<SEC-DOCUMENT>0000950103-22-021172.txt : 20221219
<SEC-HEADER>0000950103-22-021172.hdr.sgml : 20221219
<ACCEPTANCE-DATETIME>20221219170115
ACCESSION NUMBER:		0000950103-22-021172
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20221219
DATE AS OF CHANGE:		20221219
EFFECTIVENESS DATE:		20221219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Afya Ltd
		CENTRAL INDEX KEY:			0001771007
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-268886
		FILM NUMBER:		221471883

	BUSINESS ADDRESS:	
		STREET 1:		ALAMEDA OSCAR NIEMEYER, NO 119
		STREET 2:		SALA 504 VILA DA SERRA
		CITY:			NOVA LIMA, MINAS GERAIS
		STATE:			D5
		ZIP:			00000
		BUSINESS PHONE:		55 (31) 3515 7500

	MAIL ADDRESS:	
		STREET 1:		ALAMEDA OSCAR NIEMEYER, NO 119
		STREET 2:		SALA 504 VILA DA SERRA
		CITY:			NOVA LIMA, MINAS GERAIS
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>dp185660_s8-rsu.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on December 19, 2022</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM S-8</B><BR></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"></FONT><FONT STYLE="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in Its Charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><B>The Cayman Islands<BR>
(State or Other Jurisdiction of<BR>
Incorporation or Organization)</B></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="background-color: white"><B>N/A</B></FONT><B><BR>
(I.R.S. Employer<BR>
Identification No.)</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Alameda Oscar Niemeyer, No. 119, Sala 504,
Zip Code 34.006-056</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vila da Serra, Nova Lima, Minas Gerais, Brazil</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+55 (31) 3515 7550</B></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Restricted Stock Plan of Afya Limited<BR>
<FONT STYLE="font-weight: normal">(Full Title of the Plan)</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>122 East 42<SUP>nd</SUP> Street, 18<SUP>th
</SUP>Floor</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10168</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+1 (212) 947-7200</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: yellow"><BR>
</FONT><FONT STYLE="font-weight: normal">(Name, address and telephone number,<BR>
including area code, of agent for service)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
&ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule 12b-2 of the Exchange Act.<BR>
<BR>
</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%"><B>Large accelerated filer </B>&#9746;</TD>
    <TD STYLE="width: 32%"><B>Accelerated filer</B> &nbsp;&#9744;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Non-accelerated filer </B>&nbsp;&#9744;<B>&nbsp;(Do not check if a smaller reporting company)</B></TD>
    <TD><B>Smaller reporting company </B>&nbsp;&#9744;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>Emerging Growth Company </B>&nbsp;&#9744;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act. &#9744;</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Item 1. Plan Information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information required by Item 1 of Part I of
Form S-8 is omitted from this Registration Statement on Form S-8 (this &ldquo;Registration Statement&rdquo;) in accordance with Rule&nbsp;428&nbsp;under
the&nbsp;Securities Act&nbsp;and the introductory note to Part I of Form S-8. The documents containing the information specified in Part
I will be delivered to the participants in the Plan covered by this Registration Statement as required by Rule 428(b)(1).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Item 2. Registrant Information and
Employee Plan Annual Information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information required by Item 2 of Part I of
Form S-8 is omitted from this Registration Statement in accordance with Rule&nbsp;428&nbsp;under the&nbsp;Securities Act&nbsp;and the
introductory note to Part I of Form S-8. The documents containing the information specified in Part I will be delivered to the participants
in the Plan covered by this Registration Statement as required by Rule 428(b)(1).</P>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. Incorporation of Documents by Reference</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following documents previously filed with
the Securities and Exchange Commission (&ldquo;Commission&rdquo;) are incorporated herein by reference:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;The Annual Report on Form
20-F for Afya Limited (the &ldquo;Registrant&rdquo;) for the year ended December 31, 2021, filed with the Commission on April 29, 2022
(Registration No. 001-38992) (the &ldquo;2021 Form 20-F&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b) All other reports filed by the Registrant
pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) since December
31, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(C)&nbsp; The description of the Registrant&rsquo;s
Class A common shares contained in the Registrant&rsquo;s 2021 Form 20-F.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, all documents subsequently filed
by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act (with respect to any Form 6-K, only to the extent
designated therein), prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities
offered have been sold or which deregisters all securities then remaining unsold, including any Reports of Foreign Private Issuers on
Form 6-K submitted during such period (or portion thereof), shall be deemed to be incorporated by reference in this Registration Statement
and to be a part hereof from the date of the filing of such documents. The Registrant is not incorporating by reference any documents
or portions thereof, whether specifically listed above or filed in the future, that are not deemed &ldquo;filed&rdquo; with the Commission.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein (or in any other subsequently filed document which also is incorporated or deemed to be
incorporated by reference herein), modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration Statement.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Description of Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Interests of Named Experts and Counsel</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. Indemnification of Directors and Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; background-color: white"><B><I>Indemnification of Directors
and Executive Officers and Limitation of Liability</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The Companies Act does
not limit the extent to which a company&rsquo;s articles of association may provide for indemnification of directors and officers, except
to the extent that it may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against
civil fraud or the consequences of committing a crime. The Registrant's Articles of Association provide that the Registrant shall indemnify
and hold harmless the Registrant's directors and officers against all actions, proceedings, costs, charges, expenses, losses, damages,
liabilities, judgments, fines, settlements and other amounts incurred or sustained by such directors or officers, other than by reason
of such person&rsquo;s dishonesty, willful default or fraud, in or about the conduct of the Registrant's business or affairs (including
as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including
without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer
in defending (whether successfully or otherwise) any civil, criminal or other proceedings concerning the Registrant or its affairs in
any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General
Corporation Law for a Delaware corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to the Registrant's directors, officers or persons controlling the Registrant under the foregoing
provisions, the Registrant has been informed that, in the opinion of the SEC, this indemnification is against public policy as expressed
in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Indemnification agreements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Registrant has executed indemnification agreements
with its directors and executive officers. The indemnification agreements and the Registrant's Articles of Association require it to indemnify
its directors and executive officers to the fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7. Exemption from Registration Claimed</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 9%"><B>Exhibit<BR>
Number</B></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 89%; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">4.1*</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1771007/000104746919004047/a2239191zex-3_1.htm">Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated by reference to Exhibit 3.1 of Amended No. 1 to Registration Statement on Form F-1 (File No. 333-232309) filed with the Commission on July 9, 2019)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">4.2*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1771007/000129281422001951/ex01-2.htm">Amended and Restated Memorandum and Articles of Association of the Registrant adopted on July 23, 2021, effective as of August 5, 2021 (incorporated by reference to Exhibit 1.2 of Registrant&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Commission on April 29, 2022 (Registration No. 001-38992)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="dp185660_ex0403.htm">4.3</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="dp185660_ex0403.htm">Amended and Restated Memorandum and Articles of Association of the Registrant approved on April 29, 2022, effective as of May 4, 2022</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="dp185660_ex0501.htm">5.1</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="dp185660_ex0501.htm">Opinion of Maples and Calder (Cayman) LLP</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="dp185660_ex2301.htm">23.1</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="dp185660_ex2301.htm">Consent of Ernst &amp; Young Auditores Independentes S.S., an independent registered public accounting firm</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="dp185660_ex0501.htm">23.2</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="dp185660_ex0501.htm">Consent of Maples and Calder (Cayman) LLP (included in Exhibit 5.1)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#a_001">24.1</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a_001">Power of Attorney (included on the signature pages of this Registration Statement)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="dp185660_ex9901.htm">99.1</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="dp185660_ex9901.htm">Restricted Stock Plan of Afya Limited</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="dp185660_exfilingfees.htm">107</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="dp185660_exfilingfees.htm">Calculation of filing fee table</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">*Incorporated herein by reference</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city
of Nova Lima, Brazil, on December 19, 2022.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>AFYA LIMITED</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 29%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%">By:</TD>
    <TD STYLE="vertical-align: top; width: 50%; border-bottom: Black 1pt solid">/s/ Virgilio Deloy Capobianco Gibbon</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Virgilio Deloy Capobianco Gibbon</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD><I>Chief Executive Officer </I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><I>(Principal Executive Officer)</I></TD></TR>
  </TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><A NAME="a_001"></A>POWER OF ATTORNEY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The undersigned directors and officers of Afya Limited
hereby constitute and appoint Virgilio Deloy Capobianco Gibbon and Luis Andr&eacute; Blanco, and each of them, individually, as attorneys-in-fact
and agents for the undersigned, with full power of substitution for, and in the name, place and stead of the undersigned, to sign and
file with the Securities and Exchange Commission under the Securities Act of 1933, any and all amendments (including post-effective amendments)
and exhibits to this registration statement on Form S-8 (or any other registration statement for the same offering that is to be effective
upon filing pursuant to Rule 462(b) under the Securities Act of 1933) and any and all applications and other documents to be filed with
the Securities and Exchange Commission pertaining to the registration of the securities covered hereby, each with full power and authority
to do and perform any and all acts and things whatsoever requisite and necessary or desirable, hereby ratifying and confirming all that
said attorneys-in-fact and agents or any of them, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Pursuant to the requirements of the Securities Act
of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Signature</P></TD>
    <TD STYLE="vertical-align: bottom; width: 31%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Title</P></TD>
    <TD STYLE="vertical-align: top; width: 29%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Date</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
Virgilio Deloy Capobianco Gibbon    </I></P></TD>
    <TD STYLE="text-align: center">Chief Executive Officer<BR>
(Principal Executive Officer)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">December 19, 2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt">Virgilio Deloy Capobianco Gibbon</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid"><I>/s/ Luis Andr&eacute; Blanco</I></P></TD>
    <TD STYLE="text-align: center">Chief Financial Officer<BR>
(Principal Financial Officer and Principal Accounting Officer)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">December 19, 2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt">Luis Andr&eacute; Blanco</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid"><I>/s/ Nicolau Carvalho Esteves</I></P></TD>
    <TD STYLE="text-align: center">Co-Chairman of the Board</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">December 19, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Nicolau Carvalho Esteves</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
Kay Krafft    </I></P></TD>
    <TD STYLE="text-align: center">Co-Chairman of the Board</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">December 19, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Kay Krafft</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
Shobhna Mohn    </I></P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">December 19, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Shobhna Mohn</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/ Benedikt Dalkmann</I></P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">December 19, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Benedikt Dalkmann</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">/s/ <I>Tina Krebs</I></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;December 19, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Tina Krebs</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><I>/s/ Renato Tavares Esteves</I></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">December 19, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-left: 9.35pt; text-indent: -9.35pt">Renato Tavares Esteves</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
Maria Tereza Azevedo    </I></P></TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">December 19, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Maria Tereza Azevedo</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Joao Paulo Seibel de Faria</I></TD>
    <TD STYLE="text-align: center">Independent Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">December 19, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Joao Paulo Seibel de Faria</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
Vanessa Claro Lopes    </I></P></TD>
    <TD STYLE="text-align: center">Independent Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">December 19, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Vanessa Claro Lopes</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
Miguel Filisbino Pereira de Paula    </I></P></TD>
    <TD STYLE="text-align: center">Independent Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">December 19, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Miguel Filisbino Pereira de Paula</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SIGNATURE
OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the Securities Act, the undersigned, the duly authorized representative in the United States of the registrant has signed this registration
statement on the 19<SUP>th</SUP> day of December, 2022.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cogency Global Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized
    U.S. Representative</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Colleen A. De Vries</I>&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colleen A. De Vries&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sr. Vice President on behalf of Cogency Global Inc.</FONT></TD></TR>
  </TABLE>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>dp185660_ex0403.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit 4.3</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Registrar of Companies</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Government Administration Building&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">133 Elgin Avenue</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">George Town&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Grand Cayman</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Afya Limited (ROC #349332) </B>(the &quot;<B>Company</B>&quot;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>TAKE NOTICE </B>that at an annual general meeting
of the shareholders of the Company dated 29 April, 2022, with effect from 4 May 2022, the following special resolution was passed:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">It was resolved as a special resolution that the
Memorandum and Articles of Association of the Company currently in effect be amended and restated by the deletion in their entirety and
the substitution in their place of the Amended and Restated Memorandum and Articles of Association accessible at the Company&rsquo;s website
at https://ir.afya.com.br., subject to closing of the transaction disclosed in the Form 13D/A on March 4, 2022, between Esteves Family
and Bertelsmann SE &amp; CO KGaA, accessible at the Company&rsquo;s website at https://ir.afya.com.br.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>/s/ Margo Richardson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Margo Richardson&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Corporate Administrator</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">for and on behalf of&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Maples Corporate Services Limited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dated this 29th day of July 2022</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>THE COMPANIES ACT (AS REVISED)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>EXEMPTED COMPANY LIMITED BY SHARES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>MEMORANDUM AND ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>AFYA LIMITED</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>(adopted
by Special Resolution passed on APRIL 29, 2022, WITH EFFECT FROM MAY 4, 2022)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>THE COMPANIES ACT (AS REVISED)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>EXEMPTED COMPANY LIMITED BY SHARES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>MEMORANDUM OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>AFYA LIMITED</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>(adopted
by Special Resolution passed on APRIL 29, 2022, with effect from MAY 4, 2022 )</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1</TD><TD STYLE="text-align: justify">The name of the Company is <B>Afya Limited</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2</TD><TD STYLE="text-align: justify">The registered office of the Company shall be at the offices of of Maples Corporate Services Limited,
PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, or at such other place within the Cayman Islands as the Directors may
decide.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3</TD><TD STYLE="text-align: justify">Subject to the following provisions of this Memorandum, the objects for which the Company is established
are unrestricted.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4</TD><TD STYLE="text-align: justify">Subject to the following provisions of this Memorandum, the Company shall have and be capable of exercising
all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by Section 27(2)
of the Companies Act (as revised).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5</TD><TD STYLE="text-align: justify">Nothing in this Memorandum shall permit the Company to carry on a business for which a licence is required
under the laws of the Cayman Islands unless duly licensed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6</TD><TD STYLE="text-align: justify">The Company shall not trade in the Cayman Islands with any person, firm or corporation except in furtherance
of the business of the Company carried on outside the Cayman Islands; provided that nothing in this clause shall be construed as to prevent
the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
for the carrying on of its business outside the Cayman Islands.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7</TD><TD STYLE="text-align: justify">The liability of each Member is limited to the amount from time to time unpaid on such Member's shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8</TD><TD STYLE="text-align: justify">The share capital of the Company is US$50,000 divided into 1,000,000,000 shares of a nominal or par value
of US$0.00005 each which, at the date on which this Memorandum becomes effective, comprise (i) 500,000,000 Class A Common Shares; (ii)
250,000,000 Class B Common Shares (which Class B Common Shares may be converted into Class A Common Shares in the manner contemplated
in these Articles of Association of the Company); and (iii) 250,000,000 shares of such class or classes (howsoever designated) and having
the rights as the Board may determine from time to time in accordance with Article 4 of the Articles of Association of the Company, PROVIDED
THAT, subject to the Law and the Articles of Association, the Company shall have the power to issue all or any part of its capital, whether
original, redeemed, increased or reduced, with or without any preference, priority, special privilege or other rights or subject to any
postponement of rights or to any condition or restriction whatsoever and so that, unless the conditions of issue shall otherwise</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">expressly provide,
every issue of shares, whether stated to be common, preference or otherwise shall be subject to the powers on the part of the Company
hereinbefore provided.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9</TD><TD STYLE="text-align: justify">The Company may exercise the power contained in the Law to deregister in the Cayman Islands and be registered
by way of continuation in another jurisdiction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10</TD><TD STYLE="text-align: justify">Capitalised terms that are not defined in this Memorandum of Association bear the meaning given in the
Articles of Association of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>THE COMPANIES ACT (AS REVISED)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>EXEMPTED COMPANY LIMITED BY SHARES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>AFYA LIMITED</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>(adopted
by Special Resolution passed on APRIL 29, 2022 WITH EFFECT FROM MAY 4, 2022)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1</TD><TD STYLE="text-align: justify">Preliminary</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">The regulations contained in Table A in the First Schedule of the Law shall not apply to the Company and
