<SEC-DOCUMENT>0001292814-21-001705.txt : 20210423
<SEC-HEADER>0001292814-21-001705.hdr.sgml : 20210423
<ACCEPTANCE-DATETIME>20210423163700
ACCESSION NUMBER:		0001292814-21-001705
CONFORMED SUBMISSION TYPE:	8-A12B
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210423
DATE AS OF CHANGE:		20210423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENERGY CO OF PARANA
		CENTRAL INDEX KEY:			0001041792
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-A12B
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14668
		FILM NUMBER:		21850374

	BUSINESS ADDRESS:	
		STREET 1:		RUA CORONEL DULCIDIO 800
		STREET 2:		80420 170 CURITIBA PARANA
		CITY:			FEDERATIVE REPUBLIC
		STATE:			D5
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		CT CORPORATION SYSTEM
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
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<FILENAME>elpform_8a.htm
<DESCRIPTION>FORM 8-A12B
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM 8-A</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">PURSUANT TO SECTION 12(b) OR (g) OF THE</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SECURITIES EXCHANGE ACT OF 1934</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Companhia Paranaense de Energia &ndash; Copel </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Exact Name of Registrant as Specified in Its
    Charter)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Energy Company of Parana &ndash; Copel</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Translation of Registrant&rsquo;s name into
    English)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>FEDERATIVE REPUBLIC OF BRAZIL<BR>
    </B>(Jurisdiction of Incorporation<BR>
    or Organization)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not Applicable</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(IRS Employer Identification Number)</P>
    <P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 17.05pt 0 9.15pt; text-align: center"><B>Rua Coronel Dulc&iacute;dio,
    800, 3<SUP>rd</SUP> floor &ndash; 80420.170 Curitiba, Paran&aacute;, Brazil </B></P>
    <P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 17.05pt 0 9.15pt; text-align: center"><B>Tel: +55 41 3331 4011</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address and telephone number of Registrant&rsquo;s
    Principal Executive Offices)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 17.05pt 0 9.15pt; text-align: center"><B>Copy to: </B></P>
    <P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 17.05pt 0 9.15pt; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 17.05pt 0 9.15pt; text-align: center"><B>Nicolas Grabar, Esq.</B></P>
    <P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 17.05pt 0 9.15pt; text-align: center"><B>Francesca L. Odell, Esq.
    </B></P>
    <P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 17.05pt 0 9.15pt; text-align: center"><B>Cleary Gottlieb Steen &amp;
    Hamilton LLP </B></P>
    <P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 17.05pt 0 9.15pt; text-align: center"><B>One Liberty Plaza</B></P>
    <P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 17.05pt 0 9.15pt; text-align: center"><B>New York, New York 10006
    </B></P>
    <P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 17.05pt 0 9.15pt; text-align: center"><B>(212) 225-2000</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; padding-right: 0.45in; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">If this form relates to the registration of a class of securities pursuant to Section 12(b) of the Exchange Act and is effective pursuant to General Instruction A.(c), please check the following box. &nbsp;<FONT STYLE="font-family: MS Gothic, Helvetica, Sans-Serif">&#9746;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">If this form relates to the registration of a class of securities pursuant to Section 12(g) of the Exchange Act and is effective pursuant to General Instruction A.(d), please check the following box.&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: MS Gothic, Helvetica, Sans-Serif">&#9744;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Securities Act registration statement file numbers to which this form relates:</P>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 12pt 4.7in">(If applicable)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Securities to be registered pursuant to Section 12(b) of the Act:</P>

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    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center; border-bottom: Black 0.75pt solid"><B>Title of
    Each Class<BR>
    to be so Registered</B></P></TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center; border-bottom: Black 0.75pt solid"><B>Name of
    Each Exchange on Which<BR>
    Each Class is to be Registered</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Common Shares, without par value </FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 9pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">New York Stock Exchange (&ldquo;NYSE&rdquo;) </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Securities to be registered pursuant to Section 12(g) of the Act:</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">None</P>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Title of class)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0.5in">&nbsp;</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 1.</TD><TD>Description of Registrants&rsquo; Securities to be Registered.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The securities to be registered hereby are the
common shares, without par value (the &ldquo;Common Shares&rdquo;) of Companhia Paranaense de Energia &ndash; Copel (the &ldquo;Registrant&rdquo;).
The Registrant hereby incorporates by reference the description of the Common Shares included in the Registrant&rsquo;s Annual Report
on Form 20-F for the fiscal year ended December 31, 2020 filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on
April 19, 2021 (File No. 001-14668), under the headings &ldquo;Dividend Payment&rdquo; and &ldquo;Item 10. Additional Information &ndash;
Memorandum and Articles of Association.&rdquo;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 2.</TD><TD>Exhibits.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-weight: normal">99 (A). Corporate
Bylaws of Companhia Paranaense de Energia &ndash; Copel (incorporated herein by reference to Exhibit 1.1 to the Annual Report on Form
20-F for the fiscal year ended December 31, 2020 (File No. 001-14668), filed on April 19, 2021).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">99 (B). Form of Amended and Restated Deposit
Agreement (For Units), among Companhia Paranaense de Energia &ndash; Copel, The Bank of New York, as depositary, and all owners and holders
from time to time of American Depositary Receipts issued thereunder.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Pursuant to the requirements of Section 12 of
the Securities Exchange Act of 1934, each of the Registrants has duly caused this registration statement or amendment thereto to be signed
on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt"><B>Companhia Paranaense de Energia &ndash; Copel </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0.5in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4in"></TD><TD STYLE="width: 1in"><B>(Registrant)</B></TD><TD></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">By:&nbsp;&nbsp;<U>/s/ Daniel Pimentel Slaviero&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 58.3pt; text-indent: -0.5in">Name:&#9;Daniel Pimentel Slaviero</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 58.3pt; text-indent: -0.5in">Title:&#9;Chief Executive Officer</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 58.3pt; text-indent: -0.5in">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 58.3pt; text-indent: -0.5in">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 58.3pt; text-indent: -0.5in">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By:&nbsp; <U>/s/ Adriano Rudek de Moura &#9;</U></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 58.3pt; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 58.3pt; text-indent: -0.5in">Name:&#9;Adriano Rudek de Moura</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 58.3pt; text-indent: -0.5in">Title:&#9;Chief Financial Officer and Investor
    Relations Officer</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 58.3pt; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 58.3pt; text-indent: -0.5in">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt">Date: April 23, 2021</P>


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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif"><U>Exhibit No.</U></TD>
    <TD STYLE="width: 58%; padding-right: 1.3in; padding-bottom: 12pt; padding-left: 1.3in; font: 12pt Times New Roman, Times, Serif; text-align: center"><U>Exhibit</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0.5in">99 (A).</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Corporate Bylaws of Companhia Paranaense de Energia &ndash; Copel&nbsp;&nbsp;(incorporated herein by reference to&nbsp;&nbsp;Exhibit 1.1&nbsp;&nbsp;to the Annual Report on Form 20-F for the fiscal year ended December 31, 2020 (File No. 001-14668), filed on April 19, 2021).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0.5in"><A HREF="ex99-b.htm">99 (B).</A></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><A HREF="ex99-b.htm">Form of Amended and Restated Deposit Agreement (For Units), among Companhia Paranaense de Energia &ndash; Copel, The Bank of New York, as depositary, and all owners and holders from time to time of American Depositary Receipts issued thereunder.</A></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 78pt; text-align: center">===============================================================</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">COMPANHIA PARANAENSE DE ENERGIA - COPEL</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center; text-indent: 3.5in">As Depositary</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center">OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center">Amended and Restated Deposit Agreement</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center">(For Units)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 78pt; text-align: center; text-indent: 0.5in">, 2021</P>

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


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



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  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.5in; padding-top: 24pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE 1.&nbsp;&nbsp;&nbsp;DEFINITIONS</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 24pt; padding-bottom: 0pt">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.1.&nbsp;&nbsp;&nbsp;American Depositary Shares.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.2.&nbsp;&nbsp;&nbsp;Central Bank.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.3.&nbsp;&nbsp;&nbsp;Commission.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.4.&nbsp;&nbsp;&nbsp;Company.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.5.&nbsp;&nbsp;&nbsp;Custodian.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.6.&nbsp;&nbsp;&nbsp;CVM.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.7.&nbsp;&nbsp;&nbsp;Deliver; Surrender.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.8.&nbsp;&nbsp;&nbsp;Deposit Agreement.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.9.&nbsp;&nbsp;&nbsp;Depositary; Depositary&#8217;s Office.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.10.&nbsp;&nbsp;&nbsp;Deposited Securities.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.11.&nbsp;&nbsp;&nbsp;Disseminate.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.12.&nbsp;&nbsp;&nbsp;Dollars.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.13.&nbsp;&nbsp;&nbsp;DTC.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.14.&nbsp;&nbsp;&nbsp;Foreign Registrar.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.15.&nbsp;&nbsp;&nbsp;Holder.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.16.&nbsp;&nbsp;&nbsp;Owner.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.17.&nbsp;&nbsp;&nbsp;Receipts.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.18.&nbsp;&nbsp;&nbsp;Registrar.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.19.&nbsp;&nbsp;&nbsp;Replacement.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.20.&nbsp;&nbsp;&nbsp;Restricted Securities.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.21.&nbsp;&nbsp;&nbsp;Securities Act of 1933.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.22.&nbsp;&nbsp;&nbsp;Shares.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.23.&nbsp;&nbsp;&nbsp;SWIFT.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.24.&nbsp;&nbsp;&nbsp;Termination Option Event.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 1.25.&nbsp;&nbsp;&nbsp;Units; Unit Depositary.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 24pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE 2.&nbsp;&nbsp;&nbsp;FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES</TD>
    <TD STYLE="text-align: right; padding-top: 24pt; padding-bottom: 0pt">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 2.1.&nbsp;&nbsp;&nbsp;Form of Receipts; Registration and Transferability of American Depositary Shares.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 2.2.&nbsp;&nbsp;&nbsp;Deposit of Units.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 2.3.&nbsp;&nbsp;&nbsp;Delivery of American Depositary Shares.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 2.4.&nbsp;&nbsp;&nbsp;Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange
of Certificated and Uncertificated American Depositary Shares.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 2.5.&nbsp;&nbsp;&nbsp;Surrender of American Depositary Shares and Withdrawal of Deposited Securities.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
</TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 2.6.&nbsp;&nbsp;&nbsp;Limitations on Delivery, Registration of Transfer and Surrender of American Depositary Shares.</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 2.7.&nbsp;&nbsp;&nbsp;Lost Receipts, etc.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 2.8.&nbsp;&nbsp;&nbsp;Cancellation and Destruction of Surrendered Receipts.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 2.9.&nbsp;&nbsp;&nbsp;DTC Direct Registration System and Profile Modification System.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 24pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE 3.&nbsp;&nbsp;&nbsp;CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES</TD>
    <TD STYLE="text-align: right; padding-top: 24pt; padding-bottom: 0pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 3.1.&nbsp;&nbsp;&nbsp;Filing Proofs, Certificates and Other Information.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 3.2.&nbsp;&nbsp;&nbsp;Liability of Owner for Taxes.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 3.3.&nbsp;&nbsp;&nbsp;Warranties on Deposit of Units.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 3.4.&nbsp;&nbsp;&nbsp;Disclosure of Interests.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 3.5.&nbsp;&nbsp;&nbsp;Delivery of Information to the CVM.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 24pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE 4.&nbsp;&nbsp;&nbsp;THE DEPOSITED SECURITIES</TD>
    <TD STYLE="text-align: right; padding-top: 24pt; padding-bottom: 0pt">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 4.1.&nbsp;&nbsp;&nbsp;Cash Distributions.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 4.2.&nbsp;&nbsp;&nbsp;Distributions Other Than Cash, Units or Rights.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 4.3.&nbsp;&nbsp;&nbsp;Distributions in Units.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 4.4.&nbsp;&nbsp;&nbsp;Rights.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 4.5.&nbsp;&nbsp;&nbsp;Conversion of Foreign Currency.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 4.6.&nbsp;&nbsp;&nbsp;Fixing of Record Date.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 4.7.&nbsp;&nbsp;&nbsp;Voting of Deposited Units.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 4.8.&nbsp;&nbsp;&nbsp;Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">22</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 4.9.&nbsp;&nbsp;&nbsp;Reports.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">23</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 4.10.&nbsp;&nbsp;&nbsp;Lists of Owners.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 4.11.&nbsp;&nbsp;&nbsp;Withholding.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 24pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE 5.&nbsp;&nbsp;&nbsp;THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY</TD>
    <TD STYLE="text-align: right; padding-top: 24pt; padding-bottom: 0pt">24</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 5.1.&nbsp;&nbsp;&nbsp;Maintenance of Office and Register by the Depositary.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 5.2.&nbsp;&nbsp;&nbsp;Prevention or Delay of Performance by the Company or the Depositary.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">25</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 5.3.&nbsp;&nbsp;&nbsp;Obligations of the Depositary and the Company.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 5.4.&nbsp;&nbsp;&nbsp;Resignation and Removal of the Depositary.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">27</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 5.5.&nbsp;&nbsp;&nbsp;The Custodian.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 5.6.&nbsp;&nbsp;&nbsp;Notices and Reports.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 5.7.&nbsp;&nbsp;&nbsp;Distribution of Additional Units, Rights, etc.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">29</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 5.8.&nbsp;&nbsp;&nbsp;Indemnification.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">29</TD></TR>
</TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 5.9.&nbsp;&nbsp;&nbsp;Charges of Depositary.</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 5.10.&nbsp;&nbsp;&nbsp;Retention of Depositary Documents.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 5.11.&nbsp;&nbsp;&nbsp;Exclusivity.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 5.12.&nbsp;&nbsp;&nbsp;Information for Regulatory Compliance.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 24pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE 6.&nbsp;&nbsp;&nbsp;AMENDMENT AND TERMINATION</TD>
    <TD STYLE="text-align: right; padding-top: 24pt; padding-bottom: 0pt">31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 6.1.&nbsp;&nbsp;&nbsp;Amendment.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 6.2.&nbsp;&nbsp;&nbsp;Termination.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 24pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE 7.&nbsp;&nbsp;&nbsp;MISCELLANEOUS</TD>
    <TD STYLE="text-align: right; padding-top: 24pt; padding-bottom: 0pt">33</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 7.1.&nbsp;&nbsp;&nbsp;Counterparts; Signatures; Delivery.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 7.2.&nbsp;&nbsp;&nbsp;No Third Party Beneficiaries.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 7.3.&nbsp;&nbsp;&nbsp;Severability.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 7.4.&nbsp;&nbsp;&nbsp;Owners and Holders as Parties; Binding Effect.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 7.5.&nbsp;&nbsp;&nbsp;Notices.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 7.6.&nbsp;&nbsp;&nbsp;Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 7.7.&nbsp;&nbsp;&nbsp;Waiver of Immunities.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">SECTION 7.8.&nbsp;&nbsp;&nbsp;Governing Law.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">36</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">AMENDED AND RESTATED
DEPOSIT AGREEMENT dated as of &nbsp;&nbsp;&nbsp;, 2021 among COMPANHIA PARANAENSE DE ENERGIA - COPEL, <I>a sociedade de economia mista</I>
incorporated under the laws of the Federative Republic of Brazil (herein called the Company), THE BANK OF NEW YORK MELLON (formerly
known as The Bank of New York), a New York banking corporation (herein called the Depositary), and all Owners and Holders (each as
hereinafter defined) from time to time of American Depositary Shares issued hereunder.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, the Company and
the Depositary entered into (i) a deposit agreement for the Company&#8217;s common shares dated as of March 21, 1996 and subsequently
amended and restated that agreement as of July 29, 1997 and November 21, 2007 (that agreement, as so amended and restated, the &#8220;Prior
Common Shares Deposit Agreement&#8221;) for the purposes stated in that agreement and (ii) a deposit agreement for the Company&#8217;s
non-voting class B preferred shares dated as of March 21, 1996 and subsequently amended and restated that agreement as of July 29, 1997
and November 21, 2007 (that agreement, as so amended and restated, the &#8220;Prior Preferred Shares Deposit Agreement&#8221; and, together
with the Prior Common Shares Deposit Agreement, the &#8220;Prior Deposit Agreements&#8221;) for the purposes stated in that agreement;
and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, the Company established
a share deposit certificates program in Brazil pursuant to which certain of the Company&#8217;s shareholders, including the Depositary
have elected to exchange their common and preferred shares for certificates (herein called Units), each consisting of one common share
and four preferred shares (herein called Unit Multiples), and offered to exchange preferred shares for common shares and vice versa to
aid in creation of Unit Multiples; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, the Issuer and the
Depositary now wish to amend the Prior Deposit Agreements to, among other things, (i) provide that all American Depositary Shares shall
represent Units, (ii) provide that, on and after the date of this Amended and Restated Deposit Agreement, only Units may be deposited
and (iii) amend and update various other provisions of the Prior Deposit Agreements; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, the Company desires
to provide, as set forth in this Deposit Agreement, for the deposit of Units (as hereinafter defined) of the Company from time to time
with the Depositary or with the Custodian (as hereinafter defined) under this Amended and Restated Deposit Agreement, for the creation
of American Depositary Shares representing the Units so deposited and for the execution and delivery of American Depositary Receipts evidencing
the American Depositary Shares; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, the American Depositary
Receipts are to be substantially in the form of Exhibit A annexed to this Amended and Restated Deposit Agreement, with appropriate insertions, modifications and omissions,
as set forth in this Amended and Restated Deposit Agreement;</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">NOW, THEREFORE, in consideration
of the premises, it is agreed by and between the parties hereto that each of the Prior Deposit Agreements is hereby amended and restated
as follows, so as to form one amended and restated agreement:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">ARTICLE 1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DEFINITIONS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The following definitions
shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>American Depositary Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>American
Depositary Shares</U>&#8221; shall mean the securities created under this Deposit Agreement representing rights with respect to the Deposited
Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of
Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required under the Securities Act of 1933 for sales of
both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement that refer specifically
to Receipts, all the provisions of this Deposit Agreement shall apply to both certificated and uncertificated American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Each American Depositary
Share shall represent the number of Units specified in Exhibit A to this Deposit Agreement, <U>except that</U>, if there is a distribution
upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section 4.8 with respect to which additional
American Depositary Shares are not delivered or a sale of Deposited Securities under Section 3.2 or 4.8, each American Depositary Share
shall thereafter represent the amount of Units or other Deposited Securities that are then on deposit per American Depositary Share after
giving effect to that distribution, change or sale.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Central Bank.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Central
Bank</U>&#8221; shall mean the <I>Banco Central do Brasil</I> or any successor governmental agency in Brazil.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Commission.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Commission</U>&#8221;
shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Company</U>&#8221;
shall mean Companhia Paranaense de Energia - COPEL, a <I>sociedade de economia mista</I> incorporated under the laws of the Federative
Republic of Brazil, and its successors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Custodian.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Custodian</U>&#8221;
shall mean Ita&uacute; Unibanco S.A., as custodian for the Depositary in Brazil for the purposes of this Deposit Agreement, and any other
firm or corporation the Depositary appoints under Section 5.5 as a substitute custodian under this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>CVM</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;CVM&#8221;
shall mean the <I>Comiss&atilde;o de Valores Mobili&aacute;rios,</I> the Brazilian National Securities Commission, or any successor governmental
agency in Brazil.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deliver; Surrender.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#8220;<U>deliver</U>&#8221;, or its noun form, when used with respect to Units or other Deposited Securities, shall mean (i) book-entry
transfer of those Units or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect
transfers of such securities designated by the person entitled to that delivery or (ii) physical transfer of certificates evidencing those
Units or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to, the
person entitled to that delivery.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#8220;<U>deliver</U>&#8221;, or its noun form, when used with respect to American Depositary Shares, shall mean (i) registration
of those American Depositary Shares in the name of DTC or its nominee and book-entry transfer of those American Depositary Shares to an
account at DTC designated by the person entitled to that delivery, (ii) registration of those American Depositary Shares not evidenced
by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery and mailing to that person of
a statement confirming that registration or (iii) if requested by the person entitled to that delivery, execution and delivery at the
Depositary&#8217;s Office to the person entitled to that delivery of one or more Receipts evidencing those American Depositary Shares
registered in the name requested by that person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#8220;<U>surrender</U>&#8221;, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry transfers
of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of an instruction to
surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary
at its Office of one or more Receipts evidencing American Depositary Shares.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit Agreement.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Deposit
Agreement</U>&#8221; shall mean this Deposit Agreement, as it may be amended from time to time in accordance with the provisions of this
Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Depositary; Depositary&#8217;s Office.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Depositary</U>&#8221;
shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary under this Deposit Agreement.
The term &#8220;<U>Office</U>&#8221;, when used with respect to the Depositary, shall mean the office at which its depositary receipts
business is administered, which, at the date of this Deposit Agreement, is located at 240 Greenwich Street, New York, New York 10286.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposited Securities.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Deposited
Securities</U>&#8221; as of any time shall mean Units at such time deposited or deemed to be deposited under this Deposit Agreement, including
without limitation, Units that have not been successfully delivered upon surrender of American Depositary Shares, and any and all other
securities, property and cash received by the Depositary or the Custodian in respect of Deposited Securities and at that time held under
this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disseminate.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Disseminate</U>,&#8221;
when referring to a notice or other information to be sent by the Depositary to Owners, shall mean (i) sending that information to Owners
in paper form by mail or another means or (ii) with the consent of Owners, another procedure that has the effect of making the information
available to Owners, which may include (A) sending the information by electronic mail or electronic messaging or (B) sending in paper
form or by electronic mail or messaging a statement that the information is available and may be accessed by the Owner on an Internet
website and that it will be sent in paper form upon request by the Owner, when that information is so available and is sent in paper form
as promptly as practicable upon request.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dollars.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Dollars</U>&#8221;
shall mean United States dollars.</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>DTC.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>DTC</U>&#8221;
shall mean The Depository Trust Company or its successor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Foreign Registrar.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Foreign
Registrar</U>&#8221; shall mean the entity that carries out the duties of registrar for the Units and any other agent of the Company for
the transfer and registration of Units, including, without limitation, any securities depository for the Units.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Holder.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Holder</U>&#8221;
shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary Shares, whether for its own
account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Owner.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Owner</U>&#8221;
shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary maintained for that purpose.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Receipts.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Receipts</U>&#8221;
shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing certificated American Depositary Shares, as
the same may be amended from time to time in accordance with the provisions of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registrar.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Registrar</U>&#8221;
shall mean any corporation or other entity that is appointed by the Depositary to register American Depositary Shares and transfers of
American Depositary Shares as provided in this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Replacement.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Replacement</U>&#8221;
shall have the meaning assigned to it in Section 4.8.</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted Securities.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Restricted
Securities</U>&#8221; shall mean Units that (i) are &#8220;restricted securities,&#8221; as defined in Rule 144 under the Securities Act
of 1933 (&#8220;<U>Rule 144</U>&#8221;), except for Units that could be resold in reliance on Rule 144 without any conditions, (ii) are
beneficially owned by an officer, director (or person performing similar functions) or other affiliate of the Company, (iii) otherwise
would require registration under the Securities Act of 1933 in connection with the public offer and sale thereof in the United States
or (iv) are subject to other restrictions on sale or deposit under the laws of the Federative Republic of Brazil, a shareholder agreement
or the articles of association or similar document of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Securities Act of 1933.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Securities
Act of 1933</U>&#8221; shall mean the United States Securities Act of 1933, as from time to time amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.22.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The term &#8220;<U>Shares</U>&#8221;
shall mean the securities comprising the Units. As of the date of this Deposit Agreement, each Unit consists of one common share and four
non-voting class B preferred shares of the Company.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.23.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>SWIFT.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>SWIFT</U>&#8221;
shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial Telecommunication, or its successor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.24.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination Option Event.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &#8220;<U>Termination
Option Event</U>&#8221; shall mean any of the following events or conditions:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of bankruptcy or insolvency proceedings
against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or
insolvency, consents to the filing of any petition of that kind or to the appointment of a receiver, liquidator, assignee, trustee, custodian
or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors,
or if information becomes publicly available indicating that unsecured claims against the Company are not expected to be paid;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Units are delisted, or the Company announces its intention to delist the Units, from a stock exchange outside the United States, and the
Company has not applied to list the Units on any other stock exchange outside the United States;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
American Depositary Shares are delisted from a stock exchange in the United States on which the American Depositary Shares were listed
and, 30 days after that delisting, the American Depositary Shares have not been listed on another stock exchange in the United States,
nor is there a symbol available for over-the-counter trading of the American Depositary Shares in the United States;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Depositary has received notice of facts that indicate, or otherwise has reason to believe, that the American Depositary Shares have become,
or with the passage of time will become, ineligible for registration on Form F-6 under the Securities Act of 1933; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
