount distributed to the Owners of the Receipts evidencing American Depositary Shares
representing such Deposited Securities shall be reduced accordingly.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the provisions
of Section 4.11 and 5.09 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution
described in Sections 4.01, 4.03 or 4.04 of the Deposit Agreement, the Depositary will cause the securities or property received
by it or the Custodian to be distributed to the Owners of Receipts entitled thereto, in any manner that the Depositary may deem
equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary such
distribution cannot be made proportionately among the Owners of Receipts entitled thereto, or if for any other reason the Depositary
deems such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the
purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or property
thus received, or any part thereof, and the net proceeds of any such sale (net of the fees of the Depositary as provided in Section
5.09 of the Deposit Agreement) shall be distributed by the Depositary to the Owners of Receipts entitled thereto as in the case
of a distribution received in cash, provided that any unsold balance of such securities or property may be distributed by the Depositary
to the Owners entitled thereto in accordance with such equitable and practicable method as the Depositary shall have adopted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any distribution
consists of a dividend in, or free distribution of, Shares, the Depositary may and shall if the Company shall so request, distribute
to the Owners of outstanding Receipts entitled thereto, additional Receipts evidencing an aggregate number of American Depositary
Shares representing the amount of Shares received as such dividend or free distribution subject to the terms and conditions of
the Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary Shares evidenced by Receipts,
including the withholding of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the
payment of the fees of the Depositary as provided in Section 5.09 of the Deposit Agreement. For the avoidance of doubt, the Company
shall have no obligation to pay any fee, tax or charge referred to in the preceding sentence if the Company will not be the Owner.
In lieu of delivering Receipts for fractional American Depositary Shares in any such case, the Depositary will sell the amount
of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to the
conditions set forth in the Deposit Agreement. If additional Receipts are not so distributed, each American Depositary Share shall
thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event that
the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any
tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose
of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as
the Depositary deems necessary and practicable to pay any such taxes or charges, and the Depositary shall distribute the net proceeds
of any such sale after deduction of such taxes or charges to the Owners of Receipts entitled thereto and the Depositary shall distribute
any unsold balance of such property in accordance with the provisions of the Deposit Agreement. The Company or its agent shall
remit to appropriate governmental authorities and agencies in Brazil all amounts, if any, withheld and owing to such authorities
and agencies by the Company. The Depositary or its agent shall remit to appropriate governmental authorities and agencies in the
United States all amounts, if any, withheld and owing to such authorities and agencies by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary shall
forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company
or its agent to file necessary reports with governmental agencies.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>RIGHTS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">In the event that
the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional
Shares or any rights of any other nature, the Depositary, after consultation with the Company, shall have discretion as to the
procedure to be followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and
making the net proceeds available in Dollars to such Owners or, if by the terms of such rights offering or, for any other reason,
the Depositary may not either make such rights available to any Owners or dispose of such rights and make the net proceeds available
to such Owners, then the Depositary shall allow the rights to lapse; provided, however, if at the time of the offering of any rights
the Depositary determines in its discretion, after consultation with the Company, that it is lawful and feasible to make such rights
available to all Owners or to certain Owners but not to other Owners, the Depositary, after consultation with the Company, may
distribute, to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American
Depositary Shares held by such Owner, warrants or other instruments therefor in such form as it deems appropriate. If the Depositary
determines in its discretion, after consultation with the Company, that it is not lawful and feasible to make such rights available
to certain Owners, it may sell the rights or warrants or other instruments in proportion to the number of American Depositary Shares
held by the Owners to whom it has determined it may not lawfully or feasibly make such rights available, and allocate the net proceeds
of such sales (net of the fees of the Depositary as provided in Section 5.09 of the Deposit Agreement) for the account of such
Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard
to any distinctions among such Owners because of exchange restrictions or the date of delivery of any Receipt or otherwise. For
the avoidance of doubt, the Company shall have no obligation to pay any fee, tax or charge referred to in the preceding sentence
if the Company will not be the Owner. The Depositary shall not be responsible for any failure to determine that it may be lawful
or feasible to make such rights available to Owners in general or any Owner in particular.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If an Owner of Receipts
requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary
Shares of such Owner hereunder, the Depositary will make such rights available to such Owner upon written notice from the Company
to the Depositary that (a) the Company has elected in its sole discretion to permit such rights to be exercised and (b) such Owner
has executed such documents as the Company has determined in its sole discretion are required under applicable law. Upon instruction
pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such
Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon
the exercise of the rights, and upon payment of the fees of the Depositary as set forth in such warrants or other instruments,
the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares
so purchased to be delivered to the Depositary on behalf of such Owner. For the avoidance of doubt, the Company shall have no obligation
to pay any fee, tax or charge referred to in the preceding sentence if the Company will not be the Owner. As agent for such Owner,
the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.02 of the Deposit Agreement, and shall,
pursuant to Section 2.03 of the Deposit Agreement, execute and deliver to such Owner Restricted Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If registration
under the Securities Act of 1933 of the securities to which any rights relate is required in order for the Company to offer such
rights to Owners and sell the securities upon the exercise of such rights, the Depositary will not offer such rights to the Owners
unless and until such a registration statement is in effect, or unless the offering and sale of such securities to the Owners of
such Receipts are exempt from registration under the provisions of such Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Nothing in the Deposit
Agreement shall create any obligation on the part of the Company to file a registration statement in respect of any rights or securities
for any purpose or to endeavor to have such a registration statement declared effective.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">14.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CONVERSION OF FOREIGN CURRENCY.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">Whenever the Depositary
or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of
securities, property or rights in respect of such Receipts, and if at the time of the receipt thereof the Foreign Currency so received
can, pursuant to applicable law, be converted into Dollars, the Depositary shall convert or cause to be converted within one Business
Day of its or the Custodian's receipt of such Foreign Currency, by sale or in any other manner that it may determine in accordance
with applicable law, such Foreign Currency into Dollars. If at the time of conversion of such Foreign Currency into Dollars can,
pursuant to applicable law, be transferred outside of Brazil for distribution to the owners entitled thereto, such Dollars shall
be distributed as promptly as practicable to the Owners entitled thereto or, if the Depositary shall have distributed any rights,
warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such rights, warrants and/or
instruments upon surrender thereof for cancellation. Such distribution or conversion may be made upon an averaged or other practicable
basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any Receipt
or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.09
of the Deposit Agreement. For the avoidance of doubt, the Company shall have no obligation to pay any fee, tax or charge referred
to in the preceding sentence if the Company will not be the Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If conversion of
Foreign Currency into Dollars or distribution of Dollars or non-convertible Foreign Currency can be effected only with the approval
or license of any government or agency thereof, the Depositary shall file as promptly as practicable such application for approval
or license; however, the Depositary shall be entitled to rely upon Brazilian local counsel in such matters, which counsel shall
be instructed to act as promptly as possible.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If at any time Foreign
Currency received by the Depositary or the Custodian is not, pursuant to applicable law, convertible, in whole or in part, into
Dollars transferable to the United States, or if any approval or license of any government or agency thereof which is required
for such conversion is denied or in the opinion of the Depositary can not be promptly obtained, the Depositary shall, (a) as to
that portion of the Foreign Currency that is convertible into Dollars, make such conversion and (i) if permitted pursuant to applicable
law, transfer such Dollars to the United States and distribute to Owners in accordance with the first paragraph of this Section
4.05 or (ii) to the extent transfer of such Dollars to the United States is not permitted pursuant to applicable law, hold such
Dollars as may not be transferred for the benefit of the Owners entitled thereto, and (b) as the non-convertible balance, if any,
(i) if requested in writing by an Owner, distribute or cause the Custodian to distribute the Foreign Currency (or an appropriate
document evidencing the right to receive such Foreign Currency) received by the Depositary or the Custodian to such Owner and,
(ii) the Depositary shall hold or shall cause the Custodian to hold any amounts of non-convertible Foreign Currency not distributed
pursuant to the immediately preceding subclause (b)(i) uninvested and without liability for interest thereon for the respective
accounts of the Owners entitled to receive the same.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">15.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>FIXING OF RECORD DATES.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">Whenever any cash
dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights
shall be issued with respect to the Deposited Securities, or whenever for any reason the Depositary causes a change in the number
of Shares that are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting
of holders of Shares or other Deposited Securities, the Depositary shall fix a record date, after consultation with the Company
if such record date is different from the record date applicable to the Deposited Securities, (a) for the determination of the
Owners of Receipts who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof
or (ii) entitled to give instructions for the exercise of voting rights at any such meeting, or (b) on or after which each American
Depositary Share will represent the changed number of Shares, subject to the provisions of the Deposit Agreement. The Owners on
such record date shall be entitled as the case may be, to receive the amount distributable by the Depositary with respect to such
dividend or other distribution or such rights or the net proceeds or sale thereof in proportion to the number of American Depositary
Shares held by them respectively, and to give voting instructions to exercise the rights of Owners hereunder with respect to such
changed number of Shares and to act in respect of any other such matter.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">16.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>VOTING OF DEPOSITED SECURITIES.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">As of the date of
the Deposit Agreement, the Shares do not give the holders thereof any voting rights, except in certain limited circumstances. If
in the future the terms of the Shares should be revised or amended to provide for voting rights, or should such Shares otherwise
obtain any voting rights, then, upon receipt of notice of any meeting of holders of Shares or other Deposited Securities, if requested
in writing by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners of Receipts a notice, the
form of which notice shall be subject to the reasonable discretion of the Depositary, which shall contain (a) such information
as is contained in such notice of meeting received by the Depositary from the Company, (b) a statement that the Owners of Receipts
as of the close of business on a specified record date will be entitled, subject to any applicable provision of Brazilian law and
of the By-laws (<I>Estatuto Social</I>) of the Company and the provisions of the Deposited Securities, to instruct the Depositary
as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by
their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given, including,
when applicable, an express indication that instructions may be given (or, if applicable, deemed given in accordance with the second
paragraph of Section 4.07 of the Deposit Agreement if no instruction is received) to the Depositary to give a discretionary proxy
to a person designated by the Company. Upon the written request of an Owner of a Receipt on such record date, received on or before
the date established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable and permitted under
applicable laws and the provisions of the By-laws (<I>Estatuto Social</I>) of the Company and the provisions of the Deposited Securities
to vote or cause to be voted the amount of Shares or other Deposited Securities represented by such American Depositary Shares
evidenced by such Receipt in accordance with any nondiscretionary instructions set forth in such request including their instruction
to give a discretionary proxy to a person designated by the Company and the Depositary shall not, and the Depositary shall ensure
that the Custodian or any of its nominees shall not, exercise any voting discretion over any Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If after complying
with the procedures set forth in this Article, the Depositary does not receive instructions from the Owner of a Receipt on or before
the date established by the Depositary for such purpose, the Depositary shall give a discretionary proxy for the Shares evidenced
by such Receipt to a person designated by the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In order to give Owners
a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited Securities, if the
Company will request the Depositary to act under Section 4.07 of the Deposit Agreement, the Company shall use reasonable efforts
to give the Depositary notice of any such meeting and details concerning the matters to be voted upon not less than 30 days prior
to the meeting date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the rules
of any securities exchange on which American Depositary Shares or the Deposited Securities represented thereby are listed or quoted,
the Depositary shall, if requested by the Company deliver, at least two (2) Business Days prior to the date of such meeting, to
the Company, to the attention of the [Chief Financial Officer and General Counsel], copies of all instructions received from Owners
in accordance with which the Depositary will vote, or cause to be voted, the Deposited Securities represented by the American Depositary
Shares evidenced by such Receipts at such meeting. Delivery of instructions will be made at the expense of the Company (unless
otherwise agreed in writing by the Company and the Depositary) provided that payment of any such expense by the Company shall not
be a condition precedent to the obligations of the Depositary under Section 4.07 of the Deposit Agreement.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">17.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CHANGES AFFECTING DEPOSITED SECURITIES.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">In circumstances
where the provisions of Section 4.03 of the Deposit Agreement do not apply, upon any change in nominal value, change in par value,
split-up, consolidation, or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger
or consolidation, or sale of assets affecting the Company or to which it is a party, any securities which shall be received by
the Depositary or the Custodian in exchange for or in conversion of or in respect of Deposited Securities shall be treated as new
Deposited Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth represent the new Deposited
Securities so received in exchange or conversion, unless additional Receipts are delivered pursuant to the following sentence.
