<SEC-DOCUMENT>0001554855-25-000133.txt : 20250306
<SEC-HEADER>0001554855-25-000133.hdr.sgml : 20250306
<ACCEPTANCE-DATETIME>20250306165041
ACCESSION NUMBER:		0001554855-25-000133
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250306
FILED AS OF DATE:		20250306
DATE AS OF CHANGE:		20250306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRAPAR HOLDINGS INC
		CENTRAL INDEX KEY:			0001094972
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS DISTRIBUTION [4924]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14950
		FILM NUMBER:		25716013

	BUSINESS ADDRESS:	
		STREET 1:		AV BRIGADERIO LUIZ ANTONIO 1343
		STREET 2:		9 ANDAR SAO PAULO
		CITY:			SP BRAZIL 01350-900
		STATE:			D5
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		CT CORPORATION SYSTEM
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>MainDocument.htm
<DESCRIPTION>6-K
<TEXT>
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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 11pt;">&nbsp;</font><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">&nbsp;</font></font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-size: 12.5pt; font-weight: bold; font-family: 'times new roman', times;">UNITED STATES</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 12.5pt; font-weight: bold; font-family: 'times new roman', times;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 12.5pt; font-weight: bold; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 12.5pt; font-weight: bold; font-family: 'times new roman', times;">Washington, D.C. 20549</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 12.5pt; font-weight: bold; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 12.5pt; font-weight: bold; font-family: 'times new roman', times;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-size: 15pt; font-weight: bold; font-family: 'times new roman', times;">Form 6-K</font></p>



























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<p style="margin: 0pt; text-align: center;"><font style="font-size: 12.5pt; font-weight: bold; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 12.5pt; font-weight: bold; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">Report </font><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">o</font><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">f Foreign Private Issuer</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 12.5pt; font-weight: bold; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">Pursuant </font><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">t</font><font style="font-family: 26nbvtokfgfhjcu,Bold; font-size: 12.5pt; font-weight: bold;">o Rule 13a-16 Or 15d-16 Of</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 12.5pt; font-weight: bold; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 12.5pt; font-weight: bold; font-family: 'times new roman', times;">The Securities Exchange Act Of 1934</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 9pt; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-family: 02lfl; font-size: 9pt;">For the month of March</font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;20</font><font style="font-family: 02lfl; font-size: 9pt;">25</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 9pt; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-family: 02lfl; font-size: 9pt;">Commission File Number: </font><font style="font-family: 02lfl; font-size: 9pt;">001-14950</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 14.5pt; font-weight: bold; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 14.5pt; font-weight: bold; font-family: 'times new roman', times;">ULTRAPAR HOLDINGS INC.</font></p>
<p style="margin: 0pt; padding-bottom: 1pt; text-align: center;"><font style="font-size: 8pt; font-family: 'times new roman', times;">(Translation of Registrant&#8217;s Name into English)</font></p>
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<p style="margin: 10pt 0pt 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;">Brigadeiro Luis </font><font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;">Antonio</font><font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;"> Avenue</font><font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;">, 1343, 9</font><font style="font-family: 33dgm,Bold; font-size: 6pt; font-weight: bold; vertical-align: super;">th</font> <font style="font-family: 33dgm,Bold; font-size: 9pt; font-weight: bold;">Floor</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 9pt; font-weight: bold; font-family: 'times new roman', times;">S&#227;o Paulo, SP, Brazil 01317-910</font></p>
<p style="margin: 0pt; padding-bottom: 1pt; text-align: center;"><font style="font-size: 8pt; font-family: 'times new roman', times;">(Address of Principal Executive Offices)</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-size: 8pt; font-family: 'times new roman', times;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 8pt; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-family: 02lfl; font-size: 9pt;">Form 20-F </font><font style="font-family: 02lfl; font-size: 9pt;">____</font><font style="font-family: 02lfl; font-size: 9pt; text-decoration: underline;">X</font><font style="font-family: 02lfl; font-size: 9pt;">____</font> <font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">Form 40-F</font><font style="font-family: 02lfl; font-size: 9pt;"> ________</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 9pt; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 8pt; font-family: 'times new roman', times;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 9pt; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-family: 02lfl; font-size: 9pt;">Yes </font><font style="font-family: 02lfl; font-size: 9pt;">________ </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">No </font><font style="font-family: 02lfl; font-size: 9pt;">____</font><font style="font-family: 02lfl; font-size: 9pt; text-decoration: underline;">X</font><font style="font-family: 02lfl; font-size: 9pt; text-decoration: underline;">____</font></font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 9pt; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 8pt; font-family: 'times new roman', times;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-size: 8pt; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="font-family: 02lfl; font-size: 9pt;">Yes </font><font style="font-family: 02lfl; font-size: 9pt;">________ </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 02lfl; font-size: 9pt;">No </font><font style="font-family: 02lfl; font-size: 9pt;">____</font><font style="font-family: 02lfl; font-size: 9pt; text-decoration: underline;">X</font><font style="font-family: 02lfl; font-size: 9pt; text-decoration: underline;">____</font></font></p>


























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<p style="font-size: 9pt; line-height: 115%; margin: 0pt 0pt 10pt; text-align: left;"><font style="font-size: 9pt; font-family: 'times new roman', times;">&nbsp;</font></p>
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<p style="font-size: 12.5pt; line-height: 115%; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 12.5pt; font-weight: bold;">&nbsp;</font></p>
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<p style="font-size: 13pt; line-height: 115%; margin: 0pt 0pt 10pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 13pt; font-weight: bold;">ULTRAPAR HOLDINGS INC.</font></p>
<p style="font-size: 13pt; line-height: 115%; margin: 0pt 0pt 10pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 13pt; font-weight: bold;">TABLE OF CONTENTS</font></p>
<p style="font-size: 12.5pt; line-height: 115%; margin: 0pt 0pt 10pt;"><font style="font-family: 'times new roman', times; font-size: 12.5pt; font-weight: bold;">&nbsp;</font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 0pt 0pt 10pt;"><font style="font-family: 'times new roman', times; font-size: 11pt; font-weight: bold; text-decoration: underline;">ITEM</font><font style="font-family: 'times new roman', times; font-size: 11pt; font-weight: bold; text-decoration: underline;"><br></font></p>
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<td style="height: 10px; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1.</font></td>
<td style="height: 10px; width: 93%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#B4_28120252528823">Corporate Policy for Appointing Members of the Board of Directors, its Advisory Committees and the Executive Board</a></font></td>







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<td style="width: 4%;"><font style="font-size: 10pt;">2.</font></td>
<td style="width: 93%;"><font style="font-size: 10pt;"><a href="#B7_281202525334647">Corporate Policy on Conflict of Interest and Transactions with Related Parties</a></font></td>







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<td style="width: 50%; height: 17px; vertical-align: top;" valign="top"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: -0.0666667px; orphans: 2; text-align: left; text-indent: -18.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">CORPORATE POLICY FOR APPOINTING MEMBERS OF THE</font></td>















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<td style="width: 50%; height: 17px; vertical-align: top;" valign="top"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: -0.0666667px; orphans: 2; text-align: left; text-indent: -18.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">BOARD OF DIRECTORS, ITS ADVISORY COMMITTEES&nbsp;</font></td>















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<td style="width: 50%; height: 17px; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: -0.0666667px; orphans: 2; text-align: left; text-indent: -18.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; color: #00458c; display: inline !important;">AND THE EXECUTIVE BOARD</font></td>















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<p style="margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.1pt; line-height: 1.2;"><br></p>
<div style="margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.1pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">1.</font></font> <a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B4_28120252528823" class="customBookmark"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">PURPOSE</font></font></a></div>
<p style="margin: 0.9pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.35pt 0pt 0.1pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The purpose of this</font> <font style="font-size: 10pt; line-height: inherit;">Policy is</font> <font style="font-size: 10pt; line-height: inherit;">to establish criteria for the composition of the Board of Directors </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(&#8220;Board&#8221;),</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">its</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Advisory</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Committees</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(&#8220;Committees&#8221;)</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Executive</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Ultrapar,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">well</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">as </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">procedures</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">appointment</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">evaluation</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">respective</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">members.</font></font></p>
<p style="margin: 0.4pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.55pt 0pt 0.1pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">It</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">is</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">based</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">on</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">following</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">guidelines</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">provisions:</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(i)</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Bylaws;</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(ii)</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Law</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">No.</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">6,404/76;</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(iii)</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the Brazilian</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Corporate</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Governance</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Code;</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(iv)</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Novo</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Mercado</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Regulation;</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(v)</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">legislation</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and </font><font style="font-size: 10pt; line-height: inherit;">regulations</font> <font style="font-size: 10pt; line-height: inherit;">applicable</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Company.</font></font></p>
<p style="margin: 0.2pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0.05pt 0pt 0pt 10.35pt; text-indent: -10.25pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">2.</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">BASIC</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">PRINCIPLES</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">FOR</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">APPOINTMENT</font></font></p>
<p style="margin: 0.85pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.4pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">2.1</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">Only highly qualified professionals with proven professional and academic experience and aligned with the Company&#8217;s values and its Code of Ethics shall be appointed to the Board, its Committees</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Executive</font> <font style="font-size: 10pt; line-height: inherit;">Board.</font></font></p>
<p style="margin: 0.45pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">2.2</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">The appointment shall consider criteria such as complementarity, diversity and depth of </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">experience,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">academic</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">background</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">availability</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">time</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">perform</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">duties.</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Such</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">criteria</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">aim</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">to </font><font style="font-size: 10pt; line-height: inherit;">ensure</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">plurality</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">views,</font> <font style="font-size: 10pt; line-height: inherit;">experiences</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">skills</font> <font style="font-size: 10pt; line-height: inherit;">for</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">higher-quality</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">more</font> <font style="font-size: 10pt; line-height: inherit;">secure</font> <font style="font-size: 10pt; line-height: inherit;">decision- making</font> <font style="font-size: 10pt; line-height: inherit;">process.</font></font></p>
<p style="margin: 0.45pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.2pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">2.3</font>&nbsp;&nbsp;<font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">People</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Sustainability</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Committee</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">assist</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">appointment</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">process,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and </font><font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">ensure</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Company</font> <font style="font-size: 10pt; line-height: inherit;">prepares</font> <font style="font-size: 10pt; line-height: inherit;">adequately</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">advance</font> <font style="font-size: 10pt; line-height: inherit;">for</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">succession</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">these positions,</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">monitor</font> <font style="font-size: 10pt; line-height: inherit;">actions</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">ensure</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">adoption</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">model</font> <font style="font-size: 10pt; line-height: inherit;">for</font> <font style="font-size: 10pt; line-height: inherit;">attracting,</font> <font style="font-size: 10pt; line-height: inherit;">retaining</font> <font style="font-size: 10pt; line-height: inherit;">and </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">motivating</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">directors</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">officers</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">with</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">required</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">skills,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">aligned</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">with</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Company&#8217;s</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">strategic</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">plans.</font></font></p>
<p style="margin: 0.45pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0.05pt 7.35pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">2.4</font>&nbsp;<font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">selection</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">candidates</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to compose</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Ultrapar&#8217;s</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">management</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">bodies</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">consider,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">at</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">least, </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the following aspects, without prejudice to legal and regulatory requirements and those set forth in </font><font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Bylaws:</font></font></p>
<p style="margin: 0.5pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 10.25pt; text-indent: -10.15pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(i)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">alignment</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">commitment</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Company&#8217;s</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">values</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">culture;</font></font></p>
<p style="margin: 1pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0.05pt 0pt 0pt 12.6pt; text-indent: -12.5pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(ii)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">unblemished</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">reputation,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">provided</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">article</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">147</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Law</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">No.</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">6,404/76;</font></font></p>
<p style="margin: 0.9pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 15pt; text-indent: -14.9pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(iii)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">academic</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">background</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">compatible</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">with</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">duties</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">member</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Directors;</font></font></p>
<p style="margin: 1pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 14.7pt; text-indent: -14.6pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(iv)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">professional</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">experience</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">areas</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">topics</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">interest</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Company;</font></font></p>
<p style="margin: 0.9pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.25pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(v)</font>&nbsp; &nbsp; &nbsp; <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">not</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">having</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">been</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">subject</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">an unappealable</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">decision</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">from</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">CVM</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(Brazilian Securities</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Exchange Commission) that has suspended, disqualified</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">or made him/her ineligible for the positions </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">director</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">officer</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">publicly-held</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">company,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">provided</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">article</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">147</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Law</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">No.</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">6,404/76;</font></font></p>












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<td style="width: 50%; height: 17px; vertical-align: top;" valign="top"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: -0.0666667px; orphans: 2; text-align: left; text-indent: -18.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">CORPORATE POLICY FOR APPOINTING MEMBERS OF THE</font></td>















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<p style="font-size: 10pt; line-height: 1.2; margin: 0.05pt 7.35pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0.05pt 7.35pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(vi)</font>&nbsp; &nbsp; &nbsp; &nbsp;<font style="font-size: 10pt; line-height: inherit;">not</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">prevented</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">special</font> <font style="font-size: 10pt; line-height: inherit;">law,</font> <font style="font-size: 10pt; line-height: inherit;">or</font> <font style="font-size: 10pt; line-height: inherit;">convicted</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">bankruptcy</font> <font style="font-size: 10pt; line-height: inherit;">crime,</font> <font style="font-size: 10pt; line-height: inherit;">malfeasance,</font> <font style="font-size: 10pt; line-height: inherit;">active</font> <font style="font-size: 10pt; line-height: inherit;">or </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">passive corruption, bribery, embezzlement, crimes</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">against the popular economy, the public faith, </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">property</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">national</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">financial</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">system,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">criminal</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">penalty</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">that</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">prevents</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">access</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">public office,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">provided</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">article</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">147</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Law</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">No.</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">6,404/76;</font></font></p>
<p style="margin: 0.45pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(vii)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp;</font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">not</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">have</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">conflict</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">interest</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">with</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Company</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">its</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">subsidiaries</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">associates</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(a</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">conflict</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">interest</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">with</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Company</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">is</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">presumed</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">when</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">person,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">cumulatively:</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">(a)</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">has</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">been</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">elected</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">a </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shareholder</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">who</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">has</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">also</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">elected</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">director</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">competing</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">company;</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(b)</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">maintains</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">reporting</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;">relationship with the shareholder who elected him/her), as provided for in article 147 of Law No.</font> <font style="font-size: 10pt; line-height: inherit;">6,404/76.</font></p>












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<p style="margin: 0.45pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; orphans: 0; text-align: justify; text-indent: -14.1pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">3.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp; </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">BOARD</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">OF</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">DIRECTORS</font></font></p>
<p style="margin: 1pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0.05pt 0pt 0pt 11.4pt; orphans: 0; text-align: justify; text-indent: -11.3pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">A.</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Criteria</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">for</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Composition</font></font></p>
<p style="margin: 0.85pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 106%; margin: 0.05pt 7.4pt 0pt 0.1pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">3.1</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Directors</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">composed</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">at</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">least</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">5</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">at</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">most</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">11</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">members,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">all</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">elected</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and removed</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">General</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Meeting,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">unified</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">term</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">office</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">2</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">years,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">reelection</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">being</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">permitted </font><font style="font-size: 10pt; line-height: inherit;">under the Bylaws.</font></font></p>
<p style="margin: 0.05pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 105%; margin: 0pt 7.5pt 0pt 0.1pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">3.2</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">composition</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">mandatorily</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">include</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">participation</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">at</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">least</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">30%</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">2,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">whichever</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">is greater,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">independent</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">directors,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">under</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Bylaws.</font></font></p>
<p style="margin: 0.4pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 106%; margin: 0pt 7.35pt 0pt 0.1pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">3.2.1&nbsp;</font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">characterization</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">those</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">appointed</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">independent</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">directors</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">comply</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">with</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">rules </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">procedures</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">set</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">forth</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Novo</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Mercado</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Regulation</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Bylaws,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">resolved</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">at </font><font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">general</font> <font style="font-size: 10pt; line-height: inherit;">meeting</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">elects</font> <font style="font-size: 10pt; line-height: inherit;">them.</font></font></p>
<p style="margin: 0.15pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 105%; margin: 0pt 7.5pt 0pt 0.1pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">3.3</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">The appointment of members of the Board of Directors shall, in addition to the criteria set forth </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">item</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">2.4</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">above,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">assess</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">candidate&#8217;s</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">availability</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">time</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">properly</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">dedicate</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">role</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">and </font><font style="font-size: 10pt; line-height: inherit;">responsibility</font> <font style="font-size: 10pt; line-height: inherit;">assumed.</font></font></p>
<p style="margin: 0.45pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 105%; margin: 0pt 7.35pt 0pt 0.1pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">3.4</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">proposal</font> <font style="font-size: 10pt; line-height: inherit;">for</font> <font style="font-size: 10pt; line-height: inherit;">re-election</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; line-height: inherit;">members</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">take</font> <font style="font-size: 10pt; line-height: inherit;">into</font> <font style="font-size: 10pt; line-height: inherit;">account</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">results</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the evaluation</font> <font style="font-size: 10pt; line-height: inherit;">processes</font> <font style="font-size: 10pt; line-height: inherit;">carried</font> <font style="font-size: 10pt; line-height: inherit;">out</font> <font style="font-size: 10pt; line-height: inherit;">during</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">previous</font> <font style="font-size: 10pt; line-height: inherit;">terms</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">office</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">such</font> <font style="font-size: 10pt; line-height: inherit;">members.</font></font></p>
<p style="margin: 0.5pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 11.15pt; orphans: 0; text-align: justify; text-indent: -11.05pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">B.</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">Procedure</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">for</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">Appointment</font></font></p>
<p style="margin: 0.9pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.15pt 0pt 0.1pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">3.5</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">The appointment of the members who will compose the slate for election to the Board of </font><font style="font-size: 10pt; line-height: inherit;">Directors at the General Meeting may be carried out by the Board itself or by any shareholder or group </font><font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">shareholders</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Company,</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">compliance</font> <font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">provisions</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">Law</font> <font style="font-size: 10pt; line-height: inherit;">No.</font> <font style="font-size: 10pt; line-height: inherit;">6,404/76</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">the </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Bylaws.</font></font></p>
<p style="margin: 0.45pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.65pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">3.6</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">shall,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">on</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">date</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">convening</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">General</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Meeting</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">elect</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">its</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">members,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">make </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">available</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">at</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Company&#8217;s</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">headquarters</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">declaration signed</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">each</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">members</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">slate </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">appointed</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">it,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">containing:</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">(a)</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">their</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">full</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">identification;</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">(b)</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">full</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">description</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">their</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">professional </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">experience, mentioning the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">professional activities previously performed, as well as professional and academic</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">qualifications;</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">and (c)</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">information on</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">final</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">disciplinary</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">legal</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">proceedings</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">in which</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">they </font><font style="font-size: 10pt; line-height: inherit;">have been convicted, as well as information, if applicable, on the existence of any cases of </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">impediment</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">conflict</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">interest</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">provided</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Article</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">147</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Law</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">No.</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">6,404/76.</font></font></p>













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<td style="width: 50%; height: 17px; vertical-align: top;" valign="top"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: -0.0666667px; orphans: 2; text-align: left; text-indent: -18.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">CORPORATE POLICY FOR APPOINTING MEMBERS OF THE</font></td>















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<td style="width: 50%; height: 17px; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: -0.0666667px; orphans: 2; text-align: left; text-indent: -18.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; color: #00458c; display: inline !important; line-height: inherit;">AND THE EXECUTIVE BOARD</font></td>















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<p style="font-size: 10pt; line-height: 105%; margin: 0pt 7pt 0pt 0.1pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">3.7</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">At every General Meeting to elect directors, the Board shall include, in the respective </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Management</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">proposal,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">its</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">statement</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">covering:</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">(i)</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">confirmation of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">adherence</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">this</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Policy by</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">each </font><font style="font-size: 10pt; line-height: inherit;">candidate for the position of Board member; and (ii) the reasons, in light of the provisions of the Novo </font><font style="font-size: 10pt; line-height: inherit;">Mercado</font> <font style="font-size: 10pt; line-height: inherit;">Regulation</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">declaration</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">independence</font> <font style="font-size: 10pt; line-height: inherit;">submitted</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">candidate,</font> <font style="font-size: 10pt; line-height: inherit;">why</font> <font style="font-size: 10pt; line-height: inherit;">each candidate</font> <font style="font-size: 10pt; line-height: inherit;">qualifies</font> <font style="font-size: 10pt; line-height: inherit;">as</font> <font style="font-size: 10pt; line-height: inherit;">an</font> <font style="font-size: 10pt; line-height: inherit;">independent</font> <font style="font-size: 10pt; line-height: inherit;">director.</font></font></p>
<p style="margin: 0.5pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.25pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">3.8</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Under the Bylaws, any shareholder or</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">group of shareholders</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">who wishes</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">to propose another slate </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">candidates</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">run</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">positions</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">on</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Directors</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shall,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">at</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">least</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">five</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">days</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">before</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">date set</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">General</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Meeting,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">submit</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">declarations</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">signed</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">individually</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">candidates </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">appointed by them, containing the information mentioned in item 3.7</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">above, and the Board shall be </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">responsible</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">immediately</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">disclosing,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">means</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">notice</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">posted</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">on</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Company&#8217;s</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">website</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and </font><font style="font-size: 10pt; line-height: inherit;">forwarded</font> <font style="font-size: 10pt; line-height: inherit;">electronically</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">CVM</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">B3</font> <font style="font-size: 10pt; line-height: inherit;">(Brazilian</font> <font style="font-size: 10pt; line-height: inherit;">stock</font> <font style="font-size: 10pt; line-height: inherit;">exchange),</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">information</font> <font style="font-size: 10pt; line-height: inherit;">that</font> <font style="font-size: 10pt; line-height: inherit;">the</font></font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">documents</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">relating</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">other</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">slates</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">submitted</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">are</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">available</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shareholders</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">at</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Company&#8217;s </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">headquarters.</font></p>












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<p style="margin: 0.35pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.65pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">3.8.1</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Directors</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">verify</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">whether</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">requirements</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">established</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">this</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Policy</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">have </font><font style="font-size: 10pt; line-height: inherit;">been</font> <font style="font-size: 10pt; line-height: inherit;">complied</font> <font style="font-size: 10pt; line-height: inherit;">with</font> <font style="font-size: 10pt; line-height: inherit;">and,</font> <font style="font-size: 10pt; line-height: inherit;">if</font> <font style="font-size: 10pt; line-height: inherit;">so,</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">names</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">candidates</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">put</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">vote</font> <font style="font-size: 10pt; line-height: inherit;">at</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">General </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Meeting.</font></font></p>
<p style="margin: 0.5pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0.05pt 7.4pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">3.9</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">Other rules on appointment, election, vacancy and replacements shall comply with the provisions of the Bylaws, the Internal Regulations of the Board of Directors and the current </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">legislation.</font></font></p>
<p style="margin: 0.2pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; text-align: justify; text-indent: -14.1pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">4.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp; </font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">EXECUTIVE</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">BOARD</font></font></p>
<p style="margin: 0.9pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 0.1pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">A.</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Criteria</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">for</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Composition</font></font></p>
<p style="margin: 0.9pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.2pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">4.1</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">Under</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Bylaws,</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Executive</font> <font style="font-size: 10pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">composed</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">up</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">eight</font> <font style="font-size: 10pt; line-height: inherit;">Officers,</font> <font style="font-size: 10pt; line-height: inherit;">whether shareholders</font> <font style="font-size: 10pt; line-height: inherit;">or</font> <font style="font-size: 10pt; line-height: inherit;">not,</font> <font style="font-size: 10pt; line-height: inherit;">resident</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">country,</font> <font style="font-size: 10pt; line-height: inherit;">elected</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">Directors,</font> <font style="font-size: 10pt; line-height: inherit;">without</font> <font style="font-size: 10pt; line-height: inherit;">specific </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">designation,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">except</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Chief</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Executive</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Officer</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Investor</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Relations</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Officer,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">whose</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">duties </font><font style="font-size: 10pt; line-height: inherit;">are</font> <font style="font-size: 10pt; line-height: inherit;">set</font> <font style="font-size: 10pt; line-height: inherit;">forth</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Bylaws.</font></font></p>
<p style="margin: 0.45pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.6pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">4.2</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">term</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">office</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Officers,</font> <font style="font-size: 10pt; line-height: inherit;">who</font> <font style="font-size: 10pt; line-height: inherit;">will</font> <font style="font-size: 10pt; line-height: inherit;">continue</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">hold</font> <font style="font-size: 10pt; line-height: inherit;">office</font> <font style="font-size: 10pt; line-height: inherit;">until</font> <font style="font-size: 10pt; line-height: inherit;">their</font> <font style="font-size: 10pt; line-height: inherit;">substitutes</font> <font style="font-size: 10pt; line-height: inherit;">are </font><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">elected</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">take</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">office,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">two</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">years,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">with</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">re-election</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">permitted.</font></font></p>
<p style="margin: 0.5pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 6.9pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">4.3</font> <font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">Directors</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">appoint</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">compose</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Executive</font> <font style="font-size: 10pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; line-height: inherit;">professionals</font> <font style="font-size: 10pt; line-height: inherit;">who</font> <font style="font-size: 10pt; line-height: inherit;">know how to harmoniously combine the interests of the Company, shareholders, managers and </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">employees, as</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">well as the Company&#8217;s social and environmental responsibility,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">guided by legality and </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ethics.</font></font></p>
<p style="margin: 0.35pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.3pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">4.4</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">proposal</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">re-election</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Executive</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">members</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">take</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">into</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">account</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">result(s) </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">evaluation</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">process(es)</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">carried</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">out</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">during</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">exercise</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">their</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">activities.</font></font></p>
<p style="margin: 0.25pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.2pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">4.5</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">positions</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">Chairman</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">Directors</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">Chief</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">Executive</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">Officer</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">or</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">main</font> <font style="font-size: 10pt; letter-spacing: -0.4pt; line-height: inherit;">executive </font><font style="font-size: 10pt; line-height: inherit;">of the Company may not be held by the same person, as provided for in article 138 of Law</font> <font style="font-size: 10pt; line-height: inherit;">No.</font> <font style="font-size: 10pt; line-height: inherit;">6,404/76.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.1pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">5.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp; </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">ADVISORY</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">COMMITTEES</font></font></p>
<p style="margin: 1pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0.05pt 0pt 0pt 11.4pt; text-indent: -11.3pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">A.</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Criteria</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">for</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Composition</font></font></p>
<p style="margin: 0.85pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 15.45pt; text-indent: -15.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">5.1</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Directors</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">mandatorily</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">have</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">following</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">advisory</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">committees:</font></font></p>
<p style="margin: 1.05pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 10.25pt; text-indent: -10.15pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">a)</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Audit</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Risk</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Committee;</font></font></p>
<p style="margin: 1pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 10.55pt; text-indent: -10.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">b)</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">People</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Sustainability</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Committee;</font></font></p>
<p style="margin: 1pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0.05pt 0pt 0pt 10.2pt; text-indent: -10.1pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">c)</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Investments</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Committee.</font></font></p>
<p style="margin: 0.75pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.35pt 0pt 0.1pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">5.1.1.</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">may</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">create</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">other</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">advisory</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">committees,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">which</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">comply</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">with</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">appointment </font><font style="font-size: 10pt; line-height: inherit;">criteria established in this Policy, also determining their guidelines and duties when they are installed </font><font style="font-size: 10pt; line-height: inherit;">and designating their members.</font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0.1pt 7.45pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">5.2</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">composition</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Committees</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">comply</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">with</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">provisions</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Bylaws,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">current legislation</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">respective</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Internal</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Regulations,</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">well</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">as</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">principles</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">criteria</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">set</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">forth</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in </font><font style="font-size: 10pt; line-height: inherit;">this</font> <font style="font-size: 10pt; line-height: inherit;">Policy.</font></font></p>
<p style="margin: 0.4pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.35pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">5.3</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">proposal</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">for</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">re-election</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Committee</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">members</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">take</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">into</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">account</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">results</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="font-size: 10pt; line-height: inherit;">evaluation</font> <font style="font-size: 10pt; line-height: inherit;">processes</font> <font style="font-size: 10pt; line-height: inherit;">carried</font> <font style="font-size: 10pt; line-height: inherit;">out</font> <font style="font-size: 10pt; line-height: inherit;">during</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">previous</font> <font style="font-size: 10pt; line-height: inherit;">terms</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">office</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">such</font> <font style="font-size: 10pt; line-height: inherit;">members.</font></font></p>
<p style="margin: 0.6pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 11.15pt; text-indent: -11.05pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">B.</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">Procedure</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">for</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">Appointment</font></font></p>
<p style="margin: 0.8pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.2pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">5.4</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">appointment</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">members</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Committees</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">advisory</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">bodies</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">linked</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Ultrapar&#8217;s</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Board </font><font style="font-size: 10pt; line-height: inherit;">of Directors may be made by any director up to seven days in advance of the meeting that will appoint </font><font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">composition</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">new</font> <font style="font-size: 10pt; line-height: inherit;">Committee,</font> <font style="font-size: 10pt; line-height: inherit;">when</font> <font style="font-size: 10pt; line-height: inherit;">applicable.</font></font></p>
<p style="margin: 0.4pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.5pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">5.5</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">compliance</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">with</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">requirements</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">set</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">forth</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">this</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Policy</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">verified</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">and </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">appointment</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">candidate</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">approved</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Directors.</font></font></p>













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<td style="width: 50%; height: 17px; vertical-align: top;" valign="top"><font style="color: #00458c; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: -0.0666667px; orphans: 2; text-align: left; text-indent: -18.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">CORPORATE POLICY FOR APPOINTING MEMBERS OF THE</font></td>















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<p style="margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.1pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">6.</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp; </font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">EVALUATION</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">PROCESS</font></font></p>
<p style="margin: 1pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 11.4pt; text-indent: -11.3pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">A.</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Directors</font></font></p>
<p style="margin: 0.8pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.45pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">6.1</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">To</font> <font style="font-size: 10pt; line-height: inherit;">ensure</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">effectiveness</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">dynamics</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">operation</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Board,</font> <font style="font-size: 10pt; line-height: inherit;">its</font> <font style="font-size: 10pt; line-height: inherit;">Committees</font> <font style="font-size: 10pt; line-height: inherit;">and </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">advisory</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">bodies,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Company</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">carry</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">out</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">periodic</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">evaluation,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">at</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">least</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">once</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">per</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">term.</font></font></p>
<p style="margin: 0.25pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.35pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">6.2</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">The process shall be approved by the Board and consider its evaluation and that of its Committees</font> <font style="font-size: 10pt; line-height: inherit;">as</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">collective</font> <font style="font-size: 10pt; line-height: inherit;">body,</font> <font style="font-size: 10pt; line-height: inherit;">as</font> <font style="font-size: 10pt; line-height: inherit;">well</font> <font style="font-size: 10pt; line-height: inherit;">as</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">its</font> <font style="font-size: 10pt; line-height: inherit;">members</font> <font style="font-size: 10pt; line-height: inherit;">individually,</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">may</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">carried</font> <font style="font-size: 10pt; line-height: inherit;">out internally</font> <font style="font-size: 10pt; line-height: inherit;">or</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">a</font> <font style="font-size: 10pt; line-height: inherit;">specialized</font> <font style="font-size: 10pt; line-height: inherit;">company.</font></font></p>
<p style="margin: 0.4pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.35pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">6.3</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">The</font> <font style="font-size: 10pt; line-height: inherit;">evaluation</font> <font style="font-size: 10pt; line-height: inherit;">aims</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">measure</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">dimensions</font> <font style="font-size: 10pt; line-height: inherit;">related</font> <font style="font-size: 10pt; line-height: inherit;">to</font> <font style="font-size: 10pt; line-height: inherit;">composition,</font> <font style="font-size: 10pt; line-height: inherit;">operation,</font> <font style="font-size: 10pt; line-height: inherit;">powers, </font><font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">dedication</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">and effectiveness,</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">being</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">an</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">essential</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">element</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">appointment</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">process</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">set</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">forth</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">this </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Policy.</font></font></p>
<p style="margin: 0.55pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 11.15pt; text-indent: -11.05pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">B.</font> <font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.35pt; line-height: inherit;">Executive </font><font style="font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Board</font></font></p>
<p style="margin: 0.9pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 7.2pt 0pt 0.1pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">6.4</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">The Company&#8217;s Chief</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Executive</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Officer</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">evaluated</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">annually</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Chairman</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.3pt; line-height: inherit;">Board </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Directors,</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">including</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">relation</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">fulfillment</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">his/her</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">individual</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">economic</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">goals.</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">The </font><font style="font-size: 10pt; line-height: inherit;">other</font> <font style="font-size: 10pt; line-height: inherit;">members</font> <font style="font-size: 10pt; line-height: inherit;">of</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Statutory</font> <font style="font-size: 10pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; line-height: inherit;">be</font> <font style="font-size: 10pt; line-height: inherit;">evaluated</font> <font style="font-size: 10pt; line-height: inherit;">in</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">same</font> <font style="font-size: 10pt; line-height: inherit;">way</font> <font style="font-size: 10pt; line-height: inherit;">by</font> <font style="font-size: 10pt; line-height: inherit;">the</font> <font style="font-size: 10pt; line-height: inherit;">Chief</font> <font style="font-size: 10pt; line-height: inherit;">Executive </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Officer</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">results</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">presented</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">validated</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">by</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">People</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Committee.</font></font></p>
<p style="margin: 0.15pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 15.45pt; text-indent: -15.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">6.5</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">The</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">results</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">mentioned</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">evaluations</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">shall</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">be</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">presented</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">to</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Board</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Directors.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 66.15pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #ffffff; font-family: Verdana; letter-spacing: 1.6pt; line-height: inherit;">CORP</font> <font style="color: #ffffff; font-family: Verdana; letter-spacing: 1.05pt; line-height: inherit;">OR</font> <font style="color: #ffffff; font-family: Verdana; line-height: inherit;">AT</font> <font style="color: #ffffff; font-family: Verdana; line-height: inherit;">E</font> <font style="color: #ffffff; font-family: Verdana; line-height: inherit;">P</font> <font style="color: #ffffff; font-family: Verdana; letter-spacing: 1.7pt; line-height: inherit;">OLICY</font> <font style="color: #ffffff; font-family: Verdana; letter-spacing: 0.8pt; line-height: inherit;">O</font></font></p>


















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<div style="margin: 0pt 0pt 0pt 17.7pt; text-indent: -12.85pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">1.</font></font> <a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B7_281202525334647" class="customBookmark"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; letter-spacing: 0.2pt; line-height: inherit;">OBJECTIVE&nbsp;</font></font><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; letter-spacing: 0.2pt; line-height: inherit;">AND</font></font> <font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; letter-spacing: 0.4pt; line-height: inherit;">GUIDELINES</font></font></a></div>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 5.35pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">This</font> <font style="color: #231f20; line-height: inherit;">Policy</font> <font style="color: #231f20; line-height: inherit;">establishes</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">guidelines,</font> <font style="color: #231f20; line-height: inherit;">rules,</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">procedures</font> <font style="color: #231f20; line-height: inherit;">for</font> <font style="color: #231f20; line-height: inherit;">handling</font> <font style="color: #231f20; line-height: inherit;">situations</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">potential </font><font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">conflicts</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">interest</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">ensuring</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">transparency</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">independence</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">relationships</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">between</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Ultrapar </font><font style="color: #231f20; line-height: inherit;">Participa&#231;&#245;es</font> <font style="color: #231f20; line-height: inherit;">S.A.</font> <font style="color: #231f20; line-height: inherit;">(&#8220;Ultrapar&#8221;)</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">its</font> <font style="color: #231f20; line-height: inherit;">subsidiaries</font> <font style="color: #231f20; line-height: inherit;">(jointly</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">Ultrapar,</font> <font style="color: #231f20; line-height: inherit;">&#8220;Grupo</font> <font style="color: #231f20; line-height: inherit;">Ultra&#8221;)</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">their</font></font></p>
<p style="margin: 0.1pt 0pt 0pt 4.85pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">related</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">parties.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 10.8pt 5.35pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">The</font> <font style="color: #231f20; line-height: inherit;">guidelines</font> <font style="color: #231f20; line-height: inherit;">contained</font> <font style="color: #231f20; line-height: inherit;">herein</font> <font style="color: #231f20; line-height: inherit;">apply</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">all</font> <font style="color: #231f20; line-height: inherit;">companies</font> <font style="color: #231f20; line-height: inherit;">within</font> <font style="color: #231f20; line-height: inherit;">Grupo</font> <font style="color: #231f20; line-height: inherit;">Ultra,</font> <font style="color: #231f20; line-height: inherit;">as</font> <font style="color: #231f20; line-height: inherit;">well</font> <font style="color: #231f20; line-height: inherit;">as</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">shareholder, </font><font style="color: #231f20; line-height: inherit;">partner,</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">employee,</font> <font style="color: #231f20; line-height: inherit;">without</font> <font style="color: #231f20; line-height: inherit;">prejudice</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">additional</font> <font style="color: #231f20; line-height: inherit;">regulations</font> <font style="color: #231f20; line-height: inherit;">applicable</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">their</font> <font style="color: #231f20; line-height: inherit;">activities.</font> <font style="color: #231f20; line-height: inherit;">External representatives,</font> <font style="color: #231f20; line-height: inherit;">suppliers,</font> <font style="color: #231f20; line-height: inherit;">service</font> <font style="color: #231f20; line-height: inherit;">providers,</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">business</font> <font style="color: #231f20; line-height: inherit;">partners</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">also</font> <font style="color: #231f20; line-height: inherit;">follow</font> <font style="color: #231f20; line-height: inherit;">this</font> <font style="color: #231f20; line-height: inherit;">Policy.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.75pt 5.35pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">Any</font> <font style="color: #231f20; line-height: inherit;">transaction</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">third</font> <font style="color: #231f20; line-height: inherit;">parties</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">related</font> <font style="color: #231f20; line-height: inherit;">parties</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">conducted</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">best</font> <font style="color: #231f20; line-height: inherit;">interest</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">Grupo Ultra,</font> <font style="color: #231f20; line-height: inherit;">without</font> <font style="color: #231f20; line-height: inherit;">conflict</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">interest,</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">adhere</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">following</font> <font style="color: #231f20; line-height: inherit;">general</font> <font style="color: #231f20; line-height: inherit;">guidelines:</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.75pt 5.35pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;"><br></font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 10.15pt 0pt 33.2pt; text-indent: -14.2pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #00448b; font-weight: bold; line-height: inherit;">Compliance:</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">transaction</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">adhere</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">contractual</font> <font style="color: #231f20; line-height: inherit;">terms</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">responsibilities</font> <font style="color: #231f20; line-height: inherit;">practiced </font><font style="color: #231f20; line-height: inherit;">by Grupo Ultra.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.65pt 14.45pt 0pt 33.2pt; text-indent: -14.2pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #00448b; font-weight: bold; line-height: inherit;">Market</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">conditions:</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">transaction</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">guided</font> <font style="color: #231f20; line-height: inherit;">by</font> <font style="color: #231f20; line-height: inherit;">reasonable</font> <font style="color: #231f20; line-height: inherit;">market</font> <font style="color: #231f20; line-height: inherit;">conditions,</font> <font style="color: #231f20; line-height: inherit;">according to the criteria established in this Policy, other internal policies and standards, and applicable </font><font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">regulations.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.6pt 5.3pt 0pt 33.2pt; text-indent: -14.2pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #00448b; font-weight: bold; line-height: inherit;">Equal</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">treatment:</font> <font style="color: #231f20; line-height: inherit;">related parties or third parties with potential conflict of interest shall be treated the same as any other independent party negotiating with Grupo Ultra, with no discrimination, privilege, use of insider information, or preference in business opportunities benefiting the related </font><font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">party.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.65pt 16.1pt 0pt 33.2pt; text-indent: -14.2pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #00448b; font-weight: bold; line-height: inherit;">Justification:</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">transaction</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">economically</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">strategically</font> <font style="color: #231f20; line-height: inherit;">justified,</font> <font style="color: #231f20; line-height: inherit;">representing</font> <font style="color: #231f20; line-height: inherit;">the </font><font style="color: #231f20; line-height: inherit;">best alternative for Grupo Ultra.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.6pt 30.65pt 0pt 33.2pt; text-indent: -14.2pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #00448b; font-weight: bold; line-height: inherit;">Formality:</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">transaction</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">formalized</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">writing,</font> <font style="color: #231f20; line-height: inherit;">specifying</font> <font style="color: #231f20; line-height: inherit;">its</font> <font style="color: #231f20; line-height: inherit;">main</font> <font style="color: #231f20; line-height: inherit;">characteristics, </font><font style="color: #231f20; line-height: inherit;">conditions, and other relevant information.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.65pt 5.6pt 0pt 33.2pt; text-indent: -14.2pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #00448b; font-weight: bold; line-height: inherit;">Competitiveness:</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">area</font> <font style="color: #231f20; line-height: inherit;">responsible</font> <font style="color: #231f20; line-height: inherit;">for</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">transaction</font> <font style="color: #231f20; line-height: inherit;">must,</font> <font style="color: #231f20; line-height: inherit;">whenever</font> <font style="color: #231f20; line-height: inherit;">possible,</font> <font style="color: #231f20; line-height: inherit;">seek</font> <font style="color: #231f20; line-height: inherit;">at</font> <font style="color: #231f20; line-height: inherit;">least </font><font style="color: #231f20; line-height: inherit;">one market alternative for conducting the transaction.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.65pt 5.6pt 0pt 33.2pt; text-indent: -14.2pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 20pt; text-indent: -15.15pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">2.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp; </font><font style="color: #00448b; font-weight: bold; line-height: inherit;">CONFLICT</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">OF</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">INTEREST</font></font></p>
<p style="margin: 4.35pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 28.25pt; text-indent: -23.4pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: normal; letter-spacing: -0.8pt; line-height: inherit;">2.1.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; </font><font style="color: #00448b; letter-spacing: -0.1pt; line-height: inherit;">CONCEPT</font></font></p>
<p style="margin: 0.55pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 5.35pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">A</font> <font style="color: #231f20; line-height: inherit;">conflict</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">interest</font> <font style="color: #231f20; line-height: inherit;">arises</font> <font style="color: #231f20; line-height: inherit;">when</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">person</font> <font style="color: #231f20; line-height: inherit;">lacks,</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">appears</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">lack,</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">independence</font> <font style="color: #231f20; line-height: inherit;">necessary</font> <font style="color: #231f20; line-height: inherit;">to perform their duties.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.75pt 5.35pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">It</font> <font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">identified</font> <font style="color: #231f20; line-height: inherit;">when</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">person</font> <font style="color: #231f20; line-height: inherit;">involved</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">decision-making</font> <font style="color: #231f20; line-height: inherit;">process</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">power</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">influence</font> <font style="color: #231f20; line-height: inherit;">the </font><font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">outcome</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">has</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">personal</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">interests</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">that</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">affect</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">their</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">independence,</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">even</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">if</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">such</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">interests</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">are</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">aligned</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">with </font><font style="color: #231f20; line-height: inherit;">Grupo Ultra&#8217;s interests.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.75pt 5.35pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">A</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">conflict</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">interest</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">may</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">exist</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">even</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">if</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">it</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">causes</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">no</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">harm</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">tangible,</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">intangible,</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">financial</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">assets</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">of </font><font style="color: #231f20; line-height: inherit;">Grupo</font> <font style="color: #231f20; line-height: inherit;">Ultra.</font></font></p>














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<p style="font-size: 9pt; line-height: 147%; margin: 0pt 9.2pt 0pt 4.85pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;"><br></font></font></p>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 9.2pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">Potential</font> <font style="color: #231f20; line-height: inherit;">conflicts</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">interest</font> <font style="color: #231f20; line-height: inherit;">are</font> <font style="color: #231f20; line-height: inherit;">also</font> <font style="color: #231f20; line-height: inherit;">characterized</font> <font style="color: #231f20; line-height: inherit;">by</font> <font style="color: #231f20; line-height: inherit;">(i)</font> <font style="color: #231f20; line-height: inherit;">situations</font> <font style="color: #231f20; line-height: inherit;">where</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">person</font> <font style="color: #231f20; line-height: inherit;">involved</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">the </font><font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">decision-making</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">process</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">may</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">obtain</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">benefit</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">for</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">themselves,</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">relative,</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">third</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">party</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">with</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">whom</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="color: #231f20; line-height: inherit;">person</font> <font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">related;</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">(ii)</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">use</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">their</font> <font style="color: #231f20; line-height: inherit;">position</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">information,</font> <font style="color: #231f20; line-height: inherit;">whether</font> <font style="color: #231f20; line-height: inherit;">confidential</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">not,</font> <font style="color: #231f20; line-height: inherit;">that</font> <font style="color: #231f20; line-height: inherit;">could influence any business decision.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.8pt 5.35pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">Everyone</font> <font style="color: #231f20; line-height: inherit;">should</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">aware</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">possibility</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">conflict</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">interest</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">conducting</font> <font style="color: #231f20; line-height: inherit;">their</font> <font style="color: #231f20; line-height: inherit;">activities</font> <font style="color: #231f20; line-height: inherit;">and should</font> <font style="color: #231f20; line-height: inherit;">immediately</font> <font style="color: #231f20; line-height: inherit;">report</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">potential</font> <font style="color: #231f20; line-height: inherit;">conflict</font> <font style="color: #231f20; line-height: inherit;">as</font> <font style="color: #231f20; line-height: inherit;">provided</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">this</font> <font style="color: #231f20; line-height: inherit;">Policy.</font></font></p>
<p style="margin: 5.75pt 0pt 0pt 4.85pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">For</font> <font style="color: #231f20; line-height: inherit;">example,</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">conflict</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">interest</font> <font style="color: #231f20; line-height: inherit;">may</font> <font style="color: #231f20; line-height: inherit;">arise</font> <font style="color: #231f20; line-height: inherit;">when</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">person&#8217;s</font> <font style="color: #231f20; line-height: inherit;">duties</font> <font style="color: #231f20; line-height: inherit;">could</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">influenced</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">some</font> <font style="color: #231f20; letter-spacing: -0.2pt; line-height: inherit;">way:</font></font></p>
<p style="margin: 5.75pt 0pt 0pt 4.85pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; letter-spacing: -0.2pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0.05pt 0pt 0pt 33.2pt; text-indent: -14.15pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #231f20; line-height: inherit;">by</font> <font style="color: #231f20; line-height: inherit;">their</font> <font style="color: #231f20; line-height: inherit;">family,</font> <font style="color: #231f20; line-height: inherit;">friendship,</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">commercial</font> <font style="color: #231f20; line-height: inherit;">relationship</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">other</font> <font style="color: #231f20; line-height: inherit;">individuals</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">entities.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 8.8pt 45.4pt 0pt 33.2pt; text-indent: -14.2pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #231f20; line-height: inherit;">by their interests, those of their relatives, or close associates regarding any individual or</font> <font style="color: #231f20; line-height: inherit;">entity</font> <font style="color: #231f20; line-height: inherit;">contracting</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">Grupo</font> <font style="color: #231f20; line-height: inherit;">Ultra,</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">even</font> <font style="color: #231f20; line-height: inherit;">without</font> <font style="color: #231f20; line-height: inherit;">contracting,</font> <font style="color: #231f20; line-height: inherit;">having</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">interest opposed to that of Grupo Ultra.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.6pt 52.2pt 0pt 33.2pt; text-indent: -14.2pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #231f20; line-height: inherit;">by</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">other</font> <font style="color: #231f20; line-height: inherit;">relationship</font> <font style="color: #231f20; line-height: inherit;">that</font> <font style="color: #231f20; line-height: inherit;">could</font> <font style="color: #231f20; line-height: inherit;">prevent</font> <font style="color: #231f20; line-height: inherit;">them</font> <font style="color: #231f20; line-height: inherit;">from</font> <font style="color: #231f20; line-height: inherit;">working</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">defending</font> <font style="color: #231f20; line-height: inherit;">Grupo Ultra&#8217;s interest.</font></font></p>
<p style="margin: 5.1pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 14.2pt 0pt 4.85pt;"><font style="color: #231f20; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For the purposes of this Policy, relatives are understood to be those family members who may be expected to influence or be influenced by the person, and may include (i) spouse or partner and their children; (ii) children of the spouse or partner; and (iii) dependents of the person or their spouse or partner.</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.8pt 14.2pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">It is permissible to recommend hiring relatives, close associates, external representatives, business partners, suppliers, and service providers, provided that the relationship is formally communicated</font> <font style="color: #231f20; line-height: inherit;">to the immediate superior and that the hiring process is conducted in accordance with the</font> <font style="color: #231f20; line-height: inherit;">conditions established by this Policy and the Code of Ethics, without any personal favoritism.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.8pt 83.05pt 0pt 4.85pt;"><font style="color: #231f20; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Direct subordination of relatives to the respective employee is prohibited. Employees may participate in other companies, but they may not:</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 8.4pt 54.25pt 0pt 33.2pt; text-indent: -14.2pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp;</font><font style="color: #231f20; line-height: inherit;">hold a position that significantly influences decisions of companies with any commercial, financial, or other relationship with Grupo Ultra, unless the employee obtains</font> <font style="color: #231f20; line-height: inherit;">prior</font> <font style="color: #231f20; line-height: inherit;">approval</font> <font style="color: #231f20; line-height: inherit;">from</font> <font style="color: #231f20; line-height: inherit;">their</font> <font style="color: #231f20; line-height: inherit;">immediate</font> <font style="color: #231f20; line-height: inherit;">leadership</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">notifies</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">Integrity</font> <font style="color: #231f20; line-height: inherit;">area for conflict evaluation.</font></font></p>
<p style="margin: 5.6pt 0pt 0pt 33.2pt; text-indent: -14.15pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #231f20; line-height: inherit;">hold</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">relevant</font> <font style="color: #231f20; line-height: inherit;">stake</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">competitors</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">Ultrapar</font> <font style="color: #231f20; line-height: inherit;">and/or</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">its</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">subsidiaries.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 8.8pt 39.7pt 0pt 33.2pt; text-indent: -14.2pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #231f20; line-height: inherit;">hold</font> <font style="color: #231f20; line-height: inherit;">an</font> <font style="color: #231f20; line-height: inherit;">executive</font> <font style="color: #231f20; line-height: inherit;">role</font> <font style="color: #231f20; line-height: inherit;">similar</font> <font style="color: #231f20; line-height: inherit;">to the</font> <font style="color: #231f20; line-height: inherit;">one</font> <font style="color: #231f20; line-height: inherit;">they</font> <font style="color: #231f20; line-height: inherit;">perform</font> <font style="color: #231f20; line-height: inherit;">at Ultrapar</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">its</font> <font style="color: #231f20; line-height: inherit;">subsidiaries, unless</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">employee</font> <font style="color: #231f20; line-height: inherit;">obtains</font> <font style="color: #231f20; line-height: inherit;">prior</font> <font style="color: #231f20; line-height: inherit;">approval</font> <font style="color: #231f20; line-height: inherit;">from</font> <font style="color: #231f20; line-height: inherit;">their</font> <font style="color: #231f20; line-height: inherit;">immediate</font> <font style="color: #231f20; line-height: inherit;">leadership</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">notifies the Integrity area for conflict evaluation.</font></font></p>
<p style="margin: 5.65pt 0pt 0pt 33.2pt; text-indent: -14.15pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #231f20; line-height: inherit;">commit</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">significant</font> <font style="color: #231f20; line-height: inherit;">amount</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">time</font> <font style="color: #231f20; line-height: inherit;">that</font> <font style="color: #231f20; line-height: inherit;">conflicts</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">their</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">activities.</font></font></p>
<p style="margin: 8.8pt 0pt 0pt 33.2pt; text-indent: -14.15pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #231f20; line-height: inherit;">favor</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">company</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">way</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">hiring</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">processes.</font></font></p>













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<p style="margin: 0pt 0pt 0pt 31.65pt; orphans: 0; text-indent: -26.8pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: normal; letter-spacing: -0.8pt; line-height: inherit;">2.2.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp; </font><font style="color: #00448b; line-height: inherit;">CONDUCT</font> <font style="color: #00448b; line-height: inherit;">IN</font> <font style="color: #00448b; line-height: inherit;">CASE</font> <font style="color: #00448b; line-height: inherit;">OF</font> <font style="color: #00448b; line-height: inherit;">CONFLICT</font> <font style="color: #00448b; line-height: inherit;">OF</font> <font style="color: #00448b; letter-spacing: -0.1pt; line-height: inherit;">INTEREST</font></font></p>
<p style="margin: 0.55pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 0pt 14.2pt 0pt 4.85pt; orphans: 0; widows: 0;"><font style="color: #231f20; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Anyone in a real or potential conflict of interest situation must immediately report this to the Integrity area or their manager, who should contact the Integrity area to assist in defining measures and procedures. This communication should be made, whenever possible, before the shareholder, partner, or employee engages in conduct that may cause a potential conflict of interest. If the shareholder, partner, or employee does not disclose their conflict of interest, anyone else may do so.</font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 5.85pt 14.2pt 0pt 4.85pt; orphans: 0; widows: 0;"><font style="color: #231f20; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In addition to the communication provided in this item, and without prejudice to the measures and conduct indicated by the Integrity area, whenever a person is in a conflict situation, they should withdraw from discussions on the subject and refrain from negotiating, evaluating, opining, voting, or otherwise participating or influencing the handling or approval of the matter.</font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 5.75pt 5.35pt 0pt 4.85pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">When</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">real</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">potential</font> <font style="color: #231f20; line-height: inherit;">conflict</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">interest</font> <font style="color: #231f20; line-height: inherit;">arises</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">matter</font> <font style="color: #231f20; line-height: inherit;">submitted</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">decision</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">any </font><font style="color: #231f20; line-height: inherit;">management</font> <font style="color: #231f20; line-height: inherit;">body</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">Grupo</font> <font style="color: #231f20; line-height: inherit;">Ultra,</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">conflicted</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">potentially</font> <font style="color: #231f20; line-height: inherit;">conflicted</font> <font style="color: #231f20; line-height: inherit;">person,</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">anyone</font> <font style="color: #231f20; line-height: inherit;">present </font><font style="color: #231f20; line-height: inherit;">aware</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">conflict,</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">inform</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">other</font> <font style="color: #231f20; line-height: inherit;">members</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">body.</font></font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 5.8pt 16.45pt 0pt 4.85pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">All</font> <font style="color: #231f20; line-height: inherit;">information</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">decisions</font> <font style="color: #231f20; line-height: inherit;">involving</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">identified</font> <font style="color: #231f20; line-height: inherit;">conflict</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">interest</font> <font style="color: #231f20; line-height: inherit;">(such</font> <font style="color: #231f20; line-height: inherit;">as</font> <font style="color: #231f20; line-height: inherit;">justifications</font> <font style="color: #231f20; line-height: inherit;">for</font> <font style="color: #231f20; line-height: inherit;">the decision</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">body</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">period</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">withdrawal,</font> <font style="color: #231f20; line-height: inherit;">as</font> <font style="color: #231f20; line-height: inherit;">well</font> <font style="color: #231f20; line-height: inherit;">as</font> <font style="color: #231f20; line-height: inherit;">related</font> <font style="color: #231f20; line-height: inherit;">documents)</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">recorded</font> <font style="color: #231f20; line-height: inherit;">in minutes,</font> <font style="color: #231f20; line-height: inherit;">respecting</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">confidentiality</font> <font style="color: #231f20; line-height: inherit;">obligations</font> <font style="color: #231f20; line-height: inherit;">related</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">such</font> <font style="color: #231f20; line-height: inherit;">information</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">documents.</font></font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 5.8pt 16.45pt 0pt 4.85pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 20.15pt; orphans: 0; text-indent: -15.3pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">3.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp; </font><font style="color: #00448b; font-weight: bold; letter-spacing: 0.2pt; line-height: inherit;">RELATED</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">PARTIES</font></font></p>
<p style="margin: 4.3pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 28.35pt; orphans: 0; text-indent: -23.5pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: normal; letter-spacing: -0.8pt; line-height: inherit;">3.1.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; </font><font style="color: #00448b; letter-spacing: -0.1pt; line-height: inherit;">CONCEPTS</font></font></p>
<p style="margin: 11.4pt 0pt 0pt 33.2pt; orphans: 0; text-indent: -14.15pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #00448b; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">Related</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Parties</font></font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 10.8pt 47.4pt 0pt 33.2pt; orphans: 0; widows: 0;"><font style="color: #231f20; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">According to Technical Pronouncement CPC No. 05, issued by the Brazilian Accounting Pronouncements Committee, related parties are individuals or entities related to Grupo Ultra.</font></p>
<p style="margin: 3.2pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 20.9pt; orphans: 0; text-indent: -16.05pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">(A)</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Individual</font></font></p>
<p style="margin: 10.8pt 0pt 0pt 4.85pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">An</font> <font style="color: #231f20; line-height: inherit;">individual</font> <font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">considered</font> <font style="color: #231f20; line-height: inherit;">related</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">Grupo</font> <font style="color: #231f20; line-height: inherit;">Ultra</font> <font style="color: #231f20; line-height: inherit;">when</font> <font style="color: #231f20; line-height: inherit;">they</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">close</font> <font style="color: #231f20; line-height: inherit;">family</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">member:</font></font></p>
<p style="margin: 1.55pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 33.2pt; orphans: 0; text-indent: -14.15pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #231f20; line-height: inherit;">has</font> <font style="color: #231f20; line-height: inherit;">full</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">shared</font> <font style="color: #231f20; line-height: inherit;">control</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">company</font> <font style="color: #231f20; line-height: inherit;">within</font> <font style="color: #231f20; line-height: inherit;">Grupo</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Ultra.</font></font></p>
<p style="margin: 8.8pt 0pt 0pt 33.2pt; orphans: 0; text-indent: -14.15pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #231f20; line-height: inherit;">has</font> <font style="color: #231f20; line-height: inherit;">significant</font> <font style="color: #231f20; line-height: inherit;">influence</font> <font style="color: #231f20; line-height: inherit;">over</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">company</font> <font style="color: #231f20; line-height: inherit;">within</font> <font style="color: #231f20; line-height: inherit;">Grupo</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Ultra.</font></font></p>
<p style="font-size: 9pt; line-height: 129%; margin: 8.8pt 59.15pt 0pt 33.2pt; orphans: 0; text-indent: -14.2pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #231f20; line-height: inherit;">has significant influence in the management of any company within Grupo Ultra or its controlling shareholder (if any).</font></font></font><br></p>
<p style="font-size: 9pt; line-height: 129%; margin: 8.8pt 59.15pt 0pt 33.2pt; orphans: 0; text-indent: -14.2pt; widows: 0;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #231f20; line-height: inherit;"><br></font></font></font></p>


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<p style="margin: 1.05pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0pt 0pt 0pt 20.1pt; orphans: 0; text-indent: -15.25pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">(B)</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Entity</font></font></p>
<p style="margin: 10.8pt 0pt 0pt 4.85pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">An</font> <font style="color: #231f20; line-height: inherit;">entity,</font> <font style="color: #231f20; line-height: inherit;">even</font> <font style="color: #231f20; line-height: inherit;">if</font> <font style="color: #231f20; line-height: inherit;">unincorporated,</font> <font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">considered</font> <font style="color: #231f20; line-height: inherit;">related</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">Grupo</font> <font style="color: #231f20; line-height: inherit;">Ultra</font> <font style="color: #231f20; line-height: inherit;">when</font> <font style="color: #231f20; letter-spacing: -0.25pt; line-height: inherit;">it:</font></font></p>
<p style="margin: 8.25pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 129%; margin: 0pt 48.5pt 0pt 33.2pt; orphans: 0; text-indent: -14.2pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #231f20; line-height: inherit;">independently</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">jointly</font> <font style="color: #231f20; line-height: inherit;">controls,</font> <font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">controlled</font> <font style="color: #231f20; line-height: inherit;">by,</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">under</font> <font style="color: #231f20; line-height: inherit;">common</font> <font style="color: #231f20; line-height: inherit;">control</font> <font style="color: #231f20; line-height: inherit;">with </font><font style="color: #231f20; line-height: inherit;">Ultrapar</font> <font style="color: #231f20; line-height: inherit;">(this</font> <font style="color: #231f20; line-height: inherit;">includes</font> <font style="color: #231f20; line-height: inherit;">controlling</font> <font style="color: #231f20; line-height: inherit;">shareholders,</font> <font style="color: #231f20; line-height: inherit;">if</font> <font style="color: #231f20; line-height: inherit;">any,</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">direct</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">indirect</font> <font style="color: #231f20; line-height: inherit;">subsidiaries).</font></font></p>
<p style="margin: 5.65pt 0pt 0pt 33.2pt; orphans: 0; text-indent: -14.15pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #231f20; line-height: inherit;">has</font> <font style="color: #231f20; line-height: inherit;">significant</font> <font style="color: #231f20; line-height: inherit;">influence</font> <font style="color: #231f20; line-height: inherit;">over</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">company</font> <font style="color: #231f20; line-height: inherit;">within</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Ultrapar.</font></font></p>
<p style="margin: 8.8pt 0pt 0pt 33.2pt; orphans: 0; text-indent: -14.15pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">under</font> <font style="color: #231f20; line-height: inherit;">joint</font> <font style="color: #231f20; line-height: inherit;">control</font> <font style="color: #231f20; line-height: inherit;">(joint</font> <font style="color: #231f20; line-height: inherit;">venture)</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">Ultrapar</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">third</font> <font style="color: #231f20; line-height: inherit;">party</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">entity.</font></font></p>
<p style="margin: 8.8pt 0pt 0pt 33.2pt; orphans: 0; text-indent: -14.15pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">an</font> <font style="color: #231f20; line-height: inherit;">associate</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">company</font> <font style="color: #231f20; line-height: inherit;">within</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Ultrapar.</font></font></p>
<p style="font-size: 9pt; line-height: 129%; margin: 8.8pt 46.65pt 0pt 33.2pt; orphans: 0; text-indent: -14.2pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">under</font> <font style="color: #231f20; line-height: inherit;">joint</font> <font style="color: #231f20; line-height: inherit;">control</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">controlling</font> <font style="color: #231f20; line-height: inherit;">shareholders</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">Ultrapar,</font> <font style="color: #231f20; line-height: inherit;">if</font> <font style="color: #231f20; line-height: inherit;">any,</font> <font style="color: #231f20; line-height: inherit;">along</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">third </font><font style="color: #231f20; line-height: inherit;">party</font> <font style="color: #231f20; line-height: inherit;">entity.</font></font></p>
<p style="font-size: 9pt; line-height: 129%; margin: 5.65pt 57.05pt 0pt 33.2pt; orphans: 0; text-indent: -14.2pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #231f20; line-height: inherit;">manages</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">post-employment</font> <font style="color: #231f20; line-height: inherit;">benefit</font> <font style="color: #231f20; line-height: inherit;">plan</font> <font style="color: #231f20; line-height: inherit;">whose</font> <font style="color: #231f20; line-height: inherit;">beneficiaries</font> <font style="color: #231f20; line-height: inherit;">are</font> <font style="color: #231f20; line-height: inherit;">employees,</font> <font style="color: #231f20; line-height: inherit;">on</font> <font style="color: #231f20; line-height: inherit;">one </font><font style="color: #231f20; line-height: inherit;">hand,</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">Ultrapar</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">its</font> <font style="color: #231f20; line-height: inherit;">subsidiaries,</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">on</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">other</font> <font style="color: #231f20; line-height: inherit;">hand,</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">entity</font> <font style="color: #231f20; line-height: inherit;">related</font> <font style="color: #231f20; line-height: inherit;">to Ultrapar and its subsidiaries.</font></font></p>
<p style="margin: 5.65pt 0pt 0pt 33.2pt; orphans: 0; text-indent: -14.15pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">controlled,</font> <font style="color: #231f20; line-height: inherit;">either</font> <font style="color: #231f20; line-height: inherit;">fully</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">under</font> <font style="color: #231f20; line-height: inherit;">joint</font> <font style="color: #231f20; line-height: inherit;">control,</font> <font style="color: #231f20; line-height: inherit;">by</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">person</font> <font style="color: #231f20; line-height: inherit;">identified</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">above.</font></font></p>
<p style="margin: 8.8pt 0pt 0pt 33.2pt; orphans: 0; text-indent: -14.15pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">under</font> <font style="color: #231f20; line-height: inherit;">significant</font> <font style="color: #231f20; line-height: inherit;">influence</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">person</font> <font style="color: #231f20; line-height: inherit;">identified</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">(a)(i)</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">above.</font></font></p>
<p style="font-size: 9pt; line-height: 129%; margin: 8.8pt 49.2pt 0pt 33.2pt; orphans: 0; text-indent: -14.2pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">has</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">as</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">key</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">person</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">(or</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">as</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Key</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Person</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">its</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Controlling</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Shareholders,</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">if</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">any)</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">person </font><font style="color: #231f20; line-height: inherit;">identified in (a)(i) above.</font></font></p>
<p style="margin: 5.05pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 0.05pt 9.25pt 0pt 4.85pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">For</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">purposes</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">this</font> <font style="color: #231f20; line-height: inherit;">Policy</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">line</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">CPC</font> <font style="color: #231f20; line-height: inherit;">05,</font> <font style="color: #231f20; line-height: inherit;">significant</font> <font style="color: #231f20; line-height: inherit;">influence</font> <font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">power</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">participate in</font> <font style="color: #231f20; line-height: inherit;">an</font> <font style="color: #231f20; line-height: inherit;">entity&#8217;s</font> <font style="color: #231f20; line-height: inherit;">financial</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">operational</font> <font style="color: #231f20; line-height: inherit;">decisions,</font> <font style="color: #231f20; line-height: inherit;">even</font> <font style="color: #231f20; line-height: inherit;">without</font> <font style="color: #231f20; line-height: inherit;">having</font> <font style="color: #231f20; line-height: inherit;">control</font> <font style="color: #231f20; line-height: inherit;">over</font> <font style="color: #231f20; line-height: inherit;">such</font> <font style="color: #231f20; line-height: inherit;">policies</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">the entity.</font> <font style="color: #231f20; line-height: inherit;">In</font> <font style="color: #231f20; line-height: inherit;">this</font> <font style="color: #231f20; line-height: inherit;">context,</font> <font style="color: #231f20; line-height: inherit;">control</font> <font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">characterized</font> <font style="color: #231f20; line-height: inherit;">by</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">power</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">direct</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">entity&#8217;s</font> <font style="color: #231f20; line-height: inherit;">policies</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">order</font> <font style="color: #231f20; line-height: inherit;">to benefit from its activities.</font></font></p>
<p style="margin: 3.2pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 33.2pt; orphans: 0; text-indent: -14.15pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #00448b; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Transactions</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">with</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Related</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Parties</font></font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 10.8pt 0pt 0pt 33.2pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">Transactions</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">Related</font> <font style="color: #231f20; line-height: inherit;">Parties</font> <font style="color: #231f20; line-height: inherit;">occur</font> <font style="color: #231f20; line-height: inherit;">when</font> <font style="color: #231f20; line-height: inherit;">there</font> <font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">transfer</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">resources,</font> <font style="color: #231f20; line-height: inherit;">services,</font> <font style="color: #231f20; line-height: inherit;">or </font><font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">obligations</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">between</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">related</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">parties,</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">regardless</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">whether</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">price</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">is</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">charged</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">return.</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">These</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">are </font><font style="color: #231f20; line-height: inherit;">transactions</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">individuals</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">entities</font> <font style="color: #231f20; line-height: inherit;">whose</font> <font style="color: #231f20; line-height: inherit;">ties</font> <font style="color: #231f20; line-height: inherit;">may</font> <font style="color: #231f20; line-height: inherit;">compromise</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">independence</font> <font style="color: #231f20; line-height: inherit;">between the</font> <font style="color: #231f20; line-height: inherit;">parties,</font> <font style="color: #231f20; line-height: inherit;">which</font> <font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">typically</font> <font style="color: #231f20; line-height: inherit;">found</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">transactions</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">third</font> <font style="color: #231f20; line-height: inherit;">party.</font></font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;"><br></font></font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; In</font> <font style="color: #231f20; line-height: inherit;">case</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">conflict</font> <font style="color: #231f20; line-height: inherit;">between</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">definitions</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">Related</font> <font style="color: #231f20; line-height: inherit;">Parties</font> <font style="color: #231f20; line-height: inherit;">provided</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">this</font> <font style="color: #231f20; line-height: inherit;">Policy</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">those</font> <font style="color: #231f20; line-height: inherit;">in CPC 05, the rules of CPC 05 shall prevail.</font></font></font></p>













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<p style="font-size: 12pt; line-height: 106%; margin: 0pt 43.35pt 0pt 4.95pt; orphans: 0; text-indent: -0.1pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: normal; letter-spacing: -0.8pt; line-height: inherit;">3.2.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp; </font><font style="color: #00448b; line-height: inherit;">RULES</font> <font style="color: #00448b; line-height: inherit;">AND</font> <font style="color: #00448b; line-height: inherit;">PROCEDURES</font> <font style="color: #00448b; line-height: inherit;">FOR</font> <font style="color: #00448b; line-height: inherit;">APPROVING</font> <font style="color: #00448b; line-height: inherit;">TRANSACTIONS</font> <font style="color: #00448b; line-height: inherit;">WITH RELATED PARTIES</font></font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 10.6pt 53.85pt 0pt 33.2pt; orphans: 0; text-indent: -14.2pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #00448b; font-weight: bold; line-height: inherit;">Transactions</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">between</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">Grupo</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">Ultra</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">companies:</font> <font style="color: #231f20; line-height: inherit;">these</font> <font style="color: #231f20; line-height: inherit;">will</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">approved</font> <font style="color: #231f20; line-height: inherit;">following</font> <font style="color: #231f20; line-height: inherit;">the ordinary procedure outlined in the respective bylaws or articles of incorporation of the companies involved, provided they adhere to the guidelines of this Policy, except in cases where any of the companies involved in the transaction have shareholders with significant influence over Ultrapar or Grupo Ultra administrators. In such cases, the governance procedure for transactions with Related Parties (item 3) will apply.</font></font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 0.05pt 44.85pt 0pt 33.2pt; orphans: 0; text-indent: -14.2pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Transactions</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">between</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Grupo</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Ultra</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">company</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">associates</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">joint</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">ventures</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">(JV) </font><font style="color: #00448b; font-weight: bold; line-height: inherit;">of</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">Grupo</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">Ultra:</font> <font style="color: #231f20; line-height: inherit;">these will be approved following the ordinary procedure outlined in the respective bylaws or articles of incorporation, provided they adhere to the guidelines</font></font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 0.05pt 47.4pt 0pt 33.2pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">this</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Policy,</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">unless</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">transaction</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">exceeds</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">amount</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">R$</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">50</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">million</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">per</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">individual </font><font style="color: #231f20; line-height: inherit;">operation/contract</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">R$</font> <font style="color: #231f20; line-height: inherit;">600</font> <font style="color: #231f20; line-height: inherit;">million</font> <font style="color: #231f20; line-height: inherit;">per</font> <font style="color: #231f20; line-height: inherit;">operation/contract</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">12-month</font> <font style="color: #231f20; line-height: inherit;">term,</font> <font style="color: #231f20; line-height: inherit;">in which</font> <font style="color: #231f20; line-height: inherit;">case</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">transaction</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">also</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">approved</font> <font style="color: #231f20; line-height: inherit;">by</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">Business&#8217;s</font> <font style="color: #231f20; line-height: inherit;">respective</font> <font style="color: #231f20; line-height: inherit;">Board of</font> <font style="color: #231f20; line-height: inherit;">Directors.</font></font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 0pt 56.05pt 0pt 33.2pt; orphans: 0; text-indent: -14.2pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #00448b; font-weight: bold; line-height: inherit;">Transactions</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">between</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">any</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">Grupo</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">Ultra</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">company</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">and</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">other</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">Related</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">Parties:</font> <font style="color: #231f20; line-height: inherit;">these will</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">approved</font> <font style="color: #231f20; line-height: inherit;">following</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">ordinary</font> <font style="color: #231f20; line-height: inherit;">procedure</font> <font style="color: #231f20; line-height: inherit;">outlined</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">respective</font> <font style="color: #231f20; line-height: inherit;">bylaws</font> <font style="color: #231f20; line-height: inherit;">or&nbsp;</font></font><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">articles</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">incorporation</font> <font style="color: #231f20; line-height: inherit;">provided</font> <font style="color: #231f20; line-height: inherit;">they</font> <font style="color: #231f20; line-height: inherit;">adhere</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">guidelines</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">this</font> <font style="color: #231f20; line-height: inherit;">Policy,</font> <font style="color: #231f20; line-height: inherit;">unless</font> <font style="color: #231f20; line-height: inherit;">the transaction</font> <font style="color: #231f20; line-height: inherit;">exceeds</font> <font style="color: #231f20; line-height: inherit;">(i)</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">amount</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">R$</font> <font style="color: #231f20; line-height: inherit;">10</font> <font style="color: #231f20; line-height: inherit;">million</font> <font style="color: #231f20; line-height: inherit;">per</font> <font style="color: #231f20; line-height: inherit;">individual</font> <font style="color: #231f20; line-height: inherit;">operation/contract</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">R$</font> <font style="color: #231f20; line-height: inherit;">100</font> <font style="color: #231f20; line-height: inherit;">million</font> <font style="color: #231f20; line-height: inherit;">per</font> <font style="color: #231f20; line-height: inherit;">operation/contract</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">12-month</font> <font style="color: #231f20; line-height: inherit;">term,</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">which</font> <font style="color: #231f20; line-height: inherit;">case</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">transaction </font><font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">also</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">approved</font> <font style="color: #231f20; line-height: inherit;">by</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">Business&#8217;s</font> <font style="color: #231f20; line-height: inherit;">respective</font> <font style="color: #231f20; line-height: inherit;">Board</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">Directors;</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">(ii)</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">amount </font><font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">R$</font> <font style="color: #231f20; line-height: inherit;">50</font> <font style="color: #231f20; line-height: inherit;">million</font> <font style="color: #231f20; line-height: inherit;">per</font> <font style="color: #231f20; line-height: inherit;">individual</font> <font style="color: #231f20; line-height: inherit;">operation/contract</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">R$</font> <font style="color: #231f20; line-height: inherit;">600</font> <font style="color: #231f20; line-height: inherit;">million</font> <font style="color: #231f20; line-height: inherit;">per</font> <font style="color: #231f20; line-height: inherit;">operation/contract </font><font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">12-month</font> <font style="color: #231f20; line-height: inherit;">term,</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">which</font> <font style="color: #231f20; line-height: inherit;">case</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">transaction</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">also</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">approved</font> <font style="color: #231f20; line-height: inherit;">by</font> <font style="color: #231f20; line-height: inherit;">Ultrapar&#8217;s Board of Directors.</font></font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 147%; margin: 0pt 40.9pt 0pt 33.2pt; orphans: 0; text-indent: -14.2pt; widows: 0;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #00448b; font-weight: bold; line-height: inherit;">Ordinary</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">and</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">routine</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">transactions</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">involving</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">Grupo</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">Ultra</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">and</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">its</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">Related</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">Parties </font><font style="color: #00448b; font-weight: bold; line-height: inherit;">(&#8220;Ordinary</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">Transactions&#8221;):</font> <font style="color: #231f20; line-height: inherit;">ordinary transactions within the normal course of business, operational</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">recurring</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">nature,</font> <font style="color: #231f20; line-height: inherit;">which</font> <font style="color: #231f20; line-height: inherit;">are</font> <font style="color: #231f20; line-height: inherit;">part</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">routine</font> <font style="color: #231f20; line-height: inherit;">activities</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">Grupo Ultra companies, or those particularly related to treasury and cash management</font> <font style="color: #231f20; line-height: inherit;">operations</font> <font style="color: #231f20; line-height: inherit;">that</font> <font style="color: #231f20; line-height: inherit;">require</font> <font style="color: #231f20; line-height: inherit;">short-term</font> <font style="color: #231f20; line-height: inherit;">decision-making</font> <font style="color: #231f20; line-height: inherit;">for</font> <font style="color: #231f20; line-height: inherit;">closing,</font> <font style="color: #231f20; line-height: inherit;">will</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">approved following the ordinary procedure outlined in the respective bylaws or articles of</font> <font style="color: #231f20; line-height: inherit;">incorporation,</font> <font style="color: #231f20; line-height: inherit;">provided</font> <font style="color: #231f20; line-height: inherit;">they</font> <font style="color: #231f20; line-height: inherit;">adhere</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">guidelines</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">this</font> <font style="color: #231f20; line-height: inherit;">Policy.</font> <font style="color: #231f20; line-height: inherit;">Exceptions&nbsp;</font></font><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">are made in cases where any of the subsidiaries involved in the transaction have shareholders</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">significant</font> <font style="color: #231f20; line-height: inherit;">influence</font> <font style="color: #231f20; line-height: inherit;">over</font> <font style="color: #231f20; line-height: inherit;">Ultrapar</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">Grupo</font> <font style="color: #231f20; line-height: inherit;">Ultra</font> <font style="color: #231f20; line-height: inherit;">administrators,</font> <font style="color: #231f20; line-height: inherit;">in which</font> <font style="color: #231f20; line-height: inherit;">case</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">governance</font> <font style="color: #231f20; line-height: inherit;">procedure</font> <font style="color: #231f20; line-height: inherit;">for</font> <font style="color: #231f20; line-height: inherit;">transactions</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">Related</font> <font style="color: #231f20; line-height: inherit;">Parties</font> <font style="color: #231f20; line-height: inherit;">will</font> <font style="color: #231f20; line-height: inherit;">apply. The</font> <font style="color: #231f20; line-height: inherit;">Executive</font> <font style="color: #231f20; line-height: inherit;">Board</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">companies</font> <font style="color: #231f20; line-height: inherit;">involved</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">transaction</font> <font style="color: #231f20; line-height: inherit;">may</font> <font style="color: #231f20; line-height: inherit;">submit the Ordinary Transaction for approval by the respective by the Business&#8217;s respective Board of Directors if deemed appropriate.</font></font></p>













