<SEC-DOCUMENT>0001104659-21-055903.txt : 20210428
<SEC-HEADER>0001104659-21-055903.hdr.sgml : 20210428
<ACCEPTANCE-DATETIME>20210428060607
ACCESSION NUMBER:		0001104659-21-055903
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210428
FILED AS OF DATE:		20210428
DATE AS OF CHANGE:		20210428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Suzano S.A.
		CENTRAL INDEX KEY:			0000909327
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPER MILLS [2621]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38755
		FILM NUMBER:		21861186

	BUSINESS ADDRESS:	
		STREET 1:		AV. PROFESSOR MAGALHAES NETO, 1,752
		STREET 2:		10TH FLOOR, ROOMS 1010 AND 1011
		CITY:			SALVADOR - BA
		STATE:			D5
		ZIP:			41 810-012
		BUSINESS PHONE:		551121384588

	MAIL ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA, 1,355
		STREET 2:		7TH FLOOR
		CITY:			PINHEIROS, SAO PAULO - SP
		STATE:			D5
		ZIP:			01 452-919

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Suzano Papel e Celulose S.A.
		DATE OF NAME CHANGE:	20180322

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMPANHIA SUZANO DE PAPEL E CELULOSE                    /FI
		DATE OF NAME CHANGE:	19930719
</SEC-HEADER>
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<TYPE>6-K
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<FILENAME>tm2114395d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

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



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of April, 2021.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number 001-38755</B></P>

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



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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suzano S.A.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of Registrant&#8217;s Name into English)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Av. Professor Magalhaes Neto, 1,752</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>10th Floor, Rooms 1010 and 1011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Salvador, Brazil 41 810-012</B></P>