the following regulations shall be the Articles of Association of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">In these Articles:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the following terms shall have the meanings set opposite if not inconsistent with the subject or context:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; width: 33%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Allotment&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; width: 67%; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shares are taken to be allotted when a person acquires the unconditional right to be included in the Register of Members in respect of those shares;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Affiliate&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of a Person, means any other Person that, directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is Under Common Control with, such Person, and (i) in the case of a natural person, shall include, without limitation, such person&rsquo;s spouse, parents and children, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is Under Common Control with, such entity; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Anti-Corruption Law&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">means the Anti-Corruption Act (as revised) of the Cayman Islands, the United States of America Foreign Corrupt Practices Act and any Brazilian law, in each case as amended from time to time, that inhibits or prohibits corruption or the practice of any offer, payment, promise of payment or authorization of payment of any value or other form of property, gift, promise of offer, or authorization to donate anything of value to any governmental </FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; width: 33%; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; width: 67%; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agent or any political party or member of a political party or candidate for public office;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Articles&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">these articles of association of the Company as from time to time amended in accordance with applicable Law and these Articles;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Audit, Risks and Ethics Committee&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Audit, Risks and Ethics Committee of the Company formed by the Board pursuant to Article 24 hereof, or any successor of the Audit, Risks and Ethics Committee;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Authorised Auditor&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">means any of the following audit firms, or international entities of the same group, as the case may be: (i) Deloitte Touche Tohmatsu; (ii) KPMG; (iii) Ernst &amp; Young Terco; or (iv)&nbsp;PriceWaterhouseCoopers;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&ldquo;Bertelsmann&rdquo;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bertelsmann SE &amp; Co. KGaA, a company headquartered in the City of G&uuml;tersloh, Germany and/or its Affiliates;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&ldquo;Bertelsmann Chairman&rdquo;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Bertelsmann co-chairman of the Board of Directors appointed in accordance with Article 20.2;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Bertelsmann Director&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a director appointed by Bertelsmann in accordance with Article 21.1; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Board or Board of Directors&quot; or &quot;Directors&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the board of directors of the Company;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Business Combination&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a statutory amalgamation, merger, consolidation, arrangement or other reorganisation requiring the approval of the members of one or more of the participating companies, as well as a short-form merger or consolidation that does not require a resolution of members;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Business Day&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any day on which banks are not required or authorised by law to close in the City of New York/NY, USA and/or in the following cities in Brazil: in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, in the City of Nova Lima, State of Minas Gerais, in the City of Brasilia, Federal District, or in the City of Rio de Janeiro, State of Rio de Janeiro;</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;<IMG SRC="ex4-3_seal.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; width: 33%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Class A Common Shares&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; width: 67%; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">class A common shares of a nominal or par value of US$0.00005 each in the capital of the Company having the rights provided for in these Articles;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Class B Common Shares&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">class B common shares of a nominal or par value of US$0.00005 each in the capital of the Company having the rights provided for in these Articles;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Clear Days&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to a period of notice means that period excluding both the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Clearing House&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a clearing house recognised by the laws of the jurisdiction in which shares in the capital of the Company (or depository receipts thereof) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Common Shares&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class A Common Shares, Class B Common Shares and shares of such other classes as may from time to time be designated by the Board pursuant to these Articles as being common shares for the purposes of Article 5.2;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Company&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the above named company;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Company&rsquo;s Website&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the website of the Company and/or its web-address or domain name;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Control&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(including the terms &quot;<B>Controls</B>,&quot; &quot;<B>Controlled by</B>&quot; and &quot;<B>Under Common Control with</B>&quot;) means, with respect to any Person or group of Persons (&quot;<B>Controlling Person</B>&quot;), directly or indirectly: (a) the ability of the Controlling Person, whether through the ownership of voting securities of another Person (&quot;Controlled Person&quot;) or by contract or otherwise to: (i) elect the majority of the board of directors or other similar managing body of such Controlled Person, or (ii) direct the management policies of such Controlled Person, or (b)&nbsp;the ownership of rights that entitle the Controlling Person to have the majority of the votes in such Controlled Person&rsquo;s general meeting;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Corruption Act&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">means any act involving the gift, offer, receipt or agreement to receive (solely or jointly with other Persons) any payment, gratuity or other advantage in business with the public or private sector that: (i) violates or is intended to violate any Anti-Corruption Laws; (ii) influences or is intended to influence any Person to act; (iii) </FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; width: 33%; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; width: 67%; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">improperly rewards any Person for acting in disagreement with expected good faith, impartiality or trust; or (iv) influences (or is intended to influence) a governmental authority to grant or maintain an advantage in the conduct of business;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Designated Stock Exchange&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Nasdaq Global Market and any other stock exchange or interdealer quotation system listed in Schedule 4 of the Law on which shares in the capital of the Company are listed or quoted;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Directors&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Directors for the time being of the Company or, as the case may be, those Directors assembled as a Board or as a committee of the Board;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Dividend&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">includes a distribution or interim dividend or interim distribution;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Electronic&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has the same meaning as in the Electronic Transactions Act (as revised);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Electronic Communication&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a communication sent by Electronic means, including Electronic posting to the Company&rsquo;s Website, transmission to any number, address or internet website (including the SEC&rsquo;s website) or other Electronic delivery methods as otherwise decided and approved by the Board;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Electronic Record&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has the same meaning as in the Electronic Transactions Act (as revised);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Electronic Signature&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has the same meaning as in the Electronic Transactions Act (as revised);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Esteves Family&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">means, jointly, Nicolau Carvalho Esteves (enrolled before the Brazilian Individual Taxpayers&rsquo; Register CPF/ME under No.&nbsp;119.441.616-00) and Rosangela de Oliveira Tavares Esteves (enrolled before the Brazilian Individual Taxpayers&rsquo; Register CPF/ME under No&nbsp;279.226.266-49);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&ldquo;Esteves Family Chairman&rdquo;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Esteves Family co-chairman of the Board of Directors appointed in accordance with Article 20.2;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Esteves Family Director&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a director appointed by the Esteves Family in accordance with Article&nbsp;21.1;</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; width: 33%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Exchange Act&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; width: 67%; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Securities Exchange Act of 1934, as amended of the United States of America;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Executed&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">includes any mode of execution;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Founder Shares&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i.e. <I>partes benefici&aacute;rias</I>) means any securities that grant a percentage of the Company's annual profits to its holder, with no corresponding interest in the share capital of the Company and no par value;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Holder&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to any share, the Member whose name is entered in the Register of Members as the holder of the share;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Incentive Plan&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any incentive plan established or implemented by the Company pursuant to which any Person who provides services of any kind to the Company or any of its direct or indirect subsidiaries (including, without limitation, any employee, executive, officer, director, consultant, secondee or other provider of services) may receive and/or acquire newly-issued shares of the Company or any interest therein; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Incriminating Event&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">means (i) the definitive, evidenced, involvement of any Member in a Corruption Act or in money laundering; and/or (ii) any act of improbity involving any Member, confirmed by a duly published Appeal Court decision (decis&atilde;o de 2a inst&acirc;ncia), and which necessarily affects the ability or prevents the Company and/or its Subsidiaries from transacting with public entities or from being granted tax incentives/benefits;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Indemnified Person&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">every Director, alternate Director, Secretary or other Officer for the time being or from time to time of the Company;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Independent Director&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Director who is an independent director as defined in the rules of any Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, as the case may be;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Islands&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the British Overseas Territory of the Cayman Islands;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Law&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Companies Act (as revised);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Lease Agreements&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">means any lease agreements (including free lease agreement) entered into by the Company or any of the Company&rsquo;s Subsidiaries, at any time, with respect to the main place of </FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;<IMG SRC="ex4-3_seal.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; width: 33%; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; width: 67%; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">business of the Company and/or its Subsidiaries and/or their respective branches;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Major Shareholder&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">means Bertelsmann;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Member&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has the same meaning as in the Law;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Memorandum&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the memorandum of association of the Company as from time to time amended in accordance with applicable Law and these Articles;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Month&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a calendar month;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Officer&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">means any officer of the Company appointed by the Board in accordance with these Articles and includes any Secretary;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Ordinary Resolution&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a resolution (i) of a duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Members entitled to vote present in person or by proxy and voting at the meeting, or (ii) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Members and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Other Indemnitors&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">persons or entities other than the Company that may provide indemnification, advancement of expenses and/or insurance to the Indemnified Persons in connection with such Indemnified Persons&rsquo; involvement in the management of the Company;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&ldquo;Ownership Threshold&rdquo;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a number of Class B Common Shares representing 10% of the total outstanding number of Class B Common Shares. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Paid up&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">paid up as to the par value of the shares and includes credited as paid up;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;People and ESG Committee&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the People and Environmental, Social and Governance Committee of the Company formed by the Board pursuant to Article 24.7 hereof, or any successor of the People and Environmental, Social and Governance Committee;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Permitted Transfer&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has the meaning set forth in Article&nbsp;5.4(3);</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;<IMG SRC="ex4-3_seal.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; width: 33%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Permitted Transferee&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; width: 67%; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has the meaning set forth in Article&nbsp;5.4(3);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Person&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any individual, corporation, general or limited partnership, limited liability company, joint stock company, joint venture, estate, trust, association, organisation or any other entity or governmental entity;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Related Party&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">means: (i) with respect to a Person other than an individual, any of the Controlled Persons, Controlling Persons and/or any other Person under common Control with, and/or shareholders and/or quotaholders, directly or indirectly holding more than ten percent (10%) of the shares of the total voting capital or capital stock or undivided interest (in relation to an investment fund established as a condominium) of such Person, and its employees and/or administrators; and (ii) in relation to an individual: (a) all ascending or descending family members in direct degree, spouse and/or relatives from the 1<SUP>st</SUP> to the 2<SUP>nd </SUP>degree; and (b) any of the Controlled Companies or its shareholders and/or quotaholders holding directly or indirectly more than ten percent (10%) of the shares or quotas representing the total voting or capital stock of the referred Person, as well as its employees and/or administrators;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Register of Members&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the register of Members required to be kept pursuant to the Law;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Seal&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the common seal of the Company including every duplicate seal;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;SEC&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Secretary&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any person appointed by the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy secretary;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Securities Act&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the time;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Share&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a share in the share capital of the Company and includes a fraction of a share;</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;<IMG SRC="ex4-3_seal.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; width: 33%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Signed&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; width: 67%; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">includes an Electronic Signature or a representation of a signature affixed by mechanical means;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Special Resolution&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has the same meaning as in the Law;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Subsidiary&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">means, with respect to any Person, any company or other organisation, whether incorporated or unincorporated, that, at the time of determination, is directly or indirectly wholly-owned or Controlled by such Person and/or any one or more of its Subsidiaries;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Treasury Share&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a share held in the name of the Company as a treasury share in accordance with the Law;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;U.S. Person&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Person who is a citizen or resident of the United States of America; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&quot;Written and in Writing&quot;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">includes all modes of representing or reproducing words in visible form including in the form of an Electronic Record.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">unless the context otherwise requires, words or expressions defined in the Law shall have the same meanings
herein, but excluding any statutory modification thereof not in force when these Articles become binding on the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">unless the context otherwise requires: (i) words importing the singular number shall include the plural
number and vice-versa, and (ii) words importing the masculine gender only shall include the feminine or neutral gender;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the word &quot;may&quot; shall be construed as permissive and the word &quot;shall&quot; shall be construed
as imperative;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the headings herein are for convenience only and shall not affect the construction of these Articles;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">references to statutes are, unless otherwise specified, references to statutes of the Islands and, subject
to paragraph (b) above, include any statutory modification or re-enactment thereof for the time being in force;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">the terms &quot;hereof,&quot; &quot;herein,&quot; &quot;hereto&quot; and &quot;hereunder,&quot; as well
as words of a similar meaning, when used in these Articles, shall refer to these Articles as a whole and not to any specific provision
of these Articles;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">whenever the words &quot;include,&quot; &quot;includes,&quot; &quot;including&quot; and similar expressions
are used under the terms of these Articles, they shall mean &quot;include, among others,&quot; &quot;includes,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">without limitation&quot;
and &quot;including, without limitation,&quot; respectively or a similar expression indicating a non-restrictive enumeration; and</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">where an Ordinary Resolution is expressed to be required for any purpose, a Special Resolution is also
effective for that purpose.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2</TD><TD STYLE="text-align: justify">Formation Expenses</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Directors may pay,
out of the capital or any other monies of the Company, all expenses incurred in or about the formation and establishment of the Company
including the expenses of registration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3</TD><TD STYLE="text-align: justify">Situation of Offices of the Company</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">The registered office of the Company shall be at such address in the Islands as the Board shall from time
to time determine.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">The Company, in addition to its registered office, may establish and maintain such other offices, places
of business and agencies in the Islands and elsewhere as the Board may from time to time determine.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4</TD><TD STYLE="text-align: justify">Shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">4.1</TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Subject to the rules of any Designated Stock Exchange and to the provisions, if any, in the Memorandum
and these Articles, the Board has general and unconditional authority to allot, grant options over, offer or otherwise deal with or dispose
of any unissued shares in the capital of the Company without the approval of Members (whether forming part of the original or any increased
share capital), either at a premium or at par, with or without preferred, deferred or other special rights or restrictions, whether in
regard to dividend, voting, return of capital or otherwise and to such persons, on such terms and conditions, and at such times as the
Board may decide, but so that: (i)&nbsp;no share shall be issued at a discount, except in accordance with the provisions of the Law and
these Articles; and (ii)&nbsp;no Founder Shares shall be issued by the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Subject to the rules of any Designated Stock Exchange and to the provisions, if any, in the Memorandum
and these Articles (including, without limitation, Article 23.4), in particular and without prejudice to the generality of paragraph (a)
above, the Board is hereby empowered to authorise by resolution or resolutions from time to time and without the approval of Members:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the creation of one or more classes or series of preferred shares, to cause to be issued such preferred
shares and to fix the designations, powers, preferences and relative participating, optional and other rights, if any, and the qualifications,
limitations and restrictions thereof, if any, including, without limitation, the number of shares constituting each such class or series,
dividend rights, conversion rights, redemption privileges, voting rights and powers (including full or limited or no voting rights or
powers) and liquidation preferences, and to increase or decrease the number of shares comprising any such class or series (but not below
the number of shares of any class or series of preferred shares then outstanding) to the extent</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">permitted by law. Without
limiting the generality of the foregoing, the resolution or resolutions providing for the establishment of any class or series of preferred
shares may, to the extent permitted by law, provide that such class or series shall be superior to, rank equally with or be junior to
the preferred shares of any other class or series;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">to designate for issuance as Class A Common Shares or Class B Common Shares from time to time any or all
of the authorised but unissued shares of the Company which have not at that time been designated by the Memorandum or by the Directors
as being shares of a particular class;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">to create one or more further classes of shares which represent common shares for the purposes of Article
5.2; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">to re-designate authorised but unissued Class B Common Shares from time to time as shares of another class.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Company shall not issue shares or warrants to bearer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Subject to the rules of any Designated Stock Exchange, the Memorandum and these Articles (including, without
limitation, Article 23.4), the Board shall have general and unconditional authority to issue options, warrants or convertible securities
of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of shares or securities
in the capital of the Company to such persons, on such terms and conditions and at such times as the Board may decide.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">Notwithstanding Article 4.1, at any time when there are Class A Common Shares in issue, Class&nbsp;B Common
Shares may only be issued pursuant to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">a share-split, subdivision or similar transaction or as contemplated in Articles 5.6 or 34(b) below;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">a Business Combination; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">an issuance of shares (including, without limitation, Class A Common Shares, any other class of share
designated as a Common Share as per these Articles, and/or preferred shares), whereby each holder of Class B Common Shares is entitled
to purchase a number of Class B Common Shares that would allow such holder to maintain its proportional ownership interest in the Company
pursuant to Article 4.3.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">With effect from the date on which any shares of the Company are first admitted to trading on a Designated
Stock Exchange, subject to Articles 4.4, 4.5 and 4.6, the Company shall not issue Common Shares and/or preferred shares to a person on
any terms unless:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">it has made an offer to each person who holds Class B Common Shares to issue to him on the same economic
terms such number of Class B Common Shares as would allow each holder of Class B&nbsp;Common Shares to maintain its proportional ownership
interest in the Company; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the period during which any such offer set forth in Article&nbsp;4.3(a) may be accepted has expired or
the Company has received notice of the acceptance or refusal of every offer so made in accordance with Article&nbsp;4.3(a).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">An offer made pursuant
to this Article 4.3 may be made in either hard copy or by Electronic Communication, must state a period during which it may be accepted
and the offer shall not be withdrawn before the end of that period. The period referred to must be at least fifteen (15) Business Days
beginning with the date on which the offer is deemed to be delivered in accordance with Article 36.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.4</TD><TD STYLE="text-align: justify">An offer shall not be regarded as being made contrary to the requirements of Article 4.3 by reason only
that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">fractional entitlements are rounded or otherwise settled or sold at the discretion of the Board, as long
as it does not materially negatively impact the proportional ownership interest of the Class B Common Shares; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">no offer of Class B Common Shares is made to a shareholder where the making of such an offer would in
the view of the Board pose legal or practical problems in or under the laws or securities rules of any territory or the requirements of
any regulatory body or stock exchange such that the Board considers it is necessary or expedient in the interests of the Company to exclude
such shareholder from the offer; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the offer is conditional upon the said issue of Common Shares and/or preferred shares proceeding.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.5</TD><TD STYLE="text-align: justify">The provisions of Article 4.3 do not apply in relation to the issue of:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Class A Common Shares if these are, or are to be, wholly or partly paid up otherwise than in cash; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Class A Common Shares which would, apart from any renunciation or assignment of the right to their allotment,
be held under or issued pursuant to an Incentive Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.6</TD><TD STYLE="text-align: justify">Holders of Class B Common Shares may from time to time by consent in writing (in one or more counterparts)
approved by the holder or holders of all issued and outstanding Class B Common Shares, referring to this Article 4.6, authorise the Board
to issue Common Shares for cash and, on the granting of such an authority, the Board shall have the power to issue (pursuant to that authority)
Common Shares for cash as if Article 4.3 above did not apply to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">one or more issuances of Class A Common Shares to be made pursuant to that authority; and/or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">such issuances with such modifications as may be specified in that authority.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Unless previously revoked,
the authority granted in accordance with this Article 4.6 shall expire on the date (if any) specified in the authority or, if no date
is specified, twelve (12) months after the date on which the authority is granted, but the Company may before the power expires make an</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">offer or agreement
which would or might require Class A Common Shares to be issued after it expires.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.7</TD><TD STYLE="text-align: justify">Notwithstanding Article 4.1 and subject to Article 23.4, no non-voting Common Shares shall be issued without
such issuance first being approved by an Ordinary Resolution of Members which resolution is also passed with the affirmative vote of a
majority of the then issued and outstanding Class A Common Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.8</TD><TD STYLE="text-align: justify">The Company may issue fractions of a share of any class and a fraction of a share shall be subject to
and carry the corresponding fraction of liabilities (whether with respect to nominal or par value, premium, contribution, calls or otherwise
howsoever), limitations, preferences, privileges, qualifications, restrictions, rights and other attributes of a whole share of that class
of shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.9</TD><TD STYLE="text-align: justify">The Company may, in so far as the Law permits, pay a commission to any person who is not a Related Party
in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally, or procuring or agreeing to procure
subscriptions (whether absolute or conditional) for any shares in the capital of the Company. Such commissions may be satisfied by the
payment of cash or the allotment of fully or partly paid up shares or partly in one way and partly in the other. The Company may also,
on any issue of shares, pay such brokerage fees as may be lawful.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.10</TD><TD STYLE="text-align: justify">Except as required by law, no person shall be recognised by the Company as holding any share upon any
trust and the Company shall not be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent,
future or partial interest in any share (except only as by these Articles or by law otherwise provided) or any other rights in respect
of any share except an absolute right to the entirety thereof in the holder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">4.11</TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">If at any time the share capital is divided into different classes of shares, the rights attached
to any class of shares (unless otherwise provided by these Articles or the terms of issue of the shares of that class) may be varied with
the consent in writing of the holders of two-thirds of the issued shares of that class or with the sanction of a Special Resolution passed
at a separate general meeting of the holders of the shares of that class, in any case subject to Article 19.3. To every such separate
general meeting, the provisions of these Articles relating to general meetings shall <I>mutatis mutandis</I> apply, but so that the necessary
quorum shall be any one or more persons holding or representing by proxy not less than one-third of the issued shares of the class;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">For the purposes of this Article 4.11, the Directors may treat all classes of shares or any two or more
classes of shares as forming one class if they consider that all such classes would be affected in the same way by the proposals under
consideration.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The rights conferred upon the holders of the shares of any class shall not, unless otherwise expressly
provided by the terms of issue of the shares of that class, be deemed to be varied by:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the creation or issue of further shares ranking <I>pari passu</I> therewith;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">by the redemption or purchase of any shares of any class by the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the cancellation of authorised but unissued shares of that class; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the creation or issue of shares with preferred or other rights including, without limitation, the creation
of any class or issue of shares with enhanced or weighted voting rights.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The rights conferred upon holders of Class A Common Shares shall not be deemed to be varied by the creation
or issue from time to time of further Class B Common Shares and the rights conferred upon holders of Class B Common Shares shall not be
deemed to be varied by the creation or issue from time to time of further Class A Common Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.12</TD><TD STYLE="text-align: justify">The Directors may accept contributions to the capital of the Company otherwise than in consideration of
the issue of shares and the amount of any such contribution may, unless otherwise agreed at the time such contribution is made, be treated
by the Company as a distributable reserve, subject to the provisions of the Law and these Articles.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5</TD><TD STYLE="text-align: justify">Class A Common Shares and Class B Common Shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">Holders of Class A Common Shares and Class B Common Shares have the right to receive notice of, attend,
speak and vote at general meetings of the Company. Holders of Class&nbsp;A Common Shares and Class B Common Shares shall at all times
vote together as one class on all resolutions submitted to a vote by the Members in general meetings. Each Class A Common Share shall
entitle the holder to one (1) vote on all matters subject to a vote at general meetings of the Company, and each Class B Common Share
shall entitle the holder to ten (10) votes on all matters subject to a vote at general meetings of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify">Without prejudice to any special rights conferred thereby on the holders of any other shares or class
of shares established pursuant to the Memorandum and/or these Articles from time to time, holders of Common Shares shall:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Be entitled to such dividends as the Board may from time to time declare;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">In the event of a winding-up or dissolution of the Company, whether voluntary or involuntary or for the
purposes of a reorganisation or otherwise or upon any distribution of capital, be entitled to the surplus assets of the Company; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Generally be entitled to enjoy all of the rights attaching to shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify">In no event shall Class A Common Shares be convertible into Class B Common Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.4</TD><TD STYLE="text-align: justify">Class B Common Shares shall be convertible into Class A Common Shares as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><B><I>Right of Conversion</I></B>. Class B Common Shares shall be convertible into the same number of
Class A Common Shares, on a share-to-share basis, in the following manner:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">a holder of Class B Common Shares has the right to call upon the Company to effect a conversion of all
or any of his Class B Common Shares which right shall be exercised, at any time after issue and without payment of any additional sum,
by notice in writing given to the Company at its registered office (and which conversion shall be effected by the Company promptly upon
delivery of the said notice);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">the holder(s) of all of the then issued and outstanding Class B Common Shares have the right to require
that all outstanding Class B Common Shares be converted, which right shall be exercised, at any time after issue and without payment of
any additional sum, by notice in writing (which may be in one or more counterparts) signed by each of such holders given to the Company
at its registered office (and which conversion shall be effected by the Company promptly upon delivery of the said notice);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">a Class B Common Share shall automatically convert into a Class A Common Share immediately and without
further action by the holder upon the registration of any transfer of a Class B Common Share (whether or not for value and whether or
not the certificate(s) (if any) representing such Class B Common Share are surrendered to the Company) in the Register of Members, other
than the following permitted transfers (&quot;<B>Permitted Transfer</B>&quot; and the transferee, a &quot;<B>Permitted Transferee</B>&quot;):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a transfer (i)&nbsp;to the holder of Class B Common Shares, and/or (ii)&nbsp;to their children, heirs
and successors of the holder of Class B Common Shares, and/or (iii)&nbsp;to an Affiliate of a holder of the Class B Common Share;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">a transfer to one or more trustees of a trust established for the benefit of the holder or an Affiliate
of the holder of the Class B Common Share;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">a transfer to a partnership, corporation or other entity exclusively owned or controlled by the holder
of the Class B Common Share or an Affiliate of the holder of the Class B Common Share;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">transfers to organisations that are exempt from taxation under Section&nbsp;501(3)(c) of the United States
Internal Revenue Code of 1986, as amended (or any successor thereto).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">For the avoidance of
doubt, the creation of any pledge, charge, encumbrance or other security interest or third party right of whatever description on any
Class B Common Shares to secure a holder&rsquo;s contractual or legal obligations shall not be deemed to be a transfer unless and until
any such pledge, charge, encumbrance or other third party right is enforced and results in such third party (or its nominee) holding legal
title to the related Class B Common Shares, in which case all the related Class B Common Shares shall be automatically and immediately
converted into the same number of Class A Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">In the event a Major Shareholder should cease to hold Class B Common Shares, all rights afforded to such
Major Shareholder in these Articles shall be automatically transferred to its respective Permitted Transferee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">if at any time, the total number of the issued and outstanding Class B Common Shares is less than 10%
of the total number of shares in the capital of the Company outstanding, the Class B Common Shares then in issue shall automatically and
immediately convert into Class A Common Shares and no Class B Common Shares shall be issued by the Company thereafter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;<IMG SRC="ex4-3_seal.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><B><I>Mechanics of Conversion</I></B>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Before any holder of Class B Common Shares shall be entitled to convert such Class B Common Shares into
Class A Common Shares pursuant to sub-paragraph (a)&nbsp;(1) above, the holder shall, if available, surrender the certificate or certificates
therefor, duly endorsed (where applicable), at the registered office of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Upon the occurrence of one of the bases of conversion provided for in paragraph (a) above, the Company
shall enter or procure the entry of the name of the relevant holder of Class B Common Shares as the holder of the relevant number of Class
A Common Shares resulting from the conversion of the Class B Common Shares in, and make any other necessary and consequential changes
to, the Register of Members and shall procure that certificate(s) in respect of the relevant Class&nbsp;A Common Shares, together with
a new certificate for any unconverted Class&nbsp;B Common Shares comprised in the certificate(s) surrendered by the holder of the Class&nbsp;B
Common Shares, are issued to the holders of the Class A Common Shares and Class B Common Shares, as the case may be, if so requested.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Any conversion of Class B Common Shares into Class A Common Shares pursuant to this Article 5 shall be
effected by means of the re-designation and re-classification of the relevant Class B Common Share as a Class A Common Share together
with such rights and restrictions for the time being attached thereto and shall rank pari passu in all respects with the Class A Common
Shares then in issue. Such conversion shall become effective forthwith upon entries being made in the Register of Members to record the
re-designation and re-classification of the relevant Class B Common Shares as Class A Common Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">If the conversion is in connection with an underwritten public offering of securities, the conversion
may, at the option of any holder tendering such Class B Common Shares for conversion, be conditional upon the closing with the underwriters
of the sale of securities pursuant to such offering, in which event any persons entitled to receive Class A Common Shares upon conversion
of such Class B Common Shares shall not be deemed to have converted such Class B Common Shares until immediately prior to the closing
of such sale of securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Upon conversion of any Class B Common Shares, the composition of the authorised share capital of the Company
shall automatically be varied and amended by a reduction in the relevant number of authorised Class B Common Shares and a corresponding
increase in the relevant number of authorised Class A Common Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Effective upon and with effect from the conversion of a Class B Common Share into a Class A Common Share
in accordance with this Article 5.4, the converted share shall be re-designated as and be treated for all purposes as a Class A Common
Share and shall carry the rights and be subject to the restrictions attaching to Class A Common Shares including, without limitation,
the right to one vote on matters subject to a vote at general meetings of the Company</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.5</TD><TD STYLE="text-align: justify">No subdivision of Class A Common Shares into shares of an amount smaller than the nominal or par value
of such shares at the relevant time shall be effected unless Class B Common Shares are</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">concurrently and similarly
subdivided in the same proportion and the same manner, and no subdivision of Class B Common Shares into shares of an amount smaller than
the nominal or par value of such shares at the relevant time shall be effected unless Class A Common Shares are concurrently and similarly
subdivided in the same proportion and the same manner.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.6</TD><TD STYLE="text-align: justify">No consolidation of Class A Common Shares into shares of an amount larger than the nominal or par value
of such shares at the relevant time shall be effected unless Class B Common Shares are concurrently and similarly consolidated in the
same proportion and the same manner, and no consolidation of Class B Common Shares into shares of an amount larger than the nominal or
par value of such shares at the relevant time may be effected unless Class A Common Shares are concurrently and similarly consolidated
in the same proportion and the same manner.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.7</TD><TD STYLE="text-align: justify">In the event that a dividend or other distribution is paid by the issue of Class A Common Shares or Class
B Common Shares or rights to acquire Class A Common Shares or Class B Common Shares (i) holders of Class A Common Shares shall receive
Class A Common Shares or rights to acquire Class A Common Shares, as the case may be; and (ii) holders of Class B Common Shares shall
receive Class B Common Shares or rights to acquire Class B Common Shares, as the case may be.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.8</TD><TD STYLE="text-align: justify">No Business Combination (whether or not the Company is the surviving entity) shall proceed unless by the
terms of such transaction: (i) the holders of Class A Common Shares have the right to receive, or the right to elect to receive, the same
form of consideration as the holders of Class&nbsp;B Common Shares, and (ii) the holders of Class A Common Shares have the right to receive,
or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class B Common Shares.
The Directors shall not approve such a transaction unless the requirements of this Article are satisfied.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.9</TD><TD STYLE="text-align: justify">No tender or exchange offer to acquire any Class A Common Shares or Class B Common Shares by any third
party pursuant to an agreement to which the Company is to be a party, nor any tender or exchange offer by the Company to acquire any Class&nbsp;A
Common Shares or Class&nbsp;B Common Shares shall be approved by the Company unless, by the terms of such transaction: (i)&nbsp;the holders
of Class A Common Shares shall have the right to receive, or the right to elect to receive, the same form of consideration as the holders
of Class B Common Shares, and (ii)&nbsp;the holders of Class A Common Shares shall have the right to receive, or the right to elect to
receive, at least the same amount of consideration on a per share basis as the holders of Class B Common Shares. The Directors shall not
approve such a transaction unless the requirements of this Article are satisfied.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.10</TD><TD STYLE="text-align: justify">Save and except for voting rights and conversion rights and as otherwise set out in Article 4.3 and in
this Article 5, Class A Common Shares and the Class B Common Shares shall rank pari passu and shall have the same rights, preferences,
privileges and restrictions and share ratably and otherwise be identical in all respects as to all matters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6</TD><TD STYLE="text-align: justify">Share Certificates</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: justify">A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates
shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued
with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;<IMG SRC="ex4-3_seal.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">consecutively numbered
or otherwise identified and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer or
conversion shall be cancelled and subject to these Articles and, save as provided in Articles 6.3, 7 and 8 below and in the case of a
conversion of shares pursuant to Article (2), no new certificate shall be issued until the former certificate representing a like number
of relevant Shares shall have been surrendered and cancelled.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify">Every share certificate of the Company shall bear legends required under applicable laws, including the
Securities Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.3</TD><TD STYLE="text-align: justify">If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any)
as to evidence and indemnity and payment of the expenses reasonably incurred by the Company in investigating evidence as the Directors
may determine but otherwise free of charge, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7</TD><TD STYLE="text-align: justify">Lien</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.1</TD><TD STYLE="text-align: justify">The Company shall have a first and paramount lien on every share (not being a share which is fully paid
as to its par value and share premium) for all moneys (whether presently payable or not) payable at a fixed time or called in respect
of that share (including any premium payable). The Directors may at any time declare any share to be wholly or in part exempt from the
provisions of this Article. The Company&rsquo;s lien on a share shall extend to any amount in respect of it.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.2</TD><TD STYLE="text-align: justify">The Company may sell in such manner as the Directors determine any shares on which the Company has a lien
if a sum in respect of which the lien exists is presently payable and is not paid within fourteen (14) Clear Days after notice has been
given to the holder of the share or to the person entitled to it in consequence of the death or bankruptcy of the holder, demanding payment
and stating that if the notice is not complied with the shares may be sold.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.3</TD><TD STYLE="text-align: justify">To give effect to a sale, the Directors may authorise some person to execute an instrument of transfer
of the shares sold to, or in accordance with the directions of, the purchaser. The title of the transferee to the shares shall not be
affected by any irregularity or invalidity in the proceedings in reference to the sale.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.4</TD><TD STYLE="text-align: justify">The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the
sum for which the lien exists as is presently payable, and any residue shall (upon surrender to the Company for cancellation of the certificate
for the shares sold, if any, and subject to a like lien for any moneys not presently payable as existed upon the shares before the sale)
be paid to the person entitled to the shares at the date of the sale.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8</TD><TD STYLE="text-align: justify">Calls on Shares and Forfeiture</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.1</TD><TD STYLE="text-align: justify">Subject to the terms of allotment, the Directors may make calls upon the Members in respect of any moneys
unpaid on their shares (whether in respect of nominal value or premium) and each Member shall (subject to receiving at least fourteen
(14) Clear Days&rsquo; notice specifying when and where payment is to be made) pay to the Company as required by the notice the amount
called on his shares. A call may be required to be paid by instalments. A call may, before receipt by the Company of any sum due thereunder,
be revoked in whole or in part and payment of a call may be postponed in whole or in part. A person upon whom a call is made shall remain
liable for calls made</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">upon him notwithstanding
the subsequent transfer of the shares in respect of which the call was made.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.2</TD><TD STYLE="text-align: justify">A call shall be deemed to have been made at the time when the resolution of the Directors authorising
the call was passed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.3</TD><TD STYLE="text-align: justify">The joint holders of a share shall be jointly and severally liable to pay all calls in respect of the
share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.4</TD><TD STYLE="text-align: justify">If a call remains unpaid after it has become due and payable, the person from whom it is due and payable
shall pay interest on the amount unpaid from the day it became due and payable until it is paid at the rate fixed by the terms of allotment
of the share or in the notice of the call or, if no rate is fixed, at an annual rate of ten percent (10%), but the Directors may waive
payment of the interest wholly or in part.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.5</TD><TD STYLE="text-align: justify">An amount payable in respect of a share on allotment or at any fixed date, whether in respect of nominal
value or premium or as an instalment of a call, shall be deemed to be a call, and if it is not paid when due, all the provisions of these
Articles shall apply as if that amount had become due and payable by virtue of a call.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.6</TD><TD STYLE="text-align: justify">Subject to the terms of allotment, the Directors may make arrangements on the issue of shares for a difference
between the holders in the amounts and times of payment of calls on their shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.7</TD><TD STYLE="text-align: justify">If a call remains unpaid after it has become due and payable, the Directors may give to the person from
whom it is due not less than fourteen (14) Clear Days&rsquo; notice requiring payment of the amount unpaid, together with any interest
which may have accrued. The notice shall name the place where payment is to be made and shall state that if the notice is not complied
with the shares in respect of which the call was made will be liable to be forfeited.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.8</TD><TD STYLE="text-align: justify">If the notice is not complied with, any share in respect of which it was given may, before the payment
required by the notice has been made, be forfeited by a resolution of the Directors and the forfeiture shall include all dividends or
other moneys payable in respect of the forfeited shares and not paid before the forfeiture.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.9</TD><TD STYLE="text-align: justify">Subject to the provisions of the Law, a forfeited share may be sold, re-allotted or otherwise disposed
of on such terms and in such manner as the Directors determine either to the person who was before the forfeiture the holder or to any
other person, and at any time before a sale, re-allotment or other disposition, the forfeiture may be cancelled on such terms as the Directors
think fit. Where, for the purposes of its disposal a forfeited share is to be transferred to any person, the Directors may authorise any
person to execute an instrument of transfer of the share to that person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.10</TD><TD STYLE="text-align: justify">A person any of whose shares have been forfeited shall cease to be a Member in respect of them and shall
surrender to the Company for cancellation the certificate for the shares forfeited, if any, but shall remain liable to the Company for
all moneys which at the date of forfeiture were presently payable by him to the Company in respect of those shares with interest at the
rate at which interest was payable on those moneys before the forfeiture or, if no interest was so payable, at an annual rate of ten percent
(10%), from the date of forfeiture until payment but the Directors may waive payment wholly or in part or enforce payment without any
allowance for the value of the shares at the time of forfeiture or for any consideration received on their disposal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;<IMG SRC="ex4-3_seal.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.11</TD><TD STYLE="text-align: justify">A statutory declaration by a Director or the Secretary that a share has been forfeited on a specified
date shall be conclusive evidence of the facts stated in it as against all persons claiming to be entitled to the share and the declaration
shall (subject to the execution of an instrument of transfer if necessary) constitute a good title to the share and the person to whom
the share is disposed of shall not be bound to see to the application of the consideration, if any, nor shall his title to the share be
affected by any irregularity in or invalidity of the proceedings in reference to the forfeiture or disposal of the share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9</TD><TD STYLE="text-align: justify">Transfer of Shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.1</TD><TD STYLE="text-align: justify">Subject to these Articles, any Member may transfer all or any of his shares by an instrument of transfer
in the usual or common form or in a form prescribed by any Designated Stock Exchange or in any other form approved by the Board and may
be under hand or, if the transferor or transferee is a Clearing House, by hand or by Electronic Signature or by such other manner of execution
as the Board may approve from time to time. Without prejudice to the generality of the foregoing, title to listed shares of the Company
may be evidenced and transferred in accordance with the laws applicable to and the rules and regulations of the Designated Stock Exchange
on which such shares are listed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.2</TD><TD STYLE="text-align: justify">The instrument of transfer shall be executed by or on behalf of the transferor and the transferee provided
that the Board may dispense with the execution of the instrument of transfer by the transferee in any case which it thinks fit in its
discretion to do so. Without prejudice to Article 9.1, the Board may also resolve, either generally or in any particular case, upon request
by either the transferor or transferee, to accept mechanically executed transfers including, where applicable, in accordance with the
laws and rules applicable to the Designated Stock Exchange. The transferor shall be deemed to remain the holder of the share until the
name of the transferee is entered in the Register of Members in respect thereof. Nothing in these Articles shall preclude the Board from
recognising a renunciation of the allotment or provisional allotment of any share by the allottee in favour of some other person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.3</TD><TD STYLE="text-align: justify">The Board may in its absolute discretion and without giving any reason therefor, refuse to register a
transfer of any share:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">that is not fully paid up (as to both par value and any premium) to a Person of whom it does not approve;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">issued under any share incentive plan for employees upon which a restriction on transfer imposed thereby
still subsists;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">to more than four joint holders; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">on which the Company has a lien.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.4</TD><TD STYLE="text-align: justify">Without limiting the generality of Article 9.3, the Board may also decline to recognise any instrument
of transfer unless:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the instrument of transfer is in respect of only one class of shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Shares are fully paid (as to both par value and any premium) and free of any lien;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the instrument of transfer is lodged at the registered office or such other place at which the Register
of Members is kept in accordance with the Law accompanied by any relevant share certificate(s), if any, and/or such other evidence as
the Board may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of transfer is executed
by some other person on his behalf, the authority of that person so to do); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">if applicable, the instrument of transfer is duly and properly stamped.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.5</TD><TD STYLE="text-align: justify">If the Directors refuse to register a transfer of a share, they shall within fifteen (15) Business Days
after the date on which the transfer was lodged with the Company send to the transferee notice of the refusal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.6</TD><TD STYLE="text-align: justify">The registration of transfers of shares or of any class of shares may, after compliance with any notice
requirement of any Designated Stock Exchange, be suspended and the Register of Members be closed at such times and for such periods (not
exceeding in the whole thirty (30) days in any year) as the Board may determine.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.7</TD><TD STYLE="text-align: justify">The Company shall be entitled to retain any instrument of transfer which is registered, but any instrument
of transfer which the Directors refuse to register shall be returned to the person lodging it when notice of the refusal is given.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10</TD><TD STYLE="text-align: justify">Transmission of Shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.1</TD><TD STYLE="text-align: justify">If a Member dies, the survivor, or survivors where he was a joint holder, and his personal representatives
where he was a sole holder or the only survivor of joint holders shall be the only persons recognised by the Company as having any title
to his interest; but nothing in these Articles shall release the estate of a deceased Member from any liability in respect of any share
which had been jointly held by him.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.2</TD><TD STYLE="text-align: justify">A person becoming entitled to a share in consequence of the death or bankruptcy of a Member may, upon
such evidence being produced as the Directors may properly require, elect either to become the holder of the share or to have some person
nominated by him registered as the transferee. If he elects to become the holder he shall give notice to the Company to that effect. If
he elects to have another person registered he shall execute an instrument of transfer of the share to that person. All these Articles
relating to the transfer of shares shall apply to the notice or instrument of transfer as if it were an instrument of transfer executed
by the Member and the death or bankruptcy of the Member had not occurred.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.3</TD><TD STYLE="text-align: justify">A person becoming entitled to a share by reason of the death or bankruptcy of a Member shall have the
rights to which he would be entitled if he were the holder of the share, except that he shall not, before being registered as the holder
of the share, be entitled in respect of such share to attend or vote at any meeting of the Company or at any separate meeting of the holders
of any class of shares in the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11</TD><TD STYLE="text-align: justify">Changes of Capital</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">11.1</TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Subject to and in so far as permitted by the provisions of the Law and these Articles (including,
without limitation, Article 19.3), the Company may from time to time by Ordinary Resolution alter or amend the Memorandum to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">increase its share capital by such sum, to be divided into shares of such amount, as the resolution shall
prescribe;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">consolidate and divide all or any of its share capital into shares of larger amounts than its existing
shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">convert all or any of its paid up shares into stock and reconvert that stock into paid up shares of any
denomination;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">sub-divide its existing shares, or any of them, into shares of smaller amounts than is fixed by the Memorandum
provided that in the subdivision, the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be
the same as it was in the case of the share from which the reduced share is derived; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to
be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Except so far as otherwise provided by the conditions of issue, the new shares shall be subject to the
same provisions with reference to the payment of calls, lien, transfer, transmission, forfeiture and otherwise as the shares in the original
share capital.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.2</TD><TD STYLE="text-align: justify">Whenever as a result of a consolidation of shares any Members would become entitled to fractions of a
share, the Directors may, on behalf of those Members, sell the shares representing the fractions for the best price reasonably obtainable
to any person (including, subject to the provisions of the Law, the Company) and distribute the net proceeds of sale in due proportion
among those Members, and the Directors may authorise some person to execute an instrument of transfer of the shares to, or in accordance
with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall his
title to the shares be affected by any irregularity in or invalidity of the proceedings in reference to the sale.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.3</TD><TD STYLE="text-align: justify">The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any
manner and with and subject to any incident, consent, order or other matter required by law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12</TD><TD STYLE="text-align: justify">Redemption and Purchase of Own Shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.1</TD><TD STYLE="text-align: justify">Subject to the provisions of the Law and these Articles, the Company may:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">issue shares on terms that they are to be redeemed or are liable to be redeemed at the option of the Company
or the Member on such terms and in such manner as the Directors may, before the issue of shares, determine;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">purchase its own shares (including any redeemable shares) in such manner and on such terms as the Directors
may determine and agree with the relevant Member; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">make a payment in respect of the redemption or purchase of its own shares in any manner authorised by
the Law, including out of capital.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;<IMG SRC="ex4-3_seal.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.2</TD><TD STYLE="text-align: justify">The Directors may, when making a payment in respect of the redemption or purchase of shares, if so authorised
by the terms of issue of the shares (or otherwise by agreement with the holder of such shares) make such payment in cash or in specie
(or partly in one and partly in the other).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.3</TD><TD STYLE="text-align: justify">Upon the date of redemption or purchase of a share, the holder shall cease to be entitled to any rights
in respect thereof (excepting always the right to receive (i) the price therefor and (ii) any dividend which had been declared in respect
thereof prior to such redemption or purchase being effected) and accordingly his name shall be removed from the Register of Members with
respect thereto and the share shall be cancelled.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13</TD><TD STYLE="text-align: justify">Treasury Shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.1</TD><TD STYLE="text-align: justify">The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share
shall be held as a Treasury Share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.2</TD><TD STYLE="text-align: justify">The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they
think proper (including, without limitation, for nil consideration).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14</TD><TD STYLE="text-align: justify">Register of Members</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.1</TD><TD STYLE="text-align: justify">The Company shall maintain or cause to be maintained an overseas or local Register of Members in accordance
with the Law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.2</TD><TD STYLE="text-align: justify">The Directors may determine that the Company shall maintain one or more branch registers of Members in
accordance with the Law. The Directors may also determine which Register of Members shall constitute the principal register and which
shall constitute the branch register or registers, and to vary such determination from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15</TD><TD STYLE="text-align: justify">Closing Register of Members or Fixing Record Date</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.1</TD><TD STYLE="text-align: justify">For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or
any adjournment thereof, or Members entitled to receive payment of any dividend or other distribution, or in order to make a determination
of Members for any other purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period
which shall not in any case exceed thirty (30) days. If the Register shall be so closed for the purpose of determining those Members that
are entitled to receive notice of, attend or vote at a meeting of Members, the Register shall be so closed for at least ten (10) Clear
Days immediately preceding such meeting and the record date for such determination shall be the date of the closure of the Register.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.2</TD><TD STYLE="text-align: justify">In lieu of, or apart from, closing the Register of Members, the Directors may fix, in advance or in arrears,
a date as the record date for any such determination of Members entitled to notice of, or to vote at any meeting of the Members or any
adjournment thereof, or for the purpose of determining the Members entitled to receive payment of any dividend or other distribution,
or in order to make a determination of Members for any other purpose, provided that such a record date shall not exceed forty (40) Clear
Days prior to the date where the determination will be made.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.3</TD><TD STYLE="text-align: justify">If the Register of Members is not so closed and no record date is fixed for the determination of Members
entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;<IMG SRC="ex4-3_seal.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">payment of a dividend
or other distribution, the date on which notice of the meeting is sent or posted or the date on which the resolution of the Directors
resolving to pay such dividend or other distribution is passed, as the case may be, shall be the record date for such determination of
Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination
shall apply to any adjournment thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16</TD><TD STYLE="text-align: justify">General Meetings</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.1</TD><TD STYLE="text-align: justify">An annual general meeting of the Company may at the discretion of the Board be held in the year in which
these Articles were adopted and shall be held in each year thereafter at such time as determined by the Board and the Company may, but
shall not (unless required by the Law) be obliged to, in each year hold any other general meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.2</TD><TD STYLE="text-align: justify">The agenda of the annual general meeting shall be set by the Board and shall include the presentation
of the Company&rsquo;s annual accounts and the report of the Directors (if any).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.3</TD><TD STYLE="text-align: justify">Annual general meetings shall be held in the City of Nova Lima, State of Minas Gerais, Brazil or in such
other places as the Directors may determine.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.4</TD><TD STYLE="text-align: justify">All general meetings other than annual general meetings shall be called extraordinary general meetings
and the Company shall specify the meeting as such in the notices calling it.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.5</TD><TD STYLE="text-align: justify">The Directors may, whenever they think fit, convene an extraordinary general meeting of the Company, and
they shall on a Members&rsquo; requisition in accordance with these Articles forthwith proceed to convene an extraordinary general meeting
of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.6</TD><TD STYLE="text-align: justify">A Members&rsquo; requisition is a requisition of one or more Members holding at the date of deposit of
the requisition shares representing in the aggregate not less than one-third of the votes entitled to be cast at general meetings of the
Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.7</TD><TD STYLE="text-align: justify">The Members&rsquo; requisition must state the objects of the meeting and must be signed by the requisitionists
and deposited at the principal office of the Company and may consist of several documents in like form each signed by one or more requisitionists.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.8</TD><TD STYLE="text-align: justify">If there are no Directors as at the date of the deposit of the Members&rsquo; requisition or if the Directors
do not within fourteen (14) Clear Days from the date of the deposit of the Members&rsquo; requisition duly proceed to convene a general
meeting to be held within a further fourteen (14) days, the requisitionists, or any of them representing more than one-half of the total
voting rights of all of the requisitionists, may themselves convene a general meeting, but any meeting so convened shall be held no later
than the day which falls three (3) months after the expiration of the first said fourteen (14) Clear Day period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.9</TD><TD STYLE="text-align: justify">A general meeting convened as aforesaid by requisitionists shall be convened in as close to the same manner
as possible as that in which general meetings are to be convened by Directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.10</TD><TD STYLE="text-align: justify">Except as set forth in Articles 16.1 to 16.9, the Members have no right to propose resolutions to be considered
or voted upon at annual general meetings or extraordinary general meetings of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17</TD><TD STYLE="text-align: justify">Notice of General Meetings</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.1</TD><TD STYLE="text-align: justify">At least ten (10) Clear Days&rsquo; notice specifying the place, the day and the hour of each general
meeting and the agenda of the meeting shall be given in the manner hereinafter provided, including, but not limited to, as described in
Article&nbsp;36, to such persons as are entitled to vote or may otherwise be entitled under these Articles to receive such notices from
the Company; provided that a general meeting of the Company shall, whether or not the notice specified in this Article has been given
and whether or not the provisions of these Articles regarding general meetings have been complied with, be deemed to have been duly convened
if it is so agreed:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in the case of an annual general meeting, by all of the Members entitled to attend and vote thereat; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the case of an extraordinary general meeting, by a majority in number of the Members (which shall include
the Major Shareholder and the Esteves Family) having a right to attend and vote at the meeting, together holding not less than 95%, in
par value of the Shares giving that right.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.2</TD><TD STYLE="text-align: justify">The accidental omission to give notice of a general meeting to, or the non-receipt of notice of a meeting
by, any Person entitled to receive notice that is not a Major Shareholder shall not invalidate the proceedings at that general meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18</TD><TD STYLE="text-align: justify">Proceedings at General Meetings</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.1</TD><TD STYLE="text-align: justify">No business shall be transacted at any meeting unless a quorum is present at the time when the meeting
proceeds to business. One or more Members holding not less than one-third in aggregate of the voting power of all Shares in issue and
entitled to vote, present in person or by proxy or, if a corporation or other non-natural Person, by its duly authorised representative,
shall represent a quorum.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.2</TD><TD STYLE="text-align: justify">Notwithstanding Article 18.1, if a quorum is not present within half an hour from the time appointed for
the meeting to commence or if during such a meeting a quorum ceases to be present, the meeting, if convened upon a Members&rsquo; requisition,
shall be dissolved and in any other case it shall stand adjourned and shall reconvene on the same day in the next week at the same time
and/or place or to such other day, time and/or place as the Directors may determine, and if at the reconvened meeting a quorum is not
present within half an hour from the time appointed for the meeting to commence, the Members present shall be a quorum.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.3</TD><TD STYLE="text-align: justify">A person may participate in a general meeting by conference telephone or other communications equipment
by means of which all the persons participating in the meeting can communicate with each other at the same time. Participation by a Member
in a meeting in this manner is treated as presence in person at that meeting and is counted in a quorum and entitled to vote.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.4</TD><TD STYLE="text-align: justify">The Bertelsmann Chairman, or in his absence the Esteves Family Chairman, shall preside as chairman of
the meeting, but if neither the Bertelsmann Chairman nor the Esteves Family Chairman is present and willing to act, the Directors present
shall elect one of their number to be chairman and, if there is only one Director present and willing to act, he shall be chairman. If
no Director is willing to act as chairman, or if no Director is present within fifteen (15) minutes after the time</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">appointed for holding
the meeting, the Members present in person or by proxy and entitled to vote shall choose one of their number to be chairman.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.5</TD><TD STYLE="text-align: justify">The order of business at each such meeting shall be as determined by the chairman of the meeting. The
chairman of the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts
and things as are necessary or desirable for the proper conduct of the meeting, including, without limitation, the establishment of procedures
for the maintenance of order and safety, limitations on the time allotted to questions or comments on the affairs of the Company, restrictions
on entry to such meeting after the time prescribed for the commencement thereof, and the opening and closing of the polls. The chairman
of the meeting shall announce at each such meeting the date and time of the opening and the closing of the polls for each matter upon
which the Members will vote at such meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.6</TD><TD STYLE="text-align: justify">A Director shall, notwithstanding that he is not a Member and that he has no right to vote, be entitled
to attend and speak at any general meeting and at any separate meeting of the holders of any class of shares in the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.7</TD><TD STYLE="text-align: justify">The chairman of the meeting may, with the consent of any meeting at which a quorum is present (and shall
if so directed by the meeting), adjourn the meeting from time to time, but no business shall be transacted at any adjourned meeting other
than business which might properly have been transacted at the meeting had the adjournment not taken place. When a meeting is adjourned
for fourteen (14) days or more, at least seven (7) Clear Days&rsquo; notice shall be given in the manner herein provided, including, but
not limited to, as described in Article 36, specifying the time, place and agenda of the adjourned meeting. Otherwise it shall not be
necessary to give any such notice.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.8</TD><TD STYLE="text-align: justify">At each meeting of the Members, all corporate actions, including the election of Directors, to be taken
by vote of the Members (except as otherwise required by applicable law and except as otherwise provided in these Articles) shall be authorised
by Ordinary Resolution. Where a separate vote by a class or classes or series is required, save as provided in Article 4.11, the affirmative
vote of the majority of Shares of such class or classes or series present in person or represented by proxy at the meeting and voting
shall be the act of such class or series (unless provided otherwise in the resolutions providing for the issuance of such class or series).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.9</TD><TD STYLE="text-align: justify">At any general meeting a resolution put to the vote of the meeting shall be decided on a poll.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.10</TD><TD STYLE="text-align: justify">A poll shall be taken in such manner as the chairman of the meeting directs and he may appoint scrutineers
(who need not be Members) and fix a place and time for declaring the result of the poll. The result of the poll shall be deemed to be
the resolution of the meeting at which the poll was taken.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.11</TD><TD STYLE="text-align: justify">The chairman of the meeting shall not be entitled to a casting vote.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.12</TD><TD STYLE="text-align: justify">If for so long as the Company has only one Member:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in relation to a general meeting, the sole Member or a proxy for that Member or (if the Member is a corporation)
a duly authorised representative of that Member is a quorum and Article 18.1 is modified accordingly;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the sole Member may agree that any general meeting be called by shorter notice than that provided for
by these Articles; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">all other provisions of these Articles apply with any necessary modification (unless the provision expressly
provides otherwise).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19</TD><TD STYLE="text-align: justify">Votes of Members</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.1</TD><TD STYLE="text-align: justify">Subject to any rights or restrictions attached to any shares (including without limitation the enhanced
voting rights attaching to Class B Common Shares provided for in Article 5), every Member who (being an individual) is present in person
or by proxy or (being a corporation) is present by a duly authorised representative (not being himself a Member entitled to vote) or by
proxy, shall on a poll have one vote for every share of which he is the holder (or, in the case of a Class B Common Share, ten (10) votes
for every Class B Common Share of which he is the holder).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.2</TD><TD STYLE="text-align: justify">In the case of joint holders, the vote of the senior joint holder who tenders a vote, whether in person
or by proxy, shall be accepted to the exclusion of the votes of the other joint holders; and seniority shall be determined by the order
in which the names of the holders stand in the Register of Members.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.3</TD><TD STYLE="text-align: justify">The Members shall not, without the prior written consent of (i) Bertelsmann, for so long as it holds Class
B Common Shares in excess of the Ownership Threshold and (ii) the Esteves Family, for so long as it holds Class B Common Shares in excess
of the Ownership Threshold:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">change the number of Directors from the size specified in Article 20.1;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">amend these Articles and/or the Memorandum;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">vary the rights attaching to any Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">approve the winding-up, liquidation and dissolution of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">take any action set out in Article 11.1(a);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">register the Company as an exempted limited duration Company; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">approve the transfer by way of continuation of the Company to a jurisdiction outside the Islands.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.4</TD><TD STYLE="text-align: justify">A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Islands
or elsewhere) in matters concerning mental disorder may vote, by his receiver, curator bonis or other person authorised in that behalf
appointed by that court, and any such receiver, curator bonis or other person may vote by proxy. Evidence to the satisfaction of the Directors
of the authority of the person claiming to exercise the right to vote shall be received at the registered office of the Company, or at
such other place as is specified in accordance with these Articles for the deposit or delivery of forms of appointment of a proxy, or
in any other manner specified in these Articles for the appointment of a proxy, not less than forty-eight (48) hours before the time appointed
for holding the meeting or adjourned meeting at which the right to vote is to be exercised and in default the right to vote shall not
be exercisable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.5</TD><TD STYLE="text-align: justify">No Member shall, unless the Directors otherwise determine, be entitled to vote at any general meeting
or at any separate meeting of the holders of any class of shares in the Company, either in person or by proxy or by a corporate representative,
in respect of any share held by him unless all moneys presently payable by him in respect of that share have been paid.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.6</TD><TD STYLE="text-align: justify">No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting
at which the vote objected to is tendered, and every vote not disallowed at the meeting shall be valid. Any objection made in due time
shall be referred to the chairman of the meeting whose decision shall be final and conclusive.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.7</TD><TD STYLE="text-align: justify">Votes may be given either personally or by proxy. Deposit or delivery of a form of appointment of a proxy
does not preclude a Member from attending and voting at the meeting or at any adjournment of it, save that only the Member or his proxy
may cast a vote.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.8</TD><TD STYLE="text-align: justify">A Member entitled to more than one vote need not, if he votes, use all his votes or cast all votes he
uses the same way.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.9</TD><TD STYLE="text-align: justify">Subject as set out herein, an instrument appointing a proxy shall be in writing in any usual form or in
any other form which the Directors may approve and shall be executed by or on behalf of the appointor save that, subject to the Law, the
Directors may accept the appointment of a proxy received in an Electronic Communication at an address specified for such purpose, on such
terms and subject to such conditions as they consider fit. The Directors may require the production of any evidence which they consider
necessary to determine the validity of any appointment pursuant to this Article.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.10</TD><TD STYLE="text-align: justify">Subject to Article 19.10 below, the form of appointment of a proxy and any authority under which it is
executed or a copy of such authority certified notarially or in some other way approved by the Directors may:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in the case of an instrument in writing, be left at or sent by post to the registered office of the Company
or such other place within the Islands or elsewhere as is specified in the notice convening the meeting or in any form of appointment
of proxy sent out by the Company in relation to the meeting at any time before the time for holding the meeting or adjourned meeting at
which the person named in the form of appointment of proxy proposes to vote;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the case of an appointment of a proxy contained in an Electronic Communication, where an address has
been specified by or on behalf of the Company for the purpose of receiving Electronic Communications:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">in the notice convening the meeting; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">in any form of appointment of a proxy sent out by the Company in relation to the meeting; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">in any invitation contained in an Electronic Communication to appoint a proxy issued by the Company in
relation to the meeting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">be received at such address
at any time before the time for holding the meeting or adjourned meeting at which the person named in the form of appointment of proxy
proposes to vote;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">in the case of a poll taken more than forty-eight (48) hours after it is demanded, be deposited or delivered
as required by paragraphs (a) or (b) of this Article after the poll has been demanded and at any time before the time appointed for the
taking of the poll; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">where the poll is taken immediately but is taken not more than forty-eight (48) hours after it was demanded,
be delivered at the meeting at which the poll was demanded to the chairman of the meeting or to the secretary or to any Director;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">and a form of appointment
of proxy which is not deposited or delivered in accordance with this Article 19.10 or Article 19.11 is invalid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.11</TD><TD STYLE="text-align: justify">Notwithstanding Article&nbsp;19.10 above, the Directors may by way of note to or in any document accompanying
the notice of a general meeting (or adjourned meeting) fix the latest time by which the appointment of a proxy must be communicated to
or received by the Company (being not more than 48 hours before the relevant meeting).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.12</TD><TD STYLE="text-align: justify">A vote or poll demanded by proxy or by the duly authorised representative of a corporation shall be valid
notwithstanding the previous determination of the authority of the person voting or demanding a poll unless notice of the determination
was received by the Company at the registered office of the Company or, in the case of a proxy, any other place specified for delivery
or receipt of the form of appointment of proxy or, where the appointment of a proxy was contained in an Electronic Communication, at the
address at which the form of appointment was received, before the commencement of the meeting or adjourned meeting at which the vote is
given or the poll demanded or (in the case of a poll taken otherwise than on the same day as the meeting or adjourned meeting) the time
appointed for taking the poll.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.13</TD><TD STYLE="text-align: justify">Any corporation or other non-natural person which is a Member of the Company may in accordance with its
constitutional documents, or, in the absence of such provision, by resolution of its directors or other governing body, authorise such
person as it thinks fit to act as its representative at any meeting of the Company or of any class of Members, and the person so authorised
shall be entitled to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it
were an individual Member.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.14</TD><TD STYLE="text-align: justify">If a Clearing House (or its nominee(s)) or depositary (or its nominee(s)) is a Member of the Company,
it may, by resolution of its directors or other governing body or by power or attorney, authorise such Person(s) as it thinks fit to act
as its representative(s) at any general meeting of the Company or of any class of shareholders of the Company, provided that, if more
than one Person is so authorised, the authorisation shall specify the number and class of shares in respect of which such Person is so
authorised. A Person so authorised pursuant to this Article shall be entitled to exercise the same powers on behalf of the recognised
clearing house (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that recognised clearing house (or its nominee(s))
or depositary (or its nominee(s)) could exercise if it were an individual Member holding the number and class of shares specified in such
authorisation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20</TD><TD STYLE="text-align: justify">Number of Directors and Chairman</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.1</TD><TD STYLE="text-align: justify">Subject to Article 19.3, the Board shall consist of such number of Directors as a majority of the Directors
then in office may determine from time to time, provided that, unless otherwise determined by the Members acting by Special Resolution,
the Board shall consist of not less than four (4) Directors and not more than fourteen (14) Directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.2</TD><TD STYLE="text-align: justify"><B>Chairmen</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Board of Directors shall have one (1) co-chairman appointed by Bertelsmann, for so long as it holds
Class B Common Shares and one (1) co-chairman appointed by the Esteves Family, for so long as it holds Class B Common Shares in excess
of the Ownership Threshold, thereafter, the chairman of the Board of Directors shall be appointed by a majority of the Directors then
in office.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Bertelsmann Chairman or in his absence the Esteves Family Chairman, shall preside as chairman at every
meeting of the Board of Directors at which he is (or they are, as applicable) present. Where each of the Bertelsmann Chairman and Esteves
Family Chairman are not present at a meeting of the Board of Directors, the attending Directors may choose one Director to be the chairman
of the meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21</TD><TD STYLE="text-align: justify">Appointment, Disqualification and Removal of Directors</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.1</TD><TD STYLE="text-align: justify"><B>Appointment</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Bertelsmann, for so long as it holds Class B Common Shares in excess of the Ownership Threshold, shall
be entitled to appoint, at its sole discretion, up to seven (7) Directors, and shall be entitled at any time to remove, substitute or
replace any of its appointed Directors for any reason in its sole discretion. Any such appointment, removal, substitution or replacement
shall be effected by way of notice in writing to the Company signed by (or on behalf of) Bertelsmann.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Esteves Family, for so long as it holds Class B Common Shares in excess of the Ownership Threshold,
shall be entitled to appoint, at its sole discretion, up to two&nbsp;(2) Directors, and shall be entitled at any time to remove, substitute
or replace any of its appointed Directors for any reason in its sole discretion. Any such appointment, removal, substitution or replacement
shall be effected by way of notice in writing to the Company signed by (or on behalf of) the Esteves Family.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Bertelsmann and the Esteves Family, for so long as they hold Class B Common Shares in excess of the Ownership
Threshold, shall be entitled to appoint, at their sole discretion, up to one&nbsp;(1) Director and shall be entitled at any time to remove,
substitute or replace their appointed Director for any reason in their sole discretion (provided that if only one of Bertelsmann and the
Esteves Family holds Class B Common Shares in excess of the Ownership Threshold, then only Bertelsmann or the Esteves Family, as applicable,
shall have the rights pursuant to this Article 21.1(c)). Any such appointment, removal, substitution or replacement shall be effected
by way of notice in writing to the Company signed by (or on behalf of) them.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 33; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Directors not appointed as set out in Articles 21.1(a), 21.1(b) and 21(c) shall be elected by an Ordinary
Resolution.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.2</TD><TD STYLE="text-align: justify">Persons proposed by the Board for election by Ordinary Resolution of Members at a general meeting of the
Company shall be nominated only and after consultation with the People and ESG Committee (if such committee is established).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.3</TD><TD STYLE="text-align: justify">Each Director shall hold office for a two (2) year term, notwithstanding any agreement between the Company
and such Director. Directors are eligible for re-election.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.4</TD><TD STYLE="text-align: justify">Any vacancies on the Board arising other than upon the removal of a Director by resolution passed at a
general meeting can be filled by the remaining Director(s) (notwithstanding that the remaining Director(s) may constitute fewer than the
number of Directors required by Article 20.1 or fewer than is required for a quorum pursuant to Article 28.1), except for vacancies resulted
from the removal, dismissal and/or withdraw of a Bertelsmann Director or an Esteves Family Director, which shall be filled as set out
in Articles 21.1(a) and 21.1(b). Any such appointment shall be as an interim Director to fill such vacancy until the next annual general
meeting of Members (and such appointment shall terminate at the commencement of the annual general meeting).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.5</TD><TD STYLE="text-align: justify">Additions to the existing Board (apart from additions pursuant to Article 21.1(a) and subject to the maximum
provided for in Article 20.1 above) may be made by Ordinary Resolution.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.6</TD><TD STYLE="text-align: justify">There is no age limit for Directors of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.7</TD><TD STYLE="text-align: justify">No shareholding qualification shall be required for a Director. A Director who is not a Member shall nevertheless
be entitled to receive notice of and to attend and speak at general meetings of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.8</TD><TD STYLE="text-align: justify">While any shares of the Company are admitted to trading on a Designated Stock Exchange, the Board must
at all times comply with the residency and citizenship requirements of securities laws of the United States applicable to foreign private
issuers and shall at no time have a majority of Directors who are U.S. Persons. Notwithstanding any other provision in these Articles,
no appointment or election of a U.S. Person as a Director shall be permitted if such appointment or election would have the effect of
creating a majority of Directors who are U.S. Persons, and any such appointment or election shall be disregarded for all purposes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.9</TD><TD STYLE="text-align: justify">Directors that are not a Bertelsmann Director or an Esteves Family Director may be removed (with or without
cause) by Ordinary Resolution of Members. The notice of general meeting must contain a statement of the intention to remove the Director
and must be served on the Director not less than ten (10) days before the meeting. The Director is entitled to attend the meeting and
be heard on the motion for his removal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.10</TD><TD STYLE="text-align: justify">The office of a Director shall be vacated automatically if:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">he or she becomes prohibited by law from being a Director;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">he or she becomes bankrupt or makes any arrangement or composition with his creditors generally;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">he or she dies or is, in the opinion of all his co-Directors, incapable by reason of mental disorder of
discharging his duties as Director;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">he or she resigns his or her office by notice to the Company; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">he or she has for more than six (6) months been absent without permission of the Directors from meetings
of Directors held during that period and the remaining Directors resolve that his or her office be vacated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">22</TD><TD STYLE="text-align: justify">Alternate Directors</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">22.1</TD><TD STYLE="text-align: justify">Any Director (but not an alternate Director) may by writing appoint any other Director, or any other person
willing to act, to be an alternate Director and by writing may remove from office an alternate Director so appointed by him.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">22.2</TD><TD STYLE="text-align: justify">An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings
of committees of Directors of which his appointor is a member, to attend and vote at every such meeting at which the Director appointing
him is not personally present, to sign any written resolution of the Directors (in place of his appointor) and generally to perform all
the functions of his appointor as a Director in his absence.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">22.3</TD><TD STYLE="text-align: justify">An alternate Director shall cease to be an alternate Director if his appointor ceases to be a Director.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">22.4</TD><TD STYLE="text-align: justify">Any appointment or removal of an alternate Director shall be by written notice to the Company at its registered
office, signed by the Director making or revoking the appointment, or in any other manner approved by the Directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">22.5</TD><TD STYLE="text-align: justify">Subject to the provisions of these Articles, an alternate Director shall be deemed for all purposes to
be a Director and shall alone be responsible for his own acts and defaults and shall not be deemed to be the agent of the Director appointing
him.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23</TD><TD STYLE="text-align: justify">Powers of Directors</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23.1</TD><TD STYLE="text-align: justify">Subject to the provisions of the Law, the Memorandum and these Articles (including Article 23.4 below),
to any directions given by Ordinary Resolution and to the listing rules of any Designated Stock Exchange, the business of the Company
shall be managed by the Directors and the delegated Officers who may exercise all the powers of the Company. No alteration of the Memorandum
or Articles and no such direction shall invalidate any prior act of the Directors which would have been valid if that alteration had not
been made or that direction had not been given. The powers given by this Article shall not be limited by any special power given to the
Directors by these Articles and a meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors,
subject to the limitations set forth in these Articles and in applicable Law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23.2</TD><TD STYLE="text-align: justify">Subject to Article 23.4 below, the Board may exercise all the powers of the Company to raise capital or
borrow money and to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital
of the Company and, subject to the Law, to issue debentures, bonds and other securities, whether outright or as collateral security for
any debt, liability or obligation of the Company or of any third party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23.3</TD><TD STYLE="text-align: justify">Subject to Article 23.4 below, upon any Incriminating Event, the Directors shall convene a board meeting
to consider the Incriminating Event and its impact on the Company and, at that meeting, shall take one of the following actions: (i) resolve
that the Member in question be suspended from their duties as Director, officer and/or employee, unpaid, for a period of no more than
6 months; (ii) resolve that the Member in question be terminated from any positions he or she holds with the Company (e.g. as Director,
officer and/or employee); (iii) direct (which direction the Member in question shall be obliged to follow) that the Member in question
transfer all of his or her Shares to his or her heirs and/or children; or (iv) in the event the direction in (iii) is not possible of
unsuccessful, resolve that any Shares held by the Member in question be compulsorily repurchased by the Company at the mean market price
per share at market close daily for the 30 days preceding the Incriminating Event. The Member in question shall be entitled to attend
the relevant board meeting and to make representations on his or her behalf at that meeting. In the event the Member in question is a
Director, he shall not be entitled to vote on any of the actions set out in (i) through (iv) above, notwithstanding Article 27.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23.4</TD><TD STYLE="text-align: justify">The Directors shall not, without the prior written consent of: (i) at least one (1) Esteves Family Director,
for so long as there is at least one (1) Esteves Family Director; and (ii) at least one (1) Bertelsmann Director, for so long as there
is at least one (1) Bertelsmann Director:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">create new classes of Shares, issue new Shares or any options, warrants or convertible securities of similar
nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of shares or securities in the capital
of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">repurchase or redeem any Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">execute and/or terminate any shareholders&rsquo; agreement, quotaholders&rsquo; agreement, or any other
agreements related to the Company&rsquo;s interest in any Subsidiary;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">approve the financial statements of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">effect follow-on offerings of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">approve the listing and/or the delisting of securities of the Company with any Designated Stock Exchange;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">conduct, negotiate, terminate and/or amend any business, agreement, or transaction between the Company
and any Related Party valued in excess of ten million Brazilian Reais (R$10,000,000); provided that, (A) if the Related Party is the Esteves
Family (or an Affiliate thereof), then the consent of the Esteves Family Director shall not be required and (B) if the Related Party is
Bertelsmann (or an Affiliate thereof), then the consent of the Bertelsmann Director shall not be required;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">approve any sale or encumbrance, for the benefit of a Person(s), of shares issued by any Subsidiary, or
the admission of any new partner or shareholder in such Subsidiaries;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">carry out any investments outside the scope of the core business of the Company. For the purpose of this
Article, &quot;core business&quot; means any activity related to the offer of higher education courses (undergraduate degrees, master&rsquo;s
degrees, Doctor's degrees and MBAs) and digital services for the healthcare and pharmaceutical market (such as but not</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">limited to continuous
medical education, medical decision support, practice management, telemedicine, prescriptions, physician and patient relationship support);</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">incorporate any entity on behalf of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">appoint or terminate the engagement of any independent auditor that is not an Authorised Auditor;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">provide any guarantee in respect of any Person or Related Parties of any Member of the Company and/or
shareholder, director and/or Officer and/or its Subsidiaries; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">determine what action should be taken by the Directors pursuant to Article 23.3 in case of an Incriminating
Event, provided that in the event either of Bertelsmann or the Esteves Family are in any way interested in or associated with the Incriminating
Event, the written consent of: (i) at least one (1) Esteves Family Director, for so long as there is at least one (1) Esteves Family Director;
and/or (ii) at least one (1) Bertelsmann Director, for so long as there is at least one (1) Bertelsmann Director, as applicable and that
would otherwise be required by this Article 23.4, shall not be required.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23.5</TD><TD STYLE="text-align: justify">The exercise of voting rights by the Company in relation to any of its Subsidiaries or exercise of voting
rights by any member of the board of directors of any such Subsidiaries appointed by the Company, with respect to the matters listed in
Article 23.4 shall always be subject to the prior written consent of (i) at least one (1) Esteves Family Director, for so long as there
is at least one (1) Esteves Family Director, and (ii) at least one (1) Bertelsmann Director, for so long as there is at least one (1)
Bertelsmann Director.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">24</TD><TD STYLE="text-align: justify">Delegation of Directors' Powers, Service Providers and Acts of Improbity</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">24.1</TD><TD STYLE="text-align: justify">Subject to these Articles, the Directors may from time to time appoint any Person, whether or not a Director,
to hold such office in the Company as the Directors may think necessary for the administration of the Company (and adopt rules of procedure
with respect to such administration), including without prejudice to the foregoing generality, the offices of chief executive officer,
chief operating officer and chief financial officer (&quot;<B>Board of Executive Officers</B>&quot;), one or more vice presidents, managers
or controllers, at such remuneration (whether by way of salary or commission or participation in profits or partly in one way and partly
in another) and with such powers and duties as the Directors may think fit. The executive Officers of the Company elected shall have an
unified term of two&nbsp;(2) years.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">24.2</TD><TD STYLE="text-align: justify">Subject to the overall authority of the Board of Directors to manage the affairs of the Company, the day-to-day
operations and activities of the Company shall be exercised by its executive officers formed by at least two (2) and no more than seven
(7) Officers, namely: (i)&nbsp;one (1) Chief Executive Officer; (ii) one (1) Chief Financial Officer; and (iii) the other Officers without
a specific designation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">24.3</TD><TD STYLE="text-align: justify">The Board may change the structure, composition and/or function of the executive officers of the Subsidiaries
of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">24.4</TD><TD STYLE="text-align: justify">Without limiting the generality of Article 24.1, the Directors may appoint one or more of their body to
the office of managing Director or to any other executive office under the Company, and the Company may enter into an agreement or arrangement
with any Director for his/her employment,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">subject to applicable
law and any listing rules of the SEC or any Designated Stock Exchange, or for the provision by him of any services outside the scope of
the ordinary duties of a Director. Any such appointment, agreement or arrangement may be made upon such terms as the Directors determine
and they may remunerate any such Director for his services as they think fit. Any appointment of a Director to an executive office shall
terminate automatically if he ceases to be a Director but without prejudice to any claim to damages for breach of the contract of service
between the Director and the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">24.5</TD><TD STYLE="text-align: justify">The Directors and/or the executive Officers (minimum of two (2) Officers, acting jointly, being one the
Company&rsquo;s chief executive officer) may, by power of attorney or otherwise, appoint any person to be the agent of the Company for
such purposes and on such conditions as they determine, including authority for the agent to delegate all or any of his powers.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">24.6</TD><TD STYLE="text-align: justify">Subject to applicable law and the listing rules of any Designated Stock Exchange, the Directors may delegate
any of their powers to any committee (including, without limitation, an Audit, Risks and Ethics Committee and People and ESG Committee),
consisting of one or more Directors; provided that each of Bertelsmann and the Esteves Family shall be entitled to appoint at least one
Bertelsmann Director or Esteves Family Director, as applicable, to each such committee (apart from the Audit, Risks and Ethics Committee)
for so long as it holds Class B Common Shares in excess of the Ownership Threshold. They may also delegate to any executive Officer or
committee of executive Officers such of their powers as they consider desirable to be exercised by him or them. Any such delegation may
be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion of its own powers and may
be revoked or altered. Subject to any such conditions, the proceedings of a committee with two or more members shall be governed by the
provisions of these Articles regulating the proceedings of Directors so far as they are capable of applying. Where a provision of these
Articles refers to the exercise of a power, authority or discretion by the Directors and that power, authority or discretion has been
delegated by the Directors to a committee, the provision shall be construed as permitting the exercise of the power, authority or discretion
by the committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">24.7</TD><TD STYLE="text-align: justify">Without limiting the generality of Article 24.6, the Board shall establish a permanent Audit, Risks and
Ethics Committee and may establish a People and ESG Committee and other committees and, where such committees are established, the Board
may adopt formal written charters for such committees and, if so, shall review and assess the adequacy of such formal written charters
on an annual basis. Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee set
forth in these Articles and shall have such powers as the Board may delegate pursuant to Article 24.6 and as required by the rules of
the Designated Stock Exchange or applicable law. Each of the Audit, Risks and Ethics Committee, the People and ESG Committee, and any
other committee, if established, shall consist of such number of directors as the Board shall from time to time determine (or such minimum
number as may be required from time to time by any Designated Stock Exchange). For so long as any class of Shares is listed on a Designated
Stock Exchange, the Audit, Risks and Ethics Committee, the People and ESG Committee, and any other established committee shall be made
up of such number of Independent Directors as is required from time to time by the rules of the Designated Stock Exchange or otherwise
required by applicable law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">24.8</TD><TD STYLE="text-align: justify">At least one (1) member of the Audit, Risks and Ethics Committee will be an audit committee financial
expert as determined by the rules adopted by the Designated Stock Exchange. Such financial expert shall have a special past employment
experience in finance or accounting, requisite</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">professional certification
in accounting, or any other comparable experience or background which results in the individual&rsquo;s financial sophistication.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">24.9</TD><TD STYLE="text-align: justify">The Company shall not use any agent, representative, or sales consultant, unless such agent, representative,
or sales consultant has been properly vetted by the Company to ensure they maintain good business practices and operate in compliance
with Anti-Corruption Laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">24.10</TD><TD STYLE="text-align: justify">The Company and its Members shall not violate any Brazilian Anti-Corruption Laws or laws related to acts
of improbity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">25</TD><TD STYLE="text-align: justify">Remuneration and Expenses of Directors</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">25.1</TD><TD STYLE="text-align: justify">No Directors (apart from the Independent Directors and Directors who are separately employees of the Company)
shall receive remuneration from the Company. The Board shall determine the remuneration to which Independent Directors shall be entitled.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">25.2</TD><TD STYLE="text-align: justify">A Director who, at the request of the Directors, goes or resides outside of their place of residence at
the time of appointment due to a request of the Company, makes a special journey or performs a special service on behalf of the Company
may be paid such reasonable additional remuneration (only in the case of an Independent Director) and expenses as the Directors may decide.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">25.3</TD><TD STYLE="text-align: justify">The Directors may be paid all traveling, hotel and other expenses properly incurred by them in connection
with their attendance at meetings of Directors or committees of Directors or general meetings or separate meetings of the holders of any
class of shares or of debentures of the Company or otherwise in connection with the discharge of their duties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">26</TD><TD STYLE="text-align: justify">Directors' Gratuities and Pensions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Directors may cause
the Company to provide benefits, whether by the payment of gratuities or pensions or by insurance or otherwise, for any existing Director
or any Director who has held but no longer holds any executive office or employment with the Company or with any body corporate which
is or has been a Subsidiary of the Company or a predecessor in business of the Company or of any such subsidiary, and for any member of
his family (including a spouse and a former spouse) or any person who is or was dependent on him, and may (as well before as after he
ceases to hold such office or employment) contribute to any fund and pay premiums for the purchase or provision of any such benefit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">27</TD><TD STYLE="text-align: justify">Directors' Interests</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">27.1</TD><TD STYLE="text-align: justify">Subject to the Law, the listing rules of any Designated Stock Exchange and Article 23.3, if a Director
has disclosed to the other Directors the nature and extent of any direct or indirect interest which the Director has in any transaction
or arrangement with the Company, a Director notwithstanding his office:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">may be a party to or otherwise interested in any transaction or arrangement with the Company or in which
the Company is otherwise interested;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">may be a director or other officer of, or employed by, or a party to any transaction or arrangement with,
or otherwise interested in, any body corporate promoted by the Company or in which the Company is otherwise interested; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">shall not by reason of his office be accountable to the Company for any benefit which he derives from
any such office or employment or from any such transaction or arrangement or from any interest in any such body corporate and no such
transaction or arrangement shall be liable to be avoided on the ground of any such interest or benefit.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">27.2</TD><TD STYLE="text-align: justify">For the purposes of Article 27.1:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">a general notice given to the Directors to the effect that (1) a Director is a member or officer of a
specified company or firm and is to be regarded as having an interest in any transaction or arrangement which may after the date of the
notice be made with that company or firm; or (2) a Director is to be regarded as interested in any transaction or arrangement which may
after the date of the notice be made with a specified person who is connected with him or her shall be deemed to be a sufficient disclosure
that the Director has an interest of the nature and extent so specified; and</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">an interest of which a Director has no knowledge and of which it is unreasonable to expect him to have
knowledge shall not be treated as an interest of his.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">27.3</TD><TD STYLE="text-align: justify">A Director must disclose any direct or indirect interest in any transaction or arrangement with the Company,
and following a declaration being made pursuant to these Articles, subject to any separate requirement for Audit, Risks and Ethics Committee
approval under applicable law or the listing rules of any Designated Stock Exchange, and unless disqualified by the chairman of the relevant
meeting, a Director may vote in respect of any such transaction or arrangement in which such Director is interested and may be counted
in the quorum at such meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">27.4</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, no &quot;Independent Director&quot; (as defined herein) and with respect
of whom the Board has determined constitutes an &quot;Independent Director&quot; for purposes of compliance with applicable law or the
Company&rsquo;s listing requirements, shall without the consent of the Audit, Risks and Ethics Committee take any of the foregoing actions
or any other action that would reasonably be likely to affect such Director&rsquo;s status as an &quot;Independent Director&quot; of the
Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">28</TD><TD STYLE="text-align: justify">Proceedings of Directors</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">28.1</TD><TD STYLE="text-align: justify">The quorum for the transaction of the business of the Directors shall be a simple majority of the Directors
then in office (subject to there being a minimum of two (2) Directors). A person who holds office as an alternate Director shall, if his
appointor is not present, be counted in the quorum. A Director who also acts as an alternate Director shall, if his appointor is not present,
count twice towards the quorum, but one such Director shall not constitute a quorum on his own.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">28.2</TD><TD STYLE="text-align: justify">Subject to the provisions of these Articles, the Directors may regulate their proceedings as they determine
is appropriate. Unless otherwise required by these Articles or by applicable Law, questions subject to the approval of the Board and/or
questions arising at any meeting of the Board shall be decided by a majority of votes provided. Each of Bertelsmann Chairman, Esteves
Family Chairman and chairman of the meeting will not have a second or casting vote; provided that if the votes are evenly split, a Bertelsmann
Director (or Bertelsmann Chairman) shall have a casting vote.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">A Director who is also
an alternate Director shall be entitled in the absence of his appointor to a separate vote on behalf of his appointor in addition to his
own vote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">28.3</TD><TD STYLE="text-align: justify">Meetings of the Directors shall be held on a bimonthly basis and shall take place either in the City of
Nova Lima, in the State of Minas Gerais, Brazil or at such other place as the Directors may determine.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">28.4</TD><TD STYLE="text-align: justify">A Person may participate in a meeting of the Directors or any committee of Directors by conference telephone
or other communications equipment by means of which all the persons participating in the meeting can communicate with each other at the
same time. Participation by a person in a meeting in this manner is treated as presence in person at that meeting and is counted in a
quorum and entitled to vote.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">28.5</TD><TD STYLE="text-align: justify">A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of
a committee of the Directors (an alternate Director being entitled to sign such a resolution on behalf of his appointor and if such alternate
Director is also a Director, being entitled to sign such resolution both on behalf of his appointor and in his capacity as a Director)
shall be as valid and effective as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be,
duly convened and held. Unless otherwise provided by its terms, such a resolution shall be effective from the date and time of the last
signature.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">28.6</TD><TD STYLE="text-align: justify">A Director or alternate Director may, and another Officer on the direction of a Director or alternate
Director shall, call a meeting of the Directors by at least five (5) Business Days&rsquo; notice in writing to every Director and alternate
Director which notice shall set forth time, place and agenda for the respective meeting unless notice is waived by all the Directors (or
their alternates) either at, before or after the meeting is held. To any such notice of a meeting of the Directors all the provisions
of these Articles relating to the giving of notices by the Company to the Members shall apply mutatis mutandis.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">28.7</TD><TD STYLE="text-align: justify">Notwithstanding Article 28.6, if all Directors so agree to the meeting, a Director or alternate Director
may, or other Officer on the direction of a Director or alternate Director may, call a meeting of the Directors on shorter notice than
is provided for in Article 28.6 by notice in writing to every Director and alternate Director, which notice shall set forth the general
nature of the business to be considered.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">28.8</TD><TD STYLE="text-align: justify">Subject to these Articles, the continuing Directors (or a sole continuing Director, as the case may be)
may act notwithstanding any vacancy in their body, but if and so long as their number is reduced below the number fixed by or pursuant
to these Articles as the necessary quorum of Directors, the continuing Directors or Director may act for the purpose of increasing the
number of Directors to be equal to such fixed number, or of summoning a general meeting of the Company, but for no other purpose.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">28.9</TD><TD STYLE="text-align: justify">All acts done by any meeting of the Directors or of a committee of the Directors (including any person
acting as an alternate Director) shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director, and/or that they or any of them were disqualified, and/or had vacated their office and/or were
not entitled to vote, be as valid as if every such person had been duly appointed and/or not disqualified to be a Director or alternate
Director and/or had not vacated their office and/or had been entitled to vote, as the case may be.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">28.10</TD><TD STYLE="text-align: justify">A Director who is present at a meeting of the Directors at which action on any Company matter is taken
shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he
shall file his written dissent from such action with the person acting as the secretary of the meeting before the adjournment thereof
or shall forward such dissent by registered mail to the Company immediately after the conclusion of the meeting. Such right to dissent
shall not apply to a Director who voted in favour of such action.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">29</TD><TD STYLE="text-align: justify">Secretary and Other Officers</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Directors may by
resolution appoint a Secretary and may by resolution also appoint such other Officers as may from time to time be required upon such terms
as to the duration of office, remuneration and otherwise as they may think fit PROVIDED THAT, the Directors may only appoint persons as
directors of the Company in accordance with Article 21.3. Such Secretary or other Officers need not be Directors and in the case of the
other Officers may be ascribed such titles as the Directors may decide. The Directors may by resolution remove from that position any
Secretary or other Officer appointed pursuant to this Article.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">30</TD><TD STYLE="text-align: justify">Minutes</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Directors shall
cause minutes to be made in books kept for the purposes of recording:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all appointments of Officers made by the Directors; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">all resolutions and proceedings of meetings of the Company, of the holders of any class of shares in the
Company and of the Directors and of committees of Directors, including the names of the Directors present at each such meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">31</TD><TD STYLE="text-align: justify">Seal</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">31.1</TD><TD STYLE="text-align: justify">The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the authority
of the Directors or of a committee of Directors authorised by the Directors. The Directors may determine who shall sign any instrument
to which the Seal is affixed, and unless otherwise so determined every such instrument shall be signed by a Director or by such other
person as the Directors may authorise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">31.2</TD><TD STYLE="text-align: justify">The Company may have for use in any place or places outside the Islands a duplicate Seal or Seals, each
of which shall be a reproduction of the Seal of the Company and, if the Directors so determine, shall have added on its face the name
of every place where it is to be used.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">31.3</TD><TD STYLE="text-align: justify">The Directors may by resolution determine (i) that any signature required by this Article need not be
manual but may be affixed by some other method or system of reproduction or mechanical or Electronic Signature and/or (ii) that any document
may bear a printed reproduction of the Seal in lieu of affixing the Seal thereto.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">31.4</TD><TD STYLE="text-align: justify">No document or deed otherwise duly executed and delivered by or on behalf of the Company shall be regarded
as invalid merely because at the date of the delivery of the deed or document, the Director, Secretary or other Officer or person who
shall have executed the same or affixed the Seal thereto, as the case may be, for and on behalf of the Company shall have ceased to hold
such office and authority on behalf of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 42; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">32</TD><TD STYLE="text-align: justify">Dividends</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">32.1</TD><TD STYLE="text-align: justify">Subject to the provisions of the Law, the Company may by Ordinary Resolution declare dividends (including
interim dividends) in accordance with the respective rights of the Members, but no dividend shall exceed the amount recommended by the
Directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">32.2</TD><TD STYLE="text-align: justify">Subject to the provisions of the Law, the Directors may declare dividends in accordance with the respective
rights of the Members and authorise payment of the same out of the funds of the Company lawfully available therefor. If at any time the
share capital is divided into different classes of shares, the Directors may pay dividends on shares which confer deferred or non-preferred
rights with regard to dividends as well as on shares which confer preferential rights with regard to dividends, but no dividend shall
be paid on shares carrying deferred or non-preferred rights if, at the time of payment, any preferential dividend is in arrears. The Directors
may also pay at intervals settled by them any dividend payable at a fixed rate if it appears that there are sufficient funds of the Company
lawfully available for distribution to justify the payment. Provided the Directors act in good faith they shall not incur any liability
to the holders of shares conferring preferred rights for any loss they may suffer by the lawful payment of a dividend on any shares having
deferred or non-preferred rights.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">32.3</TD><TD STYLE="text-align: justify">The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available
for distribution such sums as they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable
for meeting contingencies, or for equalising dividends or for any other purpose to which those funds may be properly applied and pending
such application may, at the like discretion, either be employed in the business of the Company or be invested in such investments (other
than shares in the capital of the Company) as the Directors may from time to time think fit.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">32.4</TD><TD STYLE="text-align: justify">Except as otherwise provided by the rights attached to shares and subject to Article 15, all dividends
shall be paid in proportion to the number of shares a Member holds as of the date the dividend is declared; save that (a) if any share
is issued on terms providing that it shall rank for dividend as from a particular date, that share shall rank for dividend accordingly;
and (b) where the Company has shares in issue which are not fully paid up (as to par value) the Company may pay dividends in proportion
to the amount paid up on each share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">32.5</TD><TD STYLE="text-align: justify">The Directors may deduct from a dividend or other amounts payable to a person in respect of a share any
amounts due from him to the Company on account of a call or otherwise in relation to a share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">32.6</TD><TD STYLE="text-align: justify">Any Ordinary Resolution or Directors&rsquo; resolution declaring a dividend may direct that it shall be
satisfied wholly or partly by the distribution of assets and, where any difficulty arises in regard to such distribution, the Directors
may settle the same and in particular may issue fractional certificates and fix the value for distribution of any assets and may determine
that cash shall be paid to any Member upon the footing of the value so fixed in order to adjust the rights of Members and may vest any
assets in trustees.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">32.7</TD><TD STYLE="text-align: justify">Any dividend or other moneys payable on or in respect of a share may be paid by cheque sent by post to
the registered address of the person entitled or, if two or more persons are the holders of the share or are jointly entitled to it by
reason of the death or bankruptcy of the holder, to the registered address of that one of those persons who is first named in the Register
of Members or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;<IMG SRC="ex4-3_seal.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">to such person and
to such address as the person or persons entitled may in writing direct. Subject to any applicable law or regulations, every cheque shall
be made payable to the order of the person or persons entitled or to such other person as the person or persons entitled may in writing
direct and payment of the cheque shall be a good discharge to the Company. Any joint holder or other person jointly entitled to a share
as aforesaid may give receipts for any dividend or other moneys payable in respect of the share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">32.8</TD><TD STYLE="text-align: justify">No dividend or other moneys payable in respect of a share shall bear interest against the Company unless
otherwise provided by the rights attached to the share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">32.9</TD><TD STYLE="text-align: justify">Any dividend which has remained unclaimed for six years from the date when it became due for payment shall,
if the Directors so resolve, be forfeited and cease to remain owing by the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">33</TD><TD STYLE="text-align: justify">Financial Year, Accounting Records and Audit</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">33.1</TD><TD STYLE="text-align: justify">Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in
each year and, following the year of incorporation, shall begin on 1 January each year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">33.2</TD><TD STYLE="text-align: justify">The books of account relating to the Company&rsquo;s affairs shall be kept in such manner as may be determined
from time to time by the Directors. The books of account shall be kept at the registered office or at such other place or places as the
Directors think fit, and shall always be open to the inspection of the Directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">33.3</TD><TD STYLE="text-align: justify">No Member shall be entitled to require discovery of or any information with respect to any detail of the
Company&rsquo;s trading or any matter which is or may be in the nature of a trade secret or secret process which may relate to the conduct
of the business of the Company and which in the opinion of the Directors it will be inexpedient in the interests of the Members of the
Company to communicate to the public.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">33.4</TD><TD STYLE="text-align: justify">The Directors may from time to time determine whether and to what extent and at what times and places
and under what conditions or regulations the accounts and books and corporate records of the Company or any of them shall be open to the
inspection of Members not being Directors, and no Member (not being a Director) shall have any right of inspecting any account or book
or document of the Company except as conferred by applicable law, the listing rules of any Designated Stock Exchange or authorised by
the Directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">33.5</TD><TD STYLE="text-align: justify">Subject to Articles 33.4, and 33.6 a printed copy of the Directors&rsquo; report, if any, accompanied
by the consolidated statements of financial position, profit or loss, comprehensive income (loss), cash flows and changes in shareholders&rsquo;
equity, including every document required by the Law to be annexed thereto, made up to the end of applicable financial year, shall be
sent to the Members at least ten (10) Business Days before the date of the general meeting and laid before the Company at the annual general
meeting held in accordance with Article 16.2, provided that this Article 33.5 shall not require a copy of those documents to be sent to
any person whose address the Company is not aware of or to more than one of the joint holders of any shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">33.6</TD><TD STYLE="text-align: justify">The requirement to send to a Person referred to in Article 33.5 the documents referred to in that Article
shall be deemed satisfied where, in accordance with all applicable laws, rules and regulations, including, without limitation, the rules
of any Designated Stock Exchange, the</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 44; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;<IMG SRC="ex4-3_seal.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Company publishes copies
of the documents referred to in Article 33.5 on the Company&rsquo;s Website, transmits it to SEC&rsquo;s website or in any other permitted
manner (including by sending any other form of Electronic Communication), and that person has agreed or is deemed by the Company to have
agreed to treat the publication or receipt of such documents in such manner as discharging the Company&rsquo;s obligation to send to him
a copy of such documents.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">33.7</TD><TD STYLE="text-align: justify">Subject to applicable law and to the rules of any Designated Stock Exchange, the accounts relating to
the Company&rsquo;s affairs shall, on an annual basis, be audited by an Authorised Auditor chosen by the Directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">33.8</TD><TD STYLE="text-align: justify">The Directors, having considered the recommendations of the Audit, Risks and Ethics Committee, shall appoint
an auditor of the Company who shall hold office until removed from office by a resolution of the Board, and shall fix his or their remuneration.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">33.9</TD><TD STYLE="text-align: justify">Every auditor of the Company shall have a right of access at all times to the books and accounts of the
Company and shall be entitled to require from the Directors and Officers such information and explanation as may be necessary for the
performance of the duties of the auditors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">34</TD><TD STYLE="text-align: justify">Capitalisation of Profits</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Directors may:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">subject as provided in this Article, resolve to capitalise any undivided profits of the Company not required
for paying any preferential dividend (whether or not they are available for distribution) or any sum standing to the credit of the Company&rsquo;s
share premium account or capital redemption reserve;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">appropriate the sum resolved to be capitalised to the Members who would have been entitled to it if it
were distributed by way of dividend and in the same proportions and apply such sum on their behalf either in or towards paying up the
amounts, if any, for the time being unpaid on any shares held by them respectively, or in paying up in full unissued shares or debentures
of the Company of a nominal amount equal to such sum, and allot the shares or debentures credited as fully paid to those Members, or as
they may direct, in those proportions, or partly in one way and partly in the other, provided that on any such capitalisation holders
of Class A Common Shares shall receive Class A Common Shares (or rights to acquire Class A Common Shares, as the case may be) and holders
of Class B Common Shares shall receive Class B Common Shares (or rights to acquire Class B Common Shares, as the case may be);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">resolve that any shares so allotted to any Member in respect of a holding by him of any partly-paid shares
rank for dividend, so long as such shares remain partly paid, only to the extent that such partly paid shares rank for dividend;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">make such provision by the issue of fractional certificates or by payment in cash or otherwise as they
determine in the case of shares or debentures becoming distributable under this Article in fractions; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">authorise any person to enter on behalf of all the Members concerned into an agreement with the Company
providing for the allotment to them respectively, credited as fully paid, of</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 45; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">&nbsp;<IMG SRC="ex4-3_seal.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">any shares or debentures
to which they may be entitled upon such capitalisation, any agreement made under such authority being binding on all such Members.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">35</TD><TD STYLE="text-align: justify">Share Premium Account</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">35.1</TD><TD STYLE="text-align: justify">The Directors shall in accordance with Section 34 of the Law establish a share premium account and shall
carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any share
or capital contributed as described in Article 4.12.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">35.2</TD><TD STYLE="text-align: justify">There shall be debited to any share premium account:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">on the redemption or purchase of a share the difference between the nominal value of such share and the
redemption or purchase price provided always that at the discretion of the Directors such sum may be paid out of the profits of the Company
or, if permitted by Section 37 of the Law, out of capital; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any other amounts paid out of any share premium account as permitted by Section 34 of the Law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">36</TD><TD STYLE="text-align: justify">Notices</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">36.1</TD><TD STYLE="text-align: justify">Except as otherwise provided in these Articles and subject to the rules of any Designated Stock Exchange,
any notice or document may be served by the Company or by the Person entitled to give notice to any Member either personally or by posting
it airmail or by air courier service in a prepaid letter addressed to such Member at his address as appearing in the Register of Members,
or by electronic mail to any electronic mail address such Member may have specified in writing for the purpose of such service of notices,
or by advertisement in appropriate newspapers in accordance with the requirements of any Designated Stock Exchange or by placing it on
the Company&rsquo;s Website. In the case of joint holders of a Share, all notices shall be given to that one of the joint holders whose
name stands first in the Register of Members in respect of the joint holding, and notice so given shall be sufficient notice to all the
joint holders.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">36.2</TD><TD STYLE="text-align: justify">Notices posted to addresses outside the Cayman Islands shall be forwarded by prepaid airmail.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">36.3</TD><TD STYLE="text-align: justify">Any notice or other document, if served by:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">post, shall be deemed to have been served five days after the time when the letter containing the same
is posted;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">recognised courier service, shall be deemed to have been served 48 hours after the time when the letter
containing the same is delivered to the courier service;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">electronic mail, shall be deemed to have been served immediately upon the time of the transmission by
electronic mail; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">placing it on the Company&rsquo;s Website, shall be deemed to have been served one (1) hour after the
notice or document is placed on the Company&rsquo;s Website.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">36.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly
addressed and duly posted or delivered to the courier service.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">36.4</TD><TD STYLE="text-align: justify">A Member present, either in person or by proxy, at any meeting of the Company or of the holders of any
class of shares in the Company shall be deemed to have received notice of the meeting, and, where requisite, of the purpose for which
it was called.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">36.5</TD><TD STYLE="text-align: justify">Any notice or document delivered or sent by post to or left at the registered address of any Member in
accordance with the terms of these Articles shall notwithstanding that such Member be then dead or bankrupt, and whether or not the Company
has notice of his death or bankruptcy, be deemed to have been duly served in respect of any Share registered in the name of such Member
as sole or joint holder, unless his name shall at the time of the service of the notice or document, have been removed from the Register
of Members as the holder of the Share, and such service shall for all purposes be deemed a sufficient service of such notice or document
on all Persons interested (whether jointly with or as claiming through or under him) in the Share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">36.6</TD><TD STYLE="text-align: justify">Notice of every general meeting of the Company shall be given to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all Members holding Shares with the right to receive notice and who have supplied to the Company an address,
facsimile number or email address for the giving of notices to them; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">every Person entitled to a Share in consequence of the death or bankruptcy of a Member, who but for his
death or bankruptcy would be entitled to receive notice of the meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">No other Person shall
be entitled to receive notices of general meetings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">36.7</TD><TD STYLE="text-align: justify">The Company shall make available to any Member, upon request, any agreements executed between the Company
and its Related Parties, any shareholder agreements to which the Company is a party and the details of any Incentive Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">37</TD><TD STYLE="text-align: justify">Winding Up</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Subject to Article
19.3:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">37.1</TD><TD STYLE="text-align: justify">The Board shall have the power in the name and on behalf of the Company to present a petition to the court
for the Company to be wound up.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">37.2</TD><TD STYLE="text-align: justify">If the Company is wound up, the liquidator may, with the sanction of a Special Resolution and any other
sanction required by the Law, divide among the Members in specie the whole or any part of the assets of the Company and may, for that
purpose, value any assets and determine how the division shall be carried out as between the Members or different classes of Members.
The liquidator may, with the like sanction, vest the whole or any part of the assets in trustees upon such trusts for the benefit of the
Members as he with the like sanction determines, but no Member shall be compelled to accept any assets upon which there is a liability.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">37.3</TD><TD STYLE="text-align: justify">If the Company shall be wound up and the assets available for distribution amongst the Members as such
shall be insufficient to repay the whole of the paid up capital, such assets shall be</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">distributed so that,
as nearly as may be, the losses shall be borne by the Members in proportion to the capital paid up, or which ought to have been paid up,
at the commencement of the winding up, on the shares held by them respectively. If in a winding up the assets available for distribution
amongst the Members shall be more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the
excess shall be distributed <I>pari passu</I> amongst the Members in proportion to the capital paid up at the commencement of the winding
up on the shares held by them respectively. This Article is to be without prejudice to the rights of the holders of shares issued upon
special terms and conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">38</TD><TD STYLE="text-align: justify">Indemnity</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">38.1</TD><TD STYLE="text-align: justify">Every Indemnified Person for the time being and from time to time of the Company and the personal representatives
of the same shall be indemnified and secured harmless out of the assets and funds of the Company against all actions, proceedings, costs,
charges, expenses, losses, damages, liabilities, judgments, fines, settlements and other amounts (including reasonable attorneys&rsquo;
fees and expenses and amounts paid in settlement and costs of investigation (collectively &quot;<B>Losses</B>&quot;) incurred or sustained
by him otherwise than by reason of his own dishonesty, wilful default or fraud in or about the conduct of the Company&rsquo;s business
or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions,
including without prejudice to the generality of the foregoing, any Losses incurred by him in defending or investigating (whether successfully
or otherwise) any civil, criminal, investigative and administrative proceedings concerning or in any way related to the Company or its
affairs in any court whether in the Islands or elsewhere. Such Losses incurred in defending or investigating any such proceeding shall
be paid by the Company as they are incurred upon receipt, in each case, of an undertaking by or on behalf of the Indemnified Person to
repay such amounts if it is ultimately determined by a non-appealable order of a court of competent jurisdiction that such Indemnified
Person is not entitled to indemnification hereunder with respect thereto.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">38.2</TD><TD STYLE="text-align: justify">No such Indemnified Person of the Company and the personal representatives of the same shall be liable
(i) for the acts, receipts, neglects, defaults or omissions of any other Director or Officer or agent of the Company or (ii) by reason
of his having joined in any receipt for money not received by him personally or in any other act to which he was not a direct party for
conformity or (iii) for any loss on account of defect of title to any property of the Company or (iv) on account of the insufficiency
of any security in or upon which any money of the Company shall be invested or (v) for any loss incurred through any bank, broker or other
agent or any other party with whom any of the Company&rsquo;s property may be deposited or (vi) for any loss, damage or misfortune whatsoever
which may happen in or arise from the execution or discharge of the duties, powers, authorities or discretions of his office or in relation
thereto or (vii) for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement or oversight
on such Person&rsquo;s part, unless he has acted dishonestly, with wilful default or through fraud.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">38.3</TD><TD STYLE="text-align: justify">The Company hereby acknowledges that certain Indemnified Persons may have certain rights to indemnification,
advancement of expenses and/or insurance from or against (other than directors&rsquo; and officers&rsquo; or similar insurance obtained
or maintained by or on behalf of the Company or any of its subsidiaries, including any such insurance obtained or maintained pursuant
to Article 38.4 hereof) Other Indemnitors. The Company hereby agrees that: (i) it is the indemnitor of first resort (i.e., its obligations
to an Indemnified Person are primary and any obligation of any Other Indemnitors to advance expenses or to provide indemnification for
the same expenses or liabilities incurred by such Indemnified Person are secondary); (ii) it shall be required to advance the full</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">amount of expenses
incurred by an Indemnified Person and shall be liable for the full amount of all Losses to the extent legally permitted and as required
by the terms of these Articles (or any other agreement between the Company and an Indemnified Person) without regard to any rights an
Indemnified Person may have against any Other Indemnitors; and (iii) it irrevocably waives, relinquishes and releases any Other Indemnitors
from any and all claims against the Other Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.
The Company further agrees that no advancement or payment by any Other Indemnitors on behalf of an Indemnified Person with respect to
any claim for which such Indemnified Person has sought indemnification from the Company shall affect the foregoing, and without prejudice
to Article 39 below, Other Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment
to all of the rights of recovery of such Indemnified Person against the Company. For the avoidance of doubt, no Person or entity providing
directors&rsquo; or officers&rsquo; or similar insurance obtained or maintained by or on behalf of the Company or any of its subsidiaries,
including any Person providing such insurance obtained or maintained pursuant to Article 38.4 hereof, shall be an Other Indemnitor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">38.4</TD><TD STYLE="text-align: justify">The Directors may exercise all the powers of the Company to purchase and maintain insurance for the benefit
of a Person who is or was (whether or not the Company would have the power to indemnify such Person against such liability under the provisions
of this Article 38 or under applicable law): (a) a Director, alternate Director, Secretary or auditor of the Company or of a company which
is or was a subsidiary of the Company or in which the Company has or had an interest (whether direct or indirect); or (b) the trustee
of a retirement benefits scheme or other trust in which a person referred to in Article 38.1 is or has been interested, indemnifying him
against any liability which may lawfully be insured against by the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">39</TD><TD STYLE="text-align: justify">Claims Against the Company</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Notwithstanding Article
38.3, unless otherwise determined by a majority of the Board, in the event that (i) any Member (the &quot;<B>Claiming Party</B>&quot;)
initiates or asserts any claim or counterclaim (&quot;<B>Claim</B>&quot;) or joins, offers substantial assistance to or has a direct financial
interest in any Claim against the Company and (ii) the Claiming Party (or the third party that received substantial assistance from the
Claiming Party or in whose Claim the Claiming Party had a direct financial interest) does not obtain a judgment on the merits in which
the Claiming Party prevails, then each Claiming Party shall, to the fullest extent permissible by law, be obligated jointly and severally
to reimburse the Company for all fees, costs and expenses (including, but not limited to, all reasonable attorneys&rsquo; fees and other
litigation expenses) that the Company may incur in connection with such Claim.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">40</TD><TD STYLE="text-align: justify">Untraceable Members</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">40.1</TD><TD STYLE="text-align: justify">Without prejudice to the rights of the Company under Article 40.2, the Company may cease sending cheques
for dividend entitlements or dividend warrants by post if such cheques or warrants have been left uncashed on two (2) consecutive occasions.
However, the Company may exercise the power to cease sending cheques for dividend entitlements or dividend warrants after the first occasion
on which such a cheque or warrant is returned undelivered.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">40.2</TD><TD STYLE="text-align: justify">The Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a Member
who is untraceable, but no such sale shall be made unless:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all cheques or warrants in respect of dividends of the shares in question, being not less than three (3)
in total number, for any sum payable in cash to the holder of such shares in respect of them sent during the relevant period in the manner
authorised by these Articles of the Company have remained uncashed;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">so far as it is aware at the end of the relevant period, the Company has not at any time during the relevant
period received any indication of the existence of the Member who is the holder of such shares or of a person entitled to such shares
by death, bankruptcy or operation of law; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the Company, if so required by the rules governing the listing of shares on the Designated Stock Exchange,
has given notice to, and caused advertisement in newspapers to be made in accordance with the requirements of, the Designated Stock Exchange
of its intention to sell such shares in the manner required by the Designated Stock Exchange, and a period of three (3) months or such
shorter period as may be allowed by the Designated Stock Exchange has elapsed since the date of such advertisement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">40.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of the foregoing, the &quot;relevant period&quot; means the period commencing twelve (12) years before the date of publication
of the advertisement referred to in this Article 40.2 and ending at the expiry of the period referred to in that paragraph.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">40.3</TD><TD STYLE="text-align: justify">To give effect to any such sale the Board may authorise some person to transfer the said shares and an
instrument of transfer signed or otherwise executed by or on behalf of such persons shall be as effective as if it had been executed by
the registered holder or the person entitled by transmission to such shares, and the purchaser shall not be bound to see to the application
of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the
sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of such net proceeds it shall become indebted
to the former Member for an amount equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall
be payable in respect of it and the Company shall not be required to account for any money earned from the net proceeds which may be employed
in the business of the Company or as it thinks fit. Any sale under this Article shall be valid and effective notwithstanding that the
Member holding the shares sold is dead, bankruptcy or otherwise under any legal disability or incapacity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">41</TD><TD STYLE="text-align: justify">Amendment of Memorandum of Articles</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">41.1</TD><TD STYLE="text-align: justify">Subject to the Law and these Articles, the Company may by Special Resolution change its name or change
the provisions of the Memorandum with respect to its objects, powers or any other matter specified therein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">41.2</TD><TD STYLE="text-align: justify">Subject to the Law and as provided in these Articles, the Company may at any time and from time to time
by Special Resolution, alter or amend these Articles in whole or in part.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">42</TD><TD STYLE="text-align: justify">Transfer by Way of Continuation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Company may by
Special Resolution resolve to be registered by way of continuation in a jurisdiction outside the Islands or such other jurisdiction in
which it is for the time being incorporated, registered or existing. In furtherance of a resolution adopted pursuant to this Article,
the Directors may cause an application to be made to the Registrar of Companies to deregister the Company in the Islands or such other
jurisdiction in which it is for the time being incorporated, registered or existing and may cause all such further steps as they consider
appropriate to be taken to effect the transfer by way of continuation of the Company.</P>

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<TYPE>EX-5.1
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<FILENAME>dp185660_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OPINION OF MAPLES AND CALDER (CAYMAN) LLP</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><IMG SRC="ex5-1_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Afya Limited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">PO Box 309, Ugland House</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Grand Cayman KY1-1104</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Cayman Islands</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">19 December 2022</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dear Sirs</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Afya Limited</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We have acted as counsel as to Cayman Islands law
to Afya Limited (the &quot;<B>Company</B>&quot;) in connection with the Company's registration statement on Form S-8, including all amendments
or supplements thereto (the &quot;<B>Registration Statement</B>&quot;), filed with the United States Securities and Exchange Commission
(the &quot;<B>Commission</B>&quot;) under the United States Securities Act of 1933, as amended (the &quot;<B>Act</B>&quot;) relating to
the registration of 1,200,000 Class A common shares of a par value of US$ 0.00005 each in the capital of the Company (&quot;<B>Shares</B>&quot;)
authorised for issuance pursuant to the Restricted Stock Plan of the Company (the &quot;<B>Plan</B>&quot;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Documents Reviewed</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We have reviewed originals, copies, drafts or conformed
copies of the following documents, and such other documents as we deem necessary:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The certificate of incorporation dated 22 March 2019 and the amended and
restated memorandum and articles of association of the Company adopted by special resolution passed on 29 April 2022 (the &quot;<B>Memorandum
and Articles</B>&quot;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"></FONT>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">The minutes (the
&quot;<B>Constituting Minutes</B>&quot;) of the meeting of the board of directors of the Company held on 30 August 2019 (the &quot;<B>Constituting
Meeting</B>&quot;), the minutes (the &quot;<B>Amendment Minutes</B>&quot;) of the board of directors of the Company held on 5 May 2022
(the &quot;<B>Amendment Meeting</B>&quot;), the minutes (the &quot;<B>Plan Minutes</B>&quot; and together with the Constituting Minutes
and the Amendment Minutes, the &quot;<B>Minutes</B>&quot;) of the meeting of the People, Environmental, Social and Governance Committee
of the board of directors of the Company (the &quot;<B>ESG Committee</B>&quot;) held on 8 July 2022 (the &quot;<B>Plan Meeting</B>&quot;
and together with the Constituting Meeting and the Amendment Meeting, the &quot;<B>Meetings</B>&quot;) and the corporate records of the
Company maintained at its registered office in the Cayman Islands.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>
<FONT STYLE="font-size: 10pt"></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="ex5-1_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A certificate of good standing with respect to the Company issued by the
Registrar of Companies dated 9 December 2022 (the &quot;<B>Certificate of Good Standing</B>&quot;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A certificate from a director of the Company a copy of which is attached
to this opinion letter (the &quot;<B>Director's Certificate</B>&quot;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.5</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Registration Statement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.6</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Plan. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.7</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The form of award agreement in connection with the Plan to be executed by
the Company and the officer referenced therein (the &quot;<B>Officer Award Agreement</B>&quot;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.8</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The form of award agreement in connection with the Plan to be executed by
the Company and the employee referenced therein (the &quot;<B>Employee Award Agreement</B>&quot;, and together with the Officer Award
Agreement, the &quot;<B>Award Agreements</B>&quot;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Assumptions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following opinions are given only as to, and
based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to
the laws of the Cayman Islands which are in force on the date of this opinion letter. In giving the following opinions, we have relied
(without further verification) upon the completeness and accuracy, as at the date of this opinion letter, of the Director's Certificate
and the Certificate of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Registration Statement, Plan and Award Agreements have been or will
be authorised and duly executed and unconditionally delivered by or on behalf of all relevant parties in accordance with all relevant
laws (other than, with respect to the Company, the laws of the Cayman Islands).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Registration Statement, Plan and Award Agreements are, or will be, legal,
valid, binding and enforceable against all relevant parties in accordance with its terms under the laws of the Cayman Islands and all
relevant laws (other than, with respect to the Company, the laws of the Cayman Islands).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company will at all times have sufficient authorised but unissued share
capital to facilitate the issuance of the Class A common shares under the Plan. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Copies of documents, conformed copies or drafts of documents provided to
us are true and complete copies of, or in the final forms of, the originals, and translations of documents provided to us are complete
and accurate.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All signatures, initials and seals are genuine.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.6</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The capacity, power, authority and legal right of all parties under all
relevant laws and regulations (other than, with respect to the Company, the laws and regulations of the Cayman Islands) to enter into,
execute, unconditionally deliver and perform their respective obligations under the Registration Statement, the Plan and the Award Agreements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.7</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No monies paid to or for the account of any party under the Registration
Statement, the Plan or any Award Agreement or any property received or disposed of by any party to the Registration Statement, the Plan
or any Award Agreement in each case in connection with the Registration Statement, the Plan or any Award Agreement or the consummation
of the transactions contemplated thereby represent or will represent proceeds of criminal conduct or criminal property or terrorist property
(as defined in the Proceeds of Crime Law (As Revised) and the Terrorism Law (As Revised), respectively).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.8</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There is nothing under any law (other than the laws of the Cayman Islands)
which would or might affect the opinions set out below. Specifically, we have made no independent investigation of the laws of the State
of New York or the laws of Brazil.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.9</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company has received or will receive money or money's worth in consideration
for the issue of the Shares, and none of the Shares were or will be issued for less than their par value.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.10</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Shares issued or to be issued pursuant to the Registration Statement,
the Plan and the Award Agreements have or will be duly registered, and will continue to be registered, in the Company&rsquo;s register
of members (shareholders).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.11</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No invitation has been or will be made by or on behalf of the Company to
the public in the Cayman Islands to subscribe for any of the Shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Save as aforesaid we have not been instructed to
undertake and have not undertaken any further enquiry or due diligence in relation to the transaction the subject of this opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Opinions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Based upon, and subject to, the foregoing assumptions
and the qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company has been duly incorporated as an exempted company with limited
liability and is validly existing and in good standing with the Registrar of Companies under the laws of the Cayman Islands.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Shares to be offered and issued by the Company as contemplated by the
Registration Statement, the Plan and the Award Agreements have been duly authorised for issue and when such Shares are issued by the Company
in accordance with the Memorandum and Articles, the Registration Statement, the Plan and the Award Agreements and upon payment in full
being made therefor as contemplated in the Registration Statement, the Plan and the relevant Award Agreement and such Shares being entered
as fully-paid on the register of members of the Company, such Shares will be validly issued, fully-paid and non-assessable. As a matter
of Cayman Islands law, a share is only issued when it has been entered in the register of members (shareholders).</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Qualifications</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The opinions expressed above are subject to the
following qualifications:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The obligations assumed by the Company under the Plan and the Award Agreements
will not necessarily be enforceable in all circumstances in accordance with their terms. In particular:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">enforcement may be limited by bankruptcy, insolvency, liquidation, reorganisation,
readjustment of debts or moratorium or other laws of general application relating to protecting or affecting the rights of creditors and/or
contributories;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">enforcement may be limited by general principles of equity. For example,
equitable remedies such as specific performance may not be available, <I>inter alia</I>, where damages are considered to be an adequate
remedy;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where obligations are to be performed in a jurisdiction outside the Cayman
Islands, they may not be enforceable in the Cayman Islands to the extent that performance would be illegal under the laws of that jurisdiction;
and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">some claims may become barred under relevant statutes of limitation or may
be or become subject to defences of set off, counterclaim, estoppel and similar defences.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To maintain the Company in good standing with the Registrar of Companies
under the laws of the Cayman Islands, annual filing fees must be paid and returns made to the Registrar of Companies within the time frame
prescribed by law.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Under Cayman Islands law, the register of members (shareholders) is <I>prima
facie</I> evidence of title to shares and this register would not record a third party interest in such shares. However, there are certain
limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members
reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained
by a company should be rectified where it considers that the register of members does not reflect the correct legal position. As far as
we are aware, such applications are rarely made in the Cayman Islands and there are no circumstances or matters of fact known to us on
the date of this opinion letter which would properly form the basis for an application for an order for rectification of the register
of members of the Company, but if such an application were made in respect of the Shares, then the validity of such shares may be subject
to re-examination by a Cayman Islands court.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.4</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In this opinion letter the phrase &quot;non-assessable&quot; means, with
respect to the issuance of shares, that a shareholder shall not, in respect of the relevant shares and in the absence of a contractual
arrangement, or an obligation pursuant to the memorandum and articles of association, to the contrary, have any obligation to make further
contributions to the Company's assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship
or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this opinion
letter as an exhibit to the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons
whose consent is required under Section 7 of the Act or the Rules and Regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We express no view as to the commercial terms of
the Registration Statement, the Plan and the Award Agreements or whether such terms represent the intentions of the parties and make no
comment with regard to warranties or representations that may be made by the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The opinions in this opinion letter are strictly
limited to the matters contained in the opinions section above and do not extend to any other matters. We have not been asked to review
and we therefore have not reviewed any of the ancillary documents relating to the Shares and express no opinion or observation upon the
terms of any such document.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This opinion letter is addressed to you and may
be relied upon by you, your counsel and purchasers of the Shares pursuant to the Registration Statement, the Plan and the Award Agreements.
This opinion letter is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yours faithfully</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">/s/ Maples and Calder (Cayman) LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Maples and Calder (Cayman) LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Afya Limