<SEC-DOCUMENT>0001193805-22-000492.txt : 20220314
<SEC-HEADER>0001193805-22-000492.hdr.sgml : 20220314
<ACCEPTANCE-DATETIME>20220314135346
ACCESSION NUMBER:		0001193805-22-000492
CONFORMED SUBMISSION TYPE:	F-6 POS
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220314
DATE AS OF CHANGE:		20220314
EFFECTIVENESS DATE:		20220314

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENERGY CO OF MINAS GERAIS
		CENTRAL INDEX KEY:			0001157557
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-6 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-142654
		FILM NUMBER:		22736009

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA BARBACENA 1200
		STREET 2:		30190 131 BELO HORIZONTE
		CITY:			MINAS GERAIS BRAZIL
		STATE:			D5
		ZIP:			30190
		BUSINESS PHONE:		212-259-8000

	MAIL ADDRESS:	
		STREET 1:		C/O DEWEY & LEBOEUF LLP
		STREET 2:		1301 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Citibank,N.A./ADR
		CENTRAL INDEX KEY:			0001472033
		IRS NUMBER:				521568099
		STATE OF INCORPORATION:			DC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6 POS

	BUSINESS ADDRESS:	
		STREET 1:		388 GREENWICH STREET, 14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
		BUSINESS PHONE:		212-816-6647

	MAIL ADDRESS:	
		STREET 1:		388 GREENWICH STREET, 14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6 POS
<SEQUENCE>1
<FILENAME>e621439_f6pos-cemig.htm
<TEXT>
<html>
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     <title></title>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
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  <TD STYLE="white-space: nowrap; width: 50%"><B>As filed with the Securities and Exchange Commission on March 14, 2022</B></TD>
  <TD STYLE="text-align: right; width: 50%"><B>Registration No. 333-142654</B></TD></TR>
</TABLE>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 0.6pt 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 2.25in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">POST-EFFECTIVE AMENDMENT NO. 1 TO FORM F-6</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE SECURITIES ACT OF 1933 FOR AMERICAN DEPOSITARY
SHARES EVIDENCED BY</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt; background-color: white">COMPANHIA
ENERG&Eacute;TICA DE MINAS GERAIS - CEMIG</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">ENERGY
CO OF MINAS GERAIS</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Jurisdiction of incorporation or organization
of issuer<B>)</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 2.25in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(877) 248 - 4237</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of depositary&rsquo;s principal executive offices)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">CT Corporation System</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">111 Eighth Avenue (13th
floor)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">New York, New York&nbsp;10011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(212) 894-8940</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of agent for service)</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Stephen Double,
Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Holland &amp;
Knight LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>31 West 52nd Street
</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York
    10019<BR>
    Telephone: 212-513-3528</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Herman H. Rasp&eacute;,
Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Patterson Belknap
Webb &amp; Tyler LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1133 Avenue of
the Americas</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New
York 10036</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: 212-336-2301</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%"><P STYLE="margin: 0; text-indent: 17.3pt">It is proposed that this filing become effective under Rule 466:</P>


</TD>
    <TD STYLE="width: 5%; text-align: center">&nbsp;&#9744;</TD>
    <TD STYLE="width: 33%"><P STYLE="margin: 0">immediately upon filing.</P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&#9744;</TD>
    <TD><P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">on (Date) at (Time).</P></TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt">If a separate registration statement has been filed to
register the deposited shares, check the following box: &#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.45pt; text-align: justify"><B>The Registrant hereby amends
this Post-Effective Amendment No. 1 to Registration Statement on such date or dates as may be necessary to delay its effective date until
the Registrant shall file a further amendment which specifically states that this Post-Effective Amendment No. 1 to Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, or until this Post-Effective Amendment
No. 1 to Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">This Post-Effective Amendment No. 1 to Registration
Statement on Form F-6 may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts
together shall constitute one and the same instrument.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 1.</FONT></TD><TD>DESCRIPTION
OF SECURITIES TO BE REGISTERED</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item Number and Caption</U></B></P>

</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Location in Form of American</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Depositary Receipt (&ldquo;Receipt&rdquo;)<BR>
<U>Filed Herewith as Prospectus</U></B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>1.</TD>
    <TD COLSPAN="2">Name of Depositary and address of its principal executive office</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U> -&nbsp;&nbsp;Introductory Article.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>2.</TD>
    <TD COLSPAN="2">Title of Receipts and identity of deposited securities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U>&nbsp;&nbsp;- Top Center.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 19.65pt; font-size: 10pt; text-indent: -19.65pt; width: 44%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 42%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Terms of Deposit:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">The amount of deposited securities represented by one American Depositary Share (&ldquo;ADSs&rdquo;)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U>&nbsp;&nbsp;- Upper right corner.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(ii)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">The procedure for voting, if any, the deposited securities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Reverse of Receipt</U>&nbsp;&nbsp;- Paragraphs (16) and (17).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(iii)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">The collection and distribution of dividends</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Reverse of Receipt</U> - Paragraph (14).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(iv)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">The transmission of notices, reports and proxy soliciting material</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U>&nbsp;&nbsp;- Paragraph (13);<BR>
<U>Reverse of Receipt</U> - Paragraph (17).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(v)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">The sale or exercise of rights</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt </U>&ndash; Paragraphs (14) and (16).</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(vi)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">The deposit or sale of securities resulting from dividends, splits or plans of reorganization</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Face of Receipt</U> - Paragraphs (3) and (8);</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt</U> - Paragraphs (14), (17) and (18).</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(vii)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Amendment, extension or termination of the deposit agreement</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Reverse of Receipt</U> - Paragraphs (22) and (23) (no provision for extensions).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(viii)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Rights of holders of Receipts to inspect the transfer books of the Depositary and the list of holders of ADSs</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U> - Paragraph (13).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(ix)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Restrictions upon the right to deposit or withdraw the underlying securities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U> &ndash; Paragraphs (2), (3), (4), (8), (9), (10), (11) and (12).</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left; vertical-align: bottom"><B><U>Item Number and Caption</U></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Location in Form of American</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Depositary Receipt (&ldquo;Receipt&rdquo;)</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><B><U>Filed Herewith as Prospectus</U></B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; width: 44%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 42%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(x)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Limitation upon the liability of the Depositary</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Face of Receipt</U> - Paragraph (7);</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt</U> - Paragraphs (19) and (20).</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(xi)</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Fees and charges which may be imposed directly&nbsp;&nbsp;or indirectly on holders of ADSs</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U> - Paragraph (10).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 53.85pt; font-size: 10pt; text-indent: -53.85pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>Item 2.</B></TD>
    <TD STYLE="font-weight: bold; text-indent: 0.25in; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVAILABLE INFORMATION</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Face of Receipt</U> - Paragraph (13).</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is subject to the periodic reporting
requirements of the United States Securities Exchange Act of 1934, as amended, and, accordingly, is required to file certain reports with,
or to submit certain reports to, the United States Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;). These reports
can be retrieved from the Commission&rsquo;s internet website (www.sec.gov), and can be inspected and copied at the public reference facilities
maintained by the Commission at 100 F Street, N.E., Washington D.C. 20549.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">The Prospectus consists of the proposed form of American Depositary
Receipt included as <U>Exhibit A</U> to the Form of Amendment No. 1 to Deposit Agreement filed as Exhibit (a)(i) to this Post-Effective
Amendment No. 1 to Registration Statement on Form F-6 and is incorporated herein by reference.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 3.</FONT></TD><TD>EXHIBITS</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(a)(i)&#9;Form of Amendment No. 1 to Deposit
Agreement, by and among Companhia Energ&eacute;tica de Minas Gerais &ndash; CEMIG (the &ldquo;Company&rdquo;), Citibank, N.A., as depositary
(the &ldquo;Depositary&rdquo;), and all Holders and Beneficial Owners of American Depositary Shares issued under the terms of the Deposit
Agreement (as hereinafter defined). &mdash; Filed herewith as Exhibit (a)(i).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(a)(ii)&#9;Deposit Agreement, dated as of June 12, 2007,
by and among the Company, the Depositary, and all Holders and Beneficial Owners of American Depositary Shares issued thereunder (the
&ldquo;Deposit Agreement&rdquo;). &mdash; Filed herewith as Exhibit (a)(ii).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other agreement to which the Depositary is a party relating to the issuance of the American Depositary Shares registered hereunder or
the custody of the deposited securities represented thereby. &mdash; None.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
material contract relating to the deposited securities between the Depositary and the issuer of the deposited securities in effect at
any time within the last three years. &mdash; None.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opinion
of counsel for the Depositary as to the legality of the securities to be registered. &mdash; Previously filed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate
under Rule 466. &mdash; None.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powers
of Attorney for certain officers and directors and the authorized representative of the Company. &mdash; Set forth on the signature
pages hereto.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 4.</FONT></TD><TD>UNDERTAKINGS</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The Depositary undertakes to make available at the principal office of the Depositary in the United States, for inspection by holders
of ADSs, any reports and communications received from the issuer of the deposited securities which are both (1) received by the Depositary
as the holder of the deposited securities, and (2) made generally available to all Holders of the underlying securities by the issuer.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>If the amount of fees charged is not disclosed in the prospectus, the Depositary undertakes to prepare a separate document stating
the amount of any fee charged and describing the service for which it is charged and to deliver promptly a copy of such fee schedule without
charge to anyone upon request. The Depositary undertakes to notify each registered holder of an ADS thirty (30) days before any change
in the fee schedule.</TD></TR></TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, Citibank, N.A., acting solely on behalf of the legal entity created by the Deposit Agreement, as proposed to
be amended by Amendment No. 1 to Deposit Agreement, by and among Companhia Energ&eacute;tica de Minas Gerais &ndash; CEMIG, Citibank,
N.A., as depositary, and all Holders and Beneficial Owners of American Depositary Shares issued thereunder, certifies that it has reasonable
grounds to believe that all the requirements for filing on Form F-6 are met and has duly caused this Post-Effective Amendment No. 1 to
Registration Statement on Form F-6 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York,
State of New York, on the 14th day of March, 2022.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Legal entity created by the Deposit Agreement, as proposed
to be amended by Amendment No. 1 to Deposit Agreement, under which the American Depositary Shares registered hereunder are to be issued,
each American Depositary Share representing the right to receive one (1) common share, par value R$5.00, of Companhia Energ&eacute;tica
de Minas Gerais &ndash; CEMIG.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 5%">&nbsp;</TD>
  <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">CITIBANK, N.A., solely in its capacity as Depositary</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Leslie DeLuca</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Name: Leslie DeLuca</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title: &nbsp;&nbsp;Attorney-in-fact</TD></TR>
</TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, Companhia Energ&eacute;tica de Minas Gerais &ndash; CEMIG certifies that it has reasonable grounds to believe
that all the requirements for filing on Form F-6 are met and has duly caused this Post-Effective Amendment No. 1 to Registration Statement
on Form F-6 to be signed on its behalf by the undersigned thereunto duly authorized, in Belo Horizonte, MG, the Federative Republic of
Brazil, on March 14, 2022.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">COMPANHIA ENERG&Eacute;TICA DE MINAS GERAIS &ndash; CEMIG</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Reynaldo Passanezi Filho</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Reynaldo Passanezi Filho</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: <FONT>&nbsp;&nbsp;Chief Executive Officer &ndash; President</FONT></TD></TR>
  </TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>KNOW ALL PERSONS BY THESE PRESENTS</B>, that
each person whose signature appears below constitutes and appoints each of Reynaldo Passanezi Filho and Leonardo George de Magalh&atilde;es
to act as his/her true and lawful attorney-in-fact and agent, with full power of substitution, for him/her and in his/her name, place
and stead, in any and all such capacities, to sign any and all amendments, including post-effective amendments, and supplements to this
Post-Effective Amendment to the Registration Statement on Form F-6, and to file the same, with all exhibits thereto and other documents
in connection therewith, with the United States Securities and Exchange Commission, granting unto said attorney-in-fact and agent full
power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully
to all intents and purposes as s/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent,
or his/her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Post-Effective Amendment to the Registration Statement on Form F-6 has been signed by the following persons
in the following capacities on March 14, 2022.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><U>Signature</U></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 50%"><U>Title</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Reynaldo Passanezi Filho</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer - President</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Reynaldo Passanezi Filho</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Leonardo George de Magalh&atilde;es</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Officer for Finance and Investor Relations</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Leonardo George de Magalh&atilde;es</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ M&aacute;rio Lucio Braga</TD>
    <TD>&nbsp;</TD>
    <TD>Principal Accounting Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>M&aacute;rio Lucio Braga</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ M&aacute;rcio Luiz Sim&otilde;es Utsch</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>M&aacute;rcio Luiz Sim&otilde;es Utsch</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Carlos Eduardo Tavares de Castro</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD><U>Signature</U></TD>
    <TD>&nbsp;</TD>
    <TD><U>Title</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jos&eacute; Reinaldo Magalhaes</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Jos&eacute; Reinaldo Magalhaes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Afonso Henriques Moreira Santos</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Afonso Henriques Moreira Santos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jos&eacute; Jo&atilde;o Abdalla Filho</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Jos&eacute; Jo&atilde;o Abdalla Filho</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Marcelo Gasparino da Silva</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Paulo C&eacute;sar de Souza e Silva</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Paulo C&eacute;sar de Souza e Silva</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Franklin Moreira Gon&ccedil;alves</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Franklin Moreira Gon&ccedil;alves</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Vacant</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE
IN THE UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Pursuant to the Securities Act of 1933, as amended,
the undersigned, the duly authorized representative in the United States of <FONT STYLE="background-color: white">Companhia Energ&eacute;tica
de Minas Gerais &ndash; CEMIG&nbsp;</FONT>has executed this Post-Effective Amendment to the Registration Statement on Form F-6 in Newark,
Delaware, on March 14, 2022.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">PUGLISI &amp; ASSOCIATES</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Donald J. Puglisi</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Donald J. Puglisi</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: &nbsp;&nbsp;Managing Director</TD></TR>
  </TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; font-size: 10pt"><B><U>Exhibit</U></B></TD>
    <TD STYLE="width: 40%; font-size: 10pt"><B><U>Document</U></B></TD>
    <TD STYLE="width: 29%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sequentially</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Numbered Page</U></B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">(a)(i)</TD>
    <TD STYLE="font-size: 10pt">Form of Amendment No. 1 to Deposit Agreement</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">(a)(ii)</TD>
    <TD STYLE="font-size: 10pt">Deposit Agreement, dated as of June 12, 2007</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(I)
<SEQUENCE>2
<FILENAME>e621439_ex99-ai.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit (a)(i)</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

<P STYLE="border-bottom: Black 1pt solid; margin: 0pt">&nbsp;</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COMPANHIA ENERG&Eacute;TICA DE MINAS GERAIS &ndash;
CEMIG,</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ALL HOLDERS AND BENEFICIAL OWNERS<BR>
OF AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">HELD UNDER THE TERMS OF THE<BR>
DEPOSIT AGREEMENT, DATED AS OF JUNE 12, 2007</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amendment No. 1<BR>
to<BR>
Deposit Agreement</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of [&#9679;] [&#9679;], 2022</P>