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

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;20-F
</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT> Form&nbsp;40-F <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1): </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7): </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Enclosures</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="tm2114395d1_ex99-1.htm">Exhibit 99.1&nbsp;&ndash;Minutes of the annual and extraordinary general meeting.</A></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April 27, 2021</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUZANO S.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Marcelo Feriozzi Bacci</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcelo Feriozzi Bacci</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer and Investor Relations Director</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2114395d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CNPJ/ME No. 16.404.287/0001-55</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NIRE No. 29.300.016.331</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MINUTES OF THE ANNUAL ORDINARY AND EXTRAORDINARY
SHAREHOLDERS&rsquo; MEETING HELD ON APRIL 27, 2021</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-variant: small-caps"><U>Date, Time and place</U></FONT></B><FONT STYLE="font-variant: small-caps">:</FONT> April 27,
2021, at 16:00 p.m., only in a digital form through the electronic system of remote attendance made available by Suzano S.A. (&ldquo;<U>Company</U>&rdquo;)
pursuant to art. 21-C, Paragraph 2, item II of CVM Instruction No. 481, of December 17, 2009, as amended (&ldquo;<U>ICVM No. 481/09</U>&rdquo;)
and in accordance with the rules established in the Shareholders Manual disclosed by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-variant: small-caps"><U>Call Notice</U></FONT></B><FONT STYLE="font-variant: small-caps">:</FONT> Called according to
the call notice published on May 26, 27 and 30, 2021, in the newspapers Di&aacute;rio Oficial da Bahia (Diverse Section), Correio da Bahia
(pages 38, 50, 50 respectively) and O Estado de S. Paulo (Estad&atilde;o) (pages B16, B10, B8, respectively), in accordance with the provisions
of art. 124 of Law No. 6,404, of December 15, 1976, as amended (&ldquo;<U>Brazilian Corporation Law</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-variant: small-caps"><U>Attendance</U></FONT></B><FONT STYLE="font-variant: small-caps">:</FONT> The shareholders representing
more than 77.15% (seventy-seven point fifteen percent) of the common shares issued by the Company at the Annual Ordinary General Meeting
and 77.13% (seventy-seven point thirteen percent) of the common shares issued by the Company at the Extraordinary General Meeting, according
to the expressed votes via Distance Voting Ballot and attendance registration in the electronic system of remote attendance made available
by the Company, pursuant to art. 21-C, Paragraph 2, item II of ICVM No. 481/09. Also, Mr. Rubens Barletta, member of the Company&rsquo;s
Audit Board; Mrs. Ana Paula Pessoa, independent member of the Board of Directors and Coordinator of the Statutory Audit Committee (SAC),
and Mr. Jos&eacute; Vital Pessoa Monteiro Filho, representative of PricewaterhouseCoopers Auditores Independentes attended the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-variant: small-caps"><U>Opening and Board</U></FONT></B>: The works were initiated by Mr. Walner Alves Cunha J&uacute;nior,
pursuant to art. 8 of the Company&rsquo;s Bylaws. Chairman: Walner Alves Cunha J&uacute;nior; Secretary: Iva Maria Souza Bueno.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-variant: small-caps"><U>Agenda</U></FONT></B><FONT STYLE="font-variant: small-caps">:</FONT> The chairman reported
as follows. <B><U>Ordinary General Meeting</U></B>: (i) examine the management accounts concerning the fiscal year ended 12/31/2020;
(ii) examine, discuss and vote on the financial statements of the Company for the fiscal year ended 12/31/2020, as well as review the
management report for such fiscal year; (iii) resolve on the absorption of accumulated losses by the balance of capital reserves; and&#8239;(iv)
determine the overall annual compensation of the Company&rsquo;s management, for the fiscal year of 2021. <B><U>Extraordinary General
Meeting</U></B>: (i) restructure the Company's Bylaws, with specific amendments to reflect the changes to the Novo Mercado Rules of B3
S.A. - Brasil, Bolsa, Balc&atilde;o (&ldquo;<U>B3</U>&rdquo;); and (ii) authorize the Company&rsquo;s management to perform all necessary
actions in order to implement the matters approved herein, pursuant to applicable law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-variant: small-caps"><U>Documents</U></FONT></B>: The Financial Statements for 2020 were published in the newspapers
Di&aacute;rio Oficial do Estado da Bahia, Correio da Bahia and O Estado de S. Paulo (Estad&atilde;o) in the edition of February 10, 2021
and as available to the Shareholders of the Company such as the copies of the publication of the Call Notice mentioned in Item 2 above,
in the Company&rsquo;s head office. In addition, they are available to Shareholders, at Suzano&rsquo;s head office, in the Company&rsquo;s
investor relations website (www.suzano.com.br/ri), as well as on the websites of the Securities and Exchange Commission of Brazil (&ldquo;<U>CVM</U>&rdquo;)
(www.cvm.gov.br) and B3 (http://www.b3.com.br), (a) the Management Report and the individual and consolidated Financial Statements of
the Company and their respective Notes, all related to the fiscal year ended on December 31, 2020, accompanied by the independent auditor&rsquo;s
report and the Audit Board report; (b) the Management Proposal including (i) a copy of the Bylaws containing the proposed amendments,
pursuant to art. 11, item I of ICVM Instruction 481/09; (ii) the detailed report on the origin and justification of the proposed amendments,
with an analysis of their legal and economic effects, under the terms of art. 11, item II of ICVM Instruction 481/09; and (iii) the information
also required by Article 12 of ICVM No. 481/09 (&ldquo;<U>Management Proposal</U>&rdquo;); and (c) the Shareholders Manual, including
instructions for participation in the AOEM.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-variant: small-caps"><U>Resolutions</U></FONT></B><FONT STYLE="font-variant: small-caps">: </FONT>Dismissed the reading
of the documents mentioned in item 6 above, considering that they are known by the Shareholders of the Company, as well as of the consolidated
voting map of expressed votes by the distance voting ballots, which was available for consultation by the shareholders attending the meeting,
pursuant to paragraph 4 of art. 21-W of ICVM No. 481/09, the shareholders of the Company present in these shareholders meetings, decided
to adopt the following resolutions, with abstentions being recorded in each case and having authorized the drawing up of these minutes
in summary form and their publication with omission of the signatures of the shareholders, pursuant to the provision of art. 130, Paragraphs
1 and 2, of the Brazilian Corporations Law:</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
approve, by majority votes, with 883,114,201 favorable votes, 1,253 contrary votes, and 167,057,061 abstentions, the accounts of the Company&rsquo;s
management for the fiscal year ended December 31, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
approve, by majority votes, with 882,964,063 favorable votes, 151,253 contrary votes, and 167,057,199 abstentions, the financial statements
of the Company for the fiscal year ended 12/31/2020, as well as to approve the management report for such fiscal year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
approve, by majority votes, with 1,040,189,072 favorable votes, 1,634 contrary votes, and 9,981,809 abstentions, the use of the balance
of the capital reserves account, in the amount of R$6,410,885,000.00 (six billion, four hundred and ten million, eight hundred and eighty-five
thousand reais), to absorb the accumulated losses balance, pursuant to the terms of item I, art. 200 of the Brazilian Corporation Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
view of the receipt of a request for the installation of the Audit Board by shareholders holding shares representing more than 2% of the
total capital stock of the Company, pursuant to article 2 of CVM Instruction No. 324 of January 19, 2000, as well as the indication of
enough candidates to comply with the provisions of art. 161, Paragraph 1, of the Brazilian Corporation Law and art. 24 of the Company&rsquo;s
Bylaws, approve the installation of the Company&rsquo;s Audit Board with the reelection of the following members for a new term of office
until the date of the Annual Ordinary Shareholders&rsquo; Meeting to resolve on the financial statements for the fiscal year ending on
December 31, 2021, registering the favorable votes, contrary votes and abstentions indicated below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Messrs. <B>(i) <FONT STYLE="font-variant: small-caps">Luiz
Augusto Marques Paes</FONT></B>, Brazilian, married, lawyer, enrolled in CPF/ME under No. 045.320.388-47, bearer of the Identity Card
(RG) No. 12.605.359-5 SSP/SP, resident and domiciled in S&atilde;o Paulo, State of S&atilde;o Paulo, with business address at Rua Gomes
de Carvalho, 1306, 2<SUP>nd</SUP> floor, conjunto 22, Vila Ol&iacute;mpia, Zip Code 04547-005, and <FONT STYLE="font-variant: small-caps"><B>Roberto
Figueiredo Mello</B></FONT>, Brazilian, married, lawyer, enrolled in CPF/ME under No. 532.755.358-20, bearer of the Identity Card (RG)
No. 3.922.596 SSP/SP, resident and domiciled in S&atilde;o Paulo, State of S&atilde;o Paulo, with business address at Rua L&iacute;bero
Badar&oacute;, 293 &ndash; 27<SUP>th</SUP> floor, Centro, Zip Code 01009-907, for the positions, respectively, of effective and alternate
members of the Audit Board, with 602,613,903 favorable votes, no contrary votes and 402,221,186 abstentions; and <B>(ii) <FONT STYLE="font-variant: small-caps">Rubens
Barletta</FONT></B>, Brazilian, divorced, lawyer, enrolled in CPF/ME under No. 397.909.328-04, bearer of the Identity Card (RG) No. 3.540.429-2
SSP/SP, resident and domiciled in S&atilde;o Paulo, State of S&atilde;o Paulo, with business address at Pra&ccedil;a Ramos de Azevedo,
209, 5<SUP>th&#8239;</SUP>floor, conjunto 52, Rep&uacute;blica, Zip Code 01037-010, and <FONT STYLE="font-variant: small-caps"><B>Luiz Gonzaga
Ramos Schubert</B></FONT>, Brazilian, widower, lawyer, enrolled in CPF/ME under No. 080.501.128-53, bearer of the Identity Card (RG)
No. 2.560.033-3 SSP/SP, resident and domiciled in S&atilde;o Paulo, State of S&atilde;o Paulo, with business address at Pra&ccedil;a
Ramos de Azevedo, 209, 5<SUP>th</SUP> floor, conjunto 52, Rep&uacute;blica, Zip Code 01037-010, for the positions, respectively, of effective
and alternate members of the Audit Board, with <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">602,613,903
favorable votes, no contrary votes and 402,221,186 abstentions; and <B>(iii)</B> by majority vote of the Company&rsquo;s minority shareholders,
with 45,237,426 favorable votes, no contrary votes, and 45,542,336 abstentions, Messrs. <FONT STYLE="font-variant: small-caps"><B>Eraldo
Soares Pe&ccedil;anha</B></FONT>, Brazilian, married, accountant, enrolled in CPF/ME under No. 179.386.437-34, bearer of the Identity
Card (RG) No. 020.809/09 CRC/RJ, resident and domiciled in Rio de Janeiro, State of Rio de Janeiro, at Avenida Prefeito Dulcidio Cardoso,
1400, apt. 1202, block I, Zip Code 22620-311, and <FONT STYLE="font-variant: small-caps"><B>Kurt Janos Toth</B></FONT>, Brazilian, widower,
economist, enrolled in CPF/ME under No. 193.789.557-20, bearer of the Identity Card (RG) No. 02437372-2 DETRAN/RJ, resident and domiciled
in Rio de Janeiro, State of Rio de Janeiro, at Rua Lagoa das Gar&ccedil;as, 200, apt. 704, Zip Code 22793-400, for the positions, respectively,
of effective and alternate members of the Audit Board.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investiture of the members of the Audit Board
hereby elected or reelected, as the case may be, is subject to the signature of the respective investiture instrument, drawn up in the
appropriate book, and such members accepted their respective titles by stating that they are fully aware of the law, fulfilling all legal
requirements for the exercise of titles and are not prevented from exercising these titles by especial law or due to criminal conviction,
or because they are under the effects of a penalty that prohibits, even temporarily, access to public offices, or by bankruptcy, malfeasance,
graft or bribery, extortion, embezzlement or crimes against the consumer, against the national financial system, against antitrust laws,
against consumer relations, public faith or property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
consign that Mr. Rafael Morsch and Mrs. Doris Wilhem were indicated as candidates, respectively, to the effective and alternate members
of the Audit Board, in the separate election held pursuant to paragraph 4 of article 161 of the Brazilian Corporation Law, having received
100,000 favorable votes, therefore remaining surpassed by the members now elected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
approve, by majority votes, with 966,101,601 favorable votes, 17,453,447 contrary votes, and 66,617,467 abstentions, pursuant to the
Management Proposal, the overall annual compensation of the Management and the Audit Board of the Company, in the global anual amount
of up to one hundred and fifty million reais (BRL 150,000,000.00), the amount of which includes: (a) up to twenty-one million reais (R$21,000,000.00)
corresponding to the fixed compensation of the members of the Board of Directors; (b) up to one hundred and twenty-seven million, eight
hundred and fifty&#8239;thousand reais (R$ 127,850,000.00) corresponding to the fixed and variable compensation of the members of the Board
of Executive Officers; (c) up to one million and one hundred and fifty thousand reais (R$1,150,000.00) corresponding to the fixed compensation
of the members of the Audit Board; and (d) the amounts corresponding to the taxes and charges levied on the compensation and which are
the Company&rsquo;s responsibility, and also benefits of any nature that are included in such amounts.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>At the Extraordinary Shareholders&rsquo; Meeting:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
approve, by majority vote, with 1,037,893,184 favorable votes, 2,019,786 contrary votes, and 9,983,616 abstentions, the restructure the
Company's Bylaws, with specific amendments to reflect the changes to the Novo Mercado Rules of B3, of March 9, 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
approval of item 7.7. will result in the following amendments: (i) amendment to the Sole Paragraph of Article 1; (ii) amendment to the
caput and exclusion of &sect; Two of Article 5; (iii) amendment to the Sole Paragraph of Article 7; (iv) amendment of the &sect; Two and
&sect; Three of Article 10; (v) amendment of &sect; One and &sect; Two of Article 12; (vi) amendment of items &ldquo;k&rdquo; and &ldquo;u&rdquo;
and exclusion of item &ldquo;t&rdquo; of Article 14; (vi) exclusion of &sect; One of Article 24; (vii) amendment of &sect; Two, alteration
of items &ldquo;a&rdquo;, &ldquo;d&rdquo;, &ldquo;e&rdquo;, &ldquo;f&rdquo; and &ldquo;g&rdquo; of &sect; Four of Article 25; (viii) inclusion
of item &quot;a&quot; and amendment of item &quot;f&quot; of &sect; One, amendment of item &quot;a&quot; of &sect; Three, amendment of
&sect; Eight, &sect; Nine and inclusion of &sect; Thirteen to &sect; Fifteen of Article 30; (ix) exclusion of &sect; One from &sect; Four
and amendment of the caput of Article 31; (x) exclusion from Article 32 to 40; e (xi) amendment of Article 43. The aforementioned articles,
paragraphs and items, as well as the other provisions of the Bylaws that had merely numerical alterations are effective with the new wording
and numbering below, described and in accordance with the consolidation contained in the Company's Bylaws, in the form of Annex A to present
AOEM:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&ldquo;<B>Article 1 </B>- [&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>Sole Paragraph</I></B><I> &ndash;
With the admission of the Company in the Novo Mercado of B3 S.A. &ndash; Brasil Bolsa, Balc&atilde;o (&ldquo;<U>B3</U>&rdquo;), the Company,
its shareholders, including its controlling shareholders, managers and audit board members, when installed, are subject to the Novo Mercado
Regulations of the B3 (&ldquo;<U>Novo Mercado Rules</U>&rdquo;).</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>Article 5</I></B><I> &ndash;
The capital stock of the Company, fully subscribed and paid-in, is of nine billion, two hundred and sixty-nine million, two hundred&#8239;</I>and
eighty one thousand, four hundred and twenty four reais and sixty three cents (R$9,269,281,424.63), divided into one billion, three hundred
and sixty one million, two hundred and sixty-three thousand, five hundred and eighty-four (1,361,263,584) common shares, all nominative
and book-entry type, with no par value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>[&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>Article 7</I></B><I> - [&hellip;]
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>Sole Paragraph</I></B><I> &ndash;
The Shareholders Meeting which has as a matter of its agenda the resolution over (i) the cancellation of the company&rsquo;s registry
as a publicly held company, or (ii) the change or the exclusion of Article 30 below, shall be called, with at least, sixty (60) days in
advance.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>Article 10</I></B><I> - [&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&sect; Two</I></B><I> &ndash;
The investiture of the managers and members of the Audit Board , sitting and substitute members is conditional to the execution of the
instrument of investiture, which shall reflect its subjection to the commitment clause referred to in Article 34 of these Bylaws.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&sect; Three</I></B><I> &ndash;
The positions of Chairman of the Board of Directors and Chief Executive Officer or key executive of the Company cannot be held by the
same person, except in the event of a vacancy, subject to the terms of the Novo Mercado Rules.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>Article 12</I></B><I> - [&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&sect; One</I></B><I> &ndash;
Out of the members of the Board of Directors, at least, two (2) or twenty percent (20%), whichever is higher, shall be Independent Directors,
as per the definition of the Novo Mercado Rules, provided that the characterization of the individuals appointed to the Board of Directors
as independent board members must be approved at the shareholders&rsquo; meeting which elects them. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&sect; Two</I></B><I> &ndash;
When, due to the calculation of the percentage set forth in the paragraph above, the result generates a fractional number, the Company
shall round to the nearest greater whole number. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>Article 14</I></B><I> - [&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>(k)</I></B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
decide on the grant, or not as the case may be, of the preemptive right of shareholders, or to reduce the period of this right, in issues
of shares, debentures convertible into shares, or warrants, the placement of which is made by one of the methods referred to in article
172 of Law No.&nbsp;6,404/76 (&ldquo;<U>Corporations Law</U>&rdquo;);</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>[&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>(t)</I></B><I> if a Committee
is created to evaluate the matter hereof, after listening such committee, to define a triple list of companies specializing in economic
valuation of companies for the preparation of an appraisal report of the Company's shares, in cases of tender offer (&ldquo;<U>OPA</U>&rdquo;)
for cancellation of registration as a publicly held company. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>Article 25</I></B><I> &ndash;
[&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&sect; Two</I></B><I> &ndash;
The SAC is a permanent body, and shall be comprised by, at least, three (3) and, at most, five (5) members, with a two (2) year term of
office, appointed and removed by the Board of Directors, in accordance with the following criteria: (i) at least one of the members of
the SAC shall be an independent member of the Company, according to the definition of the Novo Mercado Rules; (ii) at least one of the
members of the SAC shall not be a member of the Board of Directors of the Company; (iii) the members of the SAC shall not integrate the
Statutory Executive Board of Officers of the Company; (iv) the majority of the members shall meet the independence requirements indicated
in CVM Instruction No. 308, of May 14, 1999, as amended; (v) at least one (1) member shall have a recognized experience in matters of
corporate accounting, as set forth in the Internal Rules of the SAC, in the applicable legislation and in the rules issued by the regulatory
bodies of the capital markets and stock exchanges in which the securities are listed of the Company; and (vi) the same member may accumulate
the characteristics described in items &ldquo;i&rdquo; and &ldquo;v&rdquo; above. The SAC shall have a Coordinator, whose activities shall
be defined in the Internal Rules of the SAC.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>[&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I></I></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; font: normal 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&sect; Four </I></B><I> &ndash;
[&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>(a) </I></B><I>evaluate the
quarterly financial information, interim financial statements and financial statements; </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>[&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>(d)</I></B><I> ensure that the
internal audit and the internal control areas perform its duties and that the independent auditors analyze, through its own review, the
practices of the Statutory Executive Board of Officers and internal audit;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>(e)</I></B><I> establish with
the independent audit the work plan and the fee proposal;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>(f)</I></B><I> issue opinions
on the hiring, compensation and replacement of the services of the independent audit; </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>(g)</I></B><I> interact with
the independent audit on matters related to the audit procedure;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>[&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>Article 30</I></B><I> - [&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&sect; One</I></B><I> &ndash;
[&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>(a)</I></B><I> &quot;<U>Outstanding
Shares</U>&quot; means all shares issued by the Company, except those (i)&nbsp;owned, directly or indirectly, by the controlling shareholder
or persons related thereto; (ii) in the Company's treasury; (iii) held by a company controlled by the Company; or (iv) directly or indirectly
held by the managers of the Company;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>[&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>(f)</I></B><I> &ldquo;<U>Bound
Person</U>&rdquo; means any Person or group of Persons bound by a voting agreement or similar agreement, or acting jointly representing
the same interests. Examples of group of persons acting jointly representing the same interests are those (i) that are directly or indirectly
controlled or administered by a person belonging to the group of Persons, (ii) who controls or administers, under any form, a&#8239;Person
belonging to the group of Persons, (iii) that is directly or indirectly controlled or administered by any Person who directly or indirectly
controls or manages a person who is a member of the Group of Persons, (iv) in which the controlling shareholder of such person belonging
to the Group of Persons holds, directly or indirectly, a corporate interest equal to or greater than twenty percent (20%) of the voting
capital, (v) in which such Person belonging to the group of persons holds, directly or indirectly, a corporate interest equal to or greater
than twenty percent (20%) of the voting capital, or (vi) holds, directly or indirectly, a corporate interest equal to or greater than
twenty percent (20%) of the voting capital of the person belonging to the group of Persons.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>[&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&sect; Three</I></B><I> &ndash;
[&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>(a)</I></B><I> Economic Value
to be determined in a valuation report drafted pursuant to &sect; Thirteen and &sect; Fifteen of this article, in compliance with applicable
legal and regulatory rules (&ldquo;<U>Economic Value</U>&rdquo;); and </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>[&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&sect; Eight</I></B><I> &ndash;
The obligations contained in article 254-A of the Corporations Law and Article 31 of these Bylaws exclude the fulfillment by the Person
holding a Relevant Interest of the obligations contained in this Article. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&sect; Nine &ndash; </I></B><I>For
the purposes of calculating the percentage of twenty percent (20%) of the total of the shares issued by the Company to calculate the Relevant
Interest, as described in line &rdquo;d&rdquo; of Paragraph One of this Article, will not be computed the involuntary increases of equity
interest resulting from cancellation of shares in treasury or redemption of shares.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>[&hellip;]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&sect; Thirteen</I></B><I> &ndash;
The appraisal report referred to in Paragraph Three of this Article shall be prepared by a specialized institution or company, with proven
experience and independent as to the decision-making power of the Company, its managers and controlling shareholder(s).</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I></I></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; font: normal 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>Further, the valuation report
shall also satisfy the requirements of paragraphs 1 and 6 of article 8 of the Corporations Law.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&sect; Fourteen</I></B><I> -
The selection of the institution or specialized company responsible for determining the Economic Value of the Company is an exclusive
competence of the Shareholders&rsquo; Meeting, based on the presentation, by the Board of Directors, of a triple list, provided that the
respective resolution, not counting blank votes, shall be approved by a majority of votes of shareholders representing the Outstanding
Shares attending such Shareholders&rsquo; Meeting, which, if installed by the first call notice, shall be attended by shareholders representing
at least twenty percent (20%) of the total Outstanding Shares, or, if installed by the second call notice, may count on the presence of
any number of shareholders holding Outstanding Shares.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&sect; Fifteen</I></B><I> -
The costs arising from the preparation of the valuation report shall be borne entirely by the offeror.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>Article 31</I></B><I> &ndash;
The direct or indirect sale of control of the Company, either through a single transaction or through successive transactions, shall be
contracted under the condition that the acquirer of the control undertakes to execute the tender offer of shares, which shall contemplate
shares issued by the Company owned by the other shareholders, observing the conditions and terms established in the current legislation,
regulations and the Novo Mercado Rules, in order to assure them equal treatment to that given to the selling shareholder. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><B><I>Article 34</I></B><I> &ndash;
The Company, its shareholders, managers and members of the Audit Board, sitting or substitute members, if any, undertake to resolve, through
arbitration, before the Market Arbitration Chamber (C&acirc;mara de Arbitragem do Mercado), pursuant to its regulation or controversies
that may arise between them, relating to or arising from their condition as an issuer, shareholder, administrator and/or member of the
Audit Board, in special, of the provisions contained in Law No. 6,385/76, the Corporations Law, in these Bylaws, in the rules issued by
the National Monetary Council, by the Central Bank of Brazil and by the CVM, as well as in the other rules applicable to the operation
of the capital markets in general, in addition to those contained in the Novo Mercado Rules, the other regulations of B3 and the Novo
Mercado Listing Agreement.&rdquo;</I></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; font: normal 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
authorize, by majority votes, with 1,039,910,319 favorable votes, 4,384 contrary votes, and 9,981,883 abstentions, the Company's managers
to perform all measures that are necessary to implement the resolutions taken.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closure
and Approval of the Minutes</U></B>: </FONT>Once the resolutions were closed, the Ordinary and Extraordinary Shareholders&rsquo; Meetings
were suspended for the time necessary to draw up these Minutes. The meeting was reopened, these Minutes were read, found to be in compliance,
approved and signed by those attending, having been considered signatories to the minutes, pursuant to art. 21-V, Paragraph 1, of ICVM
481/09, the shareholders whose distance voting ballots were considered valid by the Company and the shareholders who registered their
attendance in the electronic system of remote attendance provided by the Company. The voting manifestation and abstention statements were
presented, authenticated by the board and filed at the head office. The votes cast by the mechanism of Distance Voting Ballots, under
the terms of ICVM 481/09, were filed with the Company. List of Shareholders attending is included in Annex B to these Minutes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Salvador, April 27, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Board</U>:<B>&nbsp;&nbsp;</B></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="padding-bottom: 1pt; width: 8%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-bottom: 1pt; width: 7%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"></TD>
    <TD STYLE="padding-bottom: 1pt; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Walner Alves Cunha Junior</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chairman</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: 0pt 0; text-align: center"><B>Iva Maria Souza Bueno</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Secretary</P></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; font: normal 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Split-Segment; Name: a2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Annex A &ndash; Consolidation of the Bylaws</I></B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CNPJ/MF n&deg; 16.404.287/0001-55</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NIRE n&deg; 29.300.016.331</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 1 &ndash; SUZANO S.A.</B> (&ldquo;<U>Company</U>&rdquo;)
is a Brazilian publicly held company with authorized capital, governed by these Bylaws and by the applicable legislation, operating in
an ethically responsible manner and with respect for human rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sole Paragraph &ndash;</B> With the admission
of the Company in the Novo Mercado of B3 S.A. &ndash; Brasil Bolsa, Balc&atilde;o (&ldquo;<U>B3</U>&rdquo;), the Company, its shareholders,
including its controlling shareholders, managers and audit board members, when installed, are subject to the Novo Mercado Regulations
of the B3 (&ldquo;<U>Novo Mercado Rules</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 2 &ndash; </B>The Company has its head
office in the city, municipality and district of Salvador, State of Bahia, which is its legal jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 3 &ndash; </B>The Company shall have
indeterminate duration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 4 &ndash; </B>The objects of the Company
are:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(a)</B></TD><TD STYLE="text-align: justify">manufacture, trade, import and export of pulp, paper and other products originated from the transformation