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<p style="margin: 0pt 0pt 0pt 31.5pt; text-indent: -26.65pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: normal; letter-spacing: -0.8pt; line-height: inherit;">3.3.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp; </font><font style="color: #00448b; letter-spacing: 0.1pt; line-height: inherit;">PROHIBITED</font> <font style="color: #00448b; letter-spacing: -0.1pt; line-height: inherit;">TRANSACTIONS</font></font></p>
<p style="margin: 11.75pt 0pt 0pt 4.85pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">The</font> <font style="color: #231f20; line-height: inherit;">following</font> <font style="color: #231f20; line-height: inherit;">transactions</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">Related</font> <font style="color: #231f20; line-height: inherit;">Parties</font> <font style="color: #231f20; line-height: inherit;">are</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">prohibited:</font></font></p>
<p style="margin: 1.15pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 49.7pt 0pt 33.2pt; text-indent: -14.2pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">those</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">carried</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">out</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">under</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">conditions</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">different</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">from</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">market</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">conditions</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">that</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">could</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">any </font><font style="color: #231f20; line-height: inherit;">way harm the interests of Grupo Ultra.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.65pt 64.85pt 0pt 33.2pt; text-indent: -14.2pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #231f20; line-height: inherit;">loans</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">guarantees</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">favor</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">controlling</font> <font style="color: #231f20; line-height: inherit;">shareholders,</font> <font style="color: #231f20; line-height: inherit;">if</font> <font style="color: #231f20; line-height: inherit;">any,</font> <font style="color: #231f20; line-height: inherit;">administrators</font> <font style="color: #231f20; line-height: inherit;">or </font><font style="color: #231f20; line-height: inherit;">key</font> <font style="color: #231f20; line-height: inherit;">persons</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">management</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">Grupo</font> <font style="color: #231f20; line-height: inherit;">Ultra,</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">their</font> <font style="color: #231f20; line-height: inherit;">relatives,</font> <font style="color: #231f20; line-height: inherit;">as</font> <font style="color: #231f20; line-height: inherit;">well</font> <font style="color: #231f20; line-height: inherit;">as </font><font style="color: #231f20; line-height: inherit;">dependents and legal entities controlled by the party.</font></font></p>
<p style="margin: 5.6pt 0pt 0pt 33.2pt; text-indent: -14.15pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">other</font> <font style="color: #231f20; line-height: inherit;">transactions</font> <font style="color: #231f20; line-height: inherit;">that</font> <font style="color: #231f20; line-height: inherit;">conflict</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">Ultrapar&#8217;s</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">bylaws.</font></font></p>
<p style="margin: 1.15pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0.05pt 5.35pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">Any</font> <font style="color: #231f20; line-height: inherit;">disrespect</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">violation</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">this</font> <font style="color: #231f20; line-height: inherit;">Policy</font> <font style="color: #231f20; line-height: inherit;">will</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">investigated</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">compliance</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">applicable</font> <font style="color: #231f20; line-height: inherit;">laws,</font> <font style="color: #231f20; line-height: inherit;">the </font><font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Code</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Ethics,</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Ultrapar&#8217;s</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">interests,</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">take</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">appropriate</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">measures.</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">The</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">violator</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">may</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">also</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">face</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">legal </font><font style="color: #231f20; line-height: inherit;">penalties,</font> <font style="color: #231f20; line-height: inherit;">without</font> <font style="color: #231f20; line-height: inherit;">prejudice</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">other</font> <font style="color: #231f20; line-height: inherit;">corporate</font> <font style="color: #231f20; line-height: inherit;">disciplinary</font> <font style="color: #231f20; line-height: inherit;">measures.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0.05pt 5.35pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;"><br></font></font></p>
<p style="margin: 0.05pt 0pt 0pt 20.5pt; text-indent: -15.65pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">4.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp; </font><font style="color: #00448b; font-weight: bold; line-height: inherit;">DISCLOSURE</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">AND</font> <font style="color: #00448b; font-weight: bold; letter-spacing: 0.4pt; line-height: inherit;">CONTROLS</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 11.4pt 14.2pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">Annually, the controlling shareholders (if any), administrators, and key persons in Ultrapar&#8217;s Management</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">inform</font> <font style="color: #231f20; line-height: inherit;">Ultrapar&#8217;s</font> <font style="color: #231f20; line-height: inherit;">Risk,</font> <font style="color: #231f20; line-height: inherit;">Integrity,</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">Audit</font> <font style="color: #231f20; line-height: inherit;">Department</font> <font style="color: #231f20; line-height: inherit;">(&#8220;DRIA&#8221;)</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">list</font> <font style="color: #231f20; line-height: inherit;">of individuals and entities that constitute related parties under this Policy. These individuals must immediately notify DRIA whenever there is any change in the information provided.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.8pt 5.35pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">Ultrapar</font> <font style="color: #231f20; line-height: inherit;">has</font> <font style="color: #231f20; line-height: inherit;">a</font> <font style="color: #231f20; line-height: inherit;">duty</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">disclose</font> <font style="color: #231f20; line-height: inherit;">transactions</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">related</font> <font style="color: #231f20; line-height: inherit;">parties</font> <font style="color: #231f20; line-height: inherit;">when</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">criteria</font> <font style="color: #231f20; line-height: inherit;">are</font> <font style="color: #231f20; line-height: inherit;">met,</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">in compliance</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">specific</font> <font style="color: #231f20; line-height: inherit;">regulations</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">CVM</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">SEC,</font> <font style="color: #231f20; line-height: inherit;">as</font> <font style="color: #231f20; line-height: inherit;">well</font> <font style="color: #231f20; line-height: inherit;">as</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">rules</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">its</font> <font style="color: #231f20; line-height: inherit;">B3</font> <font style="color: #231f20; line-height: inherit;">listing </font><font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">segment.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.75pt 0pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">Transactions</font> <font style="color: #231f20; line-height: inherit;">with</font> <font style="color: #231f20; line-height: inherit;">related</font> <font style="color: #231f20; line-height: inherit;">parties</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">reported</font> <font style="color: #231f20; line-height: inherit;">annually</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">Audit</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">Risk</font> <font style="color: #231f20; line-height: inherit;">Committee.</font> <font style="color: #231f20; line-height: inherit;">The</font> <font style="color: #231f20; line-height: inherit;">Audit </font><font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">Risk</font> <font style="color: #231f20; line-height: inherit;">Committee</font> <font style="color: #231f20; line-height: inherit;">must</font> <font style="color: #231f20; line-height: inherit;">also</font> <font style="color: #231f20; line-height: inherit;">evaluate,</font> <font style="color: #231f20; line-height: inherit;">monitor,</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">recommend</font> <font style="color: #231f20; line-height: inherit;">corrections</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">improvements</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">this Policy to the Board of Directors.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.75pt 0pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 20.05pt; text-indent: -15.2pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #00448b; font-weight: bold; line-height: inherit;">5.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp; </font><font style="color: #00448b; font-weight: bold; line-height: inherit;">OPEN</font> <font style="color: #00448b; font-weight: bold; letter-spacing: 0.5pt; line-height: inherit;">CHANNEL</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 11.4pt 28.05pt 0pt 4.85pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">The</font> <font style="color: #231f20; line-height: inherit;">Open</font> <font style="color: #231f20; line-height: inherit;">Channel</font> <font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">available</font> <font style="color: #231f20; line-height: inherit;">for</font> <font style="color: #231f20; line-height: inherit;">anyone</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">ask</font> <font style="color: #231f20; line-height: inherit;">questions</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">report</font> <font style="color: #231f20; line-height: inherit;">the</font> <font style="color: #231f20; line-height: inherit;">existence</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">suspicion</font> <font style="color: #231f20; line-height: inherit;">of violations</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">this</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">other</font> <font style="color: #231f20; line-height: inherit;">internal</font> <font style="color: #231f20; line-height: inherit;">policies</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">Grupo</font> <font style="color: #231f20; line-height: inherit;">Ultra</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">applicable</font> <font style="color: #231f20; line-height: inherit;">legislation.</font></font></p>
<p style="margin: 5.75pt 0pt 0pt 4.85pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">Website:</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">canalabertoultra.com.br</font></font></p>
<p style="margin: 10.8pt 0pt 0pt 4.85pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">Telephone:</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">0800</font> <font style="color: #00448b; font-weight: bold; line-height: inherit;">701</font> <font style="color: #00448b; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">7172</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 10.8pt 44.15pt 0pt 4.85pt; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">Reports</font> <font style="color: #231f20; line-height: inherit;">can</font> <font style="color: #231f20; line-height: inherit;">be</font> <font style="color: #231f20; line-height: inherit;">made</font> <font style="color: #231f20; line-height: inherit;">anonymously.</font> <font style="color: #231f20; line-height: inherit;">It</font> <font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">prohibited</font> <font style="color: #231f20; line-height: inherit;">to</font> <font style="color: #231f20; line-height: inherit;">engage</font> <font style="color: #231f20; line-height: inherit;">in</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">act</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">threat,</font> <font style="color: #231f20; line-height: inherit;">intimidation,</font> <font style="color: #231f20; line-height: inherit;">or retaliation</font> <font style="color: #231f20; line-height: inherit;">against</font> <font style="color: #231f20; line-height: inherit;">anyone</font> <font style="color: #231f20; line-height: inherit;">who</font> <font style="color: #231f20; line-height: inherit;">(i)</font> <font style="color: #231f20; line-height: inherit;">reports</font> <font style="color: #231f20; line-height: inherit;">violations</font> <font style="color: #231f20; line-height: inherit;">of</font> <font style="color: #231f20; line-height: inherit;">this</font> <font style="color: #231f20; line-height: inherit;">Policy</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">any</font> <font style="color: #231f20; line-height: inherit;">other</font> <font style="color: #231f20; line-height: inherit;">policy</font> <font style="color: #231f20; line-height: inherit;">or</font> <font style="color: #231f20; line-height: inherit;">applicable legislation, or (ii) expresses doubts, suspicions, or concerns regarding this matter.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 5.75pt 12.75pt 0pt 4.85pt; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #231f20; line-height: inherit;">The</font> <font style="color: #231f20; line-height: inherit;">Channel</font> <font style="color: #231f20; line-height: inherit;">is</font> <font style="color: #231f20; line-height: inherit;">operated</font> <font style="color: #231f20; line-height: inherit;">by</font> <font style="color: #231f20; line-height: inherit;">an</font> <font style="color: #231f20; line-height: inherit;">independent</font> <font style="color: #231f20; line-height: inherit;">company</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">all</font> <font style="color: #231f20; line-height: inherit;">reports</font> <font style="color: #231f20; line-height: inherit;">are</font> <font style="color: #231f20; line-height: inherit;">duly</font> <font style="color: #231f20; line-height: inherit;">recorded</font> <font style="color: #231f20; line-height: inherit;">and</font> <font style="color: #231f20; line-height: inherit;">forwarded</font> <font style="color: #231f20; line-height: inherit;">to </font><font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Risk,</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Integrity</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Audit</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">Department</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">for</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">investigation</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="color: #231f20; letter-spacing: -0.1pt; line-height: inherit;">supervision.</font></font></p>













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<p style="font-size: 14pt; line-height: 115%; margin: 0pt 0pt 10pt;"><font style="font-family: 'times new roman', times; font-size: 14pt; font-weight: bold;">SIGNATURES</font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Date: March 06, 2025</font></p>
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<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 50%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">ULTRAPAR HOLDING INC.</font></td>





































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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font><font>By: /s/ Rodrigo de Almeida&nbsp;Pizzinatto</font></font></font></p>





































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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font><font>Name: Rodrigo de Almeida&nbsp;Pizzinatto</font></font></font></p>





































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<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font><font>Title: Chief Financial and Investor Relations Officer</font></font></font></p>





































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<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 10pt;"><font style="font-family: 'Century Gothic'; font-size: 10pt;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 115%; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><i>(<font style="line-height: 115%; font-family: 'times new roman', times;">Corporate
policy for appointing members of the Board of Directors, its advisory
committees and the Executive Board; Corporate Competition Policy)</font></i></font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 10pt;">&nbsp;</font></p>






























   </div>
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end
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</SEC-DOCUMENT>