event or condition that is defined as a <U>Termination Option Event</U> in Section 4.1, 4.2 or 4.8.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.25.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Units; Unit Depositary.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The term &#8220;<U>Units</U>&#8221;
shall mean units issued under the <I>Contrato de Presta&ccedil;&atilde;o de Servi&ccedil;os de Emissor e Deposit&aacute;rio de Units</I>
dated January 11, 2021 between the Company and Banco Bradesco S.A., as unit depositary (the &#8220;<U>Unit Depositary</U>&#8221;), as
that agreement may be amended and supplemented from time to time, that are validly issued and outstanding; <U>provided</U>, <U>however</U>,
that, if there shall occur any change, exchange or conversion in respect of the Units, the term &#8220;Units&#8221; shall thereafter also
mean the successor securities resulting from such change, exchange or conversion.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 74.8pt; text-align: justify; text-indent: -74.8pt">ARTICLE 2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0.5in">SECTION 2.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form of Receipts; Registration and Transferability of American Depositary Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Definitive Receipts shall
be substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions, modifications and omissions,
as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose, unless that Receipt has been [(i) executed by the Depositary by the manual signature of a duly authorized officer of
the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual
signature of a duly authorized signatory of the Depositary or the
Registrar or a co-registrar.<FONT STYLE="font: 12pt Times New Roman, Times, Serif"><SUP>[1]</SUP></FONT>] The Depositary
shall maintain books on which (x) each Receipt so executed and delivered as provided in this Deposit Agreement and each transfer of that
Receipt and (y) all American Depositary Shares delivered as provided in this Deposit Agreement and all registrations of transfer of American
Depositary Shares, shall be registered. A Receipt bearing the facsimile signature of a person that was at any time a proper officer of
the Depositary shall, subject to the other provisions of this paragraph, bind the Depositary, even if that person was not a proper officer
of the Depositary on the date of issuance of that Receipt.</P>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">American Depositary Shares
evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be transferable
as certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts shall
be transferable as uncertificated registered securities under the laws of the State of New York. The Depositary, notwithstanding any notice
to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person
entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other
purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under this Deposit Agreement
to any Holder of American Depositary Shares (but only to the Owner of those American Depositary Shares).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit of Units.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the terms and
conditions of this Deposit Agreement, Units or evidence of rights to receive Units may be deposited under this Deposit Agreement by delivery
thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer, or endorsement, in form satisfactory
to the Custodian.</P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[1]</SUP></FONT>
<B><U>NTD</U></B>: Will you require the physical copy of the manual signature? Or simply PDF?.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">As conditions of accepting
Units for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian in accordance with the
provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of, the person
or persons stated in that order American Depositary Shares representing those deposited Units, (iii) evidence satisfactory to the Depositary
that those Units have been re-registered in the books of the Unit Depositary or the Foreign Registrar in the name of the Depositary, a
Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval for
the transfer or deposit has been granted by any governmental body in each applicable jurisdiction and (v) an agreement or assignment,
or other instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to
subscribe for additional Units or to receive other property, that any person in whose name those Units are or have been recorded may thereafter
receive upon or in respect of those Units, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory
to the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">At the request and risk and
expense of a person proposing to deposit Units, and for the account of that person, the Depositary may receive certificates for Units
to be deposited, together with the other instruments specified in this Section, for the purpose of forwarding those Unit certificates
to the Custodian for deposit under this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall instruct
the Custodian that, upon each delivery to the Custodian of a certificate or certificates for Units to be deposited under this Deposit
Agreement, together with the other documents specified in this Section, the Custodian shall, as soon as transfer and recordation can be
accomplished, present that certificate or those certificates to the Unit Depositary or the Foreign Registrar, if applicable, for transfer
and recordation of the Units being deposited in the name of the Depositary or its nominee or the Custodian or its nominee.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of American Depositary Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall instruct
each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together with the other documents or evidence
required under that Section, that Custodian shall notify the Depositary of that deposit and the person or persons to whom or upon whose
written order American Depositary Shares are deliverable in respect thereof. Upon receiving a notice of a deposit from a Custodian, or
upon the receipt of Units or evidence of the right to receive Units by the Depositary, the Depositary, subject to the terms and conditions
of this Deposit Agreement, shall deliver, to or upon the order of the person or persons entitled thereto, the number of American Depositary
Shares issuable in respect of that deposit, but only upon payment to the Depositary of the fees
and expenses of the Depositary for the delivery of those American Depositary Shares as provided in Section 5.9, and of all taxes and governmental
charges and fees payable in connection with that deposit and the transfer of the deposited Units. <U>However</U>, the Depositary shall
deliver only whole numbers of American Depositary Shares.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and
Uncertificated American Depositary Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary, subject to
the terms and conditions of this Deposit Agreement, shall register a transfer of American Depositary Shares on its transfer books upon
(i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the
Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii) in the case of uncertificated
American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through
DRS and Profile as provided in Section 2.9), and, in either case, duly stamped as may be required by the laws of the State of New York
and of the United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred American Depositary
Shares to or upon the order of the person entitled thereto.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary, upon surrender
of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel the
Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner
of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for
the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9) from the Owner of uncertificated American Depositary
Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary
Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may appoint
one or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary Shares and combinations and
split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may
require evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to American Depositary Shares
and will be entitled to protection and indemnity to the same extent as the Depositary.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Surrender of American Depositary Shares and Withdrawal of Deposited Securities.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon surrender of American
Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the fee of the Depositary
for the surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes and governmental charges payable in
connection with that surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement,
the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably
made), to or as instructed by that Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares,
<U>but not</U> any money or other property as to which a record date for distribution to Owners has passed (since money or other property
of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record date), <U>and except that</U> the
Depositary shall not be required to accept surrender of American Depositary Shares for the purpose of withdrawal to the extent it would
require delivery of a fraction of a Deposited Security. That delivery shall be made, as provided in this Section, without unreasonable
delay.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">As a condition of accepting
a surrender of American Depositary Shares for the purpose of withdrawal of Deposited Securities, the Depositary may require (i) that each
surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of transfer in blank and (ii) that the surrendering
Owner execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn
to be delivered to or upon the written order of a person or persons designated in that order.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Thereupon, the Depositary
shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of this Deposit Agreement
and local market rules and practices, to the surrendering Owner or to or upon the written order of the person or persons designated in
the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the surrendered American Depositary
Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for giving that direction by cable (including SWIFT)
or facsimile transmission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If Deposited Securities are
delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that delivery will be made at the Custodian&#8217;s
office, <U>except that</U>, at the request, risk and expense of an Owner surrendering American Depositary Shares for withdrawal of Deposited
Securities, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising,
and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for,
the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary&#8217;s
Office or to another address specified in the order received from the surrendering Owner.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitations on Delivery, Registration of Transfer and Surrender of American Depositary Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">As a condition precedent
to the delivery, registration of transfer or surrender of any American Depositary Shares, the split-up or combination of any Receipt,
or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Units or the
presenter of the Receipt, instruction for registration of transfer, or surrender of American Depositary Shares not evidenced by a Receipt
of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto
(including any such tax or charge and fee with respect to Units being deposited or withdrawn) and payment of any applicable fees as provided
in this Deposit Agreement may require the production of proof satisfactory to it as to the identity and genuineness of any signature and
may also require compliance with any regulations the Depositary may establish consistent with the provisions of this Deposit Agreement,
including, without limitation, this Section 2.6.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may refuse
to accept deposits of Units for delivery of American Depositary Shares or to register transfers of American Depositary Shares in particular
instances, or may suspend deposits of Units or registration of transfer generally, whenever it, the Unit Depositary or the Company considers
it necessary or advisable to do so. The Depositary may refuse surrenders of American Depositary Shares for the purpose of withdrawal of
Deposited Securities in particular instances, or may suspend surrenders for the purpose of withdrawal generally, <U>but, notwithstanding
anything to the contrary in this Deposit Agreement, only for</U> (i) temporary delays caused by closing of the Depositary&#8217;s register
or the register of holders of Units maintained by the Unit Depositary or the Foreign Registrar, or the deposit of Units, in connection
with voting at a shareholders&#8217; meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance
with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited
Securities or (iv) any other reason that, at the time, is permitted under paragraph I(A)(1) of the General Instructions to Form F-6 under
the Securities Act of 1993 or any successor to that provision.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall not
knowingly accept for deposit under this Deposit Agreement any Units that, at the time of deposit, are Restricted Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lost Receipts, etc.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If a Receipt is
mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced by that
Receipt in uncertificated form or, if requested by the
Owner, execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated Receipt, upon surrender and cancellation
of that mutilated Receipt, or in lieu of and in substitution for that destroyed, lost or stolen Receipt. <U>However</U>, before the Depositary
will deliver American Depositary Shares in uncertificated form or execute and deliver a new Receipt, in substitution for a destroyed,
lost or stolen Receipt, the Owner must (a) file with the Depositary (i) a request for that replacement before the Depositary has notice
that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfy any other reasonable
requirements imposed by the Depositary.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cancellation and Destruction of Surrendered Receipts.</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>DTC Direct Registration System and Profile Modification System.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of Section 2.4, the parties acknowledge that DTC&#8217;s Direct Registration System (&#8220;<U>DRS</U>&#8221;) and Profile
Modification System (&#8220;<U>Profile</U>&#8221;) apply to the American Depositary Shares upon acceptance thereof to DRS by DTC. DRS
is the system administered by DTC that facilitates interchange between registered holding of uncertificated securities and holding of
security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows a DTC participant,
claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those American
Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without
receipt by the Depositary of prior authorization from the Owner to register that transfer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with DRS and Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is claiming
to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a) above has the actual
authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt,
the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS and Profile. The parties agree that the Depositary&#8217;s
reliance on and compliance with instructions received by the Depositary through the DRS and Profile system[s] and otherwise in accordance
with this Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary.</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 74.8pt; text-align: justify; text-indent: -74.8pt">ARTICLE 3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0.5in">SECTION 3.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Filing Proofs, Certificates and Other Information.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any person presenting Units
for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship
or residence, exchange control approval, or such information relating to the registration on the books of the Unit Depositary or the Foreign
Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary
or proper. The Depositary may withhold the delivery or registration of transfer of American Depositary Shares, the distribution of any
dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until that proof or other information
is filed or those certificates are executed or those representations and warranties are made.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liability of Owner for Taxes.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any tax or other governmental
charge shall become payable by the Custodian or the Depositary with respect to or in connection with any American Depositary Shares or
any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 applies,
that tax or other governmental charge shall be payable by the Owner of those American Depositary Shares to the Depositary. The Depositary
may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those
American Depositary Shares until that payment is made, and may withhold any dividends or other distributions or the proceeds thereof,
or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares and
apply those dividends or other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental
charge <U>but</U>, even after a sale of that kind, the Owner of those American Depositary Shares shall remain liable for any deficiency.