of forest materials, including their recycling, as well as wood and products related to the printing industry;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(b)</B></TD><TD STYLE="text-align: justify">formation and commercial operation of homogenous forests, company-owned or owned by third parties, directly
or through contracts with companies specializing in forest cultivation and management;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(c)</B></TD><TD STYLE="text-align: justify">provision of services, and import, export and commercial operation of assets related to the Company&rsquo;s
purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(d)</B></TD><TD STYLE="text-align: justify">transportation, by itself or by third parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(e)</B></TD><TD STYLE="text-align: justify">holding interest as a partner or shareholder in any other company or project;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(f)</B></TD><TD STYLE="text-align: justify">operation of port terminals;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(g)</B></TD><TD STYLE="text-align: justify">generation and sale of electricity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(h)</B></TD><TD STYLE="text-align: justify">rendering of waterborne transport services by means of cabotage and inland navigation, as well as auxiliary
activities such as maritime operations and signaling;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(i)</B></TD><TD STYLE="text-align: justify">rendering of port operator services for the movement and storage of goods, for or deriving of waterborne
transport, within the organized port area; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(j)</B></TD><TD STYLE="text-align: justify">operation of airports and landing fields.</TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 5 &ndash; </B>The capital stock of
the Company, fully subscribed and paid-in, is of nine billion, two hundred and sixty-nine million, two hundred and eighty one thousand,
four hundred and twenty four reais and sixty three cents (R$9,269,281,424.63), divided into one billion, three hundred and sixty one million,
two hundred and sixty-three thousand, five hundred and eighty-four (1,361,263,584) common shares, all nominative and book-entry type,
with no par value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash; </B>The registered capital
may be increased without any change in the Bylaws, by decision of the Board of Directors, up to the limit of seven hundred and eighty
million, one hundred and nineteen, seven hundred and twelve (780,119,712) ordinary shares, all exclusively book-entry type.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash;</B> In the event of an increase
in capital, pursuant to the terms of the law, the shareholders shall have the preemptive right in subscription of the shares to be issued,
in proportion to the number of shares that they hold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Three
&ndash;</B> The Board of Directors may exclude the right of first refusal for existing shareholders in any issue of shares, debentures
convertible into shares or warrants the placement of which is made through (i) sale on securities exchanges or by public subscription
or (ii) exchange of shares, in a public offering for acquisition of control, in accordance with the legislation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Four &ndash;</B> In the event of
capital increase by incorporation of reserves or of funds of any kind, the new shares, if issued, shall maintain the same
proportions in relation to quantity of shares as those existing at the moment prior to the increase, and the rights attributed to
the shares issued by the Company must be fully obeyed.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 6 &ndash; </B>Any shareholder who for
any reason does not within the specified period pay in any call for capital to subscribe shares of the Company shall, for the full purposes
of law, be regarded as in arrears and subject to payment of the amount subscribed with monetary adjustment, in accordance with the law,
by the Market General Price Index (IGP-M, published by the FGV), plus interest of twelve percent (12%) per year and a penalty payment
of ten percent (10%) on the amount of the outstanding balance of the call.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 7 &ndash; </B>The Shareholders Meeting
shall be convened, ordinarily, in one of the four (4) months following the ending of the business year and, extraordinarily, at any time
when called by the Chairman of the Board of Directors, by a Vice-chairman of the Board of Directors, or in any of the cases provided for
by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sole Paragraph &ndash; </B>The Shareholders
Meeting which has as a matter of its agenda the resolution over (i) the cancellation of the company&rsquo;s registry as a publicly held
company, or (ii) the change or the exclusion of Article 30 below, shall be called, with at least, sixty (60) days in advance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 8 &ndash; </B>The Shareholders Meeting
shall be declared to be in session by the Chairman of the Board of Directors, or by any of the Vice-Chairmen of the Board of Directors,
by the Chief Executive Officer, or by the Investor Relations Officer and the shareholders shall then immediately elect the Chairman of
the Meeting, who shall request one of those present to be secretary of the Meeting. The Shareholders Meeting may also be declared to be
in session by an attorney-in-fact, appointed for that specific purpose by the Chairman of the Board of Directors or by the Chief Executive
Officer.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 9 &ndash; </B>The following are the
Company&rsquo;s management bodies: (a) the Board of Directors: and (b) the Statutory Executive Board of Officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 10 &ndash; </B>The Board of Directors
is a committee decision body, and representation of the Company is a private right of the Statutory Chief Executive Officers and Statutory
Executive Officers.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash; </B>The term of office of
the members of the Board of Directors is two (2) years, and that of the Statutory Executive Board of Officers is one (1) year, but both
shall be extended until the new members appointed are sworn in. Board members will serve a unified term and re-election is allowed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash; </B>The investiture of the
managers and members of the Audit Board , sitting and substitute members is conditional to the execution of the instrument of investiture,
which shall reflect its subjection to the commitment clause referred to in Article 34 of these Bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Three &ndash; </B>The positions of Chairman
of the Board of Directors and Chief Executive Officer or key executive of the Company cannot be held by the same person, except in the
event of a vacancy, subject to the terms of the Novo Mercado Rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 11 &ndash; </B>The Annual Shareholders
Meeting shall, annually, determine the global compensation amount of the members of the Board of Directors and Statutory Executive Board
of Officers, it being for the Board of Directors to decide on the form of distribution of the amount fixed, between its members and those
of the Statutory Executive Board of Officers.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 12 &ndash; </B>The Board of Directors
shall be made up of between five (5) and ten (10) members, resident in or outside Brazil, elected and dismissed by the Shareholders Meeting,
who shall appoint a Chairman and up to two (2) Vice-Chairmen from among them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash; </B>Out of the members of
the Board of Directors, at least, two (2) or twenty percent (20%), whichever is higher, shall be Independent Directors, as per the definition
of the Novo Mercado Rules, provided that the characterization of the individuals appointed to the Board of Directors as independent board
members must be approved at the shareholders&rsquo; meeting which elects them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash; </B>When, due to the calculation
of the percentage set forth in the paragraph above, the result generates a fractional number, the Company shall round to the nearest greater
whole number.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 13 &ndash; </B>The Board of
Directors shall meet on being called by its Chairman, or any of its Vice-Chairmen or by the Chief Executive Officer, with a minimum
of two (2) days&rsquo; notice and indication of the agenda. Convocation may be by electronic mail. The quorum for the Board to be in
session at first (1<SUP>st</SUP>) call is at least two-thirds (2/3) of its members, provided that at least the Chairman or one of
the Vice-Chairmen of the Board of Directors shall be present, and, on second (2<SUP>nd</SUP>) call, the majority of its members,
provided that at least the Chairman or one of the Vice-Chairmen of the Board of Directors shall be present. The decisions of the
Board of Directors shall be taken by a majority vote of members present at the meeting, provided that one is the Chairman or one of
the Vice-Chairmen. In the event of a tied vote, the Chairman of the Board of Directors shall have a casting vote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash;</B> Members of the Board
of Directors may take part in meetings by telephone, videoconference or other means of communication; and to ensure effective participation
and authenticity of the vote, members should, within the three (3) days following meetings, deliver to the head office, or <U>send by
e-mail</U>, documents signed by them confirming their participation and the content of their votes. This procedure may be dispensed with
by the said member signing the corresponding minutes of the meeting of the Board of Directors, which must make reference to the medium
by which the member stated his or her opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash; </B>Any member of the Board
of Directors shall have the right to be represented, through written document or through e-mail, by another member of the Board of Directors,
whether for the formation of a quorum, or for voting, with the option to indicate, or not, his or her vote. This representation shall
be extinguished simultaneously with the closing of the meeting of the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Three &ndash; </B>Similarly, votes shall
be valid if made by letter, telegram or e-mail, when received by the Chairman of the Board of Directors or his substitute, up to the end
of the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Four &ndash; </B>The Chairman of the
Board of Directors may invite any of the members of the committees of the Board of Directors or any of the Executive Officers who are
not members of the Board of Directors to attend meetings, but without the right to vote, any members of executive committees to the Board
of Directors (statutory or not) or the Statutory Executive Board of Officers that not a member of the Board of Directors, and, also, any
other executive of the Company, or the representative of the Company&rsquo;s external auditors, or any third party who may be able to
contribute opinions, information or suggestions or able to assist in the decisions of the members of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Five &ndash; </B>The Board of Directors
may also appoint an honorary member, a person of recognized professional competence with a history of dedication to the Company, who may
be consulted on an information basis at the meetings of the Board of Directors, under rules and conditions to be set by the Board of Directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 14 &ndash; </B>The following shall
be the attributes of the Board of Directors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(a)</B></TD><TD STYLE="text-align: justify">to fix the general orientation of the Company&rsquo;s business, subject always to the ethical values adopted
by the community where it is working, especially respect for human rights and the environment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(b)</B></TD><TD STYLE="text-align: justify">if a Committee is created to evaluate the matter hereof, after listening such committee, to elect, evaluate
or dismiss Statutory Executive Officers of the Company, at any time, and to set the attributions and competencies of each one of them
where these are not provided by these Bylaws, as well as orient the vote of the Company, its subsidiaries or controlled companies, in
the election of the managers of the subsidiaries or controlled companies or other companies in which the Company, its subsidiaries or
controlled companies hold any equity interest, whenever the Company&rsquo;s, its subsidiaries or controlled companies investment to which
the manager will be elected represents an amount equivalent to at least five percent (5%) of the Company&rsquo;s net equity, as disclosed
in the Company&rsquo;s Financial Statements for the most recent year-end closing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(c)</B></TD><TD STYLE="text-align: justify">to inspect the management as effected by the Statutory Executive Officers; to examine the books and papers
of the Company at any time; to request information on contracts signed or to be signed, and any other actions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(d)</B></TD><TD STYLE="text-align: justify">if a Committee is created to evaluate the matter hereof, after listening such committee, to state an opinion
on the management report and accounts of the Statutory Executive Board of Officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(e)</B></TD><TD STYLE="text-align: justify">if a Committee is created to evaluate the matter hereof, after listening such committee, to appoint and
dismiss the independent auditors, subject to the right of veto provided for by law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(f)</B></TD><TD STYLE="text-align: justify">if a Committee is created to evaluate the matter hereof, after listening such committee, to approve the
accounting criteria and practices;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(g)</B></TD><TD STYLE="text-align: justify">if a Committee is created to evaluate the matter hereof, after listening such committee, to approve the
long-term global strategy to be obeyed by the Company and by the subsidiary companies, and also the long-term global strategy to be proposed
for the affiliated companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(h)</B></TD><TD STYLE="text-align: justify">if a Committee is created to evaluate the matter hereof, after listening such committee, to examine, approve,
and monitor the execution of, the annual and multi-year capital expenditure and operational budgets consolidated, which shall be prepared
by the Statutory Executive Board of Officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(i)</B></TD><TD STYLE="text-align: justify">to monitor and evaluate the economic and financial performance of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(j)</B></TD><TD STYLE="text-align: justify">to state opinions on any proposals or recommendations made by the Statutory Executive Board of Officers
to the General Shareholders Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(k)</B></TD><TD STYLE="text-align: justify">to decide on the grant, or not as the case may be, of the preemptive right of shareholders, or to reduce
the period of this right, in issues of shares, debentures convertible into shares, or warrants, the placement of which is made by one
of the methods referred to in article 172 of Law No.&nbsp;6,404/76 (&ldquo;<U>Corporations Law</U>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(l)</B></TD><TD STYLE="text-align: justify">subject to the terms of line &ldquo;k&rdquo; above, to decide on the issue of securities, including promissory
notes, for public or private distribution, inside or outside Brazil, in accordance with the respective legislation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(m)</B></TD><TD STYLE="text-align: justify">if a Committee is created to evaluate the matter hereof, after listening such committee, to authorize
initial or subsequent participation of the Company as a partner, shareholder or member of a consortium, in another company (except for
wholly owned subsidiaries) or undertaking, the giving in guarantee of any interest so acquired to third parties in the Company&rsquo;s
transactions, or disposal in any manner or form of any shareholding or interest which is part of the Company&rsquo;s assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(n)</B></TD><TD STYLE="text-align: justify">to authorize the acquisition of shares in the Company, for the purpose of cancellation, or holding in
treasury and subsequent sale;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(o)</B></TD><TD STYLE="text-align: justify">if a Committee is created to evaluate the matter hereof, after listening such committee, to appoint the
Investor Relations Officer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(p)</B></TD><TD STYLE="text-align: justify">if a Committee is created to evaluate the matter hereof, after listening such committee, to authorize
the Statutory Executive Board of Officers, with limits of authority to be defined by a resolution approved at a meeting of the Board of
Directors, the minutes of which meeting shall be duly registered with the competent Board of Trade:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">(p.1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to sell, place a charge on or acquire assets related to the Company&rsquo;s fixed assets and those referred in line &ldquo;m&rdquo; of
this Article;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">(p.2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to give a real guarantee of any nature, or to give a chattel mortgage;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">(p.3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to agree asset or liability financial transactions, including those known as &ldquo;vendor&rdquo; transactions, in which the Company is
a guarantor for its clients;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">(p.4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to sign any other contracts in accordance with defined limits of authority in relation to amounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">(p.5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to carry out, or order to be carried out, any acts not expressly provided for in these Bylaws, provided that such acts are legally within
its competence;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">(p.6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to bring actions, make concessions, reach agreements or withdraw legal proceedings, procedures, measures or any other demands in Court,
administrative or arbitration proceedings, and also to carry out voluntary tax offsetting, such as may result in or can result in obligations
or rights on the part of the Company, or which may prejudice or can prejudice the Company&rsquo;s reputation or image;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(q)</B></TD><TD STYLE="text-align: justify">to decide on the establishment of a consultative council to provide advice to the members of the Board
of Directors, and to set the positions, remuneration and rules for functioning of that body;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(r)</B></TD><TD STYLE="text-align: justify">to create other committees to advice the Board of Directors, whenever it deems this to be desirable, subject
to the terms of Article 15 below;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(s)</B></TD><TD STYLE="text-align: justify">if a Committee is created to evaluate the matter hereof, after listening such committee, to nominate people
to drive sectors or areas of the Company, as nonstatutory Executive Officer, who shall report to an Statutory Executive Officer, not implying
such procedure in the delegation of powers which, by law or the present Bylaws, are exclusive of Statutory Executive Officers elected,
neither attributing to them, therefore, the condition of member of any statutory organ; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(t)</B></TD><TD STYLE="text-align: justify">if a Committee is created to evaluate the matter hereof, after listening such committee, to define a triple
list of companies specializing in economic valuation of companies for the preparation of an appraisal report of the Company's shares,
in cases of tender offer (&ldquo;<U>OPA</U>&rdquo;) for cancellation of registration as a publicly held company.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 15 &ndash; </B>The Board of Directors
may establish other advisory committees, which function is to opine over the matter of their competence, in the terms of these Bylaws
and the resolutions of the Board of Directors. The recommendations of the committees shall have an exclusive opinionative character, being
that the members of the committees shall not have any deliberative power or responsibility for the resolutions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash; </B>The rules regarding
composition, duties and competence of an eventual committee that comes to be created by the Board of Directors are to be defined in the
specific act of creation of these committees and/or in the resolutions of the committees that follow their creation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash; </B>The committees may
have assistance from other professionals, and also an administrative support structure. The Company shall pay the remuneration of
such professionals, including that of the members of the committees and the expenses of the administrative support structure. When
the committees believe it to be necessary, they may also hire consultancy services from external professionals, whose fees shall be
paid by the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 16 &ndash;</B> The Chairman of the
Board of Directors has the following attributions, with the assistance, in relation to the matters in lines &ldquo;b&rdquo;, &ldquo;c&rdquo;
and &ldquo;d&rdquo; below, at his exclusive option, of the respective Committees of the Board of Directors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(a)</B></TD><TD STYLE="text-align: justify">to represent the Board of Directors in dealings with other parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(b)</B></TD><TD STYLE="text-align: justify">to suggest to the Board of Directors the general orientation of the Company&rsquo;s business to be transmitted
to the Statutory Executive Board of Officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(c)</B></TD><TD STYLE="text-align: justify">to prepare all the elements necessary for the practice of the acts which are within the competence of
the Board of Directors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(d)</B></TD><TD STYLE="text-align: justify">to accompany and give support to the activities of the Statutory Executive Board of Officers and/or of
any of its members.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 17 &ndash; </B>If the Chairman of the
Board of Directors is temporarily absent, he shall be substituted by one of the Vice-Presidents of that body, and it shall be for the
Chairman of the Board of Directors to indicate the substitute; and when this does not happen, it shall be for the Board of Directors to
make such indication. The same criterion shall be adopted in the same cases for any other member, who shall be substituted by one of his
peers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash; </B>If a vacancy occurs
on the Board of Directors, the seat may remain vacant until the next Annual Shareholders Meeting, without prejudice of a nomination of
a substitute, in order to complete the current mandate, by the remaining directors in a Board of Directors Meeting, in the form of article
150 of the Corporations Law, if one is necessary to maintain the minimum number of members of that body, or if it is deemed convenient
that the post should be filled.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash; </B>The substitutions provided
for in this Article shall result in the exercise of the functions and of the right to vote in the meetings of the Board of Directors,
but not in the remuneration and other advantages of the person substituted.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.5pt">THE STATUTORY EXECUTIVE
BOARD OF OFFICERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 18 &ndash; </B>The Statutory
Executive Board of Officers shall be comprised of one (1) Chief Executive Officer and between four (4) and nine (9) Statutory
Executive Officers, resident and domiciled in Brazil, and of recognized technical and administrative ability, who may be
shareholders, elected by the Board of Directors and able to be dismissed by it at any time, and also to be re-elected.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash; </B>The participation of
Statutory Executive Officers in the meeting, by telephone, videoconference or other means of communication is allowed; and in order to
ensure the effective participation and authenticity of their vote, the Statutory Executive Officers shall deliver, within three (3) days
following the meetings, at the Company&rsquo;s headquarters or send by e-mail, documents signed by them confirming their participation
and the content of their votes, and such action shall be waived upon the signature of the corresponding minutes of the meeting of the
Statutory Executive Board of Officers by said Statutory Executive Officer, which shall refer to the manner in which the Statutory Executive
Officer has expressed himself.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash; </B>The area of specific
activity and competence of each of the members of the Statutory Executive Board of Officers may be fixed by the Board of Directors, when
not specified in these Bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Three &ndash; </B>The managers are not
permitted to give personal guarantees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 19 &ndash;</B> In the temporary absence:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(a)</B></TD><TD STYLE="text-align: justify">of the Chief Executive Officer, his replacement shall be designated by the Chairman of the Board of Directors,
from among the members of the Board of Directors or the Statutory Executive Board of Officers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(b)</B></TD><TD STYLE="text-align: justify">of any other Statutory Executive Officer, his replacement shall be designated by the Chief Executive Officer,
from among the other members or from the direct subordinates of the Statutory Executive Officer who is absent or prevented, on his recommendation.
In this latter case, the direct subordinate who is substituting the absent Statutory Executive Officer shall take part in all the routine
activities and shall have all the duties of the said officer, including that of being present at meetings of the Statutory Executive Board
of Officers to instruct on matters relating to the Statutory Executive Officer who is substituted, without, however, exercising the right
to a vote of receiving the remuneration of the person substituted.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash; </B>In the event of a seat
on the Statutory Executive Board of Officers becoming vacant, the Board of Directors shall meet to fill the vacant seat, if this be necessary
to provide the minimum number of members of that body, or if the Board of Directors believes it to be convenient to fill the post. The
term of office of the Statutory Executive Officer thus elected shall terminate simultaneously with that of his peers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash; </B>Subject to the
terms of line &ldquo;b&rdquo; of the head paragraph of this Article, substitutions made under this Article shall result in the
substitute having the post of the person substituted as well as his or her own, including the right to vote, but excluding the right
to receive the remuneration or other advantages of the person substituted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 20 &ndash;</B> The Statutory Executive
Board of Officers shall meet on calling by the Chief Executive Officer, or by two (2) Statutory Executive Officers, with up to two (2)
days&rsquo; prior notice, this period being dispensed with when all of the members take part in the meeting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash; </B>The meetings of the
Statutory Executive Board of Officers shall be valid when the majority of its members are present, including the Chief Executive Officer
or his substitute.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash; </B>Decisions at all meetings
of the Statutory Executive Board of Officers shall be taken by the majority of the members present and recorded in minutes. In the event
of a tied vote, the Chief Executive Officer shall have the casting vote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Three &ndash;</B> The Statutory Executive
Officers may meet independently of the formality of calling, when there is an urgent subject. For this meeting to be valid it is necessary
that two-thirds (2/3) of the members of the Statutory Executive Board of Officers to be present or represented, and that the decision
be taken unanimously</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 21 &ndash; </B>The following shall
be attributions of the Statutory Executive Board of Officers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(a)</B></TD><TD STYLE="text-align: justify">to comply with the terms of these Bylaws, and the decisions of the General Meeting of Shareholders and
of the Board of Directors, and cause them to be complied with;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(b)</B></TD><TD STYLE="text-align: justify">to administer and manage the Company&rsquo;s business in accordance with the</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">orientation
established by the Board of Directors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(c)</B></TD><TD STYLE="text-align: justify">to produce monthly interim financial statements and deliver them to the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(d)</B></TD><TD STYLE="text-align: justify">to prepare the financial statements for each business period, as specified in these Bylaws, including
a proposal for allocation of the profit, and submit them to the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(e)</B></TD><TD STYLE="text-align: justify">to propose to the Board of Directors the approval of the procedures referred to in Articles 27 and 28
of these Bylaws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(f)</B></TD><TD STYLE="text-align: justify">to prepare the annual and multi-year operations and capital expenditure budgets, including, among other
matters, the forestry, industrial, commercial, financial and human resources plans, to be submitted
by the Chief Executive Officer to the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<!-- Field: Split-Segment; Name: a3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(g)</B></TD><TD STYLE="text-align: justify">to decide on the transactions indicated in lines &ldquo;p.1&rdquo; to &ldquo;p.4&rdquo; and &ldquo;p.6&rdquo;
of Article 14 of these Bylaws, subject, when their value does not exceed the amounts indicated in those sub-items, to the authorized limit
amounts previously established by the Board of Directors or, if their value does exceed the amounts indicated in those sub-items, after
prior submission to the Board of Directors, as well as to resolve on investments on wholly owned subsidiaries in any amounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(h)</B></TD><TD STYLE="text-align: justify">to open and/or close branch offices or warehouses throughout the whole of Brazil;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(i)</B></TD><TD STYLE="text-align: justify">to inform the Board of Directors, in the person of its Chairman, in relation to any question of singular
importance for the Company&rsquo;s business; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(j)</B></TD><TD STYLE="text-align: justify">to seek continuous improvement in the organizational climate and results.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 22 &ndash; </B>In acts and transactions
which create obligations for the Company or exonerate third parties from obligations to it, the Company shall be represented, actively
and passively, by any two (2) of its Statutory Executive Officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash; </B>The Company may be represented
by one (1) Statutory Executive Officer and one (1) person holding a power of attorney, by two (2) persons holding powers of attorney or
even by one (1) person holding a power of attorney, provided that the power of attorney itself is given by two (2) Statutory Executive