In any such case the Depositary may, after consultation with the Company, and shall, if the Company shall so request, execute and
deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged
for new Receipts specifically describing such new Deposited Securities.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">18.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>LIABILITY OF THE COMPANY AND DEPOSITARY.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">Neither the Depositary
nor the Company nor any of their officers, directors, employees, agents or affiliates shall incur any liability to any Owner or
holder of any Receipt, (i) if by reason of any provision of any present or future law or regulation of the United States, Brazil,
or any other country, or of any other governmental or regulatory authority or stock exchange, including NASDAQ, or by reason of
any provision, present or future, of the By-laws (<I>Estatuto Social</I>) of the Company or by reason of any provision of any securities
issued or distributed by the Company, or any offering or distribution thereof, or by reason of any act of God or war or other circumstances
beyond its control, the Depositary or the Company or any of their directors, employees, agents or affiliates shall be prevented,
delayed or forbidden from or be subject to any civil or criminal penalty on account of doing or performing any act or thing which
by the terms of the Deposit Agreement it is provided shall be done or performed; (ii) by reason of any non-performance or delay,
caused as aforesaid, in the performance of any act or thing which by the terms of the Deposit Agreement it is provided shall or
may be done or performed, (iii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit
Agreement, (iv) for the inability of any Owner or holder to benefit from any distribution, offering, right or other benefit which
is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners
or holders, or (v) for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement. Where,
by the terms of a distribution pursuant to Sections 4.01, 4.02, or 4.03 of the Deposit Agreement, or an offering or distribution
pursuant to Section 4.04 of the Deposit Agreement, because of applicable law or for any other reason such distribution or offering
may not be made available to Owners of Receipts, and the Depositary may not dispose of such distribution or offering on behalf
of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering,
and shall allow any rights, if applicable, to lapse. Neither the Company nor the Depositary assumes any obligation or shall be
subject to any liability under the Deposit Agreement or this Receipt to Owners or holders of Receipts; except that they agree to
perform their obligations specifically set forth in the Deposit Agreement without negligence and to act in good faith in the performance
of such duties. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities.
Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit, or other
proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense
or liability, unless indemnity satisfactory to it against all expense and liability shall be furnished as often as may be required,
and the Custodian shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian
being solely to the Depositary. Neither the Depositary nor the Company shall be liable for any action or nonaction by it in reliance
upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or holder
of a Receipt, or any other person believed by it in good faith to be competent to give such advice or information including, but
not limited to, any such action or nonaction based upon any written notice, request, direction or other document believed by it
to be genuine and to have been signed or presented by the proper party or parties. The Depositary shall not be responsible for
any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any such vote is
cast or the effect of any such vote, provided that any such action or nonaction is in good faith. The Depositary shall not be liable
for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary
or in connection with a matter arising wholly after the removal or resignation of the Depositary, provided that in connection with
the issue out of which such potential liability arises, the Depositary performed its obligations without negligence or bad faith
while it acted as Depositary. The Depositary and the Company may rely on and shall be protected in acting upon any written notice,
request, direction or other documents believed by them to be genuine and to have been signed by the proper party or parties. No
disclaimer of liability under the Securities Act of 1933 is intended by any provision of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">None of the Company,
the Depositary or the Custodian will have any liability or responsibility whatsoever for any action or failure to act by any Owner
relating to the Owner's obligations under any applicable Brazilian law or regulation relating to foreign investment in Brazil in
respect of a withdrawal or sale of Deposited Securities, including, without limitation, any failure to comply with a requirement
to register such investment pursuant to the terms of any such applicable Brazilian law or regulation prior to such withdrawal or
any failure to report foreign exchange transactions to the Brazilian Central Bank, as the case may be. Each Owner will be responsible
for the report of any false information relating to foreign exchange transactions to the Custodian or the Brazilian Central Bank
in connection with deposits or withdrawals of Deposited Securities.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">19.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company effective upon the
appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. The Depositary may at any
time be removed by the Company by written notice of such removal effective upon the appointment of a successor depositary and its
acceptance of such appointment as hereinafter provided. In case at any time the Depositary shall resign or be removed, the Company
shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough
of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company
an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act
or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but such predecessor,
nevertheless, upon payment of all sums due it and on the written request of the Company, shall execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all