The Depositary shall distribute any net proceeds of a sale made under this Section that are not used to pay taxes or governmental charges
to the Owners entitled to them in accordance with Section 4.1. If the number of Units represented by each American Depositary Share decreases
as a result of a sale of Deposited Securities under this Section, the Depositary may call for surrender of the American Depositary Shares
to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares to the
extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that
sale to the Owners entitled to them.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Warranties on Deposit of Units.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Every person depositing Units
under this Deposit Agreement shall be deemed thereby to represent and warrant that those Units, and the Shares represented thereby, are validly issued, fully paid and
nonassessable and were not issued in violation of any preemptive or similar rights of the holders of outstanding securities of the Company
and that the person making that deposit is duly authorized so to do. Every depositing person shall also be deemed to represent that the
Units, at the time of deposit, are not Restricted Securities. All representations and warranties deemed made under this Section shall
survive the deposit of Units and delivery of American Depositary Shares.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disclosure of Interests.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">When required in order to
comply with applicable laws and regulations or the articles of association or similar document of the Company, the Company may from time
to time request&nbsp;each Owner&nbsp;and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds&nbsp;American
Depositary Shares,&nbsp;(b) the identity of any Holders or other&nbsp;persons or entities&nbsp;then or previously interested in those
American Depositary Shares and the nature of those interests and&nbsp;(c)&nbsp;any other matter where disclosure of such matter is required
for that compliance.&nbsp;&nbsp; Each Owner and Holder agrees to provide all information known to it in response to a request made pursuant
to this Section.&nbsp; Each Holder&nbsp;consents to the disclosure by the Depositary and the Owner or any other Holder through which it
holds American Depositary Shares, directly or indirectly, of all information responsive to a request made pursuant to this Section relating
to&nbsp;that Holder that is known to that Owner or other Holder.&nbsp; The Depositary agrees to use reasonable efforts&nbsp;to comply
with written instructions requesting that the Depositary forward any request authorized under this Section to the Owners and to forward
to the Company any responses it receives in response to that request. The Depositary may charge the Company a fee and its expenses for
complying with requests under this Section 3.4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Information to the CVM.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Each of the Depositary and
the Company hereby confirms to the other that for as long as this Deposit Agreement is in effect, it shall furnish the CVM and the Central
Bank, at any time and within the period that may be determined, with any information and documents related to the American Depositary
Share program and the American Depositary Shares issued hereunder. In the event that the Depositary or the Custodian is advised in writing
by reputable independent Brazilian counsel that the Depositary or Custodian reasonably could be subject to criminal, or material, as reasonably
determined by the Depositary, civil, liabilities as a result of the Company having failed to provide such information or documents reasonably
available only through the Company, the Depositary shall have the right to terminate this Deposit Agreement, upon at least 15 days&#8217;
prior notice to the Owners and the Company, and the Depositary shall not be subject to any liability hereunder on account of that termination
or that determination. The effect of any termination of this Deposit Agreement shall be as provided in Section 6.2.</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">ARTICLE 4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>THE DEPOSITED SECURITIES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0.5in">SECTION 4.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cash Distributions.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the Depositary receives
any cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to the provisions of Section 4.5,
convert that dividend or other distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the
Depositary as provided in Section&nbsp;5.9) to the Owners entitled thereto, in proportion to the number of American Depositary Shares
representing those Deposited Securities held by them respectively; <U>provided</U>, <U>however</U>, that if the Custodian or the Depositary
shall be required to withhold and does withhold from that cash dividend or other cash distribution an amount on account of taxes or other
governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those Deposited Securities shall
be reduced accordingly. <U>However</U>, the Depositary will not pay any Owner a fraction of one cent, but will round each Owner&#8217;s
entitlement to the nearest whole cent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company or its agent
will remit to the appropriate governmental agency in each applicable jurisdiction all amounts withheld and owing to such agency.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If a cash distribution would
represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary
may:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&#9;(i) require payment of
or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares)
as a condition of making that cash distribution; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&#9;(ii) sell all Deposited
Securities other than the subject cash distribution and add any net cash proceeds of that sale to the cash distribution, call for surrender
of all those American Depositary Shares and require that surrender as a condition of making that cash distribution.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">If the Depositary acts under
this paragraph, that action shall also be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions Other Than Cash, Units or Rights.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the provisions
of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described in Section 4.1, 4.3 or
4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary shall cause
the securities or property received by it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees
and expenses of the Depositary and any taxes or other governmental charges, in proportion to the number of American Depositary Shares
representing such Deposited Securities held by them respectively, in any
manner that the Depositary deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary
shares representing the securities received); <U>provided</U>, <U>however</U>, that if in the opinion of the Depositary such distribution
cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement
that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or that securities received must
be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary deems such distribution
not to be lawful and feasible, the Depositary may adopt such other method as it may deem equitable and practicable for the purpose of
effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or
any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in
Section 5.9) to the Owners entitled thereto, all in the manner and subject to the conditions set forth in Section 4.1. The Depositary
may withhold any distribution of securities under this Section 4.2 if it has not received satisfactory assurances from the Company that
the distribution does not require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an
amount of securities or other property it would otherwise distribute under this Section 4.2 that is sufficient to pay its fees and expenses
in respect of that distribution.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If a distribution to be made
under this Section 4.2 would represent a return of all or substantially all the value of the Deposited Securities underlying American
Depositary Shares, the Depositary may:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&#9;(i) require payment of
or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares)
as a condition of making that distribution; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&#9;(ii) sell all Deposited
Securities other than the subject distribution and add any net cash proceeds of that sale to the distribution, call for surrender of all
those American Depositary Shares and require that surrender as a condition of making that distribution.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">If the Depositary acts under
this paragraph, that action shall also be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions in Units.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Company makes a dividend
in, or free distribution of Shares that results in a distribution of additional Units in respect of Deposited Securities, the Depositary
may deliver to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing those Deposited Securities
held by them respectively, an aggregate number of American Depositary Shares representing the amount of Units received as that dividend
or free distribution, subject to the terms and conditions of this Deposit Agreement with respect
to the deposit of Units and issuance of American Depositary Shares, including withholding of any tax or governmental charge as provided
in Section 4.11 and payment of the fees and expenses of the Depositary as provided in Section 5.9 (and the Depositary may sell, by public
or private sale, an amount of the Units received (or American Depositary Shares representing those Units) sufficient to pay its fees and
expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount
of Units represented by the aggregate of those fractions (or American Depositary Shares representing those Units) and distribute the net
proceeds, all in the manner and subject to the conditions described in Section 4.1. If and to the extent that additional American Depositary
Shares are not delivered and Units or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent
the additional Units distributed on the Deposited Securities represented thereby.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Company declares a
distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Units or other securities or a combination
of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company,
make that right of election available for exercise by Owners in any manner the Depositary considers to be lawful and practical. As a condition
of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that
doing so does not require registration of any securities under the Securities Act of 1933 that has not been effected.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
rights are granted to the Depositary in respect of deposited Units to purchase additional Units or other securities, the Company and the
Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The
Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company, grant to all or certain
Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American
Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to or to the
order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to Owners entitled
to those proceeds. To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall
permit the rights to lapse unexercised.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions
and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and
upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities to be received upon the exercise of the rights, the Depositary
shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities shall be delivered to, or as
instructed by, the Depositary. The Depositary shall (i) deposit the purchased Units under this Deposit Agreement and deliver American
Depositary Shares representing those Units to that Owner or (ii) deliver or cause the purchased Units or other securities to be delivered
to or to the order of that Owner. The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which
the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that
is satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under
the Securities Act of 1933.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions
and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the
American Depositary Shares of that Owner to an account specified by that Owner to which the rights can be delivered and (ii) receipt of
such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights
as requested by that Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the number
of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that
were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions
or the date of delivery of any American Depositary Shares or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
or deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the expenses of the Depositary and any
applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds under this
Section 4.4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or exercise
rights on behalf of Owners in general or any Owner in particular, or to sell rights.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion of Foreign Currency.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the Depositary or
the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property
or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted
on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary or one of its agents or
affiliates or the Custodian shall convert or cause to be converted by sale or in any other manner that it may determine that foreign currency
into Dollars, and those Dollars shall be distributed to the Owners entitled thereto.&nbsp; A cash distribution may be made upon an averaged or other practicable
basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary
Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section&nbsp;5.9.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If a conversion of foreign
currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any government or agency
thereof, the Depositary may, but will not be required to, file an application for that approval or license.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Depositary determines
that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars
transferable to the United States, or if any approval or license of any government or agency thereof that is required for such conversion
is not filed or sought by the Depositary or is not obtained within a reasonable period as determined by the Depositary, the Depositary
may distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and
without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any conversion of foreign
currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion
make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute
the balance of the foreign currency received by the Depositary to, or hold that balance uninvested and without liability for interest
thereon for the account of, the Owners entitled thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may convert
currency itself or through any of its affiliates, or the Custodian or the Company may convert currency and pay Dollars to the Depositary.
Where the Depositary converts currency itself or through any of its affiliates, the Depositary acts as principal for its own account and
not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction
spreads, that it will retain for its own account.&nbsp; The revenue is based on, among other things, the difference between the exchange
rate assigned to the currency conversion made under this Deposit Agreement and the rate that the Depositary or its affiliate receives
when buying or selling foreign currency for its own account.&nbsp; The Depositary makes no representation that the exchange rate used
or obtained by it or its affiliate in any currency conversion under this Deposit Agreement will be the most favorable rate that could
be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners, subject to the
Depositary&#8217;s obligations under Section 5.3.&nbsp; The methodology used to determine exchange rates used in currency conversions
made by the Depositary is available upon request. Where the Custodian converts currency, the Custodian has no obligation to obtain the
most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined will be the
most favorable to Owners, and the Depositary makes no representation that the rate is the
most favorable rate and will not be liable for any direct or indirect losses associated with the rate.&nbsp; In certain instances, the
Depositary may receive dividends or other distributions from the Company in Dollars that represent the proceeds of a conversion of foreign
currency or translation from foreign currency at a rate that was obtained or determined by or on behalf of the Company and, in such cases,
the Depositary will not engage in, or be responsible for, any foreign currency transactions and neither it nor the Company makes any representation
that the rate obtained or determined by the Company is the most favorable rate and neither it nor the Company will be liable for any direct
or indirect losses associated with the rate.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fixing of Record Date.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever a cash dividend,
cash distribution or any other distribution is made on Deposited Securities or rights to purchase Units or other securities are issued
with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section
4.4) or the Depositary receives notice that a distribution or issuance of that kind will be made, or whenever the Depositary receives
notice that a meeting of holders of Units will be held in respect of which the Company has requested the Depositary to send a notice under
Section 4.7, or whenever the Depositary will assess a fee or charge against the Owners, or whenever the Depositary causes a change in
the number of Units that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or
convenient, the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record
date set by the Company with respect to Units, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit
of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights
at that meeting, (iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record date was set,
or (b) on or after which each American Depositary Share will represent the changed number of Units. Subject to the provisions of Sections
4.1 through 4.5 and to the other terms and conditions of this Deposit Agreement, the Owners on a record date fixed by the Depositary shall
be entitled to receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights
or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting
instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee or charge,
as the case may be.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting of Deposited Units.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt of notice of any meeting of holders of Units or Shares at which holders of Units will be entitled to vote, if requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate&nbsp;to the Owners a notice, the form of which shall
be in the sole discretion of the Depositary, that shall contain (i)&nbsp;the information contained in the notice of meeting received by
the Depositary, (ii)&nbsp;a statement that the Owners as of
the close of business on a specified record date will be entitled, subject to any applicable provision of Brazilian law and of the articles
of association or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the
amount of Units represented by their respective American Depositary Shares, (iii) a statement as to the manner in which those instructions
may be given and (iv) the last date on which the Depositary will accept instructions (the &#8220;<U>Instruction Cutoff Date</U>&#8221;).</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by the
Depositary, as of that record date, received on or before any&nbsp;Instruction&nbsp;Cutoff&nbsp;Date established by the Depositary, the
Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable, to vote or
cause to be voted the amount of deposited Units (or Shares represented by deposited Units) represented by those American Depositary Shares
in accordance with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote
that attaches to the deposited Units other than in accordance with instructions given by Owners and received by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
can be no assurance that Owners generally or any Owner&nbsp;in particular will receive the notice described in paragraph (a) above in
time&nbsp;to&nbsp;enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Units, if the
Company will request the Depositary to Disseminate a notice under&nbsp;paragraph (a) above, the Company shall give the Depositary notice
of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Units in connection
with the meeting not less than 45 days prior to the meeting date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar offer made
to holders of Deposited Securities (a &#8220;<U>Voluntary Offer</U>&#8221;), except when instructed in writing to do so by an Owner surrendering