Officers, provided that the said power of attorney precisely and consistently specifies the powers that it gives and its period of validity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash;</B> No powers may be subrogated
under any power of attorney, except for the purposes of court proceedings and in-court representation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Three &ndash; </B>The Company may, subject
to the terms of this Article, be represented by a single Statutory Executive Officer, or by an attorney-in-fact with specific powers to
practice any of the following acts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(a)</B></TD><TD STYLE="text-align: justify">in acts of endorsement of checks or trade bills in favor of financial institutions, in the former case
for the purposes of deposit in the Company&rsquo;s account; or in the latter case for the purposes of discount and/or deposit and/or trading
charge and/or collection; also signing the respective contracts, proposals and bordereaux;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(b)</B></TD><TD STYLE="text-align: justify">representation of the Company before any federal, state or municipal public office, or independent public
authority, or public companies, public mixed-capital companies or foundations, solely for administrative purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(c)</B></TD><TD STYLE="text-align: justify">representation of the Company before the Labor Courts, the Public Attorneys&rsquo; Offices, or in dealings
with labor unions, including for the purposes of appointing representatives and in matters relating to hiring, suspension and dismissal
of employees and/or labor agreements including labor litigation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(d)</B></TD><TD STYLE="text-align: justify">representation of the Company in relation to third parties, for the purposes of representation which does
not involve any type of obligation on the Company.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Four &ndash; </B>Except for purposes
of the Courts, and of representation of the Company in administrative disputes and procedures relating to brands and patents, all other
powers of attorney given by the Company shall have a maximum period of validity, namely up to June 30 of the year following the year in
which they are given, unless there be established a shorter period, which must in any event always be included in the respective instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 23 &ndash; </B>The following are attributions
of the Chief Executive Officer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(a)</B></TD><TD STYLE="text-align: justify">without prejudice to the terms of Article 22 above, to represent the Company actively or passively in
the courts or outside the courts, especially to give personal testimony, and for this function he may designate a person to represent
him, by special power of attorney;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(b)</B></TD><TD STYLE="text-align: justify">to represent the Company in its public and private relationships at high level;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(c)</B></TD><TD STYLE="text-align: justify">to oversee all the Company&rsquo;s activities in conformity with the orientation established by the Board
of Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(d)</B></TD><TD STYLE="text-align: justify">to submit the annual and multi-year operations and capital expenditure budgets to the approval of the
Statutory Executive Board of Officers and the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(e)</B></TD><TD STYLE="text-align: justify">to submit to examination by the Statutory Executive Board of Officers the statistics, reports and statements
which give evidence of the global results of the Company, including those of the affiliated and subsidiary companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(f)</B></TD><TD STYLE="text-align: justify">to stimulate good relations between the Statutory Executive Board of Officers, eventual committees and
the Board of Directors, based on the interests of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(g)</B></TD><TD STYLE="text-align: justify">to keep the Board of Directors, in the person of its Chairman, constantly informed on all the facts and
acts relating to the Company&rsquo;s activities and investments, discussing all the material aspects with him;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(h)</B></TD><TD STYLE="text-align: justify">to propose to the Board of Directors:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(h.1)</TD><TD STYLE="text-align: justify">setting of financial policy, at high level, to be followed by the Company and by the subsidiary companies,
and to be proposed to the affiliated companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(h.2)</TD><TD STYLE="text-align: justify">decision on the long-term global strategy to be followed by the Company and by the subsidiary companies,
and to be proposed to the affiliated companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(h.3)</TD><TD STYLE="text-align: justify">acquisition by the Company, or its subsidiaries, or affiliated companies, of an initial or subsequent
interest, through shares, in any other company, and also the disposal of, or the placing of a charge on, any of these interests; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(h.4)</TD><TD STYLE="text-align: justify">formation of joint ventures or signing of partnerships of any type, or cancellation or renewals of such
partnerships, by the Company or by its subsidiaries, or affiliated companies.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sole Paragraph </B>&ndash; Service of process
on the Company shall be valid only when served on the Chief Executive Officer and one (1) other Statutory Executive Officer.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 24 &ndash; </B>The Audit Board is a
non-permanent body, and shall be duly installed upon request of the shareholders, in accordance with the applicable laws. One installed,
the Audit Board shall be comprised by three (3) to five (5) sitting members and an equal number of substitute members, appointed by the
Shareholders Meetings, and shall be govern by the applicable laws and rulings, by these Bylaws and by its Internal Rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash;</B> In the event of impediment
or absence of any member, or a vacancy, members of the Audit Board shall be replaced by their respective substitute members.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash; </B>The sitting members
of the Audit Board shall be entitled to receive a fixed compensation determined by the Shareholders Meeting, respected the minimum legal
limit, and shall not be entitled to receive any additional compensation of the Company, by any company controlled by it or colligated,
except if this additional compensation arises from, or is related to, services rendered to the Company prior to its appointment, or may
not compromise the exercise of the duties of audit board member.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 25 &ndash; </B>The Company shall
have a Statutory Audit Committee (&ldquo;<U>SAC</U>&rdquo;), a collegiate body of advice and instruction directly related to the
Company&rsquo;s Board of Directors, with the purpose of supervising the quality and integrity of financial reports, adherence to
legal, statutory and regulatory laws, adequacy of processes related to risk management and activities of internal and independent
auditors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash;</B> The SAC shall have its
own Internal Rules, approved by the Board of Directors, which shall provide in detail its duties, as well as operational procedures, in
compliance with the laws in force and the rules issued by the regulatory bodies of the capital markets and stock exchanges in which the
Company&rsquo;s securities are listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash; </B>The SAC is a permanent
body, and shall be comprised by, at least, three (3) and, at most, five (5) members, with a two (2) year term of office, appointed and
removed by the Board of Directors, in accordance with the following criteria: (i) at least one of the members of the SAC shall be an independent
member of the Company, according to the definition of the Novo Mercado Rules; (ii) at least one of the members of the SAC shall not be
a member of the Board of Directors of the Company; (iii) the members of the SAC shall not integrate the Statutory Executive Board of Officers
of the Company; (iv) the majority of the members shall meet the independence requirements indicated in CVM Instruction No. 308, of May
14, 1999, as amended; (v) at least one (1) member shall have a recognized experience in matters of corporate accounting, as set forth
in the Internal Rules of the SAC, in the applicable legislation and in the rules issued by the regulatory bodies of the capital markets
and stock exchanges in which the securities are listed of the Company; and (vi) the same member may accumulate the characteristics described
in items &ldquo;i&rdquo; and &ldquo;v&rdquo; above. The SAC shall have a Coordinator, whose activities shall be defined in the Internal
Rules of the SAC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Three &ndash; </B>It is prohibited the
participation of the Company&rsquo;s Statutory Executive Officers, its controlled, controlling, colligated or companies in common control,
direct or indirectly, in the SAC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Four &ndash; </B>The SAC shall have
the following duties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(a)</B></TD><TD STYLE="text-align: justify">evaluate the quarterly financial information, interim financial statements and financial statements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(b)</B></TD><TD STYLE="text-align: justify">supervise the financial area;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(c)</B></TD><TD STYLE="text-align: justify">ensure that the Statutory Executive Board of Officers develops reliable internal controls;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(d)</B></TD><TD STYLE="text-align: justify">ensure that the internal audit and the internal control areas perform its duties and that the independent
auditors analyze, through its own review, the practices of the Statutory Executive Board of Officers and internal audit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(e)</B></TD><TD STYLE="text-align: justify">establish with the independent audit the work plan and the fee proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(f)</B></TD><TD STYLE="text-align: justify">issue opinions on the hiring, compensation and replacement of the services of the independent audit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(g)</B></TD><TD STYLE="text-align: justify">interact with the independent audit on matters related to the audit procedure;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(h)</B></TD><TD STYLE="text-align: justify">evaluate, monitor and recommend to management the correction or improvement of the Company&rsquo;s internal
policies, including the policy of related party transactions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(i)</B></TD><TD STYLE="text-align: justify">evaluate and monitor the Company&rsquo;s risk exposures.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Five &ndash; </B>The Board of Directors
shall determine the compensation of the SAC&rsquo;s members, as well as the budget to cover the costs of its function.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Six &ndash; </B>The SAC shall have the
means necessary to receive and process complaints, including confidential, internal and external to the Company, regarding noncompliance
with legal and regulatory provisions applicable to the Company, in addition to internal rules and codes, including specific procedures
for the protection of the provider and the confidentiality of the complaint.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.5pt">FINANCIAL STATEMENTS
AND ALLOCATION OF NET PROFIT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 26 &ndash; </B>The business year shall
coincide with the calendar year, thus terminating on December 31 of each year, when the financial statements shall be prepared, together
with which the management bodies shall submit to the Annual Shareholders Meeting a proposal for allocation of the net profit for the fiscal
year ending on December 31 of the previous year (&ldquo;<U>Fiscal Year</U>&rdquo;), subject to deductions, in the following order, in
accordance with law:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(a)</B></TD><TD STYLE="text-align: justify">a minimum of five percent (5%) for the Legal Reserve, until it reaches twenty percent (20%) of the registered
capital, provided that in the fiscal year in which the balance of the legal reserve added by the capital reserve amounts exceed thirty
percent (30%) of the capital stock, it will not be mandatory to allocate part of the net income for the fiscal year to the legal reserve;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(b)</B></TD><TD STYLE="text-align: justify">the amounts allocated to Contingency Reserves, if constituted;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(c)</B></TD><TD STYLE="text-align: justify">the amount necessary for the payment of the minimum mandatory dividend which, in each Fiscal Year, shall
be equivalent to the lowest amount between: (i) twentyfive percent (25%) of the annual net profit adjusted in accordance with article
202 of the Corporations Law; or (ii) ten percent
(10%) of the consolidated Operational Cash Flow Generation in the respective Fiscal Year, calculated in accordance with Paragraph 3 of
this Article; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(d)</B></TD><TD STYLE="text-align: justify">the balance, if any, shall be allocated in such a way as the Statutory Executive Board of Officers propose
and the Board of Directors recommends, and the Shareholders Meeting approves, pursuant to the terms of the Corporations Law, and up to
ninety percent (90%) may be allocated to the Capital Increase Reserve, for the purpose of ensuring adequate operational conditions. This
reserve may not exceed eighty percent (80%) of the registered capital. The remainder shall be allocated to the Special Reserve under these
Bylaws for ensuring continuity of semi-annual distribution of dividends, until such reserve reaches twenty percent (20%) of the registered
capital.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash; </B>As provided for in article
197 of the Corporations Law and its subparagraphs, in any business year in which the amount of obligatory dividend, calculated in accordance
with article 202 of that same law and these Bylaws, exceeds the realized portion of the net profit for the business year, the Shareholders
Meeting may, on a proposal by the management bodies, allocate the difference to constitution of a Future Earnings Reserve.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash;</B> Under article 199 of
the Corporations Law, the balance of profit reserves, other than the reserves for contingencies and future earnings, may not exceed the
registered capital. When this limit is reached the Shareholders Meeting shall decide on the application of the excess amount, either for
paying-in or for increase of the registered capital, or in distribution of dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Three &ndash; </B>For the purposes of
calculating the amount to be paid as minimum mandatory dividends set forth in line &ldquo;c&rdquo; of Article 26, consolidated &ldquo;Operational
Cash Generation&rdquo; means the result of the following formula:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GCO = Adjusted EBITDA &ndash; Maintenance Capex</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;GCO&rdquo; means the consolidated
Generation of Operational Cash of the Fiscal Year, expressed in national currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;EBITDA&rdquo; means the net
profit of the Fiscal Year of the Company expressed in national currency, before the income tax and social contribution on net income,
financial income and expenses, depreciation, amortization and depletion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;Adjusted EBITDA&rdquo; means
the EBITDA excluding items not recurrent and/or not cash and gains (losses) arising from changes in fair value of sale of the biological
assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;Maintenance Capex&rdquo; means
the amount, expressed in national currency, of the investments in maintenance executed in the Fiscal Year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Four &ndash; </B>Upon the resolution
of the Shareholders Meeting, the Company may distribute dividends higher than the mandatory dividends set forth in line &ldquo;c&rdquo;
of this Article.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Five &ndash; </B>The Shareholders Meeting
may allocate a participation in the profits to the members of the Board of Directors and the Statutory Executive Board of Officers, in
the circumstances and within the form and limits allowed by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 27 &ndash; </B>On a proposal by the
Statutory Executive Board of Officers, approved by the Board of Directors, the Company may pay a compensation to the shareholders, as
interest on their equity, up to the limit established by article 9 of Law No. 9,249, December 26, 1995; and in accordance with sub-paragraph
7 of that article any amounts thus disbursed may be deemed part of the obligatory dividend provided for by law and by these Bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 28 &ndash; </B>Interim financial statements
shall be prepared on the last day of June of each year, and the Statutory Executive Board of Officers may:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(a)</B></TD><TD STYLE="text-align: justify">declare a semi-annual dividend, on account of the annual dividend;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(b)</B></TD><TD STYLE="text-align: justify">raise interim financial statements and declare dividends for shorter periods, on account of the annual
dividend, as long as the total of the dividends paid in each half of the business year does not exceed the amount of the capital reserves;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(c)</B></TD><TD STYLE="text-align: justify">declare interim dividends on account of retained earnings or on account of profit reserves existing in
the previous annual or half yearly financial statements, on account of the annual dividend.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 29 &ndash; </B>The annual financial
statements shall, obligatorily, be audited by external auditors registered with the CVM. Such auditors shall be chosen and/or dismissed
by the Board of Directors, subject, as the case may be, to the terms of paragraph 2 of article 142 of the Corporations Law.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.5pt">TENDER OFFER IN CASE
OF ACQUISITION OF RELEVANT INTEREST</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 30 &ndash; </B>Any Person (as
defined in paragraph one below) solely or jointly with another Bound Person(s), shareholder(s) or not of the Company, which
subscribes, acquires or, in any other form, including, without limitation, by means of exchange, conversion, corporate
reorganization (including, but not limiting to the merger of the Company and/or of its shares or the merger by the Company of other
company or the shares thereof), or even upon acquisition of preemptive rights and/or subscription of shares or other securities
issued by the Company convertible into shares or which give the right to its subscription or purchase of shares of the Company,
becomes holder, directly or indirectly, in Brazil or offshore, of Relevant Interest (as defined in paragraph one below) the Company
shall, within the maximum term of thirty (30) days counting from the date of the event which results in the ownership of the
Relevant Interest, launch or, in the case of a registered tender offer in the terms of CVM Rule 361/02, file a registry request
before CVM of, an OPA for the acquisition of the totality of the shares issued by the Company, which shall be liquidated in the
maximum term of (a) forty eight (48) days counting from the launch of the offer not subject to registration, and (b) one hundred and
eighty (180) days counting from the date of registry filing, in the case of an offer subject to registration, in the terms of the
law and applicable legislation, except for certain delays which do not arise from any act or omission of the offeror.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash; </B>For the purposes of
these Bylaws:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(a)</B></TD><TD STYLE="text-align: justify">&quot;<U>Outstanding Shares</U>&quot; means all shares issued by the Company, except those (i)&nbsp;owned,
directly or indirectly, by the controlling shareholder or persons related thereto; (ii) in the Company's treasury; (iii) held by a company
controlled by the Company; or (iv) directly or indirectly held by the managers of the Company;</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(b)</B></TD><TD STYLE="text-align: justify">&ldquo;Derivatives&rdquo; means any derivatives liquidated in shares issued by the Company and/or by means
of payment in currency, traded on the stock exchange, organized or privately traded, that are referenced in shares or any other security
issued by the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(c)</B></TD><TD STYLE="text-align: justify">&ldquo;Other Rights of Corporate Nature&rdquo; means (i) usufruct or trust on shares issued by the Company,
(ii) options to purchase, subscribe or exchange, for any purpose, that may result in the acquisition of shares issued by the Company;
or (iii) any other right that permanently or temporarily secures political or shareholder rights over shares issued by the Company, including
American Depositary Receipts (ADRs);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(d)</B></TD><TD STYLE="text-align: justify">&ldquo;Relevant Interest&rdquo; means the amount of shares issued by the Company (or its legal successors)
in a percentage equal to or greater than twenty percent (20%) of the total shares issued by it;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(e)</B></TD><TD STYLE="text-align: justify">&ldquo;Person&rdquo; means any person including, without limitation, any natural or legal person, investment
fund, condominium, securities portfolio, universality of rights, or other form of organization, resident,
domiciled or headquartered in Brazil or abroad; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(f)</B></TD><TD STYLE="text-align: justify">&ldquo;Bound Person&rdquo; means any Person or group of Persons bound by a voting agreement or similar
agreement, or acting jointly representing the same interests. Examples of group of persons acting jointly representing the same interests
are those (i) that are directly or indirectly controlled or administered by a person belonging to the group of Persons, (ii) who controls
or administers, under any form, a Person belonging to the group of Persons, (iii) that is directly or indirectly controlled or administered
by any Person who directly or indirectly controls or manages a person who is a member of the Group of Persons, (iv) in which the controlling
shareholder of such person belonging to the Group of Persons holds, directly or indirectly, a corporate interest equal to or greater than
twenty percent (20%) of the voting capital, (v) in which such Person belonging to the group of persons holds, directly or indirectly,
a corporate interest equal to or greater than twenty percent (20%) of the voting capital, or (vi) holds, directly or indirectly, a corporate
interest equal to or greater than twenty percent (20%) of the voting capital of the person belonging to the group of Persons.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash; </B>The OPA shall be (i)
addressed to all shareholders of the Company, (ii) executed in an auction to be held at B3, (iii) launched at the price determined in
accordance with the provisions of Paragraph Three below, and (iv) paid at sight, in national currency, against the acquisition in the
OPA of shares issued by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Three &ndash;</B> The acquisition price
of each share issued by the Company in the OPA will be the highest of the following values:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(a)</B></TD><TD STYLE="text-align: justify">Economic Value to be determined in a valuation report drafted pursuant to &sect; Thirteen and &sect; Fifteen
of this article, in compliance with applicable legal and regulatory rules (&ldquo;<U>Economic Value</U>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>(b)</B></TD><TD STYLE="text-align: justify">one hundred and forty-five percent (145%) of the highest unit quotation of shares issued by the Company
on any stock exchange in which the Company&rsquo;s shares are traded, during the period of twenty-four (24) months prior to the OPA, duly
updated by the reference rate of monetary adjustment of the Special Settlement and Custody System <B>&ndash;</B> SELIC (or the index that
replaces it) up to the time of payment.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Four &ndash; </B>The execution of the
OPA mentioned in the <I>caput </I>of this Article shall not exclude the possibility of a third party submitting a competing OPA, in accordance
with the applicable regulations.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Five &ndash; </B>The Person shall be
obliged to comply with any requests or requirements of the CVM regarding the OPA, within the maximum periods prescribed in the applicable
regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Six &ndash; </B>In the event that a
Person does not comply with the obligations imposed by this Article, including with respect to meeting the maximum terms (i) for the execution
of the OPA, or (ii) to attend to any requests or requirements of the CVM, the Company's Board of Directors shall call an Extraordinary
General Meeting, in which such Person may not vote, to resolve the suspension of the exercise of the rights of the Person who has not
complied with any obligation imposed by this Article, as provided in article 120 of the Corporations Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Seven &ndash; </B>Any person who acquires
or becomes holder, in Brazil or abroad, of other rights, including (i) Other Rights of Corporate Nature of shares issued by the Company,
or that may result in the acquisition of shares issued by the Company, or (ii) Derivatives (a) that give rise to the Company's shares
or (b) which give the right to receive the corresponding amount of the Company's shares, which results in such Person becoming a holder
of a Relevant Interest, shall be equally obliged to, in the maximum term of 30 (thirty) days as from the date of the event that resulted
in the ownership of the Relevant Interest, launch or, in the case of an offer to be registered pursuant to CVM Rule 361/02, file a request
for registration with the CVM of an OPA for the acquisition of the totality of the shares issued by the Company, observing the provisions
of this Article 30.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Eight &ndash; </B>The obligations contained
in article 254-A of the Corporations Law and Article 31 of these Bylaws exclude the fulfillment by the Person holding a Relevant Interest
of the obligations contained in this Article.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Nine &ndash; </B>For the purposes of
calculating the percentage of twenty percent (20%) of the total of the shares issued by the Company to calculate the Relevant Interest,
as described in line &rdquo;d&rdquo; of Paragraph One of this Article, will not be computed the involuntary increases of equity interest
resulting from cancellation of shares in treasury or redemption of shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Ten &ndash; </B>If CVM regulations applicable
to the OPA determines the adoption of a calculation criterion for the determination of the acquisition price in the OPA of each share
issued by the Company that results in a purchase price higher than that determined in the terms of Paragraph Three above, the acquisition
price calculated in accordance with CVM regulations shall prevail at the time of the OPA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Eleven &ndash; </B>The provisions of
this Article 30 do not apply to the direct and indirect controlling shareholders of the Company on September 29, 2017, and to its Successors
(defined below).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Twelve &ndash; </B>For the purposes
of paragraph eleven of Article 30 above, &ldquo;Successors&rdquo; of the direct and indirect controlling shareholders of the Company,
their respective spouses, companions, heirs, legatees, assigns and successors who, for any reason, including corporate reorganizations,
become holders of the shares (and/or of the voting rights inherent to them) and/or Other Rights of Corporate Nature related to the shares
held or which will be held by the direct and indirect controlling shareholders of the Company on September 29, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Thirteen - </B>The appraisal report
referred to in Paragraph Three of this Article shall be prepared by a specialized institution or company, with proven experience and independent
as to the decision-making power of the Company, its managers and controlling shareholder(s). Further, the valuation report shall also
satisfy the requirements of paragraphs 1 and 6 of article 8 of the Corporations Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Fourteen -</B> The selection of the
institution or specialized company responsible for determining the Economic Value of the Company is an exclusive competence of the Shareholders&rsquo;
Meeting, based on the presentation, by the Board of Directors, of a triple list, provided that the respective resolution, not counting
blank votes, shall be approved by a majority of votes of shareholders representing the Outstanding Shares attending such Shareholders&rsquo;
Meeting, which, if installed by the first call notice, shall be attended by shareholders representing at least twenty percent (20%) of
the total Outstanding Shares, or, if installed by the second call notice, may count on the presence of any number of shareholders holding
Outstanding Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Fifteen - </B>The costs arising from
the preparation of the valuation report shall be borne entirely by the offeror.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 31 &ndash; </B>The direct or indirect
sale of control of the Company, either through a single transaction or through successive transactions, shall be contracted under the
condition that the acquirer of the control undertakes to execute the tender offer of shares, which shall contemplate shares issued by
the Company owned by the other shareholders, observing the conditions and terms established in the current legislation, regulations and
the Novo Mercado Rules, in order to assure them equal treatment to that given to the selling shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 32 &ndash;</B> Any Person who
holds Outstanding Shares of the Company, in an amount greater than five percent (5%) of the total shares issued by the Company and
that wishes to carry out a new acquisition of shares issued by the Company (&ldquo;New Acquisition&rdquo;), shall be obliged, prior
to each New Acquisition, to communicate in writing to the Company's Investor Relations Officer, at least three (3) business days
prior to the date of the New Acquisition: (i) the number of Outstanding Shares that it intends to acquire; (ii) the intention to
acquire; (iii) if it has an interest to appoint a member to the Board of Directors or to the Company&rsquo;s Audit Board; (iv) the
source of the resources that will be used for such acquisition; and (v) the strategic plans related to its investment in the
Company.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; One &ndash; </B>In addition, the Person
characterized in the <I>caput</I> of this Article will be obliged to make each New Acquisition in B3, being prohibited to carry out private
or over-the counter market trades.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Two &ndash; </B>The Investor Relations
Officer is authorized, on his own initiative or in response to a request made by the regulatory bodies, to request that the Company's
shareholders or Group of Shareholders report their direct and/or indirect shareholding composition, as well as the composition of the
Its direct and/or indirect control block and, if applicable, the corporate and corporate group, in fact or in law, of which they form
part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&sect; Three &ndash; </B>In the event that
the Person does not comply with the obligations imposed by this Article, the provisions of Article 30, Seventh Paragraph, above.</P>

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

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 33 &ndash;</B> The Company shall enter
into liquidation in the circumstances provided for by law, and the Shareholders Meeting shall determine the manner of liquidation and
appoint the liquidator who shall function during the period of liquidation.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 34 &ndash;</B> The Company, its shareholders,
managers and members of the Audit Board, sitting or substitute members, if any, undertake to resolve, through arbitration, before the
Market Arbitration Chamber (<I>C&acirc;mara de Arbitragem do Mercado</I>), pursuant to its regulation or controversies that may arise
between them, relating to or arising from their condition as an issuer, shareholder, administrator and/or member of the Audit Board, in
special, of the provisions contained in Law No. 6,385/76, the Corporations Law, in these Bylaws, in the rules issued by the National Monetary
Council, by the Central Bank of Brazil and by the CVM, as well as in the other rules applicable to the operation of the capital markets
in general, in addition to those contained in the Novo Mercado Rules, the other regulations of B3 and the Novo Mercado Listing Agreement.</P>

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




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

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

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




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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Viviane Lopes Guedes Alcoforado, CPF: 575.696.653-68; </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Amundi Funds; Amundi Index Solutions;
Best Investment Corporation; Cpr Invest; Fidelity Funds - Latin America Fund; Hsbc Etfs Public Limited Company; Hsbc Global Investment
Funds - Brazil Equity; IT Now Ibovespa Fundo de &Iacute;ndice; IT Now Igct Fundo de &Iacute;ndice; IT Now Imat Fundo de &Iacute;ndice;
IT Now Ise Fundo de &Iacute;ndice; IT Now Pibb Ibrx-50 Fundo de &Iacute;ndice; Ita&uacute; A&ccedil;&otilde;es Dividendos FI; Ita&uacute;
Caixa A&ccedil;&otilde;es - Fundo de Investimento; Ita&uacute; Excelencia Social A&ccedil;&otilde;es FI; Ita&uacute; Ftse Rafi Brazil
50 Capped Index FIA; Ita&uacute; Governanca Corporativa A&ccedil;&otilde;es - Fundo de Investimento; Ita&uacute; Hedge Multimercado FI;
Ita&uacute; Hedge Plus Multimercado FD Investimento; Ita&uacute; Hunter Total Return Multimercado Fundo de Investimento; Ita&uacute; Ibovespa
Ativo Master FIA; Ita&uacute; IBrX Ativo Master FIA; Ita&uacute; Index A&ccedil;&otilde;es Ibovespa - Fundo de Investimento; Ita&uacute;
Index A&ccedil;&otilde;es IBrX - Fundo de Investimento; Ita&uacute; Long and Short Plus Multimercado FI; Ita&uacute; Momento A&ccedil;&otilde;es
FDO de Investimento; Ita&uacute; Momento Esg A&ccedil;&otilde;es Fundo de Investimento; Ita&uacute; Momento IQ A&ccedil;&otilde;es Fundo
de Investimento; Ita&uacute; Multimercado Global Equity Hedge FI; Ita&uacute; Multimercado Long and Shorts FI; Ita&uacute; Optimus Extreme
Multimercado Fundo de Investimento; Ita&uacute; Optimus Titan Multimercado Fundo de Investimento; Ita&uacute; Phoenix A&ccedil;&otilde;es
Fundo de Investimento; Ita&uacute; Phoenix IQ A&ccedil;&otilde;es Fundo de Investimento; Ita&uacute; Previd&ecirc;ncia IBrX FIA; Lcl Actions
Emergents; Long Bias FIA; Moneda Latin American Equities Fund (delaware LP; Moneda Luxembourg Sicav- Latin America Equities Fund; Most
Diversified Portfolio Sicav; Priviledge; Stichting Pensioenfonds Van de Nederlandsche Bank N.V; and WM Ibovespa Plus Fundo de Invest em
A&ccedil;&otilde;es</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Carlos Simas Tobias Fassio (CPF:054.732.577-04) and Andr&eacute;
de Almeida Rosa Soares (CPF:033.728.227-73, CPF: 006.695.727-30; </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Ascese Fundo de Investimento
em A&ccedil;&otilde;es; Dybra FIA; Dyc Fundo de Investimento em A&ccedil;&otilde;es; Dyna III Fundo de Investimento em A&ccedil;&otilde;es
- Investimento no EX; Dynamo Brasil I LLC; Dynamo Brasil III LLC; Dynamo Brasil IX LLC; Dynamo Brasil V LLC; Dynamo Brasil VI LLC; Dynamo
Brasil VIII LLC; Dynamo Brasil XIV LLC; Dynamo Brasil XV LP; Dynamo Cougar FIA; Sao Fernando IV FIA; and Tnad Fundo de Investimentos em
A&ccedil;&otilde;es</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maria Cec&iacute;lia Castro Neves Ipi&ntilde;a, CPF: 938.418.767-49;
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Daniel Feffer; David Feffer;
Jorge Feffer; and Ruben Feffer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vladmirdo Nascimento Pinto, CPF: 171.485.518-13; </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Allure FIA - BDR N&iacute;vel
I; Kiron Institucional Fundo de Investimento em A&ccedil;&otilde;es; Kiron Master Fundo de Investimento em A&ccedil;&otilde;es; and Kiron
Previd&ecirc;ncia XP Fie Fundo de Investimento em A&ccedil;&otilde;es</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maria Cec&iacute;lia Castro Neves Ipi&ntilde;a - Suzano Holding,
CPF: 938.418.767-49;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Suzano Holding S A</P>