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE I &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in; width: 18%">SECTION 1.1</TD>
    <TD STYLE="text-indent: 0.25in; width: 77%">Definitions</TD>
    <TD STYLE="text-align: right; width: 5%">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.2</TD>
    <TD STYLE="text-indent: 0.25in">Effective Date</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE II &nbsp;&nbsp;&nbsp;&nbsp;AMENDMENTS TO DEPOSIT AGREEMENT</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 2.1</TD>
    <TD STYLE="text-indent: 0.25in">Deposit Agreement</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 2.2</TD>
    <TD STYLE="text-indent: 0.25in">Amendments Binding on all Holders and Beneficial Owners</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 2.3</TD>
    <TD STYLE="text-indent: 0.25in">Pre-Release Transactions</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 2.4</TD>
    <TD STYLE="text-indent: 0.25in">Conversion of Foreign Currency</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 2.5</TD>
    <TD STYLE="text-indent: 0.25in">Fees and Charges of Depositary</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2">ARTICLE III &nbsp;&nbsp;&nbsp;&nbsp;AMENDMENTS TO EXHIBIT B TO DEPOSIT AGREEMENT</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 3.1</TD>
    <TD STYLE="text-indent: 0.25in">Amendments to Exhibit B to the Deposit Agreement</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE IV &nbsp;&nbsp;&nbsp;&nbsp;AMENDMENTS TO THE FORM OF ADR</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 4.1</TD>
    <TD STYLE="text-indent: 0.25in">ADR Amendments</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2">ARTICLE V &nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 5.1</TD>
    <TD STYLE="text-indent: 0.25in">Representations and Warranties</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE VI &nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 6.1</TD>
    <TD STYLE="text-indent: 0.25in">New ADRs</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 6.2</TD>
    <TD STYLE="text-indent: 0.25in">Notice of Amendment to Holders of ADSs</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 6.3</TD>
    <TD STYLE="text-indent: 0.25in">Indemnification</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 6.4</TD>
    <TD STYLE="text-indent: 0.25in">Ratification</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 6.5</TD>
    <TD STYLE="text-indent: 0.25in">Governing Law</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 6.6</TD>
    <TD STYLE="text-indent: 0.25in">Counterparts</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>AMENDMENT NO. 1 TO
DEPOSIT AGREEMENT</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">AMENDMENT NO. 1 TO DEPOSIT AGREEMENT, dated as of
[&#9679;] [&#9679;], 2022 (this &ldquo;<U>Amendment</U>&rdquo;), by and among COMPANHIA ENERG&Eacute;TICA DE MINAS GERAIS &ndash; CEMIG,
a company organized and existing under the laws of the Federative Republic of Brazil, and its successors (the &ldquo;<U>Company</U>&rdquo;),
CITIBANK, N.A., a national banking association organized under the laws of the United States of America (the &ldquo;<U>Depositary</U>&rdquo;),
and all Holders and Beneficial Owners of American Depositary Shares outstanding under the Deposit Agreement, dated as of June 12, 2007,
among the Company, the Depositary and all Holders and Beneficial Owners of American Depositary Shares issued thereunder (the &ldquo;<U>Deposit
Agreement</U>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Company and the Depositary entered into
the Deposit Agreement for the creation of American Depositary Shares (&ldquo;<U>ADSs</U>&rdquo;) representing Shares (as defined in the
Deposit Agreement) and for the execution and delivery of American Depositary Receipts (&ldquo;<U>ADRs</U>&rdquo;) evidencing such ADSs;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Company desires to (a) update the ADS
fees and related charges identified as payable by the applicable party in the Fee Schedule annexed as <U>Exhibit B</U> to the Deposit
Agreement to provide for, <I>inter alia</I>, (i) the addition of ADS service fees payable by the person holding ADSs on the applicable
record date(s) established by the Depositary, and (ii) the addition of Conversion fees of ADSs of one series for ADSs of another series,
(b) remove pre-release transactions, and (c) modify the treatment of foreign currency conversions, and desires to (x) amend the Deposit
Agreement, the ADRs currently outstanding and the form of ADR annexed as <U>Exhibit A</U> to the Deposit Agreement to reflect such change,
and (y) to give notice thereof to all Holders (as defined in the Deposit Agreement) of ADSs; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, pursuant to <U>Section 6.1</U> of the Deposit
Agreement, the Company and the Depositary deem it necessary and desirable to amend the Deposit Agreement, the ADRs currently outstanding
and the form of ADR annexed as <U>Exhibit A</U> to the Deposit Agreement for the purposes set forth herein;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Depositary hereby agree to amend the Deposit Agreement,
the ADRs currently outstanding and the form of ADR annexed as <U>Exhibit A</U> to the Deposit Agreement as follows:</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions</U>. Unless otherwise specified in this Amendment, all capitalized terms used, but not defined, herein shall have
the meanings given to such terms in the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effective Date</U>. The term &ldquo;<U>Effective Date</U>&rdquo; shall mean the date of this Amendment set forth above as of
which this Amendment shall become effective.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>AMENDMENTS TO DEPOSIT
AGREEMENT</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit Agreement</U>. All references in the Deposit Agreement to the terms &ldquo;<U>Deposit Agreement</U>&rdquo; shall, as
of the Effective Date, refer to the Deposit Agreement, dated as of June 12, 2007, as amended by this Amendment and as further amended
and supplemented after the Effective Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendments Binding on all Holders and Beneficial Owners</U>. From and after the Effective Date, the Deposit Agreement, as amended
by this Amendment, shall be binding on all Holders and Beneficial Owners of ADSs issued and outstanding as of the Effective Date and on
all Holders and Beneficial Owners of ADSs issued after the Effective Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pre-Release Transactions.</U> In order to remove Pre-Release Transactions, the Deposit Agreement is hereby amended as of the
Effective Date by</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amending Section 1.18 of the Deposit Agreement</U>. <U>Section 1.18</U> of the Deposit Agreement is hereby amended as of the
Effective Date by deleting such section in its entirety and inserting the following in its stead:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;SECTION
1.18 <U>&ldquo;Deposited Securities&rdquo;</U> shall mean Shares at any time deposited under this Deposit Agreement and any and all other
securities, property and cash held by the Depositary or the Custodian in respect thereof, subject, in the case of cash, to the provisions
of Section 4.8.&rdquo; </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amending Section 1.27 of the Deposit Agreement</U>. <U>Section 1.27</U> of the Deposit Agreement is hereby amended as of the
Effective Date by deleting such section in its entirety and inserting the following in its stead:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;SECTION
1.27 <U>RESERVED</U>&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amending Section 2.5 of the Deposit Agreement</U>. <U>Section 2.5</U> of the Deposit Agreement is hereby amended as of the Effective
Date by deleting the last sentence of the section in its entirety.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment Section 5.8 of the Deposit Agreement</U>. <U>Section 5.8</U> of the Deposit Agreement is hereby amended as of the
Effective Date by deleting the last sentence of the second paragraph in its entirety.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment Section 5.10 of the Deposit Agreement</U>. <U>Section 5.10</U> of the Deposit Agreement is hereby amended as of the
Effective Date by deleting such section in its entirety and inserting the following in its stead:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;SECTION
5.10 <U>RESERVED</U>&rdquo;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion of Foreign Currency</U>. <U>Section 4.8</U> of the Deposit Agreement is hereby amended as of the Effective Date by
deleting such section in its entirety and inserting the following in its stead:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;SECTION 4.8 <U>Conversion of Foreign Currency</U>.
Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds
from the sale of any cash, securities and other property held on deposit by the Depositary and the Custodian in respect of the ADSs under
the terms of the Deposit Agreement, which in the judgment of the Depositary can at such time be converted on a practicable basis, by sale
or in any other manner that it may determine in accordance with applicable law, into Dollars transferable to the United States and distributable
to the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may reasonably
determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of the fees and charges set forth in the Fee Schedule
attached hereto as <U>Exhibit B</U>, and applicable taxes withheld) in accordance with the terms of the applicable sections of the Deposit
Agreement. The Depositary and/or its agent (which may be a division, branch or Affiliate of the Depositary) may act as principal for any
conversion of Foreign Currency. If the Depositary shall have distributed warrants or other instruments that entitle the holders thereof
to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof
for cancellation, in either case without liability for interest thereon. Such distribution may be made upon an averaged or other practicable
basis without regard to any distinctions among Holders on account of any application of exchange restrictions or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If such conversion or distribution generally or
with regard to a particular Holder can be effected only with the approval or license of any government or agency thereof, the Depositary
shall have authority to file such application for approval or license, if any, as it may deem desirable. In no event, however, shall the
Depositary be obligated to make such a filing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If at any time the Depositary shall determine that
in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received by the
Depositary is not practicable or lawful, or if any approval or license of any governmental authority or agency thereof that is required
for such conversion, transfer and distribution is denied or, in the opinion of the Depositary, not obtainable at a reasonable cost or
within a reasonable period, the Depositary may, in its sole discretion, take one or more of the following actions: (i) make such conversion
and distribution in Dollars to the Holders for whom such conversion, transfer and distribution is lawful and practicable, (ii)&nbsp;distribute
the Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) to Holders for whom such distribution
is lawful and practicable, or (iii) hold (or cause the Custodian to hold) such Foreign Currency (without liability for interest thereon)
for the respective accounts of the Holders entitled to receive the same.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fees and Charges of Depositary</U>. <U>Section 5.9</U> of the Deposit Agreement is hereby amended as of the Effective Date by
deleting such section in its entirety and inserting the following in its stead:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;SECTION 5.9 <U>Fees and Charges of Depositary.</U>
The Company, the Holders, the Beneficial Owners, persons depositing Shares or withdrawing Deposited Securities in connection with the
issuance and cancellation of ADSs, and persons receiving ADSs upon issuance or whose ADSs are being cancelled shall be required to pay
to the Depositary the Depositary&rsquo;s fees and related charges identified as payable by them respectively in the Fee Schedule attached
hereto as <U>Exhibit B</U>. All ADS fees and charges so payable may be deducted from distributions or must be remitted to the Depositary,
or its designee, and may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the
case of ADS fees and charges payable by Holders and Beneficial Owners, any such change (excluding any changes to the waiver by the Depositary
of fees and charges contemplated herein) may be made only in the manner contemplated in Section 6.1. The Depositary shall provide, without
charge, a copy of its latest ADS fee schedule to anyone upon request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">ADS fees and charges for (i) the issuance of ADSs
and (ii)&nbsp;the cancellation of ADSs will be payable by the person for whom the ADSs are so issued by the Depositary (in the case of
ADS issuances) and by the person for whom ADSs are being cancelled (in the case of ADS cancellations). In the case of ADSs issued by the
Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges will be payable by the
DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being cancelled, as the case may
be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial
Owner(s) in accordance with the procedures and practices of the DTC participant(s) as in effect at the time. ADS fees and charges in respect
of distributions and the ADS service fee are payable by Holders as of the applicable ADS Record Date established by the Depositary. In
the case of distributions of cash, the amount of the applicable ADS fees and charges is deducted from the funds being distributed. In
the case of (i) distributions other than cash and (ii) the ADS service fee, the applicable Holders as of the ADS Record Date established
by the Depositary will be invoiced for the amount of the ADS fees and charges and such ADS fees may be deducted from distributions made
to Holders. For ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted
from distributions made through DTC, and may be charged to the DTC Participants in accordance with the procedures and practices prescribed
by DTC from time to time and the DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for
whom they hold ADSs. In the case of (i)&nbsp;registration of ADS transfers, the ADS transfer fee will be payable by the ADS Holder whose
ADSs are being transferred or by the person to whom the ADSs are transferred, and (ii)&nbsp;conversion of ADSs of one series for ADSs
of another series, the ADS conversion fee will be payable by the Holder whose ADSs are converted or by the person to whom the converted
ADSs are delivered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may reimburse the Company for certain
expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making available a portion
of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company and the Depositary agree
from time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary for such out-of-pocket
expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such fees, charges and reimbursements
may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present
its statement for such fees, charges and reimbursements to the Company once every three months. The charges and expenses of the Custodian
are for the sole account of the Depositary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations of Holders and Beneficial Owners
to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation or removal
of such Depositary as described in Section 5.4, the right to collect ADS fees and charges shall extend for those ADS fees and charges
incurred prior to the effectiveness of such resignation or removal.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>AMENDMENTS TO
EXHIBIT B TO DEPOSIT AGREEMENT</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendments to Exhibit B to the Deposit Agreement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section I</U> of <U>Exhibit B</U> to the Deposit Agreement is hereby amended as of the Effective Date by deleting such section
in its entirety and inserting the following in its stead:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">&ldquo;<FONT STYLE="font-weight: normal">I.</FONT></TD><TD><FONT STYLE="font-weight: normal">Depositary Fees</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company, the Holders, the Beneficial Owners
and the persons depositing Shares or surrendering ADSs for cancellation agree to pay the following fees of the Depositary:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; border: Black 1pt solid; font-weight: bold">Service</TD>
    <TD STYLE="width: 44%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Rate</TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">By Whom Paid</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">(1)&#9;Issuance of ADSs (<I>e.g.</I>, an issuance upon a deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in paragraph (4) below.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-weight: normal">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Person for whom ADSs are issued.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">(2)&#9;Cancellation of ADSs&nbsp;&nbsp;(<I>e.g.</I>, &nbsp;a cancellation of ADSs for Delivery of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason).</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-weight: normal">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) surrendered.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Person for whom ADSs are being cancelled.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">(3)&#9;Distribution of cash dividends or other cash distributions (<I>e.g.</I>, upon a sale of rights and other entitlements).</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-weight: normal">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Person to whom the distribution is made.</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 31%">(4)&#9;Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii)&nbsp;an exercise of rights to purchase additional ADSs.</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; width: 44%"><FONT STYLE="font-weight: normal">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%">Person to whom the distribution is made.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">(5)&#9;Distribution of securities other than ADSs or rights to purchase additional ADSs (<I>e.g.</I>, spin-off shares).</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-weight: normal">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Person to whom the distribution is made.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">(6)&#9;ADS Services.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: normal; text-indent: 0in">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Person holding ADSs on the applicable record date(s) established by the Depositary.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">(7)&#9;Registration of ADS Transfers (<I>e.g.</I>, upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and <I>vice versa</I>, or for any other reason).</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: normal; text-indent: 0in">U.S. $1.50 per certificate presented for transfer.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Person for whom or to whom ADSs are transferred.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">(8)&#9;Conversion of ADSs of one series for ADSs of another series (<I>e.g.</I>, upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs).</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) converted.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Person for whom ADSs are converted or to whom the converted ADSs are delivered.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section II</U> of <U>Exhibit B</U> to the Deposit Agreement is hereby amended as of the Effective Date by:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>deleting section (iv) in its entirety and inserting the following in its stead:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&ldquo;(iv)&#9;in connection with the conversion of Foreign
Currency, the fees, expenses, spreads, taxes and other charges of the Depositary and/or conversion service providers (which may be a division,
branch or Affiliate of the Depositary). Such fees, expenses, spreads, taxes, and other charges shall be deducted from the Foreign Currency;&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>deleting section (v) in its entirety and inserting the following in its stead:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&ldquo;(v)&#9;any reasonable and customary out-of-pocket
expenses incurred in such conversion and/or on behalf of the Holders and Beneficial Owners in complying with currency exchange control
or other governmental requirements; and&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>deleting section (vi) in its entirety and inserting the following in its stead:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&ldquo;(vi)&#9;the fees, charges, costs and expenses incurred
by the Depositary, the Custodian, or any nominee in connection with the ADR program.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U><BR>
AMENDMENTS TO THE FORM OF ADR</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ADR Amendments</U>. The form of ADR attached as Exhibit A to the Deposit Agreement and each of the ADRs issued and outstanding under the terms of the Deposit
Agreement are hereby amended as of the Effective Date as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The first sentence of paragraph (1) of the form of ADR attached as <U>Exhibit A</U> to the Deposit Agreement and in each of the
ADRs issued and outstanding under the terms of the Deposit Agreement is hereby amended as of the Effective Date by deleting such sentence
in its entirety and inserting the following in its stead:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&ldquo;This American Depositary Receipt is one of an issue of American
Depositary Receipts (&ldquo;Receipts&rdquo; or &ldquo;ADRs&rdquo;), all issued and to be issued upon the terms and conditions set forth
in the Deposit Agreement, dated as of June 12, 2007, as amended by Amendment No. 1 to Deposit Agreement, dated as of [&#9679;] [&#9679;],
2022 (as so amended and as further amended and supplemented from time to time, the &ldquo;Deposit Agreement&rdquo;), by and among the
Company, the Depositary and all Holders and Beneficial Owners of ADSs issued thereunder, with each Holder and Beneficial Owner of ADSs,
by accepting an ADS, becoming bound by all the terms and provisions thereof.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Paragraph (10) of the form of ADR attached as <U>Exhibit A</U> to the Deposit Agreement and in each of the ADRs issued and outstanding
is hereby amended as of the Effective Date by deleting such section in its entirety and inserting the following in its stead:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;(10)&#9;<U>Charges
of Depositary</U>. The following ADS fees are payable under the terms of the Deposit Agreement: </FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD><U>ADS Issuance Fee</U>: by any person for whom ADSs are issued (<I>e.g.</I>, an issuance upon a deposit of Shares, upon a change
in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in paragraph (iv)
below, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) issued under the terms of the Deposit Agreement;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD><U>ADS Cancellation Fee</U>: by any person for whom ADSs are being cancelled (<I>e.g.</I>, a cancellation of ADSs for Delivery of
Deposited Securities, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), a fee not in excess of U.S. $5.00 per 100
ADSs (or fraction thereof) cancelled;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD><U>Cash Distribution Fee</U>: by any Holder of ADSs, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for
the distribution of cash dividends or other cash distributions (<I>e.g.</I>, upon a sale of rights and other entitlements);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD><U>Stock Distribution /Rights Exercise Fee</U>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction
thereof) held for the distribution of ADSs pursuant to (a)&nbsp;stock dividends or other free stock distributions, or (b)&nbsp;an exercise
of rights to purchase additional ADSs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD><U>Other Distribution Fee</U>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held
for the distribution of securities other than ADSs or rights to purchase additional ADSs (<I>e.g.</I>, spin-off shares);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD><U>Depositary Services Fee</U>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held
on the applicable record date(s) established by the Depositary;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD><U>Registration of ADS Transfer Fee</U>: by any Holder of ADS(s) being transferred or by any person to whom ADSs are transferred,
a fee not in excess of U.S. $1.50 per 100 ADSs (or fraction thereof) transferred; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(viii)</FONT></TD><TD><FONT STYLE="font-weight: normal"><U>ADS Conversion Fee</U>: by any Holder of ADS(s) being converted or by any person to whom the
converted ADSs are delivered, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) converted from one ADS series to another
ADS series (<I>e.g.</I>, upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The Company,
Holders, Beneficial Owners, persons depositing Shares or withdrawing Deposited Securities in connection with ADS issuances and cancellations,
and persons for whom ADSs are issued or cancelled shall be responsible for the following ADS charges under the terms of the Deposit Agreement:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>taxes (including applicable interest and penalties) and other governmental charges;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on the share
register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any
nominees upon the making of deposits and withdrawals, respectively;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(c)</FONT></TD><TD><FONT STYLE="font-weight: normal">such cable, telex and facsimile transmission and delivery expenses as are expressly provided in
the Deposit Agreement to be at the expense of the person depositing or withdrawing Shares or Holders and Beneficial Owners of ADSs;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>in connection with the conversion of Foreign Currency, the fees, expenses, spreads, taxes and other charges of the Depositary and/or
conversion service providers (which may be a division, branch or Affiliate of the Depositary). Such fees, expenses, spreads, taxes, and
other charges shall be deducted from the Foreign Currency;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>any reasonable and customary out-of-pocket expenses incurred in such conversion and/or on behalf of the Holders and Beneficial Owners
in complying with currency exchange control or other governmental requirements; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>the fees, charges, costs and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the ADR program.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All ADS fees and charges may, at any time and from
time to time, be changed by agreement between the Depositary and Company but, in the case of ADS fees and charges payable by Holders and
Beneficial Owners, any such change (excluding any changes to the waiver by the Depositary of fees and charges contemplated herein) may
be made only in the manner contemplated by paragraph (22) of this Receipt and as contemplated in Section 6.1 of the Deposit Agreement.
The Depositary shall provide, without charge, a copy of its latest ADS fee schedule to anyone upon request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">ADS fees and charges for (i) the issuance of ADSs
and (ii) the cancellation of ADSs will be payable by the person for whom the ADSs are so issued by the Depositary (in the case of ADS
issuances) and by the person for whom ADSs are being cancelled (in the case of ADS cancellations). In the case of ADSs issued by the Depositary
into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges will be payable by the DTC Participant(s)
receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being cancelled, as the case may be, on behalf of the
Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance
with the procedures and practices of the DTC Participant(s) as in effect at the time. ADS fees and charges in respect of distributions
and the ADS service fee are payable by Holders as of the applicable ADS Record Date established by the Depositary. In the case of distributions
of cash, the amount of the applicable ADS fees and charges is deducted from the funds being distributed. In the case of (i) distributions
other than cash and (ii) the ADS service fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced
for the amount of the ADS fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through
DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through
DTC and may be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and
the DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs. In the case
of (i) registration of ADS transfers, the ADS transfer fee will be payable by the ADS Holder whose ADSs are being transferred or by the
person to whom the ADSs are transferred, and (ii) conversion of ADSs of one series for ADSs of another series, the ADS conversion fee
will be payable by the Holder whose ADSs are converted or by the person to whom the converted ADSs are delivered.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may reimburse the Company for certain
expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making available a portion
of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company and the Depositary agree
from time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary for such out-of-pocket
expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such fees, charges and reimbursements
may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present
its statement for such fees, charges and reimbursements to the Company once every three months. The charges and expenses of the Custodian
are for the sole account of the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations of Holders and Beneficial Owners
to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation or removal
of such Depositary as described in Section 5.4 of the Deposit Agreement, the right to collect ADS fees and charges shall extend for those
ADS fees and charges incurred prior to the effectiveness of such resignation or removal.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Paragraph (25) of the form of ADR attached as <U>Exhibit A</U> to the Deposit Agreement and in each of the ADRs issued and outstanding
is hereby amended as of the Effective Date by deleting such paragraph in its entirety and inserting the following in its stead:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&ldquo;(25) RESERVED&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>REPRESENTATIONS
AND WARRANTIES</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties</U>. The Company represents and warrants to, and agrees with, the Depositary and the Holders
and Beneficial Owners, that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Amendment, when executed and delivered by the Company, will have been, and the Deposit Agreement has been, duly and validly
authorized, executed and delivered by the Company, and each constitutes the legal, valid and binding obligations of the Company, enforceable
against the Company in accordance with its respective terms, subject to bankruptcy, insolvency, fraudulent transfer, moratorium and similar
laws of general applicability relating to or affecting creditors&rsquo; rights and to general equity principles; and</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In order to ensure the legality, validity, enforceability or admissibility into evidence of this Amendment or the Deposit Agreement
as amended hereby, and other document furnished hereunder or thereunder in Brazil, neither of such agreements need to be filed or recorded
with any court or other authority in Brazil, except for their official translation into Portuguese for their presentation to a Brazilian
court, nor does any stamp or similar tax need be paid in Brazil on or in respect of such agreements; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All of the information provided to the Depositary by the Company in connection with this Amendment is true, accurate and correct.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>New ADRs</U>. From and after the Effective Date, the Depositary shall arrange to have new ADRs printed or amended that reflect
the changes to the form of ADR effected by this Amendment. All ADRs issued hereunder after the Effective Date, once such new ADRs are
available, whether upon the deposit of Shares or other Deposited Securities or upon the transfer, combination or split up of existing
ADRs, shall be substantially in the form of the specimen ADR attached as <U>Exhibit A</U> hereto. However, ADRs issued prior to the Effective
Date, which do not reflect the changes to the form of ADR effected hereby, do not need to be called in for exchange and may remain outstanding
until such time as the Holders thereof choose to surrender them for any reason under the Deposit Agreement. The Depositary is authorized
and directed to take any and all actions deemed necessary to effect the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Amendment to Holders of ADSs</U>. The Depositary is hereby directed to send notices informing the Holders of ADSs
(i) of the terms of this Amendment, (ii) of the Effective Date of this Amendment, and (iii) that the Holder of ADRs shall be given the
opportunity, but that it is unnecessary, to substitute their ADRs with new ADRs reflecting the changes effected by this Amendment, as
provided in Section 5.1 hereof, (iv) that Holders of Uncertificated ADSs do not need to take any action in connection with the Amendment,
and (v) that copies of this Amendment may be retrieved from the Commission&rsquo;s website at www.sec.gov and may be obtained from the
Depositary and the Company upon request. As notice of the amendment has been sent to the Holders of ADSs prior to the date hereof, the
Depositary is directed not to send notices of this Amendment to the Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>. The Company agrees to indemnify and hold harmless the Depositary (and any and all of its directors, employees
and officers) for any and all liability it or they may incur as a result of the terms of this Amendment and the transactions contemplated
herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Ratification</U>. Except as expressly amended hereby, the terms, covenants and conditions of the Deposit Agreement as originally
executed shall remain in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 6.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECTION 6.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and
all of such counterparts together shall be deemed an original, and all such counterparts together shall constitute one and the same instrument.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, the Company and the Depositary
have caused this Amendment to be executed by representatives thereunto duly authorized as of the date set forth above.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>COMPANHIA ENERG&Eacute;TICA DE MINAS GERAIS &ndash; CEMIG</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">By: ________________________________</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>CITIBANK, N.A., as Depositary</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">By: ________________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Title:</P>
</TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">representing one (1)&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">each with a par value of R$5.00</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">COMPANHIA ENERG&Eacute;TICA
DE MINAS GERAIS - CEMIG</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">(Organized and existing
under the laws of the Federative Republic of Brazil)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">CITIBANK, N.A., a national banking
association organized and existing under the laws of the United States of America, as depositary (herein called the &ldquo;Depositary&rdquo;),
hereby certifies that ___________________________ is the owner of __________________________ American Depositary Shares (hereinafter &ldquo;ADSs&rdquo;),
representing deposited voting common shares (<I>a&ccedil;&otilde;es ordin&aacute;rias</I>), each with a par value of R$5.00, including
evidence of rights to receive such voting common shares (the &ldquo;Shares&rdquo;) of COMPANHIA ENERG&Eacute;TICA DE MINAS GERAIS - CEMIG,
a company organized and existing under the laws of the Federative Republic of Brazil (the &ldquo;Company&rdquo;). As of the date of the
Deposit Agreement (as hereinafter defined), each ADS represents one (1) Share deposited under the Deposit Agreement with the Custodian,
which at the date of execution of the Deposit Agreement is Citibank Distribuidora de T&iacute;tulos e Valores Mobili&aacute;rios S.A.
(the &ldquo;Custodian&rdquo;). The ADS(s) to Share(s) ratio is subject to amendment as provided in Article IV of the Deposit Agreement.
The Depositary&rsquo;s Principal Office is located at 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(1)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>The Deposit Agreement</U>. This American Depositary Receipt is one of an issue of American Depositary Receipts (&ldquo;Receipts&rdquo;
or &ldquo;ADRs&rdquo;), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of June
12, 2007, as amended by Amendment No. 1 to Deposit Agreement, dated as of [&#9679;] [&#9679;], 2022 (as so amended and as further amended
and supplemented from time to time, the &ldquo;Deposit Agreement&rdquo;), by and among the Company, the Depositary and all Holders and
Beneficial Owners of ADSs issued thereunder, with each Holder and Beneficial Owner of ADSs, by accepting an ADS, becoming bound by all
the terms and provisions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of ADSs
and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and
cash from time to time received in respect of such Shares and held thereunder (such Shares, other securities, property and cash are herein
called &ldquo;Deposited Securities&rdquo;). Copies of the Deposit Agreement are on file at the Principal Office of the Depositary and
with the Custodian. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance
with the terms and conditions of the Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of
the Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act
on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures
necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate
to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant
of the necessity and appropriateness thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 the <I>Estatuto Social</I> of the Company (as in effect
on the date of the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement
and the <I>Estatuto Social </I>of the Company, to which reference is hereby made. All capitalized terms used herein which are not otherwise
defined herein shall have the meanings ascribed thereto in the Deposit Agreement. The Depositary makes no representation or warranty as
to the validity or worth of the Deposited Securities. The Depositary has made arrangements for the acceptance of the ADSs into DTC. Each
Beneficial Owner of ADSs held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be entitled to any
rights attributable to such ADSs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(2)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Surrender of Receipts and Withdrawal of Deposited Securities</U>. The Holder of this Receipt (and of the ADSs evidenced
hereby) shall be entitled to Delivery (at the Custodian&rsquo;s designated office) of the Deposited Securities without unreasonable delay
at the time represented by the ADS(s) evidenced hereby upon satisfaction of each of the following conditions: (i) the Holder (or a duly
authorized attorney of the Holder) has duly Delivered to the Depositary at its Principal Office the ADSs evidenced hereby (and, if applicable,
this Receipt) for the purpose of withdrawal of the Deposited Securities represented thereby; (ii) if so required by the Depositary, this
Receipt has been properly endorsed in blank or is accompanied by proper instruments of transfer in blank (including signature guarantees
in accordance with standard securities industry practice); (iii) if so required by the Depositary, the Holder of the ADSs has executed
and delivered 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 the person(s) designated in such order; and (iv) all applicable fees and charges of, and expenses incurred
by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit&nbsp;B to, the Deposit
Agreement) have been paid, subject, however, in each case, to the terms and conditions of this Receipt, the Deposit Agreement, the Company&rsquo;s
<I>Estatuto Social</I>, any applicable laws and the rules of <I>Companhia Brasileira de Liquida&ccedil;&atilde;o e Cust&oacute;dia </I>and
to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Upon satisfaction of each of the conditions
specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, the Receipt evidencing the ADSs so Delivered),
(ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for such purpose, and (iii)
shall direct the Custodian to Deliver (without unreasonable delay) at the Custodian&rsquo;s designated office the Deposited Securities
represented by the ADSs so canceled together with any certificate or other document of title for the Deposited Securities, or evidence
of the electronic transfer thereof (if available), as the case may be, to or upon the written order of the person(s) designated in the
order delivered to the Depositary for such purpose, subject however, in each case, to the terms and conditions of the Deposit Agreement,
this Receipt, the Company&rsquo;s <I>Estatuto Social</I>, any applicable laws and the rules of <I>Companhia Brasileira de Liquida&ccedil;&atilde;o
e Cust&oacute;dia </I>and to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">The Depositary shall not accept for
surrender ADSs representing less than one Share. The Depositary may, in its discretion, refuse to accept for surrender a number of ADSs
representing a number other than a whole number of Shares. In the case of Delivery to it of ADSs representing other than a whole number
of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms
hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number of ADSs representing
any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the ADS(s) so surrendered and remit
the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld)
to the person surrendering the ADSs. Notwithstanding anything else contained in this Receipt or the Deposit Agreement, the Depositary
may make delivery at the Principal Office of the Depositary of (i) any cash dividends or cash distributions, or (ii) any proceeds from
the sale of any distributions of shares or rights, which are at the time held by the Depositary in respect of the Deposited Securities
represented by the ADSs surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs
represented by this Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted
by law) any cash or other property (other than securities) held by the Custodian in respect of the Deposited Securities represented by
such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction shall be given by letter or, at the
request, risk and expense of such Holder, by cable, telex or facsimile transmission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(3)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Transfer, Combination and Split-Up of Receipts</U>. Subject to the terms and conditions of the Deposit Agreement, the
Registrar shall register the transfer of ADSs and this Receipt (and of the ADSs represented hereby) on the books maintained for such purpose.
The Depositary shall cancel this Receipt and execute new Receipts evidencing the same aggregate number of ADSs as those evidenced by this
Receipt when canceled, shall cause the Registrar to countersign such new Receipts, and shall Deliver such new Receipts to or upon the
order of the person entitled thereto, if each of the following conditions has been satisfied: (i) this Receipt has been duly Delivered
by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting
a transfer thereof; (ii) this Receipt has been properly endorsed or is accompanied by proper instruments of transfer (including signature
guarantees in accordance with standard securities industry practice); (iii) this Receipt has been duly stamped (if required by the laws
of the State of New York or of the United States); and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary
and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been
paid, subject, however, in each case, to the terms and conditions of this Receipt, the Deposit Agreement and applicable law, in each case
as in effect at the time thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">The Registrar shall register the split-up
or combination of ADSs and this Receipt (and of the ADSs represented hereby) on the books maintained for such purpose. The Depositary
shall cancel this Receipt and execute new Receipts for the number of ADSs requested, but in the aggregate not exceeding the number of
ADSs evidenced by this Receipt (when canceled), shall cause the Registrar to countersign such new Receipts, and shall Deliver such new
Receipts to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i) this Receipt has been
duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose
of effecting a split-up or combination hereof; and (ii) all applicable fees and charges of, and expenses incurred by, the Depositary and
all applicable taxes and government charges (as are set forth in Section 5.9 of, and <U>Exhibit &nbsp;B</U> to, the Deposit Agreement)
have been paid, subject, however, in each case, to the terms and conditions of this Receipt, of the Deposit Agreement and of applicable
law, in each case as in effect at the time thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(4)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Pre-Conditions to Registration, Transfer, Etc</U>. As a condition precedent to the execution and delivery, registration
of issuance or transfer, split-up, combination or surrender of any ADS, the delivery of any distribution thereon, or the withdrawal of
any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or
of 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 Shares being deposited or withdrawn) and payment of any applicable
fees and charges of the Depositary as provided in the Deposit Agreement and in this Receipt, (ii) the production of proof satisfactory
to it as to the identity and genuineness of any signature or any other matters contemplated in the Deposit Agreement and (iii) compliance
with (A) any laws or governmental regulations relating to the execution and delivery of Receipts or ADSs or to the withdrawal of Deposited
Securities and (B) such reasonable regulations as the Depositary or the Company may establish consistent with the provisions of this Receipt
and the Deposit Agreement and applicable law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The issuance of ADSs against deposits of Shares
generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused, or the registration
of transfer of ADSs in particular instances may be refused, or the registration of transfer of ADSs generally may be suspended, during
any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action
is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement
of law or regulation, any government or governmental body or commission or any securities exchange upon which the Shares or ADSs are listed,
or under any provision of the Deposit Agreement or this Receipt, or under any provision of, or governing, the Deposited Securities, or
because of any meeting of shareholders of the Company or for any other reason, subject in all cases to Article (24) hereof. Notwithstanding
any provision of the Deposit Agreement or this Receipt to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw
the Deposited Securities at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the
Company or the deposit of Shares in connection with voting at a shareholders&rsquo; 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 ADSs or
to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Section I.A.(1) of the General
Instructions to Form F-6 (as such General Instructions may be amended from time to time). Without limitation of the foregoing, the Depositary
shall not knowingly accept for deposit under the Deposit Agreement any Shares or other Deposited Securities required to be registered
under the provisions of the Securities Act, unless a registration statement is in effect as to such Shares or other Deposited Securities,
or any Shares or other Deposited Securities the deposit of which would violate any provisions of the <I>Estatuto Social</I> of the Company.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(5)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Compliance With Information Requests</U>. Notwithstanding any other provision of the Deposit Agreement or this Receipt,
each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to Brazilian
law or regulations, the rules and requirements of the S&atilde;o Paulo Stock Exchange and any other stock exchange on which Shares or
ADSs are, or will be, registered, traded or listed, or the <I>Estatuto Social</I> of the Company, which are made to provide information,
inter alia, as to the capacity in which such Holder or Beneficial Owner owns ADSs and the Shares, as the case may be, and regarding the
identity of any other person(s) interested in such ADSs and the nature of such interest and various other matters, whether or not they
are Holders and/or Beneficial Owners at the time of such request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(6)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Ownership Restrictions</U>. Notwithstanding any provision of this Receipt or of the Deposit Agreement, the Company may
restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law or
the <I>Estatuto Social</I> of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of ADSs where
such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to exceed
any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take action with respect
to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding sentence, including but
not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights or a mandatory sale
or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder or Beneficial Owner
in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the <I>Estatuto Social</I> of
the Company. Nothing herein or in the Deposit Agreement shall be interpreted as obligating the Depositary or the Company to ensure compliance
with the ownership restrictions described herein or in the Deposit Agreement.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(7)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Liability of Holder for Taxes and Other Charges</U>. If any tax or other governmental charge shall become payable with
respect to any Receipt or any Deposited Securities or ADSs, such tax or other governmental charge shall be payable by the Holders and
Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made
in respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities
and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, with
the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency. The Custodian may refuse the deposit of Shares,
and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs
and (subject to Article (24) hereof) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest
is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and each of their respective
agents, officers, directors, employees and Affiliates for, and hold each of them harmless from, any claims with respect to taxes (including
applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(8)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Representations and Warranties of Depositors</U>. Each person depositing Shares under the Deposit Agreement shall be
deemed thereby to represent and warrant that (i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully
paid, non-assessable and legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares
have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for
deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim and are not, and the ADSs issuable
upon such deposit will not be, Restricted Securities and (v) the Shares presented for deposit have not been stripped of any rights or
entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of
ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company and
Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct
the consequences thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(9)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Filing Proofs, Certificates and Other Information</U>. Any person presenting Shares for deposit, any Holder and any Beneficial
Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian
such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control
approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of the Deposit
Agreement, this Receipt and the provisions of, or governing, the Deposited Securities, to execute such certifications and to make such
representations and warranties, and to provide such other information and documentation (or, in the case of Shares in registered form
presented for deposit, such information relating to the registration of Shares on the books of the Company or of the Share Registrar)
as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written request to the Depositary
consistent with its obligations under the Deposit Agreement and this Receipt. Subject to Article (24) hereof and the terms of the Deposit
Agreement, the Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any
Receipt or ADS or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof or, to the extent
not limited by Article (24) hereof, the delivery of any Deposited Securities until such proof or other information is filed, or such certificates
are executed, or such representations and warranties are made, or such information and documentation are provided, in each case to the
Depositary&rsquo;s, the Registrar&rsquo;s and the Company&rsquo;s satisfaction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(10)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Charges of Depositary</U>. The following ADS fees are payable under the terms of the Deposit Agreement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD><U>ADS Issuance Fee</U>: by any person for whom ADSs are issued (<I>e.g.</I>, an issuance upon a deposit of Shares, upon a change
in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in paragraph (iv)
below, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) issued under the terms of the Deposit Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD><U>ADS Cancellation Fee</U>: by any person for whom ADSs are being cancelled (<I>e.g.</I>, a cancellation of ADSs for Delivery of
Deposited Securities, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), a fee not in excess of U.S. $5.00 per 100
ADSs (or fraction thereof) cancelled;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD><U>Cash Distribution Fee</U>: by any Holder of ADSs, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for
the distribution of cash dividends or other cash distributions (<I>e.g.</I>, upon a sale of rights and other entitlements);</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD><U>Stock Distribution /Rights Exercise Fee</U>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction
thereof) held for the distribution of ADSs pursuant to (a)&nbsp;stock dividends or other free stock distributions, or (b)&nbsp;an exercise
of rights to purchase additional ADSs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD><U>Other Distribution Fee</U>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held
for the distribution of securities other than ADSs or rights to purchase additional ADSs (<I>e.g.</I>, spin-off shares);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD><U>Depositary Services Fee</U>: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held
on the applicable record date(s) established by the Depositary;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD><U>Registration of ADS Transfer Fee</U>: by any Holder of ADS(s) being transferred or by any person to whom ADSs are transferred,
a fee not in excess of U.S. $1.50 per 100 ADSs (or fraction thereof) transferred; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD><U>ADS Conversion Fee</U>: by any Holder of ADS(s) being converted or by any person to whom the converted ADSs are delivered, a fee
not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) converted from one ADS series to another ADS series (<I>e.g.</I>, upon
conversion of Partial Entitlement ADSs for Full Entitlement ADSs).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company, Holders, Beneficial Owners, persons
depositing Shares or withdrawing Deposited Securities in connection with ADS issuances and cancellations, and persons for whom ADSs are
issued or cancelled shall be responsible for the following ADS charges under the terms of the Deposit Agreement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>taxes (including applicable interest and penalties) and other governmental charges;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on the share
register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any
nominees upon the making of deposits and withdrawals, respectively;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at the
expense of the person depositing or withdrawing Shares or Holders and Beneficial Owners of ADSs;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>in connection with the conversion of Foreign Currency, the fees, expenses, spreads, taxes and other charges of the Depositary and/or
conversion service providers (which may be a division, branch or Affiliate of the Depositary). Such fees, expenses, spreads, taxes, and
other charges shall be deducted from the Foreign Currency;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>any reasonable and customary out-of-pocket expenses incurred in such conversion and/or on behalf of the Holders and Beneficial Owners
in complying with currency exchange control or other governmental requirements; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>the fees, charges, costs and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the ADR program.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All ADS fees and charges may, at any time and from
time to time, be changed by agreement between the Depositary and Company but, in the case of ADS fees and charges payable by Holders and
Beneficial Owners, any such change (excluding any changes to the waiver by the Depositary of fees and charges contemplated herein) may
be made only in the manner contemplated by paragraph (22) of this Receipt and as contemplated in Section 6.1 of the Deposit Agreement.
The Depositary shall provide, without charge, a copy of its latest ADS fee schedule to anyone upon request.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">ADS fees and charges for (i) the issuance of ADSs
and (ii) the cancellation of ADSs will be payable by the person for whom the ADSs are so issued by the Depositary (in the case of ADS
issuances) and by the person for whom ADSs are being cancelled (in the case of ADS cancellations). In the case of ADSs issued by the Depositary
into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges will be payable by the DTC Participant(s)
receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being cancelled, as the case may be, on behalf of the
Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance
with the procedures and practices of the DTC Participant(s) as in effect at the time. ADS fees and charges in respect of distributions
and the ADS service fee are payable by Holders as of the applicable ADS Record Date established by the Depositary. In the case of distributions
of cash, the amount of the applicable ADS fees and charges is deducted from the funds being distributed. In the case of (i) distributions
other than cash and (ii) the ADS service fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced
for the amount of the ADS fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through
DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through
DTC and may be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and
the DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs. In the case
of (i) registration of ADS transfers, the ADS transfer fee will be payable by the ADS Holder whose ADSs are being transferred or by the
person to whom the ADSs are transferred, and (ii) conversion of ADSs of one series for ADSs of another series, the ADS conversion fee
will be payable by the Holder whose ADSs are converted or by the person to whom the converted ADSs are delivered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may reimburse the Company for certain
expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making available a portion
of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company and the Depositary agree
from time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary for such out-of-pocket
expenses, as the Depositary and the Company may agree from time to time. Responsibility for payment of such fees, charges and reimbursements
may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present
its statement for such fees, charges and reimbursements to the Company once every three months. The charges and expenses of the Custodian
are for the sole account of the Depositary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The obligations of Holders and
Beneficial Owners to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation
or removal of such Depositary as described in Section 5.4 of the Deposit Agreement, the right to collect ADS fees and charges shall extend
for those ADS fees and charges incurred prior to the effectiveness of such resignation or removal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Title to Receipts</U>. It is a condition
of this Receipt, and every successive Holder of this Receipt by accepting or holding the same consents and agrees, that title to this
Receipt (and to each Certificated ADS evidenced hereby) shall be transferable upon the same terms as a certificated security under the
laws of the State of New York, provided that, in the case of Certificated ADSs, the Receipt has been properly endorsed or is accompanied
by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the
Holder of this Receipt (that is, the person in whose name this Receipt is registered on the books of the Depositary) as the absolute
owner hereof for all purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability hereunder
or under the Deposit Agreement to any holder of this Receipt or any Beneficial Owner unless such holder is the Holder of this Receipt
registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner&rsquo;s
representative, is the Holder registered on the books of the Depositary.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(12)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Validity of Receipt</U>. The Holder(s) of this Receipt (and the ADSs represented hereby) shall not be entitled to any
benefits under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company, unless this Receipt
has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) countersigned
by the manual or facsimile signature of a duly authorized signatory of the Registrar and (iv) registered in the books maintained by the
Registrar for the registration of issuances and transfers of Receipts. Receipts bearing the facsimile signature of a duly-authorized signatory
of the Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the Depositary or the Registrar, as
the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the delivery
of such Receipt by the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(13)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Available Information; Reports; Inspection of Transfer Books</U>. The Company is subject to the periodic reporting requirements
of the Exchange Act and accordingly files certain information with the Commission. These reports and documents can be retrieved from the
Commission&rsquo;s website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by the Commission
located at 100 F Street, N.E., Washington D.C. 20549. The Depositary shall make available for inspection by Holders at its Principal Office
any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the
Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and (b) made generally available
to the holders of such Deposited Securities by the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">The Registrar shall keep books for
the registration of issuances and transfers of ADSs which at all reasonable times shall be open for inspection by the Company and by the
Holders of such ADSs, provided that such inspection shall not be, to the Registrar&rsquo;s knowledge, for the purpose of communicating
with Holders of such ADSs in the interest of a business or object other than the business of the Company or other than a matter related
to the Deposit Agreement or the ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">The Registrar may close the transfer
books with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection
with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Article (24)
hereof.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt">CITIBANK, N.A.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt">CITIBANK, NA., as Depositary</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt">Transfer Agent and Registrar</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt">Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt">Vice President</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">The address of the Principal Office
of the Depositary is 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">[FORM OF REVERSE
OF RECEIPT]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SUMMARY OF CERTAIN ADDITIONAL
PROVISIONS<BR>
OF THE DEPOSIT AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(14)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Dividends and Distributions in Cash, Shares, etc</U>. Whenever the Depositary receives confirmation from the Custodian
of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Deposited
Securities or of any entitlements held in respect of Deposited Securities under the terms of the Deposit Agreement, the Depositary will
(i) if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment of the Depositary (upon the terms
of the Deposit Agreement), be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause
to be converted such cash dividend, distribution or proceeds into Dollars (upon the terms of the Deposit Agreement), (ii) if applicable,
establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement and (iii) distribute promptly the amount
thus received (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders
entitled thereto as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute
only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so distributed
shall be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the next sum received
by the Depositary for distribution to Holders of ADSs then outstanding at the time of the next distribution. If the Company, the Custodian
or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited
Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing
such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company to the relevant governmental
authority.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">If any distribution upon
any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited
with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their respective nominees. Upon
receipt of confirmation of such deposit from the Custodian, the Depositary shall, subject to and in accordance with the Deposit Agreement,
establish the ADS Record Date and either (i) the Depositary shall distribute to the Holders as of the ADS Record Date in proportion to
the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in aggregate the number of Shares received as such
dividend, or free distribution, subject to the terms of the Deposit Agreement (including, without limitation, (a) the applicable fees
and charges of, and expenses incurred by, the Depositary, and (b) taxes), or (ii) if additional ADSs are not so distributed, each ADS
issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests
in the additional integral number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees
and charges of, and the expenses incurred by, the Depositary, and (b) taxes). In lieu of delivering fractional ADSs, the Depositary shall
sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and distribute the net proceeds
upon the terms set forth in the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">In the event that the Depositary
determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary
is obligated to withhold, or, if the Company, in the fulfillment of its obligations under the Deposit Agreement, has furnished an opinion
of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders
(and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of such property (including
Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems
necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of (a) taxes and (b)
fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms of the Deposit Agreement. The
Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">Upon timely receipt of a
notice indicating that the Company wishes an elective distribution to be made available to Holders upon the terms described in the Deposit
Agreement, the Company and the Depositary shall determine whether such distribution is lawful and reasonably practicable. If so, the Depositary
shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according to Article (16) hereof and
establish procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder
elects to receive the distribution in cash, the dividend shall be distributed as in the case of a distribution in cash. If the Holder
hereof elects to receive the distribution in additional ADSs, the distribution shall be distributed as in the case of a distribution in
Shares. If such elective distribution is not lawful or not reasonably practicable or if the Depositary did not receive satisfactory documentation
set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on the basis of the same
determination as is made in Brazil in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing
such additional Shares, in each case, upon the terms described in the Deposit Agreement. Nothing herein or in the Deposit Agreement shall
obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs).
It is understood and agreed that the Holder hereof may not be given the opportunity to receive elective distributions on the same terms
and conditions as the holders of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">Upon timely receipt by the
Depositary of a notice indicating that the Company wishes rights to subscribe for additional Shares or rights of any other nature to be
made available to Holders of ADSs, the Depositary, upon consultation with the Company, shall determine whether it is lawful and reasonably
practicable to make such rights available to the Holders. The Depositary shall make such rights available to any Holders only if (i) the
Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received the documentation
contemplated in the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution of rights is reasonably practicable.
If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions set forth above
are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in the Deposit Agreement) and establish procedures
(x) to distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y) to enable the Holders to exercise the rights
(upon payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b)
taxes), and (z) to deliver ADSs upon the valid exercise of such rights. Nothing herein or in the Deposit Agreement shall obligate the
Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs). If (i) the Company
does not timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made
available to Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement or determines it is not
reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be
about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal
capacity, at such place and upon such terms (including public and private sale) as it may deem practicable. The Depositary shall, upon
such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary
and taxes) upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to make any rights available to Holders or
to arrange for the sale of the rights upon the terms described above, the Depositary shall allow such rights to lapse. The Depositary
shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders
in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise,
or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"></P>