right, title and interest in the Deposited Securities to such successor, and shall deliver to such successor all materials necessary
to enable the successor depositary to carry out the responsibilities of the Depositary hereunder, including, but not limited to,
a list of the Owners of all outstanding Receipts. Any such successor depositary shall promptly mail notice of its appointment to
the Owners. Notwithstanding the foregoing, any resignation or removal and appointment of a successor Depositary shall not relieve
the prior depositary or the Company from its obligations and liabilities pursuant to Section 5.08 of the Deposit Agreement. Whenever
the Depositary in its discretion determines that it is in the best interest of the Owners of Receipts to do so, it may appoint
a substitute custodian.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">20.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>AMENDMENT.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">The form of the
Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase
any fees or charges (other than taxes and other governmental charges), or which shall otherwise prejudice any substantial existing
right of Owners of Receipts, shall, however, not become effective as to outstanding Receipts until the expiration of thirty days
after notice of such amendment shall have been given to the Owners of outstanding Receipts. Every Owner of a Receipt at the time
any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment
and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Owner of any
Receipt to surrender such Receipt and receive therefor the Deposited Securities represented thereby except in order to comply with
mandatory provisions of applicable law.</P>

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<TD></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">21.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>TERMINATION OF DEPOSIT AGREEMENT.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary shall
at any time at the direction of the Company terminate the Deposit Agreement by mailing notice of such termination to the Owners
of all Receipts then outstanding at least 30 days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate the Deposit Agreement by mailing notice of such termination to the Company and the Owners of all Receipts then
outstanding if at any time 60 days shall have expired after the Depositary shall have delivered to the Company a written notice
of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in
Section 5.04 of the Deposit Agreement. On and after the date of termination, the Owner of a Receipt will, upon (a) surrender of
such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the fee of the Depositary for the surrender of Receipts
referred to in Section 2.05 of the Deposit Agreement, and (c) payment of any applicable taxes or governmental charges, be entitled
to delivery, to him or upon his order, of the amount of Deposited Securities represented by the American Depositary Shares evidenced
by such Receipt. If any Receipts shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue
the registration of transfers of Receipts, shall suspend the distribution of dividends to the Owners thereof, and shall not give
any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect
dividends and other distributions pertaining to Deposited Securities, shall sell property and rights as provided in the Deposit
Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received with
respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary
(after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner
of such Receipt in accordance with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental
charges). At any time after the expiration of one year from the date of termination, the Depositary may sell the Deposited Securities
then held under the Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other
cash then held by it thereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of Receipts
which have not theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to
such net proceeds. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement,
except to account for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender
of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions of the Deposit
Agreement, and any applicable taxes or governmental charges). Upon the termination of the Deposit Agreement, the Company shall
be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary with respect to indemnification,
charges, and expenses. The obligations of the Depositary under Section 5.08 of the Deposit Agreement shall survive the termination
of the Deposit Agreement.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">22.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>COMPLIANCE WITH U.S. SECURITIES LAWS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
any terms of this Receipt or the Deposit Agreement to the contrary, the Company and the Depositary have each agreed that it will
not exercise any rights it has under the Deposit Agreement or the Receipt to prevent the withdrawal or delivery of Deposited Securities
in a manner which would violate the United States securities laws, including, but not limited to Section I A(1) of the General
Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act of 1933.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">23.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>INFORMATION REQUESTS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 0.5in">The Company may
from time to time request Owners of Receipts to provide information as to the capacity in which such Owners own or owned Receipts
and regarding the identity of any other persons then or previously interested in such Receipts as to the nature of such interest
and various other matters. Each such Owner agrees to provide any such information reasonably requested by the Company or the Depositary
pursuant to this Section 3.04 and such agreement shall survive any disposition of such Owner&rsquo;s Receipts or the American Depositary
Shares evidenced thereby. The Depositary agrees to use reasonable efforts to comply with written instructions received from the
Company requesting that the Depositary forward any such requests to the Owners and to forward to the Company any responses to such
requests received by the Depositary, and to use its reasonable efforts, at the Company&rsquo;s request and expense, to assist the
Company in obtaining such information.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 37.4pt">Each of the Depositary
