<SEC-DOCUMENT>0000950103-21-020215.txt : 20211227
<SEC-HEADER>0000950103-21-020215.hdr.sgml : 20211227
<ACCEPTANCE-DATETIME>20211223190739
ACCESSION NUMBER:		0000950103-21-020215
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20211227
DATE AS OF CHANGE:		20211223
GROUP MEMBERS:		XP CONTROLE PARTICIPACOES S.A.

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XP Inc.
		CENTRAL INDEX KEY:			0001787425
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-91394
		FILM NUMBER:		211518557

	BUSINESS ADDRESS:	
		STREET 1:		AV. CHEDID JAFET 75, TORRE SUL
		STREET 2:		30TH FLOOR, VILA OLIMPIA
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			00000
		BUSINESS PHONE:		55-11-3075-0429

	MAIL ADDRESS:	
		STREET 1:		AV. CHEDID JAFET 75, TORRE SUL
		STREET 2:		30TH FLOOR, VILA OLIMPIA
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			00000

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XP Control LLC
		CENTRAL INDEX KEY:			0001899748
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		AV. CHEDID JAFET, 75 TORRE SUL,
		STREET 2:		30TH FLOOR, VILA OLIMPIA
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			04551-065
		BUSINESS PHONE:		55 (11) 3075-0429

	MAIL ADDRESS:	
		STREET 1:		AV. CHEDID JAFET, 75 TORRE SUL,
		STREET 2:		30TH FLOOR, VILA OLIMPIA
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			04551-065
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>dp164143_sc13d.htm
<DESCRIPTION>FORM SC 13D
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 0.5pt; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</FONT>Washington, D.C. 20549</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 2.6in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 13D</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">UNDER THE SECURITIES
EXCHANGE ACT OF 1934<BR>
(Amendment No. __)*</FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 2.6in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt">XP Inc.<BR>
</FONT><FONT STYLE="font-weight: normal">(Name of Issuer)</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Class A Common Shares, par value $0.00001
per share<BR>
<FONT STYLE="font-weight: normal">(Title of Class of Securities)</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">G98239 109<BR>
<FONT STYLE="font-weight: normal">(CUSIP Number)</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PO Box 309, Ugland House, Grand Cayman, KY1-1104,
Cayman Islands</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">+55 (11) 3075-0429</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XP Controle Participa&ccedil;&otilde;es S.A.&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Av. Chedid Jafet, 75, Torre Sul, 30th floor,&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vila Ol&iacute;mpia &ndash; S&atilde;o Paulo,
Brazil 04551-065</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">+55 (11) 3075-0429</P>

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

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">450 Lexington Avenue</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10017</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212) 450-4000</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(Name, Address
and Telephone Number of Person Authorized to Receive Notices and Communications)</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 13, 2021<BR>
<FONT STYLE="font-weight: normal">(Date of Event Which Requires Filing of This Statement)</FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 2.6in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the filing person has previously filed a statement
on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &sect;&sect;
240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. <FONT STYLE="font-family: Wingdings">o</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">*The remainder
of this cover page shall be filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</FONT></P>

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


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --> of 12 Pages</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information required on the remainder of this
cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act.</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 0.5pt; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-left: 4pt; border: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REPORTING PERSON</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">XP Control LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</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">(a):&#9;<FONT STYLE="font-family: Wingdings">x</FONT>&#9;(b):&#9;<FONT STYLE="font-family: Wingdings">o</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">3</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">4</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</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">Not Applicable.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">5</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
    2(d) OR 2(e)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Wingdings; margin: 0pt 0">o</P>
    <P STYLE="font: 10pt Wingdings; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">6</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</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">Cayman Islands</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD COLSPAN="2" ROWSPAN="4" STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</FONT></TD>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">7</FONT></TD>
    <TD STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</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">0</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">8</FONT></TD>
    <TD STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</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">108,631,284 (1)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">9</FONT></TD>
    <TD STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</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">108,631,284</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">10</FONT></TD>
    <TD STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</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">0</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">11</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON*</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">108,631,284</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">12</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Wingdings; margin: 0pt 0">o</P>
    <P STYLE="font: 10pt Wingdings; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">13</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</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">19.4%(2)(3)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt; width: 10%">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt; width: 78%">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> of 12 Pages</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-left: 4pt; width: 5%; border: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">14</FONT></TD>
    <TD STYLE="padding-left: 4pt; vertical-align: top; width: 95%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON</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">CO</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 5.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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: 0.25in">(1)</TD><TD>Consists of 108,631,284 Class B common shares held of record by XP Control LLC that were contributed by XP Controle Participa&ccedil;&otilde;es
S.A. to XP Control LLC in connection with the XP Controle Reorganization (as defined below) on December 13, 2021. Each Class B common
share is convertible into one Class A common share at the option of its holder at any time.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">(2)</TD><TD>Represents the quotient obtained by dividing (a) the number of Class B common shares beneficially owned by XP Control LLC as set forth
in Row 11 by (b) the sum of (i) 424,153,735 Class A common shares outstanding as of December 10, 2021, as reported by the Issuer to XP
Control LLC, and (ii) 135,394,989 Class B common shares outstanding as of December 10, 2021, as reported by the Issuer to XP Control LLC.
The aggregate number of Class B common shares beneficially owned by XP Control LLC as set forth in clauses &ldquo;(a)&rdquo; and &ldquo;(b)&rdquo;
of this footnote are treated as converted into Class A common shares only for the purpose of computing the percentage ownership of XP
Control LLC.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">(3)</TD><TD>Each Class A common share is entitled to one vote, and each Class B common share is entitled to ten votes. The percentage reported
does not reflect the ten for one voting power of the Class B common shares because the Class B common shares are treated as converted
into Class A common shares for the purpose of this report.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 12 Pages</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-left: 4pt; border: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REPORTING PERSON</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">XP Controle Participa&ccedil;&otilde;es S.A.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</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">(a):&#9;<FONT STYLE="font-family: Wingdings">x</FONT>&#9;(b):&#9;<FONT STYLE="font-family: Wingdings">o</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">3</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">4</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</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">Not Applicable.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">5</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
    2(d) OR 2(e)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Wingdings; margin: 0pt 0">o</P>
    <P STYLE="font: 10pt Wingdings; margin: 0pt 0"><FONT STYLE="color: White">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">6</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</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">Brazil</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD COLSPAN="2" ROWSPAN="4" STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-weight: normal">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</FONT></TD>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">7</FONT></TD>
    <TD STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</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">0</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">8</FONT></TD>
    <TD STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</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">12,730,020(1)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">9</FONT></TD>
    <TD STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</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">12,730,020</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">10</FONT></TD>
    <TD STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</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">0</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">11</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON*</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">12,730,020</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">12</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Wingdings; margin: 0pt 0">o</P>
    <P STYLE="font: 10pt Wingdings; margin: 0pt 0"><FONT STYLE="color: White">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">13</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</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">2.3%(2)(3)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">14</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON</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">CO</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 4pt; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt; width: 10%">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt; width: 78%">&nbsp;</TD></TR>
  </TABLE>
<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 5.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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: 0.25in">(1)</TD><TD>Consists of 12,730,020 Class B common shares held of record by XP Controle Participa&ccedil;&otilde;es S.A. after giving effect to
the contribution of 108,631,284 by XP Controle to XP Control LLC in connection with the XP Controle Reorganization (as defined below)
on December 13, 2021. Each Class B common share is convertible into one Class A common share at the option of its holder at any time.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 12 Pages</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.25in">(2)</TD><TD>Represents the quotient obtained by dividing (a) the number of Class B common shares beneficially owned by XP Controle Participa&ccedil;&otilde;es
S.A. as set forth in Row 11 by (b) the sum of (i) 424,153,735 Class A common shares outstanding as of December 10, 2021, as reported by
the Issuer to XP Controle Participa&ccedil;&otilde;es S.A., and (ii) 135,394,989 Class B common shares outstanding as of December 10,
2021, as reported by the Issuer to XP Controle Participa&ccedil;&otilde;es S.A. The aggregate number of Class B common shares beneficially
owned by XP Controle Participa&ccedil;&otilde;es S.A. as set forth in clauses &ldquo;(a)&rdquo; and &ldquo;(b)&rdquo; of this footnote
are treated as converted into Class A common shares only for the purpose of computing the percentage ownership of XP Controle Participa&ccedil;&otilde;es
S.A.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">(3)</TD><TD>Each Class A common share is entitled to one vote, and each Class B common share is entitled to ten votes. The percentage reported
does not reflect the ten for one voting power of the Class B common shares because the Class B common shares are treated as converted
into Class A common shares for the purpose of this report.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> of 12 Pages</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 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: 1in">Item 1.</TD><TD><FONT STYLE="background-color: white">Security</FONT> and Issuer</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">This Statement on Schedule 13D (this &ldquo;Statement&rdquo;)
relates to the Class A common shares, par value $0.00001 per share (the &ldquo;Shares&rdquo;), of XP Inc., a Cayman Islands exempted company
incorporated with limited liability on August 29, 2019 (the &ldquo;Issuer&rdquo;). The Issuer&rsquo;s principal executive offices are
located at Av. Chedid Jafet, 75, Torre Sul, 30th floor, Vila Ol&iacute;mpia &ndash; S&atilde;o Paulo, Brazil 04551-065.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 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: 1in">Item 2.</TD><TD><FONT STYLE="background-color: white">Identity</FONT> and Background</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Statement is filed
by (i) XP Control LLC; and (ii) XP Controle Participa&ccedil;&otilde;es S.A. (each a &ldquo;Reporting Person&rdquo; and collectively the
&ldquo;Reporting Persons&rdquo;). The Reporting Persons are filing this Statement jointly pursuant to a Shareholders&rsquo; Agreement,
dated as of November 29, 2019, as amended (the &ldquo;Shareholders&rsquo; Agreement&rdquo;), among the Reporting Persons (including XP
Control LLC as XP Controle Participa&ccedil;&otilde;es S.A.&rsquo;s successor in relation to its shares due to the XP Controle Reorganization),
General Atlantic (XP) Bermuda, L.P. (&ldquo;GA Bermuda&rdquo;), Ita&uacute;sa S.A. (&ldquo;Ita&uacute;sa&rdquo;), Ita&uacute; Unibanco
Holding S.A., Jo&atilde;o Moreira Salles and Walther Moreira Salles Junior (jointly, the &ldquo;Ita&uacute; Persons&rdquo;), and certain
intervening consenting parties, the Reporting Persons have agreed to certain arrangements with respect to their shares, including certain
restrictions relating to the transfer of their shares, certain consent rights over actions by the Issuer and to vote to elect certain
individuals nominated by each of the Reporting Persons, GA Bermuda, Ita&uacute;sa, Jo&atilde;o Moreira Salles and Walther Moreira Salles
Junior to the Issuer&rsquo;s board of directors in accordance with the terms of the Shareholders&rsquo; Agreement. By virtue of the Shareholders&rsquo;
Agreement and the obligations and rights thereunder, the Reporting Persons in this Statement, GA Bermuda, Ita&uacute; Persons and/or certain
of their affiliates may be deemed to constitute a &ldquo;group&rdquo; for purposes of Section 13(d) of the Securities Exchange Act of
1934, as amended (the &ldquo;Exchange Act&rdquo;). Based in part on information provided by the Issuer, such a &ldquo;group&rdquo; would
be deemed to beneficially own an aggregate of 277,881,348 common shares, or 65.63% of the common shares, calculated pursuant to Rule 13d-3.
The Reporting Persons expressly disclaim beneficial ownership over any Class A common shares that they may be deemed to beneficially own
solely by reason of the Shareholders&rsquo; Agreement. GA Bermuda and the Ita&uacute; Entities separately make Schedule 13G filings reporting
their beneficial ownership of Class A common shares. Each Reporting Person is a shareholder of the Issuer. Each of the Reporting Persons,
however, disclaims beneficial ownership with respect to any shares of stock owned by the other Reporting Persons.</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">The Reporting Persons have entered into a Joint Filing Agreement, a
copy of which is filed with this Statement as Exhibit B, pursuant to which the Reporting Persons have agreed to file this Statement jointly
in accordance with the provisions of Rule 13d-1(k) of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in">(b)</TD><TD>The principal office and business address of XP Control LLC is Av. Chedid Jafet, 75, Torre Sul, 30th floor, Vila Ol&iacute;mpia &ndash;
S&atilde;o Paulo, Brazil 04551-065.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The principal office and business address of XP Controle
Participa&ccedil;&otilde;es S.A. is Av. Chedid Jafet, 75, Torre Sul, 30th floor, Vila Ol&iacute;mpia &ndash; S&atilde;o Paulo, Brazil
04551-065.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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: 0.25in">(c)</TD><TD>XP Control LLC is a limited liability company formed and registered under the laws of the Cayman Islands.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">XP Control LLC was formed for the purpose of effectuating
the XP Controle Reorganization (as defined below) and its activities are restricted to the ownership of Class A and Class B common shares
of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Guilherme Dias Fernandes Benchimol, Bernardo Amaral Botelho,
Carlos Alberto Ferreira Filho, Gabriel Klas da Rocha Leal, Fabricio Cunha de Almeida, Bruno Constantino Alexandre dos Santos and Guilherme
Sant&rsquo;Anna Monteiro da Silva are controlling shareholders of XP Control LLC (the &ldquo;XP Control Controlling Shareholders&rdquo;)
in accordance with XP Control LLC&rsquo;s constituent documents. The XP Control Controlling Shareholders have beneficial ownership of
the Class B common shares held of record by XP Control LLC. Each of the XP Control Controlling Shareholders disclaims ownership of the
Class B common shares except to the extent he has a pecuniary interest therein. The principal business address for each of the XP Control
Controlling Shareholders is: Av. Chedid Jafet, 75, Torre Sul, 30th floor, Vila Ol&iacute;mpia &ndash; S&atilde;o Paulo, Brazil 04551-065.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Attached as Exhibit A hereto and incorporated herein by
reference is a list containing the (i) name, (ii) residence or business address, (iii) present principal occupation or employment and
the name, principal business address of any corporation or other organization in which such employment is conducted, and (iv) citizenship,
in each case of each manager and officer of XP Control LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> of 12 Pages</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">XP Controle Participa&ccedil;&otilde;es S.A. is a corporation
(<I>sociedade an&ocirc;nima</I>) formed and registered under the laws of the Federative Republic of Brazil and its activities are restricted
to the ownership of Class A and Class B common shares of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Guilherme Dias Fernandes Benchimol, Bernardo Amaral Botelho,
Carlos Alberto Ferreira Filho, Gabriel Klas da Rocha Leal, Fabricio Cunha de Almeida, Bruno Constantino Alexandre dos Santos and Guilherme
Sant&rsquo;Anna Monteiro da Silva are controlling shareholders of XP Controle Participa&ccedil;&otilde;es S.A. (the &ldquo;XP Controle
Participa&ccedil;&otilde;es S.A. Controlling Shareholders&rdquo;) in accordance with XP Controle Participa&ccedil;&otilde;es S.A.&rsquo;s
constituent documents. The XP Controle Participa&ccedil;&otilde;es S.A. Controlling Shareholders have beneficial ownership of the Class
B common shares held of record by XP Controle Participa&ccedil;&otilde;es S.A. Each of the XP Controle Participa&ccedil;&otilde;es S.A.
Controlling Shareholders disclaims ownership of the Class B common shares except to the extent he has a pecuniary interest therein. The
principal business address for each of the XP Controle Participa&ccedil;&otilde;es S.A. Controlling Shareholders is: Av. Chedid Jafet,
75, Torre Sul, 30th floor, Vila Ol&iacute;mpia &ndash; S&atilde;o Paulo, Brazil 04551-065.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Attached as Exhibit A hereto and incorporated herein by
reference is a list containing the (i) name, (ii) residence or business address, (iii) present principal occupation or employment and
the name, principal business address of any corporation or other organization in which such employment is conducted, and (iv) citizenship,
in each case of each executive officer and director of XP Controle Participa&ccedil;&otilde;es S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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: 0.25in">(d)</TD><TD>During the last five years, the Reporting Persons have not been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">(e)</TD><TD>During the last five years, the Reporting Persons have not been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect
to such laws.&nbsp;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">(f)</TD><TD>XP Control LLC is a limited liability company formed and registered under the laws of the Cayman Islands. See Exhibit A for citizenship
of each manager and officer of XP Control LLC.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">XP Controle Participa&ccedil;&otilde;es S.A. is a corporation
(<I>sociedade an&ocirc;nima</I>) formed and registered under the laws of the Federative Republic of Brazil. See Exhibit A for citizenship
of each director and executive officer of XP Controle Participa&ccedil;&otilde;es S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nothing in this Statement shall be construed as
an admission that any transaction described herein took place in the United States or that Section 13(d) of the Exchange Act applies extraterritorially
to the Reporting Persons.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 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: 1in">Item 3.</TD><TD><FONT STYLE="background-color: white">Source and Amount of Funds or Other Consideration.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The information set forth in Item 4 hereof is hereby incorporated
by reference into this Item 3, as applicable. The securities described herein held by XP Control LLC were contributed by XP Controle Participa&ccedil;&otilde;es
S.A. to XP Control LLC as a result of the XP Controle Corporate Reorganization (as described below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 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: 1in">Item 4.</TD><TD>Purpose of Transaction.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">XP Control LLC was formed and registered on August 9, 2021,
as part of a corporate restructuring for the internationalization of the Group aiming at bringing synergy and optimization to the business
(the &ldquo;XP Controle Corporate Reorganization&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">On December 13, 2021, XP Controle Participa&ccedil;&otilde;es
S.A. (fully owned by XP Control Controlling Shareholders) contributed the total aggregate amount of 108,631,284 Shares to XP Control LLC.
Subsequently, on December 14, 2021, XP Controle Participa&ccedil;&otilde;es S.A. effected a capital reduction and distributed its interests
in XP Control LLC to its shareholders, the XP Control Controlling Shareholders, which in turn transferred their interests in XP Control
LLC to their personal investment companies. The XP Controle Corporate Reorganization changes the direct holder of the 108,631,284 Shares
contributed by XP Controle Participa&ccedil;&otilde;es S.A. to XP Control LLC. XP Controle Participa&ccedil;&otilde;es S.A. retained 12,730,020
Shares acquired before the Issuer&rsquo;s initial public offering in connection with the Issuer&rsquo;s corporate reorganization on November
29, 2019, as disclosed in the annual report on</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> of 12 Pages</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Form 20-F filed on April 29, 2021. However, the indirect
holders of such Shares and Issuer&rsquo;s indirect controlling shareholders do not change, remaining the XP Control Controlling Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Other than as set forth in this Statement, the Reporting
Persons have no present plans or proposals which relate to or would result in any of the matters set forth in this Item 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 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: 1in">Item 5.</TD><TD>Interest in Securities of the Issuer.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) and (b) The information contained on the cover pages to this Statement
is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in">(c)</TD><TD>Except for the transactions described in Item 4 of this Statement, the Reporting Persons have not engaged in any transaction during
the past 60 days involving common shares of the Issuer.&nbsp;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">(d)</TD><TD>To the best knowledge of the Reporting Persons, no other person has the right to receive or the power to direct the receipt of dividends
from, or the proceeds from the sale of, the Shares beneficially owned by the Reporting Persons.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">(e)</TD><TD>As a result of the XP Controle Corporate Reorganization, XP Controle Participa&ccedil;&otilde;es S.A. ceased to be the beneficial
owner of more than five percent of the Shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 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: 1in">Item&nbsp;6.</TD><TD>Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The information set forth in Items 4 and 5 hereof is hereby
incorporated by reference into this Item 6, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">On December 1, 2019, the Issuer entered into a registration
rights agreement, as amended (the &ldquo;Registration Rights Agreement&rdquo;), with the Reporting Persons (including XP Control LLC as
XP Controle Participa&ccedil;&otilde;es S.A.&rsquo;s successor in relation to its shares due to the XP Controle Reorganization), Ita&uacute;sa,
IUPAR and GA Bermuda, which grants the Reporting Persons, Ita&uacute;sa, IUPAR and GA Bermuda certain rights to register the sale of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Except as described above or elsewhere in this Statement
or incorporated by reference in this Statement, there are no contracts, arrangements, understandings or relationships (legal or otherwise)
between the Reporting Persons and, to the best of their knowledge, any of the persons named in Exhibit A to this Statement or between
the Reporting Persons and any other person or, to the best of its knowledge, any person named in Exhibit A to this Statement and any other
person with respect to any securities of the Issuer, including, but not limited to, transfer or voting of any securities, finder&rsquo;s
fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving
or withholding of proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 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: 1in">Item 7.</TD><TD>Material to be Filed as Exhibits.</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; font-size: 10pt">Exhibit A</TD>
    <TD STYLE="width: 76%; font-size: 10pt">Managers and Officers of XP Control LLC and Executive Officers and Directors of XP Controle Participa&ccedil;&otilde;es S.A.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Exhibit B</TD>
    <TD STYLE="font-size: 10pt">Joint Filing Agreement among the Reporting Persons.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Exhibit C</TD>
    <TD STYLE="font-size: 10pt">Shareholders&rsquo; Agreement, dated as of November 29, 2019, among XP Controle Participa&ccedil;&otilde;es S.A., General Atlantic (XP) Bermuda, L.P., ITB Holding Brasil Participa&ccedil;&otilde;es Ltda., and the consenting interveners listed as parties thereto (free English translation).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Exhibit D</TD>
    <TD STYLE="font-size: 10pt">First Amendment to the Shareholders&rsquo; Agreement, dated as of March 24, 2020, among XP Controle Participa&ccedil;&otilde;es S.A., General Atlantic (XP) Bermuda, L.P., ITB Holding Brasil Participa&ccedil;&otilde;es Ltda., and the consenting interveners listed as parties thereto (free English translation).</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> of 12 Pages</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; font-size: 10pt">Exhibit E</TD>
    <TD STYLE="width: 76%; font-size: 10pt">Second Amendment to the Shareholders&rsquo; Agreement, dated as of October 1, 2021, among XP Controle Participa&ccedil;&otilde;es S.A., General Atlantic (XP) Bermuda, L.P., Ita&uacute; Unibanco Holding S.A., IUPAR - Ita&uacute; Unibanco Participa&ccedil;&otilde;es S.A. and Ita&uacute;sa S.A., and the consenting interveners listed as parties thereto (free English translation).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Exhibit F</TD>
    <TD STYLE="font-size: 10pt">Amended and Restated Registration Rights Agreement, dated as of October 1, 2021, among XP Inc., XP Controle Participa&ccedil;&otilde;es S.A., General Atlantic (XP) Bermuda, L.P., Ita&uacute; Unibanco Holding S.A., IUPAR - Ita&uacute; Unibanco Participa&ccedil;&otilde;es S.A. and Ita&uacute;sa S.A.</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --> of 12 Pages</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After reasonable inquiry and to the best of each
of the undersigned&rsquo;s knowledge and belief, each of the undersigned hereby certifies that the information set forth in this Statement
is true, complete and correct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: December 23, 2021</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">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>XP Control LLC</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Fabricio Cunha de Almeida    </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fabricio Cunha de Almeida</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manager</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Bernardo Amaral Botelho    </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bernardo Amaral Botelho</FONT></TD>
    <TD STYLE="text-align: left; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manager</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>XP Controle Participa&ccedil;&otilde;es S.A.&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
Fabricio Cunha de Almeida    </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fabricio Cunha de Almeida</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Officer</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Bernardo Amaral Botelho    </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bernardo Amaral Botelho</FONT></TD>
    <TD STYLE="text-align: left; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officer</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify">&nbsp;</P>

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

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

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

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

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

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


<!-- Field: Page; Sequence: 10; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->





</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>dp164143_ex99a.htm
<DESCRIPTION>EXHIBIT A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>EXHIBIT A</U></P>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Guilherme Dias Fernandes Benchimol</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship: Brazilian<BR>
Business Address: Av. Chedid Jafet, 75, Torre Sul, 30th floor, Vila Ol&iacute;mpia &ndash; S&atilde;o Paulo, Brazil 04551-065<BR>
Present Principal Occupation: Chairman of the Board of Directors of XP Inc.</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">Bernardo Amaral Botelho</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship: Brazilian<BR>
Business Address: Av. Chedid Jafet, 75, Torre Sul, 30th floor, Vila Ol&iacute;mpia &ndash; S&atilde;o Paulo, Brazil 04551-065<BR>
Present Principal Occupation: Member of the Board of Directors of XP Inc.</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">Fabricio Cunha de Almeida</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship: Brazilian<BR>
Business Address: Av. Chedid Jafet, 75, Torre Sul, 30th floor, Vila Ol&iacute;mpia &ndash; S&atilde;o Paulo, Brazil 04551-065<BR>
Present Principal Occupation: Member of the Board of Directors and General Counsel of XP Inc.</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">EXECUTIVE OFFICERS AND DIRECTORS OF XP CONTROLE
PARTICIPA&Ccedil;&Otilde;ES S.A.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Guilherme Dias Fernandes Benchimol</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship: Brazilian<BR>
Business Address: Av. Chedid Jafet, 75, Torre Sul, 30th floor, Vila Ol&iacute;mpia &ndash; S&atilde;o Paulo, Brazil 04551-065<BR>
Present Principal Occupation: Chairman of the Board of Directors of XP Inc.</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">Bernardo Amaral Botelho</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship: Brazilian<BR>
Business Address: Av. Chedid Jafet, 75, Torre Sul, 30th floor, Vila Ol&iacute;mpia &ndash; S&atilde;o Paulo, Brazil 04551-065<BR>
Present Principal Occupation: Member of the Board of Directors of XP Inc.</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">Fabricio Cunha de Almeida</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship: Brazilian<BR>
Business Address: Av. Chedid Jafet, 75, Torre Sul, 30th floor, Vila Ol&iacute;mpia &ndash; S&atilde;o Paulo, Brazil 04551-065<BR>
Present Principal Occupation: Member of the Board of Directors and General Counsel of XP Inc.</P>

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


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>3
<FILENAME>dp164143_ex99b.htm
<DESCRIPTION>EXHIBIT B
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>EXHIBIT B</U></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 13D</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with Rule 13d-1(k) under the Securities
Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including
amendments thereto) with respect to the Class A common shares of XP Inc. and further agree that this Joint Filing Agreement shall be included
as an exhibit to such joint filings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The undersigned further agree that each party
hereto is responsible for the timely filing of such Schedule 13D and any amendments thereto, and for the completeness and accuracy of
the information concerning such party contained therein; provided, however, that no party is responsible for the completeness or accuracy
of the information concerning any other party making the filing, unless such party knows or has reason to believe that such information
is inaccurate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, the parties have executed
this Joint Filing Agreement on December 23, 2021.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>XP Control LLC</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
Fabricio Cunha de Almeida    </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fabricio Cunha de Almeida</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Manager</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
Bernardo Amaral Botelho    </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 38%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bernardo Amaral Botelho</FONT></TD>
    <TD STYLE="text-align: left; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Manager</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top"><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>XP Controle Participa&ccedil;&otilde;es S.A.&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
Fabricio Cunha de Almeida    </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fabricio Cunha de Almeida</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Officer</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
Bernardo Amaral Botelho    </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 38%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bernardo Amaral Botelho</FONT></TD>
    <TD STYLE="text-align: left; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Officer</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify">&nbsp;</P>

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

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

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


<!-- Field: Page; Sequence: 12; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.C
<SEQUENCE>4
<FILENAME>dp164143_ex99c.htm
<DESCRIPTION>EXHIBIT C
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit C</B></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SHAREHOLDERS&rsquo; AGREEMENT OF XP INC.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XP CONTROLE PARTICIPA&Ccedil;&Otilde;ES S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GENERAL ATLANTIC (XP) BERMUDA, LP</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ITB HOLDING BRASIL PARTICIPA&Ccedil;&Otilde;ES
LTDA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">And, as Intervening
Consenting Parties,</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XP CONTROLE 3 PARTICIPA&Ccedil;&Otilde;ES
S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XP INVESTIMENTOS CORRETORA DE C&Acirc;MBIO</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">T&Iacute;TULOS E VALORES MOBILI&Aacute;RIOS
S.A.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XP CONTROLE 4 PARTICIPA&Ccedil;&Otilde;ES
S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XP VIDA E PREVID&Ecirc;NCIA S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XP FINAN&Ccedil;AS ASSESSORIA FINANCEIRA
LTDA.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XP ADVISORY GEST&Atilde;O DE RECURSOS LTDA.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XP GEST&Atilde;O DE RECURSOS LTDA.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFOSTOCKS INFORMA&Ccedil;&Otilde;ES E SISTEMAS
LTDA.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XP EDUCA&Ccedil;&Atilde;O ASSESSORIA EMPRESARIAL
E PARTICIPA&Ccedil;&Otilde;ES LTDA.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TECFINANCE INFORM&Aacute;TICA E PROJETOS
DE SISTEMAS LTDA.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LEADR SERVI&Ccedil;OS ONLINE LTDA.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ITA&Uacute; UNIBANCO S.A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">S&atilde;o Paulo,
November 29<SUP>th</SUP>, 2019</FONT></P>

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


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SHAREHOLDERS&rsquo; AGREEMENT OF<BR>
XP INC.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By this private instrument, the parties:</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"><B>XP CONTROLE PARTICIPA&Ccedil;&Otilde;ES S.A.</B>, a corporation
with head-office in the City and State of Rio de Janeiro, at Avenida Afr&acirc;nio de Melo Franco, No. 290, suite 708, Leblon, Zip Code
22430-060, enrolled with the National Register of Corporate Taxpayers of the Finance Ministry (CNPJ/MF) under No. 09.163.677/0001-15,
herein represented in conformity with its by-laws (&ldquo;<U>XP Controle</U>&rdquo;);</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"><B>GENERAL ATLANTIC (XP) BERMUDA, LP</B>, an exempted limited partnership
formed under the laws of Bermuda, with its registered office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda (&ldquo;<U>GA</U>&rdquo;);
and</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"><B>ITB HOLDING BRASIL PARTICIPA&Ccedil;&Otilde;ES LTDA.</B>, a limited
liability company with head-office in the City and State of S&atilde;o Paulo, at Pra&ccedil;a Alfredo Egydio de Souza Aranha, No. 100,
Torre Concei&ccedil;&atilde;o, 7<SUP>th</SUP> floor, Parque Jabaquara, Zip Code 04344-902, enrolled with the CNPJ/MF under No. 04.274.016/0001-43,
herein represented in accordance with its Articles of Association (&ldquo;<U>Ita&uacute;</U>&rdquo;), acting on its own or its Affiliates&rsquo;
behalf.</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">(XP Controle, GA and Ita&uacute;, herein collectively referred to as
&ldquo;<U>Shareholders</U>&rdquo; or &ldquo;<U>Parties</U>&rdquo; and, individually, as &ldquo;<U>Shareholder</U>&rdquo; or &ldquo;<U>Party</U>&rdquo;),</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">and, further, as &ldquo;<U>Intervening Consenting Parties</U>&rdquo;:</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"><B>XP INC.</B>, an exempted company with limited liability with its
registered office at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, herein represented in conformity with its Articles
of Association (&ldquo;<U>Company</U>&rdquo;);</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"><B>XP INVESTIMENTOS S.A., </B>a corporation with head-office in the
City and State of Rio de Janeiro, at Avenida Afr&acirc;nio de Melo Franco, No. 290, suite 708, Leblon, Zip Code 22430-060, enrolled with
the CNPJ/MF under No. 16.838.421/0001-26, herein represented in conformity with its By-laws (&ldquo;<U>XP Investimentos</U>&rdquo;);</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"><B>XP CONTROLE 3 PARTICIPA&Ccedil;&Otilde;ES S.A.</B>, a corporation
with head-office in the City and State of Rio de Janeiro, at Avenida Afr&acirc;nio de Melo Franco, No. 290, suite 708, Leblon, Zip Code
22430-060, enrolled with the CNPJ/MF under No. 15.787.622/0001-89, herein represented in conformity with its By-laws (&ldquo;<U>XP Controle
3</U>&rdquo;);</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"><B>XP INVESTIMENTOS CORRETORA DE C&Acirc;MBIO, T&Iacute;TULOS E VALORES
MOBILI&Aacute;RIOS S.A.</B>, a corporation with head-office in the City and State of Rio de Janeiro, at Avenida Afr&acirc;nio de Melo
Franco, No. 290, suite 708, Leblon, Zip Code 22430-060, enrolled with the CNPJ/MF under No. 02.332.886/0001-04, herein represented in
accordance with its By-laws (&ldquo;<U>XP CCTVM</U>&rdquo;);</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"><B>BANCO XP S.A.</B>, a corporation with head-office in the City and
State of Rio de Janeiro, at Avenida Afr&acirc;nio de Melo Franco, No. 290, suite 708, Leblon, Zip Code 22430-060, enrolled with the CNPJ/MF
under No. 33.264.668/0001-03, herein represented in accordance with its By-laws (&ldquo;<U>Banco XP</U>&rdquo;);</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"><B>XP CONTROLE 4 PARTICIPA&Ccedil;&Otilde;ES S.A</B>., a corporation,
with head-office in the City and State of Rio de Janeiro, at Av. Afr&acirc;nio de Melo Franco, No. 290, suite 708, Leblon, Zip Code 22430-060,
enrolled with the CNPJ/MF under No. 25.176.854/0001-54, herein represented in accordance with its By-laws (&ldquo;<U>XP Controle 4</U>&rdquo;);</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"><B>XP VIDA E PREVID&Ecirc;NCIA S.A.</B>, a corporation, with head-office
in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, No. 1909, Torre Sul, 27<SUP>th</SUP> floor, Zip Code
04543-907, enrolled with the CNPJ/MF under No. 29.408.732/0001-05, herein represented in accordance with its By-laws (&ldquo;<U>XP Previd&ecirc;ncia</U>&rdquo;);</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"><B>XP FINAN&Ccedil;AS ASSESSORIA FINANCEIRA LTDA.</B>, a limited liability
company with head-office in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, No. 1909, Torre Sul, 30th
floor, Zip Code 04543-907, enrolled with the CNPJ/MF under No. 11.077.338/0001-68, herein represented in accordance with its Articles
of Association (&ldquo;<U>XP Finan&ccedil;as</U>&rdquo;);</P>

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


<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>XP CORRETORA DE SEGUROS LTDA.</B>, a limited liability company with
head-office in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, No. 1909, Torre Sul, 27<SUP>th</SUP> floor,
Zip Code 04543-907, enrolled with the CNPJ/MF under No. 10.558.797/0001-09, herein represented in accordance with its Articles of Association
(&ldquo;<U>XP Seguros</U>&rdquo;);</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"><B>XP ADVISORY GEST&Atilde;O DE RECURSOS LTDA.</B>, a limited liability
company with head-office in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, No. 1909, Torre Sul, 25<SUP>th</SUP>
floor (part), Zip Code 04543-907, enrolled with the CNPJ/MF under No. 15.289.957/0001-77, herein represented in accordance with its Articles
of Association (&ldquo;<U>XP Advisory</U>&rdquo;);</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"><B>XP VISTA ASSET MANAGEMENT LTDA.</B>, a limited liability company,
with head-office in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, No. 1909, Torre Sul, 30<SUP>th</SUP>
floor (part), Zip Code 04543-907, enrolled with the CNPJ/MF under No. 16.789.525/0001-98, herein represented in accordance with its Articles
of Association (&ldquo;<U>XP Vista</U>&rdquo;);</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"><B>XP GEST&Atilde;O DE RECURSOS LTDA.</B>, a limited liability company
with head-office in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, No. 1909, Torre Sul, 30<SUP>th</SUP>
floor (part), Zip Code 04543-907, enrolled with the CNPJ/MF under No. 07.625.200/0001-89, herein represented in accordance with its Articles
of Association (&ldquo;<U>XP Gest&atilde;o</U>&rdquo;);</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"><B>INFOSTOCKS INFORMA&Ccedil;&Otilde;ES E SISTEMAS LTDA.</B>, a limited
liability company with head-office in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, No. 1909, Torre
Sul, 28<SUP>th</SUP> floor (part), Zip Code 04543-907, enrolled with the CNPJ/MF under No. 03.082.929/0001-03, herein represented in accordance
with its Articles of Association (&ldquo;<U>Infostocks</U>&rdquo;);</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"><B>XP EDUCA&Ccedil;&Atilde;O ASSESSORIA EMPRESARIAL E PARTICIPA&Ccedil;&Otilde;ES
LTDA.</B>, a limited liability company with head-office in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek,
No. 1909, Torre Sul, 28<SUP>th</SUP> floor (part), Zip Code 04543-907, enrolled with the CNPJ/MF under No. 05.745.283/0001-14, herein
represented in accordance with its Articles of Association (&ldquo;<U>XP Educa&ccedil;&atilde;o</U>&rdquo;);</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"><B>TECFINANCE INFORM&Aacute;TICA E PROJETOS DE SISTEMAS LTDA</B>.,
a limited liability company with head-office in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, No. 1909,
Torre Sul, 26<SUP>th</SUP> floor (part), Zip Code 04543-907, enrolled with the CNPJ/MF under No. 11.429.614/0001-00, herein represented
in accordance with its Articles of Association (&ldquo;<U>Tecfinance</U>&rdquo;);</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"><B>LEADR SERVI&Ccedil;OS ONLINE LTDA.</B>, a limited liability company
with head-office in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, No. 1909, Torre Sul, 28<SUP>th</SUP>
floor (part), Zip Code 04543-907, enrolled with the CNPJ/MF under No. 31.122.335/0001-06, herein represented in accordance with its Articles
of Association (&ldquo;<U>LEADR</U>&rdquo; and, together with XP Investimentos, XP Controle 3, XP CCTVM, Banco XP, XP Controle 4, XP Previd&ecirc;ncia,
XP Finan&ccedil;as, XP Seguros, XP Advisory, XP Vista, XP Gest&atilde;o, Infostocks, XP Educa&ccedil;&atilde;o e Tecfinance, the &ldquo;<U>Controlled
Companies</U>&rdquo;);</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"><B>GUILHERME DIAS FERNANDES BENCHIMOL</B>, Brazilian citizen, single,
economist, bearer of identification card No. 010.398.628-7, issued by IPF/RJ, enrolled with the Individual Taxpayer Register (CPF/MF)
under No. 025.998.037-48, resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, at Rua Jacarezinho, No. 241,
Jardim Europa, Zip Code 01456-020, e-mail address: guilherme.benchimol@xpi.com.br (&ldquo;<U>GB</U>&rdquo;);</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"><B>ITA&Uacute; UNIBANCO S.A.</B>, a corporation with head-office in
the City and State of S&atilde;o Paulo, at Pra&ccedil;a Alfredo Egydio de Souza Aranha, No. 100, Torre Olavo Setubal, enrolled with the
CNPJ/MF under No. 60.701.190/0001-40, herein represented in conformity with its By-laws (&ldquo;<U>Ita&uacute; Unibanco</U>&rdquo;).</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"><B>WHEREAS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">(i)</TD><TD>As provided for in the Stock Purchase Agreement and Other Covenants entered into among the Parties on May 11, 2017, as subsequently
amended (&ldquo;<U>Stock Purchase Agreement</U>&rdquo;), Ita&uacute; subscribed, paid-up and purchased an initial equity interest of forty-nine
point nine percent (49.9%) in XP Investimentos;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(ii)</TD><TD>As a result of a corporate restructuring (&ldquo;<U>Corporate Restructuring</U>&rdquo;) and with the purposes of promoting an initial
public offering of shares, the Shareholders transferred all their shares of XP Investimentos as a capital</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">contribution to the Company and the Company
became the lawful owner of all shares issued by XP Investimentos and the Shareholders became the lawful owners of all shares issued by
the Company, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shareholder</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class A Shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class B Shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest in the<BR> Voting<BR> Capital</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest in the<BR> Total Share<BR> Capital</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 48%; text-align: left">XP Controle&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">613,494,936</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">60.89</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">30.12</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>GA&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">296,630,074</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,134,739</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.52</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.32</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Dyna&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,271,511</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.54</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.66</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Ita&uacute;&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">792,861,320</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">223,595,962</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30.06</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">49.90</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 0.125in; font-weight: bold; padding-bottom: 2.5pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,143,762,905</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">893,225,637</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 27.35pt">(iii)</TD><TD>Each class A share issued by the Company confers to its holders the right to one (1) vote, and each class B share confers to its holders
the right to ten (10) votes in the resolutions of the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(iv)</TD><TD>XP Investimentos holds, directly or indirectly, ninety percent (90%) or more of each Controlled Companies&rsquo; corporate capital,
as indicated in the organization chart constituting <U>Annex I</U> to this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(v)</TD><TD>Ita&uacute; Unibanco is the lawful owner of 99.99% of Ita&uacute;&rsquo;s corporate capital;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(vi)</TD><TD>Subject to the Brazilian Central Bank&rsquo;s approval, on the Second Closing Date (as defined below), Ita&uacute; shall acquire from:
(i) GA and Dyna III Fundo de Investimento em Participa&ccedil;&otilde;es Multiestrat&eacute;gia (&ldquo;<U>Dyna</U>&rdquo;) a certain
number of Class A shares issued by the Company; and (ii) from XP Controle and GA a certain number of Class B shares issued by the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(vii)</TD><TD>The Shareholders intend, after a reverse share split, in the proportion of 4:1, to carry out an initial public offering of the Company&rsquo;s
shares representing, approximately, 15.11% of the Company&rsquo;s total share capital after the initial public offering, on Nasdaq, through
(a) a primary offering of, approximately, 42,553,192 Class A Shares, and (b) a secondary offering of, approximately, 40,834,045 Shares
issued by the Company, out of which, approximately: <I>(b.1)</I> 25,687,430 Class B Shares are currently held by XP Controle (which shall
be automatically converted into Class A shares immediately prior to the sale of such shares in the offering); <I>(b.2)</I> 13,121,392
Class A Shares are currently held by GA; and <I>(b.3)</I> 2,025,223 Class A Shares are currently held by Dyna (&ldquo;<U>IPO</U>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(viii)</TD><TD>As a result of the Corporate Restructuring and in order to regulate and organize their relationship as direct shareholders of the
Company and indirect shareholders of the Controlled Companies, the Shareholders agreed to enter into this Shareholders&rsquo; Agreement
(&ldquo;<U>Agreement</U>&rdquo;), which, among others, sets forth the terms and conditions in connection with (a) the management and conduct
of business of the Company and the Controlled Companies, (b) the exercise of Shareholders&rsquo; voting rights with respect to the Company
and the Controlled Companies, and (c) the transfer of Company&rsquo;s shares held by them;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(ix)</TD><TD>In view of the Corporate Restructuring, on the date hereof, the Shareholders Agreement of XP Investimentos entered into on August
31<SUP>st</SUP>, 2018, by and among the Shareholders, and, as intervening-parties, XP Investimentos, the Controlled Companies, GB and
Julio Capua Ramos da Silva (&ldquo;<U>Previous Shareholder Agreement</U>&rdquo;) was amended in order to suspend its force and effect
(&ldquo;<U>Suspension of the Previous Agreement</U>&rdquo;) until the date that (a) an IPO of the Company has been successfully completed,
in which case the Previous Shareholder Agreement shall become automatically terminated and definitely superseded by this Agreement, or
(b) an IPO of the Company has not been completed <U>and</U> the current corporate structure formed by virtue of the Corporate Restructuring
is unwound, in which case the Previous Shareholder Agreement shall have its force and effect restored, <I>provided</I>, <I>however</I>,
that GA or any of its Permitted Assignees may decide at its sole discretion to remain as an indirect shareholder of XP Investimentos through
the Company or to revert to become a direct shareholder of XP Investimentos;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(x)</TD><TD>As a result of the Suspension of the Previous Agreement, the Previous Shareholder Agreement shall be superseded by this Agreement,
subject to the events set forth in Whereas (ix) above;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 27.35pt">(xi)</TD><TD>The Parties have agreed and decided that this Agreement shall (a) contain the same main terms and conditions of the Previous Shareholder
Agreement, adjusted to reflect the migration of the Shareholders&rsquo; investment to an exempted company with limited liability, incorporated
under the laws of the Cayman Islands that will be listed on Nasdaq and will have other shareholders not subject to this Agreement; and
(b) fully comply with (b.i) Resolution No. 4,122 of the National Monetary Council, and (b.ii) the provisions of the ACC (as defined below),
particularly with respect to share-transfer restrictions between XP Controle and Ita&uacute;.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOW, THEREFORE, </B>the Parties decided to enter into this Shareholders&rsquo;
Agreement, which shall be governed by the following terms and conditions:</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">CHAPTER I<BR>
DEFINITIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
Without prejudice to the other definitions provided for in this Shareholders&rsquo; Agreement, the following terms, as used herein, shall
have the following meanings. Whenever required in the context, the definitions in this Agreement shall apply both in singular and plural
forms, including their verbal variations, and the masculine gender shall include the feminine and vice-versa, without any change of meaning:</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">&ldquo;<U>ACC</U>&rdquo; means the Agreement on Concentration Control,
entered into on August 9<SUP>th</SUP>, 2018, in connection with the BACEN Approval for consummation of the First Acquisition.</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">&ldquo;<U>Affiliate</U>&rdquo; means, in relation to one Person, any
Person that is, directly or indirectly, (i) Controlled by, (ii) Controlling, or (iii) under common Control with such other Person, as
of the date on which, or at any time during the period in which, such affiliate status is determined. In addition, it shall be considered
an &ldquo;<U>Affiliate</U>&rdquo; of GA (a) any fund of which General Atlantic LLP or any entity of the General Atlantic group is the
manager (<I>gestor</I>), administrator (<I>administrador</I>) or general partner or (b) any entity that is Controlled by such fund and/or
its Affiliates. For the sake of clarification, the term &ldquo;Affiliate&rdquo; shall exclude companies (i) that are in the investment
portfolio of such fund, but (ii) that are not Controlled by it (including the Company).</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">&ldquo;<U>Authorized Investor</U>&rdquo; means any Person that (a)
is not (<I><U>a.i</U></I>) a financial institution Controlled by Brazilian Persons, or (<I><U>a.ii</U></I>) a financial institution that
operates in Brazil as a retail bank; and/or (b) does not have a direct or indirect stake in excess of thirty percent (30%) in the corporate
capital of the Persons referred to in item (a) above. For the avoidance of doubt, a financial institution that does not operate as a retail
bank in Brazil and is ultimately Controlled by foreign Persons (even if directly owned by Brazilian Persons) will be considered an Authorized
Investor.</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">&ldquo;<U>BACEN</U>&rdquo; means the Central Bank of Brazil.</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">&ldquo;<U>BACEN Approval</U>&rdquo; means, the approval of a transaction
by BACEN, according to the terms of article 10, X, (g), of Law No. 4,595/64, as well as to CMN&rsquo;s Resolution No. 4,122/12 and BCB&rsquo;s
Circulars Nos. 3.649/13 and 3.590/12.</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">&ldquo;<U>Business Day</U>&rdquo; means any day other than Saturday,
Sunday or a day on which the commercial banks are required or authorized by law to remain closed in the Cayman Islands, in New York City
or in the cities of Rio de Janeiro, State of Rio de Janeiro, Brazil and S&atilde;o Paulo, State of S&atilde;o Paulo, Brazil, as applicable.</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">&ldquo;<U>CADE</U>&rdquo; means the Administrative Council of Economic
Defense (<I>Conselho de Administrativo de Defesa Econ&ocirc;mica</I>).</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">&ldquo;<U>CADE Approval</U>&rdquo; means, the approval of a transaction
by CADE&rsquo;s General Superintendence and/or Tribunal, as applicable, according to the terms of Law No. 12,529/11, followed by (a) the
lapse of the fifteen (15)-Calendar Day term as from the publication of the decision by CADE&rsquo;s General Superintendence for third
parties&rsquo; appeals, if any, or evocation by CADE&rsquo;s Tribunal, as set forth in articles 65, I and II of Law No. 12,529/11 and
article 122 of CADE&rsquo;s Internal Regulation No. 1/2012, without said appeals having been filed or such evocation having occurred;
or (b) if the transaction is analyzed by CADE&rsquo;s Tribunal, publication in the Federal Official Gazette of the final judgment by CADE&rsquo;s
Tribunal, taking into account possible motions for clarification filed after the judgment, as set forth in articles 218 and following,
of CADE&rsquo;s Internal Regulation.</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">&ldquo;<U>Calendar Day</U>&rdquo; means any day of the week, including
Saturday, Sunday, or any other day that is a holiday anywhere in the world.</P>

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


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Certified Buyer</U>&rdquo; means a financial institution,
private equity group, financial conglomerate, institutional investor or sovereign fund, which, in all cases and in all Parties&rsquo;
judgment: (i) is reputable and has sound financial situation; and (ii) has a significant probability of obtaining all the regulatory approvals
necessary for the acquisition of the Shares and consummation of the other transactions provided for in the Stock Purchase Agreement and
in this Agreement, as applicable.</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">&ldquo;<U>Company&rsquo;s Articles of Association</U>&rdquo; means
the Amended and Restated Memorandum and Articles of Association of the Company, adopted by special resolution of the Company passed on
the date hereof.</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">&ldquo;<U>Confidential Information</U>&rdquo; means, in relation to
any Party or Intervening-Consenting Party and their respective Affiliates: (i) any and all non-public information to which a Party or
Intervening-Consenting Party and their respective Affiliates may have access or knowledge as a result of the transactions contemplated
in this Agreement and is not held or owned by them; (ii) non-public information referring to the businesses, agreements and other properties
of any of the Parties or Intervening-Consenting Parties and their respective Affiliates; or (iii) data, including the names and addresses,
of any clients and suppliers of any of the Parties or Intervening-Consenting Parties and their respective Affiliates, or (iv) documents
and materials produced in arbitration and any awards rendered in possible arbitration proceedings, under the terms of CHAPTER XI of this
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">&ldquo;<U>Consolidated Annual EBITDA</U>&rdquo; means the sum of the
consolidated net income of the Company, before deduction of the financial result, taxes, depreciations, amortizations, equity method result
and profit sharing (PLR), ascertained during the last twelve (12) months.</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">&ldquo;<U>Control</U>&rdquo; means the power (i) to permanently assure,
either directly or indirectly, severally or by means of agreement, the majority of votes in resolutions of quotaholders or shareholders
of one Person and (ii) to elect the majority of the members of the board of directors or management of a Person. The terms &ldquo;<U>Controlled</U>&rdquo;
and &ldquo;<U>Controlling</U>&rdquo; shall be construed accordingly with this definition.</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">&ldquo;<U>CVM</U>&rdquo; means the Brazilian Securities and Exchange
Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>).</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">&ldquo;<U>First Acquisition</U>&rdquo; (or <I>Primeira Aquisi&ccedil;&atilde;o</I>)
shall have the meaning ascribed to it in the Stock Purchase 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">&ldquo;<U>GA Shares Second Acquisition</U>&rdquo; means the number
of Class A Shares and Class B Shares to be acquired by Ita&uacute; from GA on the Second Closing Date as provided for in the Stock Purchase
Agreement and subject to the Brazilian Central Bank&rsquo;s approval.</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">&ldquo;<U>Governmental Authority</U>&rdquo; means (i) the federal government,
any state or municipal government or other national or foreign political subdivision with jurisdiction over the applicable Person; (ii)
an executive, regulatory, legislative, judicial or administrative government entity or authority with jurisdiction over the applicable
Person, whether national or foreign, which includes, with respect to items (i) and (ii) above, their respective bodies, autonomous government
entities, self-regulatory entities, divisions, departments, boards, representation offices, agencies or commissions, including the SEC,
CVM, CADE and BACEN; (iii) a single court, tribunal or judicial, administrative or arbitration body; or (iv) any stock exchange or organized
over-the-counter market to which the applicable Person is subject to.</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">&ldquo;<U>Independent Auditor</U>&rdquo; means an external audit firm
to be hired from time to time by the Company and/or by XP Investimentos, upon approval from the Board of Directors, among one of the &ldquo;Big
Four&rdquo; internationally renowned audit firms, <U>provided</U> that Ita&uacute; shall have the right to veto one of these firms at
each hiring.</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">&ldquo;<U>Independent Director</U>&rdquo; means a director that is
independent and experienced, with indisputable reputation and who meets all of the requirements established in the rules of Nasdaq and
the SEC.</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">&ldquo;<U>Intellectual Property</U>&rdquo; means any and all trademarks
(including their variations and combinations), commercial name, logotype, corporate name, service mark, service name, patent, utility
model, copyright, formulae, drawings and formulations, diagrams, specifications, technology, methodologies, embedded software (firmware),
systems, development tools, Internet domain names, software licenses, any other right or confidential or ownership information, including
all the rights, licenses or pending patent applications, for any of the foregoing, and all related technical information, technical drawings,
engineering or manufacturing drawings, technical knowledge (know-how), documents, floppy disks, records, files and other media in which
the above mentioned items are stored.</P>

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


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>International Approvals</U>&rdquo; means the approval, communication
or any other measure required to be taken before any applicable foreign Government Authority, including the FCA&mdash;Financial Conduct
Authority (UK), FINRA&mdash;Financial Industry Regulatory Authority (US), and the SEC, which may be eventually required by Law.</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">&ldquo;<U>Key Employees</U>&rdquo; are the persons listed in <B><U>Exhibit
B</U></B>.</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">&ldquo;<U>Law</U>&rdquo; means any law (ordinary, supplementary or
delegated), decree, decree-law, provisional measure, code, statute, regulation, instruction, ordinance, standard, rule, resolution, decision,
order, requirement or demand issued by or emanated from any Governmental Authority.</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">&ldquo;<U>Liens</U>&rdquo; means any and all encumbrances, liens, attachment,
placing of lien, security interest, fiduciary ownership, assignment or advance of receivables, granting of privileges and duties on property,
protection of cultural heritage properties (or location in an area considered by Law as surrounding another protected cultural heritage
property), cultural preservation, public improvement plan or Law of declaration of public utility for purposes of future condemnation
or temporary occupation, actions for repossession (real or personal property), preemption, preemptive right, option, as well as any other
right, claim, restriction or limitation, whether judicial or extrajudicial, of any nature whatsoever, which, in any manner, affects the
free and full ownership and possession of such property or creates obstacles against the sale, transfer, use or exploitation thereof,
at any time.</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">&ldquo;<U>Lock-Up Periods</U>&rdquo; means, jointly, the GA Second
Acquisition Lock-Up, the XPC Second Acquisition Lock-Up and the XPC Control Lock-Up.</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">&ldquo;<U>Minimum Amount of Shares</U>&rdquo; means a number of Shares
that is equal to 1,016,457,282, duly adjusted to reflect any consolidation, subdivision and/or similar transaction carried on by the Company
that results in a change in the number of Shares of the same class held by every Shareholder of the Company, being altered in the same
way and the same proportion, in any case, other than a Transfer of Shares by such Shareholder.</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">&ldquo;<U>Minimum Total Percentage</U>&rdquo; means 24.95% of the Company&rsquo;s
total share capital.</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">&ldquo;<U>Minority Shareholders</U>&rdquo; means those individuals
holding shares issued by XP Controle, except for the XPC Controlling Shareholders.</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">&ldquo;<U>Nasdaq</U>&rdquo; means the American stock exchange, Nasdaq
Stock Market;</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">&ldquo;<U>Permitted Assignees</U>&rdquo; means, in relation to GA,
companies that are Controlled by General Atlantic LLC and that are headquartered in Brazil and/or the Persons that are discretionarily
managed by General Atlantic LLC or by its Controlled subsidiaries that are not competitors of the Company or of the Controlling Companies,
<U>provided that</U>, they undertake, in writing and prior to the Transfer of Shares, to fully comply with the obligations undertaken
by GA in this Agreement and in the Stock Purchase Agreement, as if they were the original signatory parties, without prejudice to the
joint and several liability of GA, for any default by any of its Permitted Assignees.</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">&ldquo;<U>Person</U>&rdquo; means an individual, company (whether incorporated
or not), association, foundation, condominium, fund, consortia, joint venture, entity, trust, international or multilateral organization
or other public, private or semi-public entity, as well as the successors thereof.</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">&ldquo;<U>Private Sale</U>&rdquo; means a Transfer of securities that
does not go through the Stock Exchange.</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">&ldquo;<U>Registration Rights Agreement</U>&rdquo; means the registration
rights agreement to be entered by and among the Shareholders and the Company on the date hereof.</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">&ldquo;<U>Regulatory Approvals</U>&rdquo; means, jointly and as applicable,
the BACEN Approval, the CADE Approval and the International Approvals.</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">&ldquo;<U>Related Third Parties</U>&rdquo; means Persons who are employees,
executive officers, self-employed agents or associates of the Company and/or of its Controlled Companies, who participate or may participate
in the activities and/or businesses of the Company and/or of its Controlled Companies.</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">&ldquo;<U>SEC</U>&rdquo; means the Securities and Exchange Commission
of the United States of America.</P>

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


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Second Acquisition</U>&rdquo; (or <I>Segunda Aquisi&ccedil;&atilde;o</I>)
shall have the meaning ascribed to it in the Stock Purchase 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">&ldquo;<U>Second Closing Date</U>&rdquo; (or <I>Data do Segundo Fechamento</I>)
shall have the meaning ascribed to it in the Stock Purchase 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">&ldquo;<U>Stock Exchange</U>&rdquo; means Nasdaq or any other stock
exchange where the Company has its stock securities traded.</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">&ldquo;<U>Transfer</U>&rdquo; means to sell, assign or, by any other
way, negotiate or transfer, directly or indirectly, whether or not for free. It also means the issuance of Shares by any Person for subscription
by third parties. All those acts shall be referred to as &ldquo;<U>Transferring</U>&rdquo;.</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">&ldquo;<U>XPC Control Shares</U>&rdquo; means the minimum number of
Shares held by XPC that represents more than fifty percent (50%) of the Company&rsquo;s voting rights.</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">&ldquo;<U>XPC Controlling Shareholders</U>&rdquo; means the persons
listed in <B><U>Exhibit A</U></B>, which may be updated to reflect changes in the partnership of XP Controle that are carried out in the
normal course of business and consistent with past practices for admission of partners and/or termination of partnership (with individuals
or vehicles owned by such individuals), <U>provided</U> that the partnership will not admit the entrance of Persons who are not partners
and/or employees and/or investment financial advisors (<I>agentes aut&ocirc;nomos</I>) of the Company and/or the Controlled Companies.</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">&ldquo;<U>XPC Free Shares</U>&rdquo; means, subject to the XPC Second
Acquisition Lock-Up, the Shares held by XP Controle in excess of the XPC Control 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">&ldquo;<U>XPC Shares Second Acquisition</U>&rdquo; means the number
of Class B Shares to be acquired by Ita&uacute; from XP Controle on the Second Closing Date as provided for in the Stock Purchase Agreement
and subject to the Brazilian Central Bank&rsquo;s approval.</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"><B>1.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined Terms</U>.
The following defined terms have the meaning described in the respective clause indicated below:</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">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; width: 85%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Terms and
    Expressions</P>
    </TD>
    <TD STYLE="padding-right: 6pt; width: 15%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Definition</P>
    </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Agreement&#9;</TD>
    <TD>Whereas (vii)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Annual Budget&#9;</TD>
    <TD>Clause 7.11</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Banco XP&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Brazilian Companies&#9;</TD>
    <TD>Clause 2.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Business Plan&#9;</TD>
    <TD>Clause 7.10</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Buying Shareholders&#9;</TD>
    <TD>Clause 4.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>CAM-CCBC&#9;</TD>
    <TD>Clause 11.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Certified Buyer Purchase and Sale Agreement&#9;</TD>
    <TD>Clause 4.5</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>CFO&#9;</TD>
    <TD>Clause 7.12.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Closing of the Right of First Refusal&#9;</TD>
    <TD>Clause 4.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Closing of the Tag Along Right&#9;</TD>
    <TD>Clause 5.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Closing of the Transfer to the Certified Buyer&#9;</TD>
    <TD>Clause 4.5</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Company&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Controlled Companies&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Corporate Restructuring&#9;</TD>
    <TD>Whereas (ii)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Disputes&#9;</TD>
    <TD>Clause 11.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Dyna&#9;</TD>
    <TD>Whereas (v)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Effective Term&#9;</TD>
    <TD>Clause 10.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>GA Permitted Transfers&#9;</TD>
    <TD>Clause 3.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>GA&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>GA Free Shares&#9;</TD>
    <TD>Clause 3.1.4(ii)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>GB&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Information&#9;</TD>
    <TD>Clause 8.2.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Infostocks&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Intervening Consenting Parties&#9;</TD>
    <TD>Preamble</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; width: 85%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Terms and
    Expressions</P>
    </TD>
    <TD STYLE="padding-right: 6pt; width: 15%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Definition</P>
    </TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 85%">IPO&#9;</TD>
    <TD STYLE="width: 15%">Whereas (vi)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Ita&uacute;&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Ita&uacute; Unibanco&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>LEADR&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Notice of Answer&#9;</TD>
    <TD>Clause 4.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Notice of Right of First Refusal&#9;</TD>
    <TD>Clause 4.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Notice of Tag Along&#9;</TD>
    <TD>Clause 5.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Offered Shares&#9;</TD>
    <TD>Clause 4.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Offered Shareholders&#9;</TD>
    <TD>Clause 4.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Offering Shareholder&#9;</TD>
    <TD>Clause 4.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Party or Parties&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Performance Appraisal&#9;</TD>
    <TD>Clause 7.16.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Previous Shareholder Agreement&#9;</TD>
    <TD>Whereas (viii)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Private Transfer&#9;</TD>
    <TD>3.1.5.1(ii)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Regulation&#9;</TD>
    <TD>Clause 11.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Related Parties&#9;</TD>
    <TD>Clause 6.2(g)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Restricted Activities&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Restricted Activities of GA&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Restricted Activities of XP Controle&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Restricted Persons&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Restricted Persons of GA&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Restricted Persons of XP Controle&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Restriction to the Exercise of Office&#9;</TD>
    <TD>Clause 7.12.1(b)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Right of First Refusal&#9;</TD>
    <TD>Clause 4.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Right of First Refusal Agreement&#9;</TD>
    <TD>Clause 4.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Right to a Public Offering of Shares&#9;</TD>
    <TD>Clause 3.1.5.1(i)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Selling Shareholders&#9;</TD>
    <TD>Clause 5.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Shareholder or Shareholders&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Shareholders&rsquo; Meeting&#9;</TD>
    <TD>Clause 6.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Shares&#9;</TD>
    <TD>Clause 2.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Stock Purchase Agreement&#9;</TD>
    <TD>Whereas (i)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Suspension of the Previous Agreement&#9;</TD>
    <TD>Whereas (viii)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Tag Along Right&#9;</TD>
    <TD>Clause 5.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Tag Along Transfer Agreement&#9;</TD>
    <TD>Clause 5.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Tecfinance&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Term for Exercise of the Right of First Refusal&#9;</TD>
    <TD>Clause 4.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Term for Informing the Offered Shareholders&#9;</TD>
    <TD>Clause 4.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Territory&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Transfer of the Right of First Refusal Shares&#9;</TD>
    <TD>Clause 4.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Transfer of the Shares to the Certified Buyer&#9;</TD>
    <TD>Clause 4.5</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Advisory&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XP CCTVM&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Controle&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XP Controle 3&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Controle 4&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XP Educa&ccedil;&atilde;o&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Finan&ccedil;as&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XP Gest&atilde;o&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Investimentos&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XP Previd&ecirc;ncia&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Seguros&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XP Structure&rsquo;s Permitted Transfers&#9;</TD>
    <TD>Clause 3.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Vista&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XPC Control Lock-Up&#9;</TD>
    <TD>Clause 3.1.1(b)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XPC Second Acquisition Lock-Up&#9;</TD>
    <TD>Clause 3.1.1(b)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XPC Shares Second Acquisition&#9;</TD>
    <TD>Whereas (v)</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Interpretation
Rules</U>. This Agreement shall be governed and construed in accordance with the following principles: (i) the headings and titles in
this Agreement are merely intended for convenience of reference and shall not limit or affect the meaning of the chapters, clauses or
items to which they apply; (ii) the terms &ldquo;inclusive&rdquo;, &ldquo;including&rdquo; and other similar terms shall be construed
as if followed by the sentence &ldquo;at merely exemplification title&rdquo; and &ldquo;without limitation&rdquo;; (iii) whenever required
in the context, the definitions contained in this Agreement shall be applied both in the singular and plural forms, and the masculine
gender shall include the feminine and vice-versa, without changing the respective meaning; (iv) references to any document or other instruments
include all the changes, substitutions and restatements and respective supplementations, save as otherwise expressly provided for; (v)
save as otherwise expressly provided for herein, references to clauses or exhibits apply to the clauses or exhibits of this Agreement;
(vi) all references to any Parties or Intervening Consenting Parties include their successors, representatives and authorized assignees;
(vii) all references to clauses include their items and sub-items; and (viii) the wording used in all parts of this Agreement shall, in
all cases, be simply construed in accordance with its correct meaning and not strictly to the benefit or to the expense of any of the
Parties hereto. Except as otherwise provided for in this Agreement, references to any days within a term or period of time shall be deemed
as references to the number of Calendar Days, it being certain that all the terms or periods provided for in this Agreement shall be counted
by excluding the day of the event that gave rise to the beginning of the respective term or period and including the last day of such
term or period. All terms and periods provided for herein that end on a day that is not a Business Day shall be automatically postponed
to the immediately next Business Day.</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">CHAPTER II<BR>
SHARES BOUND BY THE AGREEMENT AND GENERAL PRINCIPLES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Shares Bound
by the Agreement</U>. Subject to Clauses 3.1.3 to 3.1.6, all shares issued by the Company that are owned (either by record or beneficially
owned, including through any depository) by the Shareholders, including those shares as may be issued in the future (by the Company or
by companies which may hereinafter become successors of the Company), at any and all time, including, without limitation, by subscription,
option, conversion, acquisition, exchange, bonus, subdivision, consolidation, merger, incorporation, stock incorporation, spin-off or
other form of corporate reorganization, as well as stock warrant or the respective preemptive rights upon the subscription of new shares
or securities convertible into shares of the Company (&ldquo;<U>Shares</U>&rdquo;), as well as the shares or quotas of the Controlled
Companies, as applicable, will be subject to this Agreement. The Shareholders, the Company and the Controlled Companies agree to comply
and cause the compliance with everything that is agreed upon among them in this 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 0pt 0.25in"><B>2.1.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
references to a number of Shares under this Agreement shall be automatically adjusted in the event of bonus, subdivision or consolidation.
In such cases, the Company shall send to the Shareholders a chart describing the new number of Shares entitled to each Shareholder within
thirty (30)-Calendar Days of such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Other Controlled
Companies</U>. In case the Company shall hereinafter hold a direct or indirect interest that represents Control in companies other than
the Controlled Companies, all references in this Agreement to the Controlled Companies shall include such other Controlled subsidiaries,
and all the obligations set forth herein with regard to the Controlled Companies shall be equally applied to them. For purposes of the
foregoing, such Controlled subsidiaries shall execute, as intervening consenting parties, a term of adhesion to this 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"><B>2.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership of
the Shares</U>. The Shareholders, as of this date, are the lawful owners, holders and have full title to the Shares, which are free and
clear of any Liens.</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"><B>2.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforcement
of the Agreement by the Managers</U>. The Parties agree to disclose this Agreement to the members of the board of directors and officers
of the Company respectively nominated by them and to take all the necessary actions in order to ensure that all the directors and officers
of the Company and of its Controlled Companies comply with this Agreement, especially to cause the Company and its Controlled Companies
to comply with the obligations assigned to them hereunder. Any and all acts or omissions performed by the directors and officers nominated
by the Shareholders in violation of the provisions hereof shall be null and void by operation of law. The Parties agree to cause the Controlled
Companies incorporated under the laws of Brazil (&ldquo;<U>Brazilian Companies</U>&rdquo;) to file a copy of this Agreement in their respective
headquarters and to cause XP Investimentos to register its existence in its share registry book.</P>

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


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General Principles</U>.
Without prejudice to the specific provisions of this Agreement, in the exercise of their duties and responsibilities, the Shareholders
and their nominees in the board of directors or officers of the Company shall guide their conduct and exercise their voting rights at
all times in the best interest of the Company and of the Controlled Companies. The Company and the Controlled Companies shall adopt good
corporate governance practices, based on the principles of perpetuation of the business currently carried out by them, with an entrepreneurial,
agile and independent management, while ensuring adherence to adequate standards of governance, compliance and risk 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"><B>2.6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Resolution No. 4,122 of the National Monetary Council and other provisions</U>. Parties have agreed and decided that this Agreement
shall contain the same main terms and conditions of the Previous Shareholder Agreement, exclusively adjusted to reflect the migration
of the Shareholders&rsquo; investment to an exempted company with limited liability, incorporated under the laws of the Cayman Islands
and to be listed on Nasdaq and other relevant aspects of the Corporate Restructuring. Parties further acknowledge and agree that this
Agreement fully complies with: (i) the Resolution No. 4,122 of the National Monetary Council of Brazil and (ii) the rules of the ACC,
particularly with respect to share-transfer restrictions between XP Controle and Ita&uacute;.</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"><B>2.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Ita&uacute; Unibanco
hereby irrevocably and unconditionally undertakes to act as guarantor (<I>fiador</I>) of any and all obligations assumed by Ita&uacute;
under this Agreement assuming, as main obligor and principal payer, joint and several liability with Ita&uacute; for compliance with any
and all relevant obligations (and to make Ita&uacute; comply with such obligations) and payment of any and all amounts that may be due
in the future by Ita&uacute; to any of the other Shareholders in connection herewith. Ita&uacute; Unibanco hereby expressly waives any
and all benefits provided for in Articles 366, 368, 824, 827, 830, 834, 835, 837, 838 and 839 of the Brazilian Civil Code and Article
794 of the Brazilian Code of Civil Procedure.</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">CHAPTER III<BR>
RULES GOVERNING TRANSFER OF SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions
on Transfers of Shares and Creation of Liens</U>. Except as expressly set forth in this Agreement and/or in the Stock Purchase Agreement,
the Shareholders shall only be entitled to Transfer their Shares, subject to (i) their respective Lock-Up Periods, (ii) any lock-up agreements
entered with the indemnitees of the IPO, (iii) the Right of First Refusal and the Tag-Along Right, as applicable, (iv) applicable securities
law restrictions, and (v) the terms and conditions of the Registration Rights Agreement, as applicable. In addition, except as provided
in <U>Clauses 3.1.3</U>, <U>3.1.4</U> and <U>3.1.5</U>, a Private Sale of Shares shall only be permitted if (a) the acquirer is a Certified
Buyer, (b) the Certified Buyer adheres to this Agreement, and (c) the Shareholder carrying out the Private Sale Transfers one hundred
percent (100%) of its Shares. Moreover, throughout the effective term of this Agreement, the Shareholders shall not be allowed to create
any Liens on the Shares owned by them (or allow the creation of Liens on XP Investimentos&rsquo; capital interest) without the prior written
consent by all of the other Shareholders. The Shareholders acknowledge and agree that any Transfer of Class B Shares shall only be carried
out through a Private Sale and only in the following cases: (a) within a Transfer of Shares that represent one hundred percent (100%)
of the Shares owned by Ita&uacute; at the time of such sale and according to terms and conditions set forth herein; or (b) within a Transfer
of Shares by XP Controle that represent the Company&rsquo;s Control, according to Clause 3.1.6 below.</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 0.25in"><B>3.1.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lock-Up
Periods</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Except as set forth in Clause 3.1.5 below, GA shall not Transfer the GA Shares Second Acquisition until the Second Closing Date (&ldquo;<U>GA
Second Acquisition Lock-Up</U>&rdquo;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Except as set forth in Clause 3.1.5 below, XP Controle shall not (i) Transfer the XPC Shares Second Acquisition until the Second Closing
Date (&ldquo;<U>XPC Second Acquisition Lock-Up</U>&rdquo;); and/or (ii) carry out a Transfer of Control of the Company and/or a Transfer
of Shares that results in XP Controle holding less than fifty percent (50%) plus one (1) vote in the Company&rsquo;s voting share rights,
until August 9, 2026 (&ldquo;<U>XPC Control Lock-Up</U>&rdquo;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Except for the XP Structure&rsquo;s Permitted Transfers provided below, the XPC Second Acquisition Lock-Up and the XPC Control Lock-Up
shall also apply to the shareholders of XP Controle.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>The XPC Control Lock-Up shall be automatically terminated in case any Law that prohibits or prevents Ita&uacute; from acquiring the
Company&rsquo;s Control is dispatched or enacted (except to the extent that the restriction</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">on the acquisition of Control established
in said Law is effective for a limited period of time and does not prevent the acquisition of Control by Ita&uacute; after August 9, 2026).
In this event, from the date of the effectiveness of such Law, XP Controle shall be authorized to Transfer the Company&rsquo;s Control,
at its sole discretion. Except for Ita&uacute;&rsquo;s Right of First Refusal provided in Clause 4.1.1, which shall cease to be applicable,
such Transfer of Company&rsquo;s Control shall be subject to all of the other terms and conditions set forth in this Agreement (including,
without limitation, the mandatory Transfer of Shares only to Certified Buyers in case of Private Sales and the applicability of the Tag
Along Right).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Transfer of, and/or the creation of a Lien on, the Shares (or on XP Investimentos&rsquo; capital interest) in violation of the provisions
in this Agreement shall be null and void by operation of law and the Company shall refrain from recording it in the applicable share registry.
Even though where authorized by this Agreement, the creation of Liens on the Shares may never contain any restriction to the Shareholder&rsquo;s
voting right or contrary to the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.1.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>IPO
and Transfers in the Stock Exchange</U>. Subject to (i) the XPC Control Lock-up, XPC Second Acquisition Lock-Up and GA Second Acquisition
Lock-Up, as applicable (ii) any lock-up agreements entered with the indemnitees of the IPO, (iii) applicable securities law restrictions,
and (iv) the terms and conditions of the Registration Rights Agreement, as applicable, upon the consummation of the IPO, each Shareholder
shall be free to Transfer any amount of Class A Shares, at any time, and as long as the Transfer is carried out through the Stock Exchange,
to any third party regardless of whether such third party is a Shareholder or a Certified Buyer. In such cases of Transfer of Class A
Shares through the Stock Exchange, the Right of First Refusal and the Tag Along Right will <U>not</U> be applicable. For the avoidance
of doubt, in this case, the Shareholders shall be allowed to Transfer less than 100% of the Class A Shares held by them and the acquiring
third party shall <U>not</U> be a party to this Agreement (and the Class A Shares acquired by such third party shall <U>not</U> be bound
by this Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>3.1.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Once
an IPO has been implemented, the following rules shall also apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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: 0.5in"></TD><TD STYLE="width: 0.3in">(i)</TD><TD>XP Controle shall not, in the context of such IPO or in any subsequent sale of Shares in the stock exchange, Transfer the Control
of the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.3in">(ii)</TD><TD>The Company shall only list and allow for trading in the Stock Exchange Class A Shares. If any Shareholder wishes to sell Class B
Shares in the Stock Exchange, it shall mandatorily convert such Class B Shares into Class A Shares prior to such sale, as per the applicable
mechanics set forth in the Company&rsquo;s Articles of Association and consistent with Clause 3.4 below. The Shareholders hereby undertake
to take all necessary actions and cooperate in good-faith to implement such conversion. The Persons who acquire any Shares in the Stock
Exchange will not be bound to this Agreement and the Shares that are sold therein will be automatically released from this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.3in">(iii)</TD><TD>Company undertakes to provide Parties with copies of any registration statement and underwriting agreement in connection with any
public offering carried out by the Company in reasonable advance of any filing or submission;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.3in">(iv)</TD><TD>The Parties will disclose the terms of this Agreement in connection with the IPO as required by law; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.3in">(v)</TD><TD>The transfer of any and all Class A Shares sold by the Shareholders in the Stock Exchange (including pursuant to Rule 144) or pursuant
to a SEC registered offering following the IPO will be subject to the applicable securities law restrictions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.1.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Private
Transfers of Free Shares</U>. The following private Transfers of Class A Shares shall be permitted and the Right of First Refusal and
Tag Along rights shall <U>not</U> apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.3in">(i)</TD><TD>XP Controle can Transfer, freely and with no restrictions whatsoever, up to one hundred percent (100%) of the XPC Free Shares to Authorized
Investors, provided that, if such XPC Free Shares are comprised of Class B Shares, XP Controle shall take all the necessary measures to
convert them into Class A Shares prior to the Transfer, so that 100% of the XPC Free Shares to be Transferred are exclusively comprised
of Class A Shares. The Authorized Investors who acquire(a) less than one hundred percent (100%) of the XPC Free Shares will not be part
of this Agreement (and their</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8in; text-indent: 0in">respective acquired Shares shall not be
bound by the rules provided herein), and (b) one hundred percent (100%) of the XPC Free Shares can be part of this Agreement (and, in
case of adherence, their respective acquired Shares will be bound by the rules provided herein), provided that the sole acquisition of
XPC Free Shares will not entitle the Authorized Investors to any veto rights or to the election of any member to the Company&rsquo;s Board
of Directors. In case of a block Transfer of one hundred percent (100%) of the XPC Free Shares to more than one Authorized Investor and
adherence of all of them to this Agreement, such Authorized Investors shall form a single block of shareholders and will be considered
as a single party for purposes of exercising the voting rights set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8in; text-indent: 0in">&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: 0.5in"></TD><TD STYLE="width: 0.3in">(ii)</TD><TD>Except for GA Second Acquisition Shares, GA can Transfer, freely and with no restrictions whatsoever, all of their remaining Class
A Shares (&ldquo;<U>GA Free Shares</U>&rdquo;) to one or more Authorized Investors. If the GA Free Shares are comprised of Class B Shares,
GA shall take all the necessary measures to convert them into Class A Shares prior to the Transfer, so that 100% of the GA Free Shares
to be Transferred are exclusively comprised of Class A Shares. The Authorized Investors who acquire (a) less than all of GA Free Shares
will not be part of this Agreement (and their respective acquired Shares shall <U>not</U> be bound by the rules provided herein), and
(b) all and not less than all of GA Free Shares shall adhere to this Agreement (and their respective acquired Shares shall be bound by
the rules, rights and obligations of GA provided herein). In case of a block Transfer of all and not less than all of the GA Free Shares
to more than one Authorized Investor, such Authorized Investors shall form a single block of shareholders and will be considered as a
single party for the exercise of GA&rsquo;s veto rights and its right to elect members of the Board of Directors, as applicable and as
provided for in this Agreement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.1.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidity
Alternative</U>. Subject to the XPC Control Lock-Up and the following clauses, in case any of the Regulatory Approvals required to the
consummation of the Second Acquisition is denied or not obtained within eighteen (18) months as of their respective requests, whichever
occurs first, both the GA Second Acquisition Lock-Up and the XPC Second Acquisition Lock-Up shall be accelerated and early terminated
in respect to each Party of this Agreement as of the first Business Day following the Regulatory Approval denial or the end of such 18-month
period, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>3.1.5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Additionally,
immediately upon (i) the denial of any Regulatory Approval required for consummation of the Second Acquisition; or (ii) the failure to
obtain such Regulatory Approvals within such 18-month period referred to above, the Shareholders undertake to discuss, in good faith,
a liquidity alternative to the remaining Shares held by the Shareholders), and, in case they reach an agreement, the Shareholders shall
reasonably implement the solution agreed. In case they do not reach an agreement within sixty (60)-Calendar Days counted from the beginning
of the term for discussions referred above, any Shareholder, as from that moment, upon delivery of a written notice to the other Shareholders
and to the Company, shall have the right to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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: 0.5in"></TD><TD STYLE="width: 0.3in">(i)</TD><TD>If the IPO has not already occurred, request the registration/filing of an IPO as per Clause 3.1.3, or, if an IPO has already occurred,
a follow-on offering subject to the terms and conditions of the Registration Rights Agreement, in which case the Shareholders and the
Company shall endeavor reasonable commercial efforts to carry out and cause to be carried out all acts that are necessary to approve,
carry out and, subject to favorable market conditions, file the public offering of Class A Shares, including, to the extent possible,
within the time table reasonably requested by the relevant Shareholder for the public offering of shares (&ldquo;<U>Right to a Public
Offering of Shares</U>&rdquo;). Additionally to the Right to a Public Offering of Shares, in case the IPO has already happened, the Shareholders
will be entitled to sell their Class A Shares in the Stock Exchange, in which case the Right of First Refusal and the Tag-Along Right
shall not be applicable; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.3in">(ii)</TD><TD>initiate a structured private sale process of up to one hundred percent (100%) of its Shares, to one or more Certified Buyers, in
which case the Company and the other Shareholders shall endeavor all reasonable commercial efforts in order to cooperate with the consummation
of the sale (&ldquo;<U>Private Transfer</U>&rdquo;). For avoidance of doubt, the Private Transfer shall be subject to the Right of First
Refusal (subject to Clause 4.1.1 below) and the Tag Along Right provided herein. In case of a Private Transfer resulting in the Transfer
of all and not less than all of the Shares held by any Shareholder is implemented, the respective Certified Buyer(s) shall succeed such
Shareholder in all rights and</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8in; text-indent: 0in">obligations provided in this Agreement,
replacing the Shareholder as a party to this Agreement for all effects. The Shareholders acknowledge and agree that such Private Transfer
shall only be available to the sale of Class A Shares (except for the sale of Class B Shares according to Clause 3.1.6) which means that,
if a Shareholder wishes to privately sell Class B shares, it shall convert the applicable Class B Shares into Class A Shares prior to
consummation of the Private Transfer. In case of a block sale of 100% of the Shares held by a Shareholder to more than one Certified Buyer,
such Certified Buyers shall act as a single block of shareholders for purposes of exercising the voting rights provided herein. In case
the Private Transfer comprises less than one hundred percent (100%) of the Shares held by the selling Shareholder, the respective Certified
Buyers shall <U>not</U> succeed the Shareholder in its rights and obligations under this Agreement and shall <U>not</U> become a party
to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>3.1.5.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the context of a Private Transfer, the selling Shareholder shall present to the other Shareholders a list containing the Certified Buyers
that the selling Shareholder intends to contact and, whenever applicable, Ita&uacute; and/or XP Controle shall have a veto right in relation
to any Certified Buyer included in such list, provided such veto is justified and exercised within thirty (30)-Calendar Days counted from
the receipt of the list. Said veto right shall <U>not</U> be applicable in relation to Certified Buyers who are also Authorized Investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If the IPO has not already occurred, following the fifth
anniversary of the consummation of a Private Transfer carried out by GA in which the Authorized Investor(s) and/or Certified Buyer(s)
have become a party to this Agreement as a result of the acquisition of all and not less than all of the Shares held by GA, and provided
that none of the acquired Shares have been Transferred thereafter, such Authorized Investor(s) and/or Certified Buyer(s) will be entitled
to have Right to a Public Offering of Shares and the right to a Private Transfer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.1.6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
of Control</U>. Subject to the XPC Control Lock-Up, the Right of First Refusal (subject to Clause 4.1.1 below) and the Tag Along Right
provided herein, XP Controle shall be allowed to Transfer the Company&rsquo;s Control only through a Private Sale of Class B Shares whereby
(i) the purchaser of the Company&rsquo;s Control is a Certified Buyer, and (ii) the Certified Buyer adheres to this Agreement. In this
case, Ita&uacute; shall automatically lose the rights provided in items (d) and (f) of Clause 6.3, which shall cease to exist as from
the date of the consummation of the Transfer of the Company&rsquo;s Control. Upon the occurrence of a Transfer of the Company&rsquo;s
Control, this Agreement shall be amended to exclude items (d) and (f) of Clause 6.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Permitted Transfers</U>.
The Parties acknowledge and agree that Transfers of Shares (a) between Ita&uacute; and any of its Affiliates or between its Affiliates
among themselves, (b) as described in Clause 3.1.3 above; (c) resulting from succession due to causa mortis (death); (d) resulting from
repurchase of Shares by the Company for the specific purpose of holding them as treasury shares or for cancellation thereof, as permitted
by Law; (e) from GA to their respective Permitted Assignees; (f) between the GA and/or their respective Permitted Assignees (both cases
(e) and (f), the &ldquo;<U>GA Permitted Transfers</U>&rdquo;); (g) between XP Controle, on the one hand, and XPC Controlling Shareholders
and/or an Affiliate of XP Controle, on the other hand; (h) between XP Controle, on the one hand, and the Minority Shareholders, on the
other hand; (i) of Minority Shareholders among themselves or of XPC Controlling Shareholders among themselves; and (j) between XP Controle
or the XPC Controlling Shareholders or the Minority Shareholders, on the one hand, and Related Third Parties, on the other hand (all cases
from (g) to (j), the &ldquo;<U>XP Structure&rsquo;s Permitted Transfers</U>&rdquo;) shall not be subject to the restrictions provided
for in Clause 3.1.</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 0.25in"><B>3.2.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GA
covenants and agrees not to use GA Permitted Transfers to carry out a Transfer of Shares that, if implemented otherwise, would be subject
(i) to the restrictions provided for in Clause 8.4, (ii) to GA Second Acquisition Lock-Up or (iii) to compliance with the Right of First
Refusal or the Tag-Along Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
XP Structure&rsquo;s Permitted Transfers may only be carried out if XPC Controlling Shareholders, individually or jointly, maintain ownership
of voting share rights representing more than fifty percent (50%) of the total voting rights of XP Controle and/or of the Company. Furthermore,
for XP Structure&rsquo;s Permitted Transfers, as provided for in Clause 3.2, item (i), the following limits shall be respected: (i) investment
financial advisors (<I>agentes aut&ocirc;nomos</I>) shall not hold more than five percent (5%) of the capital stock of XP Controle, individually
or jointly; and (ii) the XPC Controlling Shareholders may not hold interest equivalent to or lower than fifty percent (50%) of XP Controle&rsquo;s
voting share rights. The Company and/or XP Controle, as the case may be, shall provide GA and Ita&uacute; with information about any XP
Structure&rsquo;s Permitted Transfers, including in relation to securities issued by XP Controle, within thirty (30)-Calendar Days from
the receipt of a request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Retention in
case of Transfer of Control</U>. In the event of Transfer of Control of the Company by XP Controle, XP Controle and Ita&uacute; undertake
to hold discussions in good faith regarding the potential creation of an escrow account mechanism in which a percentage of the price due
by the Certified Buyer to XP Controle would be deposited to guarantee the payment of any indemnities owed by XP Controle to Ita&uacute;,
as provided in the Stock Purchase Agreement, subject to usual retention and release rules.</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"><B>3.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
of Shares</U>. Class B Shares will be converted into Class A Shares at the ratio of one (1) to one (1), with due regard to Articles 5.5
to 5.7 of the Company&rsquo;s Articles of Association, in the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>at the sole discretion of the Shareholder holding Class B Shares, in which case the referred Shareholder may decide to convert any
number of Class B Shares into Class A Shares, <U>provided that</U> the conversion of Class B Shares into Class A Shares does not result
in the loss of the Company&rsquo;s Control by XP Controle during the XPC Control Lock-up period;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>prior to any intended Transfer of Class B Shares through a Private Sale to any third-party that is not (1) an Affiliate of the selling
Shareholder, or (2) a corporation, partnership, or other entity exclusively owned or Controlled by the selling Shareholder or their Affiliates,
as applicable, except for: (a) a Transfer of Shares representing one hundred percent (100%) of the Shares owned by Ita&uacute; at the
time of such sale; and/or (b) a Transfer that results in the Transfer of the Company&rsquo;s Control by XP Controle after the XPC Control
Lock-up period; and/or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>prior to any intended Transfer of Class B Shares through the Stock Exchange;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>In respect of GA, and except for the GA Shares Second Acquisition while the GA Second Acquisition Lock-Up is in force, if required
by XP Controle, at any time, in case of any Transfer of Shares by XP Controle that would result in an interest held by XP Controle lower
than fifty percent (50%) plus one of the Company&rsquo;s voting right;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD>If, at any time, the total number of votes of the issued and outstanding Class B Shares represents less than 10% of the voting share
rights of the Company, the Class B Common Shares then in issue shall automatically and immediately be converted into Class A Shares and
no Class B Shares shall be issued by the Company thereafter.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.4.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prior
Notice</U>. If a conversion of Class B Shares into Class A Shares by XP Controle may cause Ita&uacute; to involuntarily increase its voting
share rights in the Company, XP Controle shall send a written notice to Ita&uacute; in order to communicate such event, at least 10 Calendar
Days in advance of the consummation of any conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.4.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP
Controle&rsquo;s and GA&rsquo;s conversion of Class B Shares into Class A Shares shall only be allowed if the number of Class A Shares
and Class B Shares to be acquired by Ita&uacute; from each of them in the Second Acquisition is preserved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Preemptive
Right</U>. Except for (i) the capital increase related to the primary offering of the IPO and (ii) the provisions set forth in Articles
4.6 and 4.7 of the Company&rsquo;s Articles of Association, in the event of a Company&rsquo;s capital increase, each Shareholder will
be entitled to preemptive rights in any private offering of Shares, as well as in the cases set forth in Article 4.4 of the Company&rsquo;s
Articles of Association, to subscribe new shares of the Company, proportionally to their respective interests in the total and voting
share capital of the Company at the time of such capital increase (&ldquo;<U>Preemptive Right</U>&rdquo;).</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 0.25in"><B>3.5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>If
the Company desires to issue Class A Shares for cash in the context of a public offering in the Stock Exchange without the corresponding
Preemptive Right, as provided in Article 4.7 of the Company&rsquo;s Articles of Association, it shall send a written notice to each Shareholder
holding Class B Shares, who will have thirty (30) Calendar Days from its receipt to inform the Company whether or not it agrees with the
relevant issuance. In case holders of at least two-thirds of Class B Shares agree with the issuance of Class A Shares without the corresponding
preemptive right (&ldquo;<U>Preemption Waiver</U>&rdquo;), the Company will be entitled to carry on a public offering of Class A Shares
in the Stock Exchange without giving effect to the aforementioned Preemptive Right. The lack of reply of a Class B Shares&rsquo; holder
within the thirty (30) Calendar Days from the receipt of the written notice shall be considered as an agreement with the proposed issuance.
For sake of clarification, the agreement of a Shareholder with the proposed issuance shall not be interpreted as creating a restriction
to such Shareholder to acquire shares in the offering, to the extent permitted by Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Notwithstanding
the provisions set forth above, in the context of a public offering of Class A Shares, if a Shareholder decides to subscribe part of the
Class A Shares in issue, the other Shareholders shall have the right to subscribe at least an amount of Class A Shares that would guarantee
that their dilution in the Company is not higher than the other Shareholders&rsquo; dilution, taking into account each of their respective
equity ownership at the time of the relevant public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CHAPTER IV<BR>
RIGHT OF FIRST REFUSAL</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right of First
Refusal</U>. Subject to the rules and exceptions provided for in CHAPTER III and the provisions of CHAPTER V, if, during the term of this
Agreement, any of the Shareholders (&ldquo;<U>Offering Shareholder</U>&rdquo;) intends to perform a Private Transfer or Private Sale of
its Shares to a Certified Buyer, the Offering Shareholder shall only be entitled to do so after offering the relevant Shares (&ldquo;<U>Offered
Shares</U>&rdquo;) to the other Shareholders (&ldquo;<U>Offered Shareholders</U>&rdquo;), by written notice specifying (i) the name, qualification
and identification of the Certified Buyer (including the final beneficial owners controlling such Certified Buyer and the group to which
they belong, as the case may be), (ii) the number of Offered Shares, (iii) the price to be paid in cash and the payment terms, (iv) a
copy (a) of the respective proposal of the Certified Buyer, which shall be irrevocable and irreversible, and shall contain the relevant
terms and conditions of the proposed purchase and sale and, (b) if available, the relevant stock purchase agreement or its draft, (v)
the confirmation that the Certified Buyer accepts to purchase all the shares subject to a possible exercise of the Tag Along Right, and
(vi) a commitment by the Certified Buyer to adhere to this Agreement as a condition precedent for the consummation of the acquisition
of the Offered Shares, under the terms of Clause 4.8.1 (&ldquo;<U>Notice of Right of First Refusal</U>&rdquo;).</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 0.25in"><B>4.1.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ita&uacute;
shall only be entitled to exercise the Right of First Refusal provided in this CHAPTER IV, cumulatively, (i) in case of Transfer of the
Company&rsquo;s Control; (ii) after August 9, 2026; and (iii) if there is no regulatory and/or antitrust restriction imposed by a Governmental
Authority that is valid on the last Business Day of the respective Term for Exercise of the Right of First Refusal, for the acquisition
by Ita&uacute; of the Company&rsquo;s Control. Subject to the provisions of this Clause, Ita&uacute; will have forty-five (45) additional
Calendar Days to the term established in Clause 4.2 to exercise the Right of First Refusal, resulting in a total term of ninety (90)-Calendar
Days, to analyze the feasibility of obtaining the Regulatory Approvals for the acquisition of the Company&rsquo;s Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>4.1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>If
Ita&uacute; decides to exercise its Right of First Refusal and the Regulatory Approvals necessary for the consummation of the operation
are denied or not obtained within eighteen (18) months from the date of the Notice of Answer sent by Ita&uacute;, XP Controle shall have
the right to consider the transaction with Ita&uacute; terminated by means of a written notice, and in this case, Ita&uacute; will be
subject to a compensatory fine equivalent to five percent (5%) of the purchase price described in the Notice of Right of First Refusal,
which will be paid by Ita&uacute; by means of a wire transfer/electronic transfer of funds, to the Company&rsquo;s bank account (to be
indicated in writing by it), in immediately available funds, within thirty (30)-Calendar Days counted from the receipt of a written notice
sent by the Company to this effect. If Ita&uacute; fails to timely make such payment, the due amount will be increased by interest at
the rate of one percent (1%) per month, calculated <I>pro rata die</I>, counted from the date the payment became due up to the date of
its actual payment, as well as a penalty of two percent (2%) of the amount due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>4.1.2.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of the exercise of the Right of First Refusal above, Ita&uacute; and XP Controle must, jointly and within forty-five (45)-Calendar
Days from the date of the Notice of Answer sent by Ita&uacute;, cooperate in good faith to submit to the applicable Governmental Authorities
the necessary requests to obtain the Regulatory Approvals required. If said requests are not submitted within forty-five (45)-Calendar
Days as mentioned above because XP Controle prevented the rendering of (or the Company did not provide) reasonable necessary information
and/or documents that were requested in writing with sufficient advance, the period of eighteen (18) months referred to in Clause 4.1.2
shall be increased by the number of days of delay for the submission of such requests. For clarification purposes, if such requests are
submitted sixty (60)-Calendar Days after the date of the Notice of Answer sent by Ita&uacute; due to a cause attributable to XP Controle
under the terms set forth above, the term of Clause 4.1.2 shall become eighteen (18) months and fifteen (15)-Calendar Days.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Exercise of
the Right of First Refusal</U>. Subject to the provisions of Clause 4.1.1 above and of CHAPTER III above and of CHAPTER V below, the Offered
Shareholders shall be entitled to exercise the right of first refusal for</P>

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


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the acquisition of all (and not less than all) Offered Shares for equal
or not less favorable conditions (as regards to the financial terms of the offer), than those described in the Notice of Right of First
Refusal (&ldquo;<U>Right of First Refusal</U>&rdquo;). The Right of First Refusal may be exercised by the Offered Shareholders by means
of a written notice to the Offering Shareholder, with a copy to the other Offered Shareholders (&ldquo;<U>Notice of Answer</U>&rdquo;),
sent within forty-five (45)-Calendar Days from the receipt of the Notice of First Offer (&ldquo;<U>Term for Exercise of the Right of First
Refusal</U>&rdquo;), informing their intention to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>purchase all, and not less than all, the Offered Shares for a price and under other conditions equal to or not less favorable (as
regards to the financial terms of the offer), than those described by the Offering Shareholder in the Right of First Refusal Notice; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>waive their Right of First Refusal, it being clear that the following shall be deemed as a waiver of the Right of First Refusal: (a)
absence of delivery of the Notice of Answer within the Term for Exercise of the Right of First Refusal, and/or (b) sending a Notice of
Answer that does not include the Offered Shareholders&rsquo; irrevocable and irreversible obligation (which may be conditioned only to
the need of obtaining regulatory approvals, including the BACEN Approval and the CADE Approval, as applicable) to purchase all the Offered
Shares under conditions equal to or not less favorable, in financial terms, than those specified in the Notice of Right of First Refusal.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Offered Shareholders&rsquo;
Offers</U>. The offer contained in the Notice of Answer shall be firm, irrevocable and irreversible, and may be conditioned only to the
need of obtaining regulatory approvals, including the BACEN Approval and the CADE Approval, as applicable. In case more than one Offered
Shareholder timely exercise the Right of First Refusal, the Offered Shares shall be sold, free and clear of any Liens, to the Offered
Shareholders exercising the Right of First Refusal proportionally to their respective interests in the share capital of the Company, excluding
the interests held by the Offering Shareholder and by those Offered Shareholders who have not exercised the Right of First Refusal. In
case the Certified Buyer is also a Shareholder, the Offered Shares shall be Transferred to those Offered Shareholders that exercised their
Right of First Refusal and to the Certified Buyer proportionally to their respective interests in the total share capital of the Company,
excluding the interests held by the other Shareholders.</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"><B>4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Closing of
the Right of First Refusal</U>. Within ten (10)-Calendar Days counted from the Term for Exercise of the Right of First Refusal (&ldquo;<U>Term
for Informing the Offered Shareholders</U>&rdquo;), the Offering Shareholder shall inform the Offered Shareholders who have validly exercised
their Right of First Refusal (&ldquo;<U>Buying Shareholders</U>&rdquo;) about the number of Offered Shares to be acquired by each of them.
Within sixty (60)-Calendar Days counted from the end of the Term for Informing the Offered Shareholders, the Offering Shareholder and
the Buying Shareholders shall enter into an agreement (&ldquo;<U>Right of First Refusal Agreement</U>&rdquo;) to formalize the terms and
conditions for the purchase of the Offered Shares, which Shares will be free and clear of any Liens (except for Liens expressly permitted
hereunder) (&ldquo;<U>Transfer of the Right of First Refusal Shares</U>&rdquo;), reflecting the same conditions provided for in the Notice
of Answer. In case the consummation of the Transfer of the Right of First Refusal Shares is not contingent on regulatory approvals, it
shall occur simultaneously with execution of the Right of First Refusal Agreement. Otherwise, the Offering Shareholder and the Buying
Shareholders shall, within thirty (30)-Calendar Days counted from the execution of the Right of First Refusal Agreement, request the regulatory
approvals applicable to the consummation of the Transfer of the Right of First Refusal Shares and consummate the referred Transfer within
ten (10)-Calendar Days counted from the time the regulatory approvals are obtained (&ldquo;<U>Closing of the Right of First Refusal</U>&rdquo;),
without prejudice to the provisions in Clause 4.6.</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"><B>4.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Transfer of
the Offered Shares to the Certified Buyer</U>. In the event the Right of First Refusal is waived, under the terms of Clause 4.2(ii), by
the Offered Shareholders or in case the Closing of the Right of First Refusal doesn&acute;t occur according to the terms of Clause 4.4
above (except as a result of the Offering Shareholder&rsquo;s default in any obligation), and, in any case, with due regard to the possible
exercise of the Tag Along Right by the Offered Shareholders, the Offering Shareholder shall be free to Transfer the Offered Shares to
the Certified Buyer, provided that they are transferred under not less favorable conditions (from a financial standpoint), than those
specified in the Notice of Right of First Refusal, it being clear that the Offering Shareholder and the Certified Buyer shall, within
forty-five (45)-Calendar Days counted from the waiver of the Right of First Refusal or the non-occurrence of the Closing of the Right
of First Refusal, as set forth above, enter into an agreement (&ldquo;<U>Certified Buyer Purchase and Sale Agreement</U>&rdquo;) to formalize
the terms and conditions for the acquisition of the Offered Shares &ndash; which shall be free and clear of any Liens (except for the
Liens expressly authorized in this Agreement) (&ldquo;<U>Transfer of the Shares to the Certified Buyer</U>&rdquo;). In case the consummation
of the Transfer of the Shares to the Certified Buyer is not subject to</P>

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


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">regulatory approvals being obtained, it shall occur simultaneously
with the execution of the Certified Buyer Purchase and Sale Agreement. Otherwise, the Offering Shareholder and the Certified Buyer shall,
within thirty (30)-Calendar Days counted from the execution of the Certified Buyer Purchase and Sale Agreement, request the regulatory
approvals applicable to the consummation of the Transfer of Shares to the Certified Buyer and consummate the referred Transfer within
ten (10)-Calendar Days counted from the time the applicable approvals are obtained (&ldquo;<U>Closing of the Transfer to the Certified
Buyer</U>&rdquo;), without prejudice to the provisions in Clause 4.7. In case the Transfer of Share to the Certified Buyer shall not occur
within the above mentioned period, the process for exercise of the Right of First Refusal set forth in this CHAPTER IV shall be restarted.</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"><B>4.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Closing</U>.
Notwithstanding the deadlines provided for in Clause 4.4 and in Clause 4.5, respectively, for the consummation of the Transfer of the
Right of First Refusal Shares and for the consummation of the Transfer of the Shares to the Certified Buyer, the Parties covenant and
agree to cause the consummation of the relevant Transfer of Shares always on the last Business Days of the month. Thus, if the consummation
of the Transfers mentioned herein are ready to occur &ndash; i.e. are not subject to the fulfillment or verification of any condition
&ndash; (a) before (and including) the 20<SUP>th</SUP> day of any given month, the consummation of the relevant Transfer shall occur on
the last Business Day of such month, or (b) after the 20<SUP>th</SUP> day of any given month, the consummation of the relevant Transfer
shall occur on the last Business Day of the subsequent month.</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"><B>4.7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Invalidity
of the Certified Buyer&rsquo;s Offer</U>. The stipulation, by the Certified Buyer, of a condition in its offer with the purpose of creating
restrictions on the Offered Shareholders that are not provided for in this Agreement or in the Company&rsquo;s Articles of Association
shall be null and void, unenforceable and not binding to the Offered Shareholders or on the Company. For purposes of clarification, nothing
in this Clause shall prevent an obligation to indemnify (if any) contained in the Certified Buyer&rsquo;s offer from being proportionally
allocated to the Offered Shareholders.</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"><B>4.8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Validity of
this Agreement</U>. Subject to the provisions of Clauses 3.1.3 to 3.1.5, in case of Transfer of Shares to Certified Buyers and/or Authorized
Investors or among Shareholders, this Agreement shall remain in force and effect in all its terms and conditions, with the assignment
of this Agreement to such Certified Buyer, Authorized Investor or to another Shareholder, as the case may be, of the Offering Shareholder&acute;s
rights and obligations provided for in this Agreement, except in relation to the rights granted to the sole and exclusive benefit of Ita&uacute;
and GA (<I>intuitu personae</I>) as provided for in this Agreement, which shall not be affected by the Transfer of 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 0pt 0.25in"><B>4.8.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
to the Agreement</U>. In any case, at the date of consummation of a Transfer of Shares to any Certified Buyer, such Certified Buyer shall,
prior to and as a precondition to the Transfer of the Offered Shares, unconditionally join and commit itself to adhere to the provisions
in this Agreement and to undertake all the obligations stipulated herein, as if it were an original signatory of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Tag Along Right</U>.
Subject to the rules and exceptions set forth in CHAPTER III above, the Offered Shareholders who decide not to exercise their Right of
First Refusal, as per Clause 4.2 above, will be entitled to require the Offering Shareholder to include all Shares held by such Offered
Shareholders in the Offered Shares to be Transferred to the Certified Buyer, at the same price per Offered Share and under the same terms
and conditions as those applicable to the Offering Shareholder&acute;s Offered Shares, including possible price adjustments, deferred
payments, obligations to indemnify and earn out as provided for in the Notice of Right of First Refusal (&ldquo;<U>Tag Along Right</U>&rdquo;),
not being applicable, in this case, the XPC Control Lock-Up even if such Transfer occurs within the XPC Control Lock-Up period.</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 0.25in"><B>5.1.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Tag Along Right provided in this CHAPTER V shall only benefit and be exercisable by Ita&uacute; in case of a Transfer of the Company&rsquo;s
Control. For the avoidance of doubt, the Tag Along Right of Ita&uacute; shall be preserved in case of a Transfer of the Company&rsquo;s
Control in which Ita&uacute; cannot exercise its Right of First Refusal. Therefore, even in this case, XP Controle (as the Offering Shareholder)
shall deliver to Ita&uacute; the Notice of Right of First Refusal (even if Ita&uacute; is not entitled to exercise the Right of First
Refusal), under the terms of Clause 4.1, to guarantee to Ita&uacute; the possibility to deliver its Notice of Tag Along, as provided in
Clause 5.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Exercise of
the Tag Along Right</U>. The Offered Shareholders who decide to exercise their Tag Along Right (&ldquo;<U>Selling Shareholders</U>&rdquo;)
shall send, within forty-five (45)-Calendar Days from the receipt of the Notice of Right of</P>

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


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">First Refusal, a written notice informing the Offering Shareholder
of the exercise of the Tag Along Right (&ldquo;<U>Notice of Tag Along</U>&rdquo;), which shall imply unconditional acceptance of all the
conditions provided for in the Notice of Right of First Refusal, it being understood that the failure to answer within such forty-five
(45) Calendar Day period will be deemed as a waiver of the Tag Along Right, and the Offering Shareholder will be entitled to Transfer
the Offered Shares under the terms provided for in the Notice of Right of First Refusal, provided that none of the Offered Shareholders
have exercised the Right of First Refusal.</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"><B>5.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Offered Shares</U>.
In the event a Notice of Tag Along has been sent by one or more Offered Shareholders in accordance with this Agreement, the Certified
Buyer shall be compelled to purchase, in addition to the Offered Shares, all Shares held by such Offered Shareholders.</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"><B>5.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Closing of
the Transfer</U>. Subject to Clause 5.5 below, within forty-five (45)-Calendar Days counted from the date the Notice of Tag Along is sent,
the Offering Shareholder, the Selling Shareholders and the Certified Buyer shall enter into an agreement (&ldquo;<U>Tag Along Transfer
Agreement</U>&rdquo;) to formalize the terms and conditions for such Transfer of Shares. If the consummation of said Transfer is not subject
to regulatory approvals, the referred Transfer shall occur simultaneously with the execution of the Tag Along Transfer Agreement. Otherwise,
the Offering Shareholder, the Selling Shareholders and the Certified Buyer shall, within thirty (30)-Calendar Days from the execution
of the Tag Along Transfer Agreement, request the regulatory approvals applicable to the consummation of the Transfer of the Tag Along
Shares and consummate said Transfer within ten (10)-Calendar Days from the time the applicable approvals are obtained (&ldquo;<U>Closing
of the Tag Along Right</U>&rdquo;), without prejudice to the provisions in Clause 5.5.</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"><B>5.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the deadlines provided for in Clause 5.4 for the consummation of the Transfer of the Right of the Tag Along Shares, the Parties covenant
and agree to cause the consummation of the relevant Transfer of Shares always on the last Business Days of the month. Thus, if the consummation
of any such Transfer mentioned herein is ready to occur &ndash; i.e. are not subject to the fulfillment or verification of any condition
&ndash; (a) before (and including) the 20<SUP>th</SUP> day of any given month, the consummation of the referred Transfer shall occur on
the last Business Day of such month, or (b) after the 20<SUP>th</SUP> day of any given month, the consummation of the referred Transfer
shall occur on the last Business Day of the subsequent month.</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"><B>5.6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Costs</U>.
If the Tag Along Right is exercised, all costs and expenses effectively incurred in the preparation and execution of the Transfer of Shares,
including attorneys&acute; and professional&acute;s fees, provided that previously approved in writing by the Offering Shareholder, will
be borne by the Selling Shareholders and by the Offering Shareholder proportionally to their respective equity interest in the Transferred
Shares. If the Tag Along Right is not exercised, the costs and expenses will be fully borne by the Offering Shareholder.</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">CHAPTER VI<BR>
SHAREHOLDERS&acute; MEETINGS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company&acute;s
Shareholders&acute; Meetings</U>. The annual shareholders&rsquo; meetings shall be held within the first four (4) months following the
end of the fiscal year, and the extraordinary shareholders&rsquo; meetings (&ldquo;<U>Shareholders&rsquo; Meeting</U>&rdquo;) shall be
held whenever and to the extent that the Company&acute;s business so require. The resolutions of a Shareholders&rsquo; Meeting, except
for the special matters as provided by Law or in the Company&rsquo;s Articles of Association or in this Agreement, shall be approved by
Shareholders representing the majority of the Company&rsquo;s voting share rights present at the Shareholders&rsquo; Meeting.</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 0.25in"><B>6.1.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Shares
Voting Rights</U>. The Company&rsquo;s share capital is divided into Class A Shares and Class B Shares. Each Class A Share will be entitled
to one (1) vote, and each Class B Share will entitled to ten (10) votes in the resolutions of the Company&rsquo;s Shareholders&rsquo;
Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GA&rsquo;s
Vote</U>. Subject to the provisions in this Agreement, GA, or its relevant nominee in the Board of Directors, shall have veto rights in
any of the matters set forth below with respect to the Company and its Controlled Companies (except as otherwise provided for in this
Clause), provided that such veto right must be justified, exercised in the best interest of the Company and by means of a written notice:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Entry into, by the Company and/or its Controlled Companies, of a joint venture with other companies, merger, spin-off, incorporation,
acquisition, partnership, profit sharing agreements or sale, by the</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Company, of assets that, in any case, exceeds
thirty-three point thirty-three percent (33.33%) of the Company&rsquo;s gross revenue in the last twelve (12) months;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Annual investments (CAPEX), either individually or in the aggregate, by the Company or by the Controlled Companies, not provided for
in the Annual Budget and in an amount that exceeds by more than ten percent (10%) of the Company&rsquo;s consolidated annual gross revenue;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Any corporate restructuring involving the Company or the Controlled Companies that adversely impacts the value of GA&rsquo;s interest
in the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Granting or borrowing of loans and guarantees by the Company or by the Controlled Companies, in an amount that, if considered individually
or in the aggregate, exceeds the equivalent of fifty percent (50%) of the Annual Consolidated EBITDA calculated based on the last audited
balance sheet, except for loans borrowed and guarantees granted in the ordinary course of business of the Company and/or its Controlled
Companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>Distribution of dividends in an amount that exceeds fifty (50%) of the Company&rsquo;s net profit in a given year, after the legally
required adjustments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>Increase of the share capital of the Company or its Controlled Companies through the issuance of new shares, whenever the issuance
price of the shares considers a valuation of the Company lower than three billion, one hundred and fifty million Reais (R$ 3,150,000,000.00),
adjusted by the IGP-M as of May 25<SUP>th</SUP>, 2016, except in case of sale to employees, managers or collaborators that participate
in the Company&rsquo;s or in its Controlled Companies&rsquo; activities and/or businesses, as a form of incentive and/or reward for the
achievement of goals and/or results, whenever approved by the Company&rsquo;s Board of Directors and up to a total limit of five percent
(5%) of the Company&rsquo;s share capital and/or of its Controlled Companies, as the case may be;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD>Transactions involving, on the one hand, the Company or its Controlled Companies and, on the other, XP Controle, or any other Companies
directly or indirectly controlled by XP Controle (except the Company and its Controlled Companies), its respective direct or indirect
Controlling shareholders, or their spouses and 1<SUP>st</SUP> and 2<SUP>nd</SUP> degree relatives, any managers of the Company or of its
Controlled Companies or their spouses and 1<SUP>st</SUP> and 2<SUP>nd</SUP> degree relatives, and/or any direct or indirect Controlled
of the Company, of such persons (&ldquo;<U>Related Parties</U>&rdquo;), except for transactions in which the Related Parties (a) act as
clients of the Company and/or of its Controlled Companies in transactions carried out in the regular course of business of the Company
and/or its Controlled Companies; (b) are investment financial advisors (<I>agentes aut&ocirc;nomos</I>) hired by XP CCTVM; (c) are Companies
directly or indirectly Controlled by the Company; and (d) receive shares or securities convertible into shares issued by the Company and/or
its Controlled Companies, as employees, managers or associates who participate in or come to participate in the activities and/or business
of the Company and/or its Controlled Companies, as a form of incentive and/or reward for the achievement of goals and/or results, whenever
approved by the Company&rsquo;s Board of Directors and up to a total limit of five percent (5%) of the share capital of the Company and/or
its Controlled Companies, as the case may be, provided that, in any case, the transactions are carried out in the regular course of business
of the Company and/or its Controlled Companies and in commutative conditions, in due compliance with market practices;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD>Alteration or amendment to the Company&rsquo;s Articles of Association or By-laws, as applicable, of its Controlled Companies that
have a material adverse effect on the rights granted to GA under the terms of this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>Redemption of shares or reduction of the share capital of the Company and/or of its Controlled Companies that result in a return of
capital to the Shareholders of the Company and/or of its Controlled Companies, except to the extent necessary to redeem shares granted
in incentive or compensation plans for employees or associates of the Company and/or of its Controlled Companies in the event of termination
of their relationship with the Company and/or with its Controlled Companies;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD>Sale, lease, rent, abandonment or other disposition by the Company and/or its Controlled Companies of a client portfolio and technology
platform that has a material adverse effect on the activities of the Company and/or of its Controlled Companies; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD>Sale, assignment, transfer or license of any Intellectual Property rights held by its Controlled Companies, which has a material adverse
effect on the activities of the Company and/or of its Controlled Companies.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>6.2.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GA
shall only be allowed to exercise the vetoes provided for in items (a) and (b) until the complete implementation of the Second Acquisition,
as provided for in the Stock Purchase Agreement. In any case, the veto rights provided in this Clause 6.2 will cease to have effects,
automatically and regardless of any amendment to this Agreement, in case GA holds less than 176.382.406 shares of the Company duly adjusted
to reflect any consolidation and/or subdivision and/or similar transaction carried on by the Company that results in a change in the number
of Shares of the same class held by every Shareholder of the Company, being altered in the same way and the same proportion, in any case,
other than a Transfer of Shares by such Shareholder. Except for the veto rights provided for in items (a), (d) and (f) which are granted
to the sole and exclusive benefit of GA (<I>intuitu personae</I>), the veto right and the exercise rules provided herein shall be <I>mutatis
mutandis</I> applicable to the Authorized Investors that acquires the GA Free Shares, as provided in Clause 3.1.4(ii), and/or to Certified
Buyers who acquire the GA Shares pursuant to Clause 3.1.5.1(ii), provided that none of the respective Shares acquired are subsequently
Transferred by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ita&uacute;&rsquo;s
Vote</U>. Subject to the provisions in this Agreement, Ita&uacute;, or its relevant nominee in the Board of Directors, shall have veto
rights in any of the matters set forth below with respect to the Company and its Controlled Companies (except as otherwise provided for
in this Clause), provided that such veto right must be justified, exercised in the best interest of the Company and by means of a written
notice:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Distribution of dividends in an amount that exceeds fifty (50%) of the Company&rsquo;s net profit in a given year, after the legally
required adjustments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Modification of the accounting policies and practices used by the Company and/or by its Controlled Companies, except as required by
applicable Law;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Substitution of the Company&rsquo;s or XP Investimentos&rsquo; Independent Auditor before the end of its term of office;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Unjustified dismissal of the Chief Executive Officer or of the Chief Financial Officer of the Company and/or of XP Investimentos;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>Unjustified dismissal of the internal auditor;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>Approval of the global annual compensation of the Chief Executive Officer or of the Chief Financial Officer of the Company and/or
of XP Investimentos;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD>Creation, modification and/or termination of the Company&rsquo;s and/or of XP Investimentos&rsquo; stock option policy or any kind
of long term incentive plan granted to executives of the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD>Amendment or change to the Company&rsquo;s Articles of Association that causes an adverse effect on the economic and political rights
granted to Ita&uacute; under the terms of this Agreement, including the creation of new classes of Shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>Change in the number of members and/or powers granted to the Board of Directors of the Company, except if such change is required
to assure that XP Controle shall elect the majority of the members of the Board of Directors, as provided in Clause 7.4;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD>Redemption of shares of the Company&rsquo;s or of the Controlled Companies share capital that results in a return of capital to the
Shareholders of the Company and/or of its Controlled Companies, except to the extent necessary to redeem shares granted under incentive
or compensation plans to employees or associates of the Company and/or of its Controlled Companies in the event of termination of their
relationship with the Company and/or its Controlled Companies;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD>Provided that it exceeds thirty-three point thirty-three percent (33.33%) of the Company&rsquo;s gross revenue for the last twelve
(12) months, any transaction whereby the Company and/or its Controlled Companies enter into any of the following: an association agreement
with other companies, merger, spin-off, consolidation, acquisition, partnership, profit-sharing agreements, or the sale of assets by the
Company or by the Controlled Companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD>Notwithstanding anything in the contrary herein, the Transfer and/or issuance to Persons other than the Company of any shares or other
convertible securities of XP Investimentos by the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(m)</TD><TD>Entering into any agreement that is material for the Company&rsquo;s business, in which the Company or its Controlled Companies grant
exclusivity to third parties or any agreement creating non-compete obligations for the Company or its Controlled Companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(n)</TD><TD>Transactions involving, on the one hand, the Company or its Controlled Companies and, on the other hand, any government body and/or
any Related Parties and/or GA, other than transactions in which the Related Parties (a) act as clients of the Controlled Companies in
transactions carried out in the normal course of business of the Company and/or of its Controlled Companies; (b) are investment financial
advisors (<I>agentes aut&ocirc;nomos</I>) hired by XP CCTVM in transactions carried out in the normal course of business; (c) are Controlled
Companies; and (d) receive shares or securities convertible into shares issued by the Controlled Companies, as employees, managers or
associates who participate or come to participate in the activities and/or business of the Company and/or of its Controlled Companies,
as a form of incentive and/or reward for the achievement of goals and/or results, whenever approved by the Company&rsquo;s Board of Directors
and up to a total limit of ten percent (10%) of the capital stock of XP Gest&atilde;o and five percent (5%) of the capital stock of the
other Controlled Companies, as the case may be; provided that, in any of the cases above, the transactions are carried out in the normal
course of business of the Company and/or of its Controlled Companies, and under commutative conditions, with due regard to the market
practices;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(o)</TD><TD>Changes in the Company&rsquo;s and/or Controlled Companies line of business activities, except those related to commercial banking,
investment banking, foreign exchange and insurance business;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(p)</TD><TD>Sale or modifications in the relevant brands held by the Company and/or by its Controlled Companies, except due to graphic or visual
modifications without change of the name;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(q)</TD><TD>Capital expenditure investments (CAPEX), in an individual or aggregated manner, by the Company or by its Controlled Companies, not
provided for in the Annual Budget and in an amount that is higher than five percent (5%) of the Company&rsquo;s consolidated gross revenues
for the last twelve (12) months;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(r)</TD><TD>Entering into commercial agreements by the Company or its Controlled Companies with an individual value, by service provider, that
exceeds five percent (5%) of the Company&rsquo;s consolidated gross revenue for the last twelve (12) months, except in relation to distribution
agreements executed with investment financial advisors (<I>agentes aut&ocirc;nomos</I>), compensated on a commission basis;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(s)</TD><TD>Granting or borrowing of loans and granting of guarantees, by the Company or its Controlled Companies, in an amount that, either separately
or in the aggregate, exceeds the value equivalent to three (3) times the Consolidated Annual EBITDA calculated based on the latest audited
balance sheet, except for loans borrowed and guarantees granted in the regular course of business of the Company and/or of its Controlled
Companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(t)</TD><TD>Granting of guarantees to third parties&rsquo; benefit out of the regular course of business in an amount in excess of R$5,000,000
(five million <I>Reais</I>), annually adjusted as from August 31<SUP>st</SUP> 2018 by one hundred percent (100%) of the interest rate
of the <I>certificado de dep&oacute;sito interbanc&aacute;rio</I>, calculated by the <I>certificado de dep&oacute;sito interbanc&aacute;rio&rsquo;s</I>
daily average designated &ldquo;<I>Taxa DI &ndash; opera&ccedil;&otilde;es extra grupo</I>&rdquo;, expressed in an annual percentage,
based on a year of two hundred and fifty-two (252) days, published daily by CETIP&mdash;C&acirc;mara de Cust&oacute;dia e Liquida&ccedil;&atilde;o;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(u)</TD><TD>Sale of treasury Shares by the Company and/or sale of treasury shares of XP Investimentos by itself; and</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD>Dissolution or liquidation of the Company and/or of its Controlled Companies, file for judicial reorganization or bankruptcy, as well
as the approval of an out-of-court reorganization plan for the Company and/ its Controlled Companies.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>6.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Parties agree that any and all proposals involving any type of transaction described in item (k) of Clause 6.3 above shall be discussed
by the Company&acute;s Board of Directors, and if the members of the Board of Directors nominated by Ita&uacute; veto such transaction,
the relevant members shall present a written and reasonable justification in connection with such veto &ndash; provided that the interest
of Ita&uacute; in the same business or in the acquisition of the same asset, for example, shall not be considered a reasonable justification
&ndash; and Ita&uacute; shall not be permitted to negotiate or conclude such transaction for a period of twenty four (24) months. In addition,
should the Company and Ita&uacute; be interested in the same business opportunity, Ita&uacute; shall disclose such information to the
Board of Directors in the first opportunity and abstain from voting in resolutions in connection with such business opportunity at any
corporate level of the Company. Such transaction may be approved or rejected by the other Shareholders or their nominees at the Board
of Directors, as applicable. In addition, Ita&uacute;, as a Shareholder, or any of its nominees in the Board of Directors, shall not have
access to any information in connection with the business opportunity and, in case it had access to such information before disclosing
its interest on the business to the Board of Directors, Ita&uacute; undertakes not to permit its use under any circumstance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>6.3.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ita&uacute;&rsquo;s
veto rights provided in items (d), (f), (m) and (r) of Clause 6.3 above shall only be exercisable as from August 9, 2033. In any case,
Ita&uacute; shall lose the veto rights provided for in (i) in items (d), (f), (m), and (r), automatically and regardless of any amendment
to this Agreement, if Ita&uacute; holds less than the Minimum Amount of Shares, and (ii) in relation to the remaining items of Clause
6.3, they will no longer be applicable, automatically and regardless of any amendment to this Agreement, if Ita&uacute; holds less than
the Minimum Total Percentage. In addition, the veto rights provided for in items (d) and (f) are to the sole and exclusive benefit of
Ita&uacute; (<I>intuitu personae</I>) and shall not benefit any Certified Buyer that acquires Ita&uacute;&rsquo;s shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The vote of the
members of the Board of Directors shall always be exercised in the best interest of the Company. The eventual exercise of GA&rsquo;s or
Ita&uacute;&rsquo;s veto rights pursuant to the terms of this Agreement shall always be exercised together with a written and reasonable
justification containing a reasoning for the veto on the relevant matter. Pursuant to the rules to hold a General Meeting or a Board of
Directors Meeting, GA&rsquo;s and/or Ita&uacute;&rsquo;s absence or abstention to vote, as the case may be, either at the Shareholders
or at the Board of Directors level, shall not prevent the approval of the matters indicated on Clauses 6.2 and 6.3 above as from the second
calling of the applicable meeting.</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"><B>6.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Corporate Documents</U>.
<B><U>Exhibit 6.5</U></B> contains a true and complete form of the Company&rsquo;s Articles of Association. The By-laws and/or Articles
of Association of the Controlled Companies shall be amended, as the case may be, in order to conform their provisions to the provisions
of this Agreement. Such amendments will be submitted to the approval of the Central Bank of Brazil when applicable.</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"><B>6.6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation</U>.
The Company will endeavor best efforts to cooperate in good-faith and to provide documents and information as reasonably requested by
Ita&uacute; with respect to any transaction carried out by the Company, directly or indirectly through its subsidiaries, that results
in a new or an increased equity ownership by the Company in any other company in Brazil or abroad, in order to comply with Resolution
No. 2,723/2000 from the National Monetary Council of Brazil.</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">CHAPTER VII<BR>
MANAGEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>Section I
&ndash; General Provisions</U></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"><B>7.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Management
of the Company</U>. The Company will be managed by a Board of Directors and by a Board of Officers, with such powers as are conferred
by the applicable law and in accordance with the Company&rsquo;s Articles of Association.</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"><B>7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Taking of Office</U>.
The members of the Board of Directors and the Executive Officers of the Company will take office in accordance with the Company&rsquo;s
Articles of Association and applicable Law, and will be subject to the</P>

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


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">requirements, impediments, duties, obligations and responsibilities
set forth in applicable Law, and will remain in office until the election and taking of office of their successors.</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"><B>7.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Management
of the Company&rsquo;s Subsidiaries</U>. The management of the Controlled Companies shall reflect, as applicable, the terms of this Agreement
regarding the composition of the management bodies and the manner in which the managers and their respective powers and assignments are
indicated. The Controlled Companies since now agree to take all necessary actions to ensure that the management of the Controlled Companies
is adapted and reflects all the terms of this 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"><FONT STYLE="font-weight: normal"><U>Section II
&ndash; Board of Directors</U></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"><B>7.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Composition
of the Company&rsquo;s Board of Directors</U><I>. </I>Subject to Clause 7.4.4, the Company&rsquo;s Board of Directors will be formed by
up to thirteen (13) members, elected and removed at any time by the Shareholders&rsquo; Meeting, according to the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>As long as XP Controle holds XPC Control Shares, (<I><U>a.1</U></I>) XP Controle shall be entitled to nominate (and replace, at any
time, at its sole discretion) seven (7) members and their respective alternates, and (<I><U>a.2</U></I>) Ita&uacute; shall be entitled
to nominate (and replace, at any time, at its sole discretion), (<I>i</I>) two (2) members and their respective alternates (or three (3)
members if and when the provisions of Clause 7.4.2 becomes applicable), while it holds at least 15% of the Company&rsquo;s voting rights,
(<I>ii</I>) one (1) member and his/her respective alternate (or two (2) members if and when the provisions of Clause 7.4.2 becomes applicable)
in case Ita&uacute;&rsquo;s voting rights falls below 15%, and (iii) no member to the Board of Directors in case Ita&uacute;&rsquo;s voting
rights falls below 5%. In case XP Controle holds less than the XPC Control Shares, Ita&uacute; and XP Controle shall exercise their respective
voting rights and nominate as many Directors as possible, according to their respective proportion of voting interest.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>GA shall be entitled to nominate (and replace, at any time, at its sole discretion) one (1) member and its respective alternate. In
case GA&rsquo;s equity in the Company&rsquo;s total share capital falls below 5%, GA shall no longer be entitled to nominate any member
to the Board of Directors. In addition, upon occurrence of the event described in Clause 8.4.5 and for as long as it lasts, GA&rsquo;s
right to nominate one (1) member to the Board of Directors of the Company shall cease to be applicable and Ita&uacute; shall then have
the right to nominate one (1) additional member.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>As long as required by Law, the Company&rsquo;s Board of Directors will also have three (3) Independent Directors who will, necessarily,
be members of the Audit Committee and will be nominated as provided in Clause 7.15.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.4.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shareholders shall vote in the Company&rsquo;s Annual Meetings in order to elect as members of the Board of Directors those individuals
nominated by GA, by XP Controle and by Ita&uacute;, according to the terms set forth above. If any Shareholder wishes to exercise its
right to nominate or replace a member of the Board of Directors as provided for above, such Shareholder shall request a Shareholders&rsquo;
Meeting to be convened, in which case the Company and the Shareholders shall cause such meeting to be called within ten (10)-Calendar
Days following such request. In addition, XP Controle agrees to consider, in good faith, the nomination of an Independent Director to
act as Chairman of the Company&rsquo;s Board of Directors, but this shall not be an obligation of XP Controle. In the event that nomination
of Independent Directors is required by Law, and XP Controle holds at least the XPC Control Shares, the composition of the Board of Directors
shall be adjusted to the extent necessary to ensure that (i) XP Controle will always keep the right to elect the majority of the members
of the Board of Directors and (ii) the remaining Shareholders will, to the best extent possible, have the right to elect a number of Directors
in the same proportion as provided in Clause 7.4.4, provided that the Independent Directors shall not be considered as being included
in such composition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.4.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case a Transfer of Shares is implemented by GA, resulting (i) in the Transfer of one hundred percent (100%) of the GA Free Shares to Authorized
Investors (with full payment of the correspondent purchase price), as provided in Clause 3.1.4(ii); and/or (ii) in the Transfer of one
hundred percent (100%) of the Shares held by GA to Authorized Investors and/or Certified Buyers (with full payment of the respective purchase
price), as provided in Clause 3.1.5.1(ii), such Authorized Investors and/or Certified Buyers, as the case may be, shall acquire the right
to nominate and replace one (1) member of the Board of Directors, provided, however, that the Board of Directors shall have its composition
increased, in order to keep the same representation proportion of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">the Shareholders, as provided in this Clause 7.4 and ensure
that XP Controle, while it holds at least the XPC Control Shares, will preserve the right to nominate the majority of the members of the
Board of Directors. In the event that the same Authorized Investor(s) or Certified Buyer(s) is granted the right to nominate and replace,
in separate vote, two (2) members of the Board of Directors due to the acquisition of one hundred percent (100%) of the GA Free Shares
pursuant to Clause 3.1.4(ii) and/or one hundred percent (100%) of the Shares held by GA, in accordance with Clause 3.1.5.1(ii), the Board
of Directors shall have its composition increased in a way that Ita&uacute; becomes entitled to elect and replace at any time, in separate
vote, 3 members, and XP Controle keeps the right to nominate the majority of the members of the Board of Directors, as long as XP Controle
holds at least the XPC Control Shares. In other cases, including the sale of all the Shares of GA, in the context of or following the
IPO, XP Controle shall, as long as XP Controle holds at least the XPC Control Shares, retain the right to nominate and replace, at any
time, in separate vote, 7 members, and Ita&uacute; shall have the right to nominate and substitute, for as long as it holds at least 15%
of the Company&rsquo;s voting rights, 3 members, as well as their respective alternates, if any, and may, at the discretion of each of
the aforementioned Shareholders, elect independent members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In
the event that new shareholders are admitted to the Company and if such shareholders have legal prerogative to nominate members to the
Company&rsquo;s Board of Directors and intend to exercise such right at a Shareholders&rsquo; Meeting, the Shareholders hereby agree to
exercise their voting rights to approve the increase in the number of members of the Company&rsquo;s Board of Directors, if necessary,
in order to ensure the representation of such third parties and to maintain, as far as possible, the same proportion of Shareholders&acute;
representation set forth in Clause 7.4.4, it being understood that, while XP Controle holds at least the XPC Control Shares, XP Controle
will be assured the right to nominate the majority of the members to the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In
any case that the Board of Directors is not required by Law to have Independent Directors, and XP Controle holds at least the XPC Control
Shares and Ita&uacute; and GA hold shares representing the minimum percentages provided for in items &ldquo;a&rdquo; and &ldquo;b&rdquo;
of Clause 7.4 above, the Shareholders shall adjust the composition of the Board of Directors to a total of seven (7) members, out of which
(a) XP Controle will be entitled to appoint four (4) members, (b) Ita&uacute; will be entitled to appoint two (2) members, and (c) GA
will be entitled to appoint one (1) member. In this case, the remainder provisions of this Clause 7.4 shall continue to apply <I>mutatis
mutandis</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Substitution
in case of Resignation, Permanent Impediment or Dismissal</U>. In event of permanent impediment, resignation or removal of any of the
members of the Board of Directors nominated by any of the Shareholders during the term of office for which he/she has been elected, the
Shareholder that appointed such member to the Board of Directors will be entitled to nominate his/her substitute, and the remaining Shareholders
agree to take such action as necessary to effect the respective election.</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"><B>7.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Substitution
in the event of Absence or Temporary Impediment</U>. In case of temporary impediment or absence, the member of the Board of Directors
who is temporarily impeded or absent may nominate another member of the Board of Directors or an alternate member to vote on his behalf
at Board of Directors&rsquo; meetings.</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"><B>7.7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term of Office</U>.
The term of office for the members of the Board of Directors will be of two (2) years and reelection shall be permitted.</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"><B>7.8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Meetings of
the Board of Directors</U>. The Board of Directors of the Company and/or of its Controlled Companies, as applicable, shall meet every
three (3) months, in accordance with the annual calendar to be approved by the Board of Directors at the first meeting of each year, regardless
of any call, or, extraordinarily, whenever necessary. Extraordinary meetings of the Board of Directors shall be called by its chairman,
his alternate or any members of the Board of Directors, at least eight (8)-Calendar Days in advance and with the presentation of the agenda
of the matters to be dealt with and presentation of the relevant documents. At first call, the meetings of the Board of Directors shall
be installed with the presence of the majority of its members, provided that one (1) member appointed by GA and one (1) member appointed
by Ita&uacute; are present. If this quorum is not reached, the meeting shall be called once again at least five (5)-Calendar Days in advance,
with a written communication to be sent to the members of the Board of Directors, and in the second call, the meeting may be installed
with the presence of any number of members of the Board of Directors. The resolutions of the Board of Directors, with due regard to the
vetoes indicated in Clauses 6.2 and 6.3 above, shall be taken by majority vote of the members present. Meetings may be held by teleconference,
videoconference or other means of communication, and the participation will be considered as personal presence at said meeting. The members
of the Board of Directors who participate remotely in</P>

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


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the meeting of the Board of Directors shall express their votes by
means of a letter, facsimile or electronic mail that unequivocally identifies the sender.</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"><B>7.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Incumbency
of the Board of Directors</U>. Without prejudice to other matters that fall under the incumbency of the Company&rsquo;s Board of Directors
as provided for in applicable Law and in the Company&rsquo;s Articles of Association, the Board of Directors shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>Approve the Business Plan of the Company, which shall cover all its businesses and the business of its Controlled Companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>Approve the Annual Budget for the Company, which shall cover its Controlled Companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>Approve transactions related to the Company and/or its Controlled Companies entering into association with other companies, merger,
spin-off, incorporation, partnership, profit sharing agreements, or, further, acquisition or sale of any assets that are similar to such
transactions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.9.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Parties undertake to cause the members of the Board of Directors appointed by them, to consider, in good faith, all reasonable
recommendations in writing issued by the Audit Committee. The Board of Directors shall, after consultation with the Company&rsquo;s Independent
Auditor, reasonably justify in writing the reasons for not following a written recommendation of the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Business Plan</U>.
The business plan of the Company will be prepared by the Board of Officers and submitted to the Company&rsquo;s Board of Directors for
approval, which shall contain, in general terms, guidelines for strategies and direction of the Company&rsquo;s and of its Controlled
Companies&rsquo; businesses, comprising the period of five (5) future years and including the definition of CAPEX (&ldquo;<U>Business
Plan</U>&rdquo;).</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"><B>7.11.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual Budget</U>.
The annual budget of the Company shall be prepared by the Board of Officers and submitted to the Board of Directors&rsquo; approval, and
shall contain, on a monthly basis, (i) a detailed plan of operations of the Company and its Controlled Companies; (ii) comments from the
Directors and Executive Officers; and (iii) the individual and consolidated balance sheet, income statement, and projected cash flow,
containing details of value, nature and term for each item of revenue, expense or CAPEX (&ldquo;<U>Annual Budget</U>&rdquo;).</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 0.25in"><B>7.11.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
members of the Board of Directors shall be invited to take part in the discussions related to the preparation of the Annual Budget by
the Board of Officers, prior to the submission thereof to the Board of Directors of the Company for approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>Section III
&ndash; Board of Officers</U></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"><B>7.12.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Composition
of the Board of Officers</U>. The Company&rsquo;s Board of Officers shall be made up of three (3) to ten (10) members, one (1) of them
being the Chief Executive Officer, one (1) the Chief Financial Officer, and the others Officers with no specific designation, elected
and dismissible at any time by 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 0pt 0.25in"><B>7.12.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the unequivocal knowledge of Ita&uacute; in relation to any of the following events, duly evidenced, Ita&uacute; shall have the right
to request that the Board of Directors remove GB and/or the current Chief Financial Officer (&ldquo;<U>CFO</U>&rdquo;), prior to the expiration
of their terms of office at the time, and the election of the substitute(s) may only be performed when the new Chief Executive Officer
and/or the new CFO appointed by XP Controle is not subject to opposition (which must be justified in writing and in the best interest
of the Company) of Ita&uacute;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>with respect to GB and/or the CFO (i) imprisonment (even if a judgment of first (1<SUP>st</SUP>) instance is pending, but in this
case as long as GB and/or the CFO is detained for more than thirty (30)-Calendar Days), due to fraud, robbery, theft, forgery, money laundering,
misappropriation, illicit enrichment or corruption; (ii) in any case, acts or omissions related to their duties as manager, resulting
from willful misconduct, that are not subject to cure, are determined by a final and unappealable decision and that cause a material adverse
effect on the Company and/or in Ita&uacute;; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>in relation to GB and/or the CFO, disability or incapacity that disqualifies either of them from performing the duties corresponding
to his positions as Officers for a period of at least three (3) consecutive months (&ldquo;<U>Restriction to the Exercise of Office</U>&rdquo;).
The Restriction to the Exercise of the Office will be characterized from the obtaining of attestation, as requested by Ita&uacute;, issued
by a medical professional of unimpaired</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">reputation to be appointed by the Board
of Directors for the examination (which cannot be unjustifiably denied by GB and/or the CFO or by whom is responsible for any of them
at the time), once the period mentioned above has expired, confirming the medical impossibility of the immediate return of GB and/or the
CFO to his duties as Officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.12.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Ita&uacute;&rsquo;s
right of opposition provided in Clause 7.12.1 may also be exercised in relation to the respective substitute(s) of GB and/or the CFO,
in case of (a) death of GB and/or the CFO (b) voluntary resignation from the exercise of his/their position in the Company&rsquo;s management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.12.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Chief Executive Officer, within a period of four (4) consecutive years, achieves a final score of &ldquo;Insufficient&rdquo; in the
Performance Evaluation for three (3) years (consecutive or not), Ita&uacute; shall have the right to request the Board of Directors to
dismiss him during his current term of office, and the election of his/her substitute may only take place when the new Chief Executive
Officer appointed by XP Controle is not subject to opposition (which must be justified in writing and in the best interest of the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Term of Office</U>.
The term of office of the Company&acute;s Executive Officers will be of two (2) years, reelection being permitted.</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"><FONT STYLE="font-weight: normal"><U>Section IV
&ndash; Committees</U></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"><B>7.14.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Committees</U>.
The Company shall have, among other committees determined by the Board of Directors, the following committees: (i) Audit Committee; and
(ii) People and Compensation Committee. The current committees have, and the future committees, if created, will have, a merely advisory
function (and not a decision-making or executive function), and shall present to either the Board of Officers or the Board of Directors,
as applicable, the result of their works, suggestions and recommendations concerning the evaluated issues.</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 0.25in"><B>7.14.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GA
and Ita&uacute;, each one, will have the prerogative of appointing one of the members to participate in each committee that may be created
as set forth in Clause 7.14, with the due regard to Clause 7.15.1, from among experienced professionals with renowned reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.15.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Audit Committee</U>.
The Company&rsquo;s Audit Committee will be governed by the Company&rsquo;s Articles of Association and by its internal charter, and shall,
among other duties, supervise the internal policies and practices of the Company and advise the Board of Directors in regard to the adoption
of, and/or changes in, its financial and accounting principles, practices or methods. The Company&rsquo;s Audit Committee has an advisory
role to the Board of Directors and its recommendations are not binding other than as required by the rules of the stock exchange and the
SEC.</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 0.25in"><B>7.15.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Company&rsquo;s Audit Committee shall be made up of three (3) members, who, as long as required by Law, will also be Independent Directors
and will be appointed by the Shareholders as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>for as long as Ita&uacute; holds at least the Minimum Amount of Shares, Ita&uacute; will have the right to appoint two (2) members
to the Company&rsquo;s Audit Committee, including its Chairman, who will also be members of the Board of Directors in the capacity of
Independent Directors (in addition to the two (2) members already nominated by Ita&uacute; under Clause 7.4(b)), as long as it is required
by Law. If Ita&uacute;&rsquo;s interest in the Company is reduced in relation to the abovementioned, Ita&uacute; shall have the right
to appoint only one (1) member of the Audit Committee, for as long as it holds at least the Minimum Total Percentage. The rights provided
for in this Clause are to the sole and exclusive benefit of Ita&uacute; (<I>intuitu personae</I>), however, the Certified Buyer who acquires
Ita&uacute; Shares in a Private Sale shall have the right to appoint one (1) member of the Audit Committee who will also be member of
the Board of Directors in the capacity of Independent Director as long as it is required by Law, provided that it acquires and maintains
at least the Minimum Amount of Shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>XP Controle will have the right to appoint one (1) member of the Company&rsquo;s Audit Committee, who will also be member of the Board
of Directors in the capacity of Independent Director, as long as it is required by Law (in addition to the seven (7) members already nominated
by XP Controle under Clause 7.4(a);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>GA will have the right to appoint one (1) observer to the Audit Committee, who may participate in the Audit Committee&rsquo;s meetings
without voting rights.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.15.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the composition of the Audit Committee is increased to more than <U>three</U> (3) members, (i) Ita&uacute; will have the right
to appoint the majority of its members, and XP Controle will have the right to appoint the remaining members, in any case, from among
independent and experienced professionals with indisputable reputation and who meet the requirements set forth in the rules of the Stock
Exchange and the SEC. In this case, and as long as required by Law, the number of members of the Board of Directors shall be adjusted
according to the provisions of Clause 7.4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>People and
Compensation Committee</U>. The People and Compensation Committee will be governed by the Company&rsquo;s Articles of Association and
by its internal charter, and, among other duties, shall discuss on: (i) remuneration plans, (ii) promotions, (iii) career plans, (iv)
attracting and retention policies, and (v) the performance of the Chief Executive Officer. The Company&rsquo;s People and Compensation
Committee has an advisory role to the Board of Directors and its recommendations are not binding.</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 0.25in"><B>7.16.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ita&uacute;
will have the right to appoint a number of members of the People and Compensation Committee compatible with its representativeness in
the voting share capital of the Company, being certain that Ita&uacute; may indicate, at least, one (1) member to the People and Compensation
Committee of the Company, while holding at least the Minimum Total Percentage. In all cases, the members will be appointed by Ita&uacute;
from among experienced professionals with indisputable reputation. The majority of the members of the People and Compensation Committee
shall be appointed by XP Controle, from among experienced professionals with indisputable reputation. The internal regulation of the People
and Compensation Committee shall assure its members the right to request the convening of meetings and present subjects and topics to
be included in the meeting guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.16.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
People and Compensation Committee shall be responsible for the performance evaluation of the Chief Executive Officer (&ldquo;<U>Performance
Appraisal</U>&rdquo;), which shall be carried out every year, within the period established for the Ordinary General Meeting of Shareholders,
through a process (to be timely prepared and formalized by the Personnel and Compensation Committee) that considers, among other factors:
(i) the Company&rsquo;s financial performance; (ii) the adequate involvement of the Board of Directors in matters of its competence; and
(iii) the stimulation and practice of a high performance culture. The Performance Evaluation will result in the attribution of a note
to the Chief Executive Officer according to the following criteria: &ldquo;Excellent&rdquo;, &ldquo;Good&rdquo;, &ldquo;Fair&rdquo; or
&ldquo;Insufficient&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>Section V
&ndash; Internal Auditor</U></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"><B>7.17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>While Ita&uacute;
holds at least the Minimum Amount of Shares, Ita&uacute; shall be entitled to appoint the Company&rsquo;s internal auditor, who shall
report to the Chief Executive Officer and to the Audit Committee. His duties shall be to (i) establish and implement the annual audit
plan for the Company and its Controlled Companies, (ii) evaluate the risk management, control and governance processes of the Company
and of its Controlled Companies, (iii) evaluate the accounting policies and practices adopted by the Company and by its Controlled Companies,
(iv) interact with the independent audit firm with respect to the auditing of the financial statements of the Company and of its Controlled
Companies, and (v) supervise the compliance with the internal control rules of the Company and of its Controlled Companies.</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">CHAPTER VIII<BR>
ADDITIONAL OBLIGATIONS OF THE PARTIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>8.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Audit</U>.
The financial statements of the Company and of its Controlled Companies shall be always prepared in the manner provided for in the applicable
Law and according to the International Financial Reporting Standards (IFRS), and shall be audited by an audit firm selected under the
terms of this 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"><B>8.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Access to Information</U>.
The Company will keep, and XP Controle will cause that the Company and its Controlled Companies to keep, appropriate accounting ledger
and records, which shall have full and accurate records, in all their significant aspects, and be made in regard to their business operations
in conformity with an accounting system determined and managed according to the International Financial Reporting Standards (IFRS), and
all the appropriate provisions and reserves shall be entered in their accounting ledger as required by the applicable laws. During the
effective term of this Agreement, XP Controle will take all measures to make that the Company provide GA and Ita&uacute; with:</P>

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


<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>as soon as available, but in all events within one hundred twenty (120)-Calendar Days as of the closing of each fiscal year, yearly
consolidated and audited financial statements of the Company and its Controlled Companies, prepared by an audit firm, together with the
respective cash flows and with the audit firm&rsquo;s letter to the Company and any written reply related thereto and a conciliation with
the accrued monthly accounts presented in the previous fiscal year;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>as soon as available, but in any event within forty-five (45)-Calendar Days as of the closing of each quarter, non-audited quarterly
financial statements of the Company and its Controlled Companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>as soon as available, but in any event within twenty-five (25)-Calendar Days after the end of each month, a monthly financial statement
with consolidated information signed by the person in charge, including (a) trial balance sheet, income statements and cash flows; (b)
cash flow estimate for the following three (3) months; (c) CAPEX statement; (d) comparison of the actual performance versus budget and
previous year&rsquo;s financial result; and (e) comments on the prospects;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>at least fifteen (15)-Calendar Days before the beginning of a fiscal year, the consolidated Annual Budget of the Company and its Controlled
Companies approved by the Board of Directors and any review approved by the Board of Directors, within at most five (5)-Calendar Days
after the review is approved;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD>as soon as available, but in any event within twenty-five (25)-Calendar Days after the end of each month, other information related
to the activities, business, plans and prospects of the Company and its Controlled Companies that may be reasonably requested by GA and
Ita&uacute;; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(vi)</TD><TD>as soon as it comes to the management&rsquo;s knowledge: (a) any significant information it has in relation to facts that are not
in the public domain, which materially affect or may affect the business, the financial position and the prospects of the Company or the
Controlled Companies or the compliance with material contractual obligations, by the Company or the Controlled Companies; (b) any information
it has of third parties interested in acquiring shares or assets of the Company or the Controlled Companies and subsequent developments
of possible negotiations; (c) details of significant contingencies, whether materialized or not, outside the ordinary course of the business;
(d) any information it has of facts that may result in nonperformance of this Agreement; and (e) any material variation between a significant
item of the Annual Budget and the effective amount involved, except where such variation is identified in the monthly statement referred
to in item (iii) above.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>8.2.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties hereby agree that GA and Ita&uacute; may, regardless of notice or the other Shareholders&rsquo; consent, disclose any information
referred to in Clause 8.2 above as well as any other information to which they may have access as a consequence of the provisions in this
Agreement, any other regulation or applicable law (&ldquo;<U>Information</U>&rdquo;) exclusively to (i) any of their respective Affiliates;
and/or (ii) any of their respective employees, agents, funders, direct or indirect investors and/or potential investors, provided that,
cumulatively, (a) GA and Ita&uacute; assume responsibility for the confidentiality of the conveyed Information and for Losses the disclosure
of such Information by such Persons may cause to the Company and/or its Controlled Companies; (b) the disclosure of the Information by
GA or by Ita&uacute; to the Persons listed herein has the purpose of a rendering of accounts and/or analysis of the investment made in
the Company and/or in the Controlled Companies, or the fulfillment of the applicable laws or regulation; and (c) the Information disclosed
by GA and by Ita&uacute; do not include any information that, in the reasonable and joint judgment of the manager and of the administrator
of GA or of Ita&uacute;, as applicable, and considering the interest of the Company and its Controlled Companies, is strategic or may
prejudice the Company or the Controlled Companies if disclosed to funder, direct or indirect investors and/or potential investor that
are competitors of the Company of the Controlled Companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>8.2.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case the Company fails to comply with the obligations established in Clause 8.2 above and the sub-items thereof, GA and Ita&uacute; are
hereby authorized to seek an audit firm to prepare and deliver, at its expense, such information and documents, to the extent that the
audit firm may do such, and in such case, the management of the Company and its Controlled Companies shall assist the audit firm in obtaining
the required information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>8.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>.
The Parties reciprocally undertake the commitment, as long as they are Shareholders of the Company and for a term of five (5) years counted
from the date on which they cease to be Shareholders: (i) not to allow access to the Confidential Information of the other Parties by
third parties other than their managers,</P>

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


<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">employees, representatives, agents or consultants, and to them only
to the extent necessary for allowing the achievement of the purpose of this Agreement; (ii) not use any of the Confidential Information,
except for the purposes provided for in this Agreement; and (iii) to keep secrecy of the Confidential Information received from the other
Parties. The limitations provided for in this Agreement for disclosure of Confidential Information are not applicable to Confidential
Information which: (a) were, as of this date, publicly known; (b) were known by the receiving party at the time of its disclosure, not
having been obtained, directly or indirectly, from a disclosing party or third parties which, to the receiving party&acute;s best knowledge,
were subject to a secrecy duty; (c) became known to the public, in general, after this date, as a result of act or omission by the disclosing
party or any of its representatives; (d) become publicly known after its disclosure to the receiving party, without there being any participation
in such disclosure; or (e) are disclosed for the purpose of meeting a Law requirement, provided that (1) the receiving party shall promptly
send to the disclosing party a written communication about the Law, undertaking since now to abide by the terms of a possible judicial
protection that may be obtained by the disclosing party, and (2) the disclosure is restricted to the minimum information that may be strictly
necessary for meeting the order or requirement.</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"><B>8.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Competition</U>.
Except if acting through the Company or its Controlled Companies, GA and its respective Affiliates (&ldquo;<U>Restricted Persons of GA</U>&rdquo;),
undertake not to participate, under any of the forms provided for in Clause 8.4.1 below, in any activities of (i) exchange and securities
brokerage; (ii) securities distribution or (iii) management of clients&rsquo; financial resources (&ldquo;<U>Restricted Activities of
GA</U>&rdquo;) in any location of the Federative Republic of Brazil (&ldquo;<U>Territory</U>&rdquo;). Except if through the Company or
its Controlled Companies, XP Controle and its respective Affiliates and the Key Employees (pursuant to the instrument of adhesion executed
in connection with the Previous Shareholders Agreement) (&ldquo;<U>Restricted Persons of XP Controle</U>&rdquo; and, jointly with the
Restricted Persons of the GA, &ldquo;<U>Restricted Persons</U>&rdquo;), agree not to participate, under any form set forth in Clause 8.4.1
below, in the activities in connection with (i) insurance, exchange and securities brokerage; (ii) securities distribution; (iii) commercial
and investment bank and all their permitted portfolios, or (iv) client funds management (&ldquo;<U>Restricted Activities of XP Controle</U>&rdquo;
and, jointly with the Restricted Activities of GA, the &ldquo;<U>Restricted Activities</U>&rdquo;) in the Territory.</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 0.25in"><B>8.4.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of Clause 8.4 and subject to the exceptions thereof, the Restricted Persons shall not (a) participate, either directly or
indirectly, as partners, shareholders, quotaholders, investors, in; (b) finance or manage; (c) act as employees of, consultants or service
providers to, or (d) enter into a partnership with any Persons carrying out or engaging in, the Restricted Activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>8.4.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations provided for in this Clause 8.4 shall remain in force in relation to each of the Restricted Persons for as long as they remain
as direct or indirect shareholders of the Company and for a period of five (5) years counted from the date on which the respective Restricted
Person shall cease to be a direct or indirect shareholder of the Company and/or of its Controlled Companies, except in relation to GA,
it being understood that the obligations provided for in Clause 8.4 as it regards to them shall remain valid for as long as they remain
as direct or indirect shareholders of the Company and for a term of two (2) years counted from the date on which GA ceases to be a direct
or indirect shareholder of the Company and/or of its Controlled Companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>8.4.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
non-competition obligations provided for in this Clause 8.4 and the sub-items hereof do not apply to (i) the Affiliates of GA whose main
activities are not conducted in Brazilian territory, which may operate in Brazil, either directly or through a Controlled Company, provided
that the members of the management of the Company and/or its Controlled Companies appointed by them do not exercise any management position
in the Affiliates referred to in this Clause 8.4.3 or in its Controlled Company operating in Brazil; and (ii) the Persons that are Affiliates
or of the portfolio of the funds of which General Atlantic LLC (or one of its Affiliates) is a general partner. Additionally, GA and its
respective Affiliates will be permitted to participate, directly or indirectly, in any Person that conducts, directly or indirectly, activities
competing with the business, provided that such activities are not the main activity of their corporate purpose (i.e. that are carried
out in a non-predominant or ancillary manner); in this case, such participation will not be considered a default on the obligation undertaken
in Clauses 8.4 and 8.4.1 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>8.4.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
relation to GA and its Affiliates, the performance of any of the Restricted Activities, under the terms of Clause 8.4.1, shall only be
deemed as a violation of their non-competition obligation if, immediately after the performance of such Restricted Activity, GA and/or
its Affiliates, as applicable, (i) do not waive, for as long as the violation continues, to their political rights in the Company and
in its Controlled Companies; as well as, (ii) do not consummate the waiver or removal of the member of the Board of Directors of the Company
appointed by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>8.4.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of default on the obligations provided for in this Clause 8.4, the defaulting Party will have thirty (30) Calendar Days, counted
from the notice sent by the non-defaulting to remedy the default informed in the notice under penalty of (i) the reference Restricted
Person (except GA) indemnifying the non-defaulting Party for losses and damages caused; (ii) GA having its political rights suspended.
In case of suspension of the political rights of GA, under the terms of Clause 8.4.4, Ita&uacute; shall have the right to appoint one
(1) additional member to the Board of Directors of the Company. As soon as the default is remedied, the GA shall notify Ita&uacute; and/or
the Company, in such a manner to restore their right to appoint one (1) member to the Board of Directors of the Company, under the terms
of this Agreement. The prerogatives set forth in this Clause 8.4.5 shall be exercised in a reasonable manner by the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>8.4.6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties agree that the restrictions contained in this Clause 8.4 and the sub-items hereof are reasonable and necessary for the protection
of the business of the Company and its Controlled Companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>8.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Solicitation</U>.
GA, Ita&uacute;, XP Controle and each of the XPC Controlling Shareholders, as well as their respective Affiliates, undertake not to hire,
persuade or entice away, under any circumstance, any of the Key Employees for leaving their job or position or terminating their relationship
with XP Controle, the Company and/or its Controlled Companies, within the following terms: (i) five (5) years counted from the date on
which they, respectively, cease to be a direct or indirect shareholder of the Company and/or of its Controlled Companies, in relation
to Ita&uacute;, XP Controle and each of the XPC Controlling Shareholders; and (ii) two (2) years counted from the date on which they,
respectively, cease to be a direct or indirect shareholder of the Company and/or of its Controlled Companies, in relation to GA.</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 0.25in"><B>8.5.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, the Parties agree that the obligation provided for in this Clause 8.5 shall not apply to Ita&uacute; or its Affiliates
(i) after the period of one (1) year counted from the date of the expiration of the employment relation of the Key Employee with XP Controle,
the Company and/or its Controlled Companies; or (ii) upon consent, in writing, by XP Controle; or (iii) as from the date Ita&uacute; acquires
the Share Control of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>9.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Parties</U>. Each Party, individually and without joint liability, represent and warrant to the other Parties as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>It has full capacity to enter into this Agreement or contract, assume, comply with and perform the duties and obligations provided
for herein;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>The assumption and performance of the obligations contained in this Agreement do not result, and will not result, in violation or
misrepresentation of, or default on, of any nature and in any degree, agreement, contract, representation or any other instrument entered
into or made by the Parties or to which the Parties are bound or subject; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>This Agreement was freely and legally agreed upon and entered into by the Parties and is a valid, effective and binding obligation
assumed by the Parties, enforceable according to its terms and in the extension defined in this Agreement.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>10.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Effective
Term</U>. This Agreement shall be valid and enforceable for a time-period of thirty (30) years (&ldquo;<U>Effective Term</U>&rdquo;).
This Agreement will be automatically terminated upon the occurrence of the first of the following termination conditions: (i) thirty (30)
years counted from the date hereof; (ii) in relation to a Party, when such Party ceases to hold Shares of the Company (except in relation
to the obligations that survive termination of this Agreement); or (iii) if the following events cumulatively occur: (x) the IPO is not
completed in a six (6)-month term from the execution date of this Agreement; and (y) the Parties return to their status of direct shareholders
of XP Investimentos, <I>provided, however</I>, that GA or any of its Permitted Assignees may decide at its sole discretion to remain as
an indirect shareholder of XP Investimentos through the Company or to revert to become a direct shareholder of XP Investimentos.</P>

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


<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>10.1.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the provision set forth in Clause 10.1(iii)(x) above applies, the Parties agree and undertake to take all necessary measures to initiate
the unwinding of the current corporate structure within 30 days counted from the end of the period set forth in Clause 10.1(iii)(x), and
to reinstate the Previous Shareholders Agreement upon its conclusion, in all its terms and conditions, as if it had never ceased to be
valid and enforceable towards the Parties. The Parties undertake to carry out the unwinding of the current corporate structure to the
extent possible in a tax efficient manner to all Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CHAPTER XI<BR>
GOVERNING LAW AND SETTLEMENT OF DISPUTES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>11.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed and construed in accordance with Brazilian laws.</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"><B>11.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration</U>.
Any and all disputes arising out of or related to this Agreement and the Company&rsquo;s Articles of Association in relation to the Shareholders&rsquo;
rights and obligations, including as for the existence, validity, enforceability, interpretation, enforcement, expiration and/or termination
hereof (&ldquo;<U>Disputes</U>&rdquo;), involving any of the Parties and/or the Intervening Consenting Parties, including their successors
at any title whatsoever, shall be settled by arbitration, managed by the Brazil-Canada Chamber of Commerce Arbitration and Mediation Center
(&ldquo;<U>CAM-CCBC</U>&rdquo;), under the terms of its arbitration regulation in effect as of the date of filing of the arbitration process
(&ldquo;<U>Regulation</U>&rdquo;), except for the amendments provided for herein and of law No. 9,307/96.</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 0.25in"><B>11.2.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
arbitration panel shall be made up of three (3) arbitrators, of which one (1) shall be appointed by the claimant party(ies) and one (1)
shall be appointed by the defendant party(ies), under the terms of the Regulation. Should there be more than one claimant and/or more
than one defendant, the claimants and/or defendants shall jointly appoint their respective arbitrator. The third arbitrator, who shall
act as President of the arbitration panel, shall be jointly selected by the two (2) arbitrators appointed by the arbitration parties.
In case the arbitration parties shall fail to appoint their respective arbitrators, or in case the arbitrators appointed by the arbitration
parties shall fail to appoint the third arbitrator under the terms of the Regulation, the missing appointments shall be made by the President
of the CAM-CCBC, in compliance with the Regulation. Any and all disputes relating to the appointment of the arbitrators by the arbitration
parties, as well as to the selection of the third arbitrator, shall be settled by the CAM-CCBC. The Parties and the Intervening Consenting
Parties, by mutual agreement, waive the application of the provision in the Regulation limiting the selection of the president of the
arbitration panel to the list of CAM-CCBC arbitrators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of arbitration procedures involving three (3) or more parties in which they may not be gathered in blocks of claimants and defendants,
all the parties to the arbitration will jointly appoint two arbitrators within fifteen (15) Calendar Days counted from the receipt of
the notice from the secretary&rsquo;s office of CAM-CCBC to this effect. The third arbitrator, who will act as president of the arbitration
panel, shall be selected by the arbitrators appointed by the arbitration parties within fifteen (15) Calendar Days from the acceptance
of the appointment by the latest arbitrator or, in case this is not possible due to any reason, by the president of the CAM-CCBC, in accordance
with the Regulation. In case the arbitration parties shall fail to jointly appoint the two (2) arbitrators, all the members of the arbitration
panel shall be appointed by the president of the CAM-CCBC, in accordance with the Regulation, who shall designate one of them to act as
president of the arbitration panel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
seat of the arbitration will be the city of S&atilde;o Paulo, State of S&atilde;o Paulo, Brazil, at which location the arbitration judgment
will be rendered. The arbitration language shall be Portuguese.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Law
No. 9,307/96 shall be the governing law for the arbitration. The arbitration panel shall render a judgment on the merit of the Dispute
in accordance with the applicable Brazilian laws, with equity judgment being prevented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
arbitration panel may grant such urgent, provisional or final reliefs as it may understand to be appropriate, including those intended
for the specific performance of the obligations provided for in this Agreement. Any order, decision, determination or judgment rendered
by the arbitration panel shall be final and binding on the Parties, their successors and/or Intervening Consenting Parties, which expressly
waive any kind of appeal whatsoever. The arbitration judgment may be enforced before any judicial authority with jurisdiction over the
Parties and/or the Intervening Consenting Parties and/or their assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties and/or the intervening consenting parties elect the central court of the judicial district of S&atilde;o Paulo, State of S&atilde;o
Paulo, Brazil, at the exclusion of any other, however privileged it may be, for the exclusive purposes of obtaining urgent relief for
protection or defense of rights prior to the installation of the arbitration panel, without this being deemed as a waiver of arbitration.
Any relief granted by the Judiciary Branch shall be promptly notified by the party having requested the same to the CAM-CCBC. The arbitration
panel, once installed, may revise, uphold or overturn the reliefs granted by the Judiciary Branch.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Parties and/or the intervening consenting parties undertake not to disclose (and not to allow the disclosure of) any Confidential Information,
except as provided in Clause 8.3. Any and all disputes relating to the confidentiality obligation shall be settled by the arbitration
panel under a final and binding decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the execution of the arbitration instrument, the CAM-CCBC shall have competence to decide, at the Parties&rsquo; request, on the consolidation
of arbitration procedures arising out of this Agreement or of any other related instrument, under the terms of the Regulation. After the
execution of the arbitration instrument, such competence as for the consolidation of arbitration procedures shall be incumbent upon the
first arbitration panel being installed, and its decision shall be binding on all the Parties and/or the Intervening Consenting Parties.
In any case, the consolidation shall not occur unless (a) the arbitration clauses are compatible among themselves; (b) the arbitration
procedures to be consolidated (b.1) shall have the same purpose or the same cause of action; or (b.2) there shall be identity of parties
and cause of action between the procedures and the purpose of one of them, because it is more comprehensive, covers the purposes of the
others; (c) the consolidation under these circumstances shall not result in unjustified delays for the settlement of the Disputes. The
decision of the CAM-CCBC or of the arbitration panel, as the case may be, to consolidate the procedures shall be final and binding, it
being certain that the Parties and/or the Intervening Consenting Parties expressly waive any right to appeal from such decision. The Parties
and/or the intervening consenting parties agree that, after a decision has been made to consolidate the arbitration procedures, in case
that will be necessary, they shall promptly dismiss any arbitration procedure that has been previously filed whose purpose has been consolidated
into another arbitration procedure under the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
arbitration procedure expenses, including, without limitation, the administrative costs of the CAM-CCBC, and the arbitrators&rsquo; and
experts&rsquo; fees, as applicable, shall be borne by each party as provided for in the Regulation or pursuant to a specific determination
issued by the arbitration panel. Upon rendering the arbitration judgment, the arbitration panel shall award the reimbursement of such
costs to the winning party(ies), as well as the burden of loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Intervening Consenting Parties are expressly bound by this CHAPTER XI for all purposes of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
and Recordation</U>. The Company and the Shareholders undertake to file this Agreement at the Company&rsquo;s headquarters on this date
(and undertake to cause the same to occur in the Controlled Companies, with due regard to the respective corporate types thereof), in
the manner and for the purpose provided for in article 118 of Law No. 6,404/76.</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"><B>12.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conflict of
Provisions</U>. In the event of conflict or disagreement between the provision in this Agreement and the Articles of Association, or the
corporate documents of the Company, the provisions in this Agreement shall prevail (and the parties hereby undertake to take all actions
available to them, including voting to amend any conflicting provisions in the Company&rsquo;s Articles of Association, to ensure this
is the case). This Agreement automatically supersedes and shall prevail over any other agreements binding on the shares and quotas of
the Company and of its Controlled Companies, as applicable.</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"><B>12.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement</U>.
This Agreement represents the final and entire agreement among the Parties, and fully supersede any other previous agreements binding
the Shares. As from this date, the Shareholders may not enter into any other agreement that is binding, directly or indirectly, on the
Shares of the Company and/or of its Controlled Companies, without the prior written consent of the other Shareholders, except for agreements
related to the shares issued by XP Controle, which do not and shall not impact the Parties&acute; rights.</P>

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


<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Irrevocability
and Irreversibility</U>. This Agreement is irrevocably and irreversibly entered into. The Parties are undertaken to fully fulfill and
cause the fulfillment of everything that is agreed upon among them hereunder, whereby they acknowledge and declare that any attitude and/or
action taken not in compliance with the provisions hereof and/or representing violation of the obligations undertaken by the Parties hereunder
are null and void, as between themselves or any third parties.</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"><B>12.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
This Agreement is binding upon, and inures to the benefit of, the Parties, their heirs and successors and assignees. Save as otherwise
provided for herein, the assignment of obligations and rights in this Agreement by any of the Parties requires prior consent, in writing,
by the other Parties, except in relation to Ita&uacute;, which may assign its rights and obligations to any of its Affiliates, remaining
jointly and severally responsible for the compliance with all the obligations provided for in this 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"><B>12.6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
If, at any time, any provision hereof is deemed to be illegal, null or non-enforceable by any competent court, such provision shall not
have any force or effect, and the illegality or non-enforceability thereof shall not have any effect nor shall impair the enforceability
of any other provision hereof, and the Parties shall conduct negotiations in good faith, seeking to substitute any invalid or unenforceable
provision with another that, to the extent possible and reasonable, achieves the same purposes and the same effects intended by the Parties
in this Agreement, always seeking business alternatives and instruments that protect the economic-financial balance of the obligations
undertaken herein.</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"><B>12.7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.
Any and all modifications, changes or amendments to this Agreement shall not be valid unless if made in writing and signed by all the
Parties hereto.</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"><B>12.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Waiver</U>.
Any possible failure by any of the Parties in exercising rights and privileges provided for in this Agreement shall not mean waiver or
novation thereof, which rights and privileges may be invoked or exercised at any time, with due compliance with the applicable law. No
waiver may be challenged unless if granted in writing.</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"><B>12.9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
Except as otherwise specifically provided for in this Agreement, each Party shall bear all its own expenses incurred in the preparation,
negotiation, execution and implementation of this Agreement and other documents provided for herein, including all fees and expenses in
connection with agents, advisors, consultants, brokers, representatives, attorneys and accountants.</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"><B>12.10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>.
Except as otherwise provided for herein, each Party shall be liable for the payment of any Tax of which it may be deemed by Law as a taxpayer
in connection with the transactions contemplated hereunder.</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"><B>12.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Notices</U>.
All the notices or communications required to be sent by any of the Parties to the others shall be made by letter delivered in person,
registered mail or by courier service or e-mail with return receipt, to:</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">If to XP Controle:</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 0.25in">XP Controle Participa&ccedil;&otilde;es S.A.<BR>
Avenida Presidente Juscelino Kubitscheck No. 1909, 30<SUP>th </SUP>floor<BR>
Vila Ol&iacute;mpia, Zip Code 04543-907<BR>
S&atilde;o Paulo &ndash; SP<BR>
Telephone: (11) 3027-2212<BR>
e-mail: fabricio.almeida@xpi.com.br<BR>
Attn.: Mr. Fabricio Cunha de Almeida</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If to GA:</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 0.25in">Rua Doutor Renato Paes de Barros, 1017 &ndash; 15<SUP>th</SUP>
floor<BR>
S&atilde;o Paulo, SP 04530-001<BR>
Telephone: (11) 3296-6100<BR>
Fax: (11) 3296-6144<BR>
e-mail: mescobari@generalatlantic.com / rcatunda@generalatlantic.com<BR>
Attn.: Mr. Martin Escobari / Mr. Rodrigo Catunda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With a courtesy copy to (which shall not constitute a notice):</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 0.25in">General Atlantic Service Company, L.P.<BR>
Park Avenue Plaza, 55 East, 52<SUP>nd</SUP> Street, 33<SUP>rd</SUP> floor<BR>
New York, New York<BR>
10055, USA<BR>
Telephone: +1-212-715-4044<BR>
Fax: +1-917-206-1944<BR>
e-mail: DRosenstein@generalatlantic.com<BR>
At.: Mr. David Rosenstein<BR>
<BR>
</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">If to Ita&uacute; and/or to Ita&uacute; Unibanco:</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 0.25in">Pra&ccedil;a Alfredo Egydio de Souza Aranha, No. 100,<BR>
Torre Concei&ccedil;&atilde;o, 12<SUP>th </SUP>floor, Parque Jabaquara<BR>
S&atilde;o Paulo, SP<BR>
Zip Code: 04344-902<BR>
E-mail: fernando.chagas@itau-unibanco.com.br<BR>
Attn.: Fernando Della Torre Chagas<BR>
With a copy (which shall not constitute a notice) to:<BR>
Pra&ccedil;a Alfredo Egydio de Souza Aranha, No. 100,<BR>
Torre Concei&ccedil;&atilde;o, 1<SUP>st </SUP>floor, Parque Jabaquara<BR>
S&atilde;o Paulo, SP<BR>
Zip Code: 04344-902<BR>
E-mail: alvaro.rodrigues@itau-unibanco.com.br<BR>
Attn.: &Aacute;lvaro F. Rizzi Rodrigues<BR>
<BR>
</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">If to the Company:</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 0.25in">Avenida Presidente Juscelino Kubitscheck No. 1909, 30<SUP>th
</SUP>floor<BR>
Vila Ol&iacute;mpia, Zip Code 04543-907<BR>
S&atilde;o Paulo &ndash; SP, Brazil<BR>
Telephone: (11) 3027-2212<BR>
e-mail: fabricio.almeida@xpi.com.br<BR>
Attn.: Mr. Fabricio Cunha de Almeida<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>12.11.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notices delivered in accordance with this Clause shall be deemed to have been given: (i) at the time they are delivered, if personally
delivered; or (ii) at the time they are received, if sent by registered mail, e-mail or courier service with return receipt, or by delivery
through a registry office. In the specific case of e-mail, a letter will be required to be sent by registered mail or courier service
within five (5)-Calendar Days after the e-mail is sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12.12.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any of the Parties
or Intervening Consenting Parties may change its address for notices, provided that it shall so inform the other Parties and Intervening
Consenting Parties by written notice.</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"><B>12.13.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intervening
Consenting Parties</U>. The Intervening Consenting Parties execute this Agreement by expressly consenting to all its terms, and undertaking
to: (i) abide by, comply with and cause the compliance with all the provisions of this Agreement, under the terms set forth in any applicable
Law; and (ii) refrain themselves from recording, enforcing or taking actions of any nature whatsoever which may represent violation of
any provision of this 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"><B>12.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Specific
Performance</U>. The Parties undertake to fulfill, deliver and perform their obligations at all times under strict compliance with the
terms and conditions set forth in this Agreement. The Parties herein acknowledge and agree that the payment of losses and damages may
not be a sufficient remedy to repair a breach to the provisions set forth herein, being all the obligations undertaken or that may be
imposed under the terms of this Agreement subject to specific performance under the terms of Law No. 13,105/15 (Brazilian Code of Civil
Procedure). The Parties do not waive any action or relief to which they may be entitled, at any time. The Parties expressly admit and
undertake to specifically perform their obligations and to accept judicial orders or any other similar acts.</P>

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


<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12.15.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Language</U>.
This Agreement is executed by the Parties in Portuguese language.</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">In witness whereof, the Parties have caused this Agreement to be executed
in six (6) counterparts of same content and form, before the two (2) undersigned witnesses.</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">S&atilde;o Paulo, November 29<SUP>th</SUP>, 2019.</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">[<I>Signatures on the following pages</I>]</P>

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


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature page 1/2 of XP Inc. Shareholders
Agreement, executed on November 29, 2019</I>]</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"><U>Parties</U>:</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">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Fabricio Cunha de Almeida</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Bernardo Amaral Botelho</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP CONTROLE PARTICIPA&Ccedil;&Otilde;ES
S.A.</B></P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Thomas J. Murphy</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GENERAL ATLANTIC (XP) BERMUDA, LP</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ &Aacute;lvaro F. Rizzi Rodrigues</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Fernando Della Torre Chagas</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ITB HOLDING BRASIL PARTICIPA&Ccedil;&Otilde;ES
LTDA.</B></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ &Aacute;lvaro F. Rizzi Rodrigues</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Fernando Della Torre Chagas</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ITA&Uacute; UNIBANCO S.A.</B></P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature page 2/2 of XP Inc. Shareholders
Agreement, executed on November 29, 2019</I>]</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"><U>Intervening Consenting Parties</U>:</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"><U>/s/ Guilherme Dias Fernandes Benchimol</U></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>XP INC.</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"><U>/s/ Fabricio Cunha de Almeida</U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Guilherme Dias Fernandes Benchimol</U></P>



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



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP CONTROLE 3 PARTICIPA&Ccedil;&Otilde;ES S.A.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP INVESTIMENTOS CORRETORA DE C&Acirc;MBIO T&Iacute;TULOS
E VALORES<BR>
MOBILI&Aacute;RIOS S.A.</B></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP CONTROLE 4 PARTICIPA&Ccedil;&Otilde;ES S.A.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP VIDA E PREVID&Ecirc;NCIA S.A.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP FINAN&Ccedil;AS ASSESSORIA FINANCEIRA LTDA.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP CORRETORA DE SEGUROS LTDA.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP ADVISORY GEST&Atilde;O DE RECURSOS LTDA.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP VISTA ASSET MANAGEMENT LTDA.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP GEST&Atilde;O DE RECURSOS LTDA.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFOSTOCKS INFORMA&Ccedil;&Otilde;ES E SISTEMAS
LTDA.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP EDUCA&Ccedil;&Atilde;O ASSESSORIA EMPRESARIAL
E PARTICIPA&Ccedil;&Otilde;ES LTDA.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TECFINANCE INFORM&Aacute;TICA E PROJETOS DE
SISTEMAS LTDA.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEADR SERVI&Ccedil;OS ONLINE LTDA.</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"><U>/s/ Guilherme Dias Fernandes Benchimol</U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GUILHERME DIAS FERNANDES BENCHIMOL</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"><U>/s/ &Aacute;lvaro F. Rizzi Rodrigues</U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Fernando Della Torre Chagas</U></P>



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. <U>/s/ Fl&aacute;via Reno&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Fl&aacute;via Reno</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Id: 40.426.668-X</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CPF/MF: 416.950.328-70</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. <U>/s/ Sylvia Behring&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Sylvia Behring</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Id: 35465857-8</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CPF/MF: 369.053.968-42</P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TO XP INC. SHAREHOLDERS&rsquo; AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>CORPORATE
STRUCTURE CHART</U></FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 177px; width: 638px"></P>

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


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TO XP INC. SHAREHOLDERS&rsquo; AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>XP CONTROLE
CONTROLLING SHAREHOLDERS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 0.25in"><B>1)</B></TD><TD><B>GUILHERME DIAS FERNANDES BENCHIMOL</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"><B>2)</B></TD><TD><B>CARLOS ALBERTO FERREIRA FILHO</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"><B>3)</B></TD><TD><B>GABRIEL KLAS DA ROCHA LEAL</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"><B>4)</B></TD><TD><B>FABR&Iacute;CIO CUNHA DE ALMEIDA</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"><B>5)</B></TD><TD><B>BERNARDO AMARAL BOTELHO</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"><B>6)</B></TD><TD><B>BRUNO CONSTANTINO ALEXANDRE DOS SANTOS</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"><B>7)</B></TD><TD><B>GUILHERME SANT&rsquo;ANNA MONTEIRO DA SILVA</B></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XP INC. SHAREHOLDERS&rsquo; AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>KEY EMPLOYEES</U></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; text-align: center"><B>Key Employees</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">1.&#9;Alexandre Doyle Maia</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">2.&#9;Anamaria Ribeiro Lima Pereira Pimenta</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">3.&#9;Andr&eacute; Algranti</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">4.&#9;Andr&eacute; Biagini de Amorim</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">5.&#9;Antonio Augusto Monteiro Meireles</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">6.&#9;Bazili Rossi Swioklo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">7.&#9;Benny Rubinsztejn</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">8.&#9;Beny Podlubny</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">9.&#9;Bernardo Amaral Botelho</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">10.&#9;Bianca de Menezes Juliano</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">11.&#9;Bruno Constantino Alexandre dos Santos</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">12.&#9;Bruno Cunha Bagnoli</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">13.&#9;Caio Bastos Azevedo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">14.&#9;Caio Boria de Oliveira</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">15.&#9;Caio Henrique Murad Peres</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">16.&#9;Carlos Alberto Ferreira Filho</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">17.&#9;Carlos Henrique Ferraz Castellotti</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">18.&#9;Daniel Albernaz Lemos</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">19.&#9;Eduardo Lopes Hargreaves</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">20.&#9;Emmanuil Gambini Ingesis</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">21.&#9;Fabio Roberto Baumfeld Issack</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">22.&#9;Fabricio Cunha de Almeida</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">23.&#9;Fausto Silva Filho</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">24.&#9;Felipe Trindade</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">25.&#9;Fernando Augusto Coelho Ferreira de Basconcellos</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">26.&#9;Frederico Arieta da Costa Ferreira</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">27.&#9;Gabriel Klas da Rocha Leal</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">28.&#9;Guilherme Dias Fernandes Benchimol</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">29.&#9;Gustavo Pimentel Barboza Pires</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">30.&#9;Jo&atilde;o Luiz Moreira de Mascarenhas Braga</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">31.&#9;Jos&eacute; Celson Pl&aacute;cido Teixeira Junior</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">32.&#9;Jos&eacute; Eduardo Ferraz Sebasti&atilde;o</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">33.&#9;Julio Capua Ramos da Silva</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">34.&#9;Julio Cezar Anastacio Machado</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">35.&#9;Marcello Soledade Poggi de Arag&atilde;o</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">36.&#9;Marcio Ezequiel Monteiro de Barros</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">37.&#9;Marcos de Andrade Peixoto Filho</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">38.&#9;Marcos Vinicios Corazza Martinez</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">39.&#9;Matheus Schaumloffel</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">40.&#9;Pedro Augusto Mesquita Prado</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">41.&#9;Pedro Henrique Cristoforo da Silveira</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">42.&#9;Pedro Henrique Dias Boesel</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; text-align: center; width: 100%"><B>Key Employees</B></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; width: 100%; border-bottom: Black 1pt solid; border-left: Black 1pt solid">43.&#9;Rafael Balbo Piazzon</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">44.&#9;Rafael Bordalo Quintas</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">45.&#9;Rafael Guerino Furlanetti</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">46.&#9;Raony Bourscheidt Rossetti</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">47.&#9;Rodrigo Neiva Furtado</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">48.&#9;Rodrigo Raimundo Regis</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">49.&#9;Rogerio Figueiredo de Carvalho e Silva</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">50.&#9;Rubens Nunes Machado</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">51.&#9;Victor Andreu Mansur Farinassi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">52.&#9;Zeina Abdel Latif</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT 6.5</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TO XP INC. SHAREHOLDERS&rsquo; AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>COMPANY&rsquo;S
ARTICLES OF INCORPORATION</U></FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE COMPANIES LAW (AS REVISED)</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(adopted by Special
Resolution passed on [ ])</FONT></P>

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


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.25in">1</TD><TD>The name of the Company is XP Inc.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">2</TD><TD>The registered office of the Company shall be at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman Islands, or at such other place within the Cayman Islands as the Directors may decide.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">3</TD><TD>Subject to the following provisions of this Memorandum, the objects for which the Company is established are unrestricted.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">4</TD><TD>Subject to the following provisions of this Memorandum, the Company shall have and be capable of exercising all the functions of a
natural person of full capacity irrespective of any question of corporate benefit, as provided by Section 27(2) of the Companies Law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">5</TD><TD>Nothing in this Memorandum shall permit the Company to carry on a business for which a licence is required under the laws of the Cayman
Islands unless duly licensed.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">6</TD><TD>The Company shall not trade in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the
Company carried on outside the Cayman Islands; provided that nothing in this clause shall be construed as to prevent the Company effecting
and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary for the carrying on of
its business outside the Cayman Islands.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">7</TD><TD>The liability of each Shareholder is limited to the amount from time to time unpaid on such Shareholder&rsquo;s shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">8</TD><TD>The share capital of the Company is US$35,000 divided into 3,500,000,000 shares of a nominal or par value of US$0.00001 each which,
at the date on which this Memorandum becomes effective, comprise (i) 2,000,000,000 Class A Common Shares; (ii) 1,000,000,000 Class B Common
Shares (which Class B Common Shares may be converted into Class A Common Shares in the manner contemplated in the Articles of Association
of the Company); and (iii) 500,000,000 shares of such class or classes (howsoever designated) and having the rights as the Board may determine
from time to time in accordance with Article 4 of the Articles of Association of the Company, provided, however, that any action taken
by the Board in contravention of the terms of the Shareholders Agreement shall be void ab initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">9</TD><TD>The Company may exercise the power contained in the Law to deregister in the Cayman Islands and be registered by way of continuation
in another jurisdiction.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">10</TD><TD>The Shareholders acknowledge that the Shareholders Agreement, on the date of adoption of this Memorandum of Association;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>is governed by and construed in accordance with Brazilian law and that any and all disputes arising out of or related to the Shareholders
Agreement shall be settled by arbitration in the manner set forth in the Shareholders Agreement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>provides that, in the event of any conflict or disagreement between the provisions of the Shareholders Agreement and this Memorandum
of Association or the Articles of Association, the provisions of the Shareholders Agreement shall prevail as between the Shareholders
that are party to the Shareholders Agreement and that those Shareholders undertake to take all actions available to them, including voting
to amend any conflicting provisions in this Memorandum of Association or the Articles of Association, as the case may be, to ensure that
this is the case.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in">11</TD><TD>Capitalized terms that are not defined in this Memorandum of Association bear the meaning given in the Articles of Association of
the Company.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE COMPANIES LAW (AS REVISED)</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(adopted by Special
Resolution passed on [ ])</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preliminary</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">1.1</TD><TD>The regulations contained in Table A in the First Schedule of the Law shall not apply to the Company and the following regulations
shall be the Articles of Association of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">1.2</TD><TD>In these Articles:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>the following terms shall have the meanings set opposite if not inconsistent with the subject or context:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt; width: 35%">&ldquo;<B>Affiliate</B>&rdquo;</TD>
    <TD STYLE="width: 65%">in respect of a Person, means any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, and shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Allotment</B>&rdquo;</TD>
    <TD>shares are taken to be allotted when a person acquires the unconditional right to be included in the Register of Shareholders in respect of those shares;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Articles</B>&rdquo;</TD>
    <TD>these articles of association of the Company as from time to time amended by Special Resolution provided, however, that any amendment in contravention of the terms of the Shareholders Agreement shall be void ab initio;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Audit Committee</B>&rdquo;</TD>
    <TD>the audit committee of the Company formed by the Board pursuant to Article 24 hereof, or any successor of the audit committee;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Board</B>&rdquo; or &ldquo;<B>Board of Directors</B>&rdquo;</TD>
    <TD>the board of directors of the Company;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Board of Officers</B>&rdquo;</TD>
    <TD>the board of officers comprising three (3) to ten (10) members, one (1) being the chief executive officer, one (1) being the chief financial officer, and the other officers having such designation as the Board of Directors may determine, elected and removed at any time by the Board of Directors;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Business Combination</B>&rdquo;</TD>
    <TD>a statutory amalgamation, merger, consolidation, arrangement or other reorganization requiring the approval of the members of one or more of the participating companies as well as a short-form merger or consolidation that does not require a resolution of members, provided that the consummation of any such transaction in contravention of the terms of the Shareholders Agreement shall be void ab initio;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Chairman</B>&rdquo;</TD>
    <TD>the chairman of the Board of Directors appointed in accordance with Article 20.2;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 45; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt; width: 35%">&ldquo;<B>Class A Common Shares</B>&rdquo;</TD>
    <TD STYLE="width: 65%">class A common shares of a nominal or par value of US$ 0.00001 each in the capital of the Company having the rights provided for in these Articles;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Class B Common Shares</B>&rdquo;</TD>
    <TD>class B common shares of a nominal or par value of US$0.00001 each in the capital of the Company having the rights provided for in these Articles;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Clear days</B>&rdquo;</TD>
    <TD>in relation to a period of notice means that period excluding both the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Clearing House</B>&rdquo;</TD>
    <TD>a clearing house recognized by the laws of the jurisdiction in which shares in the capital of the Company (or depository receipts thereof) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Common Shares</B>&rdquo;</TD>
    <TD>Class A Common Shares, Class B Common Shares and shares of such other classes as may from time to time be designated by the Board pursuant to these Articles as being common shares for the purposes of Article 5.3;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Company</B>&rdquo;</TD>
    <TD>the above named company;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Company&rsquo;s Website</B>&rdquo;</TD>
    <TD>the website of the Company and/or its web-address or domain name;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Control</B>&rdquo;</TD>
    <TD>the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, partnership or other entity (other than, in the case of a corporation, shares having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Designated Stock Exchange</B>&rdquo;</TD>
    <TD>the Nasdaq Global Market and any other stock exchange or interdealer quotation system listed in Schedule 4 of the Law on which shares in the capital of the Company are listed or quoted;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Directors</B>&rdquo;</TD>
    <TD>the Directors for the time being of the Company or, as the case may be, those Directors assembled as a Board or as a committee of the Board;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Dividend</B>&rdquo;</TD>
    <TD>includes a distribution or interim dividend or interim distribution;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Electronic</B>&rdquo;</TD>
    <TD>has the same meaning as in the Electronic Transactions Law (as revised);</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Electronic Communication</B>&rdquo;</TD>
    <TD>a communication sent by electronic means, including electronic posting to the Company&rsquo;s Website, transmission to any number, address or internet website (including the SEC&rsquo;s website) or other electronic delivery methods as otherwise decided and approved by the Board;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Electronic Record</B>&rdquo;</TD>
    <TD>has the same meaning as in the Electronic Transactions Law (as revised);</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt; width: 35%">&ldquo;<B>Electronic Signature</B>&rdquo;</TD>
    <TD STYLE="width: 65%">has the same meaning as in the Electronic Transactions Law (as revised);</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Exchange Act</B>&rdquo;</TD>
    <TD>the Securities Exchange Act of 1934, as amended of the United States of America;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Executed</B>&rdquo;</TD>
    <TD>includes any mode of execution;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>GA</B>&rdquo;</TD>
    <TD>means General Atlantic (XP) Bermuda, LP, a corporation with head-office in Bermuda;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Holder</B>&rdquo;</TD>
    <TD>in relation to any share, the Shareholder whose name is entered in the Register of Shareholders as the holder of the share;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Incentive Plan</B>&rdquo;</TD>
    <TD>any incentive plan or scheme established or implemented by the Company pursuant to which any Person who provides services of any kind to the Company or any of its direct or indirect subsidiaries (including, without limitation, any employee, executive, officer, director, consultant, secondee or other provider of services) may receive and/or acquire newly-issued shares of the Company or any interest therein;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Indemnified Person</B>&rdquo;</TD>
    <TD>every Director, alternate Director, Secretary or other officer for the time being or from time to time of the Company;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Independent Director</B>&rdquo;</TD>
    <TD>a Director who is an independent director as defined in the rules of any Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, as the case may be;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Islands</B>&rdquo;</TD>
    <TD>the British Overseas Territory of the Cayman Islands;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Ita&uacute;</B>&rdquo;</TD>
    <TD>means ITB Holding Brasil Participa&ccedil;&otilde;es Ltda., a limited liability company, duly incorporated under the laws of Brazil and with head-office in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, Brazil, and/or its Affiliates, as applicable;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Law</B>&rdquo;</TD>
    <TD>the Companies Law (as revised);</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Memorandum</B>&rdquo;</TD>
    <TD>the memorandum of association of the Company as from time to time amended, provided, however, that any amendment in contravention of the terms of the Shareholders Agreement shall be void ab initio;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Month</B>&rdquo;</TD>
    <TD>a calendar month;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Ordinary Resolution</B>&rdquo;</TD>
    <TD>a resolution (i) of a duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Shareholders entitled to vote present in person or by proxy and voting at the meeting, or (ii) approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed, provided, however, that any resolution intended to be passed as an Ordinary Resolution in circumstances where Ita&uacute; and/or GA, as applicable, has(ve) exercised its/their veto rights pursuant to the Shareholders Agreement in respect of such resolution shall be void ab initio;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt; width: 35%">&ldquo;<B>Other Indemnitors</B>&rdquo;</TD>
    <TD STYLE="width: 65%">persons or entities other than the Company that may provide indemnification, advancement of expenses and/or insurance to the Indemnified Persons in connection with such Indemnified Persons&rsquo; involvement in the management of the Company;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Paid up</B>&rdquo;</TD>
    <TD>paid up as to the par value of the shares and includes credited as paid up;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Person</B>&rdquo;</TD>
    <TD>any individual, corporation, general or limited partnership, limited liability company, joint stock company, joint venture, estate, trust, association, organization or any other entity or governmental entity;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Register of Shareholders</B>&rdquo;</TD>
    <TD>the register of Shareholders required to be kept pursuant to the Law;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Seal</B>&rdquo;</TD>
    <TD>the common seal of the Company including every duplicate seal;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>SEC</B>&rdquo;</TD>
    <TD>the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Secretary</B>&rdquo;</TD>
    <TD>any person appointed by the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy secretary;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Securities Act</B>&rdquo;</TD>
    <TD>the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the time;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Share</B>&rdquo;</TD>
    <TD>a share in the share capital of the Company, and includes stock (except where a distinction between shares and stock is expressed or implied) and includes a fraction of a share;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Shareholder</B>&rdquo;</TD>
    <TD>has the same meaning as member in the Law;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Shareholders Agreement</B>&rdquo;</TD>
    <TD>means the shareholders agreement dated November 29, 2019 between, amongst others, XP Controle, Ita&uacute; and GA, and the Company as intervening party, as may be amended from time to time;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Signed</B>&rdquo;</TD>
    <TD>includes an electronic signature or a representation of a signature affixed by mechanical means;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Special Resolution</B>&rdquo;</TD>
    <TD>means either: (i) a resolution passed by a majority of at least two-thirds of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of which notice specifying the intention to propose the resolution as a special resolution has been duly given; or (ii) a resolution approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders aforesaid, provided, however, that any resolution intended to be passed as a Special Resolution in circumstances where Ita&uacute; and/or GA, as applicable, has(ve) exercised its/their veto rights pursuant to the Shareholders Agreement in respect of such resolution shall be void ab initio;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt; width: 35%">&ldquo;<B>Subsidiary</B>&rdquo;</TD>
    <TD STYLE="width: 65%">a company is a subsidiary of another company if that other company: (i) holds a majority of the voting rights in it; (ii) is a member of it and has the right to appoint or remove a majority of its board of directors; or (iii) is a member of it and controls alone, pursuant to an agreement with other members, a majority of the voting rights in it; or if it is a subsidiary of a company which is itself a subsidiary of that other company. For the purpose of this definition the expression &ldquo;company&rdquo; includes any body corporate established in or outside of the Islands;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Treasury Share</B>&rdquo;</TD>
    <TD>a share held in the name of the Company as a treasury share in accordance with the Law;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>U.S. Person</B>&rdquo;</TD>
    <TD>a Person who is a citizen or resident of the United States of America;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>Written and in Writing</B>&rdquo;</TD>
    <TD>includes all modes of representing or reproducing words in visible form including in the form of an electronic record; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 46pt">&ldquo;<B>XP Controle</B>&rdquo;</TD>
    <TD>means XP Controle Participa&ccedil;&otilde;es S.A., a corporation with head-office in the City and State of Rio de Janeiro, Brazil.</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>unless the context otherwise requires, words or expressions defined in the Law shall have the same meanings herein but excluding any
statutory modification thereof not in force when these Articles become binding on the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>unless the context otherwise requires: (i) words importing the singular number shall include the plural number and vice-versa; (ii)
words importing the masculine gender only shall include the feminine gender; and (iii) words importing persons only shall include companies
or associations or bodies of person whether incorporated or not;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the word &ldquo;may&rdquo; shall be construed as permissive and the word &ldquo;shall&rdquo; shall be construed as imperative;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>the headings herein are for convenience only and shall not affect the construction of these Articles;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>references to statutes are, unless otherwise specified, references to statutes of the Islands and, subject to paragraph (b) above,
include any statutory modification or re-enactment thereof for the time being in force; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD>where an Ordinary Resolution is expressed to be required for any purpose, a Special Resolution is also effective for that purpose.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formation Expenses</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Directors may pay, out of the capital or any other monies
of the Company, all expenses incurred in or about the formation and establishment of the Company including the expenses of registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Situation of offices
of the Company</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">3.1</TD><TD>The registered office of the Company shall be at such address in the Islands as the Board shall from time to time determine.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">3.2</TD><TD>The Company, in addition to its registered office, may establish and maintain such other offices, places of business and agencies
in the Islands and elsewhere as the Board may from time to time determine.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">4.1</TD><TD>Any action taken by the Company and/or the Board in connection with this Article 4 in contravention of the terms of the Shareholders
Agreement shall be void ab initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">4.2</TD><TD>(a)&#9;Subject to the rules of any Designated Stock Exchange and to the provisions, if any, in the Memorandum and these Articles,
the Board has general and unconditional authority to allot, grant options over, offer or otherwise deal with or dispose of any unissued
shares in the capital of the Company without the approval of Shareholders (whether forming part of the original or any increased share
capital), either at a premium or at par, with or without preferred, deferred or other special rights or restrictions, whether in regard
to dividend, voting, return of capital or otherwise and to such persons, on such terms and conditions, and at such times as the Board
may decide, provided, however, that: (i) no share shall be issued at a discount, except in accordance with the provisions of the Law;
and (ii) any purported allotment, grant, offer, disposition or issue of shares in the capital of the Company made in contravention of
the terms of the Shareholders Agreement shall be void ab initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>In particular and without prejudice to the generality of paragraph (a) above, the Board is hereby empowered pursuant to this Article
4 to authorize by resolution or resolutions from time to time and without the approval of Shareholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD>the creation of one or more classes or series of preferred shares, to cause to be issued such preferred shares and to fix the designations,
powers, preferences and relative participating, optional and other rights, if any, and the qualifications, limitations and restrictions
thereof, if any, including, without limitation, the number of shares constituting each such class or series, dividend rights, conversion
rights, redemption privileges, voting rights and powers (including full or limited or no voting rights or powers) and liquidation preferences,
and to increase or decrease the number of shares comprising any such class or series (but not below the number of shares of any class
or series of preferred shares then outstanding) to the extent permitted by law. Without limiting the generality of the foregoing, the
resolution or resolutions providing for the establishment of any class or series of preferred shares may, to the extent permitted by law,
provide that such class or series shall be superior to, rank equally with or be junior to the preferred shares of any other class or series;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD>to designate for issuance as Class A Common Shares or Class B Common Shares from time to time any or all of the authorized but unissued
shares of the Company which have not at that time been designated by the Memorandum or by the Directors as being shares of a particular
class;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(iii)</TD><TD>to create one or more further classes of shares which represent common shares for the purposes of Article 5.3; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(iv)</TD><TD>to re-designate authorized but unissued Class B Common Shares from time to time as shares of another class.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>The Company shall not issue shares or warrants to bearer.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD>Subject to the rules of any Designated Stock Exchange, the Board shall have general and unconditional authority to issue options,
warrants or convertible securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive
any class of shares or securities in the capital of the Company to such persons, on such terms and conditions and at such times as the
Board may decide, provided that the issue of any such securities in contravention of the terms of the Shareholders Agreement shall be
void ab initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">4.3</TD><TD>Notwithstanding Article 4.2, at any time when there are Class A Common Shares in issue, Class B Common Shares may only be issued pursuant
to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>a share-split, subdivision or similar transaction or as contemplated in Articles 5.6 or 11.1(a)(iv) below;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>a Business Combination involving the issuance of Class B Common Shares as full or partial consideration; or</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>an issuance of Class A Common Shares, whereby holders of Class B Common Shares are entitled to purchase a number of Class B Common
Shares that would allow them to maintain their proportional ownership and voting interest in the Company pursuant to Article 4.4.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">4.4</TD><TD>With effect from the date on which any Class A Common Shares are first admitted to trading on a Designated Stock Exchange, subject
to Articles 4.5, 4.6 and 4.7, the Company shall not issue Class A Common Shares to a person on any terms unless:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>it has made an offer to each person who holds Class B Common Shares in the Company to issue to him on the same economic terms such
number of Class B Common Shares as would ensure that the proportion in number of the issued Common Shares held by him as Class B Common
Shares after the issuance of such Class A Common Shares will be as nearly as practicable equal to the proportion in number of the issued
Common Shares held by him as Class B Common Shares before the said issuance; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>the period during which any such offer may be accepted has expired or the Company has received notice of the acceptance or refusal
of every offer so made.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An offer made pursuant to this Article 4.4 may be made in either hard
copy or by electronic communication, must state a period during which it may be accepted and the offer shall not be withdrawn before the
end of that period. The period referred to must be at least 14 days beginning with the date on which the offer is deemed to be delivered
in accordance with Article 35.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">4.5</TD><TD>An offer shall not be regarded as being made contrary to the requirements of Article 4.4 by reason only that:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>fractional entitlements are rounded or otherwise settled or sold at the discretion of the Board; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>no offer of Class B Common Shares is made to a shareholder where the making of such an offer would in the view of the Board pose legal
or practical problems in or under the laws or securities rules of any territory or the requirements of any regulatory body or stock exchange
such that the Board considers it is necessary or expedient in the interests of the Company to exclude such shareholder from the offer;
or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>the offer is conditional upon the said issue of Class A Common Shares proceeding.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">4.6</TD><TD>The provisions of Article 4.4 do not apply in relation to the issue of:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>Class A Common Shares if these are, or are to be, wholly or partly paid up otherwise than in cash;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>Class A Common Shares which would, apart from any renunciation or assignment of the right to their allotment, be held under or issued
pursuant to an Incentive Plan; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>Class A Common Shares issued in furtherance of an initial public offering of shares of the Company (IPO) or issued to underwriters
in connection with an IPO pursuant to any over-allotment options granted by the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">4.7</TD><TD>The holders of two-thirds of Class B Common Shares in issue may authorize the Board to issue Class A Common Shares for cash in the
context of a public offering and, on the granting of such an authority, the Board shall have the power to issue (pursuant to that authority)
Class A Common Shares for cash as if Article 4.4 above did not apply to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>one or more issuances of Class A Common Shares to be made pursuant to that authority; and/or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>such issuances with such modifications as may be specified in that authority,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">and unless previously revoked, that authority shall expire
on the date (if any) specified in the authority or, if no date is specified, 6 months after the date on which the authority is granted,
but the Company may before the power expires make an offer or agreement which would or might require Class A Common Shares to be issued
after it expires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 27.35pt">4.8</TD><TD>The Company may issue fractions of a share of any class and a fraction of a share shall be subject to and carry the corresponding
fraction of liabilities (whether with respect to nominal or par value, premium, contribution, calls or otherwise howsoever), limitations,
preferences, privileges, qualifications, restrictions, rights and other attributes of a whole share of that class of shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">4.9</TD><TD>Except as required by Law, no person shall be recognized by the Company as holding any share upon any trust and the Company shall
not be bound by or be compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial
interest in any share (except only as by these Articles or by law otherwise provided) or any other rights in respect of any share except
an absolute right to the entirety thereof in the holder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">4.10</TD><TD>(a) If at any time the share capital is divided into different classes of shares, the rights attached to any class of shares (unless
otherwise provided by these Articles or the terms of issue of the shares of that class) may be varied with the consent in writing of the
holders of two-thirds of the issued shares of that class or with the sanction of a Special Resolution passed at a separate general meeting
of the holders of the shares of that class, provided, however, that any resolution passed in contravention of the terms of the Shareholders
Agreement shall be void ab initio. To every such separate general meeting, the provisions of these Articles relating to general meetings
shall mutatis mutandis apply, but so that the necessary quorum shall be any one or more persons holding or representing by proxy not less
than one-third of the issued shares of the class and that any holder of shares of the class present in person or by proxy may demand a
poll;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>For the purposes of this Article 4.10, the Directors may treat all classes of shares or any two or more classes of shares as forming
one class if they consider that all such classes would be affected in the same way by the proposals under consideration.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>The rights conferred upon the holders of the shares of any class shall not, unless otherwise expressly provided by the terms of issue
of the shares of that class, be deemed to be varied by:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD>the creation or issue of further shares ranking pari passu therewith;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD>by the redemption or purchase of any shares of any class by the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(iii)</TD><TD>the cancellation of authorized but unissued shares of that class; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(iv)</TD><TD>the creation or issue of shares with preferred or other rights including, without limitation, the creation of any class or issue of
shares with enhanced or weighted voting rights.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD>The rights conferred upon holders of Class A Common Shares shall not be deemed to be varied by the creation or issue from time to
time of further Class B Common Shares and the rights conferred upon holders of Class B Common Shares shall not be deemed to be varied
by the creation or issue from time to time of further Class A Common Shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">4.11</TD><TD>The Directors may accept contributions to the capital of the Company otherwise than in consideration of the issue of shares and the
amount of any such contribution may, unless otherwise agreed at the time such contribution is made, be treated by the Company as a distributable
reserve, subject to the provisions of the Law and these Articles.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Common Shares
and Class B Common Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">5.1</TD><TD>Any action taken by the Company and/or the Board in connection with this Article 5 in contravention of the terms of the Shareholders
Agreement shall be void ab initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">5.2</TD><TD>Holders of Class A Common Shares and Class B Common Shares have the right to receive notice of, attend, speak and vote at general
meetings of the Company. Holders of Class A Common Shares and Class B Common Shares shall at all times vote together as one class on all
resolutions submitted to a vote by the Shareholders in general meetings. Each Class A Common Share shall entitle the holder to one (1)
vote on all matters subject to a vote at general meetings of the Company, and each Class B Common Share shall entitle the holder to ten
(10) votes on all matters subject to a vote at general meetings of the Company.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 27.35pt">5.3</TD><TD>Without prejudice to any special rights conferred thereby on the holders of any other shares or class of shares established pursuant
to the Memorandum and/or these Articles from time to time, holders of Common Shares shall:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>be entitled to such dividends as the Board may from time to time declare;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>in the event of a winding-up or dissolution of the Company, whether voluntary or involuntary or for the purposes of a reorganization
or otherwise or upon any distribution of capital, be entitled to the surplus assets of the Company; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>generally be entitled to enjoy all of the rights attaching to shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">5.4</TD><TD>In no event shall Class A Common Shares be convertible into Class B Common Shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">5.5</TD><TD>Class B Common Shares shall be convertible into Class A Common Shares as follows:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD><B><I>Right of Conversion</I></B>. Class B Common Shares shall be convertible into the same number of Class A Common Shares, on a
share-to-share basis, in any of the manners set out in the Shareholders Agreement. Notwithstanding the foregoing, if, at any time, the
total number of votes of the issued and outstanding Class B Shares represents less than 10% of the voting share rights of the Company,
the Class B Common Shares then in issue shall automatically and immediately be converted into Class A Common Shares and no Class B Common
Shares shall be issued by the Company thereafter.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD><B><I>Mechanics of Conversion</I></B>. Before any holder of Class B Common Shares shall be entitled to convert such Class B Common
Shares into Class A Common Shares pursuant to sub-paragraph (a) above, the holder shall, if available, surrender the certificate or certificates
therefor, duly endorsed (where applicable), at the registered office of the Company.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt">Upon the occurrence of one of the bases of conversion provided
for in sub-paragraph (a) above, the Company shall enter or procure the entry of the name of the relevant holder of Class B Common Shares
as the holder of the relevant number of Class A Common Shares resulting from the conversion of the Class B Common Shares in, and make
any other necessary and consequential changes to, the Register of Shareholders and shall procure that certificate(s) in respect of the
relevant Class A Common Shares, together with a new certificate for any unconverted Class B Common Shares comprised in the certificate(s)
surrendered by the holder of the Class B Common Shares, are issued to the holders of the Class A Common Shares and Class B Common Shares,
as the case may be, if so requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt">Any conversion of Class B Common Shares into Class A Common
Shares pursuant to this Article 5 shall be effected by means of the re-designation and re-classification of the relevant Class B Common
Share as a Class A Common Share together with such rights and restrictions for the time being attached thereto and shall rank pari passu
in all respects with the Class A Common Shares then in issue. Such conversion shall become effective forthwith upon entries being made
in the Register of Shareholders to record the re-designation and re-classification of the relevant Class B Common Shares as Class A Common
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt">If the conversion is in connection with a public offering
of securities or any other sale of securities that is implemented through a Designated Stock Exchange, the conversion may, at the option
of any holder tendering such Class B Common Shares for conversion, be conditional upon the closing of the sale of securities pursuant
to such offering or sale, in which event any persons entitled to receive Class A Common Shares upon conversion of such Class B Common
Shares shall not be deemed to have converted such Class B Common Shares until immediately prior to the closing of such sale of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt">Upon conversion of any Class B Common Shares, the composition
of the authorized capital of the Company shall automatically be varied and amended by a reduction in the relevant number of authorized
Class B Common Shares and a corresponding increase in the relevant number of authorized Class A Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt">&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: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>Effective upon and with effect from the conversion of a Class B Common Share into a Class A Common Share in accordance with this Article
5.5, the converted share shall be re-designated as and be treated for all purposes as a Class A Common Share and shall carry the rights
and be subject to the restrictions</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-indent: 0pt">attaching to Class A Common Shares including,
without limitation, the right to one vote on matters subject to a vote at general meetings of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-indent: 0pt">&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: 27.35pt">5.6</TD><TD>No subdivision of Class A Common Shares into shares of an amount smaller than the nominal or par value of such shares at the relevant
time shall be effected unless Class B Common Shares are concurrently and similarly subdivided to maintain the same proportion of Class
B Common Shares and Class A Commons Shares as before the subdivision, and no subdivision of Class B Common Shares into shares of an amount
smaller than the nominal or par value of such shares at the relevant time shall be effected unless Class A Common Shares are concurrently
and similarly subdivided to maintain the same proportion of Class B Common Shares and Class A Common Shares as before the subdivision.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">5.7</TD><TD>No consolidation of Class A Common Shares into shares of an amount larger than the nominal or par value of such shares at the relevant
time shall be effected unless Class B Common Shares are concurrently and similarly consolidated to maintain the same proportion of Class
B Common Shares and Class A Commons Shares as before the consolidation, and no consolidation of Class B Common Shares into shares of an
amount larger than the nominal or par value of such shares at the relevant time may be effected unless Class A Common Shares are concurrently
and similarly consolidated, to maintain the same proportion of Class B Common Shares and Class A Common Shares as before the consolidation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">5.8</TD><TD>In the event that a dividend or other distribution is paid by the issue of Class A Common Shares or Class B Common Shares or rights
to acquire Class A Common Shares or Class B Common Shares (i) holders of Class A Common Shares shall receive Class A Common Shares or
rights to acquire Class A Common Shares, as the case may be; and (ii) holders of Class B Common Shares shall receive Class B Common Shares
or rights to acquire Class B Common Shares, as the case may be.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">5.9</TD><TD>No Business Combination (whether or not the Company is the surviving entity) shall proceed unless by the terms of such transaction:
(i) the holders of Class A Common Shares have the right to receive, or the right to elect to receive, the same form of consideration (as
shall be adjusted, in the case of share or equivalent consideration, by the Directors so as to account for the different economic and
voting rights that exist or may exist between such consideration and the share classes) as the holders of Class B Common Shares, and (ii)
the holders of Class A Common Shares have the right to receive, or the right to elect to receive, at least the same amount of consideration
on a per share basis as the holders of Class B Common Shares. The Directors shall not approve such a transaction unless the requirements
of this Article are satisfied, provided that the approval of any such a transaction in contravention of the terms of the Shareholders
Agreement shall be void ab initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">5.10</TD><TD>No tender or exchange offer to acquire any Class A Common Shares or Class B Common Shares by any third party pursuant to an agreement
to which the Company is to be a party, nor any tender or exchange offer by the Company to acquire any Class A Common Shares or Class B
Common Shares shall be approved by the Company unless by the terms of such transaction: (i) the holders of Class A Common Shares shall
have the right to receive, or the right to elect to receive, the same form of consideration (as shall be adjusted, in the case of share
or equivalent consideration, by the Directors so as to account for the different economic and voting rights that exist or may exist between
such consideration and the share classes) as the holders of Class B Common Shares, and (ii) the holders of Class A Common Shares shall
have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders
of Class B Common Shares. The Directors shall not approve such a transaction unless the requirements of this Article are satisfied, provided
that the approval of any such a transaction in contravention of the terms of the Shareholders Agreement shall be void ab initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">5.11</TD><TD>Save and except for voting rights and conversion rights and as otherwise set out in Article 4.4 and in this Article 5, Class A Common
Shares and the Class B Common Shares shall rank pari passu and shall have the same rights, preferences, privileges and restrictions and
share ratably and otherwise be identical in all respects as to all matters.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share Certificates</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">6.1</TD><TD>A Shareholder shall only be entitled to a share certificate if the Directors resolve that share certificates shall be issued. Share
certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates shall be signed by
one or more Directors or other person authorized by the Directors. The</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">Directors may authorize certificates
to be issued with the authorized signature(s) affixed by mechanical process. All certificates for Shares shall be consecutively numbered
or otherwise identified and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer or
conversion shall be cancelled and subject to these Articles and, save as provided in Articles 6.3, 7 and 8 below and in the case of a
conversion of shares pursuant to Article 5, no new certificate shall be issued until the former certificate representing a like number
of relevant Shares shall have been surrendered and cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">&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: 27.35pt">6.2</TD><TD>Every share certificate of the Company shall bear legends required under the applicable laws, including the Securities Act. Every
share certificate of the Company representing shares that are subject to the Shareholders Agreement shall bear a legend as follows:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&ldquo;THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO A SHAREHOLDERS AGREEMENT AND HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED
FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO TRANSFER MAY BE EFFECTED UNLESS IN
ACCORDANCE WITH THE TERMS OF THE SHAREHOLDERS AGREEMENT OR WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF
COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&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: 27.35pt">6.3</TD><TD>If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any) as to evidence and indemnity
and payment of the expenses reasonably incurred by the Company in investigating evidence as the Directors may determine but otherwise
free of charge, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lien</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">7.1</TD><TD>The Company shall have a first and paramount lien on every share (not being a share which is fully paid as to its par value and share
premium) for all moneys (whether presently payable or not) payable at a fixed time or called in respect of that share (including any premium
payable). The Directors may at any time declare any share to be wholly or in part exempt from the provisions of this Article. The Company&rsquo;s
lien on a share shall extend to any amount in respect of it.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">7.2</TD><TD>The Company may sell in such manner as the Directors determine any shares on which the Company has a lien if a sum in respect of which
the lien exists is presently payable and is not paid within fourteen (14) clear days after notice has been given to the holder of the
share or to the person entitled to it in consequence of the death or bankruptcy of the holder, demanding payment and stating that if the
notice is not complied with the shares may be sold, provided that the sale of any such shares in contravention of the terms of the Shareholders
Agreement shall be void ab initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">7.3</TD><TD>To give effect to a sale, the Directors may authorize some person to execute an instrument of transfer of the shares sold to, or in
accordance with the directions of, the purchaser. The title of the transferee to the shares shall not be affected by any irregularity
or invalidity in the proceedings in reference to the sale.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">7.4</TD><TD>The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the sum for which the lien exists
as is presently payable, and any residue shall (upon surrender to the Company for cancellation of the certificate for the shares sold,
if any, and subject to a like lien for any moneys not presently payable as existed upon the shares before the sale) be paid to the person
entitled to the shares at the date of the sale.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calls on Shares and
Forfeiture</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">8.1</TD><TD>Subject to the terms of allotment, the Directors may make calls upon the Shareholders in respect of any moneys unpaid on their shares
(whether in respect of nominal value or premium) and each Shareholder shall (subject to receiving at least fourteen (14) clear days&rsquo;
notice specifying when and where payment is to be made) pay to the Company as required by the notice the amount called on his shares.
A call may be required to be paid by installments. A call may, before receipt by the Company of any sum due thereunder, be revoked in
whole or in part and payment of a call may be postponed in whole or in part. A person upon whom a call is</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">made shall remain liable for calls made
upon him notwithstanding the subsequent transfer of the shares in respect of which the call was made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">&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: 27.35pt">8.2</TD><TD>A call shall be deemed to have been made at the time when the resolution of the Directors authorizing the call was passed.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">8.3</TD><TD>The joint holders of a share shall be jointly and severally liable to pay all calls in respect of the share.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">8.4</TD><TD>If a call remains unpaid after it has become due and payable, the person from whom it is due and payable shall pay interest on the
amount unpaid from the day it became due and payable until it is paid at the rate fixed by the terms of allotment of the share or in the
notice of the call or, if no rate is fixed, at an annual rate of ten percent (10%), but the Directors may waive payment of the interest
wholly or in part.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">8.5</TD><TD>An amount payable in respect of a share on allotment or at any fixed date, whether in respect of nominal value or premium or as an
installment of a call, shall be deemed to be a call, and if it is not paid when due, all the provisions of these Articles shall apply
as if that amount had become due and payable by virtue of a call.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">8.6</TD><TD>Subject to the terms of allotment, the Directors may make arrangements on the issue of shares for a difference between the holders
in the amounts and times of payment of calls on their shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">8.7</TD><TD>If a call remains unpaid after it has become due and payable, the Directors may give to the person from whom it is due not less than
fourteen (14) clear days&rsquo; notice requiring payment of the amount unpaid, together with any interest which may have accrued. The
notice shall name the place where payment is to be made and shall state that if the notice is not complied with the shares in respect
of which the call was made will be liable to be forfeited.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">8.8</TD><TD>If the notice is not complied with, any share in respect of which it was given may, before the payment required by the notice has
been made, be forfeited by a resolution of the Directors and the forfeiture shall include all dividends or other moneys payable in respect
of the forfeited shares and not paid before the forfeiture.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">8.9</TD><TD>Subject to the provisions of the Law, a forfeited share may be sold, re-allotted or otherwise disposed of on such terms and in such
manner as the Directors determine either to the person who was before the forfeiture the holder or to any other person, and at any time
before a sale, re-allotment or other disposition, the forfeiture may be cancelled on such terms as the Directors think fit, provided that
the disposal of any such shares in contravention of the terms of the Shareholders Agreement shall be void ab initio. Where, for the purposes
of its disposal a forfeited share is to be transferred to any person, the Directors may authorize any person to execute an instrument
of transfer of the share to that person.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">8.10</TD><TD>A person any of whose shares have been forfeited shall cease to be a Shareholder in respect of them and shall surrender to the Company
for cancellation the certificate for the shares forfeited, if any, but shall remain liable to the Company for all moneys which at the
date of forfeiture were presently payable by him to the Company in respect of those shares with interest at the rate at which interest
was payable on those moneys before the forfeiture or, if no interest was so payable, at an annual rate of ten percent (10%), from the
date of forfeiture until payment but the Directors may waive payment wholly or in part or enforce payment without any allowance for the
value of the shares at the time of forfeiture or for any consideration received on their disposal.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">8.11</TD><TD>A statutory declaration by a Director or the Secretary that a share has been forfeited on a specified date shall be conclusive evidence
of the facts stated in it as against all persons claiming to be entitled to the share and the declaration shall (subject to the execution
of an instrument of transfer if necessary) constitute a good title to the share and the person to whom the share is disposed of shall
not be bound to see to the application of the consideration, if any, nor shall his title to the share be affected by any irregularity
in or invalidity of the proceedings in reference to the forfeiture or disposal of the share.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer of Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">9.1</TD><TD>Any action taken by the Company and/or the Board in connection with this Article 9 in contravention of the terms of the Shareholders
Agreement shall be void ab initio.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 27.35pt">9.2</TD><TD>Subject to these Articles, any Shareholder may transfer all or any of his shares by an instrument of transfer in the usual or common
form or in a form prescribed by any Designated Stock Exchange or in any other form approved by the Board and may be under hand or, if
the transferor or transferee is a Clearing House, by hand or by electronic signature or by such other manner of execution as the Board
may approve from time to time, provided, however, that any purported transfer of shares made in contravention of the terms of the Shareholders
Agreement shall be void ab initio. Without prejudice to the generality of the foregoing, title to listed shares of the Company may be
evidenced and transferred in accordance with the laws applicable to and the rules and regulations of the Designated Stock Exchange on
which such shares are listed.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">9.3</TD><TD>The instrument of transfer shall be executed by or on behalf of the transferor and the transferee provided that the Board may dispense
with the execution of the instrument of transfer by the transferee in any case which it thinks fit in its discretion to do so. Without
prejudice to Article 9.2, the Board may also resolve, either generally or in any particular case, upon request by either the transferor
or transferee, to accept mechanically executed transfers including, where applicable, in accordance with the laws and rules applicable
to the Designated Stock Exchange. The transferor shall be deemed to remain the holder of the share until the name of the transferee is
entered in the Register of Shareholders in respect thereof. Nothing in these Articles shall preclude the Board from recognizing a renunciation
of the allotment or provisional allotment of any share by the allottee in favor of some other person.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">9.4</TD><TD>The Board may in its absolute discretion and without giving any reason therefor, refuse to register a transfer of any share:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>that is not fully paid up (as to both par value and any premium) to a person of whom it does not approve;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>issued under any share incentive scheme for employees upon which a restriction on transfer imposed thereby still subsists;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>to more than four joint holders; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD>on which the Company has a lien.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">9.5</TD><TD>Without limiting the generality of Article 9.4, the Board may also decline to recognize any instrument of transfer unless:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>the instrument of transfer is in respect of only one class of shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>the Shares are fully paid (as to both par value and any premium) and free of any lien;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>the instrument of transfer is lodged at the registered office or such other place at which the Register of Shareholders is kept in
accordance with the Law accompanied by any relevant share certificate(s), if any, and/or such other evidence as the Board may reasonably
require to show the right of the transferor to make the transfer (and, if the instrument of transfer is executed by some other person
on his behalf, the authority of that person so to do); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD>if applicable, the instrument of transfer is duly and properly stamped.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">9.6</TD><TD>If the Directors refuse to register a transfer of a share, they shall within two (2) months after the date on which the transfer was
lodged with the Company send to the transferee notice of the refusal.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">9.7</TD><TD>The registration of transfers of shares or of any class of shares may, after compliance with any notice requirement of any Designated
Stock Exchange, be suspended and the Register of Shareholders be closed at such times and for such periods (not exceeding in the whole
thirty (30) days in any year) as the Board may determine.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">9.8</TD><TD>The Company shall be entitled to retain any instrument of transfer which is registered, but any instrument of transfer which the Directors
refuse to register shall be returned to the person lodging it when notice of the refusal is given.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">10.1</TD><TD>If a Shareholder dies, the survivor, or survivors where he was a joint holder, and his personal representatives where he was a sole
holder or the only survivor of joint holders shall be the only persons recognized by the Company as having any title to his interest;
but nothing in these Articles shall release the estate of a deceased Shareholder from any liability in respect of any share which had
been jointly held by him.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">10.2</TD><TD>A person becoming entitled to a share in consequence of the death or bankruptcy of a Shareholder may, upon such evidence being produced
as the Directors may properly require, elect either to become the holder of the share or to have some person nominated by him registered
as the transferee. If he elects to become the holder he shall give notice to the Company to that effect. If he elects to have another
person registered he shall execute an instrument of transfer of the share to that person. All the Articles relating to the transfer of
shares shall apply to the notice or instrument of transfer as if it were an instrument of transfer executed by the Shareholder and the
death or bankruptcy of the Shareholder had not occurred.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">10.3</TD><TD>A person becoming entitled to a share by reason of the death or bankruptcy of a Shareholder shall have the rights to which he would
be entitled if he were the holder of the share, except that he shall not, before being registered as the holder of the share, be entitled
in respect of such share to attend or vote at any meeting of the Company or at any separate meeting of the holders of any class of shares
in the Company.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes of Capital</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">11.1</TD><TD>(a)&#9;Subject to and in so far as permitted by the provisions of the Law and these Articles, the Company may from time to time by
Ordinary Resolution alter or amend the Memorandum to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD>increase its share capital by such sum, to be divided into shares of such amount, as the resolution shall prescribe;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD>consolidate and divide all or any of its share capital into shares of larger amounts than its existing shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(iii)</TD><TD>convert all or any of its paid up shares into stock and reconvert that stock into paid up shares of any denomination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(iv)</TD><TD>sub-divide its existing shares, or any of them, into shares of smaller amounts than is fixed by the Memorandum provided that in the
subdivision, the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in
the case of the share from which the reduced share is derived; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(v)</TD><TD>cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person, and
diminish the amount of its share capital by the amount of the shares so cancelled.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>Except so far as otherwise provided by the conditions of issue, the new shares shall be subject to the same provisions with reference
to the payment of calls, lien, transfer, transmission, forfeiture and otherwise as the shares in the original share capital.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">11.2</TD><TD>Whenever as a result of a consolidation of shares any Shareholders would become entitled to fractions of a share, the Directors may,
on behalf of those Shareholders, sell the shares representing the fractions for the best price reasonably obtainable to any person (including,
subject to the provisions of the Law, the Company) and distribute the net proceeds of sale in due proportion among those Shareholders,
and the Directors may authorize some person to execute an instrument of transfer of the shares to, or in accordance with the directions
of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall his title to the shares
be affected by any irregularity in or invalidity of the proceedings in reference to the sale.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">11.3</TD><TD>The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any manner and with and subject
to any incident, consent, order or other matter required by law, provided that</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">adoption of such a resolution in contravention
of the terms of the Shareholders Agreement shall be void ab initio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption and Purchase
of Own Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">12.1</TD><TD>Subject to the provisions of the Law and these Articles, the Company may:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>issue shares on terms that they are to be redeemed or are liable to be redeemed at the option of the Company or the Shareholder on
such terms and in such manner as the Directors may, before the issue of shares, determine;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>purchase its own shares (including any redeemable shares) in such manner and on such terms as the Directors may determine and agree
with the relevant Shareholder; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>make a payment in respect of the redemption or purchase of its own shares in any manner authorized by the Law, including out of capital,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">provided, however, that any purported redemption or repurchase
of shares made in contravention of the terms of the Shareholders Agreement shall be void ab initio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&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: 27.35pt">12.2</TD><TD>The Directors may, when making a payment in respect of the redemption or purchase of shares, if so authorized by the terms of issue
of the shares (or otherwise by agreement with the holder of such shares) make such payment in cash or in specie (or partly in one and
partly in the other).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">12.3</TD><TD>Upon the date of redemption or purchase of a share, the holder shall cease to be entitled to any rights in respect thereof (excepting
always the right to receive (i) the price therefor and (ii) any dividend which had been declared in respect thereof prior to such redemption
or purchase being effected) and accordingly his name shall be removed from the Register of Shareholders with respect thereto and the share
shall be cancelled.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">13.1</TD><TD>The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share shall be held as a Treasury
Share.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">13.2</TD><TD>The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they think proper (including,
without limitation, for nil consideration).</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Register of Shareholders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">14.1</TD><TD>The Company shall maintain or cause to be maintained an overseas or local Register of Shareholders in accordance with the Law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">14.2</TD><TD>The Directors may determine that the Company shall maintain one or more branch registers of Shareholders in accordance with the Law.
The Directors may also determine which Register of Shareholders shall constitute the principal register and which shall constitute the
branch register or registers, and to vary such determination from time to time.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closing Register of
Shareholders or Fixing Record Date</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">15.1</TD><TD>For the purpose of determining Shareholders entitled to notice of, or to vote at any meeting of Shareholders or any adjournment thereof,
or Shareholders entitled to receive payment of any dividend or other distribution, or in order to make a determination of Shareholders
for any other purpose, the Directors may provide that the Register of Shareholders shall be closed for transfers for a stated period which
shall not in any case exceed thirty (30) days. If the Register shall be so closed for the purpose of determining those Shareholders that
are entitled to receive notice of, attend or vote at a meeting of Shareholders, the Register shall be so closed for at least ten (10)
clear days immediately preceding such meeting and the record date for such determination shall be the date of the closure of the Register.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 27.35pt">15.2</TD><TD>In lieu of, or apart from, closing the Register of Shareholders, the Directors may fix, in advance or in arrears, a date as the record
date for any such determination of Shareholders entitled to notice of, or to vote at any meeting of the Shareholders or any adjournment
thereof, or for the purpose of determining the Shareholders entitled to receive payment of any dividend or other distribution, or in order
to make a determination of Shareholders for any other purpose, provided that such a record date shall not exceed forty (40) clear days
prior to the date where the determination will be made.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">15.3</TD><TD>If the Register of Shareholders is not so closed and no record date is fixed for the determination of Shareholders entitled to notice
of, or to vote at, a meeting of Shareholders or Shareholders entitled to receive payment of a dividend or other distribution, the date
on which notice of the meeting is sent or posted or the date on which the resolution of the Directors resolving to pay such dividend or
other distribution is passed, as the case may be, shall be the record date for such determination of Shareholders. When a determination
of Shareholders entitled to vote at any meeting of Shareholders has been made as provided in this Article, such determination shall apply
to any adjournment thereof.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Meetings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">16.1</TD><TD>An annual general meeting of the Company may at the discretion of the Board be held in the year in which these Articles are adopted
and shall be held in each year thereafter within the first four (4) months following the end of the financial year of the Company. The
Company may, but shall not (unless required by the Law) be obliged to, in each year hold any other general meeting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">16.2</TD><TD>The agenda of the annual general meeting shall be set by the Board and shall include the presentation of the Company&rsquo;s annual
accounts and the report of the Directors (if any).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">16.3</TD><TD>Annual general meetings shall be held in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, Brazil or in such other places as
the Directors may unanimously determine.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">16.4</TD><TD>All general meetings other than annual general meetings shall be called extraordinary general meetings and the Company shall specify
the meeting as such in the notices calling it.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">16.5</TD><TD>The Directors may, whenever they think fit, convene an extraordinary general meeting of the Company, and they shall on a Shareholders&rsquo;
requisition in accordance with these Articles or the Shareholders Agreement forthwith proceed to convene an extraordinary general meeting
of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">16.6</TD><TD>A Shareholders&rsquo; requisition is a requisition of one or more Shareholders holding at the date of deposit of the requisition shares
representing in the aggregate not less than one-third of the votes entitled to be cast at general meetings of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">16.7</TD><TD>The Shareholders&rsquo; requisition must state the objects of the meeting and must be signed by the requisitionists and deposited
at the registered office, and may consist of several documents in like form each signed by one or more requisitionists.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">16.8</TD><TD>If there are no Directors as at the date of the deposit of the Shareholders&rsquo; requisition or if the Directors do not within fourteen
(14) days from the date of the deposit of the Shareholders&rsquo; requisition duly proceed to convene a general meeting to be held within
a further fourteen (14) days, the requisitionists, or any of them representing more than one-half of the total voting rights of all of
the requisitionists, may themselves convene a general meeting, but any meeting so convened shall be held no later than the day which falls
three (3) months after the expiration of the first said fourteen (14) day period.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">16.9</TD><TD>A general meeting convened as aforesaid by requisitionists shall be convened in as close to the same manner as possible as that in
which general meetings are to be convened by Directors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27pt">16.10</TD><TD>Save as set out in Articles 16.1 to 16.9, the Shareholders have no right to propose resolutions to be considered or voted upon at
annual general meetings or extraordinary general meetings of the Company.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of General
Meetings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">17.1</TD><TD>At least eight days&rsquo; notice specifying the place, the day and the hour of each general meeting and the general nature of such
business to be transacted thereat shall be given in the manner hereinafter provided, including, but not limited to, as described in Article
35, or in such other manner (if any) as may be prescribed by Ordinary Resolution, to such persons as are entitled to vote or may otherwise
be entitled under these Articles to receive such notices from the Company; provided that a general meeting of the Company shall, whether
or not the notice specified in this Article has been given and whether or not the provisions of these Articles regarding general meetings
have been complied with, be deemed to have been duly convened if it is so agreed:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>in the case of an annual general meeting, by all of the Shareholders entitled to attend and vote thereat; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>in the case of an extraordinary general meeting, by a majority in number of the Shareholders having a right to attend and vote at
the meeting, together holding not less than 95%, in par value of the Shares giving that right.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">17.2</TD><TD>The non-receipt of notice of a meeting that was sent to the correct address by any person entitled to receive notice shall not invalidate
the proceedings at that general meeting.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceedings at General
Meetings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">18.1</TD><TD>No business shall be transacted at any meeting unless a quorum is present at the time when the meeting proceeds to business. One or
more Shareholders holding not less than seventy-five percent (75%) in aggregate of the voting power of all Shares in issue and entitled
to vote, present in person or by proxy or, if a corporation or other non-natural person, by its duly authorized representative, shall
represent a quorum.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">18.2</TD><TD>If a quorum is not present within half an hour from the time appointed for the meeting to commence or if during such a meeting a quorum
ceases to be present, a second meeting may be called with at least five (5) days&rsquo; notice to Shareholders specifying the place, the
day and the hour of the second meeting, as the Directors may determine, and if at the second meeting a quorum is not present within half
an hour from the time appointed for the meeting to commence, the Shareholders present shall be a quorum.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">18.3</TD><TD>A person may participate in a general meeting by conference telephone or other communications equipment by means of which all the
persons participating in the meeting can communicate with each other at the same time. Participation by a Shareholder in a meeting in
this manner is treated as presence in person at that meeting and is counted in a quorum and entitled to vote.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">18.4</TD><TD>The Chairman or in his absence the vice-chairman of the Board (if any) shall preside as chairman of the meeting, but if neither the
Chairman nor such vice-chairman (if any) is present within fifteen (15) minutes after the time appointed for holding the meeting and willing
to act, the Directors present shall elect one of their number to be chairman and, if there is only one Director present and willing to
act, he shall be chairman. If no Director is willing to act as chairman, or if no Director is present within fifteen (15) minutes after
the time appointed for holding the meeting, the Shareholders present in person or by proxy and entitled to vote shall choose one of their
number to be chairman.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">18.5</TD><TD>The order of business at each such meeting shall be as determined by the chairman of the meeting. The chairman of the meeting shall
have the right and authority to prescribe such rules, regulations and procedures and to do all such acts and things as are necessary or
desirable for the proper conduct of the meeting, including, without limitation, the establishment of procedures for the maintenance of
order and safety, limitations on the time allotted to questions or comments on the affairs of the Company, restrictions on entry to such
meeting after the time prescribed for the commencement thereof, and the opening and closing of the polls. The chairman of the meeting
shall announce at each such meeting the date and time of the opening and the closing of the polls for each matter upon which the Shareholders
will vote at such meeting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">18.6</TD><TD>A Director shall, notwithstanding that he is not a Shareholder, be entitled to attend and speak at any general meeting and at any
separate meeting of the holders of any class of shares in the Company.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 27.35pt">18.7</TD><TD>The chairman of the meeting may, with the consent of any meeting at which a quorum is present (and shall if so directed by the meeting),
adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than
business which might properly have been transacted at the meeting had the adjournment not taken place. When a meeting is adjourned for
fourteen (14) days or more, at least seven (7) clear days&rsquo; notice shall be given in the manner herein provided, including, but not
limited to, as described in Article 35, specifying the time and place of the adjourned meeting and the general nature of the business
to be transacted. Otherwise it shall not be necessary to give any such notice.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">18.8</TD><TD>At each meeting of the Shareholders, all corporate actions, including the election of Directors, to be taken by vote of the Shareholders
(except as otherwise required by applicable law and except as otherwise provided in these Articles) shall be authorized by Ordinary Resolution.
Where a separate vote by a class or classes or series is required, save as provided in Article 4.10, the affirmative vote of the majority
of Shares of such class or classes or series present in person or represented by proxy at the meeting and voting shall be the act of such
class or series (unless provided otherwise in the resolutions providing for the issuance of such class or series).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">18.9</TD><TD>At any general meeting a resolution put to the vote of the meeting shall be decided on a poll.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">18.10</TD><TD>A poll shall be taken in such manner as the chairman directs and he may appoint scrutineers (who need not be Shareholders) and fix
a place and time for declaring the result of the poll. The result of the poll shall be deemed to be the resolution of the meeting at which
the poll was taken.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">18.11</TD><TD>In the case of equality of votes, the chairman of the meeting shall not be entitled to a casting vote and the resolution shall fail.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">18.12</TD><TD>If for so long as the Company has only one Shareholder:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>in relation to a general meeting, the sole Shareholder or a proxy for that Shareholder or (if the Shareholder is a corporation) a
duly authorized representative of that Shareholder is a quorum and Article 18.1 is modified accordingly;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>the sole Shareholder may agree that any general meeting be called by shorter notice than that provided for by these Articles; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>all other provisions of these Articles apply with any necessary modification (unless the provision expressly provides otherwise).</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes of Shareholders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">19.1</TD><TD>Subject to any rights or restrictions attached to any shares (including without limitation the enhanced voting rights attaching to
Class B Common Shares provided for in Article 5), every Shareholder who (being an individual) is present in person or by proxy or (being
a corporation) is present by a duly authorized representative (not being himself a Shareholder entitled to vote) or by proxy, shall on
a poll have one vote for every share of which he is the holder (or, in the case of a Class B Common Share, ten (10) votes for every Class
B Common Share of which he is the holder).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">19.2</TD><TD>In the case of joint holders, the vote of the senior joint holder who tenders a vote, whether in person or by proxy, shall be accepted
to the exclusion of the votes of the other joint holders; and seniority shall be determined by the order in which the names of the holders
stand in the Register of Shareholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">19.3</TD><TD>A Shareholder in respect of whom an order has been made by any court having jurisdiction (whether in the Islands or elsewhere) in
matters concerning mental disorder may vote, by his receiver, curator bonis or other person authorized in that behalf appointed by that
court, and any such receiver, curator bonis or other person may vote by proxy. Evidence to the satisfaction of the Directors of the authority
of the person claiming to exercise the right to vote shall be received at the registered office of the Company, or at such other place
as is specified in accordance with these Articles for the deposit or delivery of forms of appointment of a proxy, or in any other manner
specified in these Articles for the appointment of a proxy, not less than forty-eight (48) hours before the time appointed for holding
the meeting or adjourned meeting at which the right to vote is to be exercised and in default the right to vote shall not be exercisable.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 27.35pt">19.4</TD><TD>No Shareholder shall, unless the Directors otherwise determine, be entitled to vote at any general meeting or at any separate meeting
of the holders of any class of shares in the Company, either in person or by proxy or by a corporate representative, in respect of any
share held by him unless all moneys presently payable by him in respect of that share have been paid.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">19.5</TD><TD>No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at which the vote objected
to is tendered, and every vote not disallowed at the meeting shall be valid. Any objection made in due time shall be referred to the chairman
of the meeting whose decision shall be final and conclusive.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">19.6</TD><TD>Votes may be given either personally or by proxy. Deposit or delivery of a form of appointment of a proxy does not preclude a Shareholder
from attending and voting at the meeting or at any adjournment of it, save that only the Shareholder or his proxy may cast a vote.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">19.7</TD><TD>A Shareholder entitled to more than one vote need not, if he votes, use all his votes or cast all votes he uses the same way.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">19.8</TD><TD>Subject as set out herein, an instrument appointing a proxy shall be in writing in any usual form or in any other form which the Directors
may approve and shall be executed by or on behalf of the appointor save that, subject to the Law, the Directors may accept the appointment
of a proxy received in an electronic communication at an address specified for such purpose, on such terms and subject to such conditions
as they consider fit. The Directors may require the production of any evidence which they consider necessary to determine the validity
of any appointment pursuant to this Article.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">19.9</TD><TD>Subject to Article 19.10 below, the form of appointment of a proxy and any authority under which it is executed or a copy of such
authority certified notarially or in some other way approved by the Directors may:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>in the case of an instrument in writing, be left at or sent by post to the registered office of the Company or such other place within
the Islands or elsewhere as is specified in the notice convening the meeting or in any form of appointment of proxy sent out by the Company
in relation to the meeting at any time before the time for holding the meeting or adjourned meeting at which the person named in the form
of appointment of proxy proposes to vote;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>in the case of an appointment of a proxy contained in an electronic communication, where an address has been specified by or on behalf
of the Company for the purpose of receiving electronic communications:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD>in the notice convening the meeting; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD>in any form of appointment of a proxy sent out by the Company in relation to the meeting; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(iii)</TD><TD>in any invitation contained in an electronic communication to appoint a proxy issued by the Company in relation to the meeting;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt">be received at such address at any time before the time
for holding the meeting or adjourned meeting at which the person named in the form of appointment of proxy proposes to vote;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt">&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: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>in the case of a poll taken more than forty-eight (48) hours after it is demanded, be deposited or delivered as required by paragraphs
(a) or (b) of this Article after the poll has been demanded and at any time before the time appointed for the taking of the poll; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD>where the poll is taken immediately but is taken not more than forty-eight (48) hours after it was demanded, be delivered at the meeting
at which the poll was demanded to the chairman of the meeting or to the secretary or to any Director;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">and a form of appointment of proxy which is not deposited
or delivered in accordance with this Article or Article 19.10 is invalid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&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: 27.35pt">19.10</TD><TD>Notwithstanding Article 19.9 above, the Directors may by way of note to or in any document accompanying the notice of a general meeting
(or adjourned meeting) fix the latest time by which the appointment of a</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">proxy must be communicated to or received
by the Company (being not more than 48 hours before the relevant meeting).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">&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: 27.35pt">19.11</TD><TD>A vote or poll demanded by proxy or by the duly authorized representative of a corporation shall be valid notwithstanding the previous
determination of the authority of the person voting or demanding a poll unless notice of the determination was received by the Company
at the registered office of the Company or, in the case of a proxy, any other place specified for delivery or receipt of the form of appointment
of proxy or, where the appointment of a proxy was contained in an electronic communication, at the address at which the form of appointment
was received, before the commencement of the meeting or adjourned meeting at which the vote is given or the poll demanded or (in the case
of a poll taken otherwise than on the same day as the meeting or adjourned meeting) the time appointed for taking the poll.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">19.12</TD><TD>Any corporation or other non-natural person which is a Shareholder of the Company may in accordance with its constitutional documents,
or, in the absence of such provision, by resolution of its directors or other governing body, authorize such person as it thinks fit to
act as its representative at any meeting of the Company or of any class of Shareholders, and the person so authorized shall be entitled
to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it were an individual
Shareholder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">19.13</TD><TD>If a Clearing House (or its nominee(s)) or depositary (or its nominee(s)) is a Shareholder of the Company, it may, by resolution of
its directors or other governing body or by power or attorney, authorize such Person(s) as it thinks fit to act as its representative(s)
at any general meeting of the Company or of any class of shareholders of the Company, provided that, if more than one Person is so authorized,
the authorization shall specify the number and class of shares in respect of which such Person is so authorized. A Person so authorized
pursuant to this Article shall be entitled to exercise the same powers on behalf of the recognized clearing house (or its nominee(s))
or depositary (or its nominee(s)) which he represents as that recognized clearing house (or its nominee(s)) or depositary (or its nominee(s))
could exercise if it were an individual Shareholder holding the number and class of shares specified in such authorization.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Directors
and Chairman</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">20.1</TD><TD>The Board shall consist of such number of Directors as a majority of the Directors then in office may determine from time to time,
being up to thirteen (13) Directors on the date of the adoption of these Articles, provided that the nomination and/or appointment of
any Director in contravention of the terms of the Shareholders Agreement shall be void ab initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">20.2</TD><TD>The Board of Directors shall have a chairman of the Board of Directors elected and appointed by the Directors. The Directors may also
elect a vice-chairman of the Board of Directors. The period for which the Chairman and the vice-chairman shall hold office shall also
be determined by the Directors. The Chairman shall preside as chairman at every meeting of the Board of Directors at which he is present.
Where the Chairman is not present at a meeting of the Board of Directors, the vice-chairman of the Board of Directors (if any) shall act
as chairman, or in his absence, the attending Directors may choose one Director to be the chairman of the meeting.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment, Disqualification
and Removal of Directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">21.1</TD><TD>Save as provided in Articles 21.4 and 24.5, Directors shall be elected by an Ordinary Resolution.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><I>Nomination Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&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: 27.35pt">21.2</TD><TD>Shareholders that are party to the Shareholders Agreement shall enjoy nomination rights in the manner set out in the Shareholders
Agreement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><I>Term of Office</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&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: 27.35pt">21.3</TD><TD>Every Director and officer shall be appointed for a two year term, unless they resign or their office is vacated earlier, provided,
however, that such term shall be extended beyond two years in the event that no successor has been appointed (in which case such term
shall be extended to the date on which such successor has been appointed).</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 27.35pt">21.4</TD><TD>Any vacancies on the Board arising other than upon the removal of a Director by resolution passed at a general meeting can be filled
by the remaining Director(s) (notwithstanding that the remaining Director(s) may constitute fewer than the number of Directors required
by Article 20.1 or fewer than is required for a quorum pursuant to Article 27.1). Any such appointment shall be as an interim Director
to fill such vacancy until the next annual general meeting (and such appointment shall terminate at the commencement of the annual general
meeting).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">21.5</TD><TD>There is no age limit for Directors of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">21.6</TD><TD>No shareholding qualification shall be required for a Director. A Director who is not a Shareholder shall nevertheless be entitled
to receive notice of and to attend and speak at general meetings of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">21.7</TD><TD>While any shares of the Company are admitted to trading on a Designated Stock Exchange, the Board must at all times comply with the
residency and citizenship requirements of securities laws of the United States applicable to foreign private issuers and shall at no time
have a majority of Directors who are U.S. Persons. Notwithstanding any other provision in these Articles, no appointment or election of
a U.S. Person as a Director shall be permitted if such appointment or election would have the effect of creating a majority of Directors
who are U.S. Persons, and any such appointment or election shall be disregarded for all purposes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">21.8</TD><TD>Directors may be removed (with or without cause) by Ordinary Resolution. The notice of general meeting must contain a statement of
the intention to remove the Director and must be served on the Director not less than ten (10) calendar days before the meeting. The director
is entitled to attend the meeting and be heard on the motion for his removal.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">21.9</TD><TD>The office of a Director shall be vacated automatically if:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>he or she becomes prohibited by law from being a Director;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>he or she becomes bankrupt or makes any arrangement or composition with his creditors generally;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>he or she dies or is, in the opinion of all his co-Directors, incapable by reason of mental disorder of discharging his duties as
Director;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD>he or she resigns his or her office by notice to the Company; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(e)</TD><TD>he or she has for more than six (6) months been absent without permission of the Directors from meetings of Directors held during
that period and the remaining Directors resolve that his or her office be vacated.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternate Directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">22.1</TD><TD>Any Director (but not an alternate Director) may by writing appoint any other Director, or any other person willing to act, to be
an alternate Director and by writing may remove from office an alternate Director so appointed by him.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">22.2</TD><TD>An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings of committees of Directors
of which his appointor is a member, to attend and vote at every such meeting at which the Director appointing him is not personally present,
to sign any written resolution of the Directors (in place of his appointor) and generally to perform all the functions of his appointor
as a Director in his absence.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">22.3</TD><TD>An alternate Director shall cease to be an alternate Director if his appointor ceases to be a Director.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">22.4</TD><TD>Any appointment or removal of an alternate Director shall be by written notice to the Company at its registered office, signed by
the Director making or revoking the appointment, or in any other manner approved by the Directors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">22.5</TD><TD>Subject to the provisions of these Articles, an alternate Director shall be deemed for all purposes to be a Director and shall alone
be responsible for his own acts and defaults and shall not be deemed to be the agent of the Director appointing him.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powers of Directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">23.1</TD><TD>Subject to the provisions of the Law, to the Memorandum and these Articles, to any directions given by Ordinary Resolution and to
the listing rules of any Designated Stock Exchange, the business of the Company shall be managed by the Directors who may exercise all
the powers of the Company. No alteration of the Memorandum or Articles and no such direction shall invalidate any prior act of the Directors
which would have been valid if that alteration had not been made or that direction had not been given. The powers given by this Article
shall not be limited by any special power given to the Directors by these Articles and a meeting of Directors at which a quorum is present
may exercise all powers exercisable by the Directors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">23.2</TD><TD>The Board may exercise all the powers of the Company to raise capital or borrow money and to mortgage or charge all or any part of
the undertaking, property and assets (present and future) and uncalled capital of the Company and, subject to the Law, to issue debentures,
bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or of any
third party, provided that the consummation of any such transaction in contravention of the terms of the Shareholders Agreement shall
be void ab initio.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><I>Management of the Company&rsquo;s Subsidiaries</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&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: 27.35pt">23.3</TD><TD>Subsidiaries shall be managed (and the composition of the management bodies of the Subsidiaries shall be decided) in accordance with
the terms of the Shareholders Agreement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><I>Business Plan</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&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: 27.35pt">23.4</TD><TD>A business plan of the Company shall be prepared by the Board of Officers and submitted to the Board of Directors for its approval,
which plan shall include: (i) in general terms, guidelines for the strategic direction of the Company and its Subsidiaries&rsquo; businesses
for a forward looking period of five (5) years; and (ii) details of anticipated material capital expenditures (&ldquo;<B>Business Plan</B>&rdquo;).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><I>Annual Budget</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&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: 27.35pt">23.5</TD><TD>An annual budget of the Company shall be prepared by the Board of Officers and submitted to the Board of Directors for its approval,
and shall contain, for each month:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>a detailed plan of operations of the Company and its Subsidiaries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>comments from the Board of Directors and Board of Officers; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>the individual and consolidated balance sheet, income statement, and projected cash flow, containing details of value, nature and
term for each item of revenue, expense or capital expenditures (&ldquo;<B>Annual Budget</B>&rdquo;).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">The Directors shall be invited to take part in the discussions
related to the preparation of the Annual Budget by the Board of Officers prior to the submission thereof to the Board of Directors for
its approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><I>Incumbency of the Board of Directors/Reserved Matters</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&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: 27.35pt">23.6</TD><TD>Without prejudice to other matters that fall under the powers of the Board of Directors as provided for in applicable Law and in these
Articles, the Board of Directors shall:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>approve the Business Plan of the Company, which shall cover all its businesses and the business of its Subsidiaries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>approve the Annual Budget of the Company, which shall cover its Subsidiaries; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>approve any transactions related to the Company and/or its Subsidiaries, which transactions shall include: any association with other
companies, mergers, spin-offs, incorporations, partnerships, profit sharing agreements, any acquisitions or sales of any assets that are
similar to such transactions.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 66; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Directors&rsquo;
Powers</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">24.1</TD><TD>Subject to these Articles, the Directors may from time to time appoint any Person, whether or not a director of the Company, to hold
such office in the Company as the Directors may think necessary for the administration of the Company, including without prejudice to
the foregoing generality, the offices of chief executive officer, chief operating officer and chief financial officer, one or more vice
presidents, managers or controlling shareholders, and for such term and at such remuneration (whether by way of salary or commission or
participation in profits or partly in one way and partly in another) and with such powers and duties as the Directors may think fit, provided
that the appointment of any Person in contravention of the terms of the Shareholders Agreement shall be void ab initio. To the extent
that the Directors appoint one or more officers under the titles of Chief Executive Officer and/or Chief Financial Officer, such officers
shall, unless otherwise determined by the Directors, have the powers and duties set out below, provided that the appointment of any officer
in contravention of the terms of the Shareholders Agreement shall be void ab initio:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>Powers and Duties of the Chief Executive Officer. The Chief Executive Officer shall, subject to the control of the Board, and the
other terms of these Articles: (i) have general executive charge, management and control of the properties, business and operations of
the Company with all such powers as may be reasonably incident to such responsibilities; (ii) agree upon and execute all contracts in
the name of the Company and may sign all certificates for Shares of the Company; and (iii) have such other powers and duties as may be
assigned to him or her from time to time by the Board.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>Powers and Duties of the Chief Financial Officer. The Chief Financial Officer shall have responsibility for the custody and control
of all the funds and securities of the Company, and he or she shall have such other powers and duties as may be prescribed from time to
time by the Board. He or she shall perform all acts incident to the position of Chief Financial Officer, subject to the control of the
Chief Executive Officer and the Board.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">24.2</TD><TD>Without limiting the generality of Article 24.1, the Directors may appoint one or more of their body to the office of managing Director
or to any other executive office under the Company, and the Company may enter into an agreement or arrangement with any Director for his/her
employment, subject to applicable law and any listing rules of the SEC or any Designated Stock Exchange, or for the provision by him of
any services outside the scope of the ordinary duties of a Director. Any such appointment, agreement or arrangement may be made upon such
terms as the Directors determine and they may remunerate any such Director for his services as they think fit, provided that the approval
of any remuneration in contravention of the terms of the Shareholders Agreement shall be void ab initio. Any appointment of a Director
to an executive office shall terminate automatically if he ceases to be a Director but without prejudice to any claim to damages for breach
of the contract of service between the Director and the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">24.3</TD><TD>The Directors may, by power of attorney or otherwise, appoint any person to be the agent of the Company for such purposes and on such
conditions as they determine, including authority for the agent to delegate all or any of his powers.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">24.4</TD><TD>Subject to applicable law and the listing rules of any Designated Stock Exchange, the Directors may delegate any of their powers to
any committee (including, without limitation, an Audit Committee), consisting of one or more Directors. They may also delegate to any
executive officer or committee of executive officers (including, without limitation, the Board of Officers) such of their powers as they
consider desirable to be exercised by him or them. Any such delegation may be made subject to any conditions the Directors may impose,
and either collaterally with or to the exclusion of its own powers and may be revoked or altered. Subject to any such conditions, the
proceedings of a committee with two or more members shall be governed by the provisions of these Articles regulating the proceedings of
Directors so far as they are capable of applying. Where a provision of these Articles refers to the exercise of a power, authority or
discretion by the Directors and that power, authority or discretion has been delegated by the Directors to a committee, the provision
shall be construed as permitting the exercise of the power, authority or discretion by the committee. Any Indemnified Person who acts
on behalf of the Company without due authority shall be personally liable to the Company for any loss suffered by it as a consequence
of the action. Any delegation to any committee or to any executive officer made in contravention of the terms of the Shareholders Agreement
shall be void ab initio</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><I>Audit Committee Members to be Directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&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: 27.35pt">24.5</TD><TD>Any Person appointed to the Audit Committee by the Board of Directors shall, upon such appointment, automatically become a Director
(to the extent not already a Director), provided that the appointment of any Person to the Audit Committee in contravention of the terms
of the Shareholders Agreement shall be void ab initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">24.6</TD><TD>Without limiting the generality of Article 24.4 and subject to the Shareholders Agreement, the Board shall establish a permanent Audit
Committee and, where such committee is established, the Board may adopt formal written charters for such committee and, if so, shall review
and assess the adequacy of such formal written charters on an annual basis. This committee shall be empowered to do all things necessary
to exercise the rights of such committee set forth in these Articles and shall have such powers as the Board may delegate pursuant to
Article 24.4 and as required by the rules of the Designated Stock Exchange or applicable law. The Audit Committee shall consist of such
number of directors as the Board shall from time to time determine (or such minimum number as may be required from time to time by any
Designated Stock Exchange). For so long as any class of Shares is listed on a Designated Stock Exchange, the Audit Committee shall be
made up of such number of Independent Directors as is required from time to time by the rules of the Designated Stock Exchange or otherwise
required by applicable law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">24.7</TD><TD>At least one (1) member of the Audit Committee will be an audit committee financial expert as determined by the rules adopted by the
Designated Stock Exchange. Such financial expert shall have a special past employment experience in finance or accounting, requisite professional
certification in accounting, or any other comparable experience or background which results in the individual&rsquo;s financial sophistication.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">24.8</TD><TD>The Board of Directors shall consider, in good faith, all reasonable recommendations in writing made by the Audit Committee to the
Board of Directors. The Board of Directors shall, after consultation with the Company&rsquo;s independent auditor, reasonably justify
in writing the reasons for not following a written recommendation of the Audit Committee.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remuneration and Expenses
of Directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">25.1</TD><TD>The Directors shall be entitled to such remuneration as the Board may determine and, unless otherwise determined, the remuneration
shall be deemed to accrue from day to day.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">25.2</TD><TD>Members of the Audit Committee may be paid annual compensation in the form of a fixed salary in such amount as the Board may determine.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">25.3</TD><TD>A Director who at the request of the Directors goes or resides outside of the Islands, makes a special journey or performs a special
service on behalf of the Company may be paid such reasonable additional remuneration (whether by way of salary, percentage of profits
or otherwise) and expenses as the Directors may decide.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">25.4</TD><TD>The Directors may be paid all traveling, hotel and other expenses properly incurred by them in connection with their attendance at
meetings of Directors or committees of Directors or general meetings or separate meetings of the holders of any class of shares or of
debentures of the Company or otherwise in connection with the discharge of their duties.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors&rsquo; Interests</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">26.1</TD><TD>Subject to the Law and listing rules of any Designated Stock Exchange, if a Director has disclosed to the other Directors the nature
and extent of any direct or indirect interest which the Director has in any transaction or arrangement with the Company, a Director notwithstanding
his office:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>may be a party to or otherwise interested in any transaction or arrangement with the Company or in which the Company is otherwise
interested;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>may be a Director or other officer of, or employed by, or a party to any transaction or arrangement with, or otherwise interested
in, any body corporate promoted by the Company or in which the Company is otherwise interested; and</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>shall not by reason of his office be accountable to the Company for any benefit which he derives from any such office or employment
or from any such transaction or arrangement or from any interest in any such body corporate and no such transaction or arrangement shall
be liable to be avoided on the ground of any such interest or benefit.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">26.2</TD><TD>For the purposes of Article 26.1:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>a general notice given to the Directors to the effect that (1) a Director is a member or officer of a specified company or firm and
is to be regarded as having an interest in any transaction or arrangement which may after the date of the notice be made with that company
or firm; or (2) a Director is to be regarded as interested in any transaction or arrangement which may after the date of the notice be
made with a specified person who is connected with him or her shall be deemed to be a sufficient disclosure that the Director has an interest
of the nature and extent so specified; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>an interest of which a Director has no knowledge and of which it is unreasonable to expect him to have knowledge shall not be treated
as an interest of his.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">26.3</TD><TD>A Director must disclose any direct or indirect interest in any transaction or arrangement with the Company, and following a declaration
being made pursuant to these Articles, subject to any separate requirement for Audit Committee approval under applicable law or the listing
rules of any Designated Stock Exchange, and unless disqualified by the chairman of the relevant meeting, a Director may vote in respect
of any such transaction or arrangement in which such Director is interested and may be counted in the quorum at such meeting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">26.4</TD><TD>Notwithstanding the foregoing, no &ldquo;Independent Director&rdquo; (as defined herein) and with respect of whom the Board has determined
constitutes an &ldquo;Independent Director&rdquo; for purposes of compliance with applicable law or the Company&rsquo;s listing requirements,
shall without the consent of the Audit Committee take any of the foregoing actions or any other action that would reasonably be likely
to affect such Director&rsquo;s status as an &ldquo;Independent Director&rdquo; of the Company.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceedings of Directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">27.1</TD><TD>Subject to Article 27.6 below, the quorum for the transaction of the business of the Directors shall be a simple majority of the Directors
then in office, which majority must include such directors as may be specified in the Shareholders Agreement. A person who holds office
as an alternate Director shall, if his appointor is not present, be counted in the quorum. A Director who also acts as an alternate Director
shall, if his appointor is not present, count twice towards the quorum, but one such Director shall not constitute a quorum on his own.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">27.2</TD><TD>Subject to the provisions of these Articles, the Directors may regulate their proceedings as they determine is appropriate. Questions
arising at any meeting shall be decided by a majority of votes. In the case of an equality of votes, the chairman of the meeting shall
not have a second or casting vote, unless otherwise provided for in the Shareholders Agreement. A Director who is also an alternate Director
shall be entitled in the absence of his appointor to a separate vote on behalf of his appointor in addition to his own vote.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">27.3</TD><TD>Meetings of the Directors shall be held at least once every calendar quarter and shall take place in the City of S&atilde;o Paulo,
State of S&atilde;o Paulo, Brazil.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">27.4</TD><TD>A person may participate in a meeting of the Directors or any committee of Directors by conference telephone or other communications
equipment by means of which all the persons participating in the meeting can communicate with each other at the same time. Participation
by a person in a meeting in this manner is treated as presence in person at that meeting and is counted in a quorum and entitled to vote.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">27.5</TD><TD>A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of a committee of the Directors
(a duly appointed alternate Director being entitled to sign such a resolution on behalf of his appointor and if such alternate Director
is also a Director, being entitled to sign such resolution both on behalf of his appointor and in his capacity as a Director) shall be
as valid and effective as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened
and held. Unless otherwise provided by its terms, such a resolution shall be effective from the date and time of the last signature.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 69; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 27.35pt">27.6</TD><TD>A Director or alternate Director may, and another officer of the Company on the direction of a Director or alternate Director shall,
call a meeting of the Directors by at least eight (8) days&rsquo; notice in writing to every Director and alternate Director which notice
shall set forth the general nature of the business to be considered unless notice is waived by all the Directors (or their alternates)
either at, before or after the meeting is held. If the quorum for such a meeting of the Directors is not satisfied in the first instance,
a second meeting can be called in the same manner set forth in the preceding sentence but by at least five (5) days&rsquo; notice, at
which meeting the quorum for the transaction of the business of the Directors shall be one Director. To any such notices of a meeting
of the Directors all the provisions of these Articles relating to the giving of notices by the Company to the Shareholders shall apply
mutatis mutandis.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">27.7</TD><TD>Notwithstanding Article 27.6, if all Directors so agree in writing to the meeting, a Director or alternate Director may, or other
officer of the Company on the direction of a Director or alternate Director may, call a meeting of the Directors on shorter notice than
is provided for in Article 27.6 by notice in writing to every Director and alternate Director, which notice shall set forth the general
nature of the business to be considered.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">27.8</TD><TD>The continuing Directors (or a sole continuing Director, as the case may be) may act notwithstanding any vacancy in their body, but
if and so long as their number is reduced below the number fixed by or pursuant to these Articles as the necessary quorum of Directors,
the continuing Directors or Director may act for the purpose of increasing the number of Directors to be equal to such fixed number, or
of summoning a general meeting of the Company, but for no other purpose.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">27.9</TD><TD>All acts done by any meeting of the Directors or of a committee of the Directors (including any person acting as an alternate Director)
shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any Director or alternate Director,
and/or that they or any of them were disqualified, and/or had vacated their office and/or were not entitled to vote, be as valid as if
every such person had been duly appointed and/or not disqualified to be a Director or alternate Director and/or had not vacated their
office and/or had been entitled to vote, as the case may be, provided that any such act done in contravention of the terms of the Shareholders
Agreement shall be void ab initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">27.10</TD><TD>A Director who is present at a meeting of the Directors at which action on any Company matter is taken shall be presumed to have assented
to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from
such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered
mail to the Company immediately after the conclusion of the meeting. Such right to dissent shall not apply to a Director who voted in
favor of such action.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary, Board of
Officers and Other Officers</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Directors may by resolution appoint a Secretary, any
officer to the Board of Officers and also such other officers as may from time to time be required upon such terms as to the duration
of office, remuneration and otherwise as they may think fit PROVIDED THAT, the Directors may only appoint persons as directors of the
Company in accordance with Article 21.4 and 24.5. Such Secretary, members of the Board of Officers and such other officers need not be
Directors and in the case of the other officers may be ascribed such titles as the Directors may decide. The Directors may by resolution
remove from that position any Secretary, member of the Board of Officers or such other officers appointed pursuant to this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minutes</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Directors shall cause minutes to be made in books kept
for the purposes of recording:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.3in">(a)</TD><TD>all appointments of officers made by the Directors; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(b)</TD><TD>all resolutions and proceedings of meetings of the Company, of the holders of any class of shares in the Company and of the Directors
and of committees of Directors, including the names of the Directors present at each such meeting.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 70; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seal</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">30.1</TD><TD>The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the authority of the Directors or of a
committee of Directors authorized by the Directors. The Directors may determine who shall sign any instrument to which the Seal is affixed,
and unless otherwise so determined every such instrument shall be signed by a Director or by such other person as the Directors may authorize.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">30.2</TD><TD>The Company may have for use in any place or places outside the Islands a duplicate Seal or Seals, each of which shall be a reproduction
of the Seal of the Company and, if the Directors so determine, shall have added on its face the name of every place where it is to be
used.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">30.3</TD><TD>The Directors may by resolution determine (i) that any signature required by this Article need not be manual but may be affixed by
some other method or system of reproduction or mechanical or electronic signature and/or (ii) that any document may bear a printed reproduction
of the Seal in lieu of affixing the Seal thereto.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">30.4</TD><TD>No document or deed otherwise duly executed and delivered by or on behalf of the Company shall be regarded as invalid merely because
at the date of the delivery of the deed or document, the Director, Secretary or other officer or person who shall have executed the same
or affixed the Seal thereto, as the case may be, for and on behalf of the Company shall have ceased to hold such office and authority
on behalf of the Company.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">31.1</TD><TD>Subject to the provisions of the Law, the Company may by Ordinary Resolution declare dividends (including interim dividends) in accordance
with the respective rights of the Shareholders, but no dividend shall exceed the amount recommended by the Directors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">31.2</TD><TD>Subject to the provisions of the Law, the Directors may declare dividends in accordance with the respective rights of the Shareholders
and authorize payment of the same out of the funds of the Company lawfully available therefor.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">31.3</TD><TD>The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available for distribution such
sums as they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable for meeting contingencies,
or for equalizing dividends or for any other purpose to which those funds may be properly applied and pending such application may, at
the like discretion, either be employed in the business of the Company or be invested in such investments (other than shares in the capital
of the Company) as the Directors may from time to time think fit.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">31.4</TD><TD>Except as otherwise provided by the rights attached to shares and subject to Article 15, all dividends shall be paid in proportion
to the number of shares a Shareholder holds as of the date the dividend is declared; save that (a) if any share is issued on terms providing
that it shall rank for dividend as from a particular date, that share shall rank for dividend accordingly; and (b) where the Company has
shares in issue which are not fully paid up (as to par value) the Company may pay dividends in proportion to the amount paid up on each
share.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">31.5</TD><TD>The Directors may deduct from a dividend or other amounts payable to a person in respect of a share any amounts due from him to the
Company on account of a call or otherwise in relation to a share.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">31.6</TD><TD>Any Ordinary Resolution or Directors&rsquo; resolution declaring a dividend may direct that it shall be satisfied wholly or partly
by the distribution of assets and, where any difficulty arises in regard to such distribution, the Directors may settle the same and in
particular may issue fractional certificates and fix the value for distribution of any assets and may determine that cash shall be paid
to any Shareholder upon the footing of the value so fixed in order to adjust the rights of Shareholders and may vest any assets in trustees.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">31.7</TD><TD>Any dividend or other moneys payable on or in respect of a share may be paid by cheque sent by post to the registered address of the
person entitled or, if two or more persons are the holders of the share or are jointly entitled to it by reason of the death or bankruptcy
of the holder, to the registered address of that one of those persons who is first named in the Register of Shareholders or to such person
and to such address as the person or persons entitled may in writing direct. Subject to any applicable law or regulations, every cheque
shall be made payable to the order of the person or persons entitled or to such other person as the person or persons</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 71; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">entitled may in writing direct and payment
of the cheque shall be a good discharge to the Company. Any joint holder or other person jointly entitled to a share as aforesaid may
give receipts for any dividend or other moneys payable in respect of the share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">&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: 27.35pt">31.8</TD><TD>No dividend or other moneys payable in respect of a share shall bear interest against the Company unless otherwise provided by the
rights attached to the share.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">31.9</TD><TD>Any dividend which has remained unclaimed for six years from the date when it became due for payment shall, if the Directors so resolve,
be forfeited and cease to remain owing by the Company.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">32&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Year, Accounting
Records and Audit</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">32.1</TD><TD>Any action taken by the Company and/or the Board in connection with this Article 32 in contravention of the terms of the Shareholders
Agreement shall be void ab initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">32.2</TD><TD>Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in each year and, following the
year of incorporation, shall begin on 1 January each year.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">32.3</TD><TD>The books of account relating to the Company&rsquo;s affairs shall be kept in such manner as may be determined from time to time by
the Directors. The books of account shall be kept at the registered office or at such other place or places, including Brazil, as the
Directors think fit, and shall always be open to the inspection of the Directors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">32.4</TD><TD>No Shareholder shall be entitled to require discovery of or any information with respect to any detail of the Company&rsquo;s trading
or any matter which is or may be in the nature of a trade secret or secret process which may relate to the conduct of the business of
the Company and which in the opinion of the Directors it will be inexpedient in the interests of the Shareholders of the Company to communicate
to the public.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">32.5</TD><TD>The Directors may from time to time determine whether and to what extent and at what times and places and under what conditions or
regulations the accounts and books and corporate records of the Company or any of them shall be open to the inspection of Shareholders
not being Directors, and no Shareholder (not being a Director) shall have any right of inspecting any account or book or document of the
Company except as conferred by applicable law, the listing rules of any Designated Stock Exchange or authorized by the Directors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">32.6</TD><TD>Subject to Articles 32.5, and 32.7 a printed copy of the Directors&rsquo; report, if any, accompanied by the consolidated statements
of financial position, profit or loss, comprehensive income (loss), cash flows and changes in shareholders&rsquo; equity, including every
document required by the Law to be annexed thereto, made up to the end of the applicable financial year, shall be sent to the Shareholders
at least ten (10) days before the date of the general meeting and laid before the Company at the annual general meeting held in accordance
with Article 16, provided that this Article 32.6 shall not require a copy of those documents to be sent to any person whose address the
Company is not aware of or to more than one of the joint holders of any shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">32.7</TD><TD>The requirement to send to a person referred to in Article 32.6 the documents referred to in that Article shall be deemed satisfied
where, in accordance with all applicable laws, rules and regulations, including, without limitation, the rules of any Designated Stock
Exchange, the Company publishes copies of the documents referred to in Article 32.6 on the Company&rsquo;s Website, transmits it to SEC&rsquo;s
website or in any other permitted manner (including by sending any other form of electronic communication), and that person has agreed
or is deemed by the Company to have agreed to treat the publication or receipt of such documents in such manner as discharging the Company&rsquo;s
obligation to send to him a copy of such documents.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">32.8</TD><TD>Subject to applicable law and to the rules of any Designated Stock Exchange, the accounts relating to the Company&rsquo;s affairs
shall be audited in such manner as may be determined from time to time by the Directors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">32.9</TD><TD>The Directors, having considered the recommendations of the Audit Committee, shall appoint an auditor of the Company who shall hold
office until removed from office by a resolution of the Board, and shall fix his or their remuneration.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 72; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 27.35pt">32.10</TD><TD>Every auditor of the Company shall have a right of access at all times to the books and accounts of the Company and shall be entitled
to require from the Directors and officers of the Company such information and explanation as may be necessary for the performance of
the duties of the auditors.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">33&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalization of
Profits</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">33.1</TD><TD>The Directors may:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(a)</TD><TD>subject as provided in this Article, resolve to capitalize any undivided profits of the Company not required for paying any preferential
dividend (whether or not they are available for distribution) or any sum standing to the credit of the Company&rsquo;s share premium account
or capital redemption reserve;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(b)</TD><TD>appropriate the sum resolved to be capitalized to the Shareholders who would have been entitled to it if it were distributed by way
of dividend and in the same proportions and apply such sum on their behalf either in or towards paying up the amounts, if any, for the
time being unpaid on any shares held by them respectively, or in paying up in full unissued shares or debentures of the Company of a nominal
amount equal to such sum, and allot the shares or debentures credited as fully paid to those Shareholders, or as they may direct, in those
proportions, or partly in one way and partly in the other, provided that on any such capitalization holders of Class A Common Shares shall
receive Class A Common Shares (or rights to acquire Class A Common Shares, as the case may be) and holders of Class B Common Shares shall
receive Class B Common Shares (or rights to acquire Class B Common Shares, as the case may be);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(c)</TD><TD>resolve that any shares so allotted to any Shareholder in respect of a holding by him of any partly-paid shares rank for dividend,
so long as such shares remain partly paid, only to the extent that such partly paid shares rank for dividend;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(d)</TD><TD>make such provision by the issue of fractional certificates or by payment in cash or otherwise as they determine in the case of shares
or debentures becoming distributable under this Article in fractions; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(e)</TD><TD>authorize any person to enter on behalf of all the Shareholders concerned into an agreement with the Company providing for the allotment
to them respectively, credited as fully paid, of any shares or debentures to which they may be entitled upon such capitalization, any
agreement made under such authority being binding on all such Shareholders.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">34&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share Premium Account</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">34.1</TD><TD>The Directors shall in accordance with Section 34 of the Law establish a share premium account and shall carry to the credit of such
account from time to time a sum equal to the amount or value of the premium paid on the issue of any share or capital contributed as described
in Article 4.11.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">34.2</TD><TD>There shall be debited to any share premium account:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>on the redemption or purchase of a share the difference between the nominal value of such share and the redemption or purchase price
provided always that at the discretion of the Directors such sum may be paid out of the profits of the Company or, if permitted by Section
37 of the Law, out of capital; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>any other amounts paid out of any share premium account as permitted by Section 34 of the Law.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">35.1</TD><TD>Except as otherwise provided in these Articles and subject to the rules of any Designated Stock Exchange, any notice or document may
be served by the Company or by the Person entitled to give notice to any Shareholder either personally or by posting it airmail or by
air courier service in a prepaid letter addressed to such Shareholder at his address as appearing in the Register of Shareholders, or
by electronic mail to any electronic mail address such Shareholder may have specified in writing for the purpose of such service of notices,
or by advertisement in appropriate newspapers in accordance with the requirements of any Designated Stock Exchange, or by facsimile or
by placing it on the Company&rsquo;s Website. In the case of joint holders of a Share, all notices shall be given to that one of the joint
holders whose name stands first in the</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 73; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">Register of Shareholders in respect of
the joint holding, and notice so given shall be sufficient notice to all the joint holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">&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: 27.35pt">35.2</TD><TD>Notices posted to addresses outside the Cayman Islands shall be forwarded by prepaid airmail.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">35.3</TD><TD>Any notice or other document, if served by:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>post, shall be deemed to have been served five days after the time when the letter containing the same is posted;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>facsimile, shall be deemed to have been served upon production by the transmitting facsimile machine of a report confirming transmission
of the facsimile in full to the facsimile number of the recipient;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>recognized courier service, shall be deemed to have been served 48 hours after the time when the letter containing the same is delivered
to the courier service;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD>electronic mail, shall be deemed to have been served immediately upon the time of the transmission by electronic mail; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(e)</TD><TD>placing it on the Company&rsquo;s Website, shall be deemed to have been served one (1) hour after the notice or document is placed
on the Company&rsquo;s Website.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">In proving service by post or courier service it shall
be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier
service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&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: 27.35pt">35.4</TD><TD>A Shareholder present, either in person or by proxy, at any meeting of the Company or of the holders of any class of shares in the
Company shall be deemed to have received notice of the meeting, and, where requisite, of the purpose for which it was called.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">35.5</TD><TD>Any notice or document delivered or sent by post to or left at the registered address of any Shareholder in accordance with the terms
of these Articles shall notwithstanding that such Shareholder be then dead or bankrupt, and whether or not the Company has notice of his
death or bankruptcy, be deemed to have been duly served in respect of any Share registered in the name of such Shareholder as sole or
joint holder, unless his name shall at the time of the service of the notice or document, have been removed from the Register of Shareholders
as the holder of the Share, and such service shall for all purposes be deemed a sufficient service of such notice or document on all Persons
interested (whether jointly with or as claiming through or under him) in the Share.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">35.6</TD><TD>Notice of every general meeting of the Company shall be given to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>all Shareholders holding Shares with the right to receive notice and who have supplied to the Company an address, facsimile number
or email address for the giving of notices to them; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>every Person entitled to a Share in consequence of the death or bankruptcy of a Shareholder, who but for his death or bankruptcy would
be entitled to receive notice of the meeting.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">No other Person shall be entitled to receive notices of
general meetings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">36&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winding Up</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">36.1</TD><TD>The Board shall have the power in the name and on behalf of the Company to present a petition to the court for the Company to be wound
up, provided that any action of the Board in this regard in contravention of the terms of the Shareholders Agreement shall be void ab
initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">36.2</TD><TD>If the Company is wound up, the liquidator may, with the sanction of a Special Resolution and any other sanction required by the Law,
divide among the Shareholders in specie the whole or any part of the assets of the Company and may, for that purpose, value any assets
and determine how the division shall be carried out as between the Shareholders or different classes of Shareholders. The liquidator may,
with the like sanction, vest the whole or any part of the assets in trustees upon such trusts for the benefit of the Shareholders as he</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 74; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">with the like sanction determines, but
no Shareholder shall be compelled to accept any assets upon which there is a liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">&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: 27.35pt">36.3</TD><TD>If the Company shall be wound up and the assets available for distribution amongst the Shareholders as such shall be insufficient
to repay the whole of the paid up capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by
the Shareholders in proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding up, on
the shares held by them respectively. If in a winding up the assets available for distribution amongst the Shareholders shall be more
than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed pari
passu amongst the Shareholders in proportion to the capital paid up at the commencement of the winding up on the shares held by them respectively.
This Article is to be without prejudice to the rights of the holders of shares issued upon special terms and conditions.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">37&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnity</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">37.1</TD><TD>Every Indemnified Person and the personal representatives of the same shall be fully indemnified and secured harmless out of the assets
and funds of the Company against all actions, proceedings, costs, charges, expenses, losses, damages, liabilities, judgments, fines, settlements
and other amounts (including reasonable attorneys&rsquo; fees and expenses and amounts paid in settlement and costs of investigation (collectively
&ldquo;<B>Losses</B>&rdquo;) incurred or sustained by him, otherwise than by reason of any act taken by him without due authority which
causes loss to the Company, his own dishonesty, willful default or fraud, in or about the conduct of the Company&rsquo;s business or affairs
(including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions,
including without prejudice to the generality of the foregoing, any Losses incurred by him in defending or investigating (whether successfully
or otherwise) any civil, criminal, investigative and administrative proceedings concerning or in any way related to the Company or its
affairs in any court whether in the Islands or elsewhere. Such Losses incurred in defending or investigating any such proceeding shall
be fully paid by the Company as they are incurred upon receipt, in each case, of an undertaking by or on behalf of the Indemnified Person
to repay such amounts if it is ultimately determined by a non-appealable order of a court of competent jurisdiction that such Indemnified
Person is not entitled to indemnification hereunder with respect thereto.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">37.2</TD><TD>No such Indemnified Person of the Company and the personal representatives of the same shall be liable (i) for the acts, receipts,
neglects, defaults or omissions of any other Director or officer or agent of the Company or (ii) by reason of his having joined in any
receipt for money not received by him personally or in any other act to which he was not a direct party for conformity or (iii) for any
loss on account of defect of title to any property of the Company or (iv) on account of the insufficiency of any security in or upon which
any money of the Company shall be invested or (v) for any loss incurred through any bank, broker or other agent or any other party with
whom any of the Company&rsquo;s property may be deposited or (vi) for any loss, damage or misfortune whatsoever which may happen in or
arise from the execution or discharge of the duties, powers, authorities or discretions of his office or in relation thereto or (vii)
for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement or oversight on such Person&rsquo;s
part, unless he has acted dishonestly, with willful default or through fraud.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">37.3</TD><TD>The Company hereby acknowledges that certain Indemnified Persons may have certain rights to indemnification, advancement of expenses
and/or insurance from or against (other than directors&rsquo; and officers&rsquo; or similar insurance obtained or maintained by or on
behalf of the Company or any of its subsidiaries, including any such insurance obtained or maintained pursuant to Article 37.4 hereof)
Other Indemnitors. The Company hereby agrees that: (i) it is the indemnitor of first resort (i.e., its obligations to an Indemnified Person
are primary and any obligation of any Other Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by such Indemnified Person are secondary); (ii) it shall be required to advance the full amount of expenses incurred by an Indemnified
Person and shall be liable for the full amount of all Losses to the extent legally permitted and as required by the terms of these Articles
(or any other agreement between the Company and an Indemnified Person) without regard to any rights an Indemnified Person may have against
any Other Indemnitors; and (iii) it irrevocably waives, relinquishes and releases any Other Indemnitors from any and all claims against
the Other Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that
no advancement or payment by any Other Indemnitors on behalf of an Indemnified Person with respect to any claim for which such Indemnified
Person has sought indemnification from the Company</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 75; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">shall affect the foregoing, and without
prejudice to Article 38 below, Other Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement
or payment to all of the rights of recovery of such Indemnified Person against the Company. For the avoidance of doubt, no Person or entity
providing Directors&rsquo; or officers&rsquo; or similar insurance obtained or maintained by or on behalf of the Company or any of its
subsidiaries, including any Person providing such insurance obtained or maintained pursuant to Article 37.4 hereof, shall be an Other
Indemnitor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">&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: 27.35pt">37.4</TD><TD>The Directors shall exercise all the powers of the Company, on a reasonable best efforts basis, to purchase and maintain insurance
for the benefit of a Person who is or was (whether or not the Company would have the power to indemnify such Person against such liability
under the provisions of this Article 37 or under applicable law): (a) a Director, alternate Director, Secretary or auditor of the Company
or of a company which is or was a subsidiary of the Company or in which the Company has or had an interest (whether direct or indirect);
or (b) the trustee of a retirement benefits scheme or other trust in which a person referred to in Article 37.1 is or has been interested,
indemnifying him against any liability which may lawfully be insured against by the Company.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">38&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims Against the
Company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Notwithstanding Article 37.3, unless otherwise determined
by a majority of the Board, in the event that (i) any Shareholder (the &ldquo;Claiming Party&rdquo;) initiates or asserts any claim or
counterclaim (&ldquo;Claim&rdquo;) or joins, offers substantial assistance to or has a direct financial interest in any Claim against
the Company and (ii) the Claiming Party (or the third party that received substantial assistance from the Claiming Party or in whose Claim
the Claiming Party had a direct financial interest) does not obtain a judgment on the merits in which the Claiming Party prevails, then
each Claiming Party shall, to the fullest extent permissible by law, be obligated jointly and severally to reimburse the Company for all
fees, costs and expenses (including, but not limited to, all reasonable attorneys&rsquo; fees and other litigation expenses) that the
Company may incur in connection with such Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Untraceable Shareholders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">39.1</TD><TD>Without prejudice to the rights of the Company under Article 39.2, the Company may cease sending cheques for dividend entitlements
or dividend warrants by post if such cheques or warrants have been left uncashed on two (2) consecutive occasions. However, the Company
may exercise the power to cease sending cheques for dividend entitlements or dividend warrants after the first occasion on which such
a cheque or warrant is returned undelivered.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">39.2</TD><TD>The Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a Shareholder who is untraceable,
but no such sale shall be made unless:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>all cheques or warrants in respect of dividends of the shares in question, being not less than three (3) in total number, for any
sum payable in cash to the holder of such shares in respect of them sent during the relevant period in the manner authorized by these
Articles have remained uncashed;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>so far as it is aware at the end of the relevant period, the Company has not at any time during the relevant period received any indication
of the existence of the Shareholder who is the holder of such shares or of a person entitled to such shares by death, bankruptcy or operation
of law; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>the Company, if so required by the rules governing the listing of shares on the Designated Stock Exchange, has given notice to, and
caused advertisement in newspapers to be made in accordance with the requirements of, the Designated Stock Exchange of its intention to
sell such shares in the manner required by the Designated Stock Exchange, and a period of three (3) months or such shorter period as may
be allowed by the Designated Stock Exchange has elapsed since the date of such advertisement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">For the purposes of the foregoing, the &ldquo;relevant
period&rdquo; means the period commencing twelve (12) years before the date of publication of the advertisement referred to in this Article
39.2 and ending at the expiry of the period referred to in that paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&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: 27.35pt">39.3</TD><TD>To give effect to any such sale the Board may authorize some person to transfer the said shares and an instrument of transfer signed
or otherwise executed by or on behalf of such persons shall be as effective as if</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 76; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">it had been executed by the registered
holder or the person entitled by transmission to such shares, and the purchaser shall not be bound to see to the application of the purchase
money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale. The net
proceeds of the sale will belong to the Company and upon receipt by the Company of such net proceeds it shall become indebted to the former
Shareholder for an amount equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall be payable
in respect of it and the Company shall not be required to account for any money earned from the net proceeds which may be employed in
the business of the Company or as it thinks fit. Any sale under this Article shall be valid and effective notwithstanding that the Shareholder
holding the shares sold is dead, bankruptcy or otherwise under any legal disability or incapacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment of Memorandum
of Articles</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">40.1</TD><TD>Any action taken by the Company and/or the Board in connection with this Article 40 in contravention of the terms of the Shareholders
Agreement shall be void ab initio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">40.2</TD><TD>Subject to the Law, the Company may by Special Resolution change its name or change the provisions of the Memorandum with respect
to its objects, powers or any other matter specified therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">40.3</TD><TD>Subject to the Law and as provided in these Articles, the Company may at any time and from time to time by Special Resolution, alter
or amend these Articles in whole or in part.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">41&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer by Way of
Continuation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Company may by Special Resolution resolve to be registered
by way of continuation in a jurisdiction outside the Islands or such other jurisdiction in which it is for the time being incorporated,
registered or existing. In furtherance of a resolution adopted pursuant to this Article, the Directors may cause an application to be
made to the Registrar of Companies to deregister the Company in the Islands or such other jurisdiction in which it is for the time being
incorporated, registered or existing and may cause all such further steps as they consider appropriate to be taken to effect the transfer
by way of continuation of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">42&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Opportunities</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">To the fullest extent permitted by applicable law, the Company,
on behalf of itself and its Subsidiaries, agree that Ita&uacute;, its Affiliates and Subsidiaries or any of their respective officers,
directors, representatives, agents, shareholders, members and partners, (each a &ldquo;<B>Specified Party</B>&rdquo;) has the right to,
and shall have no duty (statutory, fiduciary, contractual or otherwise) not to, (x) directly or indirectly engage in the same or similar
business activities or lines of business as the Company or its Subsidiaries, including those deemed to be competing with the Company or
its Subsidiaries, or (y) directly or indirectly do business with any client or customer of the Company or its Subsidiaries. In addition,
in the event that any Specified Party gains knowledge of a potential transaction or matter that may be a corporate opportunity for the
Company or its Subsidiaries, such Specified Party shall have no duty (statutory, fiduciary, contractual or otherwise) to communicate or
present such corporate opportunity to the Company or its Subsidiaries and, notwithstanding anything in these Articles to the contrary
and, to the fullest extent permitted by applicable law, shall not be liable to the Company or its Subsidiaries by reason of the fact that
such Specified Party, directly or indirectly, pursues or acquires such opportunity for itself, directs such opportunity to another Person,
or does not present such opportunity to the Company or its Subsidiaries. Notwithstanding anything in these Articles to the contrary, a
Specified Party who is a Director or officer and who is offered a business opportunity for the Company or its Subsidiaries solely in his
or her capacity as a Director or officer (a &ldquo;<B>Directed Opportunity</B>&rdquo;) shall communicate such Directed Opportunity to
the Company. Nothing in this Article shall be deemed to supersede any rights or obligations of any Specified Party under the Shareholders
Agreement. Each Shareholder and Director of the Company, shall comply with the applicable duties and obligations under the Law. All Confidential
Information of the Company that is disclosed by the Company to (a) any of the Directors while such person is acting solely in his or her
capacity as a Director of the Company; or (b) either of the Shareholders solely in their capacity as shareholders of the Company, shall
not be used by such receiving party in any manner that violates applicable law. For purposes of this Article 42, &ldquo;<B>Confidential
Information</B>&rdquo; means all proprietary information of the Company that is disclosed by the Company to the Directors or Shareholders
of the Company in their capacity as Directors or Shareholders, respectively, other than information that (a) is or becomes part of the
public domain other than as a result of unauthorized disclosure by the Directors or Shareholders of the Company; (b) is or becomes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 77; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">available to any such Director or Shareholders from a source
other than the Company, provided that such other source is not, to the applicable Director&rsquo;s or Shareholder&rsquo;s reasonable knowledge,
acting in breach of applicable laws; (c) was in the possession of such Director or Shareholder prior to the disclosure of such information
to such party by the Company, other than as a result of a disclosure in a breach of applicable laws; or (d) was independently developed
by such Director or Shareholder without reference to such Confidential Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">43&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">43.1</TD><TD>The Shareholders acknowledge that the Shareholders Agreement, on the date of the adoption of these Articles:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>is governed by and construed in accordance with Brazilian laws and that any and all disputes arising out of or related to the Shareholders
Agreement shall be settled by arbitration in the manner set forth in the Shareholders Agreement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>provides that, in the event of any conflict or disagreement between the provision in the Shareholders Agreement and these Articles
or the Memorandum, the provisions of the Shareholders Agreement shall prevail as between the Shareholders that are party to the Shareholders
Agreement and that those Shareholders undertake to take all actions available to them, including voting to amend any conflicting provisions
in these Articles or the Memorandum, as the case may be, to ensure that this is the case.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 78; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.D
<SEQUENCE>5
<FILENAME>dp164143_ex99d.htm
<DESCRIPTION>EXHIBIT D
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit D</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">FIRST AMENDMENT
TO THE SHAREHOLDERS&rsquo; AGREEMENT OF XP INC.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">XP CONTROLE
PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">GENERAL ATLANTIC
(XP) BERMUDA, LP</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">ITB HOLDING BRASIL
PARTICIPA&Ccedil;&Otilde;ES LTDA.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">And, as Consenting
Intervening Parties,</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">XP INVESTIMENT
OS S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">XP CONTROLE
3 PARTICIPA&Ccedil;&Otilde;ES.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">XP INVESTIMENTOS
CORRETORA DE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">EXCHANGE SECURITIES
BROKERAGE S.A.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">XP CONTROLE
4 PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">XP VIDA E PREVID&Ecirc;NCIA
S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">XP FINAN&Ccedil;AS
ASSESSORIA FINANCEIRA LTDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">XP CORRETORA
DE SEGUROS LTDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">XP ADVISORY
GEST&Atilde;O DE RECURSOS LTDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">XP VISTA ASSET
MANAGEMENT LTDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">XP GEST&Atilde;O
DE RECURSOS LTDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">INFOSTOCKS INFORMATIONS
AND SISTEMAS LTDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">XP EDUCA&Ccedil;&Atilde;O
ASSESSORIA EMPRESARIAL E PARTICIPA&Ccedil;&Otilde;ES LTDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">TECFINANCE INFORM&Aacute;TICA
E PROJETOS DE SISTEMAS LTDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">LEADR SERVI&Ccedil;OS
ONLINE LTDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">GUILHERME DIAS
FERNANDES BENCHIMOL</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">S&atilde;o Paulo,
March 24, 2020.<BR>
<BR>
</FONT></P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FIRST AMENDMENT OF THE SHAREHOLDERS&rsquo;
AGREEMENT OF XP INC.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By the present private instrument, the parties:</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"><B>XP CONTROLE PARTICIPA&Ccedil;&Otilde;ES S.A.</B>, a company headquartered
in the City and State of Rio de Janeiro, at Av. Afr&acirc;nio de Melo Franco, n&ordm; 290, sala 708, Leblon, CEP 22430-060, enrolled in
the Legal Entity Registry of the Ministry of Finance (CNPJ/MF) under No. 09.163.677/0001-15, herein represented in accordance with its
bylaws (&ldquo;<U>XP Controle</U>&rdquo;);</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"><B>GENERAL ATLANTIC (XP) BERMUDA, LP</B>, a partnership organized under
the laws of the Bermuda Islands, having its registered office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda Islands (&ldquo;<U>GA</U>&rdquo;);
and</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"><B>ITB HOLDING BRASIL PARTICIPA&Ccedil;&Otilde;ES LTDA</B>. a limited
liability company headquartered in the City and State of S&atilde;o Paulo, at Pra&ccedil;a Alfredo Egydio de Souza Aranha, n&ordm; 100,
Torre Concei&ccedil;&atilde;o, 7&ordm; andar, Parque Jabaquara, CEP 04344-902, enrolled in the Corporate Taxpayers Register of the Ministry
of Finance (CNPJ/MF) under no. 04.274.016/0001-43, herein represented in accordance with its bylaws (&ldquo;<U>Ita&uacute;</U>&rdquo;),
acting by itself or by its Affiliates;</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">(XP Controle, GA and Ita&uacute;, hereinafter collectively referred
to as &ldquo;<U>Stockholders</U>&rdquo; or &ldquo;<U>Parties</U>&rdquo; and individually as &ldquo;<U>Stockholder</U>&rdquo; or &ldquo;<U>Party</U>&rdquo;)</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">and, further, as &ldquo;<U>Consenting Intervening Parties</U>&rdquo;:</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"><B>XP INC.</B> a company having its principal place of business at
PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, hereby represented in the form of its Articles of Incorporation (&ldquo;<U>Company</U>&rdquo;)</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"><B>XP INVESTIMENTOS S.A.</B>, company headquartered in the City and
State of Rio de Janeiro, at Av. Afr&acirc;nio de Melo Franco, n&ordm; 290, sala 708, Leblon, CEP 22430-060, enrolled with the CNPJ/MF
under No. 16.838.421/0001-26, hereby represented in accordance with its Bylaws (&ldquo;<U>XP Investimentos</U>&rdquo;);</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"><B>XP CONTROLE 3 PARTICIPA&Ccedil;&Otilde;ES S.A.,</B> company headquartered
in the City and State of Rio de Janeiro, at Av. Afr&acirc;nio de Melo Franco, 290, sala 708, Leblon, CEP 22430-060, enrolled with the
CNPJ/MF under No. 15.787.622/0001-89, herein represented in accordance with its Bylaws (&ldquo;<U>XP Controle 3</U>&rdquo;);</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"><B>XP INVESTIMENTOS CORRETORA DE C&Acirc;MBIO, T&Iacute;TULOS E VALORES
MOBILI&Aacute;RIOS S.A.,</B> company headquartered in the City and State of Rio de Janeiro, at Av. Afr&acirc;nio de Melo Franco, 290,
sala 708, Leblon, CEP 22430-060, enrolled with the CNPJ/MF under No. 02.332.886/0001-04, hereby represented in the form of its Bylaws
(&ldquo;<U>XP CCTVM</U>&rdquo;);</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"><B>BANCO XP S.A.</B>, company headquartered in the City and State of
Rio de Janeiro, at Av. Afr&acirc;nio de Melo Franco, 290, sala 708, Leblon, CEP 22430-060, enrolled with the CNPJ/MF under No. 33.264.668/0001-03,
hereby represented in the form of its Bylaws (&ldquo;<U>Banco XP</U>&rdquo;);</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"><B>XP CONTROLE 4 PARTICIPA&Ccedil;&Otilde;ES S.A.,</B> company headquartered
in the City and State of Rio de Janeiro, Av. Afr&acirc;nio de Melo Franco, 290, sala 708, Leblon, CEP 22430-060, enrolled with the CNPJ/MF
under No. 25.176.854/0001-54, hereby represented in the form of its Bylaws (&ldquo;<U>XP Controle 4</U>&rdquo;);</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"><B>XP VIDA E PREVID&Ecirc;NCIA S.A</B> a company headquartered in the
City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 27&ordm; andar, CEP 04543-907, enrolled
with the CNPJ/MF under no. 29.408.732/0001-05, hereby represented in the form of its Bylaws (&ldquo;<U>XP Previd&ecirc;ncia</U>&rdquo;);</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"><B>XP FINAN&Ccedil;AS ASSESSORIA FINANCEIRA LTDA.</B>, a limited liability
company headquartered in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 30&ordm;
andar, CEP 04453-907, enrolled with CNPJ/MF under No. 11.077.338/0001-68, herein represented in the form of its Articles of Incorporation
(&ldquo;<U>XP Finan&ccedil;as</U>&rdquo;);</P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>XP CORRETORA DE SEGUROS LTDA.</B>, a limited liability company headquartered
in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 27&ordm; andar, CEP 04453-907,
enrolled with the CNPJ/MF under no. 10.558.797/0001-09, hereby represented in the form of its Articles of Incorporation (&ldquo;<U>XP
Seguros</U>&rdquo;);</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"><B>XP ADVISORY GEST&Atilde;O DE RECURSOS LTDA</B>., a limited liability
company headquartered in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 25&ordm;
andar, CEP 04453-907, enrolled with the CNPJ/MF under no. 15.289.957/0001-77, hereby represented in the form of its Articles of Incorporation
(&ldquo;<U>XP Advisory</U>&rdquo;);</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"><B>XP VISTA ASSET MANAGEMENT LTDA.</B>, a limited liability company
headquartered in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre
Sul, 30&ordm; andar, CEP 04453-907, enrolled with the CNPJ/MF under no. 16.789.525/0001-98, herein represented in the form of its articles
of incorporation (&ldquo;<U>XP Vista</U>&rdquo;);</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"><B>XP GEST&Atilde;O DE RECURSOS LTDA.</B>, a limited liability company,
at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 30&ordm; andar (parte), CEP 04453-907, enrolled with the CNPJ/MF under
No. 07.625.200/0001-89, hereby represented in the form of its Articles of Incorporation (&ldquo;<U>XP Gest&atilde;o</U>&rdquo;);</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"><B>INFOSTOCKS INFORMA&Ccedil;&Otilde;ES E SISTEMAS LTDA.</B>, a limited
liability company, at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 28&ordm; andar (parte), CEP 04453-907, enrolled with
the CNPJ/MF under no. 03.082.929/0001-03, herein represented in the form of its Articles of Incorporation (&ldquo;<U>Infostocks</U>&rdquo;);</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"><B>XP EDUCA&Ccedil;&Atilde;O ASSESSORIA EMPRESARIAL E PARTICIPA&Ccedil;&Otilde;ES
LTDA.,</B> a limited liability company, at Av Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 28&ordm; andar, CEP 04453-907,
enrolled with CNPJ/MF under no. 05.745.283/0001-14, hereby represented in the form of its Articles of Incorporation (&ldquo;<U>XP Educa&ccedil;&atilde;o</U>&rdquo;);</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"><B>TECFINANCE INFORM&Aacute;TICA E PROJETOS DE SISTEMAS LTDA</B>.,
a limited liability company headquartered at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 26&ordm; andar (parte), CEP
04453-907, enrolled with CNPJ/MF under no. 11.429.614/0001-00, herein represented in the form of its Articles of Incorporation (&ldquo;<U>Tecfinance</U>&rdquo;);</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"><B>LEADR ONLINE SERVICES LTDA</B>, a limited liability company headquartered
at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 28&ordm; andar, CEP 04453-907, enrolled with the CNPJ/MF under No. 31.122.
335/0001-06, hereby represented in the form of its Articles of Incorporation (&ldquo;<U>LEADR</U>&rdquo; and, together with XP Investimentos,
XP Controle 3, XP CCTVM, Banco XP, XP Controle 4, XP Previd&ecirc;ncia, XP Finan&ccedil;as, XP Seguros, XP Advisory, XP Vista, XP Gest&atilde;o,
Infostocks, XP Educa&ccedil;&atilde;o and Tecfinance, the &ldquo;<U>Company&rsquo;s Subsidiaries</U>&rdquo;);</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"><B>GUILHERME DIAS FERNANDES BENCHIMOL</B>, Brazilian, single, economist,
holder of identity card nr. 010.398.628-7, issued by IPF/RJ, enrolled in CPF/MF under nr. 025.998.037-48, resident and domiciled in the
City and State of S&atilde;o Paulo, at Rua Jacar&eacute;zinho, 241, Jardim Europa, CEP 01456-020, e-mail address guilherme.benchimol@xpi.com.br
(&ldquo;<U>GB</U>&rdquo;).</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"><B>ITA&Uacute; UNIBANCO S.A.,</B> a financial institution headquartered
at Pra&ccedil;a Alfredo Egydio de Souza Aranha, n&ordm; 100, Torre Olavo Setubal, City of S&atilde;o Paulo, State of S&atilde;o Paulo,
enrolled with the CNPJ/MF under no. 60.701.190/0001-40, hereby represented in the form of its Bylaws (&ldquo;<U>Ita&uacute; Unibanco</U>&rdquo;).</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">WHEREAS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">(i)</TD><TD>XP Controle, GA and Ita&uacute; entered into the XP Inc. Shareholders&rsquo; Agreement on November 29, 2019 (&ldquo;<U>XP Inc Shareholders
Agreement</U>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(ii)</TD><TD>The intention of the Parties has always been to assign to the Company&rsquo;s Personnel and Compensation Committee the management
and other deliberative responsibilities related to the Company&rsquo;s long-term incentive plan, according to the XP Investimentos Board
of Directors Meeting held on November 13, 2019, at which the directors appointed by XP Controle, Ita&uacute; Unibanco and GA were present;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(iii)</TD><TD>In view of the foregoing, the Shareholders wish to amend the XP Inc. Shareholders Agreement, as follows:</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RESOLVE </B>the Parties to enter into this Amendment to the XP Inc.
Shareholders Agreement (&ldquo;<U>Amendment</U>&rdquo;), under the terms of Article 118 of Law no. 6,404/76, which will be governed by
the following clauses and conditions:</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">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rules of Interpretation:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">1.1.</TD><TD><U>Defined Terms</U>. Capitalized terms used in this Amendment shall have the definitions ascribed to them in the XP Inc. Shareholders
Agreement, except if otherwise defined in this Amendment.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments to the
XP Inc. Shareholders Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Attributions of the
Personnel and Compensation Committee</U>. The Shareholders agree to assign to the Personnel and Compensation Committee the management
and other deliberative responsibilities related to the Company&rsquo;s long-term incentive plan, in addition to its current attributions,
and, consequently, to amend clauses 7.14 and 7.16 of the XP Inc Shareholders Agreement so that they read as follows:</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 27.35pt"><I>7.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Committees</U>.
The Company will have, among others that the Board of Directors determines, the following committees: (i) Audit Committee; and (ii) Personnel
and Compensation Committee. Except as provided in section 7.16, the current committees have, and future committees, if created, will have,
an advisory role only (and not a decision-making or executive role), and shall submit to the board of executive officers or the board
of directors, as the case may be, the results of their work, suggestions and recommendations in relation to the topics evaluated.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><I>7.16. <U>Personnel and Compensation Committee</U>. The
Personnel and Compensation Committee will be governed by the Company&rsquo;s Bylaws and its internal regulations and shall, among other
responsibilities, discuss (i) compensation plans, (ii) promotions, (iii) career development plans, (iv) attraction and retention policies,
and (v) the Chief Executive Officer&rsquo;s performance. The Personnel and Compensation Committee has an advisory role to the Board of
Directors and its recommendations to the Board of Directors are not binding, except with regard to the administration and implementation
of the Company&rsquo;s long-term incentive plan, in which the Personnel and Compensation Committee will have a decision-making and executive
role, being responsible for designating the participants of such plan, determining the types of incentives to be offered and their conditions,
and the allocation of such incentives among the participants within the applicable limits, as well as taking the other reasonable and
applicable steps for the implementation of said plan.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ratification of the
Long-Term Incentive Plan</U>. Based on the foregoing, the Shareholders ratify and confirm the validity of any and all resolutions made
by the Company&rsquo;s People and Compensation Committee, constituted on December 2, 2019, with respect to the long-term incentive plan,
which was duly approved by the Company&rsquo;s Board of Directors at a meeting held on December 6, 2019, including with respect to all
restricted stock grants (RSU and/or PSU) that were approved at the meeting of the Company&rsquo;s People and Compensation Committee held
on December 10, 2019.</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">2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ratification of XP
Inc</U>. <U>Shareholders&rsquo; Agreement </U>Except for the changes described in Section 2.1 of this Amendment, the Parties ratify all
other provisions of the XP Inc. Shareholders Agreement, which remain in full force and effect.</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">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Provisions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration and Recordation</U>.
The Company and the Shareholders undertake to file this Amendment at the Company&rsquo;s headquarters on this date (and undertake to cause
the same to occur in the Company&rsquo;s Subsidiaries, respecting the respective corporate types), in the manner and for the purposes
of the provisions of article 118 of Law No. 6,404/76.</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">3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incorporation of Rules
on Dispute Resolution and Final Provisions</U>. The Parties agree that the terms and conditions of Chapter XI of the XP Inc. Shareholders&rsquo;
Agreement, which deals with the law applicable to the XP Inc. Shareholders&rsquo; Agreement and the form of resolution of disputes arising
from and/or related to the rights and obligations of Shareholders, and Chapter XII of the XP Inc. Shareholders&rsquo; Agreement, which
contains its final provisions, are applicable <I>mutatis mutandis </I>to this Amendment and incorporated herein by reference.</P>

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


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consenting Intervening
Parties</U>. The Consenting Intervening Parties sign this Amendment, expressly agreeing with all its terms, and undertaking to: (i) respect,
comply with and cause to be complied with by their respective Affiliates all of the provisions of this Amendment, in the terms provided
for in any applicable Law; and (ii) refrain from registering, enforcing or taking actions of any nature that may represent a violation
of any provision of this Amendment.</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">This Amendment is signed by the Parties electronically, waiving physical
signatures, so that any and all reproductions or copies of this Amendment shall always be considered as if it were the original, in accordance
with the provisions of applicable law.</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">S&atilde;o Paulo, March 24, 2020.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<I>signatures on the next page</I>)</P>

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


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(<I>Page 1/4 of signatures of the Amendment, executed on March 24,
2020, to the XP Inc. Shareholders&rsquo; Agreement</I>)</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"><U>Party</U>:</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"><U>/s/ Fabricio Cunha de Almeida</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP CONTROLE PARTICIPA&Ccedil;&Otilde;ES S.A.</B></P>

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


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(<I>Page 2/4 of signatures of the Amendment, executed on March 24,
2020, to the XP Inc. Shareholders&rsquo; Agreement</I>)</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"><U>/s/ Michael Gosk</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GENERAL ATLANTIC (XP) BERMUDA, L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>By: GAP (Bermuda) Limited, its general partner</B></P>

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


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(<I>Page 3/4 of signatures of the Amendment, executed on March 24,
2020, to the XP Inc. Shareholders&rsquo; Agreement</I>)</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"><U>Party</U>:</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"><U>/s/ &Aacute;lvaro F. Rizzi Rodrigues</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Fernando Della Torre Chagas</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ITB HOLDING BRASIL PARTICIPA&Ccedil;&Otilde;ES
LTDA.</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"><U>Consenting Intervening Party</U>:</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"><U>/s/ &Aacute;lvaro F. Rizzi Rodrigues</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Fernando Della Torre Chagas</U></P>

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

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


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(<I>Page 4/4 of signatures of the Amendment, executed on March 24,
2020, to the XP Inc. Shareholders&rsquo; Agreement</I>).</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"><U>Consenting Intervening Parties</U>:</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"><U>/s/ Fabricio Cunha de Almeida</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP INC.</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"><U>/s/ Fabricio Cunha de Almeida</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Guilherme Dias Fernandes Benchimol</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP INVESTIMENTOS S.A.</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>XP CONTROLE 3 PARTICIPA&Ccedil;&Otilde;ES S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP INVESTIMENTOS CORRETORA DE C&Acirc;MBIO
T&Iacute;TULOS E VALORES</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP CONTROLE 4 PARTICIPA&Ccedil;&Otilde;ES S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP VIDA E PREVID&Ecirc;NCIA S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP FINAN&Ccedil;AS ASSESSORIA FINANCEIRA LTDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP CORRETORA DE SEGUROS LTDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP ADVISORY GEST&Atilde;O DE RECURSOS LTDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP VISTA ASSET MANAGEMENT LTDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP GEST&Atilde;O DE RECURSOS LTDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFOSTOCKS INFORMA&Ccedil;&Otilde;ES E SISTEMAS
LTDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP EDUCA&Ccedil;&Atilde;O ASSESSORIA EMPRESARIAL
E PARTICIPA&Ccedil;&Otilde;ES LTDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TECFINANCE INFORM&Aacute;TICA E PROJETOS DE
SISTEMAS LTDA.</B></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"><B>LEADR SERVI&Ccedil;OS ONLINE LTDA.</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"><U>/s/ Guilherme Dias Fernandes Benchimol</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GUILHERME DIAS FERNANDES BENCHIMOL</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"><U>Witnesses</U>:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. <U>/s/ Larissa Toenjes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Larissa Toenjes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Id: 172.436</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CPF/MF: 12442502798</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. <U>/s/ Fl&aacute;via Reno&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Fl&aacute;via Reno</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Id: 390.909</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CPF/MF: 416.950.328-70</P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 9; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.E
<SEQUENCE>6
<FILENAME>dp164143_ex99e.htm
<DESCRIPTION>EXHIBIT E
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit E</B></P>

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

<P STYLE="margin: 0"></P>

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECOND AMENDMENT TO THE SHAREHOLDERS&rsquo;
AGREEMENT OF</P>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XP CONTROLE PARTICIPA&Ccedil;&Otilde;ES S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GENERAL ATLANTIC (XP) BERMUDA, LP</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ITA&Uacute; UNIBANCO HOLDING S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IUPAR ITA&Uacute; UNIBANCO PARTICIPA&Ccedil;&Otilde;ES
S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ITA&Uacute;SA S.A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">And, as Consenting
Intervening Parties,</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XP INC.<BR>
XP INVESTIMENTOS S.A.<BR>
XP CONTROLE 3 PARTICIPA&Ccedil;&Otilde;ES S.A.<BR>
XP INVESTIMENTOS CORRETORA DE<BR>
C&Acirc;MBIO T&Iacute;TULOS E VALORES MOBILI&Aacute;RIOS S.A.<BR>
BANCO XP S.A.<BR>
ANTECIPA S.A.<BR>
CARTEIRA ONLINE CONTROLE DE INVESTIMENTOS LTDA.<BR>
DM10 CORRETORA DE SEGUROS E ASSESSORIA LTDA.<BR>
XP ALLOCATION ASSET MANAGEMENT LTDA.<BR>
XP LT GEST&Atilde;O DE RECURSOS LTDA.<BR>
XP PE GEST&Atilde;O DE RECURSOS LTDA.<BR>
TRACK &Iacute;NDICES CONSULTORIA LTDA.<BR>
SPITI AN&Aacute;LISE LTDA.<BR>
XP EVENTOS LTDA.<BR>
XP CONTROLE 4 PARTICIPA&Ccedil;&Otilde;ES S.A.<BR>
XP VIDA E PREVID&Ecirc;NCIA S.A.<BR>
XP FINAN&Ccedil;AS ASSESSORIA FINANCEIRA LTDA.<BR>
XP CORRETORA DE SEGUROS LTDA.<BR>
XP ADVISORY GEST&Atilde;O DE RECURSOS LTDA.<BR>
XP VISTA ASSET MANAGEMENT LTDA.<BR>
XP GEST&Atilde;O DE RECURSOS LTDA.<BR>
INFOSTOCKS INFORMA&Ccedil;&Otilde;ES E SISTEMAS LTDA.<BR>
XPE INFOMONEY EDUCA&Ccedil;&Atilde;O ASSESSORIA EMPRESARIAL E PARTICIPA&Ccedil;&Otilde;ES LTDA.<BR>
TECFINANCE INFORM&Aacute;TICA E PROJETOS DE SISTEMAS LTDA.<BR>
XP COMERCIALIZADORA DE ENERGIA LTDA.<BR>
XPROJECT PARTICIPA&Ccedil;&Otilde;ES S.A.<BR>
GUILHERME DIAS FERNANDES BENCHIMOL<BR>
COMPANHIA E. JOHNSTON DE PARTICIPA&Ccedil;&Otilde;ES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">S&atilde;o Paulo,
October 1, 2021.</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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




<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By this private instrument, the parties:</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"><B>XP CONTROLE PARTICIPA&Ccedil;&Otilde;ES S.A.</B>, a company headquartered
in the City and State of Rio de Janeiro, at Av. Afr&acirc;nio de Melo Franco, n&ordm; 290, sala 708, Leblon, CEP 22430-060, registered
with the Legal Entity Registry of the Ministry of Economy (CNPJ /ME) under No. 09.163.677/0001-15, herein represented in accordance with
its bylaws (&ldquo;<U>XP Controle</U>&rdquo;);</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"><B>GENERAL ATLANTIC (XP) BERMUDA</B>, LP, a partnership incorporated
under the laws of Bermuda Islands, headquartered at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda Islands (&ldquo;<U>GA</U>&rdquo;);</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"><B>ITA&Uacute; UNIBANCO HOLDING S.A.</B>, financial institution headquartered
at Pra&ccedil;a Alfredo Egydio de Souza Aranha, n&ordm; 100, Torre Olavo Setubal, City of S&atilde;o Paulo, State of S&atilde;o Paulo,
registered with the CNPJ/ME under n&ordm; 60.872.504/0001-23, hereby represented in accordance with its bylaws (&ldquo;<U>Ita&uacute;</U>&rdquo;),
acting by itself or by its Affiliates;</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"><B>IUPAR ITA&Uacute; UNIBANCO PARTICIPA&Ccedil;&Otilde;ES S.A.</B>,
a privately held company headquartered in the City and State of S&atilde;o Paulo, at Pra&ccedil;a Alfredo Egydio de Souza Aranha, No.
100, Parque Jabaquara, CEP 04344-902, registered with the CNPJ/ME under No. 04.676.564/ 0001-08, herein represented in accordance with
its bylaws (&ldquo;<U>Iupar</U>&rdquo;), acting for itself or for its Affiliates (except for Ita&uacute; and its Subsidiaries);</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"><B>ITA&Uacute;SA S.A.</B>, publicly-held company headquartered in the
City and State of S&atilde;o Paulo, at Avenida Paulista, n&ordm; 1.938, 5th floor, Bela Vista, CEP 01310-200, registered with the CNPJ/ME
under n&ordm; 61.532.644/0001-15, hereby represented in accordance with its bylaws (&ldquo;<U>Ita&uacute;sa</U>&rdquo; and, when together
with Iupar, the &ldquo;<U>Iupar Block</U>&rdquo;), acting by itself or by its Affiliates (except for Ita&uacute; and its Subsidiaries);</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">XP Controle, GA, Ita&uacute; and Bloco Iupar, hereinafter collectively
referred to as &ldquo;<U>Shareholders</U>&rdquo; or &ldquo;<U>Parties</U>&rdquo; and individually as &ldquo;<U>Shareholder</U>&rdquo;
or &ldquo;<U>Party</U>&rdquo;.</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">and, also, in the capacity of &ldquo;<U>Consenting Intervening Parties</U>&rdquo;:</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"><B>XP INC</B>., publicly-held company listed on Nasdaq Stock Market
with registered office at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, hereby represented in the form of its Articles
of Incorporation (&ldquo;<U>Company</U>&rdquo;);</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"><B>XP INVESTIMENTOS S.A.</B>, a company headquartered in the City and
State of Rio de Janeiro, at Av. Ataulfo de Paiva, n&ordm; 153, sala 201 (part), Leblon, CEP 22440-032, registered with the CNPJ/ME under
n&ordm; 16.838.421 /0001-26, herein represented in accordance with its Bylaws (&ldquo;<U>XP Investimentos</U>&rdquo;);</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"><B>XP CONTROLE 3 PARTICIPA&Ccedil;&Otilde;ES SA,</B> a company headquartered
in the City and State of Rio de Janeiro, at Av. Ataulfo de Paiva, n&ordm; 153, sala 201 (part), Leblon, CEP 22440-032, registered with
the CNPJ/ME under n&ordm; 15,787 .622/0001-89, herein represented in accordance with its Bylaws (&ldquo;<U>XP Controle 3</U>&rdquo;);</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"><B>XP INVESTIMENTOS CORRETORA DE C&Acirc;MBIO, T&Iacute;TULOS E VALORES
MOBILI&Aacute;RIOS S.A.</B>, a company headquartered in the City and State of Rio de Janeiro, at Av. Ataulfo de Paiva, n&ordm; 153, room
201 (part), Leblon, CEP 22440-032, registered with the CNPJ/ME under n&ordm; 02.332.886/0001 -04, herein represented in accordance with
its Bylaws (&ldquo;<U>XP CCTVM</U>&rdquo;);</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"><B>BANCO XP S.A.,</B> a company headquartered in the City and State
of Rio de Janeiro, at Av. Ataulfo de Paiva, n&ordm; 153, room 201 (part), Leblon, CEP 22440-032, registered with the CNPJ/ME under n&ordm;
33.264,668 /0001-03, herein represented in the form of its Bylaws (&ldquo;<U>Bank XP</U>&rdquo;);</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"><B>ANTECIPA S.A.</B>, a company headquartered in the City of Salvador,
State of Bahia, at Alameda Salvador, 1057, Edif. Salvador Shopping Business, Torre Am&eacute;rica, Room 911 and 912, Caminho das &Aacute;rvores,
CEP 41.820-790, registered with the CNPJ/ME under No. 25.215.901/0001-21, herein represented in the form of its Bylaws (&ldquo;<U>Anticipates</U>&rdquo;);</P>

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CARTEIRA ONLINE CONTROLE DE INVESTIMENTOS LTDA</B>., a company headquartered
in the City and State of S&atilde;o Paulo, at Rua Funchal, n&ordm; 19, 3rd floor, Vila Ol&iacute;mpia, CEP 04551-060, registered with
the CNPJ/ME under n&ordm; 29.069.487/0001 -40, herein represented in the form of its Articles of Incorporation (&ldquo;<U>Online Wallet</U>&rdquo;);</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"><B>XP CONTROLE 4 PARTICIPA&Ccedil;&Otilde;ES S.A.</B>, a company headquartered
in the City and State of Rio de Janeiro, Av. Ataulfo de Paiva, n&ordm; 153, sala 201 (part), Leblon, CEP 22440-032, registered with the
CNPJ/ME under n&ordm; 25.176. 854/0001-54, herein represented in accordance with its Bylaws (&ldquo;<U>XP Controle 4</U>&rdquo;);</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"><B>XP VIDA E PREVID&Ecirc;NCIA S.A.</B>, a company headquartered in
the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 27th floor, CEP 04543-907, registered
with the CNPJ/ME under n&ordm; 29.408.732/ 0001-05, herein represented in accordance with its Bylaws (&ldquo;<U>XP Previd&ecirc;ncia</U>&rdquo;);</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"><B>XP FINAN&Ccedil;AS ASSESSORIA FINANCEIRA LTDA</B>., a limited liability
company headquartered in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 30th
floor, CEP 04453-907, registered with the CNPJ/ME under n&ordm; 11.077. 338/0001-68, herein represented in the form of its Articles of
Incorporation (&ldquo;<U>XP Finan&ccedil;as</U>&rdquo;);</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"><B>XP CORRETORA DE SEGUROS LTDA</B>., limited liability company headquartered
in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 26th floor, CEP 04453-907,
registered with the CNPJ/ME under n&ordm; 10.558. 797/0001-09, herein represented in the form of its Articles of Incorporation (&ldquo;<U>XP
Seguros</U>&rdquo;);</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"><B>DM10 CORRETORA DE SEGUROS E ASSESSORIA LTDA</B>., limited liability
company headquartered in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 26th
floor (part), CEP 04453-907, registered with the CNPJ/ME under No. 09.121.755/0001-19, herein represented in the form of its Articles
of Incorporation (&ldquo;<U>DM10</U>&rdquo;);</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"><B>XP ADVISORY GEST&Atilde;O DE RECURSOS LTDA</B>., limited liability
company headquartered in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 25th
floor, CEP 04453-907, registered with the CNPJ/ME under n&ordm; 15.289 .957/0001-77, herein represented in the form of its Articles of
Incorporation (&ldquo;<U>XP Advisory</U>&rdquo;);</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"><B>XP VISTA ASSET MANAGEMENT LTDA</B>., limited liability company headquartered
in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 30th floor,
CEP 04453-907, registered with the CNPJ/ME under the n&ordm; 16.789.525/0001-98, herein represented in the form of its articles of incorporation
(&ldquo;<U>XP Vista</U>&rdquo;);</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"><B>XP GEST&Atilde;O DE RECURSOS LTDA</B>., limited liability company
headquartered at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 30th floor (part), CEP 04453-907, registered with the
CNPJ/ME under n&ordm; 07.625.200/0001-89, herein represented in the form of its Articles of Incorporation (&ldquo;<U>XP Gest&atilde;o</U>&rdquo;);</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"><B>XP ALLOCATION ASSET MANAGEMENT LTDA</B>., limited liability company
headquartered at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 30th floor (part), CEP 04453-907, registered with the
CNPJ/ME under n&ordm; 37.918.829/0001-88, hereby represented in the form of its Articles of Incorporation (&ldquo;<U>XP Allocation</U>&rdquo;);</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"><B>XP LT GEST&Atilde;O DE RECURSOS LTDA</B>., limited liability company
headquartered at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 25th floor (part), CEP 04453-907, registered with the
CNPJ/ME under n&ordm; 36.584.914/0001-94 , herein represented in the form of its Articles of Incorporation (&ldquo;<U>XP LT</U>&rdquo;);</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"><B>XP PE GEST&Atilde;O DE RECURSOS LTDA</B>., limited liability company
headquartered at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 30th floor (part), CEP 04453-907, registered with the
CNPJ/ME under n&ordm; 36.445.381/0001-60 , herein represented in the form of its Articles of Incorporation (&ldquo;<U>XP PE</U>&rdquo;);</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"><B>TRACK &Iacute;NDICES CONSULTORIA LTDA</B>., limited liability company
headquartered at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 30th floor (part), CEP 04453-907, registered with the
CNPJ/ME under n&ordm; 39.418.666/0001-08, in this act represented in the form of its Articles of Incorporation (&ldquo;<U>Track Indices</U>&rdquo;);</P>

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


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SPITI AN&Aacute;LISE LTDA</B>., limited liability company headquartered
at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 30th floor (part), CEP 04453-907, registered with the CNPJ/ME under
n&ordm; 34.180.870/0001-01, herein represented in the form of its Articles of Incorporation (&ldquo;<U>Spiti</U>&rdquo;);</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"><B>XP EVENTOS LTDA</B>., limited liability company headquartered at
Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 26th floor (part), CEP 04453-907, registered with the CNPJ/ME under n&ordm;
35.634.629/0001-78, herein represented in the form of its Articles of Incorporation (&ldquo;<U>XP Eventos</U>&rdquo;);</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"><B>INFOSTOCKSINFOS E SISTEMAS LTDA</B>., limited liability company
headquartered at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 28th floor (part), CEP 04453-907, registered with the
CNPJ/ME under n&ordm; 03.082.929/0001-03 , herein represented in the form of its Articles of Incorporation (&ldquo;<U>Infostocks</U>&rdquo;);</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"><B>XPE INFOMONEY EDUCA&Ccedil;&Atilde;O ASSESSORIA EMPRESARIAL E PARTICIPA&Ccedil;&Otilde;ES
LTDA</B>., limited liability company headquartered at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 26th floor, CEP 04453-907,
registered with the CNPJ/ME under n&ordm; 05.745.283/0001-14 , herein represented in the form of its Articles of Incorporation (&ldquo;<U>XPE
Infomoney</U>&rdquo;);</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"><B>TECFINANCE INFORM&Aacute;TICA E PROJETOS DE SISTEMAS LTDA.,</B>
a limited liability company headquartered at Av. Presidente Juscelino Kubitschek, n&ordm; 1.909, Torre Sul, 26th floor (part), CEP 04453-907,
registered with the CNPJ/ME under n&ordm; 11.429.614/0001 -00, herein represented in the form of its Articles of Incorporation (&ldquo;<U>Tecfinance</U>&rdquo;);</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"><B>XP COMERCIALIZADORA DE ENERGIA LTDA.</B>, limited liability company,
registered with the CNPJ/ME under No. 34.475.373/0001-30, headquartered in the City and State of S&atilde;o Paulo, at Av. Presidente Juscelino
Kubitschek, No. 1.909, Torre Sul, 29&ordm; floor, CEP 04543-907 (&ldquo;<U>XP Comercializadora</U>&rdquo;);</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"><B>XPROJECT PARTICIPA&Ccedil;&Otilde;ES SA</B>, registered with the
CNPJ/ME under No. 41.460.365/0001-86, headquartered in the City and State of Rio de Janeiro, at Av. Ataulfo de Paiva, No. 153, room 201
(part), Leblon, CEP 22440-032 (&ldquo;<U>XProject</U>&rdquo; and, together with XP Investimentos, XP Controle 3, XP CCTVM, Banco XP, XP
Controle 4, XP Pension, XP Finance, XP Insurance, XP Advisory, XP Vista, XP Gest&atilde;o, Infostocks, XPE Infomoney, Anticipa, Online
Portfolio, DM10, XP Allocation, XP LT, XP PE, Track Indices, Spiti, XP Eventos, Tecfinance and XP Comercializadora, the &ldquo;<U>Company
Subsidiaries</U>&rdquo;);</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"><B>GUILHERME DIAS FERNANDES BENCHIMOL</B>, Brazilian, single, economist,
bearer of identity card No. 010.398.628-7, issued by the IPF/RJ, enrolled with the CPF/ME under No. 025.998.037-48, resident and domiciled
in the City and State de S&atilde;o Paulo, at Rua Jacar&eacute;zinho, n&ordm; 241, Jardim Europa, CEP 01456-020, e-mail address guilherme.benchimol@xpi.com.br
(&ldquo;<U>GB</U>&rdquo;).</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"><B>COMPANHIA E. JOHNSTON DE PARTICIPA&Ccedil;&Otilde;ES, </B>headquartered
in the municipality of Mat&atilde;o, State of S&atilde;o Paulo, at Rodovia Washington Luiz (SP 310), km 307, registered with the CNPJ/ME
under number 04.679.283/0001-09 (&ldquo;<U>E. Johnston</U>&rdquo;).</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"><B>WHEREAS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt">(i)</TD><TD>Pursuant to the Share Purchase and Sale Agreement and Other Covenants, entered into on May 11, 2017, as amended (&ldquo;<U>Purchase
and Sale Agreement</U>&rdquo;), Ita&uacute; subscribed, paid in and acquired an initial shareholding of 49.9% (forty-nine point nine percent)
at XP Investimentos;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(ii)</TD><TD>As a result of a corporate restructuring, XP Controle, GA, Dyna III Fundo de Investimento em Participa&ccedil;&otilde;es Multiestrat&eacute;gia
(&ldquo;<U>Dyna</U>&rdquo;) and Ita&uacute; transferred all of their shares in XP Investimentos to the Company&rsquo;s capital, so that
the Company became the legitimate holder of all the shares issued by XP Investimentos and the Shareholders became the legitimate holders
of all the shares issued by the Company, later listed on Nasdaq;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(iii)</TD><TD>In order to regulate and organize their relations as direct shareholders of the Company and indirect shareholders of the Company&rsquo;s
Subsidiaries, the then shareholders of the Company signed, on November 29, 2019, the Shareholders&rsquo; Agreement, amended on March 24,
2020 (&ldquo;<U>Agreement</U>&rdquo;), which, among others, established the terms and conditions related to (a) the administration and
conduct of the business of the Company and the Company&rsquo;s Subsidiaries; (b) the exercise of the Shareholders&rsquo; voting rights
in relation to</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">the Company and the Company&rsquo;s Subsidiaries;
and (c) the transfer of shares issued by the Company owned by it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: 0pt">&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: 27.35pt">(iv)</TD><TD>On May 31, 2021, Ita&uacute; completed a corporate reorganization whose purpose was to segregate, through successive partial spin-off
operations, 226,523,304 shares issued by the Company owned by Ita&uacute; into a new company, the XPart SA (CNPJ/ME No. 43.169.644/0001-10),
incorporated on May 31, 2021 under such reorganization (&ldquo;<U>Corporate Reorganization</U>&rdquo;), which became part of the Agreement
as of such date, with the same rights and obligations attributed to Ita&uacute;;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(v)</TD><TD>On May 19, 2021, Ita&uacute; sold 2,699,102 shares issued by the Company, which were not part of the Corporate Reorganization;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(vi)</TD><TD>On January 31, 2021, prior to the Corporate Reorganization: (i) Iupar Block signed with XP Controle and GA the Agreement and Assumption
of Reciprocal Obligations Relating to the Iupar Block&rsquo;s investment in the Company (added in May 27, 2021 and August 20, 2021) through
which they undertook, among other matters, to vote to approve the merger of XPart SA by the Company (the &ldquo;<U>Merger</U>&rdquo;),
and agreed on the amendments to the agreement of shareholders of the Company that would become effective with the implementation of the
Merger; and (ii) Ita&uacute; and others entered into with XP Controle and GA the Agreement and Assumption of Reciprocal Obligations Relating
to the Segregation of Ita&uacute;&rsquo;s Investment in the Company, through which they agreed to change certain rights and obligations
applicable to Ita&uacute; as a shareholder of Company (the &ldquo;<U>Terms</U>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(vii)</TD><TD>On this date, the Merger was approved and the Company&rsquo;s capital was divided and distributed as follows:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shareholder</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class A Shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class B Shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest in Voting Capital</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest in Total Capital</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 48%; text-align: left">XP Controle&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">121,361,304</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">68.27</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">21.71</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>GA&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,202,650</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,033,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.49</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.77</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Ita&uacute;sa&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,884,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.52</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.03</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Iupar&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,199,185</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.33</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.59</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Market&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">272,650,841, in Class A shares or BDRs</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.34</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48.77</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Treasury&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">726,776</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.04</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.13</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 0.125in; font-weight: bold; padding-bottom: 2.5pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">423,663,976</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">135,394,989</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 27.35pt">(viii)</TD><TD>Each class A share issued by the Company entitles its holders to 1 (one) vote, and each class B share the right to 10 (ten) votes
in the Company&rsquo;s corporate resolutions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(ix)</TD><TD>XP Investimentos holds, directly or indirectly, 90% (ninety percent) or more of the share capital of each Subsidiary of the Company,
as indicated in the organizational chart that constitutes <U>Annex I</U> to this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(x)</TD><TD>Subject to approval by the Central Bank of Brazil, on the Second Closing Date (as defined below), Ita&uacute; must acquire from: (i)
GA and Dyna a certain number of Class A shares issued by the Company; and (ii) XP Controle and GA a certain number of Class B shares issued
by the Company and, after the Second Acquisition, Ita&uacute; will once again become a shareholder of the Company, given that all shares
acquired by Ita&uacute; in the Second Acquisition will be bound and subject to the provisions of this Agreement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27.35pt">(xi)</TD><TD>The Terms provide for the understanding between the Shareholders regarding certain acts and measures that shall take place as a result
of the Corporate Reorganization, the merger of XPart SA by the Company and the consequent entry of the Iupar Block in the Company&rsquo;s
capital, including the amendment of the Agreement with a view to: (a) including the members of the Iupar Block as parties to the Agreement;
and (b) reformulate several provisions of the Agreement, which shall be in force with the following consolidated wording:</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Definitions</U>.
Without prejudice to the other definitions set forth in this Agreement, the following terms, as used herein, have the following meanings.
Where required by the context, the definitions in this Agreement shall apply in both the singular and plural forms, shall include their
verbal variations, and the masculine gender shall include the feminine gender and vice versa, without any change in meaning:</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">&ldquo;<U>ACC</U>&rdquo; means the Agreement in Control of Concentration,
entered into on August 9, 2018, in connection with the BACEN Approval for consummation of the First Acquisition.</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">&ldquo;<U>Affiliate</U>&rdquo; means with respect to a Person, any
Person that is, directly or indirectly (i) Controlled, (ii) Controlling, or (iii) under common Control with such other Person on the date
on which, or at any time during the period during which, the determination of affiliation is made. In addition, GA shall be deemed to
be an &ldquo;Affiliate&rdquo; of (a) any funds of which General Atlantic LP or any entity within the General Atlantic group is manager,
administrator or general partner, or (b) any entity that is Controlled by such funds and/or their Affiliates. For purposes of clarity,
the term &ldquo;Affiliate&rdquo; shall exclude companies that (i) are part of the investment portfolio of such funds, but (ii) are not
Controlled by them (including the Company).</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">&ldquo;<U>Authorized Investor</U>&rdquo; means any Person that (a)
is not (a.i) a financial institution Controlled by Brazilian Persons, or (a.ii) a financial institution operating in Brazil as a retail
bank; (b) does not have an interest, direct or indirect, higher than thirty percent (30%) of the capital stock of the Persons referred
to in item (a) above. For purposes of clarity, a financial institution that does not operate as a retail bank in Brazil and has foreign
Persons as ultimate beneficial owners of Control (even if directly held by Brazilian Persons) shall be considered an Authorized Investor.</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">&ldquo;<U>BACEN</U>&rdquo; means the Central Bank of Brazil.</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">&ldquo;<U>BACEN Approval</U>&rdquo; means the approval of a transaction
by BACEN, pursuant to article 10, item X, letter (g), of Law No. 4,595/64, as well as CMN Resolution No. 4,122/12 and BCB Circulars Nos.
3,649/13 and 3,590/12.</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">&ldquo;<U>Business Day</U>&rdquo; means any day other than a Saturday,
Sunday or a day on which commercial banks are required or authorized by law to remain closed in the Cayman Islands, the cities of New
York, Rio de Janeiro, State of Rio de Janeiro, Brazil and S&atilde;o Paulo, State of S&atilde;o Paulo, Brazil.</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">&ldquo;<U>CADE</U>&rdquo; means the Administrative Council for Economic
Defense.</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">&ldquo;<U>CADE Approval</U>&rdquo; means the approval of a transaction
by the General Superintendence and/or CADE Tribunal, as applicable, pursuant to Law no. 12.529/11, followed by (a) the elapse of the term
of 15 (fifteen) Calendar Days as of the publication of the decision of CADE&rsquo;s General Superintendence for eventual appeals of third
parties or avocation by CADE&rsquo;s Tribunal, pursuant to article 65, I and II of Law no. 12. 529/11 and of article 122 of CADE&rsquo;s
Internal Rules approved by Resolution no. 1/2012, without such appeals having been presented or such avocation having been performed;
or (b) if the transaction is to be analyzed by CADE&rsquo;s Tribunal, the publication in the Official Gazette of the Union of the final
decision of CADE&rsquo;s Tribunal, considering eventual motions for clarification presented, pursuant to articles 218 et seq. of CADE&rsquo;s
Internal Rules.</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">&ldquo;<U>Certified Purchaser</U>&rdquo; means a financial institution,
private equity group, financial conglomerate, corporate group, institutional investor or sovereign wealth fund that, in all cases, has,
in the judgment of all of the Parties: (i) a reputable reputation and sound financial condition; and (ii) a significant likelihood of
obtaining all regulatory approvals required for the acquisition of Shares and consummation of the other transactions contemplated by the
Purchase Agreement and this Agreement, as applicable.</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">&ldquo;<U>Company Articles of Incorporation</U>&rdquo; means the Amended
and Restated Memorandum and Articles of Association of the Company, approved by a qualified resolution of the Company held on this date.</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">&ldquo;<U>Confidential Information</U>&rdquo; means, with respect to
any Party or Grantor Intervenor and its respective Affiliates: (i) any and all non-public information, which a Party or a Nominating Intervenor
and its respective Affiliates comes to have access to or knowledge of through the transactions contemplated by this Agreement and is not
owned by it; (ii) non-public information concerning the business, contracts and other property of any of the Parties or a Nominating Intervenor
and its respective Affiliates; or (iii) data, including the names and addresses, of any customers and</P>

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


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">suppliers of any of the Parties or of one of the Consenting Intervenors
and their respective Affiliates or (iv) documents and materials produced in arbitration and any awards rendered in any arbitration pursuant
to Chapter XII of this 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">&ldquo;<U>Consolidated Annual EBITDA</U>&rdquo; means the sum of the
Company&rsquo;s consolidated net income before financial results, taxes, depreciation, amortization, equity in earnings and profit sharing
(PLR), calculated over the last twelve (12) months.</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">&ldquo;<U>Control</U>&rdquo; means the power to (i) secure, directly
or indirectly, alone or by agreement, on a permanent basis, a majority of votes in resolutions of partners or shareholders of a Person;
and (ii) to elect a majority of the members of the board of directors or management of a Person. The terms &ldquo;Subsidiary&rdquo; and
&ldquo;Controller&rdquo; have the meanings logically arising from this definition.</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">&ldquo;<U>Current Day</U>&rdquo; means any day of the week, including
Saturday, Sunday or any other day that is a holiday, anywhere in the world.</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">&ldquo;<U>CVM</U>&rdquo; means the Securities and Exchange Commission.</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">&ldquo;<U>Encumbrance</U>&rdquo; means any encumbrance, lien, attachment,
garnishment, pledge, security interest, fiduciary ownership, assignment or anticipation of receivables, easement, preservation order (<I>tombamento</I>)
(or location in an area that the Law conceptualizes as surrounding another preserved property), cultural preservation, public improvement
plan or Public Utility Declaration Act for purposes of future expropriation or temporary occupancy, enforcement actions (real or personal),
preemption, preemptive right, option, as well as any other right, claim, restriction or limitation, judicial or extrajudicial, of any
nature, that in any way affects the free and full ownership and possession of the property in question or creates obstacles to its alienation,
transfer, use or exploitation, at any time.</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">&ldquo;<U>First Acquisition</U>&rdquo; has the meaning assigned in
the Purchase 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">&ldquo;<U>Free XPC Shares</U>&rdquo; means, subject to the Lock-Up
Second XPC Acquisition, the Shares held by XP Controle in excess of the XPC Control 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">&ldquo;<U>Governmental Authority</U>&rdquo; means, when competent:
(i) the federal government, and any state or municipal government or other domestic or foreign political subdivision, having jurisdiction
over the Referred Person; (ii)&nbsp;governmental, executive, regulatory, legislative, judicial or administrative entity or authority having
jurisdiction over the Referred Person, domestic or foreign, which includes, with respect to items (i) and (ii), their respective agencies,
self-regulatory bodies, divisions, departments, boards, councils, representations, agencies or commissions, including the SEC, CVM, the
CADE and the BACEN; (iii) any court, court, tribunal or judicial, administrative or arbitration body; or (iv) any stock exchange or organized
over-the-counter market to which the Persons referred to are bound.</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">&ldquo;<U>Independent Director</U>&rdquo; means the independent director
who is experienced, of good standing and meets all applicable requirements set forth in Nasdaq and SEC regulations.</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">&ldquo;<U>Independent External Audit</U>&rdquo; means an external audit
firm to be periodically hired by the Company and/or by XP Investimentos, upon approval by the Board of Directors, from among the 4 (four)
internationally recognized audit firms (Big Four), and Ita&uacute; will have the right to veto one of these firms at each hiring.</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">&ldquo;<U>Intellectual Property</U>&rdquo; means any and all trademarks
(including variations and combinations thereof), trade names, logos, corporate names, service marks, service names, patents, utility models,
copyrights, formulas, drawings and formulations, diagrams, specifications, technology, methodologies, embedded software (firmware), systems,
development tools, internet domain names software licenses, any other proprietary or confidential right or information, including all
pending rights, licenses or applications, for any of the foregoing, and all related technical information, technical, engineering or manufacturing
drawings, know-how, documents, diskettes, records, files and other media on which the foregoing is stored.</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">&ldquo;<U>International Approvals</U>&rdquo; means the approval, communication
or any other measure that must be taken before any foreign Government Authority, including the FCA &ndash; Financial Conduct Authority
(UK), FINRA &ndash; Financial Industry Regulatory Authority (US) and SEC, which may be required under the terms of the applicable Law.</P>

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


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Key Employees</U>&rdquo; means the persons listed in Exhibit
B.</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">&ldquo;<U>Law</U>&rdquo; means any law (ordinary, supplementary or
delegated), decree, decree-law, provisional measure, code, statute, regulation, instruction, ordinance, rule, standard, rule, resolution,
decision, order, requirement or demand issued or issued by any Governmental Authority.</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">&ldquo;<U>Lock-Up Periods</U>&rdquo; means, together, the GA Second
Acquisition Lock-Up, the XPC Second Acquisition Lock-Up and the XPC Control Lock-Up.</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">&ldquo;<U>Minimum Quantity of Shares</U>&rdquo; means the number of
Shares that is equal to 1,016,457,282, duly adjusted to reflect any grouping, split and/or any similar operation performed by the Company
that results in a change in the number of Shares of the same class held by all Shareholders of the Company, with change in the same manner
and in the same proportion, in any case other than a Transfer of Shares by such Shareholder.</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">&ldquo;<U>Minimum Total Percentage</U>&rdquo; means 24.95% of the total
capital stock of the Company.</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">&ldquo;<U>Minority Shareholders</U>&rdquo; means the individuals holding
shares issued by XP Control, except for the XPC Controllers.</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">&ldquo;<U>Nasdaq</U>&rdquo; means the American Nasdaq Stock Market.</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">&ldquo;<U>Permitted Assignees</U>&rdquo; means, with respect to GA,
companies that are Controlled by General Atlantic LP and headquartered in Brazil and/or Persons that are discretionarily managed by General
Atlantic LP or its Subsidiaries, who are not competitors of the Company or the Company&rsquo;s Subsidiaries, provided that they undertake,
in writing and prior to a Transfer of Shares, to comply fully with the obligations assumed by GA in this Agreement and in the Purchase
and Sale Agreement, as if they were original signatory parties, subject to GA&rsquo;s joint and several liability for compliance with
any obligations of its Permitted Assignees.</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">&ldquo;<U>Person</U>&rdquo; means an individual, corporation (whether
or not personified), association, foundation, condominium, fund, consortium, joint venture, entity, trust, international or multilateral
organization or other public, private or mixed economy entity, as well as its successors.</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">&ldquo;<U>Private Sale</U>&rdquo; means a Transfer of securities other
than on a Stock Exchange.</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">&ldquo;<U>Registration Rights Agreement</U>&rdquo; means the registration
rights agreement to be entered into between the Shareholders and the Company as of the date hereof.</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">&ldquo;<U>Regulatory Approvals</U>&rdquo; means, together and as applicable,
the BACEN Approval, the CADE Approval and the International Approvals.</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">&ldquo;<U>Related Third Parties</U>&rdquo; means Persons who are employees,
officers, agents, freelancers or collaborators of the Company and/or the Company Subsidiaries, who participate or will participate in
the activities and/or business of the Company and/or the Company Subsidiaries.</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">&ldquo;<U>SEC</U>&rdquo; means the Securities and Exchange Commission
of the United States of America.</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">&ldquo;<U>Second Acquisition</U>&rdquo; has the meaning ascribed to
it in the Purchase 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">&ldquo;<U>Second Acquisition GA Shares</U>&rdquo; means the number
of Class A Shares and Class B Shares to be acquired by Ita&uacute; from GA on the Second Closing Date pursuant to the terms of the Purchase
Agreement and subject to the approval of the Central Bank of Brazil.</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">&ldquo;<U>Second Acquisition XPC Shares</U>&rdquo; means the number
of Class B Shares to be acquired by Ita&uacute; from XP Controle on the Second Closing Date, pursuant to the terms of the Purchase and
Sale Agreement and subject to the approval of the Central Bank of Brazil.</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">&ldquo;<U>Second Closing Date</U>&rdquo; has the meaning ascribed to
it in the Purchase 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">&ldquo;<U>Stock Exchange</U>&rdquo; means Nasdaq or any other stock
exchange on which the Company has securities traded.</P>

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


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Transfer</U>&rdquo; means to dispose, assign or otherwise
negotiate or transfer, directly or indirectly, for free or onerous consideration. It also means the issuance of Shares by any Person for
subscription by third parties. All such acts shall hereinafter be referred to as a &ldquo;Transfer&rdquo;.</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">&ldquo;<U>XPC Controllers</U>&rdquo; means the persons listed on Exhibit
A, which may be updated to reflect changes in the XP Controle partnership that are made in the ordinary course of business and in a manner
consistent with past practices for joining and/or terminating partners of the partnership (with individuals or vehicles owned by such
individuals), except that the partnership shall not admit persons who are not partners and/or employees and/or self-employed agents of
the Company and/or the Company&rsquo;s Subsidiaries.</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">&ldquo;<U>XPC Controlling Shares</U>&rdquo; means the minimum number
of Shares held by XPC representing more than fifty percent (50%) of the voting rights of the Company.</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"><B>1.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms defined
below have their meaning described in the respective clause indicated below:</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">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; width: 84%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Terms
and Expressions</P></TD>
    <TD STYLE="padding-right: 6pt; width: 16%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Definition</P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Agreement&#9;</TD>
    <TD>Clause (vii)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Allowed Transfers from Structure XP&#9;</TD>
    <TD>Clause 3.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Annual Budget&#9;</TD>
    <TD>Clause 7.11</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Brazilian Companies&#9;</TD>
    <TD>Clause 2.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Business Plan&#9;</TD>
    <TD>Clause 7.10</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Buyer Shareholders&#9;</TD>
    <TD>Clause 4.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>CAM-CCBC&#9;</TD>
    <TD>Clause 11.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Certified Buyer&rsquo;s Agreement&#9;</TD>
    <TD>Clause 4.5</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>CFO&#9;</TD>
    <TD>Clause 7.12.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Closing of Joint Selling Rights&#9;</TD>
    <TD>Clause 5.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Closing of Preemptive Rights&#9;</TD>
    <TD>Clause 4.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Closing of Transfer to Certified Purchaser&#9;</TD>
    <TD>Clause 4.5</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Company&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Company Subsidiaries&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Consenting Intervening Parties&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Corporate Restructuring&#9;</TD>
    <TD>Considering (ii)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Deadline for Informing the Offeree Shareholders&#9;</TD>
    <TD>Clause 4.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Disputes&#9;</TD>
    <TD>Clause 11.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Dyna&#9;</TD>
    <TD>Considering (v)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Free GA Shares&#9;</TD>
    <TD>Clause 3.1.4(ii)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>GA&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>GA Allowed Transfers&#9;</TD>
    <TD>Clause 3.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>GA Restricted Activities&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>GA Restricted Persons&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>GB&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>General Assembly&#9;</TD>
    <TD>Clause 6.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Information&#9;</TD>
    <TD>Clause 8.2.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Infostocks&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>IPO&#9;</TD>
    <TD>Considering (vi)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Ita&uacute;&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Ita&uacute; Unibanco&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Joint Selling Right&#9;</TD>
    <TD>Clause 5.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>LEADR&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Lock-Up Control XPC&#9;</TD>
    <TD>Clause 3.1.1(b)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Lock-Up Second Acquisition XPC&#9;</TD>
    <TD>Clause 3.1.1(b)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Notification of Joint Sale&#9;</TD>
    <TD>Clause 5.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Offered Shareholder&#9;</TD>
    <TD>Clause 4.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Offered Shares&#9;</TD>
    <TD>Clause 4.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Offering Shareholder&#9;</TD>
    <TD>Clause 4.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Old Shareholders&rsquo; Agreement&#9;</TD>
    <TD>Considering (viii)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Party or Parties&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Performance Evaluation&#9;</TD>
    <TD>Clause 7.16.2</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; width: 84%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Terms
and Expressions</P></TD>
    <TD STYLE="padding-right: 6pt; width: 16%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Definition</P></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 84%">Preference Notification&#9;</TD>
    <TD STYLE="width: 16%">Clause 4.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Preference right&#9;</TD>
    <TD>Clause 4.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Preference Sales Agreement&#9;</TD>
    <TD>Clause 4.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Private Transfer&#9;</TD>
    <TD>Clause 3.1.5.1(ii)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Public Stock Offering Rights&#9;</TD>
    <TD>Clause 3.1.5.1(i)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Purchase and Sale Contract&#9;</TD>
    <TD>Considering (i)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Regulation&#9;</TD>
    <TD>Clause 11.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Related Parties&#9;</TD>
    <TD>Clause 6.2(g)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Response Notification&#9;</TD>
    <TD>Clause 4.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Restricted Activities&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Restricted Activities of XP Controle&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Restricted Persons&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Restriction for the Exercise of the Position&#9;</TD>
    <TD>Clause 7.12.1(b)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Second Acquisition XPC Shares&#9;</TD>
    <TD>Considering (v)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Selling Shareholder&#9;</TD>
    <TD>Clause 5.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Shareholder or Shareholders&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Shares&#9;</TD>
    <TD>Clause 2.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Suspension of the Old Shareholders&rsquo; Agreement&#9;</TD>
    <TD>Considering (viii)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Tecfinance&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Term&#9;</TD>
    <TD>Clause 10.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Term to Exercise the Right of First Refusal&#9;</TD>
    <TD>Clause 4.2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Territory&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Transfer Agreement in Joint Sale&#9;</TD>
    <TD>Clause 5.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Transfer of Shares to the Certified Purchaser&#9;</TD>
    <TD>Clause 4.5</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Transfer of the Shares of the Right of First Refusal&#9;</TD>
    <TD>Clause 4.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XP Advisory&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Bank&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XP CCTVM&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Controle&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XP Controle 3&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Controle 4&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XP Controle Restricted Persons&#9;</TD>
    <TD>Clause 8.4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Education&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XP Finance&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Insurance&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XP Investments&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Management&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>XP Vista&#9;</TD>
    <TD>Preamble</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>XP Welfare&#9;</TD>
    <TD>Preamble</TD></TR>
  </TABLE>
<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>1.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rules of Interpretation</U>.
This Agreement shall be governed by and construed in accordance with the following principles: (i) the headings and titles of this Agreement
are for convenience of reference only and shall not limit or affect the meaning of the chapters, clauses or items to which they apply;
(ii) the terms &ldquo;including&rdquo;, &ldquo;including&rdquo; and other similar terms shall be construed as if accompanied by the phrase
&ldquo;by way of example only&rdquo; and &ldquo;without limitation&rdquo;; (iii) whenever required by the context, definitions contained
in this Agreement shall apply in both the singular and plural, and the masculine gender shall include the feminine and vice versa, without
alteration of meaning; (iv) references to any document or other instruments include all amendments, replacements and consolidations thereof
and supplements thereto, unless expressly provided otherwise; (v) unless otherwise expressly provided in this Agreement, references to
clauses or appendices apply to the clauses and appendices of this Agreement; (vi) all references to any Parties or Consenting Intervenors
include their successors, representatives and permitted assigns; (vii) all references to clauses include their items and sub-items; and
(viii) language used throughout this Agreement shall in all cases be interpreted simply in accordance with its correct meaning and not
strictly in a manner favorable or unfavorable to any Party. Except as otherwise provided in this Agreement, references to any terms or
periods shall be deemed to be references to the number of Calendar Days, and all terms or periods set forth in this Agreement shall be
computed excluding the date of the event that caused the commencement of the relevant term or period and including the last day of such
term or period. All deadlines and periods established</P>

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


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in this Agreement that end on days that are not Business Days shall
be automatically postponed to the first immediately subsequent Business Day.</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">CHAPTER II<BR>
ACTIONS LINKED TO THE AGREEMENT AND GENERAL PRINCIPLES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Actions Bound
to the Agreement</U>. Observing Clauses 3.1.3 to 3.1. 6, all shares issued by the Company held by the Shareholders (by registration or
as beneficiary, including any depositary), including those that may be issued in the future (by the Company or by the companies that may
succeed it), at any and all titles, including, but not limited to, by subscription, option, conversion, acquisition, exchange, bonus,
split merger, consolidation, consolidation of shares, spin-off or any other form of corporate reorganization, as well as certificates
representing shares, subscription warrants or the respective preemptive rights for the subscription of new shares or securities convertible
into shares of the Company (&ldquo;Shares&rdquo;), as well as the shares or quotas of the Company&rsquo;s Controlled Companies, as applicable.
The Shareholders, the Company and the Company&rsquo;s Controlled Companies are obliged to fully comply with and enforce everything agreed
among them in the present 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 0pt 27.35pt"><B>2.1.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
references to a quantity of Shares provided for in this Agreement shall be automatically adjusted in the event of bonus, split or reverse
split of shares. In these cases, the Company shall send to the Shareholders a table describing the new quantity of Shares assigned to
each Shareholder within thirty (30) Calendar Days of the event in reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><B>2.1.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ita&uacute;
is party to this Agreement on the assumption of the Second Acquisition. Until the Second Acquisition is completed, Ita&uacute; shall have
no rights and/or obligations under this Agreement. Additionally, if the Second Acquisition does not occur, for any reason, pursuant to
the Purchase and Sale Agreement, (i) Ita&uacute; will automatically cease to be a party to this Agreement; and (ii) the Parties will enter
into an amendment to this Agreement to exclude all references to Ita&uacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><B>2.1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>If
the Second Acquisition is automatically completed, (i) Ita&uacute; will again become a Shareholder for all purposes and effects of this
Agreement, and (ii) the shares object of the Second Acquisition that become owned by Ita&uacute; or its Affiliates, as applicable, (a)
shall be included in the definition of Shares, and (b) shall be subject to the terms and conditions set forth in the Registration Rights
Agreement. If the Second Acquisition is made by an Ita&uacute; Affiliate, under the terms permitted in the Purchase and Sale Agreement,
on the Closing Date of the Second Acquisition, such Affiliate shall execute a term of adherence to this Agreement, committing itself to
comply with it and respect it, unconditionally, assuming all the rights and obligations of Ita&uacute;, which will remain the joint debtor
of such Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Subsidiaries</U>.
If the Company starts to hold a direct or indirect interest that represents the Control of companies other than the Company&rsquo;s Controlled
Companies, all references in this Agreement to the Company&rsquo;s Controlled Companies shall include such other Controlled Companies,
and all obligations provided for herein regarding the Company&rsquo;s Controlled Companies shall be equally applicable to such Controlled
Companies. For the purposes of the provisions herein, such Controlled Companies shall execute, as Consenting Intervening Parties, a term
of adhesion to the present 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"><B>2.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership of
Shares</U>. Shareholders are, on the present date, legitimate owners and holders and have full title to the Shares, which are free and
clear of any liens.</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"><B>2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Application
of the Agreement by the Administrators</U>. The Parties agree to disclose this Agreement to the members of the board of directors and
to the directors of the Company appointed by them, and to take all necessary steps to ensure that all directors and officers of the Company
and of the Company&rsquo;s Subsidiaries comply with this Agreement, especially in order to make the Company and the Company&rsquo;s Subsidiaries
comply with the obligations attributed to them hereunder. Any and all acts or omissions practiced by the directors and officers appointed
by the Shareholders in violation of the provisions contained in this Agreement shall be null and void by operation of law. The Parties
agree to cause the Company&rsquo;s Subsidiaries incorporated under the laws of Brazil (&ldquo;Brazilian Companies&rdquo;) to file a copy
of this Agreement in their respective headquarters, and XP Investimentos to register its existence in its share register book.</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"><B>2.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General Principles</U>.
Without prejudice to the specific provisions of this Agreement, when exercising their duties and responsibilities, the Shareholders and
those appointed by them to the board of directors and the executive</P>

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


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">board of the Company shall guide their conduct and exercise their voting
rights always in the best interest of the Company and the Company&rsquo;s Controlled Companies. The Company and the Company&rsquo;s Subsidiaries
shall adopt good corporate governance practices, based on the principles of perpetuity of the business currently developed by them, with
an entrepreneurial, agile and independent management, ensuring, at the same time, adherence to adequate standards of governance, compliance
and risk 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"><B>2.6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with CMN Resolution 4,122/12 and other provisions</U>. The Parties have agreed and decided that this Agreement shall contain the same
main terms and conditions as the Old Shareholders&rsquo; Agreement, adjusted to reflect the migration of the Shareholders&rsquo; investments
to the Company, a foreign limited liability company incorporated under the laws of the Cayman Islands and to be listed on Nasdaq and other
relevant aspects of the Corporate Restructuring. The Parties further acknowledge and agree that this Agreement fully complies with: (i)
CMN Resolution No. 4,122/12, and (ii) the ACC rules, in particular with respect to the restrictions on Transfers of shares between XP
Controle and Ita&uacute;.</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"><B>2.7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Second
Acquisition is carried out by an Affiliate of Ita&uacute;, Ita&uacute;, irrevocably and irreversibly, undertakes to act as guarantor of
any and all obligations of such Affiliate, or any successor or assignee of Ita&uacute; and /or its Affiliates (except the Iupar Block)
in the case of a Permitted Transfer pursuant to Clause 3.2(a) below, assuming, as the main debtor and payer, joint liability with the
respective Affiliate (except the Iupar Block), as applicable , for the fulfillment of any and all obligations (and for causing the respective
Affiliate, as applicable &ndash; to comply with such obligations) and payment of any and all amounts that may be owed in the future by
such Affiliate (except the Iupar Block) to any another Shareholder in this regard. Ita&uacute;, in this act, expressly waives any and
all benefits established in Articles 366, 368, 824, 827, 830, 834, 835, 837, 838 and 839 of the Brazilian Civil Code and in Article 794
of the Brazilian Civil Procedure Code. Likewise, each member of the Iupar Block, in this act, irrevocably and irreversibly, undertakes
to act as guarantor of any and all obligations assumed by the other members of the Iupar Block in this Agreement, assuming, as the main
debtor and payer, responsibility joint and several with the other members of the Iupar Bloc for the fulfillment of any and all obligations
(and for making the other members of the Iupar Bloc comply with such obligations) and payment of any and all amounts that may be owed
in the future by the members of the Iupar Bloc to any other Shareholder in this regard. Each of the members of the Iupar Block, in this
act, expressly waives any and all benefits established in Articles 366, 368, 824, 827, 830, 834, 835, 837, 838 and 839 of the Brazilian
Civil Code and in Article 794 of the Code of Brazilian Civil Procedure. For clarification purposes, there is no solidarity between, on
the one hand, Ita&uacute; and, on the other hand, the members of the Iupar Block.</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">CHAPTER III<BR>
RULES ON THE TRANSFER OF SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions
on Transfers of Shares and Creation of Encumbrances</U>. Except as expressly provided in this Agreement and/or the Purchase and Sale Agreement,
Shareholders may only Transfer their Shares subject to (i) the applicable <I>Lock-Up</I> Periods, (ii) any lock-up agreements entered
into with indemnified parties in connection with the IPO, (iii) the Preemptive Right and the Joint Sale Right, as applicable, (iv) applicable
securities laws and regulations restrictions, and (v) the terms and conditions of the <I>Registration Rights Agreement</I>, as applicable.
In addition, except as provided in Sections 3.1.3, 3.1.4 and 3.1.5, a Private Sale of Shares shall be permitted only if (a) the purchaser
is a Certified Purchaser, (b) the Certified Purchaser adheres to this Agreement, and (c) the Shareholder making the Private Sale transfers
one hundred percent (100%) of its Shares. Additionally, throughout the term of this Agreement, the Shareholders may not create any liens
on the Shares held by them (or allow the creation of liens on the Company&rsquo;s interest in XP Investimentos) without the prior written
consent of all other Shareholders. The Shareholders acknowledge and agree that any Transfer of Class B Shares can only be made by means
of a Private Sale and only in the following cases: (a) if by Ita&uacute;, by means of Transfer of Shares representing one hundred percent
(100%) of the Shares owned by Ita&uacute; at the time of the sale and in accordance with the terms and conditions set forth herein; or
(b) if by XP Controle, by means of Transfer of Shares by XP Controle representing the Company&rsquo;s Control, pursuant to Section 3.1.6
below.</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 0.25in"><B>3.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><I><U>Lock-Up
Periods</U></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.3in">(a)</TD><TD>Except as provided in Section 3.1.5 below, GA may not Transfer the GA Shares of the Second Acquisition until the Second Closing Date
(&ldquo;<U>GA Second Acquisition Lock-Up</U>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.3in">(b)</TD><TD>Except as provided in Section 3.1.5 below, XP Controle may not Transfer the XPC Shares of the Second Acquisition until the Second
Closing Date (&ldquo;<U>Lock-Up Second XPC Acquisition</U>&rdquo;).</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.5in"></TD><TD STYLE="width: 0.3in">(c)</TD><TD>Except as provided for in Clause 3.2, the members of the Iupar Block may not Transfer Shares held by them until October 30, 2021;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.3in">(d)</TD><TD>Except for the Allowed Transfers of the XP Framework set forth below, the XPC Second Acquisition Lock-Up also applies to XP Controle
shareholders.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.1.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Transfer of, and/or the constitution of Liens on the Shares (or on the Company&rsquo;s participation in the capital stock of XP Investimentos)
in violation of the provisions of this Agreement will be null and void and the Company shall refrain from record them in the applicable
share register. Even when authorized under the terms of this Agreement, the constitution of Encumbrances on the Shares may never contain
any restriction on the right to vote of the Shareholder holding the encumbered Shares or contravene the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.1.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Stock
Exchange Transfers</U></I>. Provided that (i) the Lock-Up Second Acquisition XPC and the Lock-Up Second Acquisition GA, as applicable,
(ii) the applicable legal and regulatory restrictions on securities, and (iii) the terms and conditions of the Registration Rights Agreement,
as applicable, each Shareholder shall be free to Transfer any number of Class A Shares, at any time, and provided that the Transfer is
carried out on a Stock Exchange, to any third party, regardless of whether such third party is a Shareholder or a Purchaser Certified.
In the event of Transfers of Class A Shares on the Stock Exchange, the Preemptive Right and the Tag-Along Right will not apply. For purposes
of clarity, Shareholders may Transfer less than 100% of the Class A Shares held by them and the acquiring third party will not be bound
by this Agreement (and the Class A Shares acquired by such third party will not be subject to this Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>3.1.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
following rules will also apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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: 0.5in"></TD><TD STYLE="width: 0.3in">(i)</TD><TD>the Company may only list and permit the trading of Class A Shares on the Stock Exchange. If any Shareholder intends to sell Class
B Shares on the Stock Exchange, such Shareholder must mandatorily convert such Class B Shares into Class A Shares prior to such sale,
in accordance with the applicable mechanisms established in the Company&rsquo;s Articles of Incorporation and in a manner consistent with
Clause 3.4 below. The Shareholders hereby undertake to take all necessary measures and to cooperate, in good faith, for the implementation
of such conversion. Persons who acquire any Shares on the Stock Exchange will not be bound by this Agreement and Shares so sold will be
automatically released from this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.3in">(ii)</TD><TD>the Company undertakes to provide the Parties with copies of the &ldquo;registration statement&rdquo; and &ldquo;underwriting agreement&rdquo;
related to any public offering made by the Company with reasonable advance notice of any registration or submission; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.3in">(iii)</TD><TD>the transfer of any and all Class A Shares by Shareholders on a Stock Exchange pursuant to an offer registered with the SEC will be
subject to applicable legal and regulatory restrictions on securities and the terms and conditions of the Registration Rights Agreement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.1.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Private
Free Share Transfers</U></I>. The following Private Transfers of Class A Shares will be allowed, in which case the Preemptive Right and
Tag-Along Right will not apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.3in">(i)</TD><TD>XP Controle may, freely and without any restriction, Transfer up to one hundred percent (100%) of the Free XPC Shares to one or more
Authorized Investors, provided that, if such Free XPC Shares are composed of Class B Shares, XP Controle shall take all measures necessary
to convert them into Class A Shares prior to the Transfer, so that 100% of the Free XPC Shares to be Transferred are exclusively represented
by Class A Shares. Authorized Investors who acquire (a) less than one hundred percent (100%) of the Free XPC Shares shall not be party
to this Agreement (and the Shares then acquired shall not be covered by the rules hereunder), and (b) one hundred percent (100%) of the
Free XPC Shares may adhere to this Agreement (and, in the event of adhesion, the Shares then acquired shall be covered by the rules provided
for herein), it being certain that the mere acquisition of Free XPC Shares shall not grant the Authorized Investors any right to veto
or to elect any member of the Company&rsquo;s Board of Directors. In case of block transfer of one hundred percent (100%) of the Free
XPC Shares to more than one Authorized Investor and adhesion to this Agreement by all of</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8in; text-indent: 0in">them, such Authorized Investors shall form
a single block of shareholders and shall be considered a single party, for purposes of exercise of the voting rights set forth in this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8in; text-indent: 0in">&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: 0.5in"></TD><TD STYLE="width: 0.3in">(ii)</TD><TD>Except for the GA Shares of the Second Acquisition, GA may freely and without any restriction Transfer all of its remaining Class
A Shares (&ldquo;Free GA Shares&rdquo;) to one or more Authorized Investors. If the Free GA Shares are represented by Class B Shares,
GA shall take all necessary steps to convert them into Class A Shares prior to the Transfer so that 100% of the Free GA Shares to be Transferred
are represented exclusively by Class A Shares. Authorized Investors who acquire (a) less than all of the Free GA Shares shall not be parties
to this Agreement (and the Shares then acquired shall not be covered by the rules hereunder), and (b) all and not less than all of the
Free GA Shares shall adhere to this Agreement (and the Shares then acquired shall be covered by the rules, rights and obligations of GA
hereunder). In the event of a Bulk Transfer of all and not less than all of the Free GA Shares to more than one Authorized Investor, such
Authorized Investors shall form a single block of shareholders and shall be deemed to be a single party for purposes of exercising veto
rights and the right to elect members of GA&rsquo;s Board of Directors, as applicable, and as provided in this Agreement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.1.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Liquidity
Alternative</U></I>. Subject to the following provisions, if any of the Regulatory Approvals required for the consummation of the Second
Acquisition are denied or are not obtained within eighteen (18) months from the respective requests for approval, whichever occurs first,
both the GA Second Acquisition Lock-Up and the XPC Second Acquisition Lock-Up shall mature early with respect to the respective Parties
to this Agreement as of the first Business Day following the denial of the Regulatory Approvals or the expiration of the eighteen (18)
month period, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt"><B>3.1.5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In
addition, immediately following (i) the denial of any Regulatory Approvals required for consummation of the Second Acquisition; or (ii)
the inability to obtain such required Regulatory Approvals within the eighteen (18) month period referred to above, the Shareholders undertake
to discuss, in good faith, a liquidity alternative for the remaining Shares held by the Shareholders and, if they reach an agreement,
the Shareholders shall use commercially reasonable efforts to implement such solution. If no agreement is reached within sixty (60) Calendar
Days from the commencement of the aforementioned discussion period, any Shareholder shall have the right, upon written notice to the other
Shareholders, with a copy to the Company, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt">&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: 45.35pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD>request a subsequent public offering subject to the terms and conditions of the Registration Rights Agreement, in which event the
Shareholders and the Company shall use commercially reasonable efforts to perform and cause to be performed all acts necessary to approve,
conduct and, subject to favorable market conditions, register the public offering of Class A Shares, including, to the extent possible,
within a reasonable timeframe requested by the relevant Shareholder for the public offering of shares (&ldquo;Public Offering Right&rdquo;).
In addition to the Public Tender Offer Right, Shareholders shall have the right to sell their Class A Shares on a Stock Exchange, in which
case the Preemptive Right and the Joint Selling Right shall not apply; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.35pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD>initiate a structured private sale process of up to one hundred percent (100%) of its Shares to one or more Certified Purchasers,
in which case the Company and the other Shareholders shall use commercially reasonable efforts to cooperate with the consummation of the
sale (&ldquo;Private Transfer&rdquo;). For purposes of clarity, the Private Transfer shall be subject to the Preemptive Right (subject
to Section 4.1.1) set forth herein. If the implementation of a Private Transfer results in the Transfer of all and not less than all of
the Shares held by any Shareholder, the respective Certified Purchaser(s) shall succeed such selling Shareholder in all of its rights
and obligations under this Agreement and shall replace it as a party to the Agreement for all purposes and effects. The Shareholders acknowledge
and agree that such Private Transfer shall only be available for the sale of Class A Shares (other than for the sale of Class B Shares
pursuant to Section 3.1.6), which means that if a Shareholder wishes to sell Class B Shares privately, such Shareholder must convert the
Class B Shares by reference into Class A Shares prior to consummation of the Private Transfer. In the event of a block sale of 100% of
the Shares held by a Shareholder to more than one Certified Purchaser, such Certified Purchasers shall act as a single block of shareholders
for purposes of exercising the voting rights provided for in this Agreement. If the Private Transfer comprises less than one hundred percent
(100%) of the Shares held by a Disposing Shareholder, the respective</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.35pt; text-indent: 0pt">Certified Purchasers shall not succeed
such Disposing Shareholder in its rights and obligations under this Agreement and shall not become parties to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.35pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.1.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><I><U>Transfer
of Control</U></I>. Subject to the Preemptive Right (subject to Section 4.1.1 below) and the Joint Sale Right set forth herein, XP Controle
shall be authorized, at any time, to Transfer Control of the Company only by means of a Private Sale of Class B Shares in which (i) the
purchaser of Control of the Company is a Certified Purchaser, and (ii) the Certified Purchaser adheres to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Permitted Transfers</U>.
The Parties acknowledge and agree that Share Transfers (a) between Ita&uacute; and any of its Affiliates or between its Affiliates among
themselves; (b) by Iupar to its partners Ita&uacute;sa and/or E. Johnston, as well as (i) from Ita&uacute;sa to its Affiliates (except
for Ita&uacute; and its Subsidiaries), including to ITH Zux Cayman Ltd, and/or (ii) from E. Johnston to their respective partners or their
Affiliates (except for Ita&uacute; and its Subsidiaries) (item (b) being the &ldquo;Iupar Block Permitted Transfers&rdquo;); (c) pursuant
to Clause 3.1. 3 above; (d) resulting from succession by cause of death; (e) resulting from the repurchase of Shares by the Company for
the specific purpose of holding in treasury or cancellation, as permitted by Law; (f) by GA to its respective Permitted Assignees; (g)
between GA and/or its respective Permitted Assignees (both cases (f) and (g), the &ldquo;Permitted Transfers of GA&rdquo;); (h) between
XP Controle, on the one hand, and Controllers XPC and/or Affiliates of XP Controle, on the other hand; (i) between XP Control, on the
one hand, and Minority Shareholders, on the other; (j) of Minority Shareholders among themselves or of XPC Controllers among themselves;
and (k) between XP Controle or XPC Controllers or Minority Shareholders, on the one hand, and Related Third Parties, on the other (all
cases from (h) to (k), the &ldquo;XP Structure Permitted Transfers&rdquo;), shall not be subject to the restrictions set forth in Clause
3. 1. In the cases listed in this Clause (except in relation to items (c) and (e) and/or other exceptions expressly provided for in this
Agreement), the acquirer shall adhere to and respect the provisions of this Agreement and assume all the rights and obligations set forth
herein, as if it were a signatory Shareholder part of the block of the transferor Shareholder, and the transferor shall remain jointly
and severally liable with the acquirer for compliance with all obligations under this 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 0pt 0.25in"><B>3.2.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GA
undertakes and agrees not to use the Permitted Transfers of GA to enable a Transfer of Shares that, if otherwise implemented, would be
subject to (i) the restrictions set forth in Section 8.4, (ii) the Lock-up Second GA Acquisition or (iii) the observance of the Preemptive
Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.2.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
XP Structure Permitted Transfers may only occur if the XPC Controllers, individually or jointly, maintain the ownership of voting rights
in the Company that represent more than 50% (fifty percent) of the total voting capital of XP Controle and/or the Company. Also, in the
cases of XP Structure Permitted Transfers, as set forth in Clause 3.2, item (i), the following limits shall be observed: (i) the autonomous
agents may not hold more than five percent (5%) of the share capital of XP Controle, individually or jointly; and (ii) the XPC Controllers
may not hold an interest equivalent to or lower than fifty percent (50%) of the voting capital of XP Controle. The Company and/or XP Controle,
as the case may be, shall provide to GA and Ita&uacute; information about any XP Structure Permitted Transfers, including with respect
to securities issued by XP Controle, within thirty (30) calendar days from the receipt of the respective request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.2.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is hereby agreed between the Parties that, in case of Transfer of Shares by Iupar to E. Johnston and, subsequently, by E. Johnston to
its partners (or companies fully owned by E. Johnston&rsquo;s partners, individually or collectively), the Parties shall not transfer
the Shares to E. Johnston. Johnston shareholders, individually or collectively, directly or indirectly), they shall become party to this
Agreement as Iupar Block members, and shall at all times act jointly and uniformly in block with Iupar Block members and their successors
and permitted assigns and shall be deemed to be a single party for all purposes of the obligations assumed and the exercise of the rights
provided for in this Agreement. For purposes of clarification, Ita&uacute;sa and E. Johnston (and, in the case of E. Johnston, their partners
or Subsidiaries of their partners), as well as their successors and authorized assigns, shall not be required to act en bloc and in a
uniform manner for purposes of the Transfer of Shares (whether public or private, including in relation to the exercise of the Joint Sale
Right) and the exercise of the Preemptive Right in the Subscription.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In
the event that, by virtue of one or more Permitted Iupar Block Transfers, E. Johnston (or companies wholly owned by the partners of E.
Johnston partners, individually or collectively, directly or indirectly) and their successors and authorized assignees, including natural
persons belonging to the Moreira Salles Family, may, unilaterally and without justification, at any time after October 30, 2021, unlink
part or all of the Shares issued by the Company that they hold under this Agreement, and may freely dispose of them, provided that, for
such purpose, a written notice, at least fifteen (15) days in advance, shall be sent to the other Parties to this</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Agreement and to the Company, informing about the intention
to unlink from this Agreement the Shares issued by the Company that it owns, including the number of Shares it intends to unlink from
the Agreement. The withdrawal mentioned in the present Clause 3.2.4 shall not affect the validity and effectiveness of the Shareholders&rsquo;
Agreement in relation to the other signatories of the Shareholders&rsquo; Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Retention in
case of Transfer of Control</U>. In the event of Transfer of Control of the Company by XP Controle, XP Controle and Ita&uacute; undertake
to maintain good faith discussions for the eventual creation of an Escrow account mechanism in which a percentage of the price due by
the respective Certified Buyer to XP Controle will be deposited for the payment of eventual indemnities due by XP Controle to Ita&uacute;,
as provided for in the Purchase and Sale Agreement, and such mechanism shall observe usual rules of retention and release.</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"><B>3.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Conversion
of Shares</U>. Class B Shares will be converted into Class A Shares in the proportion of one (1) to one (1), in compliance with Articles
5.5 to 5.7 of the Company&rsquo;s Articles of Incorporation, in the following cases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.3in">(i)</TD><TD>in the sole discretion of Class B Shareholders, in which event such Shareholder may elect to convert any number of Class B Shares
into Class A Shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(ii)</TD><TD>prior to any intended Transfer of Class B Shares by Private Sale to any third party that is not an Affiliate of the selling Shareholder,
unless (a) by a Transfer of Shares representing one hundred percent (100%) of the Shares owned by Ita&uacute; at the time of the sale;
and/or (b) by a Transfer that results in the Transfer of Control of the Company by XP Controle; and/or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(iii)</TD><TD>prior to any intended Transfer of Class B Shares on the Stock Exchange;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(iv)</TD><TD>with respect to GA, except for GA Shares of the Second Acquisition while the Second Acquisition GA Lock-Up is in effect, if requested
by XP Controle, at any time, in the event of any Transfer of Shares by XP Controle that results in an interest by XP Controle of less
than fifty percent (50%) plus one share of the voting capital of the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(v)</TD><TD>if, at any time, the total number of votes of Class B Shares issued by the Company represents less than 10% of the Company&rsquo;s
voting capital, all Class B Shares issued shall be automatically and immediately converted into Class A Shares, and no Class B Shares
may be issued by the Company thereafter.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Prior
Notice</U>. If a conversion of Class B Shares into Class A Shares by XP Controle may result in the involuntary increase of Ita&uacute;&rsquo;s
interest in the voting capital of the Company, XP Controle shall send a written notice to Ita&uacute; in order to communicate such event,
at least ten (10) Calendar Days in advance to the consummation of any conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.4.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
conversion of Class B Shares into Class A Shares by XP Controle and GA shall only be allowed if the number of Class A Shares and Class
B Shares to be acquired by Ita&uacute; from each of them in the Second Acquisition is preserved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Preemptive
Rights in the Subscription</U>. Except for the provisions of Articles 4.6 and 4.7 of the Company&rsquo;s Bylaws, in the event of a capital
increase of the Company, each Shareholder shall have preemptive rights, in any private offering of Shares, as well as in the cases provided
for in Article 4.4 of the Company&rsquo;s Bylaws, to subscribe new shares of the Company, proportionally to the respective interests held
in the Company&rsquo;s total and voting capital stock at the time of the capital increase in question (&ldquo;<U>Preemptive Rights</U>&rdquo;).</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 0.25in"><B>3.5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>If
the Company wishes to issue Class A Shares to raise funds in the context of a public offering on the Stock Exchange without the corresponding
Preemptive Subscription Right, pursuant to Article 4.7 of the Company&rsquo;s Bylaws (always in compliance with the Registration Rights
Agreement), the Company shall send a written notice to each Class B Shareholder, who shall have thirty (30) Calendar Days from receipt
thereof to inform the Company whether or not they agree with the issuance in reference without the corresponding Preemptive Subscription
Right. In case holders of at least two thirds (2/3) of Class B Shares agree with the issuance of Class A Shares without the corresponding
Preemptive Rights (&ldquo;<U>Waiver of Preemptive Rights</U>&rdquo;), the Company may make a public offering of Class A Shares on the
Stock Exchange excluding the Preemptive Rights. The lack of response from holders of Class B Shares within thirty (30) Calendar Days from
receipt of the written notice will be deemed to constitute agreement to the offer on the terms proposed. For purposes of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">clarity, the agreement of a Shareholder to the offer on
the terms proposed shall not be construed as creating a restriction on such Shareholder&rsquo;s ability to acquire shares in the offer
to the extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>3.5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Notwithstanding
the foregoing, in the context of a public offering of Class A Shares, if a Shareholder decides to subscribe for part of the Class A Shares
issued, the other Shareholders shall be entitled to subscribe for at least such amount of Class A Shares as will ensure that their dilution
of the Company will not be greater than the dilution of the other Shareholders, taking into account each of their respective shareholdings
at the time of the public offering in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right of Preference</U>.
Subject to the rules and exceptions set forth in CHAPTER III, in Clause 4.1. 2 below, and the provisions of CHAPTER V, if, during the
term of this Agreement, any of the Shareholders (&ldquo;Offering Shareholder&rdquo;) wishes to effect a Private Transfer or a Private
Sale of its Shares to a Certified Purchaser, the Offering Shareholder may do so only after offering the Shares in reference (&ldquo;Offered
Shares&rdquo;) to the other Shareholders (&ldquo;Offeree Shareholders&rdquo;), by giving written notice specifying (i) the name, qualification
and identification of the Offeree Shareholder (including the ultimate beneficial owner(s) controlling such Offeree Shareholder and the
group to which it belongs, if any), (ii) the number of Offered Shares, (iii) the price to be paid, in cash and payment terms, (iv) a copy
(a) of the relevant proposal of the Offeree Shareholder, which shall be irrevocable, irreversible and contain the relevant terms and conditions
of the intended purchase and sale and, (b) if available, the draft of the relevant purchase and sale agreement, (v) in case of Transfer
of Control of the Company, the confirmation that the Certified Purchaser agrees to acquire all the shares that are the object of a possible
exercise of the Joint Sale Right, and (vi) except in the case of transfers of less than one hundred percent (100%) of the shares held
by the Shareholder, the XPC Free Shares or the GA Free Shares (hypotheses in which the Certified Purchaser shall not adhere to this Agreement),
the commitment of the Certified Purchaser to adhere to this Agreement as a condition precedent to the consummation of the acquisition
of the Offered Shares, pursuant to Clause 4. 8.1 (&ldquo;<U>Preference Notice</U>&rdquo;).</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 0.25in"><B>4.1.1. </B>Ita&uacute; and Iupar Block shall not have
the Preemptive Right set forth in this CHAPTER IV in relation to any Transfer of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>4.1.2.</B> XP Controle and GA will only be entitled to
exercise the Right of First Refusal provided for in this CHAPTER IV in relation to the Shares to be Transferred by Ita&uacute; and/or
Iupar Block in the event of Transfer by Ita&uacute; and/or Iupar Block of Shares that represent, jointly or separately, in a single operation
or series of operations with a same third party, a percentage equal to or higher than 3% (three percent) of the Company&rsquo;s total
capital stock (provided that, at the time of negotiation, the sum of the series of operations equals or exceeds such percentage).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise of
the Preemptive Right</U>. Subject to the provisions of Sections 4.1.1 and 4.1.2 above, and of CHAPTERS III above and V below, the Offered
Shareholders shall be entitled to exercise the preemptive right to acquire all (and not less than all) of the Offered Shares on terms
equal to or no less favorable (in relation to the financial terms of the offer) than those described in the Preemptive Notice (&ldquo;Preemptive
Right&rdquo;). The Preemptive Right may be exercised by the Offeree Shareholders by sending a written notice to the Offering Shareholder,
with copy to the other Offeree Shareholders (&ldquo;Response Notice&rdquo;), within forty-five (45) Calendar Days from receipt of the
Preference Notice (&ldquo;Deadline for Exercise of the Preference Right&rdquo;), informing whether they intend to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.3in">(i)</TD><TD>Acquire all, and not less than all, of the Offered Shares at a price and other conditions equal to or no less favorable (in relation
to the financial terms of the offer) than those described by the Offering Shareholder in the Notice of Preference; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(ii)</TD><TD>Waive its Preemptive Right, it being understood that the following will be construed as waiving the Preemptive Right (a) failure to
deliver the Response Notice within the Preemptive Right Exercise Deadline, and/or (b) sending a Response Notice that does not include
the Offering Shareholder&rsquo;s irrevocable and irreversible obligation (such obligation may be conditioned only on the need to obtain
regulatory approvals including BACEN Approval and CADE Approval, as applicable) to acquire all of the Offered Shares on equal or no less
favorable terms, in financial terms, than those specified in the Preference Notice.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Offers by the
Offeree Shareholders</U>. The offer contained in the Response Notice shall be firm, irrevocable and irreversible, and may be conditioned
only to the need to obtain regulatory approvals, including BACEN Approval and CADE Approval, as applicable. If more than one Offeree Shareholder
exercises its Preemptive Right on time, the Offered Shares shall be sold, free and clear of any liens, to the Offeree Shareholders that
exercise the Preemptive Right, proportionally to their respective stakes in the Company&rsquo;s capital stock, excluding the stakes of
the Offering Shareholder and the Offeree Shareholders that do not exercise the Preemptive Right. If the Certified Purchaser is also a
Shareholder, the Offered Shares will be Transferred to the Offeree Shareholders that exercise their Preemptive Rights and to the Certified
Purchaser in proportion to their respective holdings in the total capital stock of the Company, excluding the holdings of the Offering
Shareholder and the other Shareholders.</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"><B>4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Closing of
the Right of First Refusal</U>. Within ten (10) Calendar Days after the Term for Exercising the Right of First Refusal (&ldquo;Term for
Informing the Offered Shareholders&rdquo;), the Offering Shareholder shall inform the Offered Shareholders that have validly exercised
their Right of First Refusal (&ldquo;Buying Shareholders&rdquo;) the number of Offered Shares that shall be acquired by each of them.
Within sixty (60) Calendar Days after the end of the Period to Inform the Offered Shareholders, the Offering Shareholder and the Buying
Shareholders shall execute an instrument (&ldquo;Preemptive Sale Agreement&rdquo;) to formalize the terms and conditions of acquisition
of the Offered Shares, which shall be free and clear of any liens (except for the liens expressly authorized in this Agreement) (&ldquo;Transfer
of the Shares of the Preemptive Right&rdquo;), reflecting the same conditions contained in the Notice of Response. If the consummation
of the Transfer of the Preemptive Shares is not subject to regulatory approvals, it shall occur simultaneously with the execution of the
Preference Sale Agreement. Otherwise, the Offering Shareholder and the Buying Shareholders shall, within thirty (30) Calendar Days after
signing the Preemptive Sale Agreement, arrange for the regulatory requests applicable to the consummation of the Transfer of the Shares
of the Preemptive Right and consummate such Transfer within ten (10) Calendar Days after obtaining the applicable approvals (&ldquo;Closing
of the Preemptive Right&rdquo;), without prejudice to the provisions of Section 4.6.</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"><B>4.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer of
the Offered Shares to the Certified Purchaser</U>. In the event of waiver of the Preemptive Right, pursuant to Section 4.2(ii), by the
Offeree Shareholders, or in the event that the Closing of the Preemptive Right does not occur pursuant to the terms of Section 4. 4 above
(except if due to a breach of obligation by the Offering Shareholder), and, in any case, provided that the eventual exercise of the Right
of Joint Sale by the Offering Shareholders, as applicable, is observed, the Offering Shareholder shall be free to Transfer the Offered
Shares to the Certified Purchaser, provided that under conditions no less favorable (from a financial perspective) than those specified
in the Preference Notice, it being understood that the Offering Shareholder and the Certified Purchaser shall enter into an agreement
within forty-five (45) Calendar Days from the waiver of the Preemptive Right or from the failure to close the Preemptive Right, as provided
above, an instrument (&ldquo;Certified Purchaser Purchase Agreement&rdquo;) to formalize the terms and conditions of the acquisition of
the Offered Shares, which shall be free and clear of any liens (except for the liens expressly authorized in this Agreement) (&ldquo;Transfer
of the Shares to the Certified Purchaser&rdquo;). If the consummation of the Transfer of Shares to the Certified Purchaser is not subject
to the receipt of regulatory approvals, it shall occur simultaneously with the execution of the Purchase Agreement with the Certified
Purchaser. Otherwise, the Offering Shareholder and the Certified Purchaser shall, within thirty (30) Calendar Days after the execution
of the Purchase Agreement with the Certified Purchaser, provide the applicable regulatory filings for the consummation of the Transfer
of Shares to the Certified Purchaser and consummate such Transfer within ten (10) Calendar Days after obtaining the applicable approvals
(&ldquo;Closing of the Transfer to the Certified Purchaser&rdquo;), without prejudice to the provisions of Section 4.7. If the Transfer
of Shares to the Certified Purchaser does not occur within the above-mentioned period, the process for exercise of the Right of First
Refusal set forth in this Chapter IV shall be reinitiated.</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"><B>4.6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing</U>.
Notwithstanding the deadlines set forth in Section 4.4 and in Section 4.5, respectively, for consummation of the Transfer of Shares of
the Preemptive Right and for consummation of the Transfer of Shares to the Certified Purchaser, the Parties agree that the consummation
of the referred Transfers of Shares shall always occur on the last Business Day of the month. Thus, if the consummation of the aforesaid
Transfers is ready to occur &ndash; i.e. if they are not subject to the fulfillment or verification of any condition -, (a) before and
including the 20th day of a given month, the consummation of the aforesaid Transfer shall occur on the last Business Day of such month,
or (b) after the 20th day of a given month, the consummation of the aforesaid Transfer shall occur on the last Business Day of the month
subsequent to such month.</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"><B>4.7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Invalidity
of Certified Purchaser Offer</U>. It shall not be valid, effective and shall not bind the Offeree Shareholders or the Company, the stipulation
by the Certified Purchaser of a condition in its offer that seeks to create restrictions on the Offeree Shareholders that are not provided
for in this Agreement or in the Company&rsquo;s</P>

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


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Articles of Incorporation. For purposes of clarity, nothing in this
clause shall prevent indemnification obligations (as applicable) contained in the Certified Purchaser&rsquo;s offer from being valid and
allocated pro rata to the Offeree Shareholders.</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"><B>4.8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Validity of
This Agreement</U>. Subject to the provisions of Sections 3.1.3 to 3.1. 5, in case of Transfer of Shares to Authorized Investors and/or
Certified Purchasers or between Shareholders, this Agreement shall remain in force and effective in all its terms and conditions, with
the assignment to such Authorized Investor, Certified Purchaser or other Shareholder, as the case may be, of the rights and obligations
of the Offering Shareholder provided for in this Agreement, except with respect to the rights exclusively granted to Ita&uacute;, Iupar
Block and GA (<I>intuitu personae</I>) as provided for in this Agreement, which shall not be transferred or affected by the Transfer of
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 0pt 0.25in"><B>4.8.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adherence
to Agreement</U>. Except as provided in Section 4.1 above, in any event, on the date of consummation of a Transfer of Shares to any Certified
Purchaser, such Certified Purchaser shall, prior to and as a precondition to the Transfer of the Offered Shares, unconditionally undertake
to adhere to and respect the provisions of this Agreement and to assume all obligations stipulated herein, as if it were an original signatory
Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CHAPTER V<BR>
TAG ALONG RIGHT OF JOINT SALE IN CASE OF TRANSFER OF COMPANY CONTROL</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right of Joint
Sale</U>. In case of Transfer of Control of the Company, subject to the rules and exceptions provided for in CHAPTER III above, the Offeree
Shareholders who decide not to exercise the Right of First Refusal, under the terms of Clause 4. 2 above, shall be entitled to require
that the Offering Shareholder that intends to Transfer Control of the Company include, in the Offered Shares to be Transferred to the
Certified Purchaser, all Shares held by such Offering Shareholders, at the same price per Offered Share and on the same terms and conditions
applicable to the Offering Shareholder&rsquo;s Offered Shares, including any price adjustments, deferred payments, indemnification obligations
and <I>earn outs</I>, as provided for in the Preemptive Notice (&ldquo;<U>Joint Sale Right</U>&rdquo;).</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 0.25in"><B>5.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>For
clarity purposes, the Joint Sale Right of Ita&uacute; and Iupar Block shall be preserved notwithstanding the provisions of Clause 4.1.1.
Therefore, even in this case, XP Controle (as Offering Shareholder) shall send to Ita&uacute; and Iupar Block the Notice of Preference
(even if Ita&uacute; and Iupar Block do not have the Right of Preference), pursuant to Clause 4.1, in order to guarantee to Ita&uacute;
and Iupar Block the possibility of sending its Notice of Joint Sale, pursuant to Clause 5.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise of
the Joint Sale Right</U>. The Offering Shareholders that decide to exercise their Right of Joint Sale (&ldquo;<U>Selling Shareholders</U>&rdquo;)
shall send, within forty-five (45) Calendar Days as from the receipt of the Preference Notice, a notification, in writing, informing the
Offering Shareholder about the exercise of the Right of Joint Sale (&ldquo;<U>Notice of Joint Sale</U>&rdquo;), which shall imply the
unconditional acceptance of all conditions set forth in the Preference Notice, it being understood that the absence of a response within
such period of forty-five (45) Calendar Days shall be construed as a waiver of the Joint Sale Right, and the Offering Shareholder may
Transfer the Offered Shares on the terms set forth in the Preference Notice, provided that none of the Offeree Shareholders has exercised
the Preference Right.</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"><B>5.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Offered Shares</U>.
If a Notice of Joint Sale has been served by one or more Offeree Shareholders pursuant to this Agreement, the Certified Purchaser shall
be obligated to acquire, in addition to the Offeree Shares, all of the Shares held by the Offeree Shareholders concerned.</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"><B>5.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Closing of
the Transfer</U>. Subject to Section 5.5 below, within forty-five (45) Calendar Days from the date on which the Notice of Joint Sale is
sent, the Offering Shareholder, the Selling Shareholders and the Certified Purchaser shall enter into an instrument (&ldquo;<U>Joint Sale
Transfer Agreement</U>&rdquo;) to formalize the terms and conditions of the Transfer of Shares in question. If the consummation of such
Transfer is not subject to regulatory approvals, the Transfer in reference shall occur simultaneously with the execution of the Transfer
Agreement in the Joint Sale. Otherwise, the Offering Shareholder, the Selling Shareholders and the Certified Purchaser shall, within thirty
(30) Calendar Days from the execution of the Transfer Agreement in the Joint Sale, arrange for the regulatory requests applicable to the
consummation of the Transfer of the Shares that are the subject matter of the Joint Sale and consummate such Transfer within ten (10)
Calendar Days from obtaining the applicable approvals (&ldquo;<U>Closing of the Joint Sale Right</U>&rdquo;), without prejudice to the
provisions of Section 5.5.</P>

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


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Notwithstanding
the deadlines set forth in Section 5.4 for consummation of the Transfer of Shares in the Joint Sale, the Parties agree that the consummation
of such Transfers of Shares shall always occur on the last Business Day of the month. Accordingly, if the consummation of any such Transfer
is ready to occur, i.e. if it is not subject to the satisfaction or verification of any condition, then (a) prior to and including the
20th day of any month, the consummation of such Transfer shall occur on the last Business Day of such month, or (b) after the 20th day
of such month, the consummation of such Transfer shall occur on the last Business Day of the month following such month.</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"><B>5.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Costs</U>.
In the event of exercise of the Joint Sale Right, all costs and expenses effectively incurred in preparing and carrying out the Transfer
of Shares, including legal and professional fees, provided they have been previously approved in writing by the Offering Shareholder,
shall be borne by the Selling and Offering Shareholders in proportion to their respective stakes in the Transferred Shares. If the Right
of Joint Sale is not exercised, the costs and expenses shall be fully borne by the Offering Shareholder.</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">CHAPTER VI<BR>
GENERAL MEETINGS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Company&rsquo;s
General Meetings</U>. Ordinary general shareholders&rsquo; meetings shall be held in the course of the fiscal year subsequent to the end
of the fiscal year in reference, and extraordinary general shareholders&rsquo; meetings (&ldquo;<U>General Meetings</U>&rdquo;) shall
be held whenever and to the extent that the corporate business so requires. The resolutions of a General Meeting, except for special matters
provided for by Law or in the Company&rsquo;s Articles of Incorporation or in this Agreement, shall be approved by Shareholders representing
the majority of the Company&rsquo;s voting capital present at the General Meeting.</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 0.25in"><B>6.1.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
Rights of Shares</U>. The Company&rsquo;s capital stock is divided into Class A Shares and Class B Shares. Each Class A Share shall be
entitled to one (1) vote and each Class B Share shall be entitled to ten (10) votes in the Company&rsquo;s resolutions at the General
Meetings. The number of votes granted to each Class B Share may be changed, provided that the rights assured to GA, Ita&uacute; and Bloco
Iupar in this Agreement are preserved and do not violate the applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>GA Vote</U>.
Subject to the provisions of this Agreement, GA, or its respective representative on the Board of Directors, shall have the right to veto
the matters listed below with respect to the Company and the Company&rsquo;s Controlled Companies (except as otherwise provided in this
Clause), provided that such veto right shall be exercised justifiably and in the best interests of the Company, and upon written notice:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.3in">(a)</TD><TD>Conclusion by the Company and/or the Company&rsquo;s Subsidiaries of association with other companies, merger, spin-off, incorporation,
acquisition, partnership, profit sharing agreements, or, further, the disposal by the Company of assets that, in any of the cases, exceed
the amount equivalent to 33.33% (thirty-three point thirty-three percent) of the Company&rsquo;s gross revenue of the last twelve (12)
months;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(b)</TD><TD>Annual investments (CAPEX) by the Company or the Company&rsquo;s Controlled Companies, not foreseen in the Annual Budget and in an
amount that, if considered separately or in the aggregate, exceeds by more than 10% (ten percent) the amount equivalent to the Company&rsquo;s
consolidated annual gross revenue;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(c)</TD><TD>Any corporate restructuring involving the Company or the Company&rsquo;s Controlled Companies that adversely impacts the value of
GA&rsquo;s stake in the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(d)</TD><TD>Granting or assumption of loans and rendering of guarantees, by the Company or the Company&rsquo;s Controlled Companies, in an amount
that, if considered separately or in the aggregate, exceeds the amount equivalent to fifty percent (50%) of the Consolidated Annual EBITDA
calculated based on the last audited balance sheet, except loans contracted and guarantees provided in the normal course of business of
the Company and/or the Company&rsquo;s Controlled Companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(e)</TD><TD>Distribution of dividends in an amount exceeding fifty percent (50%) of the Company&rsquo;s net income for a given year, after all
legally required adjustments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(f)</TD><TD>Capital increase of the Company or of the Company&rsquo;s Controlled Companies by means of the issue of new shares, whenever the issue
price of the shares considers an evaluation (valuation) of the Company lower than R$ 3,150,000. 000.00 (three billion, one hundred and
fifty million reais), corrected by the General Price Index &ndash; Market (IGP-M), calculated and disclosed by Funda&ccedil;&atilde;o
Get&uacute;lio Vargas, as of May 25, 2016,</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-indent: 0in">except in case of disposal to employees,
managers or collaborators who participate or will participate in the activities and/or business of the Company and/or the Company&rsquo;s
Subsidiaries, as a form of incentive and/or award for the achievement of goals and/or results, whenever approved by the Company&rsquo;s
Board of Directors and up to a total limit of five percent (5%) of the capital stock of the Company and/or the Company&rsquo;s Subsidiaries,
as the case may be;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-indent: 0in">&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: 0.25in"></TD><TD STYLE="width: 0.3in">(g)</TD><TD>Operations involving, on one side, the Company or the Controlled Companies of the Company, and, on the other side, XP Controle, or
any other direct or indirect Controlled Companies of XP Controle (except the Company and its Controlled Companies), their respective direct
or indirect Controlling shareholders, or their spouses and first and second degree relatives, any managers of the Company or of the Company&rsquo;s
Controlled Companies, or their spouses and first and second degree relatives, and/or any direct or indirect Controlled Companies of such
persons (&ldquo;Related Parties&rdquo;), except for transactions in which the Related Parties (a) act as clients of the Company and/or
of the Company&rsquo;s Controlled Companies in transactions carried out in the normal course of the Company&rsquo;s and/or of the Company&rsquo;s
Controlled Companies&rsquo; activities (b) are autonomous investment agents hired by XP CCTVM; (c) are directly or indirectly controlled
companies of the Company; and (d) receive shares or securities convertible into shares issued by the Company and/or the Company&rsquo;s
Controlled Companies, in the capacity of employees, managers, or collaborators who participate or will participate in the activities and/or
business of the Company and/or the Company&rsquo;s Controlled Companies, as a form of incentive and/or award for the achievement of goals
and/or results, whenever approved by the Company&rsquo;s Board of Directors and up to a total limit of 5% (five percent) of the capital
stock of the Company and/or the Company&rsquo;s Controlled Companies, as the case may be, provided that, in any case, the operations are
carried out in the normal course of the Company&rsquo;s and/or the Company&rsquo;s Controlled Companies&rsquo; activities and under commutative
conditions, observing market practices;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(h)</TD><TD>Amendment or reform of the Company&rsquo;s Articles of Incorporation or Bylaws or Articles of Incorporation, as applicable, of the
Company&rsquo;s Subsidiaries that has a material adverse effect on the rights granted to GA under this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(i)</TD><TD>Sale, lease, rental, abandonment or other disposition by the Company and/or the Company&rsquo;s Subsidiaries of customer portfolio
and technology platform that has a material adverse effect on the activities of the Company and/or the Company&rsquo;s Subsidiaries; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(j)</TD><TD>sale, assignment, transfer or license of any Intellectual Property rights held by the Company&rsquo;s Subsidiaries that has a material
adverse effect on the activities of the Company and/or the Company&rsquo;s Subsidiaries; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(k)</TD><TD>sale, assignment, transfer or license of any Intellectual Property rights held by the Company&rsquo;s Subsidiaries that has a material
adverse effect on the activities of the Company and/or the Company&rsquo;s Subsidiaries.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>6.2.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GA
may only exercise the veto rights provided in items (a) and (b) until full consummation of the Second Acquisition, as provided for in
the Purchase and Sale Agreement. In any case, the veto rights provided for in this Clause 6.2 will cease to be effective, automatically
and regardless of any amendment to this Agreement, if GA holds less than 44,095 602 shares issued by the Company, which number shall be
duly adjusted to reflect any reverse split and/or split and/or similar operations performed by the Company and which results in a change
in the number of Shares of the same class owned by all Shareholders of the Company, being changed in the same manner and proportion, in
any case, other than by a Transfer of Shares by such Shareholder. Except for the vetoes provided for in items (a), (d) and (f), which
are granted exclusively in favor of GA (intuitu personae), the veto rights and exercise rules provided for herein shall apply mutatis
mutandis to Authorized Investors who acquire the Free GA Shares pursuant to Clause 3. 1.4(ii) and/or to Certified Purchasers who acquire
GA Shares pursuant to Section 3.1.5.1(ii), provided that none of the respective Shares acquired are subsequently transferred by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The vote of the
members of the Company&rsquo;s Board of Directors shall always be exercised in the best interests of the Company. The eventual exercise
of GA&rsquo;s veto rights, as provided for in this Agreement, shall always be accompanied by reasonable justification, in writing, and
containing the reasons for the veto of the deliberated matter. Observed the rules for installation of the Meeting or meeting of the Board
of Directors, the absence or abstentions of vote of GA, whether in General Meetings or meetings of the Board of Directors, shall not prevent
the approval of</P>

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


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the matters listed in Clause 6.2 above, as from the second call to
the meeting or meeting in question, as the case may be.</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"><B>6.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Corporate Documents</U>.
Exhibit 6.4 contains the true and complete content of the Company&rsquo;s Articles of Incorporation, the Bylaws or Articles of Incorporation
of the Company&rsquo;s Subsidiaries shall be amended, as applicable, in order to conform their provisions to the provisions of this Agreement.
Such alterations shall be submitted to BACEN&rsquo;s approval when applicable.</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"><B>6.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation</U>.
The Company will make its best efforts to cooperate, in good faith, and provide documents and information, as reasonably requested by
Ita&uacute;, in connection with any operation carried out by the Company, directly or indirectly by its subsidiaries, which results in
a new, or increase of, ownership interest by the Company in any other company in Brazil or abroad, so that Ita&uacute; may comply, if
necessary, with CMN Resolution No. 2723/2000.</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">CHAPTER VII<BR>
MANAGEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>Section I
&ndash; General Provisions</U></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"><B>7.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Management
of the Company</U>. The Company shall be managed by a Board of Directors and by an Executive Board, with the powers granted by applicable
Law and pursuant to the Company&rsquo;s Articles of Incorporation.</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"><B>7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Investiture</U>.
The members of the Board of Directors and the Executive Officers of the Company shall take office pursuant to the Company&rsquo;s Bylaws
and to applicable Law and shall be subject to the requirements, impediments, duties, obligations and responsibilities set forth in applicable
Law, and shall remain in office until their successors are elected and take office.</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"><B>7.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Management
of the Company&rsquo;s Controlled Companies</U>. The management of the Company&rsquo;s Controlled Companies will reflect, whenever applicable,
the terms of this Agreement regarding the composition of the management bodies, the form of indicating the managers and their respective
competencies and attributions. The Company&rsquo;s Controlled Companies undertake from now on to take all the necessary measures to make
the administration of the Company&rsquo;s Controlled Companies be adapted and reflect all the terms of this 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"><FONT STYLE="font-weight: normal"><U>Section II
&ndash; Board of Directors</U></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"><B>7.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Composition
of the Company&rsquo;s Board of Directors</U>. With due regard for Clause 7.4.4, the Company&rsquo;s Board of Directors shall be composed
of up to twelve (12) members (or a greater number if necessary to comply with the provisions of the items below), elected and removable
at any time by the General Meeting, in accordance with the following terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.3in">(a)</TD><TD>GA shall have the right to appoint (and replace, at any time, at its sole discretion) 1 (one) member and his/her respective alternate.
If GA&rsquo;s shareholding in the Company&rsquo;s total capital stock is reduced to below 5%, GA shall no longer have the right to appoint
any member to the Board of Directors. Additionally, in the occurrence of any event described in Section 8.4.5, and while such event lasts,
the right of GA to appoint 1 (one) member to the Company&rsquo;s Board of Directors shall be suspended and XP Controle shall have the
right to appoint 1 (one) additional member.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(b)</TD><TD>Iupar Block, together, shall have the right to appoint (and replace, at any time, at its sole discretion), 2 (two) members and their
respective alternates, one of them being a member of the Audit Committee. If the shareholding in Iupar Block (or its successors or assigns
under this Agreement) in the Company&rsquo;s total share capital, taken together, is reduced to less than 5%, Iupar Block (or its successors
or assigns under this Agreement) shall no longer have the right to appoint any member to the Board of Directors. If the shares are no
longer held by Iupar and are held by its members, directly or indirectly, the right of indication shall become the right of Ita&uacute;sa
(or its successors or assigns, pursuant to this Agreement). If the shareholding in Ita&uacute;sa (or its affiliates, except Ita&uacute;
and its subsidiaries), plus the shareholding in E. Johnston (or its affiliates, except Ita&uacute; and its subsidiaries) in the total
share capital of the Company, together, is reduced to less than 5%, Ita&uacute;sa (or its successors or assigns, under this Agreement)
shall have no more rights to appoint the Board of Directors.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.25in"></TD><TD STYLE="width: 0.3in">(c)</TD><TD>As required by Law, the Board of Directors of the Company shall also have 3 (three) Independent Directors, who will necessarily be
members of the Audit Committee and will be appointed in the form referred to in clause 7.15.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(d)</TD><TD>XP Controle shall have the right to appoint (and replace, at any time, at its sole discretion) the other members and their respective
alternates, and it is certain that, while XP Controle is the holder of the Company&rsquo;s Control, XP Controle shall have the right to
appoint the majority of the members, without prejudice to the provisions of the above items.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Shareholders
shall vote at the General Meetings of the Company to elect to the Board of Directors the persons appointed by XP Controle, Iupar Block
and GA, in the terms set out above. If any Shareholder wishes to exercise his rights to appoint or replace a member of the Board of Directors
in the form above, such Shareholder shall request the convocation of a General Meeting of the Company, in which case the Company and Shareholders
shall have such an assembly convened within 10 (ten) calendar days of such request. In the event that the indication of an Independent
Director is required by Law and XP Controle holds at least the control shares of the XPC, the composition of the Board of Directors will
be adjusted to the extent necessary to ensure that (I) XP Controle always maintains the right to elect the majority of the members of
the Board of Directors; and (ii) the extent provided in clauses 7.4(a) and 7.4(b) is observed, and it is certain that Independent Director
should not be considered in such composition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>If
a transfer of shares is implemented by GA that results (I) in the transfer of 100% (one hundred per cent) of the authorized GA shares
to authorized investors (with full discharge of the respective price), pursuant to clause 3.1.4(ii), and/or (ii) in the transfer of 100%
(one hundred per cent) of the GA shares to authorized investors and/or certified buyers (with full discharge of the respective price),
in the terms of clause 3.1.5.1(ii), Such authorized investors and/or certified buyers, as the case may be, shall gain the right to appoint
and replace, 1 (one) member of the Board of Directors, noting that the Board of Directors shall have its membership increased in order
to maintain the same representation of Shareholders as provided for in this clause 7.4 and to ensure that XP Controle, while holding the
Company&rsquo;s Control, shall retain the right to appoint the majority of the Board of Directors members. If the same authorized Investor(s)
or Certified Buyer(s) earn the right to appoint and replace, in a separate vote, 2 (two) members of the Board of Directors by virtue of
having purchased 100% (one hundred per cent) of the GA Free shares pursuant to clause 3.1.4(ii), and/or 100% (one hundred per cent) of
GA&rsquo;s shares of ownership, pursuant to clause 3.1.5.1(ii), the Board of Directors shall have its membership increased so that the
Iupar Block retains the right to elect and replace at any time, together 2 members under clause 7.4(b) (one of them being a member of
the Audit Committee), and XP Controle maintains the right to appoint the majority of the Board of the Company&rsquo;s Control Board of
the Board of the Control. In other cases, including in the case of sale of GA shares, XP Controle will retain, as long as XP Controle
holds the Company&rsquo;s Control, the right to appoint and replace at any time, in a separate vote, 7 (seven) members and Iupar Block
the right to appoint and replace, as long as it holds representative shares of at least 5% of the Company&rsquo;s total share capital,
2 (two) members, as well as their respective alternates, if any, in accordance with clause 7.4(b), there may be, at the discretion of
each of the above-mentioned Shareholders, the election of independent members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In
the event that new shareholders are admitted to the Company and such shareholders have a legal prerogative to appoint members of the Company&rsquo;s
Board of Directors and intend to exercise such right in General Meeting, Shareholders are already obligated to exercise their voting rights
to approve the increase in the number of members of the Company&rsquo;s Board of Directors, if necessary, in order to ensure representativeness
to such third parties and to maintain, as far as possible, the same proportion of the Company&rsquo;s Shareholders&rsquo; representation
as the Company&rsquo;s Control clause 4, as is provided for the Company&rsquo;s Control, while the Company&rsquo;s Control is provided
for the Company. XP Controle shall be granted the right to appoint the majority of members of the Board of Directors and Iupar Block as
provided for in clause 7.4(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Replacement
in the event of resignation, permanent impediment or dismissal</U>. In the event of permanent impediment, resignation or dismissal of
any member of the Board of Directors appointed by any of the Shareholders during the term of office for which he was elected, the Shareholder
who has appointed the member of the Board of Directors shall appoint his deputy, and the other Shareholders agree to take all necessary
steps to implement the election in reference.</P>

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


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Replacement
in case of temporary absence or impediment</U>. In the event of temporary impediment or absence, the member of the Board of Directors
temporarily prevented or absent may appoint another member of the Board of Directors or alternate member, so that the latter may vote
on his behalf at the meetings of 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"><B>7.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Mandate</U>.
The term of office of the members of the Board of Directors shall be unified for two (2) years, and re-election shall be permitted.</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"><B>7.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Meetings of
the Board of Directors</U>. The Board of Directors of the Company and/or its subsidiaries, as applicable, will meet every 3 (three) months,
in accordance with the annual schedule to be approved by the Board of Directors at the first meeting of each year, regardless of any call,
or, extraordinarily, whenever necessary. Extraordinary meetings of the Board of Directors shall be convened by its chairman, his deputy
or any members of the Board of Directors, at least eight (8) calendar days in advance and with the presentation of the agenda of the matters
to be dealt with and presentation of the relevant documents. In the first convocation, the meetings of the Board of Directors shall be
installed with the presence of a majority of its members, provided that 1 (one) member appointed by GA and 1 (one) member appointed by
Iupar Block are present, in accordance with clause 7.4(b). If this quorum is not reached, the meeting shall be convened again in advance
of five (5) calendar days, with a written communication to the members of the Board of Directors, and in a second call, the meeting may
be held with the presence of any number of members of 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">The decisions of the Board of Directors, subject to the vetoes provided
for in clauses 6.2 above, shall be taken by a majority of the votes of the members present. Meetings shall be admitted by means of teleconference,
videoconference or other means of communication, and such participation shall be considered as a personal presence at that meeting. Members
of the Board of Directors who participate remotely in the Board of Directors meeting shall express their votes by letter, facsimile or
e-mail that uniquely identifies the sender.</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"><B>7.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Competence
of the Board of Directors</U>. Without prejudice to other matters of competence of the Company&rsquo;s Board of Directors provided for
in the applicable Law and the Company&rsquo;s bylaws, it shall be the responsibility of the Board of Directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.3in">(i)</TD><TD>Approve the Business Plan for the Company, which should cover all its business and the business of the Company&rsquo;s subsidiaries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(ii)</TD><TD>Approve the Annual Budget for the Company, which should cover the Company&rsquo;s subsidiaries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(iii)</TD><TD>Approve operations related to the realization, by the Company and/or by the Company&rsquo;s subsidiaries, of association with other
companies, merger, spin-off, acquisition, partnership, profit-sharing agreements, or, in addition, the acquisition or disposal of any
assets that resemble those transactions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.9.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Each
Party undertakes to ensure that the members of the Board of Directors appointed by it consider in good faith all reasonable written recommendations
issued by the Audit Committee. The Board of Directors shall, after consulting the Company&rsquo;s external auditor, reasonably and in
writing justify the reasons for not following any written recommendation of the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Business Plan</U>.
The Company&rsquo;s business plan will be elaborated by the Board of Directors and submitted to the approval of the Company&rsquo;s Board
of Directors, and will contain, in general, the guidelines of strategies and direction for the conduct of the Company&rsquo;s business
and the Company&rsquo;s subsidiaries, comprising the period of 5 (five) future years and including the definition of CAPEX (&ldquo;Business
Plan&rdquo;).</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"><B>7.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Annual Budget</U>.
The annual budget of the Company shall be drawn up by the Board of Directors and shall be submitted to the approval of the Board of Directors
of the Company, and shall contain, with monthly details: (i) a detailed plan of operations of the Company and its subsidiaries; (ii) comments
of the Board of Directors and the Officers; and (iii) the balance sheet, income statements and cash flow designed individually and consolidated,
containing for each item of revenue, expense or CAPEX, value, nature and maturity details (&ldquo;Annual Budget&rdquo;).</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 0.25in"><B>7.11.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
members of the Board of Directors will be invited to participate in the discussions related to the preparation of the Annual Budget by
the Board of Officers prior to its submission for approval by the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>Section III
&ndash; Board of Officers</U></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"><B>7.12.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Structure
of the Board of Officers</U>. The Company&rsquo;s Board of Officers will be formed of 3 (three) to 10 (ten) members, 1 (one) CEO, 1 (one)
Chief Financial Officer and the other Officers without specific designation, elected and dismissing at any time by the members of 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"><B>7.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Mandate</U>.
The mandate of the Company&rsquo;s Directors will be 2 (two) years, and re-election is permitted.</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"><FONT STYLE="font-weight: normal"><U>Section IV
&ndash; Committees</U></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"><B>7.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Committees</U>.
The Company will count among others that the Board of Directors determines, with the following committees: (i) Audit Committee; and (ii)
People and Compensation Committee. Except as provided for in clause 7.16, the present committees have, and the future committees, if created,
will have, advisory function only (and not decision-making or executive), and must present to the Board of Officers or Board of Directors,
as appropriate, the result of their work, suggestions and recommendations in relation to the topics evaluated.</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 0.25in"><B>7.14.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>GA
will have the prerogative to appoint one of the members to participate in each committee that will be created pursuant to this clause
7.14, observed clause 7.15.1, provided that it appoints experienced professionals with recognized reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Audit Committee</U>.
The Company&rsquo;s Audit Committee shall be governed by the Company&rsquo;s bylaws and its Internal rules of procedure, and shall, among
other responsibilities, supervise the Company&rsquo;s internal auditing policies and practices and advise the Board of Directors of the
adoption and/or changes in its financial and accounting principles, practices or methods. The Company Audit Committee has an advisory
role to the Board of Directors and its recommendations are not binding except as required by the Brazilian Stock Exchange and SEC rules.</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 0.25in"><B>7.15.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Audit Committee of the Company will be composed of three (3) members who, while required by Law, will also be Independent Directors and
will be appointed by the Shareholders in the form below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.3in">(i)</TD><TD>while Iupar Block (including successors or assignees of Iupar and/or Ita&uacute;sa by way of allowable transfers Iupar Block, pursuant
to this Agreement) jointly holds at least 5% (five percent) of the Company&rsquo;s total share capital, Iupar Block (including successors
or assignees of Iupar and/or Ita&uacute;sa by virtue of allowable transfers Iupar Block under this Agreement) shall have the right to
appoint together 1 (one) member of the Company Audit Committee (being such member of the Audit Committee and Board of Directors considered
as a member appointed by Iupar Block for the purposes of clause 7.4(b), while required by Law. If the shares are no longer held by Iupar
and are held by its members, directly or indirectly, the right of indication shall become the right of Ita&uacute;sa (or its successors
or assigns, pursuant to this Agreement). If Ita&uacute;sa (or its affiliates, except Ita&uacute; and its subsidiaries) total shares, added
to the equity stake of E. Johnston (or its affiliates, except Ita&uacute; and its subsidiaries) in the total share capital of the Company,
as a whole, is reduced to less than 5%, Ita&uacute;sa (or its successors or assigns, under this Agreement) will no longer have the right
to appoint any member to the Audit Committee.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(ii)</TD><TD>XP Controle shall have the right to appoint 2 (two) members of the Company&rsquo;s Audit Committee, including its Chairman, who shall
also be a member of the Board of Directors as Independent Director, while required by Law (in addition to the other members already appointed
by XP Controle in the form of clause 7.4(d)).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(iii)</TD><TD>GA shall have the right to appoint 1 (one) observer to the Company Audit Committee, who may participate in the Audit Committee meetings,
without voting rights.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>7.15.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In
the event that the structure of the Audit Committee is increased to more than three (3) members, XP Controle shall have the right to appoint
new members, in any case, provided that they comply with the requirements set out in the Brazilian Stock Exchange and SEC Rules. In this
case, as required by Law, the number of members of the Board of Directors shall be adjusted in accordance with the provisions of clause
7.4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Committee
on persons and compensation</U>. The Committee on persons and compensation shall be governed by the Company&rsquo;s bylaws and its internal
rules, and shall, among other responsibilities, discuss (I) compensation plans,</P>

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


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii) promotions, (iii) career development plans, (iv) policies of attraction
and retention, and (v) the performance of the CEO. The Committee on persons and compensation shall have an advisory role to the Board
of Directors and its recommendations to the Board of Directors shall not be binding except for the administration and implementation of
the Company&rsquo;s long-term incentive plan, in which the Committee on persons and remuneration shall have a decision-making and executive
role, and shall be responsible for appointing the participants of such a plan, determining the types of incentives to be offered and their
conditions, and the allocation of such incentives to the applicable measures, as are appropriate for the implementation.</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">CHAPTER VIII<BR>
ADDITIONAL OBLIGATIONS OF THE PARTIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>8.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Audit</U>.
The financial statements of the Company and of the Company&rsquo;s subsidiaries shall always be drawn up in accordance with the terms
of the applicable Law and in accordance with the IFRS &ndash; International Financial Reporting standards, and shall be audited by an
audit firm selected under this 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"><B>8.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Access to information</U>.
The Company shall provide GA and Iupar Block with the Company information listed in <B>Exhibit 8.2</B> at the intervals described therein.
The rights provided for in this clause are conferred exclusively on GA and members of Iupar Block (<I>intuitu personae</I>).</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 0.25in"><B>8.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>It
is already agreed between the Parties that GA, Ita&uacute; and Iupar Block may, regardless of notification or consent of other Shareholders,
disclose any of the information referred to in clause 8.2 and Exhibit 8.2, as well as any other information to which they have access
pursuant to the provisions of this Agreement, or any other applicable regulation or law (&ldquo;Information&rdquo;) solely for (I) any
of its affiliates; And/or (ii) any of its respective employees, representatives, lenders, direct or indirect investors and/or potential
investors, provided that, cumulatively, (a) GA, Ita&uacute; and Iupar Block are responsible for the confidentiality of the information
transmitted and for the losses that disclosure of such information by such persons may cause to the Company and/or to the Company&rsquo;s
subsidiaries; (b) the disclosure of the information by GA or Ita&uacute; or Iupar Block to the persons listed herein is intended to prepare
financial statements, provide accounts and/or analyze the investment made in the Company and/or in the Company&rsquo;s subsidiaries, or
comply with applicable laws or regulations; and (c) the information disclosed by GA or Ita&uacute; or Iupar Block does not cover information
which, in the reasonable and joint evaluation of the manager and administrator of GA or Ita&uacute; or Iupar Block, as applicable, and
considering the interest of the Company and its subsidiaries, is strategic and may harm the Company or its subsidiaries if disclosed to
lenders, direct or indirect investors and/or potential investors of the Company/or its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>8.2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In
the event that the Company does not comply with the obligations set out in clause 8.2 above, GA and Iupar Block are already authorized
to request that an audit firm prepare and deliver such information and documents at its expense, to the extent that the audit firm can
do so, in which case the Company&rsquo;s directors and the Company&rsquo;s subsidiaries should assist the audit firm in obtaining the
necessary information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>8.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Confidentiality</U>.
The Parties undertake reciprocally to, as long as they are Company Shareholders and for a period of five (5) years from the date on which
they cease to be Shareholders: (i) not to allow access to the confidential information of the other Parties by third parties other than
their directors, employees, representatives, agents or consultants, and to such information only to the extent necessary to enable the
object of this Agreement to be fulfilled; (ii) not to use any of the confidential information received by the other Parties; The limitations
set forth in this Agreement for the disclosure of confidential information are not applicable to confidential information which: (a) were,
at this date, public domain; (b) were known by the receiving Party at the time of its disclosure and were not obtained, directly or indirectly,
from the supplying Party or from third parties which, in the best knowledge of the receiving Party, were subject to a duty of confidentiality;
(c) have become known to the public in general, after this date, as a result of action or omission by the informing party or any of its
representatives; (d) become public knowledge after disclosure to the receiving party, without any participation in such disclosure; or
(e) are disclosed as a result of compliance with the Law, provided that (1) the receiving Party promptly sends written communication to
the informing Party about the Law, and undertakes to abide by the terms of any judicial protection that may be obtained by the informing
Party, and (2) disclosure is restricted to the minimum of information, as strictly necessary to meet the order or requirement.</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"><B>8.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-compete</U>.
Except as provided by the Company or its subsidiaries, GA and its affiliates (&ldquo;restricted persons of GA&rdquo;) are obliged not
to participate, in any of the forms provided for in clause 8.4.1 below, in exchange brokerage (I) and securities and securities; (ii)
the distribution of securities and securities; or (iii) the management of client</P>

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


<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">resources (&ldquo;restricted activities of GA&rdquo;) in any locality
of the Federative Republic of Brazil (&ldquo;territory&rdquo;). Except as provided by the Company or its subsidiaries, XP Controle and
its respective affiliates and key employees (&ldquo;restricted persons of XP Controle&rdquo; and, in conjunction with restricted persons
of GA, &ldquo;restricted persons&rdquo;), are obliged not to engage, in any form provided for in clause 8.4.1 below, in activities of
(I) insurance brokerage and exchange and securities; (ii) securities distribution; (iii) management of client resources, or (iv) commercial
and investment bank currently exercised by the Company or its subsidiaries and any other commercial bank and investment activities that
may be carried out by the Company or its subsidiaries during the term of this Agreement (&ldquo;restricted activities of XP Controle&rdquo;
and, in conjunction with the restricted activities of GA, the &ldquo;restricted activities&rdquo;) in the Territory.</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 0.25in"><B>8.4.1</B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of clause 8.4, and with its exceptions, the restricted persons may not (a) participate, directly or indirectly, as partners,
shareholders, member, investors, in; (b) lending or managing; (c) act as employees of, consultants or service providers to, or (d) associate
with any persons who develop or engage in restricted activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>8.4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
obligations provided for in this clause 8.4 shall remain in force in respect of each of the restricted persons for as long as they remain
as shareholders, direct or indirect, of the Company and for a period of five (5) years from the date on which the respective restricted
person ceases to be a shareholder, directly or indirectly, of the Company and/or its subsidiaries, except in relation to GA, being certainty
that the obligations provided for in this clause 8.4 applicable to it will remain in force for as long as it remains a direct or indirect
shareholder of the Company and for a period of two (2) years from the date on which the GA ceases to be a shareholder, directly or indirectly,
of the Company and/or its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>8.4.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
non-compete obligations provided for in this clause 8.4 and sub-items do not apply (i) to the GA affiliates whose main activities are
not developed in the Brazilian territory, which may operate in Brazil, directly or through a controlled company, provided that the members
of the Company&rsquo;s management and/or the Company&rsquo;s subsidiaries appointed by them do not exercise management position in the
affiliates referred to in this clause 8.4.3 or in their subsidiaries operating in Brazil; And (ii) to persons who are affiliates or the
portfolio of funds from which General Atlantic LP (or one of its affiliates) is general partner. In addition, GA and its respective affiliates
will be allowed to participate directly or indirectly in a person who develops, directly or indirectly, activities that are competing
with the business, provided that such activities are not the main activity of its statutory purpose (i.e. that they are performed in a
non-preponderant or ancillary manner), and in this hypothesis, such participation will not be considered as a breach of obligation assumed
in clause 8.4 and 8.4.1 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>8.4.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection to GA and its affiliates, the performance of any of the restricted activities, pursuant to clause 8.4.1, shall be considered
a violation of its non-compete obligation only if, immediately after such restricted activity has been carried out, GA and/or its affiliates,
as applicable, and as long as the non-compliance continues, (i) do not waive their political rights in the Company and its subsidiaries,
and (ii) do not consummate the resignation or dismissal of the member of the Board of Directors of the Company appointed by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>8.4.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In
the event of non-compliance with the obligations provided for in this clause 8.4, the defaulting party shall have 30 (thirty) calendar
days, counted from the notification sent by the innocent party, to remedy the default stated in the notification, on the grounds that
(i) the restricted person in question (except GA) indemnify the innocent party for the loss and damage caused; and (ii) GA to have its
political rights suspended. In the event of suspension of the political rights of GA pursuant to clause 8.4.4, XP Controle shall have
the right to temporarily appoint 1 (one) additional member to the Board of Directors of the Company. As soon as the default is resolved,
GA shall notify XP Controle and/or the Company, in order to restore its right to appoint 1 (one) member of the Company&rsquo;s Board of
Directors, in accordance with this Agreement. The prerogatives described in this clause 8.4.5 shall be exercised in a reasonable manner
by the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>8.4.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Parties agree that the restrictions contained in this clause 8.4 are reasonable and necessary for the protection of the Company&rsquo;s
business and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>8.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-solicitation</U>.
GA, XP Controle and each of the Controladores XPC, as well as their respective affiliates, undertake not to contract, persuade or attempt
to persuade in any form any of the key employees to leave their employment or position or to terminate their link with XP Control, the
Company and/or the Company&rsquo;s subsidiaries, within the following deadlines: (i) with respect to XP Controle and Controladores XPC,
while each of these remains as a direct or indirect shareholder of the Company and/or of the Company&rsquo;s subsidiaries and for five
(5) years</P>

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


<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">counted from the date on which, respectively, they cease to be a shareholder,
directly or indirectly, of the Company and/or of the Company&rsquo;s subsidiaries; and (ii) in relation to GA, while remaining as a direct
or indirect shareholder of the Company and/or of the Company&rsquo;s subsidiaries and for 2 (two) years counted from the date on which,
respectively, it ceases to be a shareholder, directly or indirectly, of the Company and/or of the Company&rsquo;s subsidiaries. The extent
provided for in clause 8.5(I) shall not be construed as a limitation of the Company to freely remove, dismiss, discharge, or no reelect
any Key Employee.</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">CHAPTER IX<BR>
REPRESENTATIONS AND WARRANTIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>9.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Representations
and Warranties of the Parties</U>. Each Party, individually and without solidarity with one another, represents and warrants to the other
Parties that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.3in">(i)</TD><TD>Has full capacity to sign this Agreement or to contract, assume, fulfill and perform the duties and obligations laid down therein;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(ii)</TD><TD>The assumption and execution of the obligations contained in this Agreement shall not result in any breach, default or falsehood of
any nature and to any degree, in agreement, contract, declaration or any other instrument concluded or provided by the Parties or to which
the Parties are bound or subject; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(iii)</TD><TD>This Agreement has been freely and lawfully agreed upon and concluded by the Parties and constitutes a valid, effective, and binding
obligation assumed by the Parties, which is required in accordance with the terms and extent defined in this Agreement.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>10.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
and Duration</U>. This Agreement shall remain valid and in force until October 30, 2026 (&ldquo;term of duration&rdquo;) and shall cease
to apply and shall automatically terminate with respect to a Party, when that Party ceases to hold Company shares (except for obligations
that remain in force after the termination of this Agreement, in compliance with clauses 2.1.2, 2.1.3 and 3.2.4).</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">CHAPTER XI<BR>
GOVERNING LAW AND DISPUTE RESOLUTION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>11.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement will be governed by and construed in accordance with Brazilian Law.</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"><B>11.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Arbitration</U>.
Any and all disputes arising out of and/or in connection with this Agreement and the Company&rsquo;s Social Contract in relation to the
rights and obligations of Shareholders, including its existence, validity, effectiveness, interpretation, performance, termination and/or
repeal (&ldquo;disputes&rdquo;), involving any of the Parties and/or the consenting intervening party, including any successors, shall
be settled by arbitration conducted by the Arbitration and Mediation Center of the Brazil-Canada Chamber of Commerce (&ldquo;CAM-CCBC&rdquo;),
in accordance with its arbitration regulation in force on the date of the request for arbitration (&ldquo;Regulation&rdquo;), except for
amendments herein and to law 9,307/96.</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 0.25in"><B>11.2.1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
arbitration panel shall be composed of three (3) arbitrators, of whom one (1) shall be appointed by the claimant(s) and one (1) by the
respondent party(s) in accordance with the Regulation. If there is more than one claimant and/or more than one respondent, the claimants
and/or respondents shall together appoint their respective arbitrator. The third arbitrator, who shall act as President of the arbitration
panel, shall be chosen jointly by the 2 (two) arbitrators appointed by the parties to the arbitration. If the parties to the arbitration
do not appoint their respective arbitrators, or if the arbitrators appointed by the parties to the arbitration do not appoint the third
arbitrator pursuant to the Regulation, the missing appointments shall be made by the President of the CAM-CCBC in the form of the Regulation.
Any dispute concerning the appointment of arbitrators by the parties to the arbitration and the choice of the third arbitrator shall be
settled by the CAM-CCBC. The Parties and the Consenting Intervening Parties shall depart from the application of the Regulation limiting
the choice of the President of arbitration chamber to the list of arbitrators from CAM-CCBC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of arbitration proceedings involving 3 (three) or more parties in which they cannot be gathered in blocks of claimants and respondents,
all the parties to the arbitration together shall appoint two</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(two) arbitrators within 15 (fifteen) calendar days from
the date of receipt of the notification of the CAM-CCBC Secretariat. The third arbitrator, who shall act as chairman of the arbitration
panel, shall be chosen by the arbitrators appointed by the parties to the arbitration within 15 (fifteen) calendar days from the acceptance
of the charge by the last arbitrator or, if this is not possible for any reason, by the President of the CAM-CCBC in accordance with the
Regulation. If the parties to the arbitration do not jointly appoint the 2 (two) arbitrators, all members of the arbitration panel shall
be appointed by the President of the CAM-CCBC in accordance with the Regulation, which shall designate one of them to act as President
of the arbitration panel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
arbitration shall take place in the city of Sao Paulo, state of Sao Paulo, Brazil, where the award will be made. The language of arbitration
shall be Portuguese.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Law
No 9,307/96 shall be the law applicable to arbitration. The arbitration panel shall judge the merits of the dispute in accordance with
applicable Brazilian law, which shall not be judged by equity principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
arbitration panel may grant the urgent, temporary, and definitive injunction as it deems appropriate, including those directed to the
specific fulfillment of the obligations provided for in this Agreement. Any order, decision, determination, or award given by the arbitration
panel shall be final and binding on the Parties, their successors and/or the agreed actors, who expressly waive any appeal. The arbitral
award may be executed before any judicial authority having jurisdiction over the Parties and/or the consenting intervening party and/or
their assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties and/or the Consenting Intervening Parties appoint the main judicial district of the city of Sao Paulo, state of Sao Paulo, Brazil,
except for any other, however privileged, for the sole purpose of obtaining urgent measures for the protection or safeguarding of rights
prior to the establishment of the arbitration panel, without this being considered as a waiver of arbitration. Any relief granted by the
Judiciary should be promptly notified by the party requesting such a measure to CAM-CCBC. The arbitration panel, once constituted, may
review, maintain, or revoke the reliefs granted by the Judiciary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties and/or the Consenting Intervening Parties undertake not to disclose (and not to permit disclosure of) any confidential information
except as provided for in clause 8.3. Any dispute relating to the obligation of confidentiality under this Agreement shall be settled
by the arbitration panel in a final and binding manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the signing of the arbitration term, the CAM-CCBC shall be competent to decide, at the request of the Parties, on the consolidation
of arbitration proceedings under this Agreement or any other related instrument under the Regulation. Upon the signing of the arbitration
term, this competence for consolidation of arbitration proceedings shall be the first arbitration panel constituted, and its decision
shall be binding on all Parties and/or the Consenting Intervening Parties. In any case, consolidation may occur only if (a) the arbitration
clauses are compatible with each other; (b) the arbitration procedures to be consolidated <I>(b.1)</I> have the same object or cause to
request; or <I>(b.2)</I> there is an identity of parties and cause to request between the procedures and the object of one of them, since
it is broader, covers that of the others; (c) consolidation in such circumstances does not result in unjustified delays in resolving disputes.
The decision by the CAM-CCBC or the arbitration panel, as the case may be, to consolidate the proceedings shall be final and binding,
and the Parties and/or the Consenting Intervening Parties expressly waive any right to appeal against such a decision. The Parties and/or
the Consenting Intervening Parties agree that, upon the determination of consolidation of the procedures, if necessary, they shall promptly
terminate any arbitration instituted whose object has been consolidated in another arbitration proceeding under this clause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
costs of the arbitral proceedings, including, but not limited to, the administrative costs of the CAM-CCBC, and the fees of the arbitrators
and experts, where applicable, shall be borne by each Party in the form of the Regulation or in accordance with the specific determination
issued by the arbitral tribunal. When the award is delivered, the arbitral tribunal shall determine the reimbursement of these costs to
the prevailing party(s) in proportion to the succumbing of the party(s) due, as well as the attorneys&rsquo; fees of succumbing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>11.2.10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Consenting Intervening Parties shall expressly be bound by this arbitration clause for all purposes of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Filing and
Registration</U>. The Company and Shareholders are obliged to close this Agreement at the Company&rsquo;s headquarters on this date (and
are obliged to make it happen in the Company&rsquo;s subsidiaries, respecting the respective corporate types), in the form and for the
purposes of the provisions of Article 118 of Law no. 6,404/76.</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"><B>12.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Inconsistency
clauses</U>. In the event of conflict or divergence between the clauses of this Agreement and the Company&rsquo;s bylaws, or the Company&rsquo;s
corporate documents, the provisions of this Agreement shall prevail (and, in order to ensure this, the parties undertake to take all available
measures, including the right to vote to add any conflicting provision in the Company&rsquo;s bylaws). This Agreement shall automatically
replace and prevail over any other agreements binding the shares and shares of the Company and its subsidiaries, as applicable.</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"><B>12.3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement</U>.
This Agreement constitutes the final and entire agreement between the Parties and fully supersedes any other prior agreements that bind
the Shares. Any other agreement that binds, directly or indirectly, the Shares of the Company and/or its Controlled Companies may only
be executed by any of the Parties if the rights of the other Parties assured in this Agreement are maintained and preserved. In case of
conflict between this Agreement and other agreements, this Agreement shall always prevail, and the Party that has entered into another
agreement shall take all necessary measures to ensure that this Agreement is observed and prevails over the others.</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"><B>12.4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Irrevocability
and Irretractability</U>. This Agreement is irrevocable and irreversible. The Parties undertake to fully comply with and enforce everything
agreed between them in this Agreement, by which they acknowledge and affirm to be null and void, between them or any third party, any
attitude and/or measure taken in disagreement with what is agreed herein and/or that represents violation of the obligations assumed by
the Parties in this 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"><B>12.5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
This Agreement binds and benefits the Parties, their heirs and successors and assignees. Except if otherwise provided for in this Agreement,
the assignment of obligations and rights of this Agreement by any of the Parties requires prior written consent of the other Parties,
except in relation to Ita&uacute;, which may assign its rights and obligations to any of its Affiliates, and shall remain jointly liable
for the fulfillment of all obligations under this 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"><B>12.6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independence</U>.
If at any time any provision of this Agreement is held illegal, void or unenforceable by any court of competent jurisdiction, such provision
shall have no force or effect, and the illegality or enforceability of such provision shall have no effect on and shall not impair the
enforceability of any other provision of this Agreement, being that the Parties shall maintain negotiations in good faith, aiming to replace
the invalid or unenforceable provision by another that, within possibility and reasonableness, achieves the same purposes and effects
intended by the Parties to this Agreement, always seeking alternatives and negotiating instruments that preserve the economic and financial
balance of the obligations provided for in this 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"><B>12.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Amendments</U>.
Any and all modifications, amendments or additions to this Agreement shall only be valid if made by written instrument, signed by all
Parties.</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"><B>12.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Waiver</U>.
The eventual tolerance or abstention of any of the Parties to the exercise of rights and privileges provided for in this Agreement shall
not mean waiver or novation thereof, which may be invoked or exercised at any time, subject to the applicable law in force. Any waiver
may only be challenged when granted in writing.</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"><B>12.9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
Except as otherwise specifically provided herein, each Party shall bear its own expenses incurred in the preparation, negotiation, execution
and implementation of this Agreement and other documents provided for herein, including all fees and expenses of agents, consultants,
advisors, brokers, representatives, attorneys and accountants.</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"><B>12.10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>.
Except as otherwise provided in this Agreement, each Party shall be responsible for paying any Taxes of which it is, by Law, a taxpayer
in connection with the transactions contemplated by this 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"><B>12.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Notices</U>.
All notices or communications required to be given by either Party to the other shall be given by hand-delivered letter, registered mail
or courier service or email with return receipt, to:</P>

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


<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>If to XP Controle</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">XP Controle Participa&ccedil;&otilde;es S.A.<BR>
Av. Presidente Juscelino Kubitscheck n. 1909, 30th floor<BR>
Vila Ol&iacute;mpia, CEP 04543-907<BR>
S&atilde;o Paulo &ndash; SP<BR>
Phone: (11) 3027-2212<BR>
Email: fabricio.almeida@xpi.com.br<BR>
Attn: Mr. Fabricio Cunha de Almeida</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">With copy (which shall not constitute notification) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">BMA Advogados<BR>
Largo do Ibam 1, 5th floor, Humait&aacute;, Rio de Janeiro, CEP<BR>
Email: <FONT STYLE="color: blue"><U>abc@bmalaw.com.br </U></FONT>/ <FONT STYLE="color: blue"><U>cgc@bmalaw.com.br</U></FONT><BR>
Actor: Amir Bocayuva Cunha / Camila Goldberg Cavalcanti</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>If to GA</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">Brigadeiro Faria Lima, 3477 &ndash; Torre A &ndash; 7&deg;
andar cj. 73, CEP 04530-001<BR>
S&atilde;o Paulo &ndash; SP<BR>
Telephone: (11) 32966100<BR>
Fax: (11) 32966144<BR>
Email: mescobari@generalatlantic.com / rcatunda@generalatlantic.com<BR>
Attn: Mr. Martin Escobari / Mr. Rodrigo Catunda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">With courtesy copy to (which shall not constitute notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">General Atlantic Service Company, LP.<BR>
Park Avenue Plaza, 55 East 52nd Street, 33rd floor<BR>
New York, New York<BR>
10055, USA<BR>
Phone: +1-212-715-4044<BR>
Fax: +1-917-206-1944<BR>
Email: DRosenstein@generalatlantic.com<BR>
Attn: Mr. David Rosenstein</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>If for Ita&uacute; and/or Ita&uacute; Unibanco</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">Alfredo Egydio de Souza Aranha Square, n&ordm; 100<BR>
Concei&ccedil;&atilde;o Tower, 12th floor, Jabaquara Park<BR>
S&atilde;o Paulo, SP, Zip Code: 04344 902<BR>
Email: fernando.chagas@itau-unibanco.com.br<BR>
Attn: Fernando Della Torre Chagas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">With copy (which shall not constitute notification) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">Alfredo Egydio de Souza Aranha Square, n&ordm; 100<BR>
Concei&ccedil;&atilde;o Tower, 1st floor, Jabaquara Park<BR>
S&atilde;o Paulo, SP, Zip Code 04344 902<BR>
Email: alvaro.rodrigues@itau-unibanco.com.br<BR>
Attn: &Aacute;lvaro F. Rizzi Rodrigues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>If to Ita&uacute;sa and/or Iupar Block</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">Legal, Compliance and Corporate Risk Department<BR>
Paulista Avenue, 1938, 18th floor<BR>
Bela Vista, S&atilde;o Paulo, SP, CEP 01310-200<BR>
Email: fernanda.caramuru@itausa.com.br</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>


<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">Attn: Maria Fernanda Ribas Caramuru</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">With copy (which shall not constitute notification) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">Lobo de Rizzo Lawyers<BR>
Avenida Brigadeiro Faria Lima, 3,900, 12th floor<BR>
Itaim, S&atilde;o Paulo, SP, Zip Code 04538-132<BR>
Email: otavio.valerio@ldr.com.br<BR>
Attn: Ot&aacute;vio L.S. Val&eacute;rio</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>If to E. Johnston and/or Iupar Block</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">Board of Directors<BR>
Brigadeiro Faria Lima, 4.440 &ndash; 16th floor<BR>
04538-132 &ndash; S&atilde;o Paulo/SP<BR>
Attn: Marcia Maria Freitas de Aguiar<BR>
Email: marcia.freitas@bwsa.com.br</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">With copy (which shall not constitute notification) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">Highway Washington Luiz (SP 310) km 307,<BR>
Mat&atilde;o &ndash; SP<BR>
Attn: Roberto Carlos de Nobile<BR>
Email: roberto.nobile@bwsa.com.br</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>If to the Company</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">Av. Presidente Juscelino Kubitscheck n. 1909, 30th floor<BR>
Vila Ol&iacute;mpia, CEP 04543-907<BR>
S&atilde;o Paulo &ndash; SP, Brazil<BR>
Phone: (11) 3027-2212<BR>
E-mail: fabricio.almeida@xpi.com.br<I><BR>
</I>Attn: Mr. Fabricio Cunha de Almeida</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>12.11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
notices delivered in accordance with this clause will be deemed given: (i) at the time they are delivered, if delivered personally; or
(ii) at the time they are received, if sent by registered letter, email or courier service with acknowledgment of receipt, or through
a notarial route. In the specific case of email, it will be necessary to send a registered letter or courier service within five (5) Calendar
Days after the sending of the email.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Any of the Parties
or the Consenting Intervening Parties may change its address for notifications, provided that it informs the other Parties and Consenting
Intervening Parties of such change by written notice.</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"><B>12.13.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consenting
Intervening Parties</U>. The Consenting Intervening Parties sign this Agreement, expressly consenting to all of its terms, and undertaking
to: (i) respect, comply with and cause to be complied with all of the provisions of this Agreement, as provided under any applicable Law;
and (ii) refrain from recording, enforcing or taking actions of any nature that may represent a violation of any provision of this 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"><B>12.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Specific
Performance</U>. The Parties undertake to comply with, formalize and perform their obligations always in strict compliance with the terms
and conditions set forth in this Agreement. The Parties hereby acknowledge and agree that the payment of losses and damages may not be
sufficient remedy to repair the breach of the provisions of this Agreement, so that all obligations assumed or that may be required under
this Agreement shall be subject to specific performance under Law No. 13,105/15 (Brazilian Code of Civil Procedure). The Parties do not
waive any action or remedy to which they may be entitled at any time. The Parties expressly admit and bind themselves to the specific
performance of their obligations and to accept judicial orders or any other similar acts.</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"><B>12.15.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Language</U>.
This Agreement is concluded between the Parties in Portuguese.</P>

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


<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FREE TRANSLATION</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12.16.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Electronic
Signature</U>. The signatories declare and acknowledge that this Agreement (and its attachments), signed electronically through the platform
<FONT STYLE="background-color: lightgrey">[DocuSign]</FONT>, with digital signature waiver with the use of certificates issued according
to the parameters of the Brazilian Public Key Infrastructure &ndash; ICP-Brazil, or digitally signed with the use of certificates issued
according to the parameters of ICP-Brazil, (a) is valid and effective, faithfully representing the rights and obligations agreed upon;
and (b) has evidential value, since it is able to preserve the integrity of its content and is suitable to prove the authorship of the
signatures of the signatory parties, hereby waiving any right to claim otherwise and assuming the burden of proof to the contrary. An
electronic signature by a natural person, even if made only once, shall be considered valid, effective and binding upon his or her own
natural person, any natural person, legal entity or fund of which he or she is the proxy or legal representative. The effective date of
this Agreement, for all purposes, shall be the date indicated at the end of the Agreement, even if digital or electronic signatures are
affixed on a different date. The place of execution of this Agreement, for all purposes, will be the place indicated at the end of the
Agreement, even if any signatory may digitally or electronically sign this Agreement at a different place. A digital or electronic signature
shall not bind a signatory until all signatories have signed the 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">And, in witness whereof, the parties hereto execute this Agreement
electronically, with the two (2) undersigned witnesses.</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">S&atilde;o Paulo, October 1, 2021.</P>

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


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signatures page 1/2 of the Second Amendment
to the XP Inc. Shareholders&rsquo; Agreement,<BR>
executed on October 1, 2021</I>]</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"><U>Parties</U>:</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">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Fabricio Cunha de Almeida</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Bernardo Amaral Botelho</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP CONTROLE PARTICIPA&Ccedil;&Otilde;ES
S.A.</B></P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Michael Gosk</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GENERAL ATLANTIC (XP)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BERMUDA, LP</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ &Aacute;lvaro F. Rizzi Rodrigues</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Fernando Della Torre Chagas</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ITA&Uacute; UNIBANCO HOLDING S.A.</B></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Maria Fernanda Ribas Caramuru</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>/s/ Marcia Maria Freitas de Aguiar</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IUPAR ITA&Uacute; UNIBANCO</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PARTICIPA&Ccedil;&Otilde;ES S.A.</B></P></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"><U>/s/ Maria Fernanda Ribas Caramuru</U></P>

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

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

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


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Consenting Intervening Parties</U>:</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"><U>/s/ Fabricio Cunha de Almeida</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XP INC.</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"><U>/s/ Fabricio Cunha de Almeida<BR>
/s/ Bernardo Amaral Botelho<BR>
</U><B>XP INVESTIMENTOS S.A.<BR>
XP CONTROLE 3 PARTICIPA&Ccedil;&Otilde;ES S.A.<BR>
XP INVESTIMENTOS CORRETORA DE C&Acirc;MBIO T&Iacute;TULOS E VALORES MOBILI&Aacute;RIOS S.A.<BR>
BANCO XP S.A.<BR>
XP CONTROLE 4 PARTICIPA&Ccedil;&Otilde;ES S.A.<BR>
XP VIDA E PREVID&Ecirc;NCIA S.A.<BR>
XP FINAN&Ccedil;AS ASSESSORIA FINANCEIRA LTDA.<BR>
XP CORRETORA DE SEGUROS LTDA.<BR>
XP ADVISORY GEST&Atilde;O DE RECURSOS LTDA.<BR>
XP VISTA ASSET MANAGEMENT LTDA.<BR>
XP GEST&Atilde;O DE RECURSOS LTDA.<BR>
INFOSTOCKS INFORMA&Ccedil;&Otilde;ES E SISTEMAS LTDA.<BR>
XPE INFOMONEY EDUCA&Ccedil;&Atilde;O ASSESSORIA EMPRESARIAL E PARTICIPA&Ccedil;&Otilde;ES LTDA.<BR>
TECFINANCE INFORM&Aacute;TICA E PROJETOS DE SISTEMAS LTDA.<BR>
ANTECIPA S.A.<BR>
CARTEIRA ONLINE CONTROLE DE INVESTIMENTOS LTDA</B>.<B><BR>
DM10 CORRETORA DE SEGUROS E ASSESSORIA LTDA.<BR>
XP ALLOCATION ASSET MANAGEMENT LTDA.<BR>
XP LT GEST&Atilde;O DE RECURSOS LTDA.<BR>
XP PE GEST&Atilde;O DE RECURSOS LTDA.<BR>
TRACK &Iacute;NDICES CONSULTORIA LTDA.<BR>
SPITI AN&Aacute;LISE LTDA.<BR>
XP EVENTOS LTDA.<BR>
XP COMERCIALIZADORA DE ENERGIA LTDA.<BR>
XPROJECT PARTICIPA&Ccedil;&Otilde;ES S.A.</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"><U>/s/ Guilherme Dias Fernandes Benchimol</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GUILHERME DIAS FERNANDES BENCHIMOL</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"><U>/s/ Marcia Maria Freitas de Aguiar</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMPANHIA E. JOHNSTON DE PARTICIPA&Ccedil;&Otilde;ES</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"><U>Witnesses</U>:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. <U>/s/ Fernanda Pereira Da Silva Nassif</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Fernanda Pereira Da Silva Nassif</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ID: 28234481-1</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CPF/ME: 160.528.697-47</P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. <U>/s/ Fl&aacute;via Reno</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Fl&aacute;via Reno</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Id: 40.426.668-X</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CPF/MF: 416.950.328-70</P></TD></TR>
  </TABLE>
<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">[<I>Signature page 2/2 of the Second Amendment to the XP Inc. Shareholders&rsquo;
Agreement, executed October 1, 2021</I>]</P>

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


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TO THE SHAREHOLDERS AGREEMENT OF XP INC.</P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 283px; width: 632px"></P>

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


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TO THE SHAREHOLDERS AGREEMENT OF XP INC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>CONTROLLING
SHAREHOLDERS XP CONTROLE</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 0.25in"><B>1)</B></TD><TD><B>GUILHERME DIAS FERNANDES BENCHIMOL</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"><B>2)</B></TD><TD><B>CARLOS ALBERTO FERREIRA FILHO</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"><B>3)</B></TD><TD><B>GABRIEL KLAS DA ROCHA LEAL</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"><B>4)</B></TD><TD><B>FABR&Iacute;CIO CUNHA DE ALMEIDA</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"><B>5)</B></TD><TD><B>BERNARDO AMARAL BOTELHO</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"><B>6)</B></TD><TD><B>BRUNO CONSTANTINO ALEXANDRE DOS SANTOS</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"><B>7)</B></TD><TD><B>GUILHERME SANT&rsquo;ANNA MONTEIRO DA SILVA</B></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TO THE SHAREHOLDERS AGREEMENT OF XP INC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>KEY EMPLOYEES</U></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; text-align: center"><B>Funcion&aacute;rios-Chave</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">1.&#9;Alexandre Doyle Maia</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">2.&#9;Anamaria Ribeiro Lima Pereira Pimenta</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">3.&#9;Andr&eacute; Algranti</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">4.&#9;Andr&eacute; Biagini de Amorim</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">5.&#9;Antonio Augusto Monteiro Meireles</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">6.&#9;Bazili Rossi Swioklo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">7.&#9;Benny Rubinsztejn</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">8.&#9;Beny Podlubny</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">9.&#9;Bernardo Amaral Botelho</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">10.&#9;Bianca de Menezes Juliano</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">11.&#9;Bruno Constantino Alexandre dos Santos</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">12.&#9;Bruno Cunha Bagnoli</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">13.&#9;Caio Bastos Azevedo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">14.&#9;Caio Boria de Oliveira</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">15.&#9;Caio Henrique Murad Peres</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">16.&#9;Carlos Alberto Ferreira Filho</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">17.&#9;Carlos Henrique Ferraz Castellotti</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">18.&#9;Daniel Albernaz Lemos</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">19.&#9;Eduardo Lopes Hargreaves</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">20.&#9;Emmanuil Gambini Ingesis</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">21.&#9;Fabio Roberto Baumfeld Issack</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">22.&#9;Fabricio Cunha de Almeida</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">23.&#9;Fausto Silva Filho</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">24.&#9;Felipe Trindade</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">25.&#9;Fernando Augusto Coelho Ferreira de Basconcellos</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">26.&#9;Frederico Arieta da Costa Ferreira</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">27.&#9;Gabriel Klas da Rocha Leal</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">28.&#9;Guilherme Dias Fernandes Benchimol</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">29.&#9;Gustavo Pimentel Barboza Pires</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">30.&#9;Jo&atilde;o Luiz Moreira de Mascarenhas Braga</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">31.&#9;Jos&eacute; Celson Pl&aacute;cido Teixeira Junior</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid">32.&#9;Jos&eacute; Eduardo Ferraz Sebasti&atilde;o</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">33.&#9;Julio Capua Ramos da Silva</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">34.&#9;Julio Cezar Anastacio Machado</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">35.&#9;Marcello Soledade Poggi de Arag&atilde;o</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">36.&#9;Marcio Ezequiel Monteiro de Barros</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">37.&#9;Marcos de Andrade Peixoto Filho</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">38.&#9;Marcos Vinicios Corazza Martinez</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">39.&#9;Matheus Schaumloffel</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">40.&#9;Pedro Augusto Mesquita Prado</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">41.&#9;Pedro Henrique Cristoforo da Silveira</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">42.&#9;Pedro Henrique Dias Boesel</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">43.&#9;Rafael Balbo Piazzon</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">44.&#9;Rafael Bordalo Quintas</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">45.&#9;Rafael Guerino Furlanetti</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">46.&#9;Raony Bourscheidt Rossetti</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">47.&#9;Rodrigo Neiva Furtado</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">48.&#9;Rodrigo Raimundo Regis</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">49.&#9;Rogerio Figueiredo de Carvalho e Silva</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">50.&#9;Rubens Nunes Machado</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">51.&#9;Victor Andreu Mansur Farinassi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">52.&#9;Zeina Abdel Latif</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 39; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT 6.4</U></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TO THE SHAREHOLDERS AGREEMENT OF XP INC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>COMPANY&rsquo;S
ARTICLES OF INCORPORATION</U></FONT></P>

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


<!-- Field: Page; Sequence: 40; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT 8.2</U></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TO THE SHAREHOLDERS AGREEMENT OF XP INC.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING</P>

<P STYLE="font: bold 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">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="padding-bottom: 4pt; width: 55%; border: Black 1pt solid; padding-left: 2pt"><B>Description</B></TD>
    <TD STYLE="padding-bottom: 4pt; width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt"><B>Periodicity</B></TD>
    <TD STYLE="padding-bottom: 4pt; width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt"><B>Tentative Schedule</B></TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; padding-bottom: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Balance sheet and income statement</TD>
    <TD ROWSPAN="5" STYLE="padding-left: 2pt; padding-bottom: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Monthly</TD>
    <TD ROWSPAN="5" STYLE="padding-left: 2pt; padding-bottom: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Up to the 13th business day of the subsequent month</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; padding-bottom: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Analytical trial balance</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; padding-bottom: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Other Comprehensive Income</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; padding-bottom: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Changes in stockholders&rsquo; equity</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; padding-bottom: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Shareholding position and changes in treasury shares</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; padding-bottom: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Information for purposes of the notes to the financial statements of relevant investments and segments</TD>
    <TD STYLE="padding-left: 2pt; padding-bottom: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Quarterly</TD>
    <TD STYLE="padding-left: 2pt; padding-bottom: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Up to the 16th business day of the quarter end</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MANAGERIAL &ndash;
CONTROLLER</P>

<P STYLE="font: bold 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">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="padding-bottom: 6pt; width: 55%; border: Black 1pt solid; padding-left: 2pt"><B>Description</B></TD>
    <TD STYLE="padding-bottom: 6pt; width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt"><B>Periodicity</B></TD>
    <TD STYLE="padding-bottom: 6pt; width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt"><B>Tentative Schedule</B></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2pt">Managerial DRE 1Q, 2Q and 3Q</TD>
    <TD ROWSPAN="2" STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt">Quarterly</TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt">Up to the 4th week of the month subsequent to closing</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2pt">4Q Managerial DRE</TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt">By the end of January of each year</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2pt">Summarized annual budget with monthly breakdown, reviewed every six months (forecast)</TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt">Half-yearly</TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt">To be agreed, as soon as it is available</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVESTOR RELATIONS</P>

<P STYLE="font: bold 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">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="padding-bottom: 6pt; width: 55%; border: Black 1pt solid; padding-left: 2pt"><B>Description</B></TD>
    <TD STYLE="padding-bottom: 6pt; width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt"><B>Periodicity</B></TD>
    <TD STYLE="padding-bottom: 6pt; width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt"><B>Tentative Schedule</B></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2pt">Information on quarterly performance for Ita&uacute;sa&rsquo;s <I>Earnings Release</I></TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 2pt">Quarterly</TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt">To be agreed, as soon as the first version is available</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2pt">Sustainability information for Integrated Reporting</TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 2pt">Annual</TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt">January to March</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2pt">Sustainability information for indices and initiatives (CDP, DJSI, ISE, etc.)</TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 2pt">Annual</TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt">Between June and September</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2pt">Communication of possible Material Facts (corporate impacts/reorganizations and/or relevant acquisitions)</TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 2pt">Sporadic</TD>
    <TD STYLE="padding-bottom: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2pt">Before disclosure to the market</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 41; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.F
<SEQUENCE>7
<FILENAME>dp164143_ex99f.htm
<DESCRIPTION>EXHIBIT F
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit F</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED AGREEMENT ON REGISTRATION
RIGHTS AND OTHER RESALES</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">dated as of October 1, 2021</P>

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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


<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->




<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: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle; background-color: rgb(213,234,234)">
    <TD>Section 1.</TD>
    <TD COLSPAN="2">Defined Terms; Rules of Construction.</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font-size: 11pt; vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; width: 5%">1.1</TD>
    <TD STYLE="vertical-align: middle; width: 78%">Defined Terms.</TD>
    <TD STYLE="vertical-align: middle; width: 9%; text-align: right">2</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 4pt; font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; vertical-align: middle; text-align: left">1.2</TD>
    <TD STYLE="padding-bottom: 4pt; vertical-align: middle">Rules of Construction.</TD>
    <TD STYLE="padding-bottom: 4pt; vertical-align: middle; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Section 2.</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt">Demand Registration.</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 4pt">Section 3.</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt">Registrations on Form F-3.</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Section 4.</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt">Piggyback Registration.</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 4pt">Section 5.</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt">Holdback Agreement.</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Section 6.</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt">Preparation and Filing.</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 4pt">Section 7.</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt">Expenses.</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Section 8.</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt">Indemnification.</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 4pt">Section 9.</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt">Underwriting Agreement.</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Section 10.</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt">Suspension.</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 4pt">Section 11.</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt">Information by Holder.</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Section 12.</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt">Cooperation Regarding Unregistered Sales.</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 4pt">Section 13.</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt">Termination.</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Section 14.</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt">Limitation on Other Registration Rights.</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: rgb(213,234,234)">
    <TD>Section 15.</TD>
    <TD COLSPAN="2">Miscellaneous.</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.1</TD>
    <TD STYLE="vertical-align: middle">Notices.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.2</TD>
    <TD STYLE="vertical-align: middle">Assignment.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.3</TD>
    <TD STYLE="vertical-align: middle">Entire Agreement.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.4</TD>
    <TD STYLE="vertical-align: middle">Modifications, Amendments and Waivers.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.5</TD>
    <TD STYLE="vertical-align: middle">Counterparts.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.6</TD>
    <TD STYLE="vertical-align: middle">Governing Law.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.7</TD>
    <TD STYLE="vertical-align: middle">Submission to Jurisdiction; Waiver of Jury Trial.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.8</TD>
    <TD STYLE="vertical-align: middle">Severability.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.9</TD>
    <TD STYLE="vertical-align: middle">No Presumption.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.1</TD>
    <TD STYLE="vertical-align: middle">No Third Party Beneficiary.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.11</TD>
    <TD STYLE="vertical-align: middle">Non-Recourse.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.12</TD>
    <TD STYLE="vertical-align: middle">Specific Performance.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.13</TD>
    <TD STYLE="vertical-align: middle">Business Days.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.14</TD>
    <TD STYLE="vertical-align: middle">Electronic Execution.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font-size: 11pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">15.15</TD>
    <TD STYLE="vertical-align: middle">Captions.</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">i</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Amended and Restated Registration Rights
Agreement dated as of October 1, 2021 (this &ldquo;<B>Agreement</B>&rdquo;), is by and among XP INC., an exempted company with limited
liability under the laws of the Cayman Islands (the &ldquo;<B>Company</B>&rdquo;), and by XP Controle Participa&ccedil;&otilde;es S.A.
(&ldquo;<B>XP Controle</B>&rdquo;), General Atlantic (XP) Bermuda, L.P., a Bermuda exempted limited partnership (&ldquo;<B>G.A.</B>&rdquo;),
Ita&uacute; Unibanco Holding S.A. (&ldquo;<B>IUH</B>&rdquo;), IUPAR Ita&uacute; Unibanco Participa&ccedil;&otilde;es S.A. (&ldquo;<B>IUPAR</B>&rdquo;)
and Ita&uacute;sa S.A. (&ldquo;<B>Ita&uacute;sa</B>&rdquo;) (collectively, the &ldquo;<B>Shareholders</B>&rdquo;). Capitalized terms used
but not defined elsewhere herein have the meanings assigned to them in Section 1.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Company, XP Controle, G.A. and ITB
Holding Brasil Participa&ccedil;&otilde;es Ltda (&ldquo;<B>ITB Holding</B>&rdquo;) previously entered into a Registration Rights Agreement
dated as of December 1, 2019 (the &ldquo;<B>Original Registration Rights Agreement</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, IUH has carried out a corporate restructuring
pursuant to which IUH transferred a portion of its Shares (as defined below) of the Company into a newly formed corporation, XPart S.A.
(&ldquo;<B>XPart</B>&rdquo;), through a series of spin-off transactions (the &ldquo;<B>Ita&uacute; Restructuring</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Company entered into a Brazilian
law governed Assumption of Reciprocal Obligations Agreements dated January 31, 2021, as amended <I>(Termos de Acordo e Assun&ccedil;&atilde;o
de Obriga&ccedil;&otilde;es Rec&iacute;procas</I>, or the &ldquo;<B>Reciprocal Obligations Agreements</B>&rdquo;) by and among the Company,
IUH, Ita&uacute; Unibanco S.A., IUPAR, Ita&uacute;sa, ITB Holding, XP Controle and G.A. in connection with a corporate restructuring,
pursuant to which XPart would be merged with and into the Company and as a result of which, holders of XPart shares (including IUPAR and
Ita&uacute;sa) would become shareholders of the Company (the &ldquo;<B>Merger</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Merger was approved on this date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, following the Merger, IUPAR and Ita&uacute;sa
hold only Class A Common Shares in the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, Ita&uacute;sa and Companhia E. Johnston
de Participa&ccedil;&otilde;es S.A. (&ldquo;<B>Companhia E. Johnston</B>&rdquo;), which is controlled by members of the Moreira Salles
family, are the sole shareholders of IUPAR;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Shareholders and certain other parties
named therein have entered into a Shareholders&rsquo; Agreement dated as of November 29, 2019, as amended on March 24, 2020 and on the
date hereof (the &ldquo;<B>Shareholders&rsquo; Agreement</B>&rdquo;), to, among other things, regulate and organize their relationship
as direct shareholders of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Shareholders hold Class A Common
Shares and Class B Common Shares, which are convertible into Class A Common Shares as set forth in the Company&rsquo;s Memorandum and
Articles of Association;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, to the extent reasonably requested by
the Company, the Shareholders will convert any Shares held by them to a class of shares specified by the Company, for inclusion in any
registration statement contemplated herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Shareholders are entitled to the
benefits of this Agreement with respect to all Shares they hold in the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Company is willing to grant registration
rights to the Shareholders with respect to any Shares held by them at any time, whether entitled to voting rights or otherwise, on the
terms and conditions set out in this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, in connection with the Reciprocal Obligations
Agreements, the Ita&uacute; Restructuring and the Merger, the parties hereto desire to amend and restate the Original Registration Rights
Agreement in its entirety to set forth certain registration rights applicable to IUPAR and Ita&uacute;sa and certain related matters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NOW, THEREFORE, in consideration of the premises
and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties agree to amend and restate the Original Registration Rights Agreement as follows, such amendment
and restatement to become effective on the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>1.&#9;<U>Defined Terms; Rules of Construction</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined
Terms</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Capitalized terms used and not otherwise defined
in this Agreement have the meanings ascribed to them below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Affiliate</B>&rdquo; means, in relation
to one Person, any Person that is, directly or indirectly, (i) Controlled by, (ii) Controlling, or (iii) under common Control with such
other Person, as of the date on which, or at any time during the period in which, such affiliate status is determined. In addition, it
shall be considered an &ldquo;Affiliate&rdquo; of G.A. (a) any fund of which General Atlantic LLC or any entity of the General Atlantic
group is the manager (<I>gestor</I>), administrator (<I>administrador</I>) or general partner or (b) any entity that is Controlled by
such fund and/or its Affiliates. For the sake of clarification, the term &ldquo;Affiliate&rdquo; shall exclude companies (i) that are
in the investment portfolio of such fund, but (ii) that are not Controlled by it (including the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Agreement</B>&rdquo; has the meaning
set forth in the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>BACEN</B>&rdquo; means the Central Bank
of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Block Trade</B>&rdquo; has the meaning
set forth in Section 3(c) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Business Day</B>&rdquo; means any day
other than Saturday, Sunday or a day on which commercial banks are required or authorized by law to remain closed in the Cayman Islands,
in the United States of America or in the cities of Rio de Janeiro, State of Rio de Janeiro, Brazil and S&atilde;o Paulo, State of S&atilde;o
Paulo, Brazil, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>CADE</B>&rdquo; means the Administrative
Council of Economic Defense (<I>Conselho de Administrativo de Defesa Econ&ocirc;mica</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Class A Common Shares</B>&rdquo; means
class A common shares of a nominal or par value of US$0.00001 each in the capital of the Company having the rights provided for in the
Memorandum and Articles of Association, and any shares into which such class A common shares may be converted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Class B Common Shares</B>&rdquo; means
class B common shares of a nominal or par value of US$0.00001 each in the capital of the Company having the rights provided for in the
Memorandum and Articles of Association, and any shares into which such class B common shares may be converted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Company</B>&rdquo; has the meaning set
forth in the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Company Notice</B>&rdquo; has the meaning
set forth in Section 2(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Control</B>&rdquo; means the power (i)
to permanently assure, either directly or indirectly, severally or by means of agreement, the majority of votes in resolutions of quotaholders
or shareholders of one Person and (ii) to elect the majority of the members of the board of directors or management of a Person. The terms
&ldquo;Controlled&rdquo; and &ldquo;Controlling&rdquo; shall be construed accordingly with this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>CVM</B>&rdquo; means the Brazilian Securities
Exchange Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Delay/Suspension Period</B>&rdquo; has
the meaning set forth in Section 10 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Demand Notice</B>&rdquo; has the meaning
set forth in Section 2(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Demand Registration</B>&rdquo; has the
meaning set forth in Section 2(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Eligible Holders</B>&rdquo; has the
meaning set forth in Section 2(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Exchange Act</B>&rdquo; means the Securities
Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>FINRA</B>&rdquo; means the Financial
Industry Regulatory Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Form F-3</B>&rdquo; means such form
under the Securities Act as in effect on the date of this Agreement or any successor registration form under the Securities Act subsequently
adopted by the SEC that permits inclusion or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">incorporation of substantial information by reference
to other documents filed by the Company with the SEC in a similar or comparable manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Governmental Authority</B>&rdquo; means
(i) the federal government, any state or municipal government or other national or foreign political subdivision with jurisdiction over
the applicable Person; (ii) an executive, regulatory, legislative, judicial or administrative government entity or authority with jurisdiction
over the applicable Person, whether national or foreign, which includes, with respect to items (i) and (ii) above, their respective bodies,
autonomous government entities, self-regulatory entities, divisions, departments, boards, representation offices, agencies or commissions,
including the SEC, CVM, CADE and BACEN; (iii) a single court, tribunal or judicial, administrative or arbitration body; or (iv) any stock
exchange or organized over-the-counter market to which the applicable Person is subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Holder</B>&rdquo; shall mean the Shareholders
or any of their Affiliates, so long as such Person holds any Registrable Shares or Class B Common Shares convertible into Registrable
Shares, and any Person owning Registrable Shares or Class B Common Shares convertible into Registrable Shares who is a permitted transferee
of rights under Section&nbsp;15.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Initiating Holder</B>&rdquo; has the
meaning set forth in Section 2(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>IPO</B>&rdquo; means the Company&rsquo;s
initial public offering of Class A Common Shares under the Securities Act that became listed on NASDAQ on December 11, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Ita&uacute; Shareholders</B>&rdquo;
means each of IUPAR and Ita&uacute;sa (so long as IUPAR and Ita&uacute;sa hold any Registrable Shares or Class B Common Shares convertible
into Registrable Shares), and any Person owning Registrable Shares or Class B Common Shares convertible into Registrable Shares who is
a permitted transferee of rights of IUPAR or Ita&uacute;sa under Section 15.2 hereof, which includes, for the avoidance of doubt, Companhia
E. Johnston, ITH Zux Cayman Ltd. and the natural persons that are members of the Moreira Salles family or their Affiliates. For purposes
of this Agreement, the Ita&uacute; Shareholders shall be considered as a separate block of Shareholders in relation to IUH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Majority of Shareholders</B>&rdquo;
means those Shareholders who hold in the aggregate in excess of 50% of the voting power of Shares held by all of the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Material Transaction</B>&rdquo; means
any material transaction in which the Company or any of its subsidiaries proposes to engage or is engaged, including a material purchase
or sale of assets or securities, financing, merger, consolidation, tender offer or any other material transaction that would require disclosure
pursuant to the Exchange Act, and with respect to which the board of directors of the Company reasonably has determined in good faith
that compliance with this Agreement may reasonably be expected to either materially interfere with the Company&rsquo;s or such subsidiary&rsquo;s
ability to consummate such transaction in a timely fashion or require the Company to disclose material, non-public information prior to
such time as it would otherwise be required to be disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Memorandum and Articles of Association</B>&rdquo;
means the organizational document giving rise to the establishment of the Company, dated November 30, 2019, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Other Shareholders</B>&rdquo; means
IUH, XP Controle and G.A., so long as XP Controle and G.A. hold any Registrable Shares or Class B Common Shares convertible into Registrable
Shares, and any Person owning Registrable Shares or Class B Common Shares convertible into Registrable Shares who is a permitted transferee
of rights of IUH (including XPart), XP Controle or G.A. under Section 15.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Other Shares</B>&rdquo; means with respect
to a particular registration statement, any of the Class A Common Shares that are to be included in such registration statement that are
not Primary Shares or Registrable Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Person</B>&rdquo; means an individual,
company (whether incorporated or not), general or limited partnership, association, foundation, condominium, fund, consortia, joint venture,
entity, trust, international or multilateral organization or other public, private or semi-public entity and any Governmental Authority
as well as the successors thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Primary Shares</B>&rdquo; means, with
respect to a particular registration statement, any of the Class A Common Shares to be issued, which may be sold, by the Company in a
registered offering pursuant to such registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Prospectus</B>&rdquo; means the prospectus
included in a Registration Statement filed with the SEC, including any prospectus subject to completion, and any such prospectus as amended
or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Shares and, in
each case, by all other amendments and supplements to such prospectus, including post-effective amendments, and in each case including
all material incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Registrable Shares</B>&rdquo; means,
at any time, and with respect to any Shareholder (and their permitted assignees), all Class A Common Shares of the Company beneficially
held by such Shareholder (and their permitted assignees) (for the purposes hereof the Class A Common Shares that would be held upon conversion
of Class B Common Shares shall be considered Class A Common Shares beneficially owned by the relevant Shareholder), whether currently
owned or acquired subsequent to the date hereof, any securities issued or issuable directly or indirectly with respect to, in exchange
for, upon the conversion of or in replacement of such shares and any Class A Common Shares owned by a permitted transferee of rights of
IUPAR or Ita&uacute;sa under Section 15.2 hereof, which includes, for the avoidance of doubt, Companhia E. Johnston, ITH Zux Cayman Ltd.
and the natural persons that are members of the Moreira Salles family or their Affiliates; <U>provided</U>, <U>however</U>, that such
shares shall cease to be Registrable Shares when: (a) Registrable Shares have been registered under the Securities Act, the Registration
Statement in connection therewith has been declared effective and the Registrable Shares have been disposed of pursuant to and in the
manner described in such effective Registration Statement; (b) such Registrable Shares are no longer owned by such Shareholder or the
transferee of all the Registrable Shares owned by such Shareholder, or (c) such Registrable Shares may be sold pursuant to Rule 144 under
the Securities Act without limitation thereunder on volume or manner of sale. For the avoidance of doubt, subject to the foregoing proviso,
&ldquo;Registrable Shares&rdquo; shall include any Class A Common Shares (a) that IUH or its Affiliates acquires pursuant to the Stock
Purchase Agreement; or (b) held by any of the Ita&uacute; Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Registration</B>&rdquo; means a registration
with the SEC of the offer and sale to the public of Class A Common Shares under a Registration Statement. The terms &ldquo;<B>Register,</B>&rdquo;
&ldquo;<B>Registered</B>&rdquo; and &ldquo;<B>Registering</B>&rdquo; shall have a correlative meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Registration Date</B>&rdquo; means the
date on which the registration statement relating to the IPO shall have been declared effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Registration Statement</B>&rdquo; means
any registration statement of the Company that registers any of the Registrable Shares under the Securities Act, and all amendments and
supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein,
all exhibits thereto and all material incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Restricted Period</B>&rdquo; has the
meaning set forth in Section 5.1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Rule 144</B>&rdquo; means Rule 144 promulgated
under the Securities Act or any successor rule thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>SEC</B>&rdquo; means the United States
Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Securities Act</B>&rdquo; the United
States Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Shares</B>&rdquo; mean shares of stock
of any class of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Shareholders</B>&rdquo; has the meaning
set forth in the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Shareholders&rsquo; Agreement</B>&rdquo;
has the meaning set forth in the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Shareholders&rsquo; Counsel</B>&rdquo;
has the meaning set forth in Section 6(a)(ii) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Stock Purchase Agreement</B>&rdquo;
means that certain agreement among the parties thereto, dated as of May 11, 2017, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Takedown Notice</B>&rdquo; has the meaning
set forth in Section 3(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Transaction Documents</B>&rdquo; means
this Agreement and the other agreements, instruments and documents contemplated hereby and thereby, including each exhibit hereto and
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Underwritten Offering</B>&rdquo; means
a Registration in which securities of the Company are sold to an underwriter or underwriters on a firm commitment basis for reoffering
to the public in a widely distributed offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>US$</B>&rdquo; means the lawful currency
of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rules
of Construction</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The term &ldquo;<B>this Agreement</B>&rdquo; means
this registration rights agreement together with all schedules and exhibits hereto, as the same may from time to time be amended, modified,
supplemented or restated in accordance with the terms hereof. The use in this Agreement of the term &ldquo;including&rdquo; means &ldquo;including,
without limitation.&rdquo; The words &ldquo;herein,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereunder&rdquo; and other words of similar import
refer to this Agreement as a whole, including the schedules and exhibits, as the same may from time to time be amended, modified, supplemented
or restated, and not to any particular section, subsection, paragraph, subparagraph or clause contained in this Agreement. All references
to sections, schedules and exhibits mean the sections of this Agreement and the schedules and exhibits attached to this Agreement, except
where otherwise stated. The title of and the section and paragraph headings in this Agreement are for convenience of reference only and
shall not govern or affect the interpretation of any of the terms or provisions of this Agreement. Where specific language is used to
clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any
manner the construction of the general statement to which it relates. Unless expressly provided otherwise, the measure of a period of
one month or year for purposes of this Agreement shall be that date of the following month or year corresponding to the starting date,
<U>provided that</U> if no corresponding date exists, the measure shall be that date of the following month or year corresponding to the
next day following the starting date. For example, one month following February 18 is March 18, and one month following March 31 is May
1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>2.&#9;<U>Demand Registration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Shareholders shall each have the right to request on an unlimited number of occasions that the Company file a Registration Statement with
the SEC on the appropriate registration form for all or part of the Registrable Shares held (or that would be held upon conversion of
any securities into Registrable Shares) by such Shareholder once such Shareholder is no longer subject to the lock-up applicable to it
entered into in connection with the IPO (which may be due to the expiration or waiver of such lock-up with respect to such Registrable
Shares) (a &ldquo;<B>Demand Notice</B>&rdquo;) by delivering a written request to the Company specifying the number of Registrable Shares
such Shareholder wishes to Register and the intended method of distribution thereof (a &ldquo;<B>Demand Registration</B>&rdquo; and the
Shareholder submitting such Demand Registration, the &ldquo;<B>Initiating Holder</B>&rdquo;). The Company shall (i) within 10 Business
Days of the receipt of such request, give written notice of such Demand Registration (the &ldquo;<B>Company Notice</B>&rdquo;) to all
Shareholders other than the relevant Initiating Holder (the &ldquo;<B>Eligible Holders</B>&rdquo;), (ii) use its reasonable best efforts
to file a Registration Statement in respect of such Demand Registration within 45 days of receipt of the request, provided that all necessary
documents for the registration can be obtained and prepared within such 45-day period; and (iii) use its reasonable best efforts to cause
such Registration Statement to become effective as soon as reasonably practicable thereafter. The Company shall include in such Registration
all Registrable Shares that the Eligible Holders request to be included within the 10 Business Days following their receipt of the Company
Notice. If the method of distributing the offering is an underwritten public offering, the Company may designate (i) in its sole discretion,
the managing underwriter for such offering, subject to there being no reasonable objection from the Shareholders holding a majority of
Registrable Shares referred to in the Demand Notice and (ii) in its reasonable discretion, the underwriters for such offering, provided
that the Shareholders agree that the designation of XP Investments US, LLC and Ita&uacute; BBA USA Securities, Inc., or either of them
separately, as an underwriter or underwriters, as the case may be, shall at all times be reasonable; <U>provided</U>, <U>however</U>,
that in connection with a Block Trade pursuant to a Block Trade Notice delivered by the Ita&uacute; Shareholders as Initiating Holders
in accordance with Section 3 below, the Ita&uacute; Shareholders may designate in their sole discretion, the underwriters for such offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall not be obligated to use its commercially reasonable efforts to file and cause to become effective: (i) more than two Registration
Statements initiated pursuant to Section 2(a) in a 12 -month period; or (ii) any Registration Statement pursuant to Section 2(a) during
any period in which any other registration statement (other than on Form F-4 or Form S-8 promulgated under the Securities Act or any successor
forms thereto) pursuant to which Shares are to be or were sold under the Securities Act (A) has been filed and not withdrawn or has been
declared effective within the prior 180 days and (B) in connection with any such registration statement that has not been declared effective,
the Company is in good faith using commercially reasonable efforts to cause such registration statement to become effective. The Registrable
Shares requested to be Registered pursuant to Section</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">2(a) (including, for the avoidance of doubt, the
Registrable Shares of Eligible Holders requested to be registered) must represent (i) an aggregate offering price of Registrable Shares
that is reasonably expected to equal at least $25,000,000 or (ii) all of the remaining Registrable Shares owned by the Initiating Holder
and its Affiliates or that would be owned upon conversion of all of the Class B Common Shares held by the Initiating Holder and its Affiliates
into Class A Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>With
respect to any registration pursuant to Section 2(a), the Company may include in such registration any Primary Shares or Other Shares;
<U>provided</U>, <U>however,</U> that if the managing underwriter or underwriters formally advise(s) the Company in writing and with sufficient
explanation that the inclusion of all Registrable Shares, Primary Shares and Other Shares proposed to be included in such registration
would interfere with the successful marketing (including, but not limited to, pricing) of all such securities, then the number of Registrable
Shares, Primary Shares and Other Shares proposed to be included in such registration shall be included in the following order:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>first,
the Registrable Shares held by the Shareholders requesting that their Registrable Shares be included in such registration pursuant to
Section 2(a), pro rata based upon the number of Registrable Shares owned by each such Shareholder at the time of such registration; provided,
however, that the number of Registrable Shares held by the Shareholders to be included in such underwriting shall not be reduced unless
all Primary Shares and Other Shares are first entirely excluded from the underwriting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;second,
the Primary Shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;third,
the Other Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>provided</U>, <U>however</U>, that, a registration shall
not be counted as &ldquo;effected&rdquo; for the purposes of this Section 2 and shall not count as a registration initiated pursuant to
this Section 2 for purposes of Section 2(b)(i) above, if, as a result of an exercise of the underwriter&rsquo;s cutback provisions in
this clause (c), fewer than 25% of the total number of Registrable Shares that the Shareholders have requested to be included in such
registration statement are actually included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>A
requested registration under this Section 2 may be rescinded at any time prior to such registration being declared effective by the SEC
by written notice to the Company from those Shareholders who initiated the request, at their discretion; <U>provided</U>, <U>however,</U>
that such rescinded registration shall not count as a registration initiated pursuant to this Section 2 for purposes of Section 2(b)(i)
above if the Company shall have been reimbursed (<U>pro rata</U> by the Shareholders requesting registration or in such other proportion
as they may agree) for all reasonable and documented out-of-pocket expenses incurred by the Company in connection with such rescinded
registration; <U>provided</U>, <U>further</U>, <U>however</U>, that if, at the time of such rescission, the Shareholders who initiated
the request shall have learned of an event that is, or is reasonably likely to result in, a material adverse change in the Company&rsquo;s
business, financial condition or results of operations from that known to such Shareholders at the time of their request and have withdrawn
the request with reasonable promptness after learning of such information then the Shareholders shall not be required to reimburse the
Company for any out-of-pocket expenses incurred by the Company in connection with such rescinded registration and such rescinded registration
shall not count as a registration initiated pursuant to this Section 2 for purposes of clause (i) of subsection (b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall be deemed to have effected a Registration for purposes of Section 2(a) if the Registration Statement is declared effective
by the SEC or becomes effective upon filing with the SEC, and remains effective until the earlier of (i) the date when all Registrable
Shares thereunder have been sold and (ii) 60 days from the effective date of the Registration Statement (the &ldquo;<B>Registration Period</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Company intends to effect a Registration for purposes of Section 2(a) by means of an Underwritten Offering,
no Holder may include Registrable Shares in such Registration unless such Holder, subject to the limitations set forth in Section 9, (i)
agrees to sell its Registrable Shares on the basis provided in the applicable underwriting arrangements; (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required and in customary form
under the terms of such underwriting arrangements and (iii) cooperates with the Company&rsquo;s reasonable and customary requests in connection
with such Registration (it being understood that the Company&rsquo;s failure to perform its obligations hereunder, which failure is caused
by such Holder&rsquo;s failure to cooperate, will not constitute a breach by the Company of this Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>3.&#9;<U>Registrations on Form F-3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to Section 3(b), at any time after the date hereof when the Company is eligible to Register the applicable Registrable Shares on Form
F-3 (or a successor form) and an Initiating Holder is entitled to request Demand Registrations, such Initiating Holder may request the
Company to effect a Demand Registration as a Shelf Registration. For the avoidance of doubt, the requirement that (i) the Company deliver
a Company Notice in connection with a Demand Registration and (ii) the right of Eligible Holders to request that their Registrable Shares
be included in a Registration Statement filed in connection with a Demand Registration, each as set forth in Section 2(a), shall apply
to a Demand Registration that is effected as Shelf Registration except as otherwise provided herein, in particular with respect to a Block
Trade. There shall be no limitations on the number of offerings pursuant to a Shelf Registration; <U>provided</U>, <U>however</U>, that
except as otherwise provided herein, in particular with respect to a Block Trade the Shareholders may not require the Company to effect
more than two offerings (whether Underwritten Offerings or otherwise, and whether Demand Registrations pursuant to Section 2 hereof, or
Shelf Registrations pursuant to this Section 3) collectively in a 12-month period; <U>provided</U>, <U>further however</U>, that the Ita&uacute;
Shareholders will not be entitled to request Demand Registrations prior to October 31, 2021. If any Initiating Holder holds Registrable
Shares included on a Shelf Registration, it shall have the right to request that the Company cooperate in a shelf takedown at any time,
including an Underwritten Offering, by delivering a written request thereof to the Company specifying the kind and number of Registrable
Shares such Initiating Holder wishes to include in the shelf takedown (&ldquo;<B>Takedown Notice</B>&rdquo;). The Company shall (i) within
five Business Days of the receipt of a Takedown Notice, give written notice of such Takedown Notice to all Holders of Registrable Shares
included on such Shelf Registration (the &ldquo;<B>Company Takedown Notice</B>&rdquo;), and (ii) take all actions reasonably requested
by the Initiating Holder who submitted the Takedown Notice, including the filing of a Prospectus supplement and the other actions described
in Section 6, in accordance with the intended method of distribution set forth in the Takedown Notice as expeditiously as practicable,
and in any case, within 45 days of receipt of such Takedown Notice. If the takedown is an Underwritten Offering, the Company shall include
in such Underwritten Offering all Registrable Shares that the Holders of Registrable Shares included in the Registration Statement for
such Shelf Registration request be included within the five Business Days following such Holders&rsquo; receipt of the Company Takedown
Notice. The Registrable Shares requested to be included in a shelf takedown must represent (i) an aggregate offering price of Registrable
Shares that is reasonably expected to equal at least $25,000,000 or (ii) all of the remaining Registrable Shares owned by the requesting
Initiating Holder and its Affiliates. With respect to any registration pursuant to this Section 3(a), the Company may include in such
registration any Primary Shares or Other Shares; <U>provided</U>, <U>however,</U> that if the managing underwriter or underwriters formally
advise(s) the Company in writing and with sufficient explanation that the inclusion of all Registrable Shares, Primary Shares and Other
Shares proposed to be included in such registration would interfere with the successful marketing (including, but not limited to, pricing)
of all such securities, then the number of Registrable Shares, Primary Shares and Other Shares proposed to be included in such registration
shall be included in the following order:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>first,
the Registrable Shares held by the Shareholders requesting that their Registrable Shares be included in such registration pursuant to
Section 3(a), <U>pro rata</U> based upon the number of Registrable Shares owned by each such Shareholder at the time of such registration;
<U>provided</U>, <U>however</U>, that the number of Registrable Shares held by the Shareholders to be included in such underwriting shall
not be reduced unless all Primary Shares and Other Shares are first entirely excluded from the underwriting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>second,
the Primary Shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>third,
the Other Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>provided</U>, <U>however</U>, that, a registration shall
not be counted as &ldquo;effected&rdquo; for the purposes of this Section 3 and shall not count as a registration initiated pursuant to
this Section 3 for purposes of this clause, if, as a result of an exercise of the underwriter&rsquo;s cutback provisions in this clause
(a), fewer than 25% of the total number of Registrable Shares that the Shareholders have requested to be included in such registration
statement are actually included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>A
requested registration under this Section 3 may be rescinded at any time prior to such registration being declared effective by the SEC
by written notice to the Company from those Shareholders who initiated the request, at their discretion; <U>provided</U>, <U>however</U>,
that such rescinded registration shall not count as a registration initiated pursuant to this Section 3 for purposes of subsection (b)
if the Company shall have been reimbursed (<U>pro rata</U> by the Shareholders requesting registration or in such other proportion as
they may agree) for all reasonable and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">documented out-of-pocket expenses incurred by the
Company in connection with such rescinded registration; <U>provided</U>, <U>further</U>, <U>however</U>, that if, at the time of such
rescission, the Shareholders who initiated the request shall have learned of an event that is, or is reasonably likely to result in, a
material adverse change in the Company&rsquo;s business, financial condition or results of operations from that known to such Shareholders
at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Shareholders
shall not be required to reimburse the Company for any out-of-pocket expenses incurred by the Company in connection with such rescinded
registration and such rescinded registration shall not count as a registration initiated pursuant to this Section 3 for purposes of subsection
(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
the foregoing, after October 30, 2021, an Ita&uacute; Shareholder may, from time to time, engage in an underwritten or other coordinated
registered offering not involving a &ldquo;roadshow,&rdquo; an offer commonly referred to as a &ldquo;block trade&rdquo; (a &ldquo;<B>Block
Trade</B>&rdquo;), including in the form of an offering pursuant to a Shelf Registration Statement on Form F-3. The Ita&uacute; Shareholders
may collectively engage in up to six such Block Trades per 12-month period, with no restriction as to the amount of shares to be offered
but with at least a 60-day interval between trades, subject to any applicable regulatory restrictions. In connection with any Block Trade:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
relevant Ita&uacute; Shareholder must deliver a notice to the Company and G.A. not less than three Business Days prior to the day such
Block Trade is anticipated to commence (the &ldquo;<B>Block Trade Notice</B>&rdquo;). Such Block Trade shall close within 15 days after
the Block Trade Notice; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Company and the Other Shareholders will not have the right to request to have any Shares owned by such Other Shareholder included in the
Block Trade; except that G.A. will have the right to participate in any Block Trade with respect to any Registrable Shares held by G.A.
as of the date of this Agreement (and that are not subject to the Second Acquisition as such term is defined in the Stock Purchase Agreement)
and that continue to be owned by G.A. at the time the Block Trade Notice is delivered (the &ldquo;<B>G.A. Excess Shares</B>&rdquo;), pro
rata based upon the number of Registrable Shares being offered by the Ita&uacute; Shareholder. For example, if an Ita&uacute; Shareholder
decides to include 10% of its Registrable Shares in a Block Trade, G.A. will have the right to participate in such Block Trade with respect
to 10% of its G.A. Excess Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>G.A.
may elect to participate in a Block Trade by notifying the Ita&uacute; Shareholders of such election within two Business Days after the
date of the Block Trade Notice. G.A.&rsquo;s request to participate in a Block Trade shall be binding on G.A. and may not be withdrawn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall notify the Ita&uacute; Shareholders within two Business Days of the date of the Block Trade Notice if it intends to conduct
a primary offering of Primary Shares or Other Shares under the Securities Act (other than on Form F-4 or Form S-8 promulgated under the
Securities Act or any successor forms thereto), which it expects to settle within 30 days of receipt of the Block Trade Notice and the
expected volume of such offering. If the Company notifies the Ita&uacute; Shareholder of its intention to conduct such primary offering:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each of the Ita&uacute; Shareholders and G.A. (if it has elected to exercise its rights under Section 3(c)(ii) above) shall have
the right to include in such registration Registrable Shares owned by each of the Ita&uacute; Shareholders and G.A. equal to up to 20%
of the Primary Shares or Other Shares proposed to be registered by the Company in such offering as follows (regardless of the advice of
the underwriter): (A) <U>pro rata</U> based upon the number of Registrable Shares owned by Ita&uacute; Shareholders and the number of
G.A. Excess Shares owned by G.A. at the time of such offering, pursuant to the terms and conditions set forth in Section 3(c)(ii), and
(B) once the allocation above has been defined, the Ita&uacute; Shareholders may determine their share of the allocation amongst the Ita&uacute;
Shareholders. Section 4 shall apply to the remaining percentage of the Primary Shares or Other Shares proposed to be registered in such
offering; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each
of the Ita&uacute; Shareholders and G.A. (if it has elected to exercise its rights under Section 3(c)(ii) above) will be restricted from
executing a Block Trade until settlement by the Company of the primary offering; <U>provided</U>, <U>however</U>, that the Company may
not subsequently prevent the Ita&uacute; Shareholders from executing a Block Trade for a period of 180 days from the date of settlement
of the primary offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
the foregoing, to the extent the Company fails to file a Registration Statement with the SEC within 30 days of the receipt of the Block
Trade Notice (or if the Company does not consummate the primary offering within 45 days of the receipt of such Block Trade Notice), then
the Ita&uacute; Shareholders and G.A. (if it has elected to exercise its rights under Section 3(c)(ii) above) shall have the right to
execute the Block Trade in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">accordance with Section 3(c) above. Further, the
60-day interval described in Section 3(c) will exceptionally be reduced to 30 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>For
the avoidance of doubt, a Block Trade shall not be deemed a Demand Registration for purposes of the Company&rsquo;s obligation to cause
two Registration Statements initiated pursuant to Section 2(a) in a 12-month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>4.&#9;<U>Piggyback Registration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Company at any time proposes, for any reason, to register any Primary Shares or Other Shares under the Securities Act (other than
on Form F-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto), it shall promptly give written notice to
each Shareholder of its intention so to register such Primary Shares or Other Shares and, upon the written request, given no later than
10 Business Days prior to such registration of Primary Shares or Other Shares, of any such Shareholder to include in such registration
Registrable Shares owned by such Shareholder (which request shall specify the number of the Registrable Shares proposed to be included
in such registration), the Company shall use its commercially reasonable efforts to cause all such Registrable Shares to be included in
such registration on the same terms and conditions as the securities otherwise being sold in such registration; <U>provided</U>, <U>however</U>,
that if such registration is an Underwritten Offering and the managing underwriter formally advises the Company in writing and with sufficient
explanation that the inclusion of all Primary Shares, Registrable Shares and Other Shares proposed to be included in such registration
would interfere with the successful marketing (including pricing) of the Shares proposed to be registered by the Company, then the number
of Primary Shares, Registrable Shares and Other Shares proposed to be included in such registration shall be included in the following
order:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>first,
Primary Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>second,
Registrable Shares held by the Shareholders requesting that Registrable Shares be included in such registration, <U>pro rata</U> based
upon the number of Registrable Shares owned by each such Shareholder at the time of such registration; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>third,
Other Shares held by shareholders requesting that Other Shares be included in such registration, <U>pro rata</U> based on the number of
Other Shares owned by each such shareholder at the time of such registration of Other Shares (or among such shareholders in such other
proportion as they shall otherwise agree);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>provided</U>, <U>further however</U>, that if, at any time after
giving written notice of its intention to Register any securities pursuant to this Section 4 and prior to the effective date of the Registration
Statement filed in connection with such Registration, the Company shall determine for any reason not to Register or to delay Registration
of such securities, the Company may, at its election, give written notice of such determination to each such Holder and, thereupon, (i)
in the case of a determination not to Register, shall be relieved of its obligation to Register any Registrable Shares in connection with
such Registration and shall have no liability to any Holder in connection with such termination, and (ii) in the case of a determination
to delay Registration, shall be permitted to delay Registering any Registrable Shares for the same period as the delay in Registering
such other Class A Common 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-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, if the Company notifies the relevant Ita&uacute; Shareholder of its intention to register any Primary Shares or Other Shares
under the Securities Act (other than on Form F-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto) within
two days of receiving a Block Trade Notice, Section 3(e) (including subsections (i) and (ii)) shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the avoidance of doubt, no Registration effected under this Section 4 shall relieve the Company of its obligations to effect any Demand
Registration under Section 2 (for the avoidance of doubt, subject to the limitations on registration set forth in Sections 2(b), 3(b)
and 10 hereof). If the offering pursuant to a Registration Statement pursuant to this Section 4 is to be an Underwritten Offering, then
each Shareholder making a request for a Piggyback Registration pursuant to this Section 4 shall, and the Company shall use reasonable
best efforts to coordinate arrangements with the underwriters so that each such Shareholder may, participate in such Underwritten Offering.
If the offering pursuant to such Registration Statement is to be on any other basis, then each Shareholder making a request for a Piggyback
Registration pursuant to this Section 4 shall, and the Company shall use reasonable best efforts to coordinate arrangements so that each
such Shareholder may, participate in such offering on such basis. If the Company files a Shelf Registration for its own account and/or
for the account of any other Persons, the Company agrees that it shall use its reasonable best efforts to include in such Registration
Statement such</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">disclosures as may be required by Rule 430B under
the Securities Act in order to ensure that the Shareholders may be added to such Shelf Registration at a later time through the filing
of a Prospectus supplement rather than a post-effective amendment. Any such Shareholder may withdraw its request for inclusion at any
time prior to executing the underwriting agreement, or if none, prior to the applicable registration statement or prospectus supplement,
as applicable, being filed publicly with the SEC. For certainty, any such Shareholder who has withdrawn its request for inclusion shall
nevertheless continue to have the right to include any Registrable Shares in any subsequent registration statement or registration statements
as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>5.&#9;<U>Holdback Agreement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Company at any time shall register Shares under the Securities
Act in an Underwritten Offering after the IPO, the Shareholders shall not sell, make any short sale of, grant any option for the purchase
of, or otherwise dispose of any Registrable Shares (other than those Registrable Shares included in such Registration pursuant to Sections
2, 3 or 4 hereof) without the prior written consent of the managing underwriters of such offering for a period (the &ldquo;<B>Restricted
Period</B>&rdquo;) as shall be determined by the managing underwriters, which period cannot begin more than 7 days prior to the effectiveness
of such registration and cannot last more than 60 days after the effective date of such registration; <U>provided</U>, <U>however</U>,
that the foregoing restrictions shall not apply with respect to any Shareholder, (a) in the event the managing underwriters in such offering
shall agree, any shares of the capital stock of the Company purchased or otherwise acquired by such Shareholder in the open market following
the IPO and (b) other than in the IPO, any registration in which, as a result of the underwriter cutback provisions of Section 2 and 4,
such Shareholder was either excluded from the registration entirely or was only permitted to include in such registration less than 25%
of the Registrable Shares, requested by such Shareholder to be included therein. Notwithstanding the foregoing, Section 5 shall only be
applicable to the Shareholders if also applicable to all officers, directors and selling shareholders of the Company and the Company with
respect to all Primary Shares, Registrable Shares and Other Shares, as applicable. Neither the Company nor the underwriters in respect
of such Underwritten Offering shall grant any discretionary waiver or termination of the restrictions of any or all of such agreements
unless such waiver or termination shall apply, on a <U>pro rata</U> basis, to the Shares held by the Shareholders.</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-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>6.&#9;<U>Preparation and Filing</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
and whenever the Company is under an obligation pursuant to the provisions of this Agreement to use its commercially reasonable efforts
to effect the registration of Registrable Shares, the Company shall, as expeditiously as practicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>prepare
and file with the SEC a Registration Statement that registers such Registrable Shares and use its commercially reasonable efforts to cause
such Registration Statement (or any post-effective amendment thereto) to become effective as promptly as practicable, and remain effective
for a period of 120 days or until the distribution contemplated in such Registration Statement of all of such Registrable Shares have
been completed (if earlier); <U>provided</U>, <U>however</U>, that: such 120 day period shall be extended for a period of time equal to
the period a Shareholder refrains, at the request of an underwriter of the Company, from selling any securities included in such registration;
<U>provided</U>, <U>further</U>, in the case of any registration of Registrable Shares on Form F-3 that are intended to be offered on
a continuous or delayed basis, subject to compliance with applicable SEC rules, such registration statement shall be kept effective until
all such Registrable Shares are sold;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>furnish,
in reasonable advance of any public filing, drafts of a Registration Statement that registers Registrable Shares, a Prospectus relating
thereto and any amendments or supplements relating to such Registration Statement or Prospectus, to one counsel selected by a Majority
of Shareholders (the &ldquo;<B>Shareholders&rsquo; Counsel</B>&rdquo;) copies of all such documents proposed to be filed, and consider
in good faith any comments of any Shareholder selling Registrable Shares and their respective counsel on such documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>prepare
and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as
may be necessary to keep such Registration Statement effective for the lesser of the period required pursuant to clause (i) of this subsection
(a) or until all of the Registrable Shares have been disposed of (if earlier) and to comply with the provisions of the Securities Act
with respect to the sale or other disposition of such Registrable Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>notify
the Shareholders&rsquo; Counsel promptly in writing (A) of any comments by the SEC with respect to such Registration Statement or Prospectus,
or any request by the SEC for the amending or supplementing thereof or for additional information with respect thereto, (B) of the effectiveness
of such Registration Statement or Prospectus or any amendment or supplement thereto and the issuance by the SEC of any stop order suspending
the effectiveness of such Registration Statement or Prospectus or any amendment or supplement thereto or the initiation of any proceedings
for that purpose and (C) of the receipt by the Company of any notification with respect to the suspension of the qualification of the
Registrable Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>use
its commercially reasonable efforts to register or qualify, or obtain exemption from the registration or qualification requirements for,
Registrable Shares under such other securities or blue sky laws of such jurisdictions as any seller of the Registrable Shares reasonably
requests and take any and all other measures and do all other things which may be reasonably necessary or advisable to enable such seller
of the Registrable Shares to consummate the disposition thereof in such jurisdictions; <U>provided</U>, <U>however</U>, that the Company
will not be required to qualify generally to do business, subject itself to general taxation or consent to general service of process
in any jurisdiction where it would not otherwise be required so to do but for this clause (v);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>use
its commercially reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration
Statement, or the suspension of the qualification of any of the Registrable Shares for sale in any jurisdiction and, if such an order
or suspension is issued, use its commercially reasonable best efforts to obtain the withdrawal of such order or suspension at the earliest
possible moment and to notify the Shareholders of the issuance of any such order and the resolution thereof or its receipt of actual notice
of the initiation or threat of any proceeding for such purpose;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>furnish
without charge to each seller of the Registrable Shares such number of copies of a summary Prospectus or other Prospectus, including a
preliminary Prospectus, in conformity with the requirements of the Securities Act, and such other documents as such seller of the Registrable
Shares may reasonably request in order to facilitate the public sale or other disposition of the Registrable Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>prepare,
file and/or make available to the public and/or Shareholders any documents that comply with all relevant applicable regulations and that
do not have any material omissions or misstatements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>notify on a timely basis each seller of the Registrable Shares at any time when a Prospectus relating to the Registrable Shares
is required to be delivered under the Securities Act within the appropriate period mentioned in clause (i) of this subsection (a) of the
happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing, promptly prepare and file a supplement or amendment to such Prospectus as
may be necessary so that, as supplemented or amended, such Prospectus shall cease to include an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the
circumstances in which they were made;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>make
available for inspection by any seller of the Registrable Shares, any underwriter participating in any disposition pursuant to such Registration
Statement and any attorney, accountant or other representative retained by any such seller or underwriter, all pertinent financial, business
and other records and documents as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause
the Company&rsquo;s officers, directors and employees to supply all information reasonably requested by any such seller, underwriter,
attorney, accountant or other representative in connection with such Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>use
its commercially reasonable efforts to obtain from its independent certified public accountants a &ldquo;comfort&rdquo; letter in customary
form and covering such matters of the type customarily covered by comfort letters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>use
its commercially reasonable efforts to provide (A) a legal opinion of the Company&rsquo;s outside counsel dated the effective date of
such registration statement addressed to the Company and to each Shareholder selling Registrable Shares addressing the validity of the
Registrable Shares being offered thereby, (B) on the date that such Registrable Shares are delivered to the underwriters for sale, if
such Registrable Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">are being sold through underwriters, or,
if such Registrable Shares are not being sold through underwriters, on the closing date of the applicable sale, (1) one or more legal
opinions of the Company&rsquo;s outside counsel, dated such date, in form and substance as customarily given to underwriters in an underwritten
public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting
in the sale of the Registrable Shares and (2) one or more &ldquo;negative assurances letters&rdquo; of the Company&rsquo;s outside counsel,
dated such date, in form and substance as is customarily given to underwriters in an underwritten public offering or, in the case of a
non-underwritten offering, to the broker, placement agent or other agent of the Shareholders assisting in the sale of the Registrable
Shares, in each case, addressed to the underwriters, if any, or, if requested, in the case of a non-underwritten offering, to the broker,
placement agent or other agent of the Shareholders assisting in the sale of the Registrable Shares and (C) customary certificates executed
by authorized officers of the Company as may be requested by any Shareholder or any underwriter of such Registrable Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>obtain
the approval of all Governmental Authorities and self-regulatory bodies as may be necessary to effect the registration of the Registrable
Shares and consummate the disposition of such Registrable Shares pursuant to the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>provide
a transfer agent and registrar for all Registrable Shares registered pursuant to this Agreement and request the registrar to provide a
CUSIP number for all such Registrable Shares, in each case not later than the effective date of such registration;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>list
the Registrable Shares on any United States national securities exchange on which any Shares are listed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>notify
each Shareholder, promptly after the Company receives notice thereof, of the time when such Registration Statement has been declared effective
or a supplement to any Prospectus forming a part of such Registration Statement has been filed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>after
such Registration Statement becomes effective, notify each Shareholder of any request by the SEC that the Company amend or supplement
such registration statement or Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(xviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>other
than with respect to a Block Trade pursuant to a Block Trade Notice delivered by the Ita&uacute; Shareholders in accordance with Section
3(c), make available one or more senior executives for participation in roadshows and other marketing activities in connection with any
Underwritten Offering as the Company and the underwriters for such offering may reasonably agree, but in any event subject to the limitation
that such officer&rsquo;s or officers&rsquo; participation shall not negatively interfere with the Company&rsquo;s normal course of business;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in"><FONT STYLE="color: #010000">(xix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>otherwise
use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Registrable Shares contemplated
hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
and whenever any of the Ita&uacute; Shareholders wishes to engage in a Block Trade, (i) all costs related to performing the Block Trade
will be paid for exclusively by the applicable Ita&uacute; Shareholders (or by Ita&uacute; Shareholders and G.A, if G.A. has elected to
exercise its rights under Section 3(c)(ii) above, pro rata based on the number of Registrable Securities sold by each of the Ita&uacute;
Shareholders and G.A. in the Block Trade), according to Section 7 below; and (ii) the Company and G.A. (to the extent it participates
in the Block Trade) shall as expeditiously as possible, use their commercially reasonable efforts to facilitate such Block Trade in accordance
with market practice, including but not limited to providing any necessary information and disclosures, including in connection with a
registration statement or prospectus that may be necessary for the execution of the Block Trade, <U>provided</U>, <U>however</U>, that
the Company&rsquo;s management will not participate in any roadshow efforts in connection with the Block Trade and that Ita&uacute; Shareholders
will use their commercially reasonable efforts to assist the Company in the execution of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
holder of Registrable Shares that sells Registrable Shares pursuant to a registration under this Agreement agrees that during such time
as such seller may be engaged in a distribution of the Registrable Shares, such seller shall comply with Regulation M promulgated under
the Exchange Act and pursuant thereto it shall, among other things: (i) distribute the Registrable Shares under the Registration Statement
solely in the manner described in the Registration Statement covering such Registrable Shares; and (ii) cease distribution of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Registrable Shares pursuant to such Registration
Statement upon receipt of written notice from the Company that the Prospectus covering the Registrable Shares contains any untrue statement
of a material fact or omits a material fact required to be stated therein or necessary to make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>7.&#9;<U>Expenses</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All expenses incurred by the Company in complying
with Section 6, including all registration and filing fees (including all expenses incident to filing with FINRA), fees and expenses of
complying with securities and blue sky laws, printing expenses, fees and expenses of the Company&rsquo;s counsel and accountants and fees,
shall be paid by the Company. All expenses incurred by any Shareholder in connection with any sale of Registrable Shares under this Agreement,
including the underwriting and brokerage fees and expenses incurred in connection with the sale of Registrable Shares by any Shareholder,
such Shareholder&rsquo;s pro rata share of all fees and expenses of Shareholders&rsquo; Counsel and the out-of-pocket expenses incurred
by the Company for which the Shareholders are responsible, if any, pursuant to Sections 2(d) and 3(b), shall be paid by such Shareholder,
except that the Company shall pay the reasonable fees and expenses of Company&rsquo;s counsel in each relevant jurisdiction, to the extent
required by the underwriters or the rules and regulations of the SEC to deliver an opinion or other documentation in connection with an
offering, in any offerings pursuant to Section 2, 3 or 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the foregoing and in connection
with a Block Trade pursuant to a Block Trade Notice delivered by an Ita&uacute; Shareholder, in accordance with Section 3(c), (i) all
expenses incurred by the Company in complying with Section 6, including all registration and filing fees (including all expenses incident
to filing with FINRA), fees and expenses of complying with securities and blue sky laws, printing expenses, fees and expenses of the Company&rsquo;s
counsel and accountants and fees, shall be paid by the Ita&uacute; Shareholder, and (ii) all expenses incurred by the Ita&uacute; Shareholder,
including the underwriting and brokerage fees and expenses incurred in connection with the sale of Registrable Shares by the Ita&uacute;
Shareholder, all fees and expenses of the Ita&uacute; Shareholder&rsquo;s counsel and the out-of-pocket expenses incurred by the Company
for which the Ita&uacute; Shareholder is responsible, if any, pursuant to Section 3(c), shall be paid by such Ita&uacute; Shareholder,
<U>provided</U>, <U>however</U>, that to the extent G.A. participates in a Block Trade pursuant to a Block Trade Notice delivered by the
Ita&uacute; Shareholder in accordance with Section 3(c), all of the foregoing expenses shall be paid by the Ita&uacute; Shareholder and
G.A. on a pro rata basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>8.&#9;<U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
connection with any registration of Registrable Shares under the Securities Act pursuant to this Agreement, the Company shall indemnify
and hold harmless the seller of such Registrable Shares, and each other Person, if any, who controls such seller and each officer, director,
partner and member of any of the foregoing Persons (each an &ldquo;Indemnified Seller&rdquo;), against any losses, claims, damages or
liabilities, joint or several, to which any of the foregoing Persons become subject under the Securities Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement under which Registrable Shares were registered, any preliminary
Prospectus or final Prospectus contained therein, any amendment or supplement thereto, any free writing prospectus or any document incident
to registration or qualification of Registrable Shares, including any marketing materials, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading
or, with respect to any Prospectus, necessary to make the statements therein in light of the circumstances under which they were made
not misleading, or any violation by the Company of the Securities Act or state securities or blue sky laws applicable to the Company and
relating to action or inaction required of the Company in connection with such registration or qualification under such state securities
or blue sky laws, and the Company shall promptly reimburse such Indemnified Seller for any reasonable legal or other expenses actually
incurred by any of them in connection with investigating or defending any such loss, claim, damage, liability or action; <U>provided</U>,
<U>however</U>, that the Company shall not be liable to any such Indemnified Seller to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in said
Registration Statement, preliminary Prospectus, amendment, supplement, free writing prospectus or document incident to registration or
qualification of any Registrable Shares in reliance upon and in conformity with written information furnished to the Company by such Indemnified
Seller, or a Person duly acting on its behalf, specifically for use in the preparation thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>provided</U>, <U>further</U>, <U>however</U>, that the foregoing
indemnity agreement is subject to the condition that, insofar as it relates to any untrue statement, allegedly untrue statement, omission
or alleged omission made in any preliminary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prospectus but eliminated or remedied in any Prospectus delivered at
the time of sale, such indemnity agreement shall not inure to the benefit of any Indemnified Seller from whom the Person asserting any
loss, claim, damage, liability or expense purchased Registrable Shares which are the subject thereof, if a copy of such Prospectus had
been timely made available to such Indemnified Seller and such Prospectus was not delivered to such Person with or prior to the written
confirmation of the sale of Registrable Shares to such Person.</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-indent: 0.25in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
connection with any registration of Registrable Shares under the Securities Act pursuant to this Agreement, each seller of Registrable
Shares shall, severally and not jointly, indemnify and hold harmless the Company, each other seller of Registrable Shares under such registration,
each Person who controls any of the foregoing Persons within the meaning of the Securities Act and each officer, director, partner, and
member of any of the foregoing Persons, against any losses, claims, damages or liabilities to which any of the foregoing Persons may become
subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement
under which Registrable Shares were registered, any preliminary Prospectus or final Prospectus contained therein, any amendment or supplement
thereto, any free writing prospectus or any document incident to registration or qualification of any Registrable Shares, if such statement
or omission was made in reliance upon and in conformity with written information furnished to the Company by such seller specifically
for use in connection with the preparation of such Registration Statement, preliminary Prospectus, final Prospectus, amendment or supplement;
<U>provided</U>, <U>however</U>, that the maximum amount of liability in respect of such indemnification shall be limited, in the case
of each seller of Registrable Shares, to an amount equal to the net proceeds (after the payment of underwriting discounts and commissions)
actually received by such seller from the sale of Registrable Shares effected pursuant to such registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Promptly
after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in the preceding paragraphs
of this Section 8, such indemnified party will, if a claim in respect thereof is made against an indemnifying party, give written notice
to the latter of the commencement of such action; <U>provided</U>, <U>however</U>, that an indemnified party&rsquo;s failure to give such
notice in a timely manner shall only relieve the indemnification obligations of an indemnifying party to the extent such indemnifying
party is prejudiced or harmed by such failure. In case any such action is brought against an indemnified party, the indemnifying party
will be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to
the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party
to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be responsible for any legal
or other expenses subsequently incurred by the indemnified party in connection with the defense thereof; <U>provided</U>, <U>however</U>,
that if any indemnified party shall have reasonably concluded that there may be one or more legal or equitable defenses available to such
indemnified party that conflict with those available to the indemnifying party, the indemnifying party shall not have the right to assume
the defense of such action on behalf of such indemnified party and such indemnifying party shall reimburse such indemnified party and
any Person controlling such indemnified party for that portion of the reasonably incurred fees and expenses of any one lead counsel (<U>plus</U>
local counsel) retained by the indemnified party in connection with the matters covered by the indemnity agreement provided in this Section
8. If the defense is assumed by the indemnifying party, the indemnifying party shall not be liable for any settlement of any action, claim
or proceeding effected by the indemnified party without its prior written consent; <U>provided</U>, <U>however</U>, that the indemnifying
party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent
of the indemnified party, consent to entry of any judgment or enter into any settlement or other compromise which does not include as
an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect
to such action, claim or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If,
other than for the reason set forth in the proviso to the first sentence in Section 8(c), the indemnification provided for in this Section
8 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim, damage or liability
referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amounts
paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to
reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with
the statements or omissions which resulted in such loss, claim, damage or liability as well as any other relevant equitable considerations;
<U>provided</U>, <U>however</U>, that the maximum amount of liability in respect of such contribution shall be limited, in the case of
each seller of Registrable Shares, to an amount equal to the net proceeds (after the payment of underwriting discounts and commissions)
actually received by such seller from the sale of Registrable Shares effected pursuant to such registration. The relative fault of the
indemnifying party and of the indemnified</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">party shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties&rsquo; relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 8(d) were determined by <U>pro rata</U> allocation or by any other method of allocation that does
not take account of the equitable considerations referred to in this Section 8(d). Further, no Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
indemnification and contribution provided for under this Agreement will be in addition to any other rights to indemnification or contribution
that any indemnified party may have pursuant to law or contract (and the Company and its Subsidiaries shall be considered the indemnitors
of first resort in all such circumstances to which this Section 8 applies) and will remain in full force and effect regardless of any
investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>9.&#9;<U>Underwriting Agreement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
the provisions of Sections 5, 6 and 8, to the extent that the Shareholders selling Registrable Shares in a proposed registration shall
enter into an underwriting or similar agreement, which agreement contains provisions covering one or more issues addressed in such Sections
of this Agreement (it is understood and agreed that, for purposes of this clause (a), any indemnification provisions in any such underwriting
or similar agreement that does not provide for the indemnification by the Company of a seller of Registrable Shares and other Persons
or the indemnification by the seller of Registrable Shares of the Company and other Persons shall not supersede Section 8(a) or 8(b) above),
the provisions contained in such Sections of this Agreement addressing such issue or issues shall be of no force or effect with respect
to such registration, but this provision shall not apply to the Company if the Company is not a party to the underwriting or similar agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
any registration pursuant to Sections 2 or 3 is requested to be an Underwritten Offering, the Company shall negotiate in good faith to
enter into a reasonable and customary underwriting agreement with the underwriters thereof. The Company shall be entitled to receive indemnities
from lead institutions, underwriters, dealer managers and similar securities industry professionals participating in the distribution,
to the same extent as provided above with respect to information so furnished in writing by such Persons specifically for inclusion in
any Prospectus or Registration Statement and to the extent customary given their role in such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
Shareholder may participate in any registration hereunder that is underwritten unless such Shareholder agrees to (i) sell Registrable
Shares proposed to be included therein on the basis provided in any underwriting arrangements acceptable to the Company and the Majority
of Shareholders and (ii) as expeditiously as possible, notify the Company of the occurrence of any event concerning such Shareholder as
a result of which the Prospectus relating to such registration contains an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading. Notwithstanding the foregoing, no Shareholder shall be required to make any representations or warranties to the Company
or the underwriters (other than representations and warranties regarding (i)&nbsp; such Shareholder&rsquo;s ownership of Registrable Shares
to be transferred free and clear of all liens, claims and encumbrances created by such Shareholder, (ii) such Shareholder&rsquo;s power
and authority to effect such transfer, (iii) such matters pertaining to such Shareholder&rsquo;s compliance with securities laws as reasonably
may be requested and (iv) such Shareholder&rsquo;s intended method of distribution) or to undertake any indemnification obligations to
the Company with respect thereto, except as otherwise provided in Section 8 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>10.&#9;<U>Suspension</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Anything contained in this Agreement to the contrary
notwithstanding, the Company may by notice in writing to each Holder of Registrable Shares to which a Prospectus relates, delay, for up
to 60 days (the &ldquo;<B>Delay/Suspension Period</B>&rdquo;), the filing or the effectiveness of any Registration Statement filed (or
to be filed) under Section 2, 3 or 4 or require such Holder to suspend, for up to the Delay/Suspension Period the use of any Prospectus
included in a Registration Statement filed under Sections 2, 3 or 4 if at the time of such delay or suspension: (a) the Company is engaged
in a Material Transaction; (b) the Company&rsquo;s board of directors determines that the disclosure required to be included in such Registration
Statement could be materially detrimental to the Company or its then current business plans; (c) the Company reasonably believes that
effecting the Registration or shelf takedown, as applicable,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">would materially and adversely affect an ongoing
plan by the Company to engage in (directly or indirectly through any of its Subsidiaries) a Material Transaction; or (d) the Company is
in possession of material non-public information the disclosure of which during the period specified in such notice the Company reasonably
believes (as determined by the Company&rsquo;s board of directors) would not be in the best interests of the Company; <U>provided</U>,
<U>however</U>, that: (i) the Company may not invoke this right more than three times in any 18 month period; and (ii) the Company shall
not register any securities for its own account or that of any other security holder during any such Delay/Suspension Period. The period
during which such registration must remain effective shall be extended by a period equal to the Delay/Suspension Period. The Company may
(but shall not be obligated to) withdraw the effectiveness of any Registration Statement subject to this provision. For purposes of this
Section 10, a &ldquo;Material Transaction&rdquo; shall mean a transaction that exceeds twenty percent (20%) of the Company&rsquo;s gross
revenue for the last twelve (12) months and the Company and/or its Controlled Companies (as defined in the Shareholders Agreement) enter
into an association agreement with other companies, merger, spin-off, consolidation, acquisition, partnership, profit-sharing agreements,
or the sale of assets by the Company or by the Controlled Companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>11.&#9;<U>Information by Holder</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Holder of Registrable Shares to be included
in any registration shall promptly furnish to the Company and the managing underwriter such customary written information regarding such
Holder and the distribution proposed by such Holder as the Company or the managing underwriter may reasonably request in writing at least
four Business Days prior to the first anticipated filing date of any Registration Statement or amendment thereto, or Prospectus, as applicable,
and as shall be reasonably required in connection with any registration, qualification or compliance referred to in this Agreement. It
is understood and agreed that the obligations of the Company under Sections 2, 3 and 4 with respect to any particular Holder are conditioned
on the timely provisions of the foregoing information by each such Holder and, without limitation of the foregoing, will be conditioned
on compliance by each such Holder with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each
such Holder will, and will cause its Affiliates to, cooperate with the Company as reasonably requested by the Company in connection with
the preparation of the applicable registration statement, and for so long as the Company is obligated to keep such registration statement
effective, such Holder will and will cause its Affiliates to, provide to the Company, in writing and in a timely manner, for use in such
registration statement (and expressly identified in writing as such), all customary information reasonably requested by the Company regarding
itself and its Affiliates and such other customary information as may reasonably be requested by the Company or required by applicable
law to enable the Company to prepare such registration statement and the related prospectus covering the Registrable Shares owned by such
Holder and to maintain the currency and effectiveness thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each
such Holder shall, and it shall cause its Affiliates to, supply to the Company, its representatives and agents in a timely manner any
customary information regarding itself and its Affiliates as the Company, its representatives or agents may be reasonably requested to
provide in connection with the offering or other distribution of Registrable Shares by such Holder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>on
receipt of written notice from the Company upon the occurrence of any of the events specified in Section 10, or that requires the suspension
by such Holder and its Affiliates of the distribution of any Registrable Shares owned by such Holder pursuant to applicable law, then
such Holder shall, and it shall cause its Affiliates to, cease offering or distributing such Registrable Shares owned by such Holder until
the offering and distribution of Registrable Shares owned by such Holder may recommence in accordance with the terms hereof and applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>12.&#9;<U>Cooperation Regarding Unregistered Sales</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
the Company conducts any offering of Shares that is listed on a stock exchange other than Nasdaq, not subject to Section 4 of this Agreement,
the Company shall provide prior written notice to each Shareholder and shall provide each Shareholder with an opportunity to include any
Registrable Shares held by it for sale in any such offering, subject to proration with Shares offered by the Company, if applicable. Furthermore,
if the Company has registered Shares pursuant to the applicable securities laws of another jurisdiction or otherwise listed its Shares
on an exchange other than Nasdaq, and in order to sell its Shares through such stock exchange the Shareholders are advised or required
to register such Shares as per local market practices, the rights held by the Shareholders under this Agreement should comparably apply
to the extent applicable to any such sales in the alternative jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>From
and after the Registration Date or such earlier date as a registration statement filed by the Company pursuant to the Exchange Act relating
to any class of the Company&rsquo;s securities shall have become effective, the Company shall comply with the public information reporting
requirements of the SEC that are conditions to the availability of Rule 144 for the sale of Registrable Shares. The Company shall cooperate
with each Shareholder in supplying such information as may be necessary for such Shareholder to complete and file any information reporting
forms presently or hereafter required by the SEC as a condition to the availability of Rule 144. From and after the Registration Date,
the Company shall furnish to any Shareholder, so long as the Shareholder owns any Registrable Shares, forthwith upon request (a) to the
extent accurate, a written statement by the Company that it has complied with the &ldquo;current public information&rdquo; requirements
under clause (c) of Rule 144 (at any time after 90 days after Registration Date); and (b) such other information as may be reasonably
requested in availing any Shareholder of any SEC rule or regulation that permits the selling of any such securities without registration
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>13.&#9;<U>Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Agreement shall terminate and be of no further
force or effect when there shall not be any Registrable Shares; <U>provided</U>, <U>however</U>, that Sections 7 and 8 shall survive the
termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>14.&#9;<U>Limitation on Other Registration Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
rights of the Shareholders under this Agreement are independent of any rights that may be granted to any other shareholders under any
other registration rights agreement and may be exercised without regard to any exercise by any holders of other shares of rights to registration
they may separately have under their separate agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company agrees that it shall not enter into any agreement with any holder or prospective holder of any securities of the Company that
is not a party to this Agreement (i) that would allow such holder or prospective holder to include such securities in any Demand Registration
or Piggyback Registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in
any such registration only to the extent that their inclusion would not reduce the amount of the Registrable Shares of the Shareholders
included therein or (ii) on terms otherwise more favorable than this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none">Section
</FONT>15.&#9;<U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All notices or other communications required or
permitted hereunder shall be given in writing and given by certified or registered mail, return receipt requested, nationally recognized
overnight delivery service, such as Federal Express, facsimile or e-mail with confirmation of transmission by the transmitting equipment
or personal delivery against receipt to the party to whom it is given, in each case, at such party&rsquo;s address, facsimile number or
e-mail address set forth below or such other address, facsimile number or e-mail address as such party may hereafter specify by notice
to the other parties hereto given in accordance herewith. Any such notice or other communication shall be deemed to have been given as
of the date so personally delivered or transmitted by facsimile, e-mail or like transmission (or, if delivered or transmitted after normal
business hours, on the next Business Day):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">if to the Company, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Avenida Presidente Juscelino Kubitscheck No. 1909, 30<SUP>th</SUP>
floor<BR>
Vila Ol&iacute;mpia, Zip Code 04543-907<BR>
S&atilde;o Paulo &ndash; SP, Brazil<BR>
Telephone: (11) 3027-2212<BR>
e-mail: fabricio.almeida@xpi.com.br<BR>
Attn.: Mr. Fabricio Cunha de Almeida</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Davis Polk &amp; Wardwell LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">450 Lexington Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">New York, NY 10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attention: Manuel Garciadiaz / Byron B. Rooney</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If to a Shareholder, to its address on a signature
page hereto or, if none, in the books of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as otherwise expressly provided herein,
this Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs (in the case of any individual), successors and permitted assigns; <U>provided</U>, <U>however</U>, that neither this Agreement
nor any of the rights, interests or obligations hereunder may be assigned by any Shareholder without the prior written consent of the
Company; <U>provided</U>, <U>further</U>, <U>however</U>, that, notwithstanding the provisions of the foregoing proviso, to the extent
that any Shareholder transfers any securities of the Company to any transferee in a transaction that does not violate the Shareholders
Agreement and is otherwise permissible under applicable law, such Shareholder may transfer and assign, without the prior written consent
of the Company, any of its rights, interests or obligations hereunder with respect to any such securities hereunder to such transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the foregoing, in each case, if
such transfer is subject to covenants, agreements or other undertakings restricting transferability thereof, the Registration Rights shall
not be transferred in connection with such transfer unless such transferee complies with all such covenants, agreements and other undertakings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any purported assignment or delegation in violation
of this Agreement shall be null and void <U>ab initio</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Agreement embodies the entire agreement and
understanding of the parties and their respective Affiliates with respect to the transactions contemplated hereby and supersedes and cancels
all prior written or oral commitments, arrangements or understandings with respect thereto. There are no restrictions, agreements, promises,
warranties, covenants or undertakings with respect to the transactions contemplated hereby other than those expressly set forth in this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modifications,
Amendments and Waivers</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Agreement may not be modified or amended
except by an instrument or instruments in writing that expressly states that it is modifying or amending this Agreement and that is signed
by the Company, XP Controle, G.A., IUH, IUPAR and Ita&uacute;sa, in each case, so long as such Shareholder still holds Registrable Shares.
Any party hereto (or the holders of a majority of the Registrable Shares then owned by the Shareholders) may, only by an instrument in
writing that expressly states that it is waiving compliance with this Agreement, waive compliance by any other party or parties hereto
with any term or provision hereof on the part of such other party or parties hereto to be performed or complied with. Notwithstanding
the foregoing, the terms and conditions of this Agreement as they apply to any Holder of the Company&rsquo;s securities or related parties
may not be modified or amended in any manner that results in a non-<U>pro rata</U> material adverse effect on the rights of such Holder
without the prior written consent of such Holder. No failure or delay of any party in exercising any right or remedy hereunder shall operate
as a waiver thereof, nor will any single or partial exercise of any right or power, or any abandonment or discontinuance of steps to enforce
such right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The waiver by any party
hereto of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach. The rights and remedies
of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and each of which shall be deemed an original, and will become
effective when one or more counterparts have been signed by a party and delivered to the other parties. Copies of executed counterparts
transmitted by telecopy, telefax or other electronic transmission service shall be considered original executed counterparts for purposes
of this Section 15.5, <U>provided that</U> receipt of copies of such counterparts is confirmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK THAT APPLY TO CONTRACTS
MADE AND PERFORMED ENTIRELY IN SUCH STATE.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Submission
to Jurisdiction; Waiver of Jury Trial</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each party to this Agreement, for itself and its
Affiliates, hereby irrevocably and unconditionally:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)
agrees that any suit, action or proceeding instituted against it by any other party with respect to this Agreement may be instituted,
and that any suit, action or proceeding by it against any other party with respect to this Agreement shall be instituted, only in the
courts of the State of New York, located in New York County or the U.S. District Court for the Southern District of New York (and appellate
courts from any of the foregoing) as the party instituting such suit, action or proceeding may in its sole discretion elect, (ii) consents
and submits, for itself and its property, to the jurisdiction of such courts for the purpose of any such suit, action or proceeding instituted
against it by any other party and (iii) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>agrees
that service of all writs, process and summonses in any suit, action or proceeding pursuant to Section 15.7(a) may be effected by the
mailing of copies thereof by registered or certified mail, postage prepaid, to the Company or the applicable Shareholder, as the case
may be, at the addresses for notices pursuant to Section 15.1 (with copies to such other Persons as specified therein); <U>provided</U>,
<U>however</U>, that: (i) the Company agrees that the documents which start any proceedings and any other documents required to be served
in relation to those proceedings may be served on it by being delivered to National Corporate Research, Ltd. or, if different, its registered
office for the time being, and if such Person is not or ceases to be effectively appointed to accept service of process on behalf of the
Company, the Company shall, appoint a further person in New York to accept service of process on its behalf and, failing such appointment
within 30 days, the Shareholders jointly shall be entitled to appoint such a person by written notice addressed to the Company and delivered
to the Company; <U>provided</U>, <U>however</U>, that a copy of any such documents shall in each instance be delivered to Davis Polk &amp;
Wardwell LLP at the address provided in Section 15.1, above; and (ii) nothing contained in this Section 15.7 shall affect the right of
the Company or any Shareholder to serve process in any other manner permitted by law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)
waives any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement brought in any court specified in Section 14.7(a), (ii) waives any claim that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum and (iii) agrees not to plead or claim either of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>WAIVES
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE
SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
the extent it has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service
or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself, or its property,
hereby irrevocably waives such immunity in respect of its obligations with respect to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the fullest extent permissible under applicable
law, the parties hereto hereby waive any provision of law which renders any provision of this Agreement invalid, illegal or unenforceable
in any respect. Such parties further agree that any provision of this Agreement which, notwithstanding the preceding sentence, is rendered
or held invalid, illegal or unenforceable in any respect in any jurisdiction shall be ineffective, but such ineffectiveness shall be limited
as follows: (a) if such provision is rendered or held invalid, illegal or unenforceable in such jurisdiction only as to a particular Person
or Persons or under any particular circumstance or circumstances, such provision shall be ineffective, but only in such jurisdiction and
only with respect to such particular Person or Persons or under such particular circumstance or circumstances, as the case may be; (b)
without limitation of clause (a), such provision shall in any event be ineffective only as to such jurisdiction and only to the extent
of such invalidity, illegality or unenforceability, and such invalidity, illegality or unenforceability in such jurisdiction shall not
render invalid, illegal or unenforceable such provision in any other jurisdiction; and (c) without limitation of clause (a) or (b), such</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-indent: 0in">ineffectiveness shall not render invalid, illegal
or unenforceable this Agreement or any of the remaining provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Presumption</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">With regard to each and every term and condition
of this Agreement, the parties hereto understand and agree that the same have or has been mutually negotiated, prepared and drafted, and
if at any time the parties hereto desire or are required to interpret or construe any such term or condition or any agreement or instrument
subject hereto, no consideration shall be given to the issue of which party hereto actually prepared, drafted or requested any term or
condition of this Agreement or any agreement or instrument subject hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Third Party Beneficiary</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except for the Persons indemnified pursuant to
Section 8(a) or 8(b), this Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns
and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or
remedy of any nature whatsoever under or by reason of this Agreement, except that any nominee holding Shares beneficially for an investor
may enforce this Agreement as if it were a Shareholder, <U>provided</U>, <U>however</U>, that (i) the name of any such nominee shall be
previously disclosed to the Company in writing, and (ii) such nominee will have no investment discretion with respect to the Shares, and
such investor will remain the beneficial owner of the Shares for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Recourse</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No past, present or future director, officer,
employee, incorporator, member, manager, partner, shareholder, Affiliate, agent, attorney, consultant, representative or principal of
the Company or any Affiliate of the Company shall have any liability for any liabilities of the Company under this Agreement or for any
claim based on, in respect of, or by reason of, the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Specific
Performance</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each of the parties hereto acknowledges that the
others would not have an adequate remedy at law for money damages in the event that any of the covenants or agreements set forth in this
Agreement were not performed in accordance with its terms and therefore, each of the parties agrees that the others shall be entitled
to specific performance, injunctive and other equitable relief in addition to any other remedy to which it may be entitled at law or in
equity (without the necessity of proving the inadequacy as a remedy of money damages or the posting of a bond).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business
Days</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any date provided for in this Agreement shall
fall on a day that is not a Business Day, the date provided for shall be deemed to refer to the next Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Electronic
Execution</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Delivery of an executed counterpart of a signature
page of this Agreement and any other Transaction Document by telecopy or electronic format (including pdf) shall be effective as delivery
of a manually executed counterpart of this Agreement or other Transaction Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">15.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Captions</U>.</P>

<P STYLE="color: #010000; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement, and shall not affect the construction of,
or be taken into consideration in interpreting, this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The next page is the signature page</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The parties have executed and delivered this Registration
Rights Agreement as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>XP INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Fabricio Cunha de Almeida</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&#9;</TD>
    <TD STYLE="width: 41%">Fabricio Cunha de Almeida</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD>
    <TD>Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Company Signature Page to Registration Rights Agreement]</P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>XP CONTROLE PARTICIPA&Ccedil;&Otilde;ES S.A.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Fabricio Cunha de Almeida</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&#9;</TD>
    <TD STYLE="width: 41%">Fabricio Cunha de Almeida</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD>
    <TD>Officer</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Bernardo Amaral Botelho</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&#9;</TD>
    <TD STYLE="width: 41%">Bernardo Amaral Botelho</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD>
    <TD>Officer</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt">Address:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Email:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="margin-top: 0; margin-bottom: 0">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>ITA&Uacute;SA S.A.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Maria Fernanda Ribas Caramuru</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&#9;</TD>
    <TD STYLE="width: 41%">Maria Fernanda Ribas Caramuru</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD>
    <TD>Attorney in fact</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Priscila Grecco Toledo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&#9;</TD>
    <TD STYLE="width: 41%">Priscila Grecco Toledo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD>
    <TD>Director</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt">Address: Av. Paulista 1938, 5th floor, SP, Br</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Email: Fernanda.caramuru@itausa.com.br</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Company Signature Page to Registration Rights Agreement]</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>IUPAR ITA&Uacute; UNIBANCO PARTICIPA&Ccedil;&Otilde;ES S.A.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Maria Fernanda Ribas Caramuru</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&#9;</TD>
    <TD STYLE="width: 41%">Maria Fernanda Ribas Caramuru</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD>
    <TD>Attorney in fact</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Marcia Maria Freitas de Aguiar</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&#9;</TD>
    <TD STYLE="width: 41%">Marcia Maria Freitas de Aguiar</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD>
    <TD>Attorney in fact</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt">Address: P&ccedil;a. Alf. E. S. Aranha, 100, SP, Bra</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Email: Fernanda.caramuru@itausa.com.br</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>GENERAL ATLANTIC (XP)<BR>
    BERMUDA, L.P.</B></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">By:&#9;GAP (Bermuda) L.P., its general partner</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Michael Gosk</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&#9;</TD>
    <TD STYLE="width: 41%">Michael Gosk</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD>
    <TD>Chief Financial Officer and Managing Director</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt">Address: c/o General Atlantic Service Company, L.P., 55 East 52nd Street, Floor 33, New York, NY 10055</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">Email: <FONT STYLE="color: #0562C1"><U>gcruess@generalatlantic.com</U></FONT>; <FONT STYLE="color: #0562C1"><U></U></FONT></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #0562C1"><U>rcatunda@generalatlantic.com</U></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Company Signature Page to Registration Rights Agreement]</P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>ITA&Uacute; UNIBANCO HOLDING S.A.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ &Aacute;lvaro F. Rizzi Rodrigues</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&#9;</TD>
    <TD STYLE="width: 41%">&Aacute;lvaro F. Rizzi Rodrigues</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD>
    <TD>Officer</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Fernando Della Torre Chagas</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&#9;</TD>
    <TD STYLE="width: 41%">Fernando Della Torre Chagas</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD>
    <TD>Director</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt">Address: Pra&ccedil;a Alfredo Egydio de Souza Aranha</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Email: Fernando.chagas@itau-unibanco.com.br</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Company Signature Page to Registration Rights Agreement]</P>


<!-- Field: Page; Sequence: 26; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!P@'!@H(" @+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!# 0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P  1" "Q GX# 2(  A$! Q$!_\0
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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MD_ZJ3_>JZ?Q%PW-"BBBNDU"BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M /ZU--YJ*R+&;&/+ X_?^GX4 :-%4/M&I?\ /C%_W_\ _K4?:-2_Y\8O^_\
M_P#6H OT50^T:G_SX1?]_P#_ .M1]HU/_GPB_P"__P#]:@"_15'[1J?_ #X1
M?]__ /ZU->[U%-NZQB^8[1^_[_E0!H450^T:G_SXQ?\ ?_\ ^M1]HU/_ )\(
MO^__ /\ 6H OT50^T:G_ ,^$7_?_ /\ K4?:-3_Y\(O^_P#_ /6H OT50^T:
MG_SX1?\ ?_\ ^M39;S48HVD>QC"J,G]]_P#6H T:*J>9?_\ /"#_ +^G_"CS
M+_\ Y]X?^_I_PH MT54\R_\ ^?>'_OZ?\*/,O_\ GWA_[^G_  H MT54\R__
M .?>'_OZ?\*/,O\ _GWA_P"_I_PH MT55@N)FN7@FC5&5 XVMD$$D>GM5G-
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M' CPI*FP[>2ISG\ ,9/OP:)K[6O,N'M[=7A0@Q H07!W<#Z #KW-;^T4; :
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MXZ]<4KL5S2\^7^]^E'GR_P!_]*QY-8FA9U:PD8HI+%02#Z <&M-&WQJ^"NX
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH 2BBB@ HHHH *2
MBBDP%HHHI] %HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
4* "BBB@ HHHH **** "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!P@'!@H(" @+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!# 0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P  1" $; G@# 2(  A$! Q$!_\0
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M[]>_X&JL'B/3[BPDO8C,\,;HC?N^<M@+^'(^E<_M*IR^WGV.M_M^U_YYS_\
M?NC^W[7_ )YS_P#?NN-7Q;H[LRB>0%-V[,9&TC=P?<[3CUIZ^)]-8(1YPWRF
M%08\9<=1R>*/:51^VJ=CK_[?M?\ GG/_ -^Z/[?M?^><_P#W[KCY/%&G10F:
M5;E(P)"6,7_/,A7[]B0*:/%FDL90DLL@A5W=EC)&%ZD>OX4>TJA[:IV.R_M^
MU_YYS_\ ?NC^W[7_ )YS_P#?NN.'BG2V42*\S1D.?,$9V_( 6_+</SJ>'7K&
M>_2P4RK<LQ4QNFTJ1U!R>OTS1[2J'MZG8ZK^W[7_ )YS_P#?NC^WK7_GG/\
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MK2IJ4,^EM;ROY)1O.)"@%AGIWXHN@Y)=BS_9LW_0+/\ X,Y*/[-F_P"@6?\
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M 9JM'K^O>5(9K;3@_P# ([A2.B]<L.,[OTK0EGU*71]16_MX%46[&.6&3*R
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M,HP6YN#,$TJ3]S(8VSJ+]0 ?7WJ;^SI/^@5)_P"#)_\ &KVE?ZR__P"OMO\
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M63<M.L6;=0TFX<''3\:J"35Q&=\,)<CC9V_,U',SJ]C U-4U#4)[AGL-5%K
M%&%>V8D'!SV^E:NF6VKP3 WFH17<#)G_ %6U@W'0CMUK"<M]F;=PVSY@/7'-
M==#_ *F/_=%5%MF56FHI6*E__P ?^F_]=V_]%O5^J%__ ,?^F_\ 7=O_ $6]
M7ZHP"DI:2@#F]717U67<H.$3J/K61<36K0ND$]LLQ'R;L$9]QWKI;_2I[F\>
M:.2(*Z@$.#VK+7P:JEBOD@MC/S/VZ=ZS<7<[(U(J*5S,M)X C?:+F"1B<@@
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M:S]/MTNO#EI!)G8]N@.TX/05J<<79IG,W\EP@18;;[0K9WKT].]4(X6+H_\
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M6C#([?,!QSZ\>M;U9NA?\@\_]=7_ )UI5HMCCFDI-(****9(4444 %4=:_Y
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M<'H"?NBD]"Z:<W:YTWFQ_P#/1/\ OJL+5;^XL]966RM!>R&W"F-9 N 7ZYK
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MQV<.F21,Q\H&;Y\>XSU_^O\ CI:?-XA\^,:A:6?E/G>8G(:/T]<_AZU1L/\
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M+'(DRQ[%*D,N<YQ[^U5/["N/^?J/_OV?\:S:=SKIU(J*39SBW&J[#NLT#@'
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M,G!0CO\ 6JO]@P?\_,_YK_A2:Q>7-O-"D$HC#*Q/R@YQCU^M4/[2U#_GZ_\
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MOYBL*\N;N%P+>S\]<?,=V,<UU%]9V]\\;M=&,Q@CY2.<_7Z56_L>W_Y_W_\
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MWV_G4]*.PWN%%%%4(**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** $J)E)N8FQP V3Z5-12:N""BBBF 4
M444 %%%% !1110 4444 %(>E+10!#;#$"C&/;%3444DK( HHHI@%%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?
"_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