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Viviane Lopes Guedes Alcoforado, CPF: 575.696.653-68;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of the Bank of New York ADR Department</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maria Cec&iacute;lia Castro Neves Ipi&ntilde;a, CPF: 938.418.767-49;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Alden Fundo de Investimento
em A&ccedil;&otilde;es</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mariane Dias Vlach (OAB/SP n291.567); </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maria Cec&iacute;lia Castro Neves Ipi&ntilde;a, CPF: 938.418.767-49;
</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maria Cec&iacute;lia Castro Neves Ipi&ntilde;a, CPF: 938.418.767-49;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>D&eacute;bora Morsh, CPF: 393.791.320-34;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Hayp Fundo de Investimento em
A&ccedil;&otilde;es</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1895 Fonds Fgr; AB Bond Fund, Inc. - AB All
Market Real Return Portfolio; Aberdeen Investment Funds UK Icvc II - Aberdeen em; Abu Dhabi Retirement Pensions and Benefits Fund;
Acadian Ememrging Markets Equity Fund; Acadian Emerging Markets Equity II Fund, LLC; Advanced Series Trust - Ast Mfs G. A. P.;
Advanced Series Trust - Ast Prudential Flexible M-s P; Advanced Series Trust - Ast Prudential Growth Allocation Por; Advanced Series
Trust - Ast T. Rowe Price Diversified R G P; Advanced Series Trust - Ast T. Rowe Price Growth Opp. Portf.; Advanced Series Trust-ast
F. I. Amr Q. Portfolio; Alaska Common Trust Fund; Alaska Permanent Fund; Alberta Investment Management Corporation;
Alliancebernstein Collective Investment Trust Series; Allianz GL Investors Gmbh ON Behalf of Allianzgi-fonds Dspt; Amergen Clinton
Nuclear Power Plant Nonqualified Fund; American Century Retirement Date Trust; American Century World Mutual Fd,inc-nt Emerging
Markets FD; American Century World Mutual Funds, Inc Emerg Markets Fund; American Heart Association, Inc.; Andra Ap-fonden; Aqr
Emerging Equities Fund Ii, L.P.; Aqr Lux Funds II - Aqr Style Premia: All Country Equity Fund; Arero - Der Weltfonds -nachhaltig;
Argucia Endowment Fundo de Inv Multimercado; Aria CO Pty Ltd as Trustee for Combined Investments Fund; Arizona Psprs Trust;
Arrowstreet (canada) Global All-country Fund I; Arrowstreet Emerging Market Alpha Extension Trust; Arrowstreet Emerging Market Trust
Fund; Arrowstreet Emk Alpha Extension Fund L.P.; Ascension Alpha Fund, LLC; Asset Management Exchange Ucits Ccf; Ataulfo LLC; Aviva
I Investment Funds Icvc - Aviva I International I T F; Aviva Investors; Aviva Life Pensions UK Limited; Baron Collective Investment
Trust; Baron Emerging Markets Fund; Baron Emerging Markets Fund Ltd.; Baron International Growth Fund; Barra Fundo de Investimento
em A&ccedil;&otilde;es; Barthe Holdings LLC; Bellsouth Corporation Rfa Veba Trust; Bill and Melinda Gates Foundation Trust; Bimcor
Global Equity Pooled Fund; Blackrock A. M. S. AG ON B. of I. e. M. e. I. F. (ch); Blackrock Asset Manag IR LT I Its Cap A M F T Bkr
I S FD; Blackrock Cdn Msci Emerging Markets Index Fund; Blackrock Dynamic High Income Portfolio of Blackrock F II; Blackrock
Emerging Markets Fund, Inc.; Blackrock Global Funds; Blackrock Global Funds World Agriculture; Blackrock Global Index Funds;
Blackrock Institutional Equity Funds- Emerging Markets; Blackrock Institutional Trust Company na; Blackrock Latin America Fund Inc;
Blackrock Latin American Investment Trust Plc; Blackrock Life Limited - DC Overseas Equity Fund; Blackrock Multi-asset Income
Portfolio of Blackrock Funds II; Blackrock Strategic Funds - Blackrock Emerging Markets e S F; Blk Magi Fund; Blue Shield of
California em RT Plan the; Bmo Msci Emerging Markets Index ETF; Bnym Mellon CF SL Emerging Markets Stock Index Fund; Board of
Pensions of the Evangelical Lutheran Church IN Amer; BP Pension Fund; Bpi Brasil, Fundo de Investimento Aberto Flexivel; British
Coal Staff Superannuation Scheme; British Columbia Investment Management Corporation; Bureau of Labor Funds - Labor Pension Fund;
Bureau of Labor Funds - Labor Retirement Fund; Caisse de Depot ET Placement DU Quebec; California Public Employees Retirement
System; California State Teachers Retirement System; Canada Post Corporation Registered Pension Plan; Central Provident Fund Board;
Chang Hwa CO Bank, Ltd IN Its C as M Cust of N B Fund; Chang Hwa Com BK Ltd IN Its Cap as M Cust of P Lat A EQ FD; Chevron Master
Pension Trust; Chevron UK Pension Plan; Cibc Emerging Markets Index Fund; Cititrust Lim as TR of Black Premier Fds- Ish Wor Equ Ind
FD; City of Los Angeles Fire and Police Pension Plan; City of New York Deferred Compensation Plan; City of New York Group Trust;
City of Philadelphia Pub Employees Ret System; Claritas Advisory Icatu Previd&ecirc;ncia FIM; Claritas Brasilprev Fife Fundo de
Investimento Multimercado; Claritas Hedge Master Fundo de Investimento Multimercado LP; Claritas Inflacao Institucional FIM;
Claritas Institucional Fundo de Investimento Multimercado; Claritas Long Bias Fundo de Investimento Multimercado; Claritas Long Bias
Prev Fife FIM; Claritas Long Short Master Fundo Investimento Multimercado; Claritas Macro Previd&ecirc;ncia Fife Fundo de
Investimento Multim; Claritas Previd&ecirc;ncia Fife Fundo de Investimento Multimercado; Claritas Previd&ecirc;ncia Master Fife
Fundo de Investimento Multi; Claritas Total Return Master FIM; Claritas Valor FIA; Claritas XP Long Bias Previd&ecirc;ncia Fife
Fundo de Investimento; College Retirement Equities Fund; Colonial First State Investment Fund 50; Colorado Public Employees Ret.
Association; Commingled Pension Trust Fund Emerging Markets Research Enha; Commonwealth Bank Group Super; Commonwealth of
Pennsylv.Pub.School Emp Ret S; Commonwealth Specialist Fund 4; Commonwealth Superannuation Corporation; Connecticut General Life
Insurance Company; Consulting Group Capital Mkts Funds Emer Markets Equity Fund; Cornerstone Advisors Global Public Equity Fund;
County Employees Annuity and Benefit FD of the Cook County; Custody B. of J. Ltd. Re: Stb D. B. S. M. F.; Custody B. of J. Ltd. Re:
Stb D. e. e. F. I. M. F.; Custody Bank of Japan, Ltd. as TR F Hsbc Brazil New MO Fund; Custody Bank of Japan, Ltd. Re: Diam Brics
Equity Mothr Fund; Custody Bank of Japan, Ltd. Re: Emerg Equity Passive Mothr F; Custody Bank of Japan, Ltd. Re: Rtb Nikko B. e. A.
M. F.; Custody Bank of Japan, Ltd. Stb Brazil Stock M. F.; Danske Invest Sicav; Dela Depositary Asset Management B.V.; Delaware
Pooled Trust - Macquarie e. M. P.; Desjardins RI Emerging Markets - Low Co2 Index ETF; Deutsche Asset Management S.A. for Arero -
Der Wel; Deutsche Invest I Brazilian Equities; Deutsche X-trackers Msci All World EX US Hedged Equity ETF; Diversified Markets
(2010) Pooled Fund Trust; Diversified Real Asset Cit; Dow Retirement Group Trust; Durham County Council Pension Fund; Dws Advisors
Emerging Markets Equities-passive; Dws I. Gmbh for Deam-fonds Kg-pensionen; Dws Invest Latin American Equities; Dws Latin America
Equity Fund; Eaton Vance Collective Investment Tfe Ben Plans em MQ Equ FD; Eaton Vance Int (ir) F Plc-eaton V Int (ir) Par em Mkt
Fund; Eaton Vance TR CO CO TR FD - PA Str em Mkts EQ Com TR FD; Emer Mkts Core EQ Port Dfa Invest Dimens Grou; Emerging Markets
Equity Esg Screened Fund B; Emerging Markets Equity Fund S of M P F World Funds, LLC; Emerging Markets Equity Index Esg Screened
Fund B; Emerging Markets Equity Index Master Fund; Emerging Markets Equity Select ETF; Emerging Markets Fund; Emerging Markets Great
Consumer Fund; Emerging Markets Index Non-lendable Fund; Emerging Markets Index Non-lendable Fund B; Employees Retirement System of
Georgia; European Central Bank; Evtc Cit Fof Ebp-evtc Parametric Sem Core Equity Fund TR; Exelon Generation Comp, LLC Tax Qualified
Nuclear Decomm Par; F A S Viii: Fidelity Adv Emerging Markets Fun; FI CE I PO LLC Fidelity Emerging Markets Equity Central Fund;
Fiam Emerging Markets All Cap Fund, LP; Fiam Group Trust for Emp Ben Plans: Fiam Emer Mkts Com Pool; Fiam Group Trust for Employee
Benefit Plans; Fiam Group Trust for Employee Benefit Plans: Fiam; Fiam Select Emerging Markets Equity Fund, LP; Fideicomiso Fae;
Fidelity Advisor Series Viii: Fidelity AD Glob EQ I Fund; Fidelity Concord Street Trust: Fidelity Zero Int. Index Fund; Fidelity
Emerging Markets Equity Multi-asset Base Fund; Fidelity Emerging Markets Fund; Fidelity Emerging Markets Opportunities Institutio;
Fidelity Global Dividend Investment Trust; Fidelity Group Trust for Employee Benefit Plans: F O C Pool; Fidelity Institutional Funds
Icvc - Select em MA EQ Fund; Fidelity Inv. T. Fid. Emrg. Markets Fnd; Fidelity Invest Trust Latin America Fund; Fidelity Invest
Trust: Fidelity Series Emerg Mark Opport Fun; Fidelity Investment Funds Fidelity Index Emerg Markets Fund; Fidelity Investment
Trust: Fidelity Flex International Fund; Fidelity Investment Trust: Fidelity Global Commodity Stock F; Fidelity Investment Trust:
Fidelity Global EQ Income Fund; Fidelity Investment Trust: Fidelity Series Emergin; Fidelity Investment Trust: Fidelity Total
Emerging Markets F; Fidelity Investment Trust: Fidelity Total International EF; Fidelity Investments Money Management Inc; Fidelity
Investmet Trust: Fidelity Emerging Markets Discover; Fidelity Rutland Square Trust Ii: Strategic A e M Fund; Fidelity Rutland Square
Trust Ii: Strategic Advise; Fidelity Salem Street T: Fidelity e M Index Fund; Fidelity Salem Street T: Fidelity G EX U.S Index Fund;
Fidelity Salem Street T: Fidelity Total Inte Index Fund; Fidelity Salem Street Trust: Fidelity Flex International Ind; Fidelity
Salem Street Trust: Fidelity Sai Emerging M I Fund; Fidelity Salem Street Trust: Fidelity Series G EX US I FD; Fidelity Salem Street
Trust: Fidelity Strat Real Return Fund; Fidelity Securities Fund: Fidelity Otc K6 Portfoli; Fidelity Securities Fund: Fidelity Otc
Portfolio; Fidelity Select Emerging Markets Equity Institutional Trust; Fidelity Select Global Plus All Cap Equity Institutional
Tru; FIM Previdenciario Ihara II; First Trust Bick Index Fund; First Trust Brazil Alphadex Fund; First Trust Latin America Alphadex
Fund; Flexshares Morningstar Emerging Markets Factor Tilt Index F; Flexshares Morningstar Global Upstream Resources Index Fund;
Florida Retirement System Trust Fund; Florida State Board of Administration; Ford Motor CO Defined Benef Master Trust; Ford Motor
Company of Canada, L Pension Trust; Forsta Ap-fonden; Franklin Libertyshares Icav; Franklin Templeton ETF Trust - Franklin Ftse
Brazi; Franklin Templeton ETF Trust - Franklin Ftse Latin; Freedom 100 Emerging Markets ETF; Frg Fundo de Investimento em
A&ccedil;&otilde;es Claritas; Fulcrum Liquid Real Assets Fund; Fulcrum Ucits Sicav; Fundo de Investimento em A&ccedil;&otilde;es
Mamore; Fundo de Investimento Multimercado Coliseu; Future Fund Board of Guardians; Gallery Trust - Mondrian e. M. Value Equity
Fund; General Pension and Social Security Authority; Global All Cap Alpha Tilts Fund; Goldman Sachs ETF Icav Acting Solely ON Behalf
of; Goldman Sachs ETF Trust - Goldman S Activebeta e M e ETF; Goldman Sachs ETF Trust - Goldman Sachs Emerging M; Goldman Sachs
Trust Ii- Goldman Sachs Multi-manager G e Fund; Government Employees Superannuation Board; Government of Singapore; Guidemark
Emerging Markets Fund; H.e.S.T. Australia Limited; Hand Composite Employee Benefit Trust; HC Capital Trust the Emerging Markets
Portfolio; Highland Public Inflation Hedges Fund; Houston Municipal Employees Pension System; Hsbc Bank Plc as Trustee of State
Street Aut Emerg; Ibm 401 (k) Plus Plan; Iharaprev Fundo de Investimento Multimercado Previdenciario; Illinois Municipal Retirement
Fund; Imp Diamond Fundo de Investimento Multimercado; IN BK for Rec and Dev,as TR FT ST Ret Plan and TR/Rsbp AN TR; International
Expatriate Benefit Master Trust; International Monetary Fund; International Research Equity Extended Fund Usb, L; Internationale
Kapita. Mbh Acting for Acc. Vgv Poolfonds Eme; Invesco Cleantech ETF; Invesco Latin American Fund (uk); Invesco Markets III Plc -
Inv Ftse RI Emerging Mark U ETF; Invesco Msci Global Timber ETF; Invesco Oppenheimer Global Multi-asset Growth Fund; Invesco
Purebetasm Ftse Emerging Markets ETF; Invesco Strategic Emerging Markets ETF; Investerings Foreningen Danske Invest;
Investeringsforeningen D. I. I. G. AC R. - A. KL; Investeringsforeningen D. I. I. G. e. M. R. - A. KL; Investors Wholesale Emerging
Markets Equities Trust; Irish Life Assurance Plc; Ishares (de) I Investmentaktiengesellschaft Mit TG; Ishares Core Msci Emerging
Markets ETF; Ishares Core Msci Total International Stock ETF; Ishares Emerging Markets Fundamental Index ETF; Ishares Emerging
Markets Imi Equity Index Fund; Ishares Global Timber Forestry ETF; Ishares II Public Limited Company; Ishares III Public Limited
Company; Ishares IV Public Limited Company; Ishares Msci Acwi ETF; Ishares Msci Acwi EX U.S. ETF; Ishares Msci Acwi Low Carbon
Target ETF; Ishares Msci Brazil ETF; Ishares Msci Bric ETF; Ishares Msci Emerging Markets ETF; Ishares Msci Emerging Markets EX
China ETF; Ishares Public Limited Company; Ita&uacute; Funds - Latin America Equity Fund; Ivesco Ftse Rafi Emerging Markets ETF;
John Hancock Funds II Emerging Markets Fund; John Hancock Funds II International Strategic Equity Allocat; John Hancock Funds II
Strategic Equity Allocation Fund; John Hancock Variable Ins Trust Intern Equity Index Trust; JP Morgan Diversidied Fund; Jpmorgan
Emerging Markets Research Enhanced Equity Fund; Jpmorgan Etfs (ireland) Icav; Jpmorgan Funds; Jpmorgan Funds Latin America Equity
Fund; Kaiser Foundation Hospitals; Kaiser Permanente Group Trust; Kapitalforeningen Emd Invest, Emerging Markets Ind;
Kapitalforeningen Investin Pro, Global Equities I; Kapitalforeningen Laegernes Pensionsinvestering, Lpi Aem III; Kapitalforeningen
Pensam Invest, Psi 3 Globale Aktier 3; Kraneshares Msci Emerging Markets EX China Index e; Laborers and Retirement Board Employees
Annuity Benefit; Lacm Emerging Markets Fund L.P.; Lacm Emii, L.P.; Lacm Global Equity Fund L.P.; Laerernes Pension
Forsikringsaktieselskab; Leblon Equities Institucional I Fundo de Investimento de Aco; Leblon Icatu Previd&ecirc;ncia FIM; Legal and
General Assurance Pensions Mng Ltd; Legal General Ccf; Legal General Collective Investment Trust; Legal General Global Emerging
Markets Index Fund; Legal General Global Equity Index Fund; Legal General Icav; Legal General International Index Trust; Lgiasuper
Trustee; Lgps Central Emerging Markets Equity Active Multi; Lgps Central Global Equity Active Multi Manager FU; Liontrust Investment
Funds I - Liontrust Latin America Fund; Los Angeles County Employees Ret Association; Lvip Ssga Emerging Markets Equity Index Fund;
Mackenzie Maximum Diversification Emerging Markets Index ETF; Macquarie Multi-factor Fund; Managed Pension Funds Limited; Manulife
Global Fund; Manulife Sobeys Mfs Emerging Markets Fund UT; Maryland State Retirement and Pension System; Massmutual Select T. Rowe
Price International Equi; Master Trust for Certain Tax-qualified Bechtel Retirement PL; Memorial Sloan Kettering Cancer Center;
Mercer Private Wealth International Focused Equity Pool; Mercer Qif Fund Plc; Mercer Ucits Common Contractual Fund; Merrill Lynch
Investment Managers Limited; Mfs Emerging Markets Equity Fund; Mfs Emerging Markets Equity Fund (can); Mfs Emerging Markets Equity
Trust; Mfs Heritage Trust Company Collective Investment Trust; Mfs International New Discovery Fund; Mfs Investment Funds - Emerging
Markets Equity Fund; Mfs Meridian Funds - Emerging Markets Equity Fund; Mfs Meridian Funds - Latin American Equity Fund; Mfs
Variable Insurance Trust II -mfs e M Equity Portfolio; Middletown Works Hourly and Salaried Union Retiree; Mineworkers Pension
Scheme; Ministry of Economy and Finance; Mip Active Stock Master Portfolio; Mirae Asset Global Discovery Fund; Missouri Local
Government Employees Retirement System; Mlc Masterkey Unit Trust Mlc PL Global Fund; Mobius Life Limited; Momentum Investment Funds
Sicav-sif; Mondrian All Countries World EX US EQ Fund LP; Mondrian Emerging Markets Equity Fund; Mondrian Emerging Markets Equity
Fund (irl); Mondrian Emerging Markets Equity Fund, LP; Mondrian Emerging Markets Equity Parallel Fund, L.P.; Mondrian Master
Collective Investment Trust; Msci Acwi Ex-u.S. Imi Index Fund B2; Msci Equity Index Fund B - Brazil; Multi-manager Icvc
Multi-manager Intl EQ FD; Multipartner Sicav; Municipal e Annuity A B Fund of Chicago; Nat West BK Plc as TR of ST James PL GL
Equity Unit Trust; Nat West BK Plc as TR of ST James PL ST Managed Unit Trust; National Council for Social Security Fund; New South
Walles TR Corp as TR for the TC Emer Mkt Shar Fund; New York Life Insurance and Annuity Corporation; New York State Common
Retirement Fund; New York State Nurses Association P P; New York State Teachers Retirement System; New Zealand Superannuation Fund;
NN (l); NN Paraplufonds 1 N.V; Nomura Funds Ireland Plc - American Century Emergi; Nomura Funds Ireland Plc - American Century
Emergi; Nordea 1, Sicav- Nordea 1- Latin American Equity Fund; Norges Bank; Normandia Fundo de Investimento de A&ccedil;&otilde;es;
Normandia Institucional Master FIA; Northern Emerging Markets Equity Index Fund; Northern Multi - Manager Emerging Markets Equity
Fund; Northern Trust Collective All Country World I (acwi) E-u F-l; Northern Trust Collective Emerging Markets Index Fund-lend;
Northern Trust Investiment Funds Plc; Northern Trust Ucits Fgr Fund; Ntgi QM Common Daily All Count World Exus Equ Index FD Lend;
Ntgi Quantitative Management Collec Funds Trust; Ntgi-qm Common Dac World Ex-us Investable Mif - Lending; Ntgi-qm Common Daily
Emerging Markets Equity I F- Non L; Oklahoma Public Employees Retirement System; Onepath Global Emerging Markets Pool; Onepath
Global Emerging Markets Shares(unhedged) Index Pool; Ontario Pension Board; Ontario Teachers Pension Plan Board; Oregon Public
Employees Retirement System; Pace Int Emerg Mark Equity Investments; Pacific Select Fund - PD Emerging Markets Portfolio; Panagora
Diversified Risk Multi-asset Fund, Ltd; Panagora Group Trust; Panagora Risk Parity Multi Asset Master Fund, Ltd; Parametric Emerging
Markets Fund; Parametric Tax-managed Emerging Markets Fund; Parametric Tmemc Fund, LP; Pensioenfonds Werk EN (re)intergratie;
Pensiondanmark Pensionsforsikringsaktieselskab; People S Bank of China; Pepsico Inc. Master Retirement Trust; Philadelphia Gas Works
Pension Plan; Pictet - Emerging Markets Index; Pictet - Global Megatrend Selection; Pictet - Multi Asset Global Opportunities;
Pictet - Timber; Pictet CH Institucional-emerging Markets Tracker; Pictet Global Selection Fund - G G M Fund; Pimco Equity Series:
Pimco Rafi Dynamic Multi-factor Emergin; Pioneer Emerging Markets Equity Fund; Platinum Capital Limited; Platinum Global Fund;
Platinum Global Opportunities Master Fund Ltd; Platinum International Fund; Platinum Unhedged Fund; Platinum World Portfolios Public
Limited Company; Pool Reinsurance Company Limited; Poplar Tree Fund of American Investment Trust; Principal Funds, Inc - Diversified
Real Asset Fund; Public Employees Retirement Association of New Mex; Public Employees Retirement System of Ohio; Public Employes Ret
System of Mississippi; Public Sector Pension Investment Board; Qic International Equities Fund; QS Investors Dbi Global Emerging
Markets Equity Fund LP; Qsuper; Rbc O Shaughnessy Global Equity Fund; Rbc Quant Emerging Markets Equity Leaders ETF; Robeco Capital
Growth Funds; Russell Investment Company Public Limited Company; Russell Investment Management Ltd as Trustee of the Russell;
Russell Investments Sustainable Global Shares EX F; Safra Esg Strategy Master Fundo de Investimento em A&ccedil;&otilde;es; Safra
Exportacao Fundo de Investimento em A&ccedil;&otilde;es; Safra Private-fundo de Investimento em A&ccedil;&otilde;es; Sbc Master
Pension Trust; Schwab Emerging Markets Equity ETF; Schwab Fundamental Emerg0ing Markets Large Company Index ETF; Schwab Fundamental
Emerging Markets Large Company Index Fund; Scottish Widows Investment Solutions Funds Icvc- Fundamental; Scri Robeco QI Inst Emerg
Mkts Enhanced Ind Equities Fund; Scri-robeco QI Cust Emerg Markets Enhanced Index Equit Fund; Six Circles International
Unconstrained Equity Fun; Skagen Kon-tiki Verdipapirfond; Southern Company System Master Retirement; Spartan Group Trust for Emplyee
Benefit Plans: Spartan Emerg; Spdr Msci Acwi Ex-us ETF; Spdr Msci Acwi Low Carbon Target ETF; Spdr Msci Emerging Markets Fossil Fuel