and the Company hereby confirms to the other that for as long as the Deposit Agreement is in effect, it shall furnish the CVM and
the Central Bank, at any time and within the period that may be determined, with any information and documents related to the American
Depositary Receipt program and the Receipts issued thereunder. In the event that the Depositary or the Custodian shall be advised
in writing by reputable independent Brazilian counsel that the Depositary or the Custodian reasonably could be subject to criminal,
or material, as reasonably determined by the Depositary, civil, liabilities as a result of the Company having failed to provide
such information or documents reasonably available only through the Company, the Depositary shall have the right to terminate the
Deposit Agreement, upon at least 15 days&rsquo; prior notice to the Owners and the Company, and the Depositary shall not be subject
to any liability hereunder on account of such termination or such determination. The effect of any such termination of the Deposit
Agreement shall be as provided in Section 6.02 of the Deposit Agreement<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: blue">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.85in">ARTICLE</TD><TD STYLE="text-align: justify">24.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DTC Direct Registration System and Profile Modification System.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;Notwithstanding
the provisions of Section 2.04 of the Deposit Agreement, the parties acknowledge that the Direct Registration System (&ldquo;DRS&rdquo;)
and Profile Modification System (&ldquo;Profile&rdquo;) shall apply to uncertificated American Depositary Shares upon acceptance
thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated
American Depositary Shares, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled
thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an Owner of American
Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and
to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior
authorization from the Owner to register such transfer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;In connection
with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary
will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner
in requesting a registration of transfer and delivery as described in subsection (a) has the actual authority to act on behalf
of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of
Sections 5.03 and 5.08 of the Deposit Agreement shall apply to the matters arising from the use of the DRS. The parties agree that
the Depositary&rsquo;s reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and
in accordance with the Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary.</P>



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<FILENAME>suzanoopin.htm
<DESCRIPTION>OPINION OF DEPOSITARY'S COUNSEL
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        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: left">Writer&rsquo;s Direct Dial</P>
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-variant: small-caps; text-transform: uppercase">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 48%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT 4</U></B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 17pt; font-variant: small-caps">Emmet,
        Marvin &amp; Martin,</FONT> <FONT STYLE="font-size: 14pt">LLP</FONT></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Counsellors
        at Law</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">120 Broadway</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.5pt">New York,
        New York 10271</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 238-3000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 653-1760</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fax: (212) 238-3100</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fax: (212) 653-1730</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 1pt">http://www.emmetmarvin.com</FONT></P></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">177
        Madison Avenue</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">Morristown,
        New Jersey 07960</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">(973)
        538-5600</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><FONT STYLE="font-variant: small-caps">Fax:
        (973) 538-6448<BR STYLE="mso-special-character: line-break">
        <BR STYLE="mso-special-character: line-break">
        </FONT></P></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">August 11, 2014</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Bank of New York Mellon,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">as Depositary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">101 Barclay Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York, 10286</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Re:</TD>
    <TD STYLE="width: 90%; border-bottom: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">American Depositary Shares representing Preferred Shares (<I>a&ccedil;&otilde;es preferenciais</I>) of Suzano Papel e Celulose S.A.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We refer to the registration
statement to be filed on Form F-6 under the Securities Act of 1933 (the &quot;Registration Statement&quot;) by the legal entity
created by the agreement (the &quot;Deposit Agreement&quot;) for issuance of American Depositary Shares (&quot;ADSs&quot;), which
may be evidenced by American Depositary Receipts (&quot;ADRs&quot;), representing preferred shares (<I>a&ccedil;&otilde;es preferenciais</I>)
of Suzano Papel e Celulose S.A., for which you propose to act as Depositary.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are of the opinion
that the ADSs covered by the Registration Statement, when issued in accordance with the terms of the Deposit Agreement, will, when
sold, be legally issued and will entitle the holders thereof to the rights specified in the Deposit Agreement and the ADRs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This opinion may
be used by you as an exhibit to the Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 12pt 3in; text-align: justify">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 3in; text-align: justify"><U>/s/ EMMET, MARVIN &amp; MARTIN,
LLP</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">EMMET, MARVIN &amp; MARTIN, LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 3in; text-align: justify">&nbsp;</P>



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