<!-- Field: Page; Sequence: 35; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">Notwithstanding anything
herein or in the Deposit Agreement to the contrary, if registration (under the Securities Act or any other applicable law) of the rights
or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders
and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until
a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii) unless the Company
furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable
country in which rights would be distributed, in each case satisfactory to the Depositary, or other evidence satisfactory to the Depositary,
to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration
under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian
shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes or
other governmental charges, the amount distributed to the Holders of ADSs representing such Deposited Securities shall be reduced accordingly.
In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject
to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion
of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private
sale, as the Depositary deems necessary and practicable to pay any such taxes or charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">It is understood and agreed
that Holders generally, or any Holder in particular, may not be given the opportunity to receive or exercise rights on the same terms
and conditions as the holders of Shares or to exercise such rights. Nothing herein or in the Deposit Agreement shall obligate the Company
to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">Upon receipt of a notice
indicating that the Company wishes property other than cash, Shares or rights to purchase additional Shares, to be made to Holders of
ADSs, the Depositary shall, upon consultation with the Company, determine whether such distribution to Holders is lawful and reasonably
practicable. The Depositary shall not make such distribution unless (i) the Company shall have requested the Depositary to make such distribution
to Holders, (ii) the Depositary shall have received the documentation contemplated in the Deposit Agreement and (iii) the Depositary shall
have determined that such distribution is reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute
the property so received to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held by them respectively
and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the
applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose
of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale)
as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental
charges applicable to the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">If the conditions above are
not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon
such terms as it may deem practicable and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute
the proceeds of such conversion received by the Depositary (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary
and (b) taxes) to the Holders as of the ADS Record Date upon the terms hereof and of the Deposit Agreement. If the Depositary is unable
to sell such property, the Depositary may dispose of such property for the account of the Holders in any way it deems reasonably practicable
under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(15)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Redemption</U>. Upon timely receipt of notice from the Company that it intends to exercise its right of redemption in
respect of any of the Deposited Securities and satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, the
Depositary shall provide to each Holder a notice setting forth the Company&rsquo;s intention to exercise the redemption rights and any
other particulars set forth in the Company&rsquo;s notice to the Depositary and, to the extent practicable, the Depositary shall establish
procedures deemed reasonably necessary to give effect to the terms of Section 4.7 of the Deposit Agreement for the exercise of redemption
rights by Holders. Upon receipt of confirmation that the redemption has taken place and that funds representing the redemption price have
been received, the Depositary shall convert, transfer, distribute the proceeds (net of applicable (a) fees and charges of, and expenses
incurred by, the Depositary, and (b) taxes), retire ADSs and cancel any ADRs upon delivery of such ADSs by Holders thereof upon the terms
of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected by lot
or on a pro rata basis, as may be determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the per
share amount received by the Depositary upon the redemption of the Deposited Securities represented by American Depositary Shares (subject
to the terms of the Deposit Agreement and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied
by the number of Deposited Securities represented by each ADS redeemed.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(16)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Fixing of ADS Record Date</U>. Whenever the Depositary shall receive notice of the fixing of a record date by the Company
for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights or other
distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or
whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other
Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, solicitation
of any consent or any other matter, the Depositary, after consultation with the Company, shall fix a record date (&ldquo;ADS Record Date&rdquo;)
for the determination of the Holders of ADSs who shall be entitled to receive such distribution, to give instructions for the exercise
of voting rights at any such meeting, or to give or withhold such consent, or to receive such notice or solicitation or to otherwise take
action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. Subject to applicable
law and the terms and conditions of this Receipt and the Deposit Agreement, only the Holders of record at the close of business in New
York on such ADS Record Date shall be entitled to receive such distributions, to give such instructions, to receive such notice or solicitation,
or otherwise take action.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(17)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Voting of Deposited Securities</U>. As soon as practicable after receipt of notice of any meeting at which the holders
of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary
shall fix the ADS Record Date in respect of such meeting or solicitation of such consent or proxy. The Depositary shall (if requested
in writing in a timely manner by the Company (the Depositary having no obligation to take any further action if the request shall not
have been received by the Depositary at least thirty (30) days prior to the date of such vote or meeting), at the Company&rsquo;s expense
and provided no U.S. legal prohibitions exist) distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation
of consent or proxies; (b) a statement that the Holders as of the ADS Record Date will be entitled, subject to any applicable law, the
provisions of the Deposit Agreement, the Company&rsquo;s <I>Estatuto Social</I> and the provisions of or governing Deposited Securities
(which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the
voting rights, if any, pertaining to the Deposited Securities represented by such Holder&rsquo;s ADSs; and (c) a brief statement as to
the manner in which such voting instructions may be given, including a statement setting forth the action to be taken by the Depositary
if voting instructions are received that fail to specify the manner in which such Holder&rsquo;s ADS(s) are to be voted. Voting instructions
may be given only in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt of voting
instructions from a Holder of ADSs as of the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor,
insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, the provisions of the <I>Estatuto
Social</I> of the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities
represented by ADSs held by such Holder in accordance with such instructions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Neither the Depositary nor the Custodian shall under
any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the
right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities represented by
ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise contemplated herein.
If the Depositary timely receives voting instructions from a Holder that fail to specify the manner in which the Depositary is to vote
the Deposited Securities represented by such Holder&rsquo;s ADSs, the Depositary will deem such Holder (unless otherwise specified in
the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting instructions.
Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall
not be voted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding anything else contained herein, the
Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting instructions have
been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose of establishing quorum
at a meeting of shareholders. Notwithstanding anything else contained in the Deposit Agreement or this Receipt, the Depositary shall not
have any obligation to take any action with respect to any meeting, or solicitation of consents or proxies, of holders of Shares or other
Deposited Securities if the taking of such action would violate U.S. laws. The Company agrees to take any and all actions reasonably necessary
to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities and to deliver to the Depositary
an opinion of U.S. counsel addressing any actions requested to be taken if so requested by the Depositary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding anything contained in the Deposit
Agreement or this Receipt, the Depositary may, to the extent not prohibited by law, regulations or applicable stock exchange requirements,
in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents or
proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with a means to retrieve such
materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact
for requesting copies of the materials).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">It is understood and agreed that Holders generally
or any Holder in particular may not receive the notice described above with sufficient time to enable the Holder to return voting instructions
to the Depositary in a timely manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(18)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Changes Affecting Deposited Securities</U>. Upon any change in nominal or par value, split-up, cancellation, consolidation
or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of
assets affecting the Company or to which it otherwise is a party, any securities which shall be received by the Depositary or the Custodian
in exchange for, or in conversion of or replacement of or otherwise in respect of, such Deposited Securities shall, to the extent permitted
by law, be treated as new Deposited Securities under the Deposit Agreement, and any Receipts shall, subject to the provisions of the Deposit
Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. Alternatively, the Depositary
may, with the Company&rsquo;s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement and
receipt of satisfactory documentation contemplated by the Deposit Agreement, (i) issue and deliver additional ADSs as in the case of a
stock dividend on the Shares, (ii)&nbsp;amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s)
on Form F-6 as filed with the Commission in respect of the ADSs, (iv)&nbsp;call for the surrender of outstanding Receipts to be exchanged
for new Receipts, and (v) take such other actions as are appropriate to reflect the transaction with respect to the ADSs. Notwithstanding
the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may,
with the Company&rsquo;s approval, and shall if the Company requests, subject to receipt of satisfactory legal documentation contemplated
in the Deposit Agreement, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper
and may allocate the net proceeds of such sales (net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes)
for the account of the Holders otherwise entitled to such securities and distribute the net proceeds so allocated to the extent practicable
as in the case of a distribution received in cash pursuant to the Deposit Agreement. Immediately upon the occurrence of any such change,
conversion or exchange covered by this Article (18) in respect of the Deposited Securities, the Depositary shall give notice thereof in
writing to all Holders at the Company&rsquo;s expense; <U>provided</U> that the Company shall provide the Depositary with the content
of such notice in writing. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible
to make such securities available to Holders in general or any Holder in particular, (ii) any foreign exchange exposure or loss incurred
in connection with such sale, or (iii) any liability to the purchaser of such securities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(19)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Exoneration</U>. Neither the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent
with the provisions of the Deposit Agreement or shall incur any liability (i) if the Depositary or the Company shall be prevented or forbidden
from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required
by the terms of the Deposit Agreement and this Receipt, by reason of any provision of any present or future law or regulation of the United
States, Brazil or any other country, or of any other governmental authority or regulatory authority or stock exchange, or by reason of
any provision, present or future of the <I>Estatuto Social</I> of the Company or any provision of or governing any Deposited Securities,
or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation,
currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure),
(ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the <I>Estatuto
Social</I> of the Company or provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice
of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized
representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for
any inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available
to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs or (v) for
any consequential or punitive damages for any breach of the terms of the Deposit Agreement. The Depositary, its controlling persons, its
agents, the Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written
notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. No
disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement or this Receipt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(20)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Standard of Care</U>. The Company and its agents assume no obligation and shall not be subject to any liability under
the Deposit Agreement or this Receipt to any Holder(s) or Beneficial Owner(s) or other persons, except that the Company and its agents
agree to perform their obligations specifically set forth in the Deposit Agreement and this Receipt without negligence or bad faith. The
Depositary and its agents assume no obligation and shall not be subject to any liability under the Deposit Agreement or the Receipts to
any Holder(s) or Beneficial Owner(s) or other persons, except that the Depositary and its agents agree to perform their obligations specifically
set forth in the Deposit Agreement without negligence or bad faith. The Depositary and its agents shall not be liable for any failure
to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any
vote, provided that any such action or omission is in good faith and in accordance with the terms of the Deposit Agreement. The Depositary
shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for
the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation
thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited
Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness
of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice
from the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(21)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Resignation and Removal of the Depositary: Appointment of Successor Depositary</U>. The Depositary may at any time resign
as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective
on the earlier of (i) the 90<SUP>th</SUP> day after delivery thereof to the Company, or (ii) 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 written notice of such removal which notice shall be effective upon the appointment of a successor depositary and its acceptance of
such appointment as provided in the Deposit Agreement. In case at any time the Depositary acting hereunder shall resign or be removed,
the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the
Borough of Manhattan, the City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company
an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed
(except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor.
The predecessor depositary, upon payment of all sums due it and on the written request of the Company, shall (i) execute and deliver an
instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in the Deposit
Agreement), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii)
deliver to such successor a list of the Holders of all outstanding ADSs and such other information relating to ADSs and Holders thereof
as the successor may reasonably request. Any such successor depositary shall promptly provide notice of its appointment to such Holders.
Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution
or filing of any document or any further act.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(22)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Amendment/Supplement</U>. Subject to the terms and conditions of this Article (22), the Deposit Agreement and applicable
law, this Receipt and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written
agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the prior written consent
of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than the charges
in connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses),
or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become
effective as to outstanding ADSs until the expiration of 60 days after notice of such amendment or supplement shall have been given to
the Holders of outstanding Receipts. The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as
agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs
to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne
by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial
Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADS(s), to consent and
agree to such amendment or supplement and to be bound by the Deposit Agreement and this Receipt as amended or supplemented thereby. In
no event shall any amendment or supplement impair the right of the Holder to surrender such ADSs and receive therefor the Deposited Securities
represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental
body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance
therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and this Receipt at any time in accordance with
such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and this Receipt in such circumstances
may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required
for compliance with such laws, or rules or regulations.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(23)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Termination</U>. The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement
by providing notice of such termination to the Holders of all ADSs then outstanding at least 90 days prior to the date fixed in such notice
for such termination. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its
election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and
in either case a successor depositary shall not have been appointed and accepted its appointment as provided herein and in the Deposit
Agreement, the Depositary may terminate the Deposit Agreement by providing notice of such termination to the Holders of all ADSs then
outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement,
the Holder will, upon surrender of such Holder&rsquo;s ADS(s) at the Principal Office of the Depositary, upon the payment of the charges
of the Depositary for the surrender of ADSs referred to in Article (2) hereof and in the Deposit Agreement and subject to the conditions
and restrictions therein set forth, and upon payment of any applicable taxes or governmental charges, be entitled to Delivery, to him
or upon his order, of the amount of Deposited Securities represented by such ADS. If any ADSs shall remain outstanding after the date
of termination of the Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of ADSs, and the Depositary
shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further acts
under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited
Securities, shall sell rights as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the
conditions and restrictions set forth in the Deposit Agreement, together with any dividends or other distributions received with respect
thereto and the net proceeds of the sale of any rights or other property, in exchange for ADSs surrendered to the Depositary (after deducting,
or charging, as the case may be, in each case the charges of the Depositary for the surrender of an ADS, any expenses for the account
of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges or
assessments). At any time after the expiration of six months from the date of termination of the Deposit Agreement, the Depositary may
sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with
any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders
whose ADSs have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under
the Deposit Agreement with respect to the Receipts and the Shares, the Deposited Securities and the ADSs, except to account for such net
proceeds and other cash (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender
of an ADS, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable
taxes or governmental charges or assessments). Upon the termination of the Deposit Agreement, the Company shall be discharged from all
obligations under the Deposit Agreement except as set forth in the Deposit Agreement.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(24)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Compliance with U.S. Securities Laws; Regulatory Compliance</U>. Notwithstanding any provisions in this Receipt or the
Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary
except as would be permitted by Section I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from time
to time, under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary and the Company have confirmed to
each other that, for as long as the Deposit Agreement is in effect, they shall comply with any requirements for registration of the amount
of Deposited Securities with the <I>Banco Central do Brasil</I> and furnish the CVM, the <I>Banco Central do Brasil</I> and any other
applicable entity such information and documents related to the Deposited Securities, the Receipts and the Depositary&rsquo;s obligations
as may be requested by such authorities from time to time pursuant to paragraph 3, article 3 of Regulation Annex V to Resolution 1.289.87
(as published in Resolution 1.927/92) of the Brazilian National Monetary Council. In the event that the Depositary or the Custodian shall
be advised in writing (the &ldquo;Legal Warning&rdquo;) by Brazilian counsel reasonably satisfactory to the Depositary that the Depositary
or the Custodian reasonably could be subject to criminal or civil liabilities as a result of the Company having failed to provide to the
CVM, the <I>Banco Central do Brasil</I> or any other applicable entity such information or documents available through the Company, the
Depositary will immediately send a copy of the Legal Warning to the Company, shall have the right to immediately resign as Depositary
by written notice to the Company and will not be subject to any liability hereunder or under the Deposit Agreement for such resignation
or such determination, and the Company agrees to indemnify the Depositary, the Custodian and any of their respective officers, directors,
employees, and agents against, and hold each of them harmless from any loss or liability of any kind incurred that arises under Section
7.9 of the Deposit Agreement. Upon effectiveness of such resignation, the Depositary shall otherwise be discharged from all of its obligations
under the Deposit Agreement. Resignation pursuant to this paragraph shall be effected in accordance with Article (21); provided that,
if the Company fails to appoint a new depositary within ninety (90) days of such resignation, the Deposit Agreement shall be terminated
in accordance with Article (23) hereof and the Company or its designated agents will assume the obligations stated as the obligations
of the Depositary in such Article.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">(25)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>RESERVED.<BR STYLE="clear: both">
</U></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">(ASSIGNMENT AND
TRANSFER SIGNATURE LINES)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">FOR VALUE RECEIVED, the undersigned
Holder hereby sell(s), assign(s) and transfer(s) unto ____________________________ whose taxpayer identification number is ____________________________
and whose address including postal zip code is ____________________________, the within Receipt and all rights thereunder, hereby irrevocably
constituting and appointing ____________________________ attorney-in-fact to transfer said Receipt on the books of the Depositary with
full power of substitution in the premises.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Dated:</TD>
    <TD STYLE="width: 50%">Name:&nbsp;&nbsp;&nbsp;_____________________________</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt">By:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt">Title:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the endorsement be executed by an attorney, executor, administrator,
trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority
to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All endorsements or assignments of Receipts must be guaranteed by a
member of a Medallion Signature Program approved by the Securities Transfer Association, Inc.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Receipts issued in respect of Partial Entitlement American Depositary
Shares shall bear the following legend on the face of the Receipt: &ldquo;This Receipt evidences American Depositary Shares representing
&lsquo;partial entitlement&rsquo; Common Shares of COMPANHIA ENERG&Eacute;TICA DE MINAS GERAIS - CEMIG and as such do not entitle the
holders thereof to the same per-share entitlement as other Common Shares (which are &ldquo;full entitlement&rdquo; Common Shares) issued
and outstanding at such time. The American Depositary Shares represented by this Receipt shall entitle holders to distributions and entitlements
identical to other American Depositary Shares when the Common Shares represented by such American Depositary Shares become &ldquo;full
entitlement&rdquo; Common Shares.</P>

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(II)
<SEQUENCE>3
<FILENAME>e621439_ex99-aii.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">Exhibit (a)(ii)</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COMPANHIA ENERG&Eacute;TICA DE MINAS GERAIS - CEMIG,<BR>
as Issuer</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE HOLDERS AND BENEFICIAL OWNERS<BR>
OF AMERICAN DEPOSITARY SHARES ISSUED HEREUNDER</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of June 12, 2007</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE&nbsp;&nbsp;I</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in; width: 18%">&nbsp;</TD>
    <TD STYLE="width: 77%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 5%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">DEFINITIONS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.1</TD>
    <TD>&ldquo;ADS Record Date&rdquo;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.2</TD>
    <TD>&ldquo;Affiliate&rdquo;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.3</TD>
    <TD>&ldquo;American Depositary Share(s)&rdquo; and &ldquo;ADS(s)&rdquo;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.4</TD>
    <TD>&ldquo;Applicant&rdquo;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.5</TD>
    <TD>&ldquo;Banco Central do Brasil&rdquo;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.6</TD>
    <TD>&ldquo;Beneficial Owner&rdquo;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.7</TD>
    <TD>&ldquo;Brazil&rdquo;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.8</TD>
    <TD>&ldquo;Business Day&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.9</TD>
    <TD>&ldquo;Certificated ADS(s)&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.10</TD>
    <TD>&ldquo;Comiss&atilde;o de Valores Mobili&aacute;rios&rdquo; or &ldquo;CVM&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.11</TD>
    <TD>&ldquo;Commission&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.12</TD>
    <TD>&ldquo;Companhia Brasileira de Liquida&ccedil;&atilde;o e Cust&oacute;dia&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.13</TD>
    <TD>&ldquo;Company&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.14</TD>
    <TD>&ldquo;Custodian&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.15</TD>
    <TD>&ldquo;Deliver&rdquo; and &ldquo;Delivery&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.16</TD>
    <TD>&ldquo;Deposit Agreement&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.17</TD>
    <TD>&ldquo;Depositary&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.18</TD>
    <TD>&ldquo;Deposited Securities&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.19</TD>
    <TD>&ldquo;Dollars&rdquo; and &ldquo;$&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.20</TD>
    <TD>&ldquo;DTC&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.21</TD>
    <TD>&ldquo;DTC Participant&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.22</TD>
    <TD>&ldquo;Exchange Act&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.23</TD>
    <TD>&ldquo;Foreign Currency&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.24</TD>
    <TD>&ldquo;Full Entitlement ADR(s),&rdquo; &ldquo;Full Entitlement ADS(s)&rdquo; and &ldquo;Full Entitlement Share(s)&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.25</TD>
    <TD>&ldquo;Holder&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.26</TD>
    <TD>&ldquo;Partial Entitlement ADR(s)&rdquo; and &ldquo;Partial Entitlement Share(s)&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.27</TD>
    <TD>&ldquo;Pre-Release Transaction&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.28</TD>
    <TD>&ldquo;Principal Office&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.29</TD>
    <TD>&ldquo;Real,&rdquo; &ldquo;Reais&rdquo; and &ldquo;R$&rdquo;</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.30</TD>
    <TD>&ldquo;Receipt(s),&rdquo; &ldquo;American Depositary Receipt(s)&rdquo; and &ldquo;ADR(s)&rdquo;</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.31</TD>
    <TD>&ldquo;Registrar&rdquo;</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.32</TD>
    <TD>&ldquo;Restricted Securities&rdquo;</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.33</TD>
    <TD>&ldquo;Securities Act&rdquo;</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.34</TD>
    <TD>&ldquo;Share Registrar&rdquo;</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.35</TD>
    <TD>&ldquo;Shares&rdquo;</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 1.36</TD>
    <TD>&ldquo;Uncertificated ADS(s)&rdquo;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 1.37</TD>
    <TD>&ldquo;United States&rdquo; or &ldquo;U.S.&rdquo;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE&nbsp;&nbsp;II</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in; width: 18%">&nbsp;</TD>
    <TD STYLE="width: 77%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 5%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left">APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 2.1</TD>
    <TD>Appointment of Depositary</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 2.2</TD>
    <TD>Form and Transferability of ADSs.</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 2.3</TD>
    <TD>Deposit with Custodian</TD>
    <TD STYLE="text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 2.4</TD>
    <TD>Registration and Safekeeping of Deposited Securities</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 2.5</TD>
    <TD>Execution and Delivery of Receipts</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 2.6</TD>
    <TD>Transfer, Combination and Split-up of ADSs and Receipts.</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 2.7</TD>
    <TD>Surrender of ADSs and Withdrawal of Deposited Securities.</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 2.8</TD>
    <TD>Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc.</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 2.9</TD>
    <TD>Lost Receipts, etc</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 2.10</TD>
    <TD>Cancellation and Destruction of Surrendered Receipts; Maintenance of Records</TD>
    <TD STYLE="text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 2.11</TD>
    <TD>Partial Entitlement ADSs</TD>
    <TD STYLE="text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 2.12</TD>
    <TD>Certificated/Uncertificated ADSs.</TD>
    <TD STYLE="text-align: right">25</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE&nbsp;&nbsp;III</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left">CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs</TD>
    <TD STYLE="text-align: right">27</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 3.1</TD>
    <TD>Proofs, Certificates and Other Information</TD>
    <TD STYLE="text-align: right">27</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 3.2</TD>
    <TD>Liability for Taxes and Other Charges</TD>
    <TD STYLE="text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 3.3</TD>
    <TD>Representations and Warranties on Deposit of Shares</TD>
    <TD STYLE="text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 3.4</TD>
    <TD>Compliance with Information Requests</TD>
    <TD STYLE="text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 3.5</TD>
    <TD>Ownership Restrictions</TD>
    <TD STYLE="text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE&nbsp;&nbsp;IV</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left">THE DEPOSITED SECURITIES</TD>
    <TD STYLE="text-align: right">31</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 4.1</TD>
    <TD>Cash Distributions</TD>
    <TD STYLE="text-align: right">31</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 4.2</TD>
    <TD>Distribution in Shares</TD>
    <TD STYLE="text-align: right">32</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 4.3</TD>
    <TD>Elective Distributions in Cash or Shares</TD>
    <TD STYLE="text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 4.4</TD>
    <TD>Distribution of Rights to Purchase Additional ADSs.</TD>
    <TD STYLE="text-align: right">35</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 4.5</TD>
    <TD>Distributions Other Than Cash, Shares or Rights to Purchase Shares.</TD>
    <TD STYLE="text-align: right">38</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 4.6</TD>
    <TD>Distributions with Respect to Deposited Securities in Bearer Form</TD>
    <TD STYLE="text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 4.7</TD>
    <TD>Redemption</TD>
    <TD STYLE="text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 4.8</TD>
    <TD>Conversion of Foreign Currency</TD>
    <TD STYLE="text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 4.9</TD>
    <TD>Fixing of ADS Record Date</TD>
    <TD STYLE="text-align: right">42</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 4.10</TD>
    <TD>Voting of Deposited Securities</TD>
    <TD STYLE="text-align: right">43</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 4.11</TD>
    <TD>Changes Affecting Deposited Securities</TD>
    <TD STYLE="text-align: right">46</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in; width: 18%">SECTION 4.12</TD>
    <TD STYLE="width: 77%">Available Information</TD>
    <TD STYLE="text-align: right; width: 5%">47</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 4.13</TD>
    <TD>Reports</TD>
    <TD STYLE="text-align: right">47</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 4.14</TD>
    <TD>List of Holders</TD>
    <TD STYLE="text-align: right">48</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 4.15</TD>
    <TD>Taxation</TD>
    <TD STYLE="text-align: right">48</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE&nbsp;&nbsp;V</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left">THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY</TD>
    <TD STYLE="text-align: right">50</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 5.1</TD>
    <TD>Maintenance of Office and Transfer Books by the Registrar</TD>
    <TD STYLE="text-align: right">50</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 5.2</TD>
    <TD>Exoneration</TD>
    <TD STYLE="text-align: right">51</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 5.3</TD>
    <TD>Standard of Care</TD>
    <TD STYLE="text-align: right">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 5.4</TD>
    <TD>Resignation and Removal of the Depositary; Appointment of Successor Depositary</TD>
    <TD STYLE="text-align: right">53</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 5.5</TD>
    <TD>The Custodian</TD>
    <TD STYLE="text-align: right">55</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 5.6</TD>
    <TD>Notices and Reports</TD>
    <TD STYLE="text-align: right">56</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 5.7</TD>
    <TD>Issuance of Additional Shares, ADSs etc</TD>
    <TD STYLE="text-align: right">57</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 5.8</TD>
    <TD>Indemnification</TD>
    <TD STYLE="text-align: right">59</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 5.9</TD>
    <TD>Fees and Charges of Depositary</TD>
    <TD STYLE="text-align: right">60</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0.25in">SECTION 5.10</TD>
    <TD>Pre-Release</TD>
    <TD STYLE="text-align: right">62</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 5.11</TD>
    <TD>Restricted Securities Owners</TD>
    <TD STYLE="text-align: right">64</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE&nbsp;&nbsp;VI</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left">AMENDMENT AND TERMINATION</TD>
    <TD STYLE="text-align: right">64</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 6.1</TD>
    <TD>Amendment/Supplement</TD>
    <TD STYLE="text-align: right">64</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 6.2</TD>
    <TD>Termination</TD>
    <TD STYLE="text-align: right">65</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE&nbsp;&nbsp;VII</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left">MISCELLANEOUS</TD>
    <TD STYLE="text-align: right">67</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 7.1</TD>
    <TD>Counterparts</TD>
    <TD STYLE="text-align: right">67</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 7.2</TD>
    <TD>No Third-Party Beneficiaries</TD>
    <TD STYLE="text-align: right">67</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 7.3</TD>
    <TD>Severability</TD>
    <TD STYLE="text-align: right">68</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 7.4</TD>
    <TD>Holders and Beneficial Owners as Parties; Binding Effect</TD>
    <TD STYLE="text-align: right">68</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 7.5</TD>
    <TD>Notices</TD>
    <TD STYLE="text-align: right">68</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 7.6</TD>
    <TD>Governing Law and Jurisdiction</TD>
    <TD STYLE="text-align: right">70</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 7.7</TD>
    <TD>Assignment</TD>
    <TD STYLE="text-align: right">73</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 7.8</TD>
    <TD>Compliance with U.S. Securities Laws</TD>
    <TD STYLE="text-align: right">73</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.25in">SECTION 7.9</TD>
    <TD>Regulatory Compliance</TD>
    <TD STYLE="text-align: right">73</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.25in">SECTION 7.10</TD>
    <TD>Titles and References</TD>
    <TD STYLE="text-align: right">74</TD></TR>
  </TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">DEPOSIT AGREEMENT, dated as
of June 12, 2007, by and among (i) COMPANHIA ENERGETICA DE MINAS GERAIS &ndash; CEMIG, a company organized and existing under the laws
of the Federative Republic of Brazil (&ldquo;Brazil&rdquo;), and its successors (the &ldquo;Company&rdquo;), (ii) CITIBANK, N.A., a national
banking association organized and existing under the laws of the United States of America acting in its capacity as depositary, and any
successor depositary hereunder (the &ldquo;Depositary&rdquo;), and (iii) all Holders and Beneficial Owners of American Depositary Shares
issued hereunder (all such capitalized terms as hereinafter defined).</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">W I T N E S S E
T H THAT:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Company has duly
authorized and has outstanding voting common shares, each with a par value of R$5.00 (the &ldquo;Shares&rdquo;, as further defined in
Section 1.35), which are listed for trading on the <I>Bolsa de Valores de S&atilde;o Paulo</I> (the &ldquo;S&atilde;o Paulo Stock Exchange&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Company desires
to establish with the Depositary an ADR facility to provide, <U>inter alia</U>, for the deposit of the Shares and the creation of American
Depositary Shares representing the Shares so deposited;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Depositary is willing
to act as the Depositary for such ADR facility upon the terms set forth in this Deposit Agreement (hereinafter, the &ldquo;Deposit Agreement&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, any American Depositary
Receipts evidencing the American Depositary Shares issued pursuant to the terms of this Deposit Agreement are to be substantially in the
form of <U>Exhibit A</U> attached hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit
Agreement;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, application is to be
made to list the American Depositary Shares to be issued pursuant to the terms of this Deposit Agreement for trading on the New York Stock
Exchange, Inc.; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Board of Directors
of the Company (or an authorized committee thereof) has duly approved the establishment of an ADR facility upon the terms set forth in
this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company, and the actions of the Company
and the transactions contemplated herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
I</FONT><BR>
<BR>
DEFINITIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All capitalized terms used,
but not otherwise defined, herein shall have the meanings set forth below, unless otherwise clearly indicated:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.1 </FONT>&ldquo;<U>ADS Record Date</U>&rdquo;shall have the meaning given to such term in Section 4.9.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.2 </FONT>&ldquo;<U>Affiliate</U>&rdquo; shall have the meaning assigned to such term by the Commission (as hereinafter defined) under
Regulation C promulgated under the Securities Act (as hereinafter defined), or under any successor regulation thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.3 </FONT>&ldquo;<U>American Depositary Share(s)</U>&rdquo; and &ldquo;<U>ADS(s)</U>&rdquo; shall mean the rights and interests in the
Deposited Securities (as hereinafter defined) granted to the Holders and Beneficial Owners pursuant to the terms and conditions of this
Deposit Agreement and, if issued as Certificated ADS(s) (as hereinafter defined), the American Depositary Receipt(s) issued hereunder
to evidence such ADSs. ADS(s) may be issued under the terms of this Deposit Agreement in the form of (a)&nbsp;Certificated ADS(s), in
which case the ADS(s) are to be evidenced by ADR(s), or (b)&nbsp;Uncertificated ADS(s) (as hereinafter defined), in which case the ADS(s)
are not to be evidenced by ADR(s) but are reflected on the direct registration system maintained by the Depositary for such purposes under
the terms of Section 2.12. Unless otherwise specified in this Deposit Agreement or in any ADR, or unless the context otherwise requires,
any reference to ADS(s) shall include Certificated ADS(s) and Uncertificated ADS(s), individually or collectively, as the context may
require. Each ADS shall represent one (1) Share, until there shall occur a distribution upon Deposited Securities referred to in Section
4.2 or a change in Deposited Securities referred to in Section 4.11 with respect to which additional ADSs are not issued, and thereafter
each ADS shall represent the Shares or Deposited Securities determined in accordance with the terms of such Sections.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.4 </FONT>&ldquo;<U>Applicant</U>&rdquo;shall have the meaning given to such term in Section 5.10.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.5 </FONT>&ldquo;<I><U>Banco Central do Brasil</U></I>&rdquo; shall mean the Central Bank of Brazil.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.6 </FONT>&ldquo;<U>Beneficial Owner</U>&rdquo; shall mean as to any ADS, any person or entity having a beneficial interest deriving
from the ownership of such ADS. A Beneficial Owner of ADSs may or may not be the Holder of the ADSs or any ADR(s) evidencing such ADSs.
A Beneficial Owner shall be able to exercise any right or receive any benefit hereunder solely through the person who is the Holder of
the ADSs or any ADR(s) evidencing the ADSs owned by such Beneficial Owner. Unless otherwise identified to the Depositary, a Holder shall
be deemed to be the Beneficial Owner of all the ADSs registered in his/her/its name.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.7 </FONT>&ldquo;<U>Brazil</U>&rdquo; shall mean the Federative Republic of Brazil.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.8 </FONT>&ldquo;<U>Business Day</U>&rdquo; shall mean any day on which both the banks in Belo Horizonte, Minas Gerais, Brazil and The
City of New York, New York are open for business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.9 </FONT>&ldquo;<U>Certificated ADS(s)</U>&rdquo; shall have the meaning given such term in Section 2.12.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.10 </FONT>&ldquo;<U>Comiss&atilde;o de Valores Mobili&aacute;rios</U>&rdquo; or &ldquo;<U>CVM</U>&rdquo; shall mean the Brazilian securities
and exchange commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.11 </FONT>&ldquo;<U>Commission</U>&rdquo; shall mean the Securities and Exchange Commission of the United States or any successor governmental
agency thereto in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.12 </FONT>&ldquo;<U>Companhia Brasileira de Liquida&ccedil;&atilde;o e Cust&oacute;dia</U>&rdquo; shall mean the Brazilian agency responsible
for providing clearing services for securities listed on the S&atilde;o Paulo Stock Exchange and its successors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.13 </FONT>&ldquo;<U>Company</U>&rdquo; shall mean Companhia Energ&eacute;tica de Minas Gerais - CEMIG, a company organized and existing
under the laws of Brazil, and its successors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.14 </FONT>&ldquo;<U>Custodian</U>&rdquo; shall mean, as of the date hereof, Citibank Distribuidora de T&iacute;tulos e Valores Mobili&aacute;rios
S.A., having its principal office at Avenida Paulista, 1111 - 3&deg; andar, S&atilde;o Paulo, Brazil, as the custodian for the purposes
of this Deposit Agreement, and any other firm or corporation which may be appointed by the Depositary pursuant to the terms of Section
5.5 as a successor, substitute or additional custodian hereunder. The term &ldquo;Custodian&rdquo; shall mean any Custodian individually
or all Custodians collectively, as the context requires.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.15 </FONT>&ldquo;<U>Deliver</U>&rdquo; and &ldquo;<U>Delivery</U>&rdquo; shall mean, when used in respect of ADSs, Receipts, Deposited
Securities and Shares, either (i)&nbsp;the physical delivery of the certificate(s) representing such securities, or (ii) the electronic
delivery of such securities by means of book-entry transfer, if available.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.16 </FONT>&ldquo;<U>Deposit Agreement</U>&rdquo; shall mean this Deposit Agreement and all exhibits hereto, as the same may from time
to time be amended and supplemented from time to time in accordance with the terms hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.17 </FONT>&ldquo;<U>Depositary</U>&rdquo; shall mean Citibank, N.A., a national banking association organized under the laws of the
United States, in its capacity as depositary under the terms of this Deposit Agreement, and any successor depositary hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.18 </FONT>&ldquo;<U>Deposited Securities</U>&rdquo; shall mean Shares at any time deposited under this Deposit Agreement and any and
all other securities, property and cash held by the Depositary or the Custodian in respect thereof, subject, in the case of cash, to the
provisions of Section 4.8. The collateral delivered in connection with Pre-Release Transactions described in Section 5.10 hereof shall
not constitute Deposited Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.19 </FONT>&ldquo;<U>Dollars</U>&rdquo; and &ldquo;<U>$</U>&rdquo; shall refer to the lawful currency of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.20 </FONT>&ldquo;<U>DTC</U>&rdquo; shall mean The Depository Trust Company, a national clearinghouse and the central book-entry settlement
system for securities traded in the United States and, as such, the custodian for the securities of DTC Participants (as hereinafter defined)
maintained in DTC, and any successor thereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.21 </FONT>&ldquo;<U>DTC Participant</U>&rdquo; shall mean any financial institution (or any nominee of such institution) having one
or more participant accounts with DTC for receiving, holding and delivering the securities and cash held in DTC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.22 </FONT>&ldquo;<U>Exchange Act</U>&rdquo; shall mean the United States Securities Exchange Act of 1934, as from time to time amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.23 </FONT>&ldquo;<U>Foreign Currency</U>&rdquo; shall mean any currency other than Dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.24 </FONT>&ldquo;<U>Full Entitlement ADR(s)</U>,&rdquo; &ldquo;<U>Full Entitlement ADS(s)</U>&rdquo; and &ldquo;<U>Full Entitlement
Share(s)</U>&rdquo; shall have the respective meanings set forth in Section 2.11.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.25 </FONT>&ldquo;<U>Holder</U>&rdquo; shall mean the person in whose name the ADSs or any Receipt is registered on the books of the
Depositary (or the Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. If a Holder is not the
Beneficial Owner of the ADSs registered in its name, such person shall be deemed to have all requisite authority to act on behalf of the
Beneficial Owners of the ADSs. Any reference to Holders of ADR(s) or ADS(s) in this Deposit Agreement shall, in the context of the Uncertificated
ADSs, refer to the person(s) in whose name the Uncertificated ADSs are registered on the books of the Depositary maintained for such purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.26 </FONT>&ldquo;<U>Partial Entitlement ADR(s)</U>&rdquo; and &ldquo;<U>Partial Entitlement Share(s)</U>&rdquo; shall have the respective
meanings set forth in Section 2.11.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.27 </FONT>&ldquo;<U>Pre-Release Transaction</U>&rdquo; shall have the meaning set forth in Section 5.10 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.28 </FONT>&ldquo;<U>Principal Office</U>&rdquo; when used with respect to the Depositary, shall mean the principal office of the Depositary
at which at any particular time its depositary receipts business shall be administered, which, at the date of this Deposit Agreement,
is located at 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.29 </FONT>&ldquo;<I><U>Real</U></I>,&rdquo; &ldquo;<I><U>Reais</U></I>&rdquo; and &ldquo;<U>R$</U>&rdquo; shall refer to the lawful
currency of Brazil.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.30 </FONT>&ldquo;<U>Receipt(s),</U>&rdquo; &ldquo;<U>American Depositary Receipt(s)</U>&rdquo; and &ldquo;<U>ADR(s)</U>&rdquo; shall
mean any series of the certificate(s) issued by the Depositary to evidence the American Depositary Shares issued under the terms of this
Deposit Agreement in the form of Certificated ADS(s), as such Receipts may be amended from time to time in accordance with the provisions
of this Deposit Agreement. A Receipt may evidence any number of American Depositary Shares and may, in the case of American Depositary
Shares held through a central depository such as DTC, be in the form of a &ldquo;Balance Certificate.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.31 </FONT>&ldquo;<U>Registrar</U>&rdquo; shall mean the Depositary or any bank or trust company having an office in the Borough of Manhattan,
The City of New York, which shall be appointed by the Depositary to register issuances, transfers and cancellations of ADSs or any Receipts
as herein provided, and shall include any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary)
may be removed and substitutes appointed by the Depositary. Each Registrar (other than the Depositary) appointed pursuant to this Deposit
Agreement shall be required to give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable
terms of this Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.32 </FONT>&ldquo;<U>Restricted Securities</U>&rdquo; shall mean Shares, Deposited Securities or ADSs which (i) have been acquired directly
or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and
are subject to resale limitations under the Securities Act or the rules issued thereunder, or (ii) are held by an officer or director
(or persons performing similar functions) or other Affiliate of the Company, or (iii) are subject to other restrictions on sale or deposit
under the laws of the United States, Brazil, or under a shareholders&rsquo; agreement or the <I>Estatuto Social</I> of the Company or
under the regulations of an applicable securities exchange unless, in each case, such Shares, Deposited Securities or ADSs are being transferred
or sold to persons other than an Affiliate of the Company in a transaction (x) covered by an effective resale registration statement or
(y) exempt from the registration requirements of the Securities Act (as hereinafter defined), and the Shares, Deposited Securities or
ADSs are not, when held by such person(s), Restricted Securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.33 </FONT><U>&ldquo;Securities Act</U>&rdquo; shall mean the United States Securities Act of 1933, as from time to time amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.34 </FONT>&ldquo;<U>Share Registrar</U>&rdquo; shall mean Citibank Distribuidora de T&iacute;tulos e Valores Mobili&aacute;rios S.A.
or a depository institution organized under the laws of Brazil, which carries out the duties of registrar for the Shares, and any successor
thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.35 </FONT>&ldquo;<U>Shares</U>&rdquo; shall mean the Company&rsquo;s voting common shares (<I>a&ccedil;&otilde;es ordin&aacute;rias</I>),
with a par value of R$5.00, validly issued and outstanding and fully paid and may, if the Depositary so agrees after consultation with
the Company, include evidence of the right to receive Shares; <U>provided </U>that in no event shall Shares include evidence of the right
to receive Shares with respect to which the full purchase price has not been paid or Shares as to which preemptive rights have theretofore
not been validly waived or exercised; provided further, however, that, if there shall occur any change in par or nominal value, split-up,
consolidation, reclassification, exchange, conversion or any other event described in Section 4.11, in respect of the Shares of the Company,
the term &ldquo;Shares&rdquo; shall thereafter, to the maximum extent permitted by law, represent the successor securities resulting from
such change in par or nominal value, split-up, consolidation, exchange, conversion, reclassification or event.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.36 </FONT>&ldquo;<U>Uncertificated ADS(s)</U>&rdquo; shall have the meaning given such term in Section 2.12.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
1.37 </FONT>&ldquo;<U>United States</U>&rdquo; or &ldquo;<U>U.S.</U>&rdquo; shall mean the United States of America.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
II</FONT><BR>
<BR>
APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;<BR>
DEPOSIT OF SHARES; EXECUTION<BR>
AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.1 </FONT><U>Appointment of Depositary</U>. The Company hereby appoints the Depositary as depositary for the Deposited Securities and
hereby authorizes and directs the Depositary to act in accordance with the terms and conditions set forth in this Deposit Agreement and
the applicable ADRs. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance
with the terms and conditions of this Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms
of this Deposit Agreement and applicable ADR(s) and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act
on its behalf and to take any and all actions contemplated in this Deposit Agreement and the applicable ADR(s), to adopt any and all procedures
necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate
to carry out the purposes of this Deposit Agreement and the applicable ADR(s) (the taking of such actions to be the conclusive determinant
of the necessity and appropriateness thereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.2 </FONT><U>Form and Transferability of ADSs</U>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Form</U>. Certificated ADSs shall be evidenced by definitive Receipts which shall be engraved, printed, lithographed
or produced in such other manner as may be agreed upon by the Company and the Depositary. Receipts may be issued under the Deposit Agreement
in denominations of any whole number of ADSs. The Receipts shall be substantially in the form set forth in <U>Exhibit A</U> attached to
this Deposit Agreement, with any appropriate insertions, modifications and omissions, in each case as otherwise contemplated in this Deposit
Agreement or required by law. Receipts shall be (i) dated, (ii) executed by the manual or facsimile signature of a duly authorized signatory
of the Depositary, (iii) countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar and (iv) registered
in the books maintained by the Registrar for the registration of issuances and transfers of Receipts. No Receipt and no Certificated ADS
evidenced thereby shall be entitled to any benefits under this Deposit Agreement or be valid or enforceable for any purpose against the
Depositary or the Company, unless such Receipt shall have been so dated, signed, countersigned and registered. The Registrar shall maintain
separate books in which is registered each Receipt evidencing ADSs so executed and delivered and the transfer of each American Depositary
Receipt. Receipts bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who was at the time
of signature a duly authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding
the fact that such signatory has ceased to be so authorized prior to the execution of such Receipt or the delivery of such Receipt by
the Depositary. The Receipts shall bear a CUSIP number that is different from any CUSIP number that was, is or may be assigned to any
depositary receipts previously or subsequently issued pursuant to any other arrangement between the Depositary (or any other depositary)
and the Company and which are not Receipts issued hereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Legends</U>. The Receipts may be endorsed with, or have incorporated in the text thereof, such legends or recitals or
changes not inconsistent with the provisions of this Deposit Agreement as (i) may be necessary to enable the Depositary and the Company
to perform their respective obligations hereunder, (ii) may be required to comply with any applicable laws or regulations, or with the
rules and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage
with respect thereto, (iii) may be necessary to indicate any special limitations or restrictions to which any particular Receipts or ADSs
are subject by reason of the date of issuance of the Deposited Securities or otherwise or (iv) may be required by any book-entry system
in which the ADSs are held.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Holders and Beneficial Owners
shall be deemed, for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case
of Holders, on the ADR registered in the name of the applicable Holders or, in the case of Beneficial Owners, on the ADR representing
the ADSs owned by such Beneficial Owners.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Title</U>. Subject to the limitations contained herein and in the Receipt, title to a Receipt (and to each Certificated
ADS evidenced thereby) shall be transferable upon the same terms as a certificated security under the laws of the State of New York, provided
that, in the case of Certificated ADSs, such Receipt has been properly endorsed or is accompanied by proper instruments of transfer. Notwithstanding
any notice to the contrary, the Depositary and the Company may deem and treat the Holder of an ADS (that is, the person in whose name
an ADS is registered on the books of the Depositary) as the absolute owner thereof for all purposes. Neither the Depositary nor the Company
shall have any obligation or be subject to any liability under this Deposit Agreement or any Receipt to any holder of a Receipt or any
Beneficial Owner unless such holder is the registered Holder of such Receipt on the books of the Depositary or, in the case of a Beneficial
Owner, such Beneficial Owner, or the Beneficial Owner&rsquo;s representative, is the Holder registered on the books of the Depositary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Book-Entry Systems</U>. The Depositary shall make arrangements for the acceptance of the American Depositary Shares into
DTC. All ADSs held through DTC will be registered in the name of the nominee for DTC (currently &ldquo;Cede &amp; Co.&rdquo;). As such,
the nominee for DTC will be the only &ldquo;Holder&rdquo; of all ADSs held through DTC. Unless issued by the Depositary as Uncertificated
ADSs, the ADSs registered in the name of Cede &amp; Co. will be evidenced by a single ADR in the form of a &ldquo;Balance Certificate,&rdquo;
which will provide that it represents the aggregate number of ADSs from time to time indicated in the records of the Depositary as being
issued hereunder and that the aggregate number of ADSs represented thereby may from time to time be increased or decreased by making adjustments
on such records of the Depositary and of DTC or its nominee as hereinafter provided. Citibank, N.A. (or such other entity as is appointed
by DTC or its nominee) may hold the &ldquo;Balance Certificate&rdquo; as custodian for DTC. Each Beneficial Owner of ADSs held through
DTC must rely upon the procedures of DTC and the DTC Participants to exercise or be entitled to any rights attributable to such ADSs.
The DTC Participants shall for all purposes be deemed to have all requisite power and authority to act on behalf of the Beneficial Owners
of the ADSs held in the DTC Participants&rsquo; respective accounts in DTC, and the Depositary shall for all purposes be authorized to
rely upon any instructions and information given to it by DTC Participants on behalf of Beneficial Owners of ADSs. So long as ADSs are
held through DTC or unless otherwise required by law, ownership of beneficial interests in the ADSs or any ADR registered in the name
of the nominee for DTC will be shown on, and transfers of such ownership will be effected only through, records maintained by (i) DTC
or its nominee (with respect to the interests of DTC Participants), or (ii) DTC Participants or their nominees (with respect to the interests
of clients of DTC Participants).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.3 </FONT><U>Deposit with Custodian</U>. Subject to the terms and conditions of this Deposit Agreement and applicable law, Shares or
evidence of rights to receive Shares (other than Restricted Securities) may be deposited by any person (including the Depositary in its
individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7 hereof) at any time,
whether or not the transfer books of the Company or the Share Registrar, if any, are closed, by Delivery of the Shares to the Custodian.
Every deposit of Shares shall be accompanied by the following: (A) (i) in the case of Shares represented by certificates issued in registered
form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the case of Shares represented
by certificates in bearer form, the requisite coupons and talons pertaining thereto and (iii) in the case of Shares delivered by book-entry
transfer, confirmation of such book-entry transfer to the Custodian or that irrevocable instructions have been given to cause such Shares
to be so transferred; (B) such certifications and payments (including, without limitation, the Depositary&rsquo;s fees and related charges)
and evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way of receipt) as may be required
by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement and applicable law; (C) if the Depositary
so requires, a written order directing the Depositary to execute and deliver to, or upon the written order of, the person(s) stated in
such order the number of American Depositary Shares representing the Shares so deposited; (D) evidence satisfactory to the Depositary
(which may be an opinion of counsel) that all necessary approvals have been granted by, or there has been compliance with the rules and
regulations of, the <I>Banco Central do Brasil</I>, the <I>Comiss&atilde;o de Valores Mobili&aacute;rios</I> and any other applicable
entity in Brazil; and (E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or
the Custodian which provides for the prompt transfer by any person in whose name the Shares are or have been recorded to the Custodian
of any distribution, or right to subscribe for additional Shares or to receive other property in respect of any such deposited Shares
or, in lieu thereof, such indemnity or other agreement as shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares
are registered in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to
exercise voting rights in respect of the Shares for any and all purposes until the Shares so deposited are registered in the name of the
Depositary, the Custodian or any nominee.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Without limiting any other provision
of this Deposit Agreement, the Depositary shall instruct the Custodian not to, and the Depositary shall not knowingly, accept for deposit
(a) any Restricted Securities nor (b) any fractional Shares or fractional Deposited Securities nor (c) a number of Shares or Deposited
Securities which upon application of the ADS to Shares ratio would give rise to fractional ADSs. No Share shall be accepted for deposit
unless accompanied by evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian
that all conditions to such deposit have been satisfied by the person depositing such Shares under the laws and regulations of Brazil
and any necessary approval has been granted by any applicable governmental body in Brazil, if any, which is then performing the function
of the regulator of currency exchange. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any
agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction
records in respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of ownership of Shares
furnished by the Company or any such custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction
records in respect of the Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.4 </FONT><U>Registration and Safekeeping of Deposited Securities</U>. The Depositary shall instruct the Custodian upon each Delivery
of certificates representing registered Shares being deposited hereunder with the Custodian (or other Deposited Securities pursuant to
Article IV hereof), together with the other documents above specified, to present such certificate(s), together with the appropriate instrument(s)
of transfer or endorsement, duly stamped, to the Share Registrar for transfer and registration of the Shares (as soon as transfer and
registration can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian
or a nominee of either. Deposited Securities shall be held by the Depositary or by the Custodian for the account and to the order of the
Depositary or a nominee, in each case on behalf of the Holders and Beneficial Owners, at such place or places as the Depositary or the
Custodian shall determine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Without limitation of the foregoing,
the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares or other Deposited Securities required to
be registered under the provisions of the Securities Act, unless a registration statement is in effect as to such Shares or other Deposited
Securities, or any Shares or other Deposited Securities the deposit of which would violate any provisions of the <I>Estatuto Social</I>
of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.5 </FONT><U>Execution and Delivery of Receipts</U>. The Depositary has made arrangements with the Custodian to confirm to the Depositary
(i) that a deposit of Shares has been made pursuant to Section 2.3 hereof, (ii) that any such Deposited Securities have been recorded
in the name of the Depositary, the Custodian or a nominee of either on the shareholders&rsquo; register maintained by or on behalf of
the Company by the Share Registrar if registered Shares have been deposited or, if deposit is made by book-entry transfer, confirmation
of such transfer in the books of <I>Companhia Brasileira de Liquida&ccedil;&atilde;o e Cust&oacute;dia</I>, (iii) that all required documents
have been received, and (iv) the person(s) to whom or upon whose order American Depositary Shares are deliverable in respect thereof and
the number of American Depositary Shares to be so delivered thereby. Such notification may be made by letter, cable, telex, SWIFT message
or, at the risk and expense of the person making the deposit, by facsimile or other means of electronic transmission. Upon receiving such
notice from the Custodian, the Depositary, subject to the terms and conditions of this Deposit Agreement and applicable law, shall issue
the American Depositary Shares representing the Shares so deposited to or upon the order of the person(s) named in the notice delivered
to the Depositary and, if applicable, shall execute and deliver at its Principal Office Receipt(s) registered in the name(s) requested
by such person(s) and evidencing the aggregate number of American Depositary Shares to which such person(s) are entitled, but only upon
payment to the Depositary of the charges of the Depositary for accepting a deposit, issuing American Depositary Shares and executing and
delivering any such Receipt(s) (as set forth in Section 5.9 and <U>Exhibit B</U> hereto) and all taxes and governmental charges and fees
payable in connection with such deposit and the transfer of the Shares and the issuance of any such Receipt(s). The Depositary shall only
issue American Depositary Shares in whole numbers and, if applicable, deliver American Depositary Receipts evidencing whole numbers of
American Depositary Shares. Nothing herein shall prohibit any Pre-Release Transaction upon the terms set forth in this Deposit Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.6 </FONT><U>Transfer, Combination and Split-up of ADSs and Receipts</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Transfer</U>. The Registrar shall register the transfer of ADSs and any Receipts (and of the ADSs represented thereby)
on the books maintained for such purpose. The Depositary shall cancel such Receipts and execute new Receipts evidencing the same aggregate
number of ADSs as those evidenced by the Receipts canceled by the Depositary, shall cause the Registrar to countersign such new Receipts
and shall Deliver such new Receipts to or upon the order of the person entitled thereto, if each of the following conditions has been
satisfied: (i) the Receipts have been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary
at its Principal Office for the purpose of effecting a transfer thereof, (ii) the surrendered Receipts have been properly endorsed or
are accompanied by proper instruments of transfer (including signature guarantees in accordance with standard securities industry practice),
(iii) the surrendered Receipts have been duly stamped (if required by the laws of the State of New York or the United States) and (iv)
all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are
set forth in Section 5.9 and <U>Exhibit B</U> hereto) have been paid, subject, however, in each case, to the terms and conditions of the
applicable Receipts, of this Deposit Agreement and of applicable law, in each case as in effect at the time thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Combination &amp; Split Up</U>. The Registrar shall register a split-up or combination of ADSs and any Receipts (and
of the ADSs represented thereby) on the books maintained for such purpose. The Depositary shall cancel such Receipts and execute new Receipts
for the number of ADSs requested, but in the aggregate not exceeding the number of ADSs evidenced by the Receipts cancelled by the Depositary,
shall cause the Registrar to countersign such new Receipts and shall Deliver such new Receipts to or upon the order of the Holder thereof,
if each of the following conditions has been satisfied: (i) the Receipts have been duly Delivered by the Holder (or by a duly authorized
attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or combination thereof; and
(ii) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as
are set forth in Section 5.9 and <U>Exhibit B</U> hereto) have been paid, subject, however, in each case, to the terms and conditions
of the applicable Receipts, of this Deposit Agreement and of applicable law, in each case as in effect at the time thereof.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Co-Transfer Agents</U>. The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers,
combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer
agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons entitled to such
Receipts and will be entitled to protection and indemnity to the same extent as the Depositary. Such co-transfer agents may be removed
and substitutes appointed by the Depositary. Each co-transfer agent appointed under this Section 2.6 (other than the Depositary) shall
give notice in writing to the Depositary accepting such appointment, agreeing to be bound by the applicable terms of this Deposit Agreement
and agreeing to indemnify the Company and the Depositary and their respective directors, officers, employees, agents and Affiliates against,
and hold each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited
to, the reasonable fees and expenses of counsel) which may arise out of acts performed or omitted by such co-transfer agent due to the
negligence or bad faith of such co-transfer agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.7 </FONT><U>Surrender of ADSs and Withdrawal of Deposited Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Holder of ADSs shall be
entitled to Delivery (at the Custodian&rsquo;s designated office) of the Deposited Securities without unreasonable delay at the time represented
by the ADS(s) upon satisfaction of each of the following conditions: (i) the Holder (or a duly authorized attorney of the Holder) has
duly Delivered ADSs to the Depositary at its Principal Office (and if applicable, the Receipts evidencing such ADSs) for the purpose of
withdrawal of the Deposited Securities represented thereby, (ii) if so required by the Depositary, the Receipts Delivered to the Depositary
for such purpose have been properly endorsed in blank or are accompanied by proper instruments of transfer in blank (including signature
guarantees in accordance with standard securities industry practice), (iii) if so required by the Depositary, the Holder of the ADSs has
executed and delivered 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 the person(s) designated in such order, and (iv) all applicable fees and charges of, and
expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 and <U>Exhibit
B</U> hereof) have been paid, subject, however, in each case, to the terms and conditions of the Receipts evidencing the surrendered ADSs,
of this Deposit Agreement, of the Company&rsquo;s <I>Estatuto Social</I> and of any applicable laws and the rules of <I>Companhia Brasileira
de Liquida&ccedil;&atilde;o e Cust&oacute;dia</I>, now or hereafter in effect, and to any other provisions of or governing the Deposited
Securities, in each case as in effect at the time thereof.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon satisfaction of each of
the conditions specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, the Receipts evidencing
the ADSs so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for
such purpose, and (iii) shall direct the Custodian to Deliver (without unreasonable delay) at the Custodian&rsquo;s designated office
the Deposited Securities represented by the ADSs so cancelled, together with any certificate or other document of title for the Deposited
Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the written order of the person(s)
designated in the order delivered to the Depositary for such purpose, subject however, in each case, to the terms and conditions of this
Deposit Agreement, of the Receipts evidencing the ADSs so cancelled, of the <I>Estatuto Social</I> of the Company, of applicable laws
and of the rules of <I>Companhia Brasileira de Liquida&ccedil;&atilde;o e Cust&oacute;dia</I>, and to the terms and conditions of or governing
the Deposited Securities, in each case as in effect at the time thereof.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary shall not accept
for surrender ADSs representing less than one Share. The Depositary may, in its discretion, refuse to accept for surrender a number of
ADSs representing a number other than a whole number of Shares. In the case where the Depositary accepts for surrender a Receipt evidencing
a number of ADSs representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number
of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) return to the
person surrendering such ADSs the number of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional
Shares represented by the ADSs so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses
incurred by, the Depositary and (b) taxes withheld) to the person surrendering the ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything else
contained in any Receipt or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary of (i) any
cash dividends or cash distributions, or (ii) any proceeds from the sale of any distributions of shares or rights, which are at the time
held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation and withdrawal. At
the request, risk and expense of any Holder so surrendering ADSs, and for the account of such Holder, the Depositary shall direct the
Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held by the Custodian in respect
of the Deposited Securities represented by such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction
shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.8 </FONT><U>Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Additional Requirements</U>. As a condition precedent to the execution and delivery, registration, registration of issuance
or transfer, split-up, combination or surrender of any ADS or Receipt, the delivery of any distribution thereon, or the withdrawal of
any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or
of 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 Shares being deposited or withdrawn) and payment of any applicable
fees and charges of the Depositary as provided in Section 5.9 and <U>Exhibit B</U> hereof, (ii) the production of proof satisfactory to
it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 hereof and (iii) compliance with
(A) any laws or governmental regulations relating to the execution and delivery of Receipts or ADSs or to the withdrawal of Deposited
Securities and (B) such reasonable regulations as the Depositary and the Company may establish consistent with the provisions of the applicable
Receipt, this Deposit Agreement and applicable law.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Additional Limitations</U>. The issuance of ADSs against deposits of Shares generally or against deposits of particular
Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular instances
may be refused, or the registration of transfers of ADSs generally may be suspended, during any period when the transfer books of the
Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or advisable by the Depositary
or the Company, in good faith, at any time or from time to time because of any requirement of law or regulation, any government or governmental
body or commission or any securities exchange on which the ADSs or Shares are listed, or under any provision of this Deposit Agreement
or the applicable Receipt(s) or under any provision of, or governing, the Deposited Securities, or because of any meeting of shareholders
of the Company or for any other reason, subject, in all cases, to Section 7.8 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Regulatory Restrictions</U>. Notwithstanding any provision of this Deposit Agreement or any Receipt(s) to the contrary,
Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities at any time subject only to (i) temporary delays
caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders&rsquo;
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 ADSs or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically
contemplated by Section I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.9 </FONT><U>Lost Receipts, etc</U>. In case any Receipt shall be mutilated, destroyed, lost, or stolen, the Depositary shall execute
and deliver a new Receipt of like tenor at the expense of the Holder (a) in the case of a mutilated Receipt, in exchange of and substitution
for such mutilated Receipt upon cancellation thereof, or (b) in the case of a destroyed, lost or stolen Receipt, in lieu of and in substitution
for such destroyed, lost, or stolen Receipt, after the Holder thereof has (i) submitted to the Depositary a written request for such exchange
and substitution before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser, (ii) provided such security
or indemnity (including an indemnity bond) as may be required by the Depositary to save it and any of its agents harmless and (iii) satisfied
any other reasonable requirements imposed by the Depositary, including, without limitation, evidence satisfactory to the Depositary of
such destruction, loss or theft of such Receipt, the authenticity thereof and the Holder&rsquo;s ownership thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.10 </FONT><U>Cancellation and Destruction of Surrendered Receipts; Maintenance of Records</U>. All Receipts surrendered to the Depositary
shall be canceled by the Depositary. Canceled Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid
or enforceable against the Depositary for any purpose. The Depositary is authorized to destroy Receipts so canceled, provided the Depositary
maintains a record of all destroyed Receipts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any ADSs held in book-entry
form (i.e., through accounts at DTC) shall be deemed canceled when the Depositary causes the number of ADSs evidenced by the Balance Certificate
to be reduced by the number of ADSs surrendered (without the need to physically destroy the Balance Certificate).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.11 </FONT><U>Partial Entitlement ADSs</U>. In the event any Shares are deposited which entitle the holders thereof to receive a per-share
distribution or other entitlement in an amount different from the Shares then on deposit (the Shares then on deposit collectively, &ldquo;Full
Entitlement Shares&rdquo; and the Shares with different entitlement, &ldquo;Partial Entitlement Shares&rdquo;), the Depositary shall (i)
cause the Custodian to hold Partial Entitlement Shares separate and distinct from Full Entitlement Shares, and (ii) subject to the terms
of this Deposit Agreement, issue ADSs and deliver ADRs representing Partial Entitlement Shares which are separate and distinct from the
ADSs and ADRs representing Full Entitlement Shares, by means</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">of separate CUSIP numbering and legending (if necessary) (&ldquo;Partial
Entitlement ADSs/ADRs&rdquo; and &ldquo;Full Entitlement ADSs/ADRs&rdquo;, respectively). If and when Partial Entitlement Shares become
Full Entitlement Shares, the Depositary shall (a) give notice thereof to Holders of Partial Entitlement ADSs and give Holders of Partial
Entitlement ADRs the opportunity to exchange such Partial Entitlement ADRs for Full Entitlement ADRs, (b) cause the Custodian to transfer
the Partial Entitlement Shares into the account of the Full Entitlement Shares, and (c) take such actions as are necessary to remove the
distinctions between (i) the Partial Entitlement ADRs and ADSs, on the one hand, and (ii) the Full Entitlement ADRs and ADSs on the other.
Holders and Beneficial Owners of Partial Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement Shares. Holders
and Beneficial Owners of Full Entitlement ADSs shall be entitled only to the entitlements of Full Entitlement Shares. All provisions and
conditions of this Deposit Agreement shall apply to Partial Entitlement ADRs and ADSs to the same extent as Full Entitlement ADRs and
ADSs, except as contemplated by this Section 2.11. The Depositary is authorized to take any and all other actions as may be necessary
(including, without limitation, making the necessary notations on Receipts) to give effect to the terms of this Section 2.11. The Company
agrees to give timely written notice to the Depositary if any Shares issued or to be issued are Partial Entitlement Shares and shall assist
the Depositary with the establishment of procedures enabling the identification of Partial Entitlement Shares upon Delivery to the Custodian.
For the avoidance of doubt, Partial Entitlement ADSs shall be considered as a separate type and class from Full Entitlement ADSs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
2.12 </FONT><U>Certificated/Uncertificated ADSs</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Notwithstanding any other provision
of this Deposit Agreement, the Depositary may, at any time and from time to time, issue ADSs that are not evidenced by ADRs (such ADSs,
the &ldquo;<U>Uncertificated ADS(s)</U>&rdquo; and the ADS(s) evidenced by ADR(s), the &ldquo;<U>Certificated ADS(s)</U>&rdquo;). When
issuing and maintaining Uncertificated ADS(s) under this Deposit Agreement, the Depositary shall at all times be subject to (a)&nbsp;the
standards applicable to registrars and transfer agents maintaining direct registration systems for equity securities in New York and issuing
uncertificated securities under New York law, and (b)&nbsp;the terms of New York law applicable to uncertificated equity securities. Uncertificated
ADSs shall not be represented by any instruments but shall be evidenced by registration in the books of the Depositary maintained for
such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or adverse claims of
which the Depositary has written notice at such time, shall at all times have the right to exchange the Uncertificated ADS(s) for Certificated
ADS(s) of the same type and class, subject in each case to applicable laws and any rules and regulations the Depositary may have established
in respect of the Uncertificated ADSs. Holders of Certificated ADSs shall, if the Depositary maintains a direct registration system for
the ADSs, have the right to exchange the Certificated ADSs for Uncertificated ADSs upon (i) the due surrender of the Certificated ADS(s)
to the Depositary for such purpose and (ii) the presentation of a written request to that effect to the Depositary, subject in each case
to (w) all liens and restrictions noted on the ADR evidencing the Certificated ADS(s) and all adverse claims of which the Depositary then
has notice, (x) the terms of this Deposit Agreement and the rules and regulations that the Depositary may establish for such purposes
hereunder, (y)&nbsp;applicable law, and (z)&nbsp;payment of the Depositary fees and expenses applicable to such exchange of Certificated
ADS(s) for Uncertificated ADS(s). Uncertificated ADSs shall in all material respects be identical to Certificated ADS(s) of the same type
and class, except that (1)&nbsp;no ADR(s) shall be, or shall</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">need to be, issued to evidence Uncertificated ADS(s), (2)&nbsp;Uncertificated
ADS(s) shall, subject to the terms of this Deposit Agreement, be transferable upon the same terms and conditions as uncertificated securities
under New York law, (3)&nbsp;the ownership of Uncertificated ADS(s) shall be recorded on the books of the Depositary maintained for such
purpose and evidence of such ownership shall be reflected in periodic statements provided by the Depositary to the Holder(s) in accordance
with applicable New York law, (4)&nbsp;the Depositary may from time to time, upon notice to the Holders of Uncertificated ADSs affected
thereby, establish rules and regulations, and amend or supplement existing rules and regulations, as may be deemed reasonably necessary
to maintain Uncertificated ADS(s) on behalf of Holders, provided that such rules and regulations do not conflict with the terms of this
Deposit Agreement and applicable law, (5)&nbsp;the Uncertificated ADS(s) shall not be entitled to any benefits under this Deposit Agreement
or be valid or enforceable for any purpose against the Depositary or the Company unless such Uncertificated ADS(s) is/are registered on
the books of the Depositary maintained for such purpose, (6)&nbsp;the Depositary may, in connection with any deposit of Shares resulting
in the issuance of Uncertificated ADSs and with any transfer, pledge, release and cancellation of Uncertificated ADSs, require the prior
receipt of such documentation as the Depositary may deem reasonably appropriate, and (7)&nbsp;upon termination of this Deposit Agreement,
the Depositary shall not require Holders of Uncertificated ADSs to affirmatively instruct the Depositary before remitting proceeds from
the sale of the Deposited Securities represented by such Holders' Uncertificated ADSs under the terms of Section 6.2 of this Deposit Agreement.
When issuing ADSs under the terms of this Deposit Agreement, including, without limitation, issuances pursuant to Sections 2.5, 4.2, 4.3,
4.4, 4.5 and 4.11, the Depositary may in its discretion determine to issue Uncertificated ADSs rather than Certificated ADSs, unless otherwise
specifically instructed by the applicable Holder to issue Certificated ADSs. All provisions and conditions of this Deposit Agreement shall
apply to Uncertificated ADSs to the same extent as to Certificated ADSs, except as contemplated by this Section 2.12. The Depositary is
authorized and directed to take any and all actions and establish any and all procedures deemed reasonably necessary to give effect to
the terms of this Section 2.12. Any references in this Deposit Agreement or any ADR(s) to the terms &ldquo;American Depositary Share(s)&rdquo;
or &ldquo;ADS(s)&rdquo; shall, unless the context otherwise requires, include Certificated ADS(s) and Uncertificated ADS(s). Except as
set forth in this Section 2.12 and except as required by applicable law, the Uncertificated ADSs shall be treated as ADSs issued and outstanding
under the terms of this Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect
to any Uncertificated ADSs, any conflict arises between (I) the terms of this Deposit Agreement (other than this Section 2.12) and (II)
the terms of this Section 2.12, the terms and conditions set forth in this Section 2.12 shall be controlling and shall govern the rights
and obligations of the parties to this Deposit Agreement pertaining to the Uncertificated ADSs.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
III</FONT><BR>
<BR>
CERTAIN OBLIGATIONS OF HOLDERS<BR>
AND BENEFICIAL OWNERS OF ADSs</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
3.1 </FONT><U>Proofs, Certificates and Other Information</U>. Any person presenting Shares for deposit, any Holder and any Beneficial
Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian
such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control
approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of this Deposit
Agreement or the Receipt(s) evidencing the ADS(s) and the provisions of, or governing, the Deposited Securities, to execute such certifications
and to make such representations and warranties, and to provide such other information and documentation (or, in the case of Shares in
registered form presented for deposit, such information relating to the registration on the books of the Company or of the Share Registrar)
as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written request to the Depositary
consistent with its obligations under this Deposit Agreement and the applicable Receipt(s). The Depositary</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">and the Registrar, as applicable,
may withhold the execution or delivery or registration of transfer of any Receipt or ADS or the distribution or sale of any dividend or
distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of Section 7.8 hereof, the delivery of any
Deposited Securities until such proof or other information is filed or such certifications are executed, or such representations are made,
or such other documentation or information provided, in each case to the Depositary&rsquo;s, the Registrar&rsquo;s and the Company&rsquo;s
satisfaction. The Depositary shall provide the Company, in a timely manner, with copies or originals if necessary and appropriate of (i)
any such proofs of citizenship or residence, taxpayer status, or exchange control approval which it receives from Holders and Beneficial
Owners, and (ii) any other information or documents which the Company may reasonably request and which the Depositary shall request and
receive from any Holder or Beneficial Owner or any person presenting Shares for deposit or ADSs for cancellation, transfer or withdrawal.
Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial
Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
3.2 </FONT><U>Liability for Taxes and Other Charges</U>. If any tax or other governmental charge shall become payable with respect to
any ADR or any Deposited Securities or ADSs, such tax or other governmental charge shall be payable by the Holders and Beneficial Owners
to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited
Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions
and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, with the Holder and the Beneficial
Owner remaining fully liable for any deficiency. The Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue
ADSs, to deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs and (subject to Section 7.8) the withdrawal
of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner
agrees to indemnify the Depositary, the Company, the Custodian, and each of their respective agents, officers, directors, employees and
Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties
thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
3.3 </FONT><U>Representations and Warranties on Deposit of Shares</U>. Each person depositing Shares under this Deposit Agreement shall
be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully
paid, non-assessable and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such
Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented
for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the American
Depositary Shares issuable upon such deposit will not be, Restricted Securities and (v) the Shares presented for deposit have not been
stripped of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance
and cancellation of American Depositary Shares in respect thereof and the transfer of such American Depositary Shares. If any such representations
or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing
Shares, to take any and all actions necessary to correct the consequences thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
3.4 </FONT><U>Compliance with Information Requests</U>. Notwithstanding any other provision of this Deposit Agreement or any Receipt(s),
each Holder and Beneficial Owner agrees to comply with requests from the Company pursuant to Brazilian law or regulations, the rules and
requirements of the S&atilde;o Paulo Stock Exchange, and any other stock exchange on which the Shares or ADSs are, or will be, registered,
traded or listed or the <I>Estatuto Social</I> of the Company, which are made to provide information, inter alia, as to the capacity in
which such Holder or Beneficial Owner owns ADSs, (and Shares as the case may be) and regarding the identity of any other person(s) interested
in such ADSs, and the nature of such interest and various other matters, whether or not they are Holders and/or Beneficial Owners at the
time of such request. The Depositary agrees to use its reasonable efforts to forward, upon the request of the Company and at the Company&rsquo;s
expense, any such request from the Company to the Holders and to forward to the Company any such responses to such requests received by
the Depositary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
3.5 </FONT><U>Ownership Restrictions</U>. Notwithstanding any other provision in this Deposit Agreement or any Receipt, the Company may
restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law or
the <I>Estatuto Social</I> of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of the American
Depositary Shares where such transfer may result in the total number of Shares represented by the American Depositary Shares owned by
a single Holder or Beneficial Owner to exceed any such limits. The Company may, in its sole discretion but subject to applicable law,
instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits
set forth in the preceding sentence, including, but not limited to, the imposition of restrictions on the transfer of American Depositary
Shares, the removal or limitation of voting rights or the mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the
Shares represented by the American Depositary Shares held by such Holder or Beneficial Owner in excess of such limitations, if and to
the extent such disposition is permitted by applicable law and the <I>Estatuto Social</I> of the Company. Nothing herein shall be interpreted
as obligating the Depositary or the Company to ensure compliance with the ownership restrictions described in this Section 3.5.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
IV</FONT><BR>
<BR>
THE DEPOSITED SECURITIES</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.1 </FONT><U>Cash Distributions</U>. Whenever the Depositary receives confirmation from the Custodian of the receipt of any cash dividend
or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Deposited Securities or any other entitlements
held in respect of Deposited Securities under the terms hereof, the Depositary will (i) if at the time of receipt thereof any amounts
received in a Foreign Currency can in the judgment of the Depositary (pursuant to Section 4.8 hereof) be converted on a practicable basis
into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds
into Dollars (on the terms described in Section 4.8), (ii) if applicable, establish the ADS Record Date upon the terms described in Section
4.9 and (iii) distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the number of ADSs held
by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed
without attributing to any Holder a fraction of one cent, and any balance not so distributed shall be held by the Depositary (without
liability for interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution to Holders
of ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the Depositary is required to withhold and
does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes,
duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced
accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority.
Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.2 </FONT><U>Distribution in Shares</U>. If any distribution upon any Deposited Securities consists of a dividend in, or free distribution
of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of
the Depositary, the Custodian or any of their respective nominees. Upon receipt of confirmation of such deposit from the Custodian, the
Depositary shall establish the ADS Record Date upon the terms described in Section 4.9 and either (i) the Depositary shall, subject to
Section 5.9 hereof, distribute to the Holders as of the ADS Record Date in proportion to the number of American Depositary Shares held
as of the ADS Record Date, additional American Depositary Shares, which represent in the aggregate the number of Shares received as such
dividend, or free distribution, subject to the other terms of this Deposit Agreement (including, without limitation, (a) the applicable
fees and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional American Depositary Shares are not
so distributed, each American Depositary Share issued and outstanding after the ADS Record Date shall, to the extent permissible by law,
thenceforth also represent rights and interests in the additional integral number of Shares distributed upon the Deposited Securities
represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes). In lieu of
delivering fractional American Depositary Shares, the Depositary shall sell the number of Shares or American Depositary Shares, as the
case may be, represented by the aggregate of such fractions and distribute the net proceeds upon the terms described in Section 4.1. In
the event that the Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental
charges which the Depositary is obligated to withhold, or, if the Company, in the fulfillment of its obligation under Section 5.7 hereof,
has furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to
be distributed to Holders (and no such registration statement has been declared effective), the Depositary may dispose of all or a portion
of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private
sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after
deduction of applicable (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon
the terms described in Section 4.1. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with
the provisions of this Deposit Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.3 </FONT><U>Elective Distributions in Cash or Shares</U>. Whenever the Company intends to distribute a dividend payable at the election
of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 60 days prior
to the proposed distribution stating whether or not it wishes such elective distribution to be made available to Holders of ADSs. Upon
receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary
shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and
reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution
available to Holders only if (i) the Depositary shall have determined that such distribution is reasonably practicable and (ii) the Depositary
shall have received satisfactory documentation within the terms of Section 5.7. If the above conditions are not satisfied, the Depositary
shall, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made in the local market
in respect of the Shares for which no election is made, either (x) cash upon the terms described in Section 4.1 or (y) additional ADSs
representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall
establish an ADS Record Date (on the terms described in Section 4.9) and establish procedures to enable Holders to elect the receipt of
the proposed dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent
necessary. If a Holder elects to receive the proposed dividend (x) in cash, the dividend shall be distributed upon the terms described
in Section 4.1, or (y) in ADSs, the dividend shall be distributed upon the terms described in Section 4.2. Nothing herein shall obligate
the Depositary to make available to Holders a method to receive the elective dividend in Shares (rather than ADSs). It is understood and
agreed that Holders generally, or any Holder in particular, may not be given the opportunity to receive elective distributions on the
same terms and conditions as the holders of Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.4 </FONT><U>Distribution of Rights to Purchase Additional ADSs</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Distribution to ADS Holders</U>. Whenever the Company intends to distribute to the holders of the Deposited Securities
rights to subscribe for additional Shares or rights of any other nature, the Company shall give notice thereof to the Depositary prior
to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon receipt of a notice
indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company
to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make
such rights available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely
requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory documentation within the
terms of Section 5.7 and (iii) the Depositary shall have determined that such distribution of rights is reasonably practicable. In the
event any of the conditions set forth above are not satisfied or if the Company requests that the rights not be made available to Holders
of ADSs, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below. In the event all conditions
set forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.9) and establish
procedures to (x) distribute the rights to purchase additional ADSs (by means of warrants or otherwise), (y) enable the Holders to exercise
such rights (upon payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary
and (b) taxes), and (z) to deliver ADSs upon the valid exercise of such rights. The Company shall assist the Depositary to the extent
necessary in establishing such procedures. Nothing herein shall obligate the Depositary to make available to the Holders a method to exercise
such rights to subscribe for Shares (rather than ADSs).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Sale of Rights</U>. If (i) the Company does not timely request the Depositary to make the rights available to Holders
or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the
terms of Section 5.7 or determines it is not reasonably practicable to make the rights available to Holders or (iii) any rights made available
are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell
such rights, in a riskless principal capacity, at such place and upon such terms (including public or private sale) as it may deem practicable.
The Company shall assist the Depositary to the extent necessary to determine such legality and practicability. The Depositary shall, upon
such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary
and (b) taxes) upon the terms set forth in Section 4.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Lapse of Rights</U>. If the Depositary is unable to make any rights available to Holders upon the terms described in
Section 4.4(a) or to arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall allow such rights
to lapse.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary shall not be
responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general
or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise or (iii) the
content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything to
the contrary in this Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights or the securities
to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the
securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration
statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii) unless the Company furnishes
the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in
which rights would be distributed, in each case satisfactory to the Depositary, or other evidence satisfactory to the Depositary, to the
effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration
under, the provisions of the Securities Act or any other applicable laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In the event that the Company,
the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of property (including rights) an
amount on account of taxes or other governmental charges, the amount distributed to the Holders of American Depositary Shares representing
such Deposited Securities shall be reduced accordingly. In the event that the Depositary determines that any distribution in property
(including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated
to withhold, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such
amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes
or charges.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">It is understood and agreed
that Holders generally, or any Holder in particular, may not be given the opportunity to receive or exercise rights on the same terms
and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration
statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.5 </FONT><U>Distributions Other Than Cash, Shares or Rights to Purchase Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights
to purchase additional Shares, the Company shall give timely notice thereof to the Depositary and shall indicate whether or not it wishes
such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes such distribution be made
to Holders of ADSs, the Depositary shall consult with the Company, and the Company shall assist the Depositary, to determine whether such
distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall
have requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation
within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution is reasonably practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Upon receipt of satisfactory documentation and the request of the Company to distribute property to Holders of ADSs and
after making the requisite determinations set forth in (a) above, the Depositary shall distribute the property so received to the Holders
of record, as of the ADS Record Date, in proportion to the number of ADSs held by them respectively and in such manner as the Depositary
may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and
expenses incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or a portion of the property
so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable
or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If (i) the Company does not request the Depositary to make such distribution to Holders or requests not to make such distribution
to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7, or (iii) the Depositary determines
that all or a portion of such distribution is not reasonably practicable, the Depositary shall sell or cause such property to be sold
in a public or private sale, at such place or places and upon such terms as it may deem practicable and shall (x) cause the proceeds of
such sale, if any, to be converted into Dollars and (y) distribute the proceeds of such conversion received by the Depositary (net of
applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon
the terms of Section 4.1. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account
of the Holders in any way it deems reasonably practicable under the circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.6 </FONT><U>Distributions with Respect to Deposited Securities in Bearer Form</U>. Subject to the terms of this Article IV, distributions
in respect of Deposited Securities that are held by the Depositary in bearer form shall be made to the Depositary for the account of the
respective Holders of ADSs with respect to which any such distribution is made upon due presentation by the Depositary or the Custodian
to the Company of any relevant coupons, talons, or certificates. The Company shall promptly notify the Depositary of such distributions.
The Depositary or the Custodian shall promptly present such coupons, talons or certificates, as the case may be, in connection with any
such distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.7 </FONT><U>Redemption</U>. If the Company intends to exercise any right of redemption in respect of any of the Deposited Securities,
the Company shall give notice thereof to the Depositary at least 30 days prior to the intended date of redemption, which notice shall
set forth the particulars of the proposed redemption. Upon receipt of (i) such notice and (ii) satisfactory documentation given by the
Company to the Depositary within the terms of Section 5.7, the Depositary shall provide to each Holder a notice setting forth the intended
exercise by the Company of the redemption rights and any other particulars set forth in the Company&rsquo;s notice to the Depositary and,
to the extent practicable, the Depositary shall establish procedures deemed reasonably necessary to give effect to the terms of this Section
4.7 for the exercise of redemption rights by Holders. The Depositary shall instruct the Custodian to present to the Company the Deposited
Securities in respect of which redemption rights are being exercised against payment of the applicable redemption price. Upon receipt
of confirmation from the Custodian that the redemption has taken place and that funds representing the redemption price have been received,
the Depositary shall convert, transfer and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred
by, the Depositary, and (b) taxes), retire ADSs and cancel any ADRs upon delivery of such ADSs by Holders thereof and the terms set forth
in Sections 4.1 and 6.2 hereof. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected
by lot or on a pro rata basis, as may be determined by the Depositary. The redemption price per ADS shall be the per share amount received
by the Depositary upon the redemption of the Deposited Securities represented by American Depositary Shares (subject to the terms of Section
4.8 hereof and the applicable (a) fees and charges of, and expenses incurred by, the Depositary, and (b) taxes) multiplied by the number
of Deposited Securities represented by each ADS redeemed.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.8 </FONT><U>Conversion of Foreign Currency</U>. Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends
or other distributions or the net proceeds from the sale of securities, property or rights, which in the judgment of the Depositary such
Foreign Currency can at such time be converted on a practicable basis, by sale or in any other manner that it may determine in accordance
with applicable law, into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary
shall convert or cause to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and
shall distribute such Dollars (net of any applicable fees, any reasonable and customary expenses incurred in such conversion and any expenses
incurred on behalf of the Holders in complying with currency exchange control or other governmental requirements) in accordance with the
terms of the applicable sections of this Deposit Agreement. If the Depositary shall have distributed warrants or other instruments that
entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants and/or instruments
upon surrender thereof for cancellation, in either case without liability for interest thereon. Such distribution may be made upon an
averaged or other practicable basis without regard to any distinctions among Holders on account of any application of exchange restrictions
or otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If such conversion or distribution
generally or with regard to a particular Holder can be effected only with the approval or license of any government or agency thereof,
the Depositary shall have authority to file such application for approval or license, if any, as it may deem desirable. In no event, however,
shall the Depositary be obligated to make such a filing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If at any time the Depositary
shall determine that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion
received by the Depositary is not practicable or lawful, or if any approval or license of any governmental authority or agency thereof
that is required for such conversion, transfer and distribution is denied or, in the opinion of the Depositary, not obtainable at a reasonable
cost or within a reasonable period, the Depositary may, in its sole discretion, take one or more of the following actions: (i) make such
conversion and distribution in Dollars to the Holders for whom such conversion, transfer and distribution is lawful and practicable; (ii)
distribute the Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) to Holders for whom
such distribution is lawful and practicable; or (iii) hold (or cause the Custodian to hold) such Foreign Currency (without liability for
interest thereon) for the respective accounts of the Holders entitled to receive the same.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.9 </FONT><U>Fixing of ADS Record Date</U>. Whenever the Depositary shall receive notice of the fixing of a record date by the Company
for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights, or other
distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American
Depositary Share, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or of proxies, of holders
of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the giving
of any notice, solicitation of any consent or any other matter, the Depositary shall, after consultation with the Company, fix a record
date (the &ldquo;ADS Record Date&rdquo;) for the determination of the Holders of ADSs who shall be entitled to receive such distribution,
to give instructions for the exercise of voting rights at any such meeting, or to give or withhold such consent, or to receive such notice
or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented
by each American Depositary Share. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as possible
to the record date applicable to the Deposited Securities (if any) set by the Company in Brazil. Subject to applicable law and the provisions
of Section 4.1 through 4.8 and to the other terms and conditions of this Deposit Agreement, only the Holders of record at the close of
business in New York on such ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive
such notice or solicitation, or otherwise take action.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.10 </FONT><U>Voting of Deposited Securities</U>. As soon as practicable after receipt of notice of any meeting at which the holders
of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary
shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance with Section 4.9. The Depositary
shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the
request shall not have been received by the Depositary at least thirty (30) days prior to the date of such vote or meeting), at the Company&rsquo;s
expense and provided no U.S. legal prohibitions exist, distribute to Holders as of the ADS Record Date: (a) such notice of meeting or
solicitation of consent or proxy, (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject
to any applicable law, the provisions of this Deposit Agreement, the <I>Estatuto Social</I> of the Company and the provisions of or governing
the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary
as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder&rsquo;s ADSs, and (c)
a brief statement as to the manner in which such voting instructions may be given, including a statement setting forth the action to be
taken by the Depositary if voting instructions are received that fail to specify the manner in which such Holder&rsquo;s ADS(s) are to
be voted. Voting instructions may be given only in respect of a number of ADSs representing an integral number of Deposited Securities.
Upon the timely receipt from a Holder of ADSs as of the ADS Record Date of voting instructions in the manner specified by the Depositary,
the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the
provisions of the <I>Estatuto Social</I> of the Company and the provisions of or governing the Deposited Securities, to vote, or cause
the Custodian to vote, the Deposited Securities (in person or by proxy) represented by such Holder&rsquo;s ADSs in accordance with such
voting instructions.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Neither the Depositary nor the
Custodian shall under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote,
attempt to exercise the right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities
represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise contemplated
herein. If the Depositary timely receives voting instructions from a Holder that fail to specify the manner in which the Depositary is
to vote the Deposited Securities represented by such Holder&rsquo;s ADSs, the Depositary will deem such Holder (unless otherwise specified
in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting instructions.
Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall
not be voted.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything else
contained herein, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not
voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose
of establishing quorum at a meeting of shareholders. Notwithstanding anything else contained in this Deposit Agreement or any Receipt,
the Depositary shall not have any obligation to take any action with respect to any meeting, or solicitation of consents or proxies, of
holders of Deposited Securities if the taking of such action would violate U.S. laws. The Company agrees to take any and all actions reasonably
necessary to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities and to deliver to
the Depositary an opinion of U.S. counsel addressing any actions requested to be taken if so requested by the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything contained
in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law, regulations or applicable stock exchange
requirements, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of
consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with a means to retrieve
such materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact
for requesting copies of the materials).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">It is understood and agreed
that Holders generally or any Holder in particular may not receive the notice described above with sufficient time to enable the Holder
to return voting instructions to the Depositary in a timely manner.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.11 </FONT><U>Changes Affecting Deposited Securities</U>. Upon any change in nominal or par value, split-up, cancellation, consolidation
or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of
assets affecting the Company or to which it is otherwise a party, any securities which shall be received by the Depositary or the Custodian
in exchange for, or in conversion of or replacement of or otherwise in respect of, such Deposited Securities shall, to the extent permitted
by law, be treated as new Deposited Securities under this Deposit Agreement, and any Receipts shall, subject to the provisions of this
Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. Alternatively, the Depositary
may, with the Company&rsquo;s approval, and shall, if the Company shall so request, subject to the terms of this Deposit Agreement and
receipt of an opinion of counsel to the Company satisfactory to the Depositary that such distributions are not in violation of any applicable
laws or regulations, (i) issue and deliver additional ADSs as in the case of a stock dividend on the Shares, (ii) amend this Deposit Agreement
and the applicable ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the
ADSs, (iv) call for the surrender of outstanding Receipts to be exchanged for new Receipts, and (v) take such other actions as are appropriate
to reflect the transaction with respect to the ADSs. The Company agrees to, jointly with the Depositary, amend the Registration Statement
on Form F-6 as filed with the Commission to permit the issuance of such new form of Receipts. Notwithstanding the foregoing, in the event
that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company&rsquo;s approval,
and shall, if the Company requests, subject to receipt of an opinion of Company&rsquo;s counsel satisfactory to the Depositary that such
action is not in violation of any applicable laws or regulations, sell such securities at public or private sale, at such place or places
and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and expenses
incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to such securities upon an averaged or other
practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable
as in the case of a distribution received in cash pursuant to Section 4.1. Immediately upon the occurrence of any such change, conversion
or exchange covered by this Section 4.11 in respect of the Deposited Securities, the Depositary shall give notice thereof in writing,
to all Holders, at the Company&rsquo;s expense; <U>provided</U> that the Company shall provide the Depositary with the content of such
notice in writing. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make
such securities available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in
connection with such sale, or (iii) any liability to the purchaser of such securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.12 </FONT><U>Available Information</U>. The Company is subject to the periodic reporting requirements of the Exchange Act and accordingly
files certain information with the Commission. The reports and documents referred to in this Section 4.12 can be retrieved from the Commission&rsquo;s
website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by the Commission located at 100 F
Street, N.E., Washington D.C. 20549.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.13 </FONT><U>Reports</U>. The Depositary shall make available for inspection by Holders at its Principal Office any reports and communications,
including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the
nominee of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited
Securities by the Company. The Depositary shall also provide to Holders copies of such reports when furnished by the Company pursuant
to Section 5.6.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.14 </FONT><U>List of Holders</U>. Upon written request by the Company, the Depositary shall furnish to the Company a list, as of a recent
date, of the names, addresses and holdings of American Depositary Shares of all Holders, as such information is reflected in the Depositary&rsquo;s
records.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
4.15 </FONT><U>Taxation</U>. The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such information
from its records as the Company may reasonably request to enable the Company or its agents to file the necessary tax reports with governmental
authorities or agencies. The Depositary, the Custodian or the Company and its agents may, but shall not be obligated to, file such reports
as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Securities under
applicable tax treaties or laws for the Holders and Beneficial Owners. In accordance with instructions from the Company and to the extent
practicable, the Depositary or the Custodian will take reasonable administrative actions to obtain tax refunds, reduced withholding of
taxes at source on dividends and other benefits under applicable tax treaties or laws with respect to dividends and other distributions
on the Deposited Securities. As a condition to receiving such benefits, Holders and Beneficial Owners of ADSs may be required from time
to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute
such certificates and to make such representations and warranties, or to provide any other information or documents, as the Depositary
or the Custodian may deem necessary or proper to fulfill the Depositary&rsquo;s or the Custodian&rsquo;s obligations under applicable
law. The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors,
employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to
taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax
benefit obtained.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If the Company (or any of its
agents) withholds from any distribution any amount on account of taxes or governmental charges, or pays any other tax in respect of such
distribution (i.e., stamp duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to) remit promptly
to the Depositary information about such taxes or governmental charges withheld or paid, and, if so requested, the tax receipt (or other
proof of payment to the applicable governmental authority) therefor, in each case, in a form reasonably satisfactory to the Depositary.
The Depositary shall, to the extent required by U.S. law, report to Holders any taxes withheld by it or the Custodian, and, if such information
is provided to it by the Company, any taxes withheld by the Company. The Depositary and the Custodian shall not be required to provide
the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the
Company, except to the extent the evidence is provided by the Company to the Depositary or the Custodian, as applicable. Neither the Depositary
nor the Custodian shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of
non-U.S. tax paid against such Holder&rsquo;s or Beneficial Owner&rsquo;s income tax liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary is under no obligation
to provide the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur
any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the ADSs,
including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a &ldquo;Passive
Foreign Investment Company&rdquo; (as defined in the U.S. Internal Revenue Code, as amended, and the regulations issued thereunder) or
otherwise.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
V</FONT><BR>
<BR>
THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.1 </FONT><U>Maintenance of Office and Transfer Books by the Registrar</U>. Until termination of this Deposit Agreement in accordance
with its terms, the Registrar shall maintain in the Borough of Manhattan, The City of New York, an office and facilities for the issuance
and delivery, registration of issuances, cancellations, transfers, combination and split-up of ADSs, the acceptance for surrender of ADSs
for the purpose of withdrawal of Deposited Securities, and, if applicable, to countersign any ADRs evidencing the ADSs so issued, transferred,
combined or split-up, in each case in accordance with the provisions of this Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Registrar shall keep books
for the registration of issuances and transfers of ADSs which at all reasonable times shall be open for inspection by the Company and
by the Holders of such ADSs, provided that such inspection shall not be, to the Registrar&rsquo;s knowledge, for the purpose of communicating
with Holders of such ADSs in the interest of a business or object other than the business of the Company or other than a matter related
to this Deposit Agreement or the ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Registrar may close the
transfer books with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection
with the performance of its duties hereunder, or at the reasonable written request of the Company, subject, in all cases, to Section 7.8
hereof.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If any ADSs are listed on one
or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or, with the written
approval of the Company, appoint a Registrar or one or more co-registrars for registration of issuances, cancellations, transfers, combinations
and split-ups of ADSs, and, if applicable, to countersign any ADRs evidencing the ADSs so issued, transferred, combined or split-up, in
accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes
appointed by the Depositary upon the written request of or with the prior written approval of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.2 </FONT><U>Exoneration</U>. Neither the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent
with the provisions of this Deposit Agreement or shall incur any liability (i) if the Depositary or the Company shall be prevented or
forbidden from, or delayed in, doing or performing any act or thing required by the terms of this Deposit Agreement, by reason of any
provision of any present or future law or regulation of the United States, Brazil or any other country, or of any other governmental authority
or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any
provision, present or future of the <I>Estatuto Social</I> of the Company or any provision of or governing any Deposited Securities, or
by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation,
currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure),
(ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement or in the <I>Estatuto
Social</I> of the Company or provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice
or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized
representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for
the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available
to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Holders of ADSs or (v) for
any consequential or punitive damages for any breach of the terms of this Deposit Agreement.</P>

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

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

<!-- Field: Page; Sequence: 55; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary, its controlling
persons, its agents, the Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon
any written notice, request 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No disclaimer of liability under
the Securities Act is intended by any provision of this Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.3 </FONT><U>Standard of Care</U>. The Company and its agents assume no obligation and shall not be subject to any liability under this
Deposit Agreement or the Receipts to any Holders or Beneficial Owner(s) or other persons, except that the Company and its agents agree
to perform their respective obligations specifically set forth in this Deposit Agreement or the applicable Receipts without negligence
or bad faith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary and its agents
assume no obligation and shall not be subject to any liability under this Deposit Agreement or the Receipts to Holders or Beneficial Owners
or other persons, except that the Depositary and its agents agree to perform their obligations specifically set forth in this Deposit
Agreement without negligence or bad faith.</P>

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

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

<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence -->-</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Without limitation of the foregoing,
neither the Depositary, nor the Company, nor any of their respective controlling persons, or agents, shall be under any obligation to
appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts,
which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expenses (including fees
and disbursements of counsel) and liabilities be furnished as often as may be required (and the Custodian shall not be under any obligation
whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary and its agents
shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which
any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and in accordance with the terms
of this Deposit Agreement. The Depositary shall not incur any liability for any failure to determine that any distribution or action may
be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders
or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities,
for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or
Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of this Deposit Agreement
or for the failure or timeliness of any notice from the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.4 </FONT><U>Resignation and Removal of the Depositary; Appointment of Successor Depositary</U>. The Depositary may at any time resign
as Depositary hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of
(i) the 90<SUP>th</SUP> day after delivery thereof to the Company (whereupon the Depositary shall be entitled to take the actions contemplated
in Section 6.2 hereof), or (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter
provided.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary may at any time
be removed by the Company by written notice of such removal, which removal shall be effective on the appointment by the Company of a successor
depositary and its acceptance of such appointment as hereinafter provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In case at any time the Depositary
acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be
a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall be required
by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder,
and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall become fully vested
with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9). The predecessor
depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9),
(ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver
to such successor a list of the Holders of all outstanding ADSs and such other information relating to ADSs and Holders thereof as the
successor may reasonably request. Any such successor depositary shall promptly provide notice of its appointment to such Holders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any corporation into or with
which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document
or any further act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.5 </FONT><U>The Custodian</U>. The Depositary has initially appointed Citibank Distribuidora de T&iacute;tulos e Valores Mobili&aacute;rios
S.A. as Custodian for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all
times and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible
solely to it. The Custodian may resign and be discharged from its duties hereunder with respect to any Deposited Securities by notice
of such resignation delivered to the Depositary at least 60 days prior to the date on which such resignation is to become effective. The
Depositary shall promptly appoint a substitute custodian that is organized under the laws of Brazil, which substitute custodian shall
assume its duties hereunder on the effective date of the resignation of the Custodian hereunder. The Depositary hereby covenants and agrees
that at no time shall there be more than one Custodian acting in connection with this Deposit Agreement. The Depositary shall require
such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it
as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever
the Depositary determines, in its discretion, that it is appropriate to do so, it may discharge the Custodian with respect to any Deposited
Securities and appoint a substitute custodian, which shall thereafter be the Custodian hereunder with respect to the Deposited Securities.
Immediately upon any such change, the Depositary shall give notice thereof in writing to the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon the appointment of any
successor depositary, the Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian
of the Deposited Securities without any further act or writing and shall be subject to the direction of the successor depositary. The
successor depositary so appointed shall, nevertheless, on the written request of the Custodian, execute and deliver to the Custodian all
such instruments as may be proper to give to the Custodian full and complete power and authority to act on the direction of such successor
depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.6 </FONT><U>Notices and Reports</U>. On or before the first date on which the Company gives notice, by publication or otherwise, of
any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action
by such holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions or the offering
of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice
thereof in the English language but otherwise in the form given or to be given to holders of Shares or other Deposited Securities. The
Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions
of the <I>Estatuto Social</I> of the Company that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company will also transmit
to the Depositary (a) an English language version of the other notices, reports and communications which are made generally available
by the Company to holders of its Shares or other Deposited Securities and (b) the English-language versions of the Company&rsquo;s annual
and semi-annual reports prepared in accordance with the applicable requirements of the Commission. The Depositary shall arrange, at the
request of the Company and at the Company&rsquo;s expense, to provide copies thereof to all Holders or make such notices, reports and
other communications available to all Holders on a basis similar to that for holders of Shares or other Deposited Securities or on such
other basis as the Company may advise the Depositary or as may be required by any applicable law, regulation or stock exchange requirement.
The Company has delivered to the Depositary and the Custodian a copy of the Company&rsquo;s <I>Estatuto Social</I> along with the provisions
of or governing the Shares and any other Deposited Securities issued by the Company or any Affiliate of the Company in connection with
such Shares, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian
a copy of such amendment thereto or change therein. The Depositary may rely upon such copy for all purposes of this Deposit Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary will, at the
expense of the Company, make available a copy of any such notices, reports or communications issued by the Company and delivered to the
Depositary for inspection by the Holders of the ADSs at the Depositary&rsquo;s Principal Office, at the office of the Custodian and at
any other designated transfer office.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.7 </FONT><U>Issuance of Additional Shares, ADSs etc</U>. The Company agrees that in the event it or any of its Affiliates proposes (i)
an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities,
(iii) an issuance of securities convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible
into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting
of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger or
consolidation or transfer of assets or (viii) any reclassification, recapitalization, reorganization, merger, consolidation or sale of
assets which affects the Deposited Securities, it will obtain U.S. legal advice and take all steps necessary to ensure that the application
of the proposed transaction to Holders and Beneficial Owners does not violate the registration provisions of the Securities Act, or any
other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or the securities
laws of the states of the United States). In support of the foregoing, the Company will furnish to the Depositary (a) a written opinion
of U.S. counsel (reasonably satisfactory to the Depositary) stating whether or not application of such transaction to Holders and Beneficial
Owners (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements
of the Securities Act and (b) an opinion of Brazilian counsel stating that (1) making the transaction available to Holders and Beneficial
Owners does not violate the laws or regulations of Brazil and (2) all requisite regulatory consents and approvals have been obtained in
Brazil. If the filing of a registration statement is required, the Depositary shall not have any obligation to proceed with the transaction
unless it shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective. If,
being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the Company
will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to avoid the registration requirements
of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in this Deposit Agreement,
to prevent such transaction from violating the registration requirements of the Securities Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company agrees with the
Depositary that neither the Company nor any of its Affiliates will at any time (i) deposit any Shares or other Deposited Securities, either
upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any
such Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for
Shares or rights to subscribe for such securities, unless such transaction and the securities issuable in such transaction are exempt
from registration under the Securities Act and, if applicable, the Exchange Act, or have been registered under the Securities Act and,
if applicable, the Exchange Act (and such registration statement has been declared effective).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything else
contained in this Deposit Agreement, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any registration
statement in respect of any proposed transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.8 </FONT><U>Indemnification</U>. The Depositary agrees to indemnify the Company and its directors, officers, employees, agents and Affiliates
against, and hold each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but
not limited to, the reasonable fees and expenses of counsel) which may arise out of acts performed or omitted by the Depositary under
the terms hereof due to the negligence or bad faith of the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company agrees to indemnify
the Depositary, the Custodian and any of their respective directors, officers, employees, agents and Affiliates against, and hold each
of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited to, the reasonable
fees and expenses of counsel) that may arise (a) out of or in connection with any offer, issuance, sale, resale, transfer, deposit or
withdrawal of Receipts, ADSs, the Shares, or other Deposited Securities, as the case may be, (b) out of or as a result of any offering
documents in respect thereof or (c) out of acts performed or omitted, including, but not limited to, any delivery by the Depositary on
behalf of the Company of information regarding the Company in connection with this Deposit Agreement, the Receipts, the ADSs, the Shares,
or any Deposited Securities, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees,
agents and Affiliates, except to the extent such loss, liability, tax, charge or expense is due to the negligence or bad faith of any
of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates. The indemnities contained in this
paragraph shall not extend to any liability or expense which may arise out of any Pre-Release Transaction (as defined in Section 5.10
hereof) other than a Pre-Release Transaction entered into at the request of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The obligations set forth in
this Section shall survive the termination of this Deposit Agreement and the succession or substitution of any party hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any person seeking indemnification
hereunder (an &ldquo;indemnified person&rdquo;) shall notify the person from whom it is seeking indemnification (the &ldquo;indemnifying
person&rdquo;) of the commencement of any indemnifiable action or claim promptly after such indemnified person becomes aware of such commencement
(provided that the failure to make such notification shall not affect such indemnified person&rsquo;s rights to seek indemnification except
to the extent the indemnifying person is materially prejudiced by such failure) and shall consult in good faith with the indemnifying
person as to the conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable
under the circumstances. No indemnified person shall compromise or settle any action or claim that may give rise to an indemnity hereunder
without the consent of the indemnifying person, which consent shall not be unreasonably withheld.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.9 </FONT><U>Fees and Charges of Depositary</U>. The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering
ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary&rsquo;s fees and
related charges identified as payable by them respectively in the Fee Schedule attached hereto as Exhibit B. All fees and charges so payable
may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of fees and charges
payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1. The Depositary shall provide, without charge,
a copy of its latest fee schedule to anyone upon request.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Depositary fees payable upon (i) deposit of Shares
against issuance of ADSs and (ii)&nbsp;surrender of ADSs for cancellation and withdrawal of Deposited Securities will be charged by the
Depositary to the person to whom the ADSs so issued are delivered (in the case of ADS issuances) and to the person who delivers the ADSs
for cancellation to the Depositary (in the case of ADS cancellations). In the case of ADSs issued by the Depositary into DTC or presented
to the Depositary via DTC, the ADS issuance and cancellation fees will be payable to the Depositary by the DTC Participant(s) receiving
the ADSs from the Depositary or the DTC Participant(s) surrendering the ADSs to the Depositary for cancellation, as the case may be, on
behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s)
in accordance with the procedures and practices of the DTC Participant(s) as in effect at the time. Depositary fees in respect of distributions
and the Depositary services fee are payable to the Depositary by Holders as of the applicable ADS Record Date established by the Depositary.
In the case of distributions of cash, the amount of the applicable Depositary fees is deducted by the Depositary from the funds being
distributed. In the case of distributions other than cash and the Depositary service fee, the Depositary will invoice the applicable Holders
as of the ADS Record Date established by the Depositary. For ADSs held through DTC, the Depositary fees for distributions other than cash
and the Depositary service fee are charged by the Depositary to the DTC Participants in accordance with the procedures and practices prescribed
by DTC from time to time and the DTC Participants in turn charge the amount of such fees to the Beneficial Owners for whom they hold ADSs.</P>

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

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

<!-- Field: Page; Sequence: 65; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary may remit to
the Company all or a portion of the Depositary fees charged for the reimbursement of or reimburse the Company for certain expenses incurred
by the Company in respect of the ADR program established pursuant to this Deposit Agreement upon such terms and conditions as the Company
and the Depositary may agree from time to time. The Company agrees to promptly pay to the Depositary such other fees and charges and to
reimburse the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree to in writing from time to time.
Responsibility for payment of such charges may at any time and from time to time be changed by agreement between the Company and the Depositary.
Unless otherwise agreed, the Depositary shall present its statement for such expenses and fees or charges to the Company once every three
months. The charges and expenses of the Custodian are for the sole account of the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The right of the Depositary
to receive payment of fees, charges and expenses as provided above shall survive the termination of this Deposit Agreement. As to any
Depositary, upon the resignation or removal of such Depositary as described in Section 5.4 hereof, such right shall extend for those fees,
charges and expenses incurred prior to the effectiveness of such resignation or removal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.10 </FONT><U>Pre-Release</U>. Subject to the further terms and provisions of this Section 5.10, the Depositary, its Affiliates and their
agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. In its capacity
as Depositary, the Depositary shall not lend Shares or ADSs; <U>provided, however</U>, that the Depositary may (i) issue ADSs prior to
the receipt of Shares pursuant to Section 2.3 and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited Securities
pursuant to Section 2.7, including ADSs that were issued under (i) above but for which Shares may not have been received (each such transaction
a &ldquo;Pre-Release Transaction&rdquo;). The Depositary</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">may receive ADSs in lieu of Shares under (i) above and receive Shares in lieu
of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to a written agreement whereby the person or entity (the
&ldquo;Applicant&rdquo;) to whom ADSs or Shares are to be delivered (1) represents that at the time of the Pre-Release Transaction the
Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (2) agrees
to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary
until such Shares or ADSs are delivered to the Depositary or the Custodian, (3) unconditionally guarantees to deliver to the Depositary
or the Custodian, as applicable, such Shares or ADSs and (4) agrees to any additional restrictions or requirements that the Depositary
deems appropriate, (b) at all times fully collateralized with cash, United States government securities or such other collateral as the
Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days&rsquo; notice and (d) subject to
such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of
ADSs and Shares involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving
effect to ADSs outstanding under (i) above), <U>provided, however</U>, that the Depositary reserves the right to change or disregard such
limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved
in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary may retain for
its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not
the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
5.11 </FONT><U>Restricted Securities Owners</U>. The Company agrees to advise in writing each of the persons or entities who, to the actual
knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder and, to the
extent reasonably practicable, shall require each of such persons to represent in writing that such person will not deposit Restricted
Securities hereunder.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
VI</FONT><BR>
<BR>
AMENDMENT AND TERMINATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
6.1 </FONT><U>Amendment/Supplement</U>. Subject to the terms and conditions of this Section 6.1 and applicable law, the Receipts outstanding
at any time, the provisions of this Deposit Agreement and the form of Receipt attached hereto and to be issued under the terms hereof
may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect
which they may deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement
which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes
and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing
right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration of 60 days after
notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. The parties hereto agree that any amendments
or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered
on Form F-6 under the Securities Act or (b) the ADSs to be traded solely in electronic book-entry form and (ii) do not in either such
case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights
of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall
be deemed, by continuing to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement
and the Receipt, if applicable, as amended and supplemented thereby. In no event shall any amendment or supplement impair the right of
the Holder to surrender such ADSs and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which
would require an amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend
or supplement the Deposit Agreement and any Receipts at any time in accordance with such changed laws, rules or regulations. Such amendment
or supplement to the Deposit Agreement and the Receipts in such circumstances may become effective before a notice of such amendment or
supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
6.2 </FONT><U>Termination</U>. The Depositary shall, at any time at the written direction of the Company, terminate this Deposit Agreement
by providing notice of such termination to the Holders of all ADSs then outstanding at least 90 days prior to the date fixed in such notice
for such termination. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its
election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and
in either case a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4, the Depositary
may terminate this Deposit Agreement by providing notice of such termination to the Holders of all ADSs then outstanding at least 30 days
prior to the date fixed for such termination. On and after the date of termination of this Deposit Agreement, the Holder of an ADS will,
upon surrender of such ADS and any Receipt evidencing such ADS at the Principal Office of the Depositary, upon the payment of the charges
of the Depositary for the surrender of ADSs referred to in Section 2.7 and subject to the conditions and restrictions</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">therein set forth,
and upon payment of any applicable taxes or governmental charges, be entitled to Delivery, to him or upon his order, of the amount of
Deposited Securities represented by such ADS. If any ADSs shall remain outstanding after the date of termination of this Deposit Agreement,
the Registrar thereafter shall discontinue the registration of transfers of ADSs, and the Depositary shall suspend the distribution of
dividends to the Holders thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except
that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights
as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions
set forth in Section 2.7, together with any dividends or other distributions received with respect thereto and the net proceeds of the
sale of any rights or other property, in exchange for ADSs surrendered to the Depositary (after deducting, or charging, as the case may
be, in each case, the charges of the Depositary for the surrender of an ADS, any expenses for the account of the Holder in accordance
with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges or assessments). At any time
after the expiration of six months from the date of termination of this Deposit Agreement, the Depositary may sell the Deposited Securities
then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it
hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders whose ADSs have not theretofore
been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement with respect
to the Receipts, the Deposited Securities and the ADSs, except to account for such net proceeds and other cash (after deducting, or charging,
as the case may be, in each case, the charges of the Depositary for the surrender of an ADS, any expenses for the account of the Holder
in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges or assessments).
Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except
for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 hereof.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
VII</FONT><BR>
<BR>
MISCELLANEOUS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
7.1 </FONT><U>Counterparts</U>. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an
original, and all of such counterparts together shall constitute one and the same agreement. Copies of this Deposit Agreement shall be
maintained with the Depositary and shall be open to inspection by any Holder during business hours.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
7.2 </FONT><U>No Third-Party Beneficiaries</U>. This Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors)
and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except to the extent specifically
set forth in this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to give rise to a partnership or joint venture
among the parties hereto nor establish a fiduciary or similar relationship among the parties. The parties hereto acknowledge and agree
that (i) the Depositary and its Affiliates may at any time have multiple banking relationships with the Company and its Affiliates, (ii)
the Depositary and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or the Holders or
Beneficial Owners may have interests and (iii) nothing contained in this Agreement shall (a) preclude the Depositary or any of its Affiliates
from engaging in such transactions or establishing or maintaining such relationships, or (b) obligate the Depositary or any of its Affiliates
to disclose such transactions or relationships or to account for any profit made or payment received in such transactions or relationships.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
7.3 </FONT><U>Severability</U>. In case any one or more of the provisions contained in this Deposit Agreement or in any Receipt should
be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained
herein or therein shall in no way be affected, prejudiced or disturbed thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
7.4 </FONT><U>Holders and Beneficial Owners as Parties; Binding Effect</U>. The Holders and Beneficial Owners from time to time of American
Depositary Shares shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any Receipt
by acceptance thereof or any beneficial interest therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
7.5 </FONT><U>Notices</U>. Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered
or sent by mail, air courier or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent by mail or air
courier, addressed to Companhia Energ&eacute;tica de Minas Gerais - CEMIG, Avenida Barbacena, 1200, 30190-131 Belo Horizonte, Minas Gerais,
Brazil, Attention: Luiz Fernando Rolla, or to any other address which the Company may specify in writing to the Depositary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any and all notices to be given
to the Depositary shall be deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex or facsimile
transmission, confirmed by letter personally delivered or sent by mail or air courier, addressed to Citibank, N.A., 388 Greenwich Street,
New York, New York 10013, U.S.A., Attention: Depositary Receipts Department, or to any other address which the Depositary may specify
in writing to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any and all notices to be given
to any Holder shall be deemed to have been duly given if (a) personally delivered or sent by mail, air courier or cable, telex or facsimile
transmission, confirmed by letter, addressed to such Holder at the address of such Holder as it appears on the books of the Depositary,
or, if such Holder shall have filed with the Depositary a request that notices intended for such Holder be mailed to some other address,
at the address specified in such request, or (b) if a Holder shall have designated such means of notification as an acceptable means of
notification under the terms of this Deposit Agreement, by means of electronic messaging addressed for delivery to the e-mail address
designated by the Holder for such purpose. Notice to Holders shall be deemed to be notice to Beneficial Owners for all purposes of this
Deposit Agreement. Failure to notify a Holder or any defect in the notification to a Holder shall not affect the sufficiency of notification
to other Holders or to the Beneficial Owners of ADSs held by such other Holders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Delivery of a notice sent by
mail, air courier or cable, telex or facsimile transmission shall be deemed to be effective at the time when a duly addressed letter containing
the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office
letter box or delivered to an air courier service, without regard for the actual receipt or time of actual receipt thereof by a Holder.
The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received by it from any Holder, the Custodian
or the Company, notwithstanding that such cable, telex or facsimile transmission shall not be subsequently confirmed by letter as aforesaid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Delivery of a notice by means
of electronic messaging shall be deemed to be effective at the time of the initiation of the transmission by the sender (as shown on the
sender&rsquo;s records), notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve such message,
or fails to receive such notice on account of its failure to maintain the designated e-mail address, its failure to designate a substitute
e-mail address or for any other reason.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
7.6 </FONT><U>Governing Law and Jurisdiction</U>. 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 without
reference to the principles of choice of law thereof. Notwithstanding anything contained in this Deposit Agreement, any Receipt or any
present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other Deposited Securities
and the obligations and duties of the Company in respect of the holders of Shares and other Deposited Securities, as such, shall be governed
by the laws of Brazil (or, if applicable, such other laws as may govern the Deposited Securities).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Except as set forth in the following
paragraph of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have
jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection
with this Deposit Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The Company
hereby irrevocably designates, appoints and empowers CT Corporation System (the &ldquo;Agent&rdquo;) now at 111 Eighth Avenue, New York,
NY 10011, as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties, assets and revenues, service
by mail of any and all legal process, summons, notices and documents that may be served in any suit, action or proceeding brought against
the Company in any federal or state court as described in the preceding sentence or in the next paragraph of this Section 7.6. If for
any reason the Agent shall cease to be available to act as such, the Company agrees to designate a new agent in the City of New York on
the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents
and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company,
by service by mail of a copy thereof upon the Agent (whether or not the appointment of such Agent shall for any reason prove to be ineffective
or such Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail,
postage prepaid, to its address provided in Section 7.5 hereof. The Company agrees that the failure of the Agent to give any notice of
such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding
based thereon.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding the foregoing,
the Depositary and the Company unconditionally agree that in the event that a Holder or Beneficial Owner brings a suit, action or proceeding
against (a) the Company, (b) the Depositary in its capacity as Depositary under this Deposit Agreement or (c) against both the Company
and the Depositary, in any such case, in any state or federal court of the United States, and the Depositary or the Company have any claim,
for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding, then the Company
and the Depositary may pursue such claim against each other in the state or federal court in the United States in which such suit, action,
or proceeding is pending, and for such purposes, the Company and the Depositary irrevocably submit to the non-exclusive jurisdiction of
such courts. The Company agrees that service of process upon the Agent in the manner set forth in the preceding paragraph shall be effective
service upon it for any suit, action or proceeding brought against it as described in this paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company irrevocably and
unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue
of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company irrevocably and
unconditionally waives, to the fullest extent permitted by law, and agrees not to plead or claim, any right of immunity from legal action,
suit or proceeding, 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, from execution of judgment, or from any other legal process or proceeding
for the giving of any relief or for the enforcement of any judgment, and consents to such relief and enforcement against it, its assets
and its revenues in any jurisdiction, in each case with respect to any matter arising out of, or in connection with, the Deposit Agreement,
any Receipt or the Deposited Securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No disclaimer of liability under
the Securities Act is intended by any provision of the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The provisions of this Section
7.6 shall survive any termination of this Deposit Agreement, in whole or in part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
7.7 </FONT><U>Assignment</U>. Subject to the provisions of Section 5.4 hereof, this Deposit Agreement may not be assigned by either the
Company or the Depositary without the prior written consent of the other party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
7.8 </FONT><U>Compliance with U.S. Securities Laws</U>. Notwithstanding anything in this Deposit Agreement to the contrary, the withdrawal
or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction
I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
7.9 </FONT><U>Regulatory Compliance</U>. The Depositary and the Company hereby confirm to each other that, for as long as this Deposit
Agreement is in effect, they shall comply with any requirements for registration of the amount of Deposited Securities with the <I>Banco
Central do Brasil</I> and furnish the CVM, the <I>Banco Central do Brasil</I> and any other applicable entity such information and documents
related to the approved ADR program, the Deposited Securities, distributions thereon, the Receipts and the Depositary&rsquo;s obligations
hereunder as may be requested by such authorities from time to time pursuant to paragraph 3, article 3 of Regulation Annex V to Resolution
1.289.87 (as published in Resolution 1.927/92) of the Brazilian National Monetary Council. In the event that the Depositary or the Custodian
shall be advised in writing (the &ldquo;Legal Warning&rdquo;) by Brazilian counsel reasonably satisfactory to the Depositary that the
Depositary or Custodian reasonably could be subject to criminal or civil liabilities as a result of the Company having failed to provide
to the CVM, the <I>Banco Central do Brasil</I> or any other applicable entity such information or documents available through the Company,
the Depositary will immediately send a copy of the Legal Warning to the Company, shall have the right to immediately resign as Depositary
by written notice to the Company and will not be subject to any liability hereunder for such resignation or such determination, and the
Company agrees to indemnify the Depositary, the Custodian and any of their respective officers, directors, employees and agents against,
and hold each of them harmless from any loss or liability of any kind incurred that arises under this Section 7.9. Upon effectiveness
of such resignation, the Depositary shall otherwise be discharged from all of its obligations under this Deposit Agreement. Resignation
pursuant to this paragraph shall be effected in accordance with Section 5.4; provided that, if the Company fails to appoint a new depositary
within ninety (90) days of such resignation, this Deposit Agreement shall be terminated in accordance with Section 6.2 and the Company
or its designated agents will assume the obligations stated as the obligations of the Depositary in such Section.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The provisions of this Section
7.9 shall survive any termination of this Deposit Agreement in whole or in part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
7.10 </FONT><U>Titles and References</U>. All references in this Deposit Agreement to exhibits, articles, sections, subsections, and other
subdivisions refer to the exhibits, articles, sections, subsections and other subdivisions of this Deposit Agreement unless expressly
provided otherwise. The words &ldquo;this Deposit Agreement,&rdquo; &ldquo;herein,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereby,&rdquo;
&ldquo;hereunder&rdquo; and words of similar import refer to the Deposit Agreement as a whole as in effect between the Company, the Depositary
and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns in masculine,
feminine and neuter gender shall be construed to include any other gender, and words in the singular form shall be construed to include
the plural and vice versa unless the context otherwise requires. Titles to sections of this Deposit Agreement are included for convenience
only and shall be disregarded in construing the language contained in this Deposit Agreement. References to &ldquo;applicable laws and
regulations&rdquo; shall refer to laws and regulations applicable to ADRs, ADSs or Deposited Securities as in effect at the relevant time
of determination, unless otherwise required by law or regulation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, COMPANHIA
ENERG&Eacute;TICA DE MINAS GERAIS&nbsp;-&nbsp;CEMIG and CITIBANK, N.A. have duly executed this Deposit Agreement in S&atilde;o Paulo,
Brazil as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance
by them of American Depositary Shares issued in accordance with the terms hereof, or upon acquisition of any beneficial interest therein.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">COMPANHIA ENERG&Eacute;TICA DE MINAS GERAIS&nbsp;&ndash;&nbsp;CEMIG</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">By:&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">/s/ Djalma Bastos de Morais</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:&#9;Djalma Bastos de Morais</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:&#9;&nbsp;&nbsp;Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Luiz Fernando Rolla</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:&#9;Luiz Fernando Rolla</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title: &#9;&nbsp;&nbsp;Chief Financial Officer</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">CITIBANK, N.A.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 45%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Paul Martin</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:&#9;Paul Martin</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:&#9;&nbsp;&nbsp;Vice President</TD></TR>
  </TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT A FORM
OF RECEIPT</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><B>CUSIP Number:</B></TD>
  <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">American Depositary&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">representing one (1)&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">each with a par value of R$5.00</P>
</TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">COMPANHIA ENERG&Eacute;TICA
DE MINAS GERAIS - CEMIG</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Organized and existing under the laws of the Federative
Republic of Brazil)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">CITIBANK, N.A., a national banking
association organized and existing under the laws of the United States of America, as depositary (herein called the &ldquo;Depositary&rdquo;),
hereby certifies that ___________________________ is the owner of __________________________ American Depositary Shares (hereinafter &ldquo;ADSs&rdquo;),
representing deposited voting common shares (<I>a&ccedil;&otilde;es ordin&aacute;rias</I>), each with a par value of R$5.00, including
evidence of rights to receive such voting common shares (the &ldquo;Shares&rdquo;) of COMPANHIA ENERG&Eacute;TICA DE MINAS GERAIS - CEMIG,
a company organized and existing under the laws of the Federative Republic of Brazil (the &ldquo;Company&rdquo;). As of the date of the
Deposit Agreement (as hereinafter defined), each ADS represents one (1) Share deposited under the Deposit Agreement with the Custodian,
which at the date of execution of the Deposit Agreement is Citibank Distribuidora de T&iacute;tulos e Valores Mobili&aacute;rios S.A.
(the &ldquo;Custodian&rdquo;). The ADS(s) to Share(s) ratio is subject to amendment as provided in Article IV of the Deposit Agreement.
The Depositary&rsquo;s Principal Office is located at 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>The Deposit Agreement</U>. This American Depositary Receipt is one of an issue of American Depositary Receipts (&ldquo;Receipts&rdquo;
or &ldquo;ADRs&rdquo;), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of June
12, 2007 (as amended and supplemented from time to time, the &ldquo;Deposit Agreement&rdquo;), by and among the Company, the Depositary,
and all Holders and Beneficial Owners from time to time of ADSs issued thereunder, with each Holder and Beneficial Owner from time to
time of ADSs, by accepting an ADS, becoming bound by all the terms and provisions thereof. The Deposit Agreement sets forth the rights
and obligations of Holders and Beneficial Owners of ADSs and the rights and duties of the Depositary in respect of the Shares deposited
thereunder and any and all other securities, property and cash from time to time received in respect of such Shares and held thereunder
(such Shares, other securities, property and cash are herein called &ldquo;Deposited Securities&rdquo;). Copies of the Deposit Agreement
are on file at the Principal Office of the Depositary and with the Custodian. Each Holder and each Beneficial Owner, upon acceptance of
any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement, shall be deemed for all
purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its
attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement
and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary
in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s),
the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The statements made on the face
and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and the <I>Estatuto Social</I> of the Company
(as in effect on the date of the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the
Deposit Agreement and the <I>Estatuto Social </I>of the Company, to which reference is hereby made. All capitalized terms used herein
which are not otherwise defined herein shall have the meanings ascribed thereto in the Deposit Agreement. The Depositary makes no representation
or warranty as to the validity or worth of the Deposited Securities. The Depositary has made arrangements for the acceptance of the ADSs
into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be
entitled to any rights attributable to such ADSs.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Surrender of Receipts and Withdrawal of Deposited Securities</U>. The Holder of this Receipt (and of the ADSs evidenced
hereby) shall be entitled to Delivery (at the Custodian&rsquo;s designated office) of the Deposited Securities without unreasonable delay
at the time represented by the ADS(s) evidenced hereby upon satisfaction of each of the following conditions: (i) the Holder (or a duly
authorized attorney of the Holder) has duly Delivered to the Depositary at its Principal Office the ADSs evidenced hereby (and, if applicable,
this Receipt) for the purpose of withdrawal of the Deposited Securities represented thereby; (ii) if so required by the Depositary, this
Receipt has been properly endorsed in blank or is accompanied by proper instruments of transfer in blank (including signature guarantees
in accordance with standard securities industry practice); (iii) if so required by the Depositary, the Holder of the ADSs has executed
and delivered 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 the person(s) designated in such order; and (iv) all applicable fees and charges of, and expenses incurred
by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit&nbsp;B to, the Deposit
Agreement) have been paid, subject, however, in each case, to the terms and conditions of this Receipt, the Deposit Agreement, the Company&rsquo;s
<I>Estatuto Social</I>, any applicable laws and the rules of <I>Companhia Brasileira de Liquida&ccedil;&atilde;o e Cust&oacute;dia </I>and
to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon satisfaction of each of
the conditions specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, the Receipt evidencing the
ADSs so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for such
purpose, and (iii) shall direct the Custodian to Deliver (without unreasonable delay) at the Custodian&rsquo;s designated office the Deposited
Securities represented by the ADSs so canceled together with any certificate or other document of title for the Deposited Securities,
or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the written order of the person(s) designated
in the order delivered to the Depositary for such purpose, subject however, in each case, to the terms and conditions of the Deposit Agreement,
this Receipt, the Company&rsquo;s <I>Estatuto Social</I>, any applicable laws and the rules of <I>Companhia Brasileira de Liquida&ccedil;&atilde;o
e Cust&oacute;dia </I>and to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary shall not accept
for surrender ADSs representing less than one Share. The Depositary may, in its discretion, refuse to accept for surrender a number of
ADSs representing a number other than a whole number of Shares. In the case of Delivery to it of ADSs representing other than a whole
number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the
terms hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number of ADSs
representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the ADS(s) so surrendered
and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes
withheld) to the person surrendering the ADSs. Notwithstanding anything else contained in this Receipt or the Deposit Agreement, the Depositary
may make delivery at the Principal Office of the Depositary of (i) any cash dividends or cash distributions, or (ii) any proceeds from
the sale of any distributions of shares or rights, which are at the time held by the Depositary in respect of the Deposited Securities
represented by the ADSs surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs
represented by this Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted
by law) any cash or other property (other than securities) held by the Custodian in respect of the Deposited Securities represented by
such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction shall be given by letter or, at the
request, risk and expense of such Holder, by cable, telex or facsimile transmission.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Transfer, Combination and Split-Up of Receipts</U>. Subject to the terms and conditions of the Deposit Agreement, the
Registrar shall register the transfer of ADSs and this Receipt (and of the ADSs represented hereby) on the books maintained for such purpose.
The Depositary shall cancel this Receipt and execute new Receipts evidencing the same aggregate number of ADSs as those evidenced by this
Receipt when canceled, shall cause the Registrar to countersign such new Receipts, and shall Deliver such new Receipts to or upon the
order of the person entitled thereto, if each of the following conditions has been satisfied: (i) this Receipt has been duly Delivered
by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting
a transfer thereof; (ii) this Receipt has been properly endorsed or is accompanied by proper instruments of transfer (including signature
guarantees in accordance with standard securities industry practice); (iii) this Receipt has been duly stamped (if required by the laws
of the State of New York or of the United States); and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary
and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been
paid, subject, however, in each case, to the terms and conditions of this Receipt, the Deposit Agreement and applicable law, in each case
as in effect at the time thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Registrar shall register
the split-up or combination of ADSs and this Receipt (and of the ADSs represented hereby) on the books maintained for such purpose. The
Depositary shall cancel this Receipt and execute new Receipts for the number of ADSs requested, but in the aggregate not exceeding the
number of ADSs evidenced by this Receipt (when canceled), shall cause the Registrar to countersign such new Receipts, and shall Deliver
such new Receipts to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i) this Receipt
has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the
purpose of effecting a split-up or combination hereof; and (ii) all applicable fees and charges of, and expenses incurred by, the Depositary
and all applicable taxes and government charges (as are set forth in Section 5.9 of, and <U>Exhibit &nbsp;B</U> to, the Deposit Agreement)
have been paid, subject, however, in each case, to the terms and conditions of this Receipt, of the Deposit Agreement and of applicable
law, in each case as in effect at the time thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Pre-Conditions to Registration, Transfer, Etc</U>. As a condition precedent to the execution and delivery, registration
of issuance or transfer, split-up, combination or surrender of any ADS, the delivery of any distribution thereon, or the withdrawal of
any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or
of 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 Shares being deposited or withdrawn) and payment of any applicable
fees and charges of the Depositary as provided in the Deposit Agreement and in this Receipt, (ii) the production of proof satisfactory
to it as to the identity and genuineness of any signature or any other matters contemplated in the Deposit Agreement and (iii) compliance
with (A) any laws or governmental regulations relating to the execution and delivery of Receipts or ADSs or to the withdrawal of Deposited
Securities and (B) such reasonable regulations as the Depositary or the Company may establish consistent with the provisions of this Receipt
and the Deposit Agreement and applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The issuance of ADSs against
deposits of Shares generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused,
or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfer of ADSs generally may
be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar are closed
or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time
because of any requirement of law or regulation, any government or governmental body or commission or any securities exchange upon which
the Shares or ADSs are listed, or under any provision of the Deposit Agreement or this Receipt, or under any provision of, or governing,
the Deposited Securities, or because of any meeting of shareholders of the Company or for any other reason, subject in all cases to Article
(24) hereof. Notwithstanding any provision of the Deposit Agreement or this Receipt to the contrary, Holders are entitled to surrender
outstanding ADSs to withdraw the Deposited Securities at any time subject only to (i) temporary delays caused by closing the transfer
books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders&rsquo; 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 ADSs or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Section
I.A.(1) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time). Without limitation of
the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares or other Deposited Securities
required to be registered under the provisions of the Securities Act, unless a registration statement is in effect as to such Shares or
other Deposited Securities, or any Shares or other Deposited Securities the deposit of which would violate any provisions of the <I>Estatuto
Social</I> of the Company.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Compliance With Information Requests</U>. Notwithstanding any other provision of the Deposit Agreement or this Receipt,
each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to Brazilian
law or regulations, the rules and requirements of the S&atilde;o Paulo Stock Exchange and any other stock exchange on which Shares or
ADSs are, or will be, registered, traded or listed, or the <I>Estatuto Social</I> of the Company, which are made to provide information,
inter alia, as to the capacity in which such Holder or Beneficial Owner owns ADSs and the Shares, as the case may be, and regarding the
identity of any other person(s) interested in such ADSs and the nature of such interest and various other matters, whether or not they
are Holders and/or Beneficial Owners at the time of such request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Ownership Restrictions</U>. Notwithstanding any provision of this Receipt or of the Deposit Agreement, the Company may
restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law or
the <I>Estatuto Social</I> of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of ADSs where
such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to exceed
any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take action with respect
to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding sentence, including but
not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights or a mandatory sale
or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder or Beneficial Owner
in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the <I>Estatuto Social</I> of
the Company. Nothing herein or in the Deposit Agreement shall be interpreted as obligating the Depositary or the Company to ensure compliance
with the ownership restrictions described herein or in the Deposit Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Liability of Holder for Taxes and Other Charges</U>. If any tax or other governmental charge shall become payable with
respect to any Receipt or any Deposited Securities or ADSs, such tax or other governmental charge shall be payable by the Holders and
Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made
in respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities
and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, with
the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency. The Custodian may refuse the deposit of Shares,
and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs
and (subject to Article (24) hereof) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest
is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and each of their respective
agents, officers, directors, employees and Affiliates for, and hold each of them harmless from, any claims with respect to taxes (including
applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Representations and Warranties of Depositors</U>. Each person depositing Shares under the Deposit Agreement shall be
deemed thereby to represent and warrant that (i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully
paid, non-assessable and legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares
have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for
deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim and are not, and the ADSs issuable
upon such deposit will not be, Restricted Securities and (v) the Shares presented for deposit have not been stripped of any rights or
entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of
ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company and
Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct
the consequences thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Filing Proofs, Certificates and Other Information</U>. Any person presenting Shares for deposit, any Holder and any Beneficial
Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian
such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control
approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of the Deposit
Agreement, this Receipt and the provisions of, or governing, the Deposited Securities, to execute such certifications and to make such
representations and warranties, and to provide such other information and documentation (or, in the case of Shares in registered form
presented for deposit, such information relating to the registration of Shares on the books of the Company or of the Share Registrar)
as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written request to the Depositary
consistent with its obligations under the Deposit Agreement and this Receipt. Subject to Article (24) hereof and the terms of the Deposit
Agreement, the Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any
Receipt or ADS or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof or, to the extent
not limited by Article (24) hereof, the delivery of any Deposited Securities until such proof or other information is filed, or such certificates
are executed, or such representations and warranties are made, or such information and documentation are provided, in each case to the
Depositary&rsquo;s, the Registrar&rsquo;s and the Company&rsquo;s satisfaction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Charges of Depositary</U>. The Depositary shall charge the following fees for the services performed under the terms
of the Deposit Agreement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify">to any person depositing Shares or to whom ADSs are issued
upon the deposit of Shares, a fee not in excess of U.S.$5.00 per 100 ADSs (or fraction thereof) so issued under the terms of the Deposit
Agreement (excluding issuances as a result of distributions described in paragraph (iv) below);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify">to any person surrendering ADSs for cancellation and withdrawal
of Deposited Securities, a fee not in excess of U.S.$5.00 per 100 ADSs (or fraction thereof) so surrendered;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify">to any Holder of ADSs, a fee not in excess of U.S.$2.00 per
100 ADSs (or fraction thereof) held for the distribution of cash proceeds or other cash distributions (i.e., sale of rights and other
entitlements);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify">to any Holder of ADSs, a fee not in excess of U.S.$5.00 per
100 ADSs (or fraction thereof) issued for (a)&nbsp;the distribution of stock dividends or other free stock distributions or (b)&nbsp;
the exercise of rights to purchase additional ADSs</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify">to any Holder of ADSs, a fee not in excess of U.S. $5.00 per
100 ADSs (or fraction thereof) issued for the distribution of securities other than ADSs or rights to purchase additional ADSs (i.e.,
spin-off shares); and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="text-align: justify">to any person presenting a Receipt for transfer, a fee of U.S.
$1.50 per certificate presented for transfer.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In addition, Holders, Beneficial
Owners, persons depositing Shares and persons surrendering ADSs for cancellation and withdrawal of Deposited Securities will be required
to pay the following charges:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">taxes (including applicable interest and penalties) and other governmental charges;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">such registration fees as may from time to time be in effect for the registration of Shares or other Deposited
Securities on the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian,
the Depositary or any nominees upon the making of deposits and withdrawals, respectively;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit
Agreement to be at the expense of the person depositing or withdrawing Shares or Holders and Beneficial Owners of ADSs;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the expenses and charges incurred by the Depositary in the conversion of foreign currency;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control
regulations and other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">the fees and expenses incurred by the Depositary in connection with the delivery of Deposited Securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Depositary fees payable upon
(i) deposit of Shares against issuance of ADSs and (ii)&nbsp;surrender of ADSs for cancellation and withdrawal of Deposited Securities
will be charged by the Depositary to the person to whom the ADSs so issued are delivered (in the case of ADS issuances) and to the person
who delivers the ADSs for cancellation to the Depositary (in the case of ADS cancellations). In the case of ADSs issued by the Depositary
into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees will be payable to the Depositary by the DTC Participant(s)
receiving the ADSs from the Depositary or the DTC Participant(s) surrendering the ADSs to the Depositary for cancellation, as the case
may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial
Owner(s) in accordance with the procedures and practices of the DTC Participant(s) as in effect at the time. Depositary fees in respect
of distributions and the Depositary services fee are payable to the Depositary by Holders as of the applicable ADS Record Date established
by the Depositary. In the case of distributions of cash, the amount of the applicable Depositary fees is deducted by the Depositary from
the funds being distributed. In the case of distributions other than cash and the Depositary service fee, the Depositary will invoice
the applicable Holders as of the ADS Record Date established by the Depositary. For ADSs held through DTC, the Depositary fees for distributions
other than cash and the Depositary service fee are charged by the Depositary to the DTC Participants in accordance with the procedures
and practices prescribed by DTC from time to time and the DTC Participants in turn charge the amount of such fees to the Beneficial Owners
for whom they hold ADSs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary may remit to
the Company all or a portion of the Depositary fees charged for the reimbursement of or reimburse the Company for certain expenses incurred
by the Company in respect of the ADR program established pursuant to the Deposit Agreement upon such terms and conditions as the Company
and the Depositary may agree from time to time. Any other charges and expenses of the Depositary under the Deposit Agreement will be paid
by the Company upon agreement between the Depositary and the Company. All fees and charges may, at any time and from time to time, be
changed by agreement between the Depositary and Company but, in the case of fees and charges payable by Holders or Beneficial Owners,
only in the manner contemplated by Article (22) of this Receipt. The Depositary will provide, without charge, a copy of its latest fee
schedule to anyone upon request. The charges and expenses of the Custodian are for the sole account of the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(11)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Title to Receipts</U>. It is a condition of this Receipt, and every successive Holder of this Receipt by accepting or
holding the same consents and agrees, that title to this Receipt (and to each Certificated ADS evidenced hereby) shall be transferable
upon the same terms as a certificated security under the laws of the State of New York, provided that, in the case of Certificated ADSs,
the Receipt has been properly endorsed or is accompanied by proper instruments of transfer. Notwithstanding any notice to the contrary,
the Depositary and the Company may deem and treat the Holder of this Receipt (that is, the person in whose name this Receipt is registered
on the books of the Depositary) as the absolute owner hereof for all purposes. Neither the Depositary nor the Company shall have any obligation
nor be subject to any liability hereunder or under the Deposit Agreement to any holder of this Receipt or any Beneficial Owner unless
such holder is the Holder of this Receipt registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial
Owner or the Beneficial Owner&rsquo;s representative, is the Holder registered on the books of the Depositary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(12)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Validity of Receipt</U>. The Holder(s) of this Receipt (and the ADSs represented hereby) shall not be entitled to any
benefits under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company, unless this Receipt
has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) countersigned
by the manual or facsimile signature of a duly authorized signatory of the Registrar and (iv) registered in the books maintained by the
Registrar for the registration of issuances and transfers of Receipts. Receipts bearing the facsimile signature of a duly-authorized signatory
of the Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the Depositary or the Registrar, as
the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the delivery
of such Receipt by the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Available Information; Reports; Inspection of Transfer Books</U>. The Company is subject to the periodic reporting requirements
of the Exchange Act and accordingly files certain information with the Commission. These reports and documents can be retrieved from the
Commission&rsquo;s website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by the Commission
located at 100 F Street, N.E., Washington D.C. 20549. The Depositary shall make available for inspection by Holders at its Principal Office
any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the
Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and (b) made generally available
to the holders of such Deposited Securities by the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Registrar shall keep books
for the registration of issuances and transfers of ADSs which at all reasonable times shall be open for inspection by the Company and
by the Holders of such ADSs, provided that such inspection shall not be, to the Registrar&rsquo;s knowledge, for the purpose of communicating
with Holders of such ADSs in the interest of a business or object other than the business of the Company or other than a matter related
to the Deposit Agreement or the ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Registrar may close the
transfer books with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection
with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Article (24)
hereof.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt">CITIBANK, N.A.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt">CITIBANK, NA., as Depositary</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt">Transfer Agent and Registrar</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid; 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;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt">Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt">Vice President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The address of the Principal
Office of the Depositary is 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">[FORM OF REVERSE
OF RECEIPT]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SUMMARY OF CERTAIN ADDITIONAL
PROVISIONS<BR>
OF THE DEPOSIT AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(14)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Dividends and Distributions in Cash, Shares, etc</U>. Whenever the Depositary receives confirmation from the Custodian
of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Deposited
Securities or of any entitlements held in respect of Deposited Securities under the terms of the Deposit Agreement, the Depositary will
(i) if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment of the Depositary (upon the terms
of the Deposit Agreement), be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause
to be converted such cash dividend, distribution or proceeds into Dollars (upon the terms of the Deposit Agreement), (ii) if applicable,
establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement and (iii) distribute promptly the amount
thus received (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders
entitled thereto as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute
only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so distributed
shall be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the next sum received
by the Depositary for distribution to Holders of ADSs then outstanding at the time of the next distribution. If the Company, the Custodian
or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited
Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing
such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company to the relevant governmental
authority.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If any distribution upon any
Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with
the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their respective nominees. Upon receipt
of confirmation of such deposit from the Custodian, the Depositary shall, subject to and in accordance with the Deposit Agreement, establish
the ADS Record Date and either (i) the Depositary shall distribute to the Holders as of the ADS Record Date in proportion to the number
of ADSs held as of the ADS Record Date, additional ADSs, which represent in aggregate the number of Shares received as such dividend,
or free distribution, subject to the terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges
of, and expenses incurred by, the Depositary, and (b) taxes), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding
after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional integral
number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and the
expenses incurred by, the Depositary, and (b) taxes). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares
or ADSs, as the case may be, represented by the aggregate of such fractions and distribute the net proceeds upon the terms set forth in
the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In the event that the Depositary
determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary
is obligated to withhold, or, if the Company, in the fulfillment of its obligations under the Deposit Agreement, has furnished an opinion
of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders
(and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of such property (including
Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems
necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of (a) taxes and (b)
fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms of the Deposit Agreement. The
Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon timely receipt of a notice
indicating that the Company wishes an elective distribution to be made available to Holders upon the terms described in the Deposit Agreement,
the Company and the Depositary shall determine whether such distribution is lawful and reasonably practicable. If so, the Depositary shall,
subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according to Article (16) hereof and establish
procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder elects
to receive the distribution in cash, the dividend shall be distributed as in the case of a distribution in cash. If the Holder hereof
elects to receive the distribution in additional ADSs, the distribution shall be distributed as in the case of a distribution in Shares.
If such elective distribution is not lawful or not reasonably practicable or if the Depositary did not receive satisfactory documentation
set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on the basis of the same
determination as is made in Brazil in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing
such additional Shares, in each case, upon the terms described in the Deposit Agreement. Nothing herein or in the Deposit Agreement shall
obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs).
It is understood and agreed that the Holder hereof may not be given the opportunity to receive elective distributions on the same terms
and conditions as the holders of Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon timely receipt by the Depositary
of a notice indicating that the Company wishes rights to subscribe for additional Shares or rights of any other nature to be made available
to Holders of ADSs, the Depositary, upon consultation with the Company, shall determine whether it is lawful and reasonably practicable
to make such rights available to the Holders. The Depositary shall make such rights available to any Holders only if (i) the Company shall
have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received the documentation contemplated
in the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution of rights is reasonably practicable. If
such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions set forth above
are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in the Deposit Agreement) and establish procedures
(x) to distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y) to enable the Holders to exercise the rights
(upon payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b)
taxes), and (z) to deliver ADSs upon the valid exercise of such rights. Nothing herein or in the Deposit Agreement shall obligate the
Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs). If (i) the Company
does not timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made
available to Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement or determines it is not
reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be
about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal
capacity, at such place and upon such terms (including public and private sale) as it may deem practicable. The Depositary shall, upon
such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary
and taxes) upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to make any rights available to Holders or
to arrange for the sale of the rights upon the terms described above, the Depositary shall allow such rights to lapse. The Depositary
shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders
in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise,
or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything herein
or in the Deposit Agreement to the contrary, if registration (under the Securities Act or any other applicable law) of the rights or the
securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and
to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until
a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii) unless the Company
furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable
country in which rights would be distributed, in each case satisfactory to the Depositary, or other evidence satisfactory to the Depositary,
to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration
under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian
shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes or
other governmental charges, the amount distributed to the Holders of ADSs representing such Deposited Securities shall be reduced accordingly.
In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject
to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion
of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private
sale, as the Depositary deems necessary and practicable to pay any such taxes or charges.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">It is understood and agreed
that Holders generally, or any Holder in particular, may not be given the opportunity to receive or exercise rights on the same terms
and conditions as the holders of Shares or to exercise such rights. Nothing herein or in the Deposit Agreement shall obligate the Company
to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon receipt of a notice indicating
that the Company wishes property other than cash, Shares or rights to purchase additional Shares, to be made to Holders of ADSs, the Depositary
shall, upon consultation with the Company, determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary
shall not make such distribution unless (i) the Company shall have requested the Depositary to make such distribution to Holders, (ii)
the Depositary shall have received the documentation contemplated in the Deposit Agreement and (iii) the Depositary shall have determined
that such distribution is reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute the property so
received to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held by them respectively and in such
manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable
fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or
a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary
may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable
to the distribution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If the conditions above are
not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon
such terms as it may deem practicable and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute
the proceeds of such conversion received by the Depositary (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary
and (b) taxes) to the Holders as of the ADS Record Date upon the terms hereof and of the Deposit Agreement. If the Depositary is unable
to sell such property, the Depositary may dispose of such property for the account of the Holders in any way it deems reasonably practicable
under the circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Redemption</U>. Upon timely receipt of notice from the Company that it intends to exercise its right of redemption in
respect of any of the Deposited Securities and satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, the
Depositary shall provide to each Holder a notice setting forth the Company&rsquo;s intention to exercise the redemption rights and any
other particulars set forth in the Company&rsquo;s notice to the Depositary and, to the extent practicable, the Depositary shall establish
procedures deemed reasonably necessary to give effect to the terms of Section 4.7 of the Deposit Agreement for the exercise of redemption
rights by Holders. Upon receipt of confirmation that the redemption has taken place and that funds representing the redemption price have
been received, the Depositary shall convert, transfer, distribute the proceeds (net of applicable (a) fees and charges of, and expenses
incurred by, the Depositary, and (b) taxes), retire ADSs and cancel any ADRs upon delivery of such ADSs by Holders thereof upon the terms
of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected by lot
or on a pro rata basis, as may be determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the per
share amount received by the Depositary upon the redemption of the Deposited Securities represented by American Depositary Shares (subject
to the terms of the Deposit Agreement and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied
by the number of Deposited Securities represented by each ADS redeemed.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(16)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Fixing of ADS Record Date</U>. Whenever the Depositary shall receive notice of the fixing of a record date by the Company
for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights or other
distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or
whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other
Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, solicitation
of any consent or any other matter, the Depositary, after consultation with the Company, shall fix a record date (&ldquo;ADS Record Date&rdquo;)
for the determination of the Holders of ADSs who shall be entitled to receive such distribution, to give instructions for the exercise
of voting rights at any such meeting, or to give or withhold such consent, or to receive such notice or solicitation or to otherwise take
action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. Subject to applicable
law and the terms and conditions of this Receipt and the Deposit Agreement, only the Holders of record at the close of business in New
York on such ADS Record Date shall be entitled to receive such distributions, to give such instructions, to receive such notice or solicitation,
or otherwise take action.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(17)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Voting of Deposited Securities</U>. As soon as practicable after receipt of notice of any meeting at which the holders
of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary
shall fix the ADS Record Date in respect of such meeting or solicitation of such consent or proxy. The Depositary shall (if requested
in writing in a timely manner by the Company (the Depositary having no obligation to take any further action if the request shall not
have been received by the Depositary at least thirty (30) days prior to the date of such vote or meeting), at the Company&rsquo;s expense
and provided no U.S. legal prohibitions exist) distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation
of consent or proxies; (b) a statement that the Holders as of the ADS Record Date will be entitled, subject to any applicable law, the
provisions of the Deposit Agreement, the Company&rsquo;s <I>Estatuto Social</I> and the provisions of or governing Deposited Securities
(which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the
voting rights, if any, pertaining to the Deposited Securities represented by such Holder&rsquo;s ADSs; and (c) a brief statement as to
the manner in which such voting instructions may be given, including a statement setting forth the action to be taken by the Depositary
if voting instructions are received that fail to specify the manner in which such Holder&rsquo;s ADS(s) are to be voted. Voting instructions
may be given only in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt of voting
instructions from a Holder of ADSs as of the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor,
insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, the provisions of the <I>Estatuto
Social</I> of the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities
represented by ADSs held by such Holder in accordance with such instructions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Neither the Depositary nor the
Custodian shall under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote,
attempt to exercise the right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities
represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise contemplated
herein. If the Depositary timely receives voting instructions from a Holder that fail to specify the manner in which the Depositary is
to vote the Deposited Securities represented by such Holder&rsquo;s ADSs, the Depositary will deem such Holder (unless otherwise specified
in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting instructions.
Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall
not be voted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything else
contained herein, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not
voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose
of establishing quorum at a meeting of shareholders. Notwithstanding anything else contained in the Deposit Agreement or this Receipt,
the Depositary shall not have any obligation to take any action with respect to any meeting, or solicitation of consents or proxies, of
holders of Shares or other Deposited Securities if the taking of such action would violate U.S. laws. The Company agrees to take any and
all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities
and to deliver to the Depositary an opinion of U.S. counsel addressing any actions requested to be taken if so requested by the Depositary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything contained
in the Deposit Agreement or this Receipt, the Depositary may, to the extent not prohibited by law, regulations or applicable stock exchange
requirements, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of
consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with a means to retrieve
such materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact
for requesting copies of the materials).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">It is understood and agreed
that Holders generally or any Holder in particular may not receive the notice described above with sufficient time to enable the Holder
to return voting instructions to the Depositary in a timely manner.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Changes Affecting Deposited Securities</U>. Upon any change in nominal or par value, split-up, cancellation, consolidation
or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of
assets affecting the Company or to which it otherwise is a party, any securities which shall be received by the Depositary or the Custodian
in exchange for, or in conversion of or replacement of or otherwise in respect of, such Deposited Securities shall, to the extent permitted
by law, be treated as new Deposited Securities under the Deposit Agreement, and any Receipts shall, subject to the provisions of the Deposit
Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. Alternatively, the Depositary
may, with the Company&rsquo;s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement and
receipt of satisfactory documentation contemplated by the Deposit Agreement, (i) issue and deliver additional ADSs as in the case of a
stock dividend on the Shares, (ii)&nbsp;amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s)
on Form F-6 as filed with the Commission in respect of the ADSs, (iv)&nbsp;call for the surrender of outstanding Receipts to be exchanged
for new Receipts, and (v) take such other actions as are appropriate to reflect the transaction with respect to the ADSs. Notwithstanding
the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may,
with the Company&rsquo;s approval, and shall if the Company requests, subject to receipt of satisfactory legal documentation contemplated
in the Deposit Agreement, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper
and may allocate the net proceeds of such sales (net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes)
for the account of the Holders otherwise entitled to such securities and distribute the net proceeds so allocated to the extent practicable
as in the case of a distribution received in cash pursuant to the Deposit Agreement. Immediately upon the occurrence of any such change,
conversion or exchange covered by this Article (18) in respect of the Deposited Securities, the Depositary shall give notice thereof in
writing to all Holders at the Company&rsquo;s expense; <U>provided</U> that the Company shall provide the Depositary with the content
of such notice in writing. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible
to make such securities available to Holders in general or any Holder in particular, (ii) any foreign exchange exposure or loss incurred
in connection with such sale, or (iii) any liability to the purchaser of such securities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(19)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Exoneration</U>. Neither the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent
with the provisions of the Deposit Agreement or shall incur any liability (i) if the Depositary or the Company shall be prevented or forbidden
from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required
by the terms of the Deposit Agreement and this Receipt, by reason of any provision of any present or future law or regulation of the United
States, Brazil or any other country, or of any other governmental authority or regulatory authority or stock exchange, or by reason of
any provision, present or future of the <I>Estatuto Social</I> of the Company or any provision of or governing any Deposited Securities,
or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation,
currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure),
(ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the <I>Estatuto
Social</I> of the Company or provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice
of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized
representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for
any inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available
to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs or (v) for
any consequential or punitive damages for any breach of the terms of the Deposit Agreement. The Depositary, its controlling persons, its
agents, the Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written
notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. No
disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement or this Receipt.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(20)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Standard of Care</U>. The Company and its agents assume no obligation and shall not be subject to any liability under
the Deposit Agreement or this Receipt to any Holder(s) or Beneficial Owner(s) or other persons, except that the Company and its agents
agree to perform their obligations specifically set forth in the Deposit Agreement and this Receipt without negligence or bad faith. The
Depositary and its agents assume no obligation and shall not be subject to any liability under the Deposit Agreement or the Receipts to
any Holder(s) or Beneficial Owner(s) or other persons, except that the Depositary and its agents agree to perform their obligations specifically
set forth in the Deposit Agreement without negligence or bad faith. The Depositary and its agents shall not be liable for any failure
to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any
vote, provided that any such action or omission is in good faith and in accordance with the terms of the Deposit Agreement. The Depositary
shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for
the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation
thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited
Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness
of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice
from the Company.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(21)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Resignation and Removal of the Depositary: Appointment of Successor Depositary</U>. The Depositary may at any time resign
as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective
on the earlier of (i) the 90<SUP>th</SUP> day after delivery thereof to the Company, or (ii) 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 written notice of such removal which notice shall be effective upon the appointment of a successor depositary and its acceptance of
such appointment as provided in the Deposit Agreement. In case at any time the Depositary acting hereunder shall resign or be removed,
the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the
Borough of Manhattan, the City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company
an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed
(except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor.
The predecessor depositary, upon payment of all sums due it and on the written request of the Company, shall (i) execute and deliver an
instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in the Deposit
Agreement), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii)
deliver to such successor a list of the Holders of all outstanding ADSs and such other information relating to ADSs and Holders thereof
as the successor may reasonably request. Any such successor depositary shall promptly provide notice of its appointment to such Holders.
Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution
or filing of any document or any further act.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(22)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Amendment/Supplement</U>. Subject to the terms and conditions of this Article (22), the Deposit Agreement and applicable
law, this Receipt and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written
agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the prior written consent
of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than the charges
in connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses),
or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become
effective as to outstanding ADSs until the expiration of 60 days after notice of such amendment or supplement shall have been given to
the Holders of outstanding Receipts. The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as
agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs
to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne
by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial
Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADS(s), to consent and
agree to such amendment or supplement and to be bound by the Deposit Agreement and this Receipt as amended or supplemented thereby. In
no event shall any amendment or supplement impair the right of the Holder to surrender such ADSs and receive therefor the Deposited Securities
represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental
body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance
therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and this Receipt at any time in accordance with
such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and this Receipt in such circumstances
may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required
for compliance with such laws, or rules or regulations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(23)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Termination</U>. The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement
by providing notice of such termination to the Holders of all ADSs then outstanding at least 90 days prior to the date fixed in such notice
for such termination. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its
election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and
in either case a successor depositary shall not have been appointed and accepted its appointment as provided herein and in the Deposit
Agreement, the Depositary may terminate the Deposit Agreement by providing notice of such termination to the Holders of all ADSs then
outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement,
the Holder will, upon surrender of such Holder&rsquo;s ADS(s) at the Principal Office of the Depositary, upon the payment of the charges
of the Depositary for the surrender of ADSs referred to in Article (2) hereof and in the Deposit Agreement and subject to the conditions
and restrictions therein set forth, and upon payment of any applicable taxes or governmental charges, be entitled to Delivery, to him
or upon his order, of the amount of Deposited Securities represented by such ADS. If any ADSs shall remain outstanding after the date
of termination of the Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of ADSs, and the Depositary
shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further acts
under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited
Securities, shall sell rights as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the
conditions and restrictions set forth in the Deposit Agreement, together with any dividends or other distributions received with respect
thereto and the net proceeds of the sale of any rights or other property, in exchange for ADSs surrendered to the Depositary (after deducting,
or charging, as the case may be, in each case the charges of the Depositary for the surrender of an ADS, any expenses for the account
of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges or
assessments). At any time after the expiration of six months from the date of termination of the Deposit Agreement, the Depositary may
sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with
any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders
whose ADSs have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under
the Deposit Agreement with respect to the Receipts and the Shares, the Deposited Securities and the ADSs, except to account for such net
proceeds and other cash (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender
of an ADS, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable
taxes or governmental charges or assessments). Upon the termination of the Deposit Agreement, the Company shall be discharged from all
obligations under the Deposit Agreement except as set forth in the Deposit Agreement.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(24)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Compliance with U.S. Securities Laws; Regulatory Compliance</U>. Notwithstanding any provisions in this Receipt or the
Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary
except as would be permitted by Section I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from time
to time, under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary and the Company
have confirmed to each other that, for as long as the Deposit Agreement is in effect, they shall comply with any requirements for registration
of the amount of Deposited Securities with the <I>Banco Central do Brasil</I> and furnish the CVM, the <I>Banco Central do Brasil</I>
and any other applicable entity such information and documents related to the Deposited Securities, the Receipts and the Depositary&rsquo;s
obligations as may be requested by such authorities from time to time pursuant to paragraph 3, article 3 of Regulation Annex V to Resolution
1.289.87 (as published in Resolution 1.927/92) of the Brazilian National Monetary Council. In the event that the Depositary or the Custodian
shall be advised in writing (the &ldquo;Legal Warning&rdquo;) by Brazilian counsel reasonably satisfactory to the Depositary that the
Depositary or the Custodian reasonably could be subject to criminal or civil liabilities as a result of the Company having failed to provide
to the CVM, the <I>Banco Central do Brasil</I> or any other applicable entity such information or documents available through the Company,
the Depositary will immediately send a copy of the Legal Warning to the Company, shall have the right to immediately resign as Depositary
by written notice to the Company and will not be subject to any liability hereunder or under the Deposit Agreement for such resignation
or such determination, and the Company agrees to indemnify the Depositary, the Custodian and any of their respective officers, directors,
employees, and agents against, and hold each of them harmless from any loss or liability of any kind incurred that arises under Section
7.9 of the Deposit Agreement. Upon effectiveness of such resignation, the Depositary shall otherwise be discharged from all of its obligations
under the Deposit Agreement. Resignation pursuant to this paragraph shall be effected in accordance with Article (21); provided that,
if the Company fails to appoint a new depositary within ninety (90) days of such resignation, the Deposit Agreement shall be terminated
in accordance with Article (23) hereof and the Company or its designated agents will assume the obligations stated as the obligations
of the Depositary in such Article.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(25)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Certain Rights of the Depositary: Limitations</U>. Subject to the further terms and provisions of this Article (25),
the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its
Affiliates and in ADSs. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the
Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect
of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of ownership of Shares. In its capacity
as Depositary, the Depositary shall not lend Shares or ADSs; <U>provided, however</U>, that the Depositary may (i) issue ADSs prior to
the receipt of Shares pursuant to Section 2.3 of the Deposit Agreement and (ii) deliver Shares prior to the receipt of ADSs for withdrawal
of Deposited Securities pursuant to Section 2.7 of the Deposit Agreement, including ADSs which were issued under (i) above but for which
Shares may not have been received (each such transaction a &ldquo;Pre-Release Transaction&rdquo;). The Depositary may receive ADSs in
lieu of Shares under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) accompanied
by or subject to a written agreement whereby the person or entity (the &ldquo;Applicant&rdquo;) to whom ADSs or Shares are to be delivered
(1) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be delivered
by the Applicant under such Pre-Release Transaction, (2) agrees to indicate the Depositary as owner of such Shares or ADSs in its records
and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian,
(3) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs and (4) agrees to any
additional restrictions or requirements that the Depositary deems appropriate, (b) at all times fully collateralized with cash, U.S. government
securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business
days&rsquo; notice and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary
will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to thirty percent (30%) of
the ADSs outstanding (without giving effect to ADSs outstanding under (i) above), <U>provided, however</U>, that the Depositary reserves
the right to change or disregard such limit from time to time as it deems appropriate. The Depositary may also set limits with respect
to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate.
The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant
to (b) above, but not earnings thereon, shall be held for the benefit of the Holders (other than the Applicant).</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">(ASSIGNMENT AND
TRANSFER SIGNATURE LINES)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">FOR VALUE RECEIVED, the undersigned
Holder hereby sell(s), assign(s) and transfer(s) unto ____________________________ whose taxpayer identification number is ____________________________
and whose address including postal zip code is ____________________________, the within Receipt and all rights thereunder, hereby irrevocably
constituting and appointing ____________________________ attorney-in-fact to transfer said Receipt on the books of the Depositary with
full power of substitution in the premises.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify; font-size: 10pt">Dated:</TD>
    <TD STYLE="width: 50%; text-align: justify; font-size: 10pt">Name:_____________________________</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 30.6pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever.</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the endorsement be executed by an attorney, executor, administrator,
trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority
to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All endorsements or assignments of Receipts must be guaranteed by a
member of a Medallion Signature Program approved by the Securities Transfer Association, Inc.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Receipts issued in respect of Partial Entitlement
American Depositary Shares shall bear the following legend on the face of the Receipt: &ldquo;This Receipt evidences American Depositary
Shares representing &lsquo;partial entitlement&rsquo; Common Shares of COMPANHIA ENERG&Eacute;TICA DE MINAS GERAIS - CEMIG and as such
do not entitle the holders thereof to the same per-share entitlement as other Common Shares (which are &ldquo;full entitlement&rdquo;
Common Shares) issued and outstanding at such time. The American Depositary Shares represented by this Receipt shall entitle holders to
distributions and entitlements identical to other American Depositary Shares when the Common Shares represented by such American Depositary
Shares become &ldquo;full entitlement&rdquo; Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT B<BR>
<BR>
FEE SCHEDULE<BR>
<BR>
DEPOSITARY FEES AND RELATED CHARGES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>All capitalized terms used but not otherwise
defined herein shall have the meaning given to<BR>
such terms in the Deposit Agreement.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>I.</B></TD><TD><B>Depositary Fees</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company, the Holders, the Beneficial Owners
and the persons depositing Shares or surrendering ADSs for cancellation agree to pay the following fees of the Depositary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; text-align: center"><B>Service</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Rate</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>By Whom Paid</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 24pt; text-indent: -24pt; text-align: justify; width: 2%">(1)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; width: 27%">Issuance of ADSs upon deposit of Shares (excluding issuances as a result of distributions described in paragraph (4) below).</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; width: 44%">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; width: 27%">Person depositing Shares or person receiving ADSs.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 24pt; text-indent: -24pt; text-align: left">(2)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Delivery of Deposited Securities, property and cash against surrender of ADSs.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) surrendered.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Person surrendering ADSs for purpose of withdrawal of Deposited Securities or person to whom Deposited Securities are delivered.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 24pt; text-indent: -24pt; text-align: left">(3)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Distribution of cash dividends or other cash distributions (<I>i.e.,</I> sale of rights and other entitlements).</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Up to U.S. $2.00 per 100 ADSs (or fraction thereof) held.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Person to whom distribution is made.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 24pt; text-indent: -24pt; text-align: left">(4)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&#9;Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii) exercise of rights to purchase additional
ADSs.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Person to whom distribution is made.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 24pt; text-indent: -24pt; text-align: left">(5)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Distribution of securities other than ADSs or rights to purchase additional ADSs (<I>i.e.</I>, spin-off shares).</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Person to whom distribution is made.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 24pt; text-indent: -24pt; text-align: left">(6)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 24pt; text-indent: -24pt; text-align: justify">Transfer of ADRs.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: normal; text-align: justify; text-indent: 0in">U.S. $1.50 per certificate presented for transfer.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: normal; text-align: justify; text-indent: 0in">Person presenting certificate for transfer.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>II.</B></TD><TD><B>Charges</B></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders, Beneficial Owners, persons depositing
Shares and persons surrendering ADSs for cancellation and for the purpose of withdrawing Deposited Securities shall be responsible for
the following charges:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: left">taxes (including applicable interest and penalties) and other governmental charges;</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: left">such registration fees as may from time to time be in effect for the registration of Shares or other Deposited
Securities on the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian,
the Depositary or any nominees upon the making of deposits and withdrawals, respectively;</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: left">such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit
Agreement to be at the expense of the person depositing or withdrawing Shares or Holders and Beneficial Owners of ADSs;</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: left">the expenses and charges incurred by the Depositary in the conversion of foreign currency;</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: left">such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control
regulations and other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="text-align: left">the fees and expenses incurred by the Depositary in connection with the delivery of Deposited Securities.</TD></TR></TABLE>

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<P STYLE="border-bottom: Black 2px solid; text-align: center; margin-top: 0; margin-bottom: 0">B-2</P>

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