Free ETF; Spdr Msci Emerging Markets Strategicfactors ETF; Spdr SP Emerging Markets ETF; Spdr SP Emerging Markets Fund; Ssga Msci
Acwi Ex-usa Index Non-lending Daily Trust; Ssga Msci Brazil Index Non-lending QP Common Trust Fund; Ssga Spdr Etfs Europe I Plc; ST
Str Msci Acwi EX Usa Imi Screened Non-lending Comm TR FD; State of Minnesota State Employees Ret Plan; State of New Jersey Common
Pension Fund D; State of Wisconsin Invt. Board Master Trust; State of Wyoming; State ST GL Adv Trust Company Inv FF Tax EX Ret
Plans; State Street Emerging Markets Equity Index Fund; State Street Global A Lux Sicav - SS em Sri Enhanced e F; State Street
Global A. L. S. - S. S. e. M. Esg S. e. e. F.; State Street Global Advisors Lux Sicav - S S G e M I e Fund; State Street Global All
Cap Equity Ex-us Index Portfolio; State Street Icav; State Street Ireland Unit Trust; State Street R. F. e. M. I. Non-lending Common
T. Fund; State Street Variable Insurance Series Funds, Inc; Stiching Pensioenfonds Voor Huisartsen; Stichting Depositary Apg
Emerging Markets Equity Pool; Stichting Pensioenfonds Ing; Stichting Pensioenfonds Pgb; Stichting Philips Pensioenfonds; Stk Long
Biased Master Fundo de Investimento em A&ccedil;&otilde;es; Stk Long Only FIA; Storebrand Sicav; Sunamerica Series Trust SA Emerging
Markets Equity; Sunsuper Superannuation Fund; Superannuation Funds Management Corporation of S Australia; T Rowe Price Int Fnds
T.Rowe Price L Amer Fun; T. Rowe Price International Growth Equity Trust; T.Rowe P.International Stock Fund; T.Rowe Price Global
Allocation Fund, Inc.; T.Rowe Price Int.Serie,inc Trp IN.Stock Portf; T.Rowe Price Retirement Hybrid Trust; Teacher Retirement
System of Texas; Teachers Retirement System of Georgia; Texas Municipal Retirement System; the Bank of N. Y. M. (int) Ltd as T. of
I. e. M. e. I. F. UK; the Bank of New York Mellon Emp Ben Collective Invest FD Pla; the Barings e. M. U. Fund, Sub-fund, the Barings
L. A. Fund; the Board of Regents of the University of Texas System; the Board of the Pension Protection Fund; the Commonwealth Fund;
the Emerging M.S. of the Dfa I.T.CO.; the First Church of Christ Scient B Mass; the Master T B J, Ltd as T of Daiwa Brazil Stock
Open-rio WI; the Master T BK of Jpn, Ltd as T of Nikko BR EQ Mother Fund; the Master TR Bank of Japan as TR for Hsbc Brazil Mother
FD; the Master Trust Bank of Jap Ltd. as TR. for Mtbj400045829; the Master Trust Bank of Jap, Ltd. as TR. for Mtbj400045828; the
Master Trust Bank of Japan, Ltd. as T of Mutb400021492; the Master Trust Bank of Japan, Ltd. as T of Mutb400021536; the Master Trust
Bank of Japan, Ltd. as TR for Mutb400045792; the Master Trust Bank of Japan, Ltd. as Tru FO Mtbj400045849; the Master Trust Bank of
Japan, Ltd. as Trustee for Mutb4000; the Master Trust Bank of Japan, Ltd. Trustee Mutb400045794; the Monetary Authority of
Singapore; the Nomura T and B CO Ltd RE I e S Index Msci e no Hed M Fun; the North Carolina Supplemental Retirement Plans G; the
Public Instituition for Social Security; the Regents of the University of California; the Seventh Swedish National Pension Fund -
Ap7 Equity Fund; the Sultanate of Oman Ministry of Defence Pension Fund; the Texas Education Agency; the Young Men S Christian Ass
Ret Fund; Thomas White Emerging Markets Fund, LLC; Thomas White World Fund; Threadneedle Investment Funds Icvc; Threadneedle
Investment Funds Icvc - Latin America; Three Mile Island Unit One Qualified Fund; Thrivent Core Emerging Markets Equity Fund;
Thrivent International Allocation Fund; Thrivent International Allocation Portfolio; Tiaa-cref Funds - Tiaa-cref Emerging Markets
Equity I F; TM Fulcrum Diversified Absolute Return Fund; TM Fulcrum Diversified Liquid Alternatives Fund; Tobam Emerging Markets
Fund; Total International EX U.S. I Master Port of Master Inv Port; Transamerica Jpmorgan Tactical Allocation VP; Treasurer of the
ST.of N.Car.Eqt.I.FD.P.TR.; Tyler Finance LLC; Uaw Retiree Medical Benefits Trust; Ui-e - J P Morgan S/A DTVM; Universal Invest
Luxembourg SA ON Behalf of Univest; Utah State Retirement Systems; Valic Company II - International Opportunities Fund; Vaneck
Vectors Natural Resources ETF; Vanguard Emerging Markets Shares Index Fund; Vanguard Emerging Markets Stock Index Fund; Vanguard Esg
International; Vanguard F. T. C. Inst. Total Intl Stock M. Index Trust II; Vanguard Fiduciary Trt Company Instit T Intl Stk Mkt
Index T; Vanguard Funds Plc / Vanguard Esg Global All Cap U; Vanguard Funds Public Limited Company; Vanguard Inv Funds Icvc-vanguard
Ftse Global All Cap Index F; Vanguard Investment Series Plc; Vanguard Investment Series Plc / Vanguard Esg Emer; Vanguard Total
International Stock Index Fd, A SE Van S F; Vanguard Total World Stock Index Fund, A Series of; Variable Insurance Products Fund Ii:
Emerging Markets Portfo; Variable Insurance Products Fund Ii: International; Verdipapirfondet Klp Aksje Fremvoksende Markeder Indeks
I; Versus Capital Real Assets Fund LLC; Voya Emerging Markets Index Portfolio; VY T. Rowe Price International Stock Portfolio;
Washington State Investment Board; Wellington Diversified Inflation Hedges Fund; Wellington Management Funds (ireland) Plc;
Wellington Trust Company N.A.; Wellington Trust Company, National Association Mul; West Yorkshire Pension Fund; Wgi Emerging Markets
Fund, LLC; Wisdomtree Emerging Markets Esg Fund; Wisdomtree Emerging Markets Ex-state-owned Enterprises Fund; WM Pool - Equities
Trust no. 75; WM Pool - Equities Trust no. 76; Xtrackers; e Xtrackers (ie) Public Limited Company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agora Esmeralda Fundo de Investimento
Multimercado; Agora Top 10 Index FIA; Bradesco FF &Iacute;ndice Ativo Fundo de Investimento em A&ccedil;&otilde;es; Bradesco FI em
A&ccedil;&otilde;es Araucaria; Bradesco FI Multimercado Long Short; Bradesco FIA Dividendos; Bradesco FIA Equities; Bradesco FIA
Ibovespa Plus; Bradesco FIA IBrX Multipatrocinado; Bradesco FIA Institucional IBrX Ativo; Bradesco FIA Master Dividendos; Bradesco
FIA Master Ibovespa; Bradesco FIA Master IBrX; Bradesco FIA Master Previd&ecirc;ncia; Bradesco FIA Multi Setorial; Bradesco FIA
Selecao; Bradesco FIA Selection; Bradesco FIA Super Acao; Bradesco FIA Sustentabilidade Empresarial; Bradesco FIM Cr&eacute;dito
Privado Invest no Exterior CH; Bradesco FIM Long and Short; Bradesco Fundo de Investimento em A&ccedil;&otilde;es Master Long
Biased; Bradesco Fundo de Investimento em A&ccedil;&otilde;es Master Long Only; Bradesco Fundo de Investimento em
A&ccedil;&otilde;es Master Previd&ecirc;ncia I; Bradesco Fundo de Investimento em A&ccedil;&otilde;es Salubre; Bradesco Fundo de
Investimento em A&ccedil;&otilde;es Zinco; Bradesco Fundo M&uacute;tuo de Privatiza&ccedil;&atilde;o FGTS CL; Bradesco Funpresp
Fundo de Investimento Multimercado; Bradesco H FI em A&ccedil;&otilde;es Ibovespa; Bradesco H FIA Sri; Bradesco Multiportfolio FMP -
FGTS CL; Bradesco Private FIA Ibovespa Alavancado; Bradesco Private FIA Ibovespa Ativo; Bradeseg Participa&ccedil;&otilde;es S/A;
Bram FIA Ibovespa Ativo; Bram FIA IBrX Ativo; Bram FIA Institucional; Bram FIA Long Only; Bram FIM Ajax; Bram Fundo de Investimento
em A&ccedil;&otilde;es; Bram Fundo de Investimento em A&ccedil;&otilde;es Ibovespa; Bram Fundo de Investimento em
A&ccedil;&otilde;es Ibrx-50; Bram Fundo de Investimento em A&ccedil;&otilde;es Sustentabilidade Empresa; Bram Fundo de Investimento
Multimercado Equity Hedge; Bram H FI em A&ccedil;&otilde;es Ibovespa Gestao; Bram H FI em A&ccedil;&otilde;es Passivo IBrX; Bram H
FIA Dividendos; Bram H FIA Institucional; Constellation 100 Prev FIM Fife; Constellation 70 Previd&ecirc;ncia Fip Multimercado;
Constellation Icatu 70 Prev FIM; Constellation Master Fundo de Investimento de A&ccedil;&otilde;es; Constellation Qualificado Master
Fundo de Investimento de AC; Constellation Reserva Fundo de Investimento em A&ccedil;&otilde;es; Constellation Sulamerica Prev Fundo
de Investimento Multimer; ETF Bradesco Ibovespa Fundo de &Iacute;ndice; FI Elo A&ccedil;&otilde;es Investimento no Exterior; FI em
A&ccedil;&otilde;es Aruba; Fundo de Investimento de A&ccedil;&otilde;es Meaipe Ibx Ativo; Fundo de Investimento em
A&ccedil;&otilde;es Ibovespa 157; Instituto Adv.de Jubilacao e Assistencia; Lux FIA; PG Prev - Sociedade de Previd&ecirc;ncia
Privada; Skopos Blue Birds FIA; Skopos Master Fundo de Investimento em A&ccedil;&otilde;es; Trigono 70 Previd&ecirc;ncia Fundo de
Investimento Multimercado; e Trigono Icatu 100 Fundo de Investimento em A&ccedil;&otilde;es Previd&ecirc;ncia</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Viviane Lopes Guedes Alcoforado, CPF: 575.696.653-68; </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Amundi Funds; Amundi Index
Solutions; Best Investment Corporation; Cpr Invest; Fidelity Funds - Latin America Fund; Hsbc Etfs Public Limited Company; Hsbc
Global Investment Funds - Brazil Equity; IT Now Ibovespa Fundo de &Iacute;ndice; IT Now Igct Fundo de &Iacute;ndice; IT Now Imat
Fundo de &Iacute;ndice; IT Now Ise Fundo de &Iacute;ndice; IT Now Pibb Ibrx-50 Fundo de &Iacute;ndice; Ita&uacute;
A&ccedil;&otilde;es Dividendos FI; Ita&uacute; Caixa A&ccedil;&otilde;es - Fundo de Investimento; Ita&uacute; Excelencia Social
A&ccedil;&otilde;es FI; Ita&uacute; Ftse Rafi Brazil 50 Capped Index FIA; Ita&uacute; Governanca Corporativa A&ccedil;&otilde;es -
Fundo de Investimento; Ita&uacute; Hedge Multimercado FI; Ita&uacute; Hedge Plus Multimercado FD Investimento; Ita&uacute; Hunter
Total Return Multimercado Fundo de Investimento; Ita&uacute; Ibovespa Ativo Master FIA; Ita&uacute; IBrX Ativo Master FIA;
Ita&uacute; Index A&ccedil;&otilde;es Ibovespa - Fundo de Investimento; Ita&uacute; Index A&ccedil;&otilde;es IBrX - Fundo de
Investimento; Ita&uacute; Long and Short Plus Multimercado FI; Ita&uacute; Momento A&ccedil;&otilde;es FDO de Investimento;
Ita&uacute; Momento Esg A&ccedil;&otilde;es Fundo de Investimento; Ita&uacute; Momento IQ A&ccedil;&otilde;es Fundo de Investimento;
Ita&uacute; Multimercado Global Equity Hedge FI; Ita&uacute; Multimercado Long and Shorts FI; Ita&uacute; Optimus Extreme
Multimercado Fundo de Investimento; Ita&uacute; Optimus Titan Multimercado Fundo de Investimento; Ita&uacute; Phoenix
A&ccedil;&otilde;es Fundo de Investimento; Ita&uacute; Phoenix IQ A&ccedil;&otilde;es Fundo de Investimento; Ita&uacute;
Previd&ecirc;ncia IBrX FIA; Lcl Actions Emergents; Long Bias FIA; Moneda Latin American Equities Fund (delaware LP; Moneda
Luxembourg Sicav- Latin America Equities Fund; Most Diversified Portfolio Sicav; Priviledge; Stichting Pensioenfonds Van de
Nederlandsche Bank N.V; and WM Ibovespa Plus Fundo de Invest em A&ccedil;&otilde;es</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Carlos Simas, Tobias Fassio (CPF:054.732.577-04)
and Andr&eacute; de Almeida Rosa Soares (CPF:033.728.227-73, CPF: 006.695.727-30;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Ascese Fundo de Investimento
em A&ccedil;&otilde;es; Dybra FIA; Dyc Fundo de Investimento em A&ccedil;&otilde;es; Dyna III Fundo de Investimento em A&ccedil;&otilde;es
- Investimento no EX; Dynamo Brasil I LLC; Dynamo Brasil III LLC; Dynamo Brasil IX LLC; Dynamo Brasil V LLC; Dynamo Brasil VI LLC; Dynamo
Brasil VIII LLC; Dynamo Brasil XIV LLC; Dynamo Brasil XV LP; Dynamo Cougar FIA; Sao Fernando IV FIA; and Tnad Fundo de Investimentos em
A&ccedil;&otilde;es</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maria Cec&iacute;lia Castro Neves Ipi&ntilde;a, CPF: 938.418.767-49;
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Daniel Feffer; David Feffer;
Jorge Feffer; e Ruben Feffer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vladmir do Nascimento Pinto, CPF: 171.485.518-13; </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Allure FIA - BDR N&iacute;vel
I; Kiron Institucional Fundo de Investimento em A&ccedil;&otilde;es; Kiron Master Fundo de Investimento em A&ccedil;&otilde;es; and Kiron
Previd&ecirc;ncia XP Fie Fundo de Investimento em A&ccedil;&otilde;es</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maria Cec&iacute;lia Castro Neves Ipi&ntilde;a , CPF: 938.418.767-49;
Suzano Holding S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Suzano Holding S A</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Viviane Lopes Guedes Alcoforado, CPF: 575.696.653-68; </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of the Bank of New York ADR Department</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maria Cec&iacute;lia Castro Neves Ipi&ntilde;a, CPF: 938.418.767-49;
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Alden Fundo de Investimento
em A&ccedil;&otilde;es</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mariane Dias Vlach (OAB/SP n291.567);</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maria Cec&iacute;lia Castro Neves Ipi&ntilde;a, CPF: 938.418.767-49;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maria Cec&iacute;lia Castro Neves Ipi&ntilde;a, CPF: 938.418.767-49;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>D&eacute;bora Morsh, CPF: 393.791.320-34;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of Hayp Fundo de Investimento em
A&ccedil;&otilde;es</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1895 Fonds Fgr; AB Bond Fund, Inc. - AB All
Market Real Return Portfolio; Aberdeen Investment Funds UK Icvc II - Aberdeen em; Abu Dhabi Retirement Pensions and Benefits Fund;
Acadian Ememrging Markets Equity Fund; Acadian Emerging Markets Equity II Fund, LLC; Advanced Series Trust - Ast Mfs G. A. P.;
Advanced Series Trust - Ast Prudential Flexible M-s P; Advanced Series Trust - Ast Prudential Growth Allocation Por; Advanced Series
Trust - Ast T. Rowe Price Diversified R G P; Advanced Series Trust - Ast T. Rowe Price Growth Opp. Portf.; Advanced Series Trust-ast
F. I. Amr Q. Portfolio; Alaska Common Trust Fund; Alaska Permanent Fund; Alberta Investment Management Corporation;
Alliancebernstein Collective Investment Trust Series; Allianz GL Investors Gmbh ON Behalf of Allianzgi-fonds Dspt; Amergen Clinton
Nuclear Power Plant Nonqualified Fund; American Century Retirement Date Trust; American Century World Mutual Fd,inc-nt Emerging
Markets FD; American Century World Mutual Funds, Inc Emerg Markets Fund; American Heart Association, Inc.; Andra Ap-fonden; Aqr
Emerging Equities Fund Ii, L.P.; Aqr Lux Funds II - Aqr Style Premia: All Country Equity Fund; Arero - Der Weltfonds -nachhaltig;
Argucia Endowment Fundo de Inv Multimercado; Aria CO Pty Ltd as Trustee for Combined Investments Fund; Arizona Psprs Trust;
Arrowstreet (canada) Global All-country Fund I; Arrowstreet Emerging Market Alpha Extension Trust; Arrowstreet Emerging Market Trust
Fund; Arrowstreet Emk Alpha Extension Fund L.P.; Ascension Alpha Fund, LLC; Asset Management Exchange Ucits Ccf; Ataulfo LLC; Aviva
I Investment Funds Icvc - Aviva I International I T F; Aviva Investors; Aviva Life Pensions UK Limited; Baron Collective Investment
Trust; Baron Emerging Markets Fund; Baron Emerging Markets Fund Ltd.; Baron International Growth Fund; Barra Fundo de Investimento
em A&ccedil;&otilde;es; Barthe Holdings LLC; Bellsouth Corporation Rfa Veba Trust; Bill and Melinda Gates Foundation Trust; Bimcor
Global Equity Pooled Fund; Blackrock A. M. S. AG ON B. of I. e. M. e. I. F. (ch); Blackrock Asset Manag IR LT I Its Cap A M F T Bkr
I S FD; Blackrock Cdn Msci Emerging Markets Index Fund; Blackrock Dynamic High Income Portfolio of Blackrock F II; Blackrock
Emerging Markets Fund, Inc.; Blackrock Global Funds; Blackrock Global Funds World Agriculture; Blackrock Global Index Funds;
Blackrock Institutional Equity Funds- Emerging Markets; Blackrock Institutional Trust Company na; Blackrock Latin America Fund Inc;
Blackrock Latin American Investment Trust Plc; Blackrock Life Limited - DC Overseas Equity Fund; Blackrock Multi-asset Income
Portfolio of Blackrock Funds II; Blackrock Strategic Funds - Blackrock Emerging Markets e S F; Blk Magi Fund; Blue Shield of
California em RT Plan the; Bmo Msci Emerging Markets Index ETF; Bnym Mellon CF SL Emerging Markets Stock Index Fund; Board of
Pensions of the Evangelical Lutheran Church IN Amer; BP Pension Fund; Bpi Brasil, Fundo de Investimento Aberto Flexivel; British
Coal Staff Superannuation Scheme; British Columbia Investment Management Corporation; Bureau of Labor Funds - Labor Pension Fund;
Bureau of Labor Funds - Labor Retirement Fund; Caisse de Depot ET Placement DU Quebec; California Public Employees Retirement
System; California State Teachers Retirement System; Canada Post Corporation Registered Pension Plan; Central Provident Fund Board;
Chang Hwa CO Bank, Ltd IN Its C as M Cust of N B Fund; Chang Hwa Com BK Ltd IN Its Cap as M Cust of P Lat A EQ FD; Chevron Master
Pension Trust; Chevron UK Pension Plan; Cibc Emerging Markets Index Fund; Cititrust Lim as TR of Black Premier Fds- Ish Wor Equ Ind
FD; City of Los Angeles Fire and Police Pension Plan; City of New York Deferred Compensation Plan; City of New York Group Trust;
City of Philadelphia Pub Employees Ret System; Claritas Brasilprev Fife Fundo de Investimento Multimercado; Claritas Hedge Master
Fundo de Investimento Multimercado LP; Claritas Inflacao Institucional FIM; Claritas Institucional Fundo de Investimento
Multimercado; Claritas Long Bias Fundo de Investimento Multimercado; Claritas Long Bias Prev Fife FIM; Claritas Long Short Master
Fundo Investimento Multimercado; Claritas Macro Previd&ecirc;ncia Fife Fundo de Investimento Multim; Claritas Previd&ecirc;ncia
Master Fife Fundo de Investimento Multi; Claritas Total Return Master FIM; College Retirement Equities Fund; Colonial First State
Investment Fund 50; Colorado Public Employees Ret. Association; Commingled Pension Trust Fund Emerging Markets Research Enha;
Commonwealth Bank Group Super; Commonwealth of Pennsylv.Pub.School Emp Ret S; Commonwealth Specialist Fund 4; Commonwealth
Superannuation Corporation; Connecticut General Life Insurance Company; Consulting Group Capital Mkts Funds Emer Markets Equity
Fund; Cornerstone Advisors Global Public Equity Fund; County Employees Annuity and Benefit FD of the Cook County; Custody B. of J.
Ltd. Re: Stb D. B. S. M. F.; Custody B. of J. Ltd. Re: Stb D. e. e. F. I. M. F.; Custody Bank of Japan, Ltd. as TR F Hsbc Brazil New
MO Fund; Custody Bank of Japan, Ltd. Re: Diam Brics Equity Mothr Fund; Custody Bank of Japan, Ltd. Re: Emerg Equity Passive Mothr F;
Custody Bank of Japan, Ltd. Re: Rtb Nikko B. e. A. M. F.; Custody Bank of Japan, Ltd. Stb Brazil Stock M. F.; Danske Invest Sicav;
Dela Depositary Asset Management B.V.; Delaware Pooled Trust - Macquarie e. M. P.; Desjardins RI Emerging Markets - Low Co2 Index
ETF; Deutsche Asset Management S.A. for Arero - Der Wel; Deutsche Invest I Brazilian Equities; Deutsche X-trackers Msci All World EX
US Hedged Equity ETF; Diversified Markets (2010) Pooled Fund Trust; Diversified Real Asset Cit; Dow Retirement Group Trust; Durham
County Council Pension Fund; Dws Advisors Emerging Markets Equities-passive; Dws I. Gmbh for Deam-fonds Kg-pensionen; Dws Invest
Latin American Equities; Dws Latin America Equity Fund; Eaton Vance Collective Investment Tfe Ben Plans em MQ Equ FD; Eaton Vance
Int (ir) F Plc-eaton V Int (ir) Par em Mkt Fund; Eaton Vance TR CO CO TR FD - PA Str em Mkts EQ Com TR FD; Emer Mkts Core EQ Port
Dfa Invest Dimens Grou; Emerging Markets Equity Esg Screened Fund B; Emerging Markets Equity Fund S of M P F World Funds, LLC;
Emerging Markets Equity Index Esg Screened Fund B; Emerging Markets Equity Index Master Fund; Emerging Markets Equity Select ETF;
Emerging Markets Fund; Emerging Markets Great Consumer Fund; Emerging Markets Index Non-lendable Fund; Emerging Markets Index
Non-lendable Fund B; Employees Retirement System of Georgia; European Central Bank; Evtc Cit Fof Ebp-evtc Parametric Sem Core Equity
Fund TR; Exelon Generation Comp, LLC Tax Qualified Nuclear Decomm Par; F A S Viii: Fidelity Adv Emerging Markets Fun; FI CE I PO LLC
Fidelity Emerging Markets Equity Central Fund; Fiam Emerging Markets All Cap Fund, LP; Fiam Group Trust for Emp Ben Plans: Fiam Emer
Mkts Com Pool; Fiam Group Trust for Employee Benefit Plans; Fiam Group Trust for Employee Benefit Plans: Fiam; Fiam Select Emerging
Markets Equity Fund, LP; Fideicomiso Fae; Fidelity Advisor Series Viii: Fidelity AD Glob EQ I Fund; Fidelity Concord Street Trust:
Fidelity Zero Int. Index Fund; Fidelity Emerging Markets Equity Multi-asset Base Fund; Fidelity Emerging Markets Fund; Fidelity
Emerging Markets Opportunities Institutio; Fidelity Global Dividend Investment Trust; Fidelity Group Trust for Employee Benefit
Plans: F O C Pool; Fidelity Institutional Funds Icvc - Select em MA EQ Fund; Fidelity Inv. T. Fid. Emrg. Markets Fnd; Fidelity
Invest Trust Latin America Fund; Fidelity Invest Trust: Fidelity Series Emerg Mark Opport Fun; Fidelity Investment Funds Fidelity
Index Emerg Markets Fund; Fidelity Investment Trust: Fidelity Flex International Fund; Fidelity Investment Trust: Fidelity Global
Commodity Stock F; Fidelity Investment Trust: Fidelity Global EQ Income Fund; Fidelity Investment Trust: Fidelity Series Emergin;
Fidelity Investment Trust: Fidelity Total Emerging Markets F; Fidelity Investment Trust: Fidelity Total International EF; Fidelity
Investments Money Management Inc; Fidelity Investmet Trust: Fidelity Emerging Markets Discover; Fidelity Rutland Square Trust Ii:
Strategic A e M Fund; Fidelity Rutland Square Trust Ii: Strategic Advise; Fidelity Salem Street T: Fidelity e M Index Fund; Fidelity
Salem Street T: Fidelity G EX U.S Index Fund; Fidelity Salem Street T: Fidelity Total Inte Index Fund; Fidelity Salem Street Trust:
Fidelity Flex International Ind; Fidelity Salem Street Trust: Fidelity Sai Emerging M I Fund; Fidelity Salem Street Trust: Fidelity
Series G EX US I FD; Fidelity Salem Street Trust: Fidelity Strat Real Return Fund; Fidelity Securities Fund: Fidelity Otc K6
Portfoli; Fidelity Securities Fund: Fidelity Otc Portfolio; Fidelity Select Emerging Markets Equity Institutional Trust; Fidelity
Select Global Plus All Cap Equity Institutional Tru; FIM Previdenciario Ihara II; First Trust Bick Index Fund; First Trust Brazil
Alphadex Fund; First Trust Latin America Alphadex Fund; Flexshares Morningstar Emerging Markets Factor Tilt Index F; Flexshares
Morningstar Global Upstream Resources Index Fund; Florida Retirement System Trust Fund; Florida State Board of Administration; Ford
Motor CO Defined Benef Master Trust; Ford Motor Company of Canada, L Pension Trust; Forsta Ap-fonden; Franklin Libertyshares Icav;
Franklin Templeton ETF Trust - Franklin Ftse Brazi; Franklin Templeton ETF Trust - Franklin Ftse Latin; Freedom 100 Emerging Markets
ETF; Frg Fundo de Investimento em A&ccedil;&otilde;es Claritas; Fulcrum Liquid Real Assets Fund; Fulcrum Ucits Sicav; Fundo de
Investimento em A&ccedil;&otilde;es Mamore; Fundo de Investimento Multimercado Coliseu; Future Fund Board of Guardians; Gallery
Trust - Mondrian e. M. Value Equity Fund; General Pension and Social Security Authority; Global All Cap Alpha Tilts Fund; Goldman
Sachs ETF Icav Acting Solely ON Behalf of; Goldman Sachs ETF Trust - Goldman S Activebeta e M e ETF; Goldman Sachs ETF Trust -
Goldman Sachs Emerging M; Goldman Sachs Trust Ii- Goldman Sachs Multi-manager G e Fund; Government Employees Superannuation Board;
Government of Singapore; Guidemark Emerging Markets Fund; H.e.S.T. Australia Limited; Hand Composite Employee Benefit Trust; HC
Capital Trust the Emerging Markets Portfolio; Highland Public Inflation Hedges Fund; Houston Municipal Employees Pension System;
Hsbc Bank Plc as Trustee of State Street Aut Emerg; Ibm 401 (k) Plus Plan; Iharaprev Fundo de Investimento Multimercado
Previdenciario; Illinois Municipal Retirement Fund; Imp Diamond Fundo de Investimento Multimercado; IN BK for Rec and Dev,as TR FT
ST Ret Plan and TR/Rsbp AN TR; International Expatriate Benefit Master Trust; International Monetary Fund; International Research
Equity Extended Fund Usb, L; Internationale Kapita. Mbh Acting for Acc. Vgv Poolfonds Eme; Invesco Cleantech ETF; Invesco Latin
American Fund (uk); Invesco Markets III Plc - Inv Ftse RI Emerging Mark U ETF; Invesco Msci Global Timber ETF; Invesco Oppenheimer
Global Multi-asset Growth Fund; Invesco Purebetasm Ftse Emerging Markets ETF; Invesco Strategic Emerging Markets ETF; Investerings
Foreningen Danske Invest; Investeringsforeningen D. I. I. G. AC R. - A. KL; Investeringsforeningen D. I. I. G. e. M. R. - A. KL;
Investors Wholesale Emerging Markets Equities Trust; Irish Life Assurance Plc; Ishares (de) I Investmentaktiengesellschaft Mit TG;
Ishares Core Msci Emerging Markets ETF; Ishares Core Msci Total International Stock ETF; Ishares Emerging Markets Fundamental Index
ETF; Ishares Emerging Markets Imi Equity Index Fund; Ishares Global Timber Forestry ETF; Ishares II Public Limited Company; Ishares
III Public Limited Company; Ishares IV Public Limited Company; Ishares Msci Acwi ETF; Ishares Msci Acwi EX U.S. ETF; Ishares Msci
Acwi Low Carbon Target ETF; Ishares Msci Brazil ETF; Ishares Msci Bric ETF; Ishares Msci Emerging Markets ETF; Ishares Msci Emerging
Markets EX China ETF; Ishares Public Limited Company; Ita&uacute; Funds - Latin America Equity Fund; Ivesco Ftse Rafi Emerging
Markets ETF; John Hancock Funds II Emerging Markets Fund; John Hancock Funds II International Strategic Equity Allocat; John Hancock
Funds II Strategic Equity Allocation Fund; John Hancock Variable Ins Trust Intern Equity Index Trust; JP Morgan Diversidied Fund;
Jpmorgan Emerging Markets Research Enhanced Equity Fund; Jpmorgan Etfs (ireland) Icav; Jpmorgan Funds; Jpmorgan Funds Latin America
Equity Fund; Kaiser Foundation Hospitals; Kaiser Permanente Group Trust; Kapitalforeningen Emd Invest, Emerging Markets Ind;
Kapitalforeningen Investin Pro, Global Equities I; Kapitalforeningen Laegernes Pensionsinvestering, Lpi Aem III; Kapitalforeningen
Pensam Invest, Psi 3 Globale Aktier 3; Kraneshares Msci Emerging Markets EX China Index e; Laborers and Retirement Board Employees
Annuity Benefit; Lacm Emerging Markets Fund L.P.; Lacm Emii, L.P.; Lacm Global Equity Fund L.P.; Laerernes Pension
Forsikringsaktieselskab; Leblon Equities Institucional I Fundo de Investimento de Aco; Leblon Icatu Previd&ecirc;ncia FIM; Legal and
General Assurance Pensions Mng Ltd; Legal General Ccf; Legal General Collective Investment Trust; Legal General Global Emerging
Markets Index Fund; Legal General Global Equity Index Fund; Legal General Icav; Legal General International Index Trust; Lgiasuper
Trustee; Lgps Central Emerging Markets Equity Active Multi; Lgps Central Global Equity Active Multi Manager FU; Liontrust Investment
Funds I - Liontrust Latin America Fund; Los Angeles County Employees Ret Association; Lvip Ssga Emerging Markets Equity Index Fund;
Mackenzie Maximum Diversification Emerging Markets Index ETF; Macquarie Multi-factor Fund; Managed Pension Funds Limited; Manulife
Global Fund; Manulife Sobeys Mfs Emerging Markets Fund UT; Maryland State Retirement and Pension System; Massmutual Select T. Rowe
Price International Equi; Master Trust for Certain Tax-qualified Bechtel Retirement PL; Memorial Sloan Kettering Cancer Center;
Mercer Private Wealth International Focused Equity Pool; Mercer Qif Fund Plc; Mercer Ucits Common Contractual Fund; Merrill Lynch
Investment Managers Limited; Mfs Emerging Markets Equity Fund; Mfs Emerging Markets Equity Fund (can); Mfs Emerging Markets Equity
Trust; Mfs Heritage Trust Company Collective Investment Trust; Mfs International New Discovery Fund; Mfs Investment Funds - Emerging
Markets Equity Fund; Mfs Meridian Funds - Emerging Markets Equity Fund; Mfs Meridian Funds - Latin American Equity Fund; Mfs
Variable Insurance Trust II -mfs e M Equity Portfolio; Middletown Works Hourly and Salaried Union Retiree; Mineworkers Pension
Scheme; Ministry of Economy and Finance; Mip Active Stock Master Portfolio; Mirae Asset Global Discovery Fund; Missouri Local
Government Employees Retirement System; Mlc Masterkey Unit Trust Mlc PL Global Fund; Mobius Life Limited; Momentum Investment Funds
Sicav-sif; Mondrian All Countries World EX US EQ Fund LP; Mondrian Emerging Markets Equity Fund; Mondrian Emerging Markets Equity
Fund (irl); Mondrian Emerging Markets Equity Fund, LP; Mondrian Emerging Markets Equity Parallel Fund, L.P.; Mondrian Master
Collective Investment Trust; Msci Acwi Ex-u.S. Imi Index Fund B2; Msci Equity Index Fund B - Brazil; Multi-manager Icvc
Multi-manager Intl EQ FD; Multipartner Sicav; Municipal e Annuity A B Fund of Chicago; Nat West BK Plc as TR of ST James PL GL
Equity Unit Trust; Nat West BK Plc as TR of ST James PL ST Managed Unit Trust; National Council for Social Security Fund; New South
Walles TR Corp as TR for the TC Emer Mkt Shar Fund; New York Life Insurance and Annuity Corporation; New York State Common
Retirement Fund; New York State Nurses Association P P; New York State Teachers Retirement System; New Zealand Superannuation Fund;
NN (l); NN Paraplufonds 1 N.V; Nomura Funds Ireland Plc - American Century Emergi; Nomura Funds Ireland Plc - American Century
Emergi; Nordea 1, Sicav- Nordea 1- Latin American Equity Fund; Norges Bank; Normandia Fundo de Investimento de A&ccedil;&otilde;es;
Normandia Institucional Master FIA; Northern Emerging Markets Equity Index Fund; Northern Multi - Manager Emerging Markets Equity
Fund; Northern Trust Collective All Country World I (acwi) E-u F-l; Northern Trust Collective Emerging Markets Index Fund-lend;
Northern Trust Investiment Funds Plc; Northern Trust Ucits Fgr Fund; Ntgi QM Common Daily All Count World Exus Equ Index FD Lend;
Ntgi Quantitative Management Collec Funds Trust; Ntgi-qm Common Dac World Ex-us Investable Mif - Lending; Ntgi-qm Common Daily
Emerging Markets Equity I F- Non L; Oklahoma Public Employees Retirement System; Onepath Global Emerging Markets Pool; Onepath
Global Emerging Markets Shares(unhedged) Index Pool; Ontario Pension Board; Ontario Teachers Pension Plan Board; Oregon Public
Employees Retirement System; Pace Int Emerg Mark Equity Investments; Pacific Select Fund - PD Emerging Markets Portfolio; Panagora
Diversified Risk Multi-asset Fund, Ltd; Panagora Group Trust; Panagora Risk Parity Multi Asset Master Fund, Ltd; Parametric Emerging
Markets Fund; Parametric Tax-managed Emerging Markets Fund; Parametric Tmemc Fund, LP; Pensioenfonds Werk EN (re)intergratie;
Pensiondanmark Pensionsforsikringsaktieselskab; People S Bank of China; Pepsico Inc. Master Retirement Trust; Philadelphia Gas Works
Pension Plan; Pictet - Emerging Markets Index; Pictet - Global Megatrend Selection; Pictet - Multi Asset Global Opportunities;
Pictet - Timber; Pictet CH Institucional-emerging Markets Tracker; Pictet Global Selection Fund - G G M Fund; Pimco Equity Series:
Pimco Rafi Dynamic Multi-factor Emergin; Pioneer Emerging Markets Equity Fund; Platinum Capital Limited; Platinum Global Fund;
Platinum Global Opportunities Master Fund Ltd; Platinum International Fund; Platinum Unhedged Fund; Platinum World Portfolios Public
Limited Company; Pool Reinsurance Company Limited; Poplar Tree Fund of American Investment Trust; Principal Funds, Inc - Diversified
Real Asset Fund; Public Employees Retirement Association of New Mex; Public Employees Retirement System of Ohio; Public Employes Ret
System of Mississippi; Public Pension Agency; Public Sector Pension Investment Board; Qic International Equities Fund; QS Investors
Dbi Global Emerging Markets Equity Fund LP; Qsuper; Rbc O Shaughnessy Global Equity Fund; Rbc Quant Emerging Markets Equity Leaders
ETF; Robeco Capital Growth Funds; Russell Investment Company Public Limited Company; Russell Investment Management Ltd as Trustee of
the Russell; Russell Investments Sustainable Global Shares EX F; Safra Esg Strategy Master Fundo de Investimento em
A&ccedil;&otilde;es; Safra Exportacao Fundo de Investimento em A&ccedil;&otilde;es; Safra Private-fundo de Investimento em
A&ccedil;&otilde;es; Sas Trustee Corporation Pooled Fund; Sbc Master Pension Trust; Schwab Emerging Markets Equity ETF; Schwab
Fundamental Emerg0ing Markets Large Company Index ETF; Schwab Fundamental Emerging Markets Large Company Index Fund; Scottish Widows
Investment Solutions Funds Icvc- Fundamental; Scri Robeco QI Inst Emerg Mkts Enhanced Ind Equities Fund; Scri-robeco QI Cust Emerg
Markets Enhanced Index Equit Fund; Six Circles International Unconstrained Equity Fun; Skagen Kon-tiki Verdipapirfond; Southern
Company System Master Retirement; Spartan Group Trust for Emplyee Benefit Plans: Spartan Emerg; Spdr Msci Acwi Ex-us ETF; Spdr Msci
Acwi Low Carbon Target ETF; Spdr Msci Emerging Markets Fossil Fuel Free ETF; Spdr Msci Emerging Markets Strategicfactors ETF; Spdr
SP Emerging Markets ETF; Spdr SP Emerging Markets Fund; Ssga Msci Acwi Ex-usa Index Non-lending Daily Trust; Ssga Msci Brazil Index
Non-lending QP Common Trust Fund; Ssga Spdr Etfs Europe I Plc; ST Str Msci Acwi EX Usa Imi Screened Non-lending Comm TR FD; State of
Minnesota State Employees Ret Plan; State of New Jersey Common Pension Fund D; State of Wisconsin Invt. Board Master Trust; State of
Wyoming; State ST GL Adv Trust Company Inv FF Tax EX Ret Plans; State Street Emerging Markets Equity Index Fund; State Street Global
A Lux Sicav - SS em Sri Enhanced e F; State Street Global A. L. S. - S. S. e. M. Esg S. e. e. F.; State Street Global Advisors Lux
Sicav - S S G e M I e Fund; State Street Global All Cap Equity Ex-us Index Portfolio; State Street Icav; State Street Ireland Unit
Trust; State Street R. F. e. M. I. Non-lending Common T. Fund; State Street Variable Insurance Series Funds, Inc; Stiching
Pensioenfonds Voor Huisartsen; Stichting Depositary Apg Emerging Markets Equity Pool; Stichting Pensioenfonds Ing; Stichting
Pensioenfonds Pgb; Stichting Philips Pensioenfonds; Storebrand Sicav; Sunamerica Series Trust SA Emerging Markets Equity; Sunsuper
Superannuation Fund; Superannuation Funds Management Corporation of S Australia; T Rowe Price Int Fnds T.Rowe Price L Amer Fun; T.
Rowe Price International Growth Equity Trust; T.Rowe P.International Stock Fund; T.Rowe Price Global Allocation Fund, Inc.; T.Rowe
Price Int.Serie,inc Trp IN.Stock Portf; T.Rowe Price Retirement Hybrid Trust; Teacher Retirement System of Texas; Teachers
Retirement System of Georgia; Texas Municipal Retirement System; the Bank of N. Y. M. (int) Ltd as T. of I. e. M. e. I. F. UK; the
Bank of New York Mellon Emp Ben Collective Invest FD Pla; the Barings e. M. U. Fund, Sub-fund, the Barings L. A. Fund; the Board of
Regents of the University of Texas System; the Board of the Pension Protection Fund; the Commonwealth Fund; the Emerging M.S. of the
Dfa I.T.CO.; the First Church of Christ Scient B Mass; the Master T B J, Ltd as T of Daiwa Brazil Stock Open-rio WI; the Master T BK
of Jpn, Ltd as T of Nikko BR EQ Mother Fund; the Master TR Bank of Japan as TR for Hsbc Brazil Mother FD; the Master Trust Bank of
Jap Ltd. as TR. for Mtbj400045829; the Master Trust Bank of Jap, Ltd. as TR. for Mtbj400045828; the Master Trust Bank of Japan, Ltd.
as T of Mutb400021492; the Master Trust Bank of Japan, Ltd. as T of Mutb400021536; the Master Trust Bank of Japan, Ltd. as TR for
Mutb400045792; the Master Trust Bank of Japan, Ltd. as Tru FO Mtbj400045849; the Master Trust Bank of Japan, Ltd. as Trustee for
Mutb4000; the Master Trust Bank of Japan, Ltd. Trustee Mutb400045794; the Monetary Authority of Singapore; the Nomura T and B CO Ltd
RE I e S Index Msci e no Hed M Fun; the North Carolina Supplemental Retirement Plans G; the Public Instituition for Social Security;
the Regents of the University of California; the Seventh Swedish National Pension Fund - Ap7 Equity Fund; the Sultanate of Oman
Ministry of Defence Pension Fund; the Texas Education Agency; the Young Men S Christian Ass Ret Fund; Thomas White Emerging Markets
Fund, LLC; Thomas White World Fund; Threadneedle Investment Funds Icvc; Threadneedle Investment Funds Icvc - Latin America; Three
Mile Island Unit One Qualified Fund; Thrivent Core Emerging Markets Equity Fund; Thrivent International Allocation Fund; Thrivent
International Allocation Portfolio; Tiaa-cref Funds - Tiaa-cref Emerging Markets Equity I F; TM Fulcrum Diversified Absolute Return
Fund; TM Fulcrum Diversified Liquid Alternatives Fund; Tobam Emerging Markets Fund; Total International EX U.S. I Master Port of
Master Inv Port; Transamerica Jpmorgan Tactical Allocation VP; Treasurer of the ST.of N.Car.Eqt.I.FD.P.TR.; Tyler Finance LLC; Uaw
Retiree Medical Benefits Trust; Ui-e - J P Morgan S/A DTVM; Universal Invest Luxembourg SA ON Behalf of Univest; Utah State
Retirement Systems; Valic Company II - International Opportunities Fund; Vaneck Vectors Natural Resources ETF; Vanguard Emerging
Markets Shares Index Fund; Vanguard Emerging Markets Stock Index Fund; Vanguard Esg International; Vanguard F. T. C. Inst. Total
Intl Stock M. Index Trust II; Vanguard Fiduciary Trt Company Instit T Intl Stk Mkt Index T; Vanguard Funds Plc / Vanguard Esg Global
All Cap U; Vanguard Funds Public Limited Company; Vanguard Inv Funds Icvc-vanguard Ftse Global All Cap Index F; Vanguard Investment
Series Plc; Vanguard Investment Series Plc / Vanguard Esg Emer; Vanguard Total International Stock Index Fd, A SE Van S F; Vanguard
Total World Stock Index Fund, A Series of; Variable Insurance Products Fund Ii: Emerging Markets Portfo; Variable Insurance Products
Fund Ii: International; Verdipapirfondet Klp Aksje Fremvoksende Markeder Indeks I; Versus Capital Real Assets Fund LLC; Voya
Emerging Markets Index Portfolio; VY T. Rowe Price International Stock Portfolio; Washington State Investment Board; Wellington
Diversified Inflation Hedges Fund; Wellington Management Funds (ireland) Plc; Wellington Trust Company N.A.; Wellington Trust
Company, National Association Mul; West Yorkshire Pension Fund; Wgi Emerging Markets Fund, LLC; Wisdomtree Emerging Markets Esg
Fund; Wisdomtree Emerging Markets Ex-state-owned Enterprises Fund; WM Pool - Equities Trust no. 75; WM Pool - Equities Trust no. 76;
Xtrackers; e Xtrackers (ie) Public Limited Company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agora Esmeralda Fundo de Investimento Multimercado;
Agora Top 10 Index FIA; Bradesco FF &Iacute;ndice Ativo Fundo de Investimento em A&ccedil;&otilde;es; Bradesco FI em A&ccedil;&otilde;es
Araucaria; Bradesco FI Multimercado Long Short; Bradesco FIA Dividendos; Bradesco FIA Equities; Bradesco FIA Ibovespa Plus; Bradesco
FIA IBrX Multipatrocinado; Bradesco FIA Institucional IBrX Ativo; Bradesco FIA Master Dividendos; Bradesco FIA Master Ibovespa; Bradesco
FIA Master IBrX; Bradesco FIA Master Previd&ecirc;ncia; Bradesco FIA Multi Setorial; Bradesco FIA Selecao; Bradesco FIA Selection; Bradesco
FIA Super Acao; Bradesco FIA Sustentabilidade Empresarial; Bradesco FIM Cr&eacute;dito Privado Invest no Exterior CH; Bradesco FIM Long
and Short; Bradesco Fundo de Investimento em A&ccedil;&otilde;es Master Long Biased; Bradesco Fundo de Investimento em A&ccedil;&otilde;es
Master Long Only; Bradesco Fundo de Investimento em A&ccedil;&otilde;es Master Previd&ecirc;ncia I; Bradesco Fundo de Investimento em
A&ccedil;&otilde;es Salubre; Bradesco Fundo de Investimento em A&ccedil;&otilde;es Zinco; Bradesco Fundo M&uacute;tuo de Privatiza&ccedil;&atilde;o
FGTS CL; Bradesco Funpresp Fundo de Investimento Multimercado; Bradesco H FI em A&ccedil;&otilde;es Ibovespa; Bradesco H FIA Sri; Bradesco
Multiportfolio FMP - FGTS CL; Bradesco Private FIA Ibovespa Alavancado; Bradesco Private FIA Ibovespa Ativo; Bradeseg Participa&ccedil;&otilde;es
S/A; Bram FIA Ibovespa Ativo; Bram FIA IBrX Ativo; Bram FIA Institucional; Bram FIA Long Only; Bram FIM Ajax; Bram Fundo de Investimento
em A&ccedil;&otilde;es; Bram Fundo de Investimento em A&ccedil;&otilde;es Ibovespa; Bram Fundo de Investimento em A&ccedil;&otilde;es
Ibrx-50; Bram Fundo de Investimento em A&ccedil;&otilde;es Sustentabilidade Empresa; Bram Fundo de Investimento Multimercado Equity Hedge;
Bram H FI em A&ccedil;&otilde;es Ibovespa Gestao; Bram H FI em A&ccedil;&otilde;es Passivo IBrX; Bram H FIA Dividendos; Bram H FIA Institucional;
Constellation 100 Prev FIM Fife; Constellation 70 Previd&ecirc;ncia Fip Multimercado; Constellation Icatu 70 Prev FIM; Constellation
Master Fundo de Investimento de A&ccedil;&otilde;es; Constellation Qualificado Master Fundo de Investimento de AC; Constellation Reserva
Fundo de Investimento em A&ccedil;&otilde;es; Constellation Sulamerica Prev Fundo de Investimento Multimer; ETF Bradesco Ibovespa Fundo
de &Iacute;ndice; FI Elo A&ccedil;&otilde;es Investimento no Exterior; FI em A&ccedil;&otilde;es Aruba; Fundo de Investimento de A&ccedil;&otilde;es
Meaipe Ibx Ativo; Fundo de Investimento em A&ccedil;&otilde;es Ibovespa 157; Instituto Adv.de Jubilacao e Assistencia; Lux FIA; PG Prev
- Sociedade de Previd&ecirc;ncia Privada; Skopos Blue Birds FIA; Skopos Master Fundo de Investimento em A&ccedil;&otilde;es; Trigono
70 Previd&ecirc;ncia Fundo de Investimento Multimercado; and Trigono Icatu 100 Fundo de Investimento em A&ccedil;&otilde;es Previd&ecirc;ncia</P>

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