American Depositary Shares and subject to any conditions or procedures the Depositary may require.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in a transaction
that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a &#8220;<U>Redemption</U>&#8221;), the Depositary,
at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to the issuer of those securities
or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for surrender
of a corresponding number of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted
into a right only to receive the money received by the Depositary upon that Redemption and those net proceeds shall be the Deposited Securities
to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in
accordance with Section 2.5 or 6.2 and (iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender
by them of called American Depositary Shares in accordance with Section 2.5 (and, for the avoidance of doubt, Owners shall not be entitled
to receive that money under Section 4.1). If the Redemption affects less than all the Deposited Securities, the Depositary shall call
for surrender a corresponding portion of the outstanding American Depositary Shares and only those American Depositary Shares will automatically
be converted into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares
converted under the preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately
prior to the Redemption, <U>except that</U> the allocations may be adjusted so that no fraction of a converted American Depositary Share
is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a <U>Termination Option Event</U>.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a holder
of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement
or in lieu of, Deposited Securities (a &#8220;<U>Replacement</U>&#8221;), the Depositary shall, if required, surrender the old Deposited
Securities affected by that Replacement of Units and hold, as new Deposited Securities under this Deposit Agreement, the new securities
or other property delivered to it in that Replacement. <U>However</U>, the Depositary may elect to sell those new Deposited Securities
if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities under this Deposit
Agreement because those new Deposited Securities may not be distributed to Owners without registration under the Securities Act of 1933
or for any other reason, at public or private sale, at such places and on such terms as it deems proper and proceed as if those new Deposited
Securities had been Redeemed under paragraph (b) above. A Replacement shall be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a Replacement where the new Deposited Securities will continue to be held under this Deposit Agreement, the Depositary may
call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and
the number of those new Deposited Securities represented by each American Depositary Share. If the number of Units represented by each
American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the
American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American
Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute
the net proceeds of that sale to the Owners entitled to them.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled, or
the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call for surrender
of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and that condition shall be
a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall make
available for inspection by Owners at its Office any reports and communications, including any proxy solicitation material, received from
the Company which are both (a)&nbsp;received by the Depositary as the holder of the Deposited Securities and (b)&nbsp;made generally available
to the holders of those Deposited Securities by the Company. The Company shall furnish reports and communications, including any proxy
soliciting material to which this Section applies, to the Depositary in English, to the extent those materials are required to be translated
into English pursuant to any regulations of the Commission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lists of Owners.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon written request by the
Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names, addresses and American
Depositary Share holdings of all Owners.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Withholding.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Depositary determines
that any distribution received or to be made by the Depositary (including Units and rights to subscribe therefor) is subject to any tax
or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private sale, all or
a portion of the distributed property (including Units and rights to subscribe therefor) in the amounts and manner the Depositary deems
necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction
of those taxes or charges, to the Owners entitled thereto in proportion to the number of American Depositary Shares held by them respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Services for Owners and
Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and
costs associated with using services of that kind,
are not provided under, and are outside the scope of, this Deposit Agreement.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Each Owner and Holder agrees
to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and affiliates for, and hold
each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest
arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">ARTICLE 5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0.5in">SECTION 5.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Office and Register by the Depositary.</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall keep
a register of all Owners and all outstanding American Depositary Shares, which shall be open for inspection by the Owners at the Depositary&#8217;s
Office during regular business hours, but only for the purpose of communicating with Owners regarding the business of the Company or a
matter related to this Deposit Agreement or the American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may close
the register for delivery, registration of transfer or surrender for the purpose of withdrawal from time to time as provided in Section
2.6.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any American Depositary
Shares are listed on one or more stock exchanges, the Depositary shall act as Registrar or appoint a Registrar or one or more co&#45;registrars
for registration of those American Depositary Shares in accordance with any requirements of that exchange or those exchanges.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Prevention or Delay of Performance by the Company or the Depositary.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary nor
the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(i) if by reason of (A) any
provision of any present or future law or regulation or other act of the government of the United States, any State of the United States
or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary
only) any provision, present or future, of the articles of association or similar document of the Company, or any provision of any securities
issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance,
whether natural or caused by a person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to
prevent or counteract by reasonable care or effort (including, but not limited to, earthquakes, floods, severe storms, fires, explosions,
war, terrorism, civil unrest, labor disputes, criminal acts or outbreaks of infectious disease; interruptions or malfunctions of utility
services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or other
failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or
indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or performing
and therefore does not do or perform, any act or thing that, by the terms of this Deposit Agreement or the Deposited Securities, it is
provided shall be done or performed;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(ii) for any exercise of,
or failure to exercise, any discretion provided for in this Deposit Agreement (including any determination by the Depositary to take,
or not take, any action that this Deposit Agreement provides the Depositary may take);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(iii) for the inability of
any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited
Securities but is not, under the terms of this Deposit Agreement, made available to Owners or Holders; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(iv) for any special, consequential
or punitive damages for any breach of the terms of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Where, by the terms of a
distribution to which Section&nbsp;4.1, 4.2 or 4.3 applies, or an offering to which Section&nbsp;4.4 applies, or for any other reason,
that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or offering
on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering available
to Owners, and shall allow any rights, if applicable, to lapse.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Obligations of the Depositary and the Company.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company assumes no obligation
nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder, except that the Company agrees to perform
its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary assumes no
obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder (including, without limitation,
liability with respect to the validity or worth of the Deposited Securities), except that the Depositary agrees to perform its obligations
specifically set forth in this Deposit Agreement without negligence or bad faith, and the Depositary shall not be a fiduciary or have
any fiduciary duty to Owners or Holders.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary nor
the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited
Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary nor
the Company shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants,
any person presenting Units for deposit, any Owner or any other person believed by it in good faith to be competent to give such advice
or information.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall not
be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out
of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall have
no duty to make any determination or provide any information as to the tax status of the Company or any liability for any tax consequences
that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares. The Depositary shall not be liable
for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund
of amounts withheld in respect of tax or any other tax benefit.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resignation and Removal of the Depositary.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may at any
time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, to become effective upon the
appointment of a successor depositary and its acceptance of that appointment as provided in this Section. The effect of resignation
if a successor depositary is not appointed is provided for in Section 6.2.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may at any
time be removed by the Company by 120 days&#8217; prior written notice of that removal, to become effective upon the later of (i) the
120th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of its
appointment as provided in this Section.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Depositary resigns
or is removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having
an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to the Company an instrument
in writing accepting its appointment under this Deposit Agreement. If the Depositary receives notice from the Company that a successor
depositary has been appointed following its resignation or removal, the Depositary, upon payment of all sums due it from the Company,
shall deliver to its successor a register listing all the Owners and their respective holdings of outstanding American Depositary Shares
and shall deliver the Deposited Securities to or to the order of its successor. When the Depositary has taken the actions specified in
the preceding sentence (i) the successor shall become the Depositary and shall have all the rights and shall assume all the duties of
the Depositary under this Deposit Agreement and (ii) the predecessor depositary shall cease to be the Depositary and shall be discharged
and released from all obligations under this Deposit Agreement, except for its duties under Section 5.8 with respect to the time before
that discharge. A successor Depositary shall notify the Owners of its appointment as soon as practical after assuming the duties of Depositary.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Custodian.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Custodian shall be subject
at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. The Depositary in its discretion
may at any time appoint a substitute custodian, which shall thereafter be the Custodian under this Deposit Agreement. If the Depositary
receives notice that the Custodian is resigning and, upon the effectiveness of that resignation there would be no Custodian acting under
this Deposit Agreement, the Depositary shall, as promptly as practicable after receiving that notice, appoint a substitute custodian,
which shall thereafter be a Custodian under this Deposit Agreement. The Depositary shall require the Custodian that resigns or is removed
to deliver all Deposited Securities held by it to the substitute Custodian.</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices and Reports.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Company takes or decides
to take any corporate action of a kind that is addressed in Sections 4.1 to 4.4, or 4.6 to 4.8, or that effects or will effect a change
of the name or legal structure of the Company, or that effects or will effect a change to the Units or the Shares, the Company shall notify
the Depositary and the Custodian of that action or decision as soon as it is lawful and practical to give that notice.&nbsp; The notice
shall be in English and shall include all details that the Company is required to include in any notice to any governmental or regulatory
authority or securities exchange or is required to make available generally to holders of Units or Shares by publication or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company will arrange
for the translation into English, if not already in English, to the extent required pursuant to any regulations of the Commission, and
the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other reports and communications which
are made generally available by the Company to holders of Units or Shares. If requested in writing by the Company, the Depositary will
Disseminate, at the Company&#8217;s expense, those notices, reports and communications to all Owners or otherwise make them available
to Owners in a manner that the Company specifies as substantially equivalent to the manner in which those communications are made available
to holders of Units or Shares and compliant with the requirements of any securities exchange on which the American Depositary Shares are
listed. The Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as requested by
the Depositary from time to time, in order for the Depositary to effect that Dissemination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company represents, continuously,
that the statements in Article 11 of the form of Receipt appearing as Exhibit A to this Deposit Agreement or, if applicable, most recently
filed with the Commission pursuant to Rule 424(b) under the Securities Act of 1933 with respect to the Company&#8217;s obligation to file
periodic reports under the United States Securities Exchange Act of 1934, as amended, or its qualification for exemption from registration
under that Act pursuant to Rule 12g3-2(b) under that Act, as the case may be, are true and correct. The Company agrees to promptly notify
the Depositary upon becoming aware of any change in the truth of any of those statements or if there is any change in the Company&#8217;s
status regarding those reporting obligations or that qualification.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution of Additional Units, Rights, etc.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Company or any affiliate
of the Company determines to make any issuance or distribution of (1)&nbsp;additional Units or Shares, (2)&nbsp;rights to subscribe for
Units or Shares, (3)&nbsp;securities convertible into Units or Shares, or (4)&nbsp;rights to subscribe for such securities (each a &#8220;<U>Distribution</U>&#8221;),
the Company shall notify the Depositary in writing in English as promptly as practicable and in any event before the Distribution starts
and, if requested in writing by the Depositary, the Company shall promptly furnish to the Depositary either (i) evidence satisfactory
to the Depositary that the Distribution is registered under the Securities Act of 1933
or (ii) a written opinion from U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating that the Distribution
does not require, or, if made in the United States, would not require, registration under the Securities Act of 1933.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company agrees with the
Depositary that neither the Company nor any company controlled by, controlling or under common control with the Company will at any time
deposit any Units that, at the time of deposit, are Restricted Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company agrees to indemnify
the Depositary, its directors, employees, agents and affiliates and each Custodian against, and hold each of them harmless from, any liability
or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the fees
and expenses of counsel) that may arise out of or in connection with (a) any registration with the Commission of American Depositary Shares
or Deposited Securities or the offer or sale thereof or (b) acts performed or omitted, pursuant to the provisions of or in connection
with this Deposit Agreement and the American Depositary Shares, as the same may be amended, modified or supplemented from time to time,
(i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates, except for any liability
or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents
and affiliates.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary agrees to
indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability or expense that may arise
out of acts performed or omitted by the Depositary or any Custodian or their respective directors, employees, agents and affiliates due
to their negligence or bad faith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Charges of Depositary.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The following charges shall
be incurred by any party depositing or withdrawing Units or by any party surrendering American Depositary Shares or to whom American Depositary
Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange
of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section
4.3), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in
effect for the registration of transfers of Units generally on the Unit register of the Unit Depositary or Foreign Registrar and applicable
to transfers of Units to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or
withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in this
Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5, (5) a fee of $5.00
or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3,
4.3 or 4.4 and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05 or less per American Depositary
Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.1
through 4.4 and Section 4.8, (7) a fee for the distribution of securities pursuant to Section 4.2 or of rights pursuant to Section 4.4
(where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount equal to the fee for the
execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such
securities under this Deposit Agreement (for purposes of this item 7 treating all such securities as if they were Units) but which securities
are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under item 6 above, a fee of $.05 or less per
American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in item 9 below, and
(9) any other charges payable by the Depositary or the Custodian, any of the Depositary's or Custodian&#8217;s agents or the agents of
the Depositary's or Custodian&#8217;s agents, in connection with the servicing of Units or other Deposited Securities (which charges shall
be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 and shall be payable at the sole
discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one or more cash dividends or
other cash distributions).</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may collect
any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed, to Owners
that are obligated to pay those fees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In performing its duties
under this Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned
by or affiliated with the Depositary and that may earn or share fees, spreads or commissions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may own and
deal in any class of securities of the Company and its affiliates and Units and in American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Retention of Depositary Documents.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary is authorized
to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at the times permitted by
the laws or regulations governing the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exclusivity.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Without prejudice to
the Company&#8217;s rights under Section 5.4, the Company agrees not to appoint any other depositary for issuance of depositary
shares, depositary receipts or any similar securities
or instruments so long as The Bank of New York Mellon is acting as Depositary under this Deposit Agreement.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Information for Regulatory Compliance.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Each of the Company and the
Depositary shall provide to the other, as promptly as practicable, information from its records or otherwise available to it that is reasonably
requested by the other to permit the other to comply with applicable law or requirements of governmental or regulatory authorities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">ARTICLE 6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>AMENDMENT AND TERMINATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0.5in">SECTION 6.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The form of the Receipts
and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the
Depositary without the consent of Owners or Holders in any respect that they may deem necessary or desirable. Any amendment that would
impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable (including SWIFT) or
facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right
of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days after notice
of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any
amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest therein, to consent
and agree to that amendment and to be bound by this Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the
form of Receipt, including a change in the number of Units represented by each American Depositary Share, the Depositary may call for
surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to effect
that change of ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive
delivery of the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 6.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may initiate termination of this Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of this
Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice
and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 or (ii) a Termination Option
Event has occurred or will occur. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of
termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the &#8220;<U>Termination Date</U>&#8221;), which
shall be at least 90 days after the date of that notice, and this Deposit Agreement shall terminate on that Termination Date.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the Termination Date, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to
the Depositary under Sections 5.8 and 5.9.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time after the Termination Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and may thereafter
hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability
for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those Owners will be general
creditors of the Depositary with respect to those net proceeds and that other cash. After making that sale, the Depositary shall be discharged
from all obligations under this Deposit Agreement, <U>except</U> (i) to account for the net proceeds and other cash (after deducting,
in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of
such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental
charges) and (ii) for its obligations under Section 5.8 and (iii) to act as provided in paragraph (d) below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities (that
have not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver Deposited Securities (or
sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the fee of the Depositary
for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance
with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges). After the Termination Date,
the Depositary shall not accept deposits of Units or deliver American Depositary Shares. After the Termination Date, (i) the Depositary
may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been
sold) or reverse previously accepted surrenders of that kind that have not settled if in its judgment the requested withdrawal would interfere
with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited
Securities until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers of American
Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not
give any further notices or perform any further acts under this Deposit Agreement except as provided in this Section.</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">ARTICLE 7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MISCELLANEOUS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0.5in">SECTION 7.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts; Signatures; Delivery.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit Agreement may
be executed in any number of counterparts, each of which shall be deemed an original and all of those counterparts shall constitute one
and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection
by any Owner or Holder during regular business hours.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The exchange of copies of
this Deposit Agreement and manually-signed signature pages by facsimile, or email attaching a pdf or similar bit-mapped image, shall constitute
effective execution and delivery of this Deposit Agreement as to the parties to it; copies and signature pages so exchanged may be used
in lieu of the original Deposit Agreement and signature pages for all purposes and shall have the same validity, legal effect and admissibility
in evidence as an original manual signature; the parties to this Deposit Agreement hereby agree not to argue to the contrary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Third Party Beneficiaries.</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability.</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Owners and Holders as Parties; Binding Effect.</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices to be
given to the Company shall be in writing and shall be deemed to have been duly given if personally delivered or sent by domestic first
class or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped image
of a signed writing, addressed to Companhia Paranaense de Energia - COPEL, Rua Coronel Dulc&iacute;dio, 800, 3rd floor &#8211; 80420.170
Curitiba, Paran&aacute;, Brazil, Attention: Daniel Pimentel Slaviero, or any other place to which the Company may have transferred its
principal office with notice to the Depositary.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices to be
given to the Depositary shall be in writing and shall be deemed to have been duly given if in English and personally delivered or sent
by first class domestic or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar
bit-mapped image of a signed writing, addressed to The Bank of New York Mellon, 240 Greenwich Street, New&nbsp;York, New&nbsp;York 10286,
Attention: Depositary Receipt Administration, or any other place to which the Depositary may have transferred its Office with notice to
the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Delivery of a notice to the
Company or Depositary by mail or air courier shall be deemed effected when deposited, postage prepaid, in a post-office letter box or
received by an air courier service. Delivery of a notice to the Company or Depositary sent by facsimile transmission or email shall be
deemed effected when the recipient acknowledges receipt of that notice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">A notice to be given to an
Owner shall be deemed to have been duly given when Disseminated to that Owner. Dissemination in paper form will be effective when personally
delivered or sent by first class domestic or international air mail or air courier, addressed to that Owner at the address of that Owner
as it appears on the transfer books for American Depositary Shares of the Depositary, or, if that Owner has filed with the Depositary
a written request that notices intended for that Owner be mailed to some other address, at the address designated in that request. Dissemination
in electronic form will be effective when sent in the manner consented to by the Owner to the electronic address most recently provided
by the Owner for that purpose.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company hereby (i) designates
and appoints the person named in Exhibit A to this Deposit Agreement as the Company's authorized agent in the United States upon which
process may be served in any suit or proceeding arising out of or relating to the Units or other Deposited Securities, the Shares, the
American Depositary Shares, the Receipts or this Deposit Agreement (a &#8220;Proceeding&#8221;), (ii) consents and submits to the jurisdiction
of any state or federal court in the State of New York in which any Proceeding may be instituted and (iii) agrees that service of process
upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any Proceeding. The Company
agrees to deliver to the Depositary, upon the execution and delivery of this Deposit Agreement, a written acceptance by the agent named
in Exhibit A to this Deposit Agreement of its appointment as process agent. The Company further agrees to take any and all action, including
the filing of any and all such documents and instruments, as may be necessary to continue that designation and appointment in full force and effect, or to
appoint and maintain the appointment of another process agent located in the United States as required above, and to deliver to the Depositary
a written acceptance by that agent of that appointment, for so long as any American Depositary Shares or Receipts remain outstanding or
this Deposit Agreement remains in force. In the event the Company fails to maintain the designation and appointment of a process agent
in the United States in full force and effect, the Company hereby waives personal service of process upon it and consents that a service
of process in connection with a Proceeding may be made by certified or registered mail, return receipt requested, directed to the Company
at its address last specified for notices under this Deposit Agreement, and service so made shall be deemed completed five (5) days after
the same shall have been so mailed.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">EACH PARTY TO THIS DEPOSIT
AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THE UNITS OR OTHER DEPOSITED SECURITIES, THE SHARES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS,
THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION,
ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Immunities.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">To the extent that the Company
or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to it, any right of immunity,
on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof,
from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from
attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any
relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to
its obligations, liabilities or any other matter under or arising out of or in connection with the Units or Deposited Securities, the
American Depositary Shares, the Receipts or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably
and unconditionally waives, and agrees not to plead or claim, any immunity of that kind and consents to relief and enforcement as provided
above.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit Agreement and
the Receipts shall be interpreted in accordance with and all rights hereunder and thereunder and provisions hereof and thereof shall be
governed by the laws of the State of New York.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, COMPANHIA
PARANAENSE DE ENERGIA - COPEL and THE BANK OF NEW YORK MELLON have duly executed this Deposit Agreement as of the day and year first set
forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest
therein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: justify; text-indent: 215.05pt">COMPANHIA PARANAENSE
DE &#9;&#9;ENERGIA - COPEL</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 42pt; text-align: justify; text-indent: 215.05pt">Title: Chief Executive
Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 215.05pt">THE BANK OF NEW YORK MELLON,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: justify; text-indent: 215.05pt">as Depositary</P>

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

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

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

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center">EXHIBIT A</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">(Each American Depositary Share represents</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt 3in; text-align: justify">one deposited Unit)</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">FOR UNITS, EACH CONSISTING OF ONE COMMON SHARES AND</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">FOUR NON-VOTING CLASS B PREFERRED SHARES OF</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">COMPANHIA PARANAENSE DE ENERGIA - COPEL</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">(INCORPORATED UNDER THE LAWS OF the Federative
Republic of Brazil)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Bank of New York Mellon,
as depositary (hereinafter called the &#8220;Depositary&#8221;), hereby certifies that_________________________________________, or registered
assigns IS THE OWNER OF _____________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center">AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify">representing deposited units (herein called
&#8220;Units&#8221;), each consisting of one common share and four non-voting class B preferred shares of Companhia Paranaense de Energia
- COPEL, a <I>sociedade de economia mista</I> incorporated under the laws of the Federative Republic of Brazil (herein called the &#8220;<U>Company</U>&#8221;).
At the date hereof, each American Depositary Share represents one Unit deposited or subject to deposit under the Deposit Agreement (as
such term is hereinafter defined) with a custodian for the Depositary (herein called the &#8220;<U>Custodian</U>&#8221;) that, as of the
date of the Deposit Agreement, was Ita&uacute; Unibanco S.A. located in Brazil. The Depositary's Office and its principal executive office
are located at 240 Greenwich Street, New York, N.Y. 10286.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">240 GREENWICH STREET, NEW YORK, N.Y. 10286</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT> &#9;THE DEPOSIT AGREEMENT.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This American Depositary
Receipt is one of an issue (herein called &#8220;<U>Receipts</U>&#8221;), all issued and to be issued upon the terms and conditions set
forth in the Amended and Restated Deposit Agreement dated as of &nbsp;&nbsp;&nbsp;, 2021 (herein called the &#8220;<U>Deposit Agreement</U>&#8221;) among
the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder, each of whom
by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof. The
Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties of the Depositary in respect of the Units deposited
thereunder and any and all other securities, property and cash from time to time received in respect of those Units and held thereunder
(those Units, securities, property, and cash are herein called &#8220;<U>Deposited Securities</U>&#8221;). Copies of the Deposit Agreement
are on file at the Depositary's Office in New York City and at the office of the Custodian.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT>&#9;SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF SHARES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon surrender of American
Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the fee of the Depositary
for the surrender of American Depositary Shares as provided in Section 5.9 of the Deposit Agreement and payment of all taxes and governmental
charges payable in connection with that surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions
of the Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then
be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited Securities at the time represented by
those American Depositary Shares, <U>but not</U> any money or other property as to which a record date for distribution to Owners has
passed (since money or other property of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record
date), <U>and except that</U> the Depositary shall not be required to accept surrender of American Depositary Shares for the purpose of
withdrawal to the extent it would require delivery of a fraction of a Deposited Security. The Depositary shall direct the Custodian with
respect to delivery of Deposited Securities and may charge the surrendering Owner a fee and its expenses for giving that direction by
cable (including SWIFT) or facsimile transmission. If Deposited Securities are delivered physically upon surrender of American Depositary
Shares for the purpose of withdrawal, that delivery will be made at the Custodian&#8217;s office, <U>except that</U>, at the request, risk and expense of the surrendering
Owner, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising,
and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented
by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary&#8217;s Office or to another address specified
in the order received from the surrendering Owner.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT>&#9;REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND SPLIT-UP OF RECEIPTS; INTERCHANGE OF CERTIFICATED AND
UNCERTIFICATED AMERICAN DEPOSITARY SHARES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary, subject
to the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares on its transfer books upon
(i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the
Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii) in the case of uncertificated
American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through
DRS and Profile as provided in Section 2.9 of that Agreement), and, in either case, duly stamped as may be required by the laws of the
State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred American
Depositary Shares to or upon the order of the person entitled thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary, subject
to the terms and conditions of the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up
or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary
Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary, upon surrender
of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel the
Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner
of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for
the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9 of the Deposit Agreement) from the Owner of uncertificated
American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated
American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary
Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As a condition precedent
to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt or
withdrawal of any Deposited Securities, the Depositary,
the Custodian, or Registrar may require payment from the depositor of the Units or the presenter of the Receipt or instruction for registration
of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other
governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect
to Units being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, may require the production
of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the
Depositary may establish consistent with the provisions of the Deposit Agreement.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may refuse
to accept deposits of Units for delivery of American Depositary Shares or to register transfers of American Depositary Shares in particular
instances, or may suspend deposits of Units or registration of transfer generally, whenever it, the Unit Depositary or the Company considers
it necessary or advisable to do so. The Depositary may refuse surrenders of American Depositary Shares for the purpose of withdrawal of
Deposited Securities in particular instances, or may suspend surrenders for the purpose of withdrawal generally, <U>but, notwithstanding
anything to the contrary in the Deposit Agreement, only for</U> (i) temporary delays caused by closing of the Depositary&#8217;s register
or the register of holders of Units maintained by the Unit Depositary or the Foreign Registrar, or the deposit of Units, in connection
with voting at a shareholders&#8217; meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance
with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited
Securities or (iv) any other reason that, at the time, is permitted under paragraph I(A)(1) of the General Instructions to Form F-6 under
the Securities Act of 1933 or any successor to that provision.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary shall not
knowingly accept for deposit under the Deposit Agreement any Units that, at the time of deposit, are Restricted Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT>&#9;LIABILITY OF OWNER FOR TAXES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any tax or other governmental
charge shall become payable by the Custodian or the Depositary with respect to or in connection with any American Depositary Shares or
any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 of the
Deposit Agreement applies, that tax or other governmental charge shall be payable by the Owner of those American Depositary Shares to
the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited
Securities represented by those American Depositary Shares until that payment is made, and may withhold any dividends or other distributions
or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American
Depositary Shares, and may apply those dividends or other distributions or the net proceeds of any sale of that kind in payment
of that tax or other governmental charge but, even after a sale of that kind, the Owner shall remain liable for any deficiency. The Depositary
shall distribute any net proceeds of a sale made under Section 3.2 of the Deposit Agreement that are not used to pay taxes or governmental
charges to the Owners entitled to them in accordance with Section 4.1 of the Deposit Agreement. If the number of Units represented by
each American Depositary Share decreases as a result of a sale of Deposited Securities under Section 3.2 of the Deposit Agreement, the
Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American
Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary
Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT>&#9;WARRANTIES ON DEPOSIT OF SHARES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Every person depositing
Units under the Deposit Agreement shall be deemed thereby to represent and warrant that those Units, and the Shares represented thereby,
are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of
outstanding securities of the Company and that the person making that deposit is duly authorized so to do. Every depositing person shall
also be deemed to represent that the Units, at the time of deposit, are not Restricted Securities. All representations and warranties
deemed made under Section 3.3 of the Deposit Agreement shall survive the deposit of Units and delivery of American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT>&#9;FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any person presenting Units
for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship
or residence, exchange control approval, or such information relating to the registration on the books of the Unit Depositary or the Foreign
Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary
or proper. The Depositary may withhold the delivery or registration of transfer of any American Depositary Shares, the distribution of
any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until that proof or other information
is filed or those certificates are executed or those representations and warranties are made. As conditions of accepting Units for deposit,
the Depositary may require (i) any certification required by the Depositary or the Custodian in accordance with the provisions of the
Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of, the person or persons stated
in that order, the number of American Depositary Shares representing those Deposited Units, (iii) evidence satisfactory to the Depositary
that those Units have been re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a Custodian
or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval has
been granted by any governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory
to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Units
or to receive other property, that any person in whose name those Units are or have been recorded may thereafter receive upon or in respect
of those Units, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT>&#9;CHARGES OF DEPOSITARY.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following charges shall
be incurred by any party depositing or withdrawing Units or by any party surrendering American Depositary Shares or to whom American Depositary
Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange
of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section
4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may
from time to time be in effect for the registration of transfers of Units generally on the Unit register of the Unit Depositary or Foreign
Registrar and applicable to transfers of Units to or from the name of the Depositary or its nominee or the Custodian or its nominee on
the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are
expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency
pursuant to Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for
the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of American
Depositary Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or
portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through
4.4 and 4.8 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement or
of rights pursuant to Section 4.4 of that Agreement (where the Depositary will not exercise or sell those rights on behalf of Owners),
such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would
have been charged as a result of the deposit of such securities under the Deposit Agreement (for purposes of this item 7 treating all
such securities as if they were Units) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any
fee charged under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services,
which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary's
or Custodian&#8217;s agents or the agents of the Depositary's or Custodian&#8217;s agents, in connection with the servicing of Units or
other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance
with Section 4.6 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary
by billing those Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions).</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may collect
any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed, to Owners
that are obligated to pay those fees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may own
and deal in any class of securities of the Company and its affiliates and in Units and American Depositary Shares.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT>&#9;DISCLOSURE OF INTERESTS.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">When required in order
to comply with applicable laws and regulations or the articles of association or similar document of the Company, the Company may from
time to time request&nbsp;each Owner&nbsp;and Holder to provide to the Depositary information relating to: (a) the capacity in which it
holds&nbsp;American Depositary Shares,&nbsp;(b) the identity of any Holders or other&nbsp;persons or entities&nbsp;then or previously
interested in those American Depositary Shares and the nature of those interests and&nbsp;(c)&nbsp;any other matter where disclosure of
such matter is required for that compliance.&nbsp;&nbsp; Each Owner and Holder agrees to provide all information known to it in response
to a request made pursuant to Section 3.4 of the Deposit Agreement.&nbsp; Each Holder&nbsp;consents to the disclosure by the Depositary
and the Owner or other Holder through which it holds American Depositary Shares, directly or indirectly, of all information responsive
to a request made pursuant to that Section relating to&nbsp;that Holder that is known to that Owner or other Holder.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT>&#9;TITLE TO AMERICAN DEPOSITARY SHARES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">It is a condition of the
American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting or holding the same, consents
and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments
of transfer, shall be transferable as certificated registered securities under the laws of the State of New York, and that American Depositary
Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York.
The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof
for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in
the Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to
any liability under the Deposit Agreement to any Holder of American Depositary Shares, but only to the Owner.</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">10.</TD><TD STYLE="text-align: justify">VALIDITY OF RECEIPT.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">11.</TD><TD STYLE="text-align: justify">REPORTS; INSPECTION OF TRANSFER BOOKS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company is subject
to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the Securities
and Exchange Commission. Those reports will be available for inspection and copying through the Commission's EDGAR system or at public
reference facilities maintained by the Commission in Washington, D.C.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary will make
available for inspection by Owners at its Office any reports, notices and other communications, including any proxy soliciting material,
received from the Company which are both (a)&nbsp;received by the Depositary as the holder of the Deposited Securities and (b)&nbsp;made
generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports and communications,
including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary in English, to the extent
such materials are required to be translated into English pursuant to any regulations of the Commission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary will maintain
a register of American Depositary Shares and transfers of American Depositary Shares, which shall be open for inspection by the Owners
at the Depositary&#8217;s Office during regular business hours, but only for the purpose of communicating with Owners regarding the business
of the Company or a matter related to this Deposit Agreement or the American Depositary Shares.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">12.</TD><TD STYLE="text-align: justify">DIVIDENDS AND DISTRIBUTIONS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever the Depositary
receives any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time of receipt thereof
any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into Dollars transferable
to the United States, and subject to the Deposit Agreement, convert that dividend or other cash distribution into Dollars and distribute
the amount thus received (net of the fees and expenses
of the Depositary as provided in Article&nbsp;7 hereof and Section&nbsp;5.9 of the Deposit Agreement) to the Owners entitled thereto;
<U>provided</U>, <U>however</U>, that if the Custodian or the Depositary is required to withhold and does withhold from that cash dividend
or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American
Depositary Shares representing those Deposited Securities shall be reduced accordingly.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a cash distribution
would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares, the
Depositary may:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&#9;(i) require payment
of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary
Shares) as a condition of making that cash distribution; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&#9;(ii) sell all Deposited
Securities other than the subject cash distribution and add any net cash proceeds of that sale to the cash distribution, call for surrender
of all those American Depositary Shares and require that surrender as a condition of making that cash distribution.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">If the Depositary acts under
this paragraph, that action shall also be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the provisions
of Section&nbsp;4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution described
in Section&nbsp;4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange for or in conversion or in lieu
of Deposited Securities), the Depositary will cause the securities or property received by it to be distributed to the Owners entitled
thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in any
manner that the Depositary deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary
shares representing the securities received); <U>provided</U>, <U>however</U>, that if in the opinion of the Depositary such distribution
cannot be made proportionately among the Owners entitled thereto, or if for any other reason the Depositary deems such distribution not
to be lawful and feasible, the Depositary may adopt such other method as it may deem equitable and practicable for the purpose of effecting
such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part
thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Article&nbsp;7
hereof and Section&nbsp;5.9 of the Deposit Agreement) to the Owners entitled thereto all in the manner and subject to the conditions set
forth in Section 4.1 of the Deposit Agreement. The Depositary may withhold any distribution of securities under Section 4.2 of the Deposit
Agreement if it has not received satisfactory assurances from the Company that the distribution does not require registration under the
Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise
distribute under this Article that is sufficient to pay
its fees and expenses in respect of that distribution.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a distribution to be
made under Section 4.2 of the Deposit Agreement would represent a return of all or substantially all the value of the Deposited Securities
underlying American Depositary Shares, the Depositary may:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&#9;(i) require payment
of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary
Shares) as a condition of making that distribution; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&#9;(ii) sell all Deposited
Securities other than the subject distribution and add any net cash proceeds of that sale to the distribution, call for surrender of all
those American Depositary Shares and require that surrender as a condition of making that distribution.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">If the Depositary acts under
this paragraph, that action shall also be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Company declares
a dividend in, or free distribution of, Shares that results in a distribution of additional Units in respect of Deposited Securities,
the Depositary may deliver to the Owners entitled thereto, an aggregate number of American Depositary Shares representing the amount of
Units received as that dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the
deposit of Units and issuance of American Depositary Shares, including the withholding of any tax or other governmental charge as provided
in Section 4.11 of the Deposit Agreement and the payment of the fees and expenses of the Depositary as provided in Article 7 hereof and
Section 5.9 of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of Units received (or American
Depositary Shares representing those Units) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering
fractional American Depositary Shares, the Depositary may sell the amount of Units represented by the aggregate of those fractions (or
American Depositary Shares representing those Units) and distribute the net proceeds, all in the manner and subject to the conditions
described in Section 4.1of the Deposit Agreement. If and to the extent that additional American Depositary Shares are not delivered and
Units or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Units
distributed on the Deposited Securities represented thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Company declares
a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Units or other securities or a
combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with
the Company, make that right of election available for exercise by Owners in any manner the Depositary considers to be lawful and practical.
As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the
Company that doing so does not require registration of any securities under the Securities Act of 1933 that has not been effected.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Depositary determines
that any distribution received or to be made by the Depositary (including Units and rights to subscribe therefor) is subject to any tax
or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private sale, all or
a portion of the distributed property (including Units and rights to subscribe therefor) in the amounts and manner the Depositary deems
necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction
of those taxes or charges, to the Owners entitled thereto in proportion to the number of American Depositary Shares held by them respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Owner and Holder agrees
to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and affiliates for, and hold
each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest
arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it. Services for Owners and Holders
that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated
with using services of that kind, are not provided under, and are outside the scope of, the Deposit Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">13.</TD><TD STYLE="text-align: justify">RIGHTS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
rights are granted to the Depositary in respect of deposited Units to purchase additional Units or other securities, the Company and the
Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The
Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company, grant to all or certain
Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American
Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to or to the
order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to Owners entitled
to those proceeds. To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall
permit the rights to lapse unexercised.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions
and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and
upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities to be received upon the exercise
of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities
shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i) deposit the purchased Units under the Deposit Agreement and deliver American
Depositary Shares representing those Units to that Owner or (ii) deliver or cause the purchased Units or other securities to be delivered
to or to the order of that Owner. The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which
the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that
is satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under
the Securities Act of 1933.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions
and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the
American Depositary Shares of that Owner to an account specified by that Owner to which the rights can be delivered and (ii) receipt of
such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights
as requested by that Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the number
of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that
were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions
or the date of delivery of any American Depositary Shares or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
or deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of the expenses
of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment
of cash proceeds under Section 4.4 of that Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or exercise
rights on behalf of Owners in general or any Owner in particular , or to sell rights.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">14.</TD><TD STYLE="text-align: justify">CONVERSION OF FOREIGN CURRENCY.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever the Depositary
or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities,
property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be
converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary or one of its
agents or affiliates or the Custodian shall convert or cause to be converted by sale or in any other manner that it may determine that
foreign currency into Dollars, and those Dollars shall be distributed to the Owners entitled thereto.&nbsp; A cash distribution may be
made upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date
of delivery of any American Depositary Shares or otherwise and shall be net of any expenses
of conversion into Dollars incurred by the Depositary as provided in Section&nbsp;5.9 of the Deposit Agreement.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a conversion of foreign
currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any government or agency
thereof, the Depositary may, but will not be required to, file an application for that approval or license.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Depositary determines
that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars
transferable to the United States, or if any approval or license of any government or agency thereof that is required for such conversion
is not filed or sought by the Depositary or is not obtained within a reasonable period as determined by the Depositary, the Depositary
may distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and
without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any conversion of foreign
currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion
make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute
the balance of the foreign currency received by the Depositary to, or hold that balance uninvested and without liability for interest
thereon for the account of, the Owners entitled thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may convert
currency itself or through any of its affiliates, or the Custodian or the Company may convert currency and pay Dollars to the Depositary.
Where the Depositary converts currency itself or through any of its affiliates, the Depositary acts as principal for its own account and
not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction
spreads, that it will retain for its own account.&nbsp; The revenue is based on, among other things, the difference between the exchange
rate assigned to the currency conversion made under the Deposit Agreement and the rate that the Depositary or its affiliate receives when
buying or selling foreign currency for its own account.&nbsp; The Depositary makes no representation that the exchange rate used or obtained
by it or its affiliate in any currency conversion under the Deposit Agreement will be the most favorable rate that could be obtained at
the time or that the method by which that rate will be determined will be the most favorable to Owners, subject to the Depositary&#8217;s
obligations under Section 5.3 of that Agreement.&nbsp; The methodology used to determine exchange rates used in currency conversions made
by the Depositary is available upon request. Where the Custodian converts currency, the Custodian has no obligation to obtain the most
favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined will be the most
favorable to Owners, and the Depositary makes no representation that the rate is the most favorable rate and will not be liable for any
direct or indirect losses associated with the rate.&nbsp; In certain instances, the Depositary may receive dividends or other
distributions from the Company in Dollars that represent the proceeds of a conversion of foreign currency or translation from foreign
currency at a rate that was obtained or determined by or on behalf of the Company and, in such cases, the Depositary will not engage in,
or be responsible for, any foreign currency transactions and neither it nor the Company makes any representation that the rate obtained
or determined by the Company is the most favorable rate and neither it nor the Company will be liable for any direct or indirect losses
associated with the rate.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">15.</TD><TD STYLE="text-align: justify">RECORD DATES.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever a cash dividend,
cash distribution or any other distribution is made on Deposited Securities or rights to purchase Units or other securities are issued
with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section
4.4 of the Deposit Agreement) or the Depositary receives notice that a distribution or issuance of that kind will be made, or whenever
the Depositary receives notice that a meeting of holders of Units will be held in respect of which the Company has requested the Depositary
to send a notice under Section 4.7 of the Deposit Agreement, or whenever the Depositary will assess a fee or charge against the Owners,
or whenever the Depositary causes a change in the number of Units that are represented by each American Depositary Share, or whenever
the Depositary otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall be the same as, or as near
as practicable to, any corresponding record date set by the Company with respect to Units, (a) for the determination of the Owners (i)
who shall be entitled to receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give
instructions for the exercise of voting rights at that meeting, (iii) who shall be responsible for that fee or charge or (iv) for any
other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number
of Units. Subject to the provisions of Sections 4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the
Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary
with respect to that dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number of
American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for which that
record date was fixed, or be responsible for that fee or charge, as the case may be.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">16.</TD><TD STYLE="text-align: justify">VOTING OF DEPOSITED SHARES.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt of notice of any meeting of holders of Units or Shares at which holders of Units will be entitled to vote, if requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate&nbsp;to the Owners a notice, the form of which shall
be in the sole discretion of the Depositary, that shall contain (i)&nbsp;the information contained in the notice of meeting received by
the Depositary, (ii)&nbsp;a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision
of Brazilian law and of the articles of association or similar documents of the Company, to instruct the Depositary as to the exercise
of the voting rights pertaining to the amount of Units represented by their respective American Depositary Shares, (iii) a statement as
to the manner in which those instructions may be given and (iv) the last date on which the Depositary will accept instructions (the &#8220;<U>Instruction
Cutoff Date</U>&#8221;).</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by the
Depositary, as of that record date, received on or before any&nbsp;Instruction&nbsp;Cutoff&nbsp;Date established by the Depositary, the
Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable, to vote or
cause to be voted the amount of deposited Units (or Shares represented by Units) represented by those American Depositary Shares in accordance
with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches
to the deposited Units other than in accordance with instructions given by Owners and received by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
can be no assurance that Owners generally or any Owner&nbsp;in particular will receive the notice described in paragraph (a) above in
time&nbsp;to&nbsp;enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Units, if the
Company will request the Depositary to Disseminate a notice under&nbsp;paragraph (a) above, the Company shall give the Depositary notice
of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Units in connection
with the meeting not less than 45 days prior to the meeting date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar offer made
to holders of Deposited Securities (a &#8220;<U>Voluntary Offer</U>&#8221;), except when instructed in writing to do so by an Owner surrendering
American Depositary Shares and subject to any conditions or procedures the Depositary may require.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in a transaction
that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a &#8220;<U>Redemption</U>&#8221;), the Depositary,
at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to the issuer of those securities
or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for surrender
of a corresponding number of American Depositary Shares and (C) notifying
them that the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary
upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares
shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 of the Deposit Agreement and
(iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary
Shares in accordance with Section 2.5 of that Agreement (and, for the avoidance of doubt, Owners shall not be entitled to receive that
money under Section 4.1 of that Agreement). If the Redemption affects less than all the Deposited Securities, the Depositary shall call
for surrender a corresponding portion of the outstanding American Depositary Shares and only those American Depositary Shares will automatically
be converted into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares
converted under the preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately
prior to the Redemption, <U>except that</U> the allocations may be adjusted so that no fraction of a converted American Depositary Share
is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a <U>Termination Option Event</U>.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a holder
of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement
or in lieu of, Deposited Securities (a &#8220;<U>Replacement</U>&#8221;), the Depositary shall, if required, surrender the old Deposited
Securities affected by that Replacement of Units and hold, as new Deposited Securities under the Deposit Agreement, the new securities
or other property delivered to it in that Replacement. <U>However</U>, the Depositary may elect to sell those new Deposited Securities
if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities under the Deposit
Agreement because those new Deposited Securities may not be distributed to Owners without registration under the Securities Act of 1933
or for any other reason, at public or private sale, at such places and on such terms as it deems proper and proceed as if those new Deposited
Securities had been Redeemed under paragraph (b) above. A Replacement shall be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a Replacement where the new Deposited Securities will continue to be held under the Deposit Agreement, the Depositary may
call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and
the number of those new Deposited Securities represented by each American Depositary Share. If the number of Units represented by each
American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the
American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American
Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute
the net proceeds of that sale to the Owners entitled to them.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled, or
the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for surrender
of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and that condition shall be
a <U>Termination Option Event</U>.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">18.</TD><TD STYLE="text-align: justify">LIABILITY OF THE COMPANY AND DEPOSITARY.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither the Depositary
nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(i) if by reason of (A)
any provision of any present or future law or regulation or other act of the government of the United States, any State of the United
States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary
only) any provision, present or future, of the articles of association or similar document of the Company, or by reason of any provision
of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether
natural or caused by a person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent
or counteract by reasonable care or effort (including, but not limited to earthquakes, floods, severe storms, fires, explosions, war,
terrorism, civil unrest, labor disputes, criminal acts or outbreaks of infectious disease; interruptions or malfunctions of utility services,
Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or other failures
or malfunctions of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly,
prevented from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or performing and
therefore does not do or perform, any act or thing that, by the terms of the Deposit Agreement or the Deposited Securities, it is provided
shall be done or performed;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(ii) for any exercise of,
or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination by the Depositary to take, or
not take, any action that the Deposit Agreement provides the Depositary may take);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(iii) for the inability
of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited
Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders; or</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(iv) for any special, consequential
or punitive damages for any breach of the terms of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Where, by the terms of
a distribution to which Section 4.1, 4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section 4.4 of that Agreement
applies, or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose
of that distribution or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make
that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither the Company nor
the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or Holders, except that
they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary
shall not be a fiduciary or have any fiduciary duty to Owners or Holders. The Depositary shall not be subject to any liability with respect
to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company shall be under any obligation to appear in,
prosecute or defend any action, suit, or other proceeding in respect of any Deposited Securities or in respect of the American Depositary
Shares, on behalf of any Owner or Holder or other person. Neither the Depositary nor the Company shall be liable for any action or non-action
by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Units for deposit, any Owner
or Holder, or any other person believed by it in good faith to be competent to give such advice or information. Each of the Depositary
and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document believed by
it to be genuine and to have been signed or presented by the proper party or parties. The Depositary shall not be liable for any acts
or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with
a matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such
potential liability arises, the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The
Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection
with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise. In the absence of bad
faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited
Securities or for the manner in which any such vote is cast or the effect of any such vote. The Depositary shall have no duty to make
any determination or provide any information as to the tax status of the Company or any liability for any tax consequences that may be
incurred by Owners or Holders as a result of owning or holding American Depositary Shares. The Depositary shall not be liable for the
inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts
withheld in respect of tax or any other tax benefit. No disclaimer of liability under
the United States federal securities laws is intended by any provision of the Deposit Agreement.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">19.</TD><TD STYLE="text-align: justify">RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may at any
time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company, to become effective
upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary
may at any time be removed by the Company by 120 days&#8217; prior written notice of that removal, to become effective upon the later
of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance
of its appointment as provided in the Deposit Agreement. The Depositary in its discretion may at any time appoint a substitute custodian.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">20.</TD><TD STYLE="text-align: justify">AMENDMENT.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The form of the Receipts
and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the
Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment that would
impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable (including SWIFT) or
facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right
of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days after notice
of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any
amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest therein, to consent
and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the
form of Receipt, including a change in the number of Units represented by each American Depositary Share, the Depositary may call for
surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to effect
that change of ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive
delivery of the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">21.</TD><TD STYLE="text-align: justify">TERMINATION OF DEPOSIT AGREEMENT.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of the
Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice
and a successor depositary has not been appointed and accepted its appointment as provided
in Section 5.4 of that Agreement or (ii) a Termination Option Event has occurred. If termination of the Deposit Agreement is initiated,
the Depositary shall Disseminate a notice of termination to the Owners of all American Depositary Shares then outstanding setting a date
for termination (the &#8220;<U>Termination Date</U>&#8221;), which shall be at least 90 days after the date of that notice, and the Deposit
Agreement shall terminate on that Termination Date.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the
Depositary under Sections 5.8 and 5.9 of that Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may thereafter
hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability
for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those Owners will be general
creditors of the Depositary with respect to those net proceeds and that other cash. After making that sale, the Depositary shall be discharged
from all obligations under the Deposit Agreement, except (i) to account for the net proceeds and other cash (after deducting, in each
case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American
Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges)
and (ii) for its obligations under Section 5.8 of that Agreement and (iii) to act as provided in paragraph (d) below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities (that
have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver Deposited Securities (or
sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the fee of the Depositary
for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance
with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges). After the Termination Date,
the Depositary shall not accept deposits of Units or deliver American Depositary Shares. After the Termination Date, (i) the Depositary
may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been
sold) or reverse previously accepted surrenders of that kind that have not settled if in its judgment the requested withdrawal would interfere
with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited
Securities until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers of American
Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not
give any further notices or perform any further acts under the Deposit Agreement except
as provided in Section 6.2 of that Agreement.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">22.</TD><TD STYLE="text-align: justify">DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC&#8217;s Direct Registration System (&#8220;<U>DRS</U>&#8221;)
and Profile Modification System (&#8220;<U>Profile</U>&#8221;) apply to the American Depositary Shares upon acceptance thereof to DRS
by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated securities and
holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows
a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer
of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC
participant without receipt by the Depositary of prior authorization from the Owner to register that transfer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is claiming
to be acting on behalf of an Owner in requesting registration of transfer and delivery as described in paragraph (a) above has the actual
authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt,
the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from the use of the DRS/Profile. The parties
agree that the Depositary&#8217;s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system
and otherwise in accordance with the Deposit Agreement, shall not constitute negligence or bad faith on the part of the Depositary.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">23.</TD><TD STYLE="text-align: justify">APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF
IMMUNITIES.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company has (i) appointed
CT Corporation System, 28 Liberty Street, New York, New York 10005 as the Company's authorized agent in the United States upon which process
may be served in any suit or proceeding arising out of or relating to the Units or other Deposited Securities, the Shares, the American
Depositary Shares, the Receipts or the Deposit Agreement, (ii) consented and submitted to the jurisdiction of any state or federal court
in the State of New York in which any such suit or proceeding may be instituted, and (iii) agreed that service of process upon said authorized
agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">EACH PARTY TO THE
DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THE UNITS OR OTHER DEPOSITED SECURITIES, THE SHARES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY
OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To the extent that the
Company or any of its properties, assets or revenues may have or hereafter become entitled to, or have attributed to it, any right of
immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any
respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior
to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the giving of any relief or for
the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations,
liabilities or any other matter under or arising out of or in connection with the Units or Deposited Securities, the American Depositary
Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally
waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">24.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DELIVERY OF INFORMATION TO THE CVM.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of the Depositary
and the Company hereby confirms to the other that for as long as the Deposit Agreement is in effect, it shall furnish the CVM and the
Central Bank, at any time and within the period that may be determined, with any information and documents related to the American Depositary
Share program and the American Depositary Shares issued thereunder. In the event that the Depositary or the Custodian is advised in writing
by reputable independent Brazilian counsel that the Depositary or Custodian reasonably could be subject to criminal, or material, as reasonably
determined by the Depositary, civil, liabilities as a result of the Company having failed to provide such information or documents reasonably
available only through the Company, the Depositary shall have the right to terminate the Deposit Agreement, upon at least 15 days&#8217;
prior notice to the Owners and the Company, and the Depositary shall not be subject to any liability hereunder on account of that termination
or that determination. The effect of any termination of the Deposit Agreement shall be as provided in Section 6.2 of that Agreement.</P>

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

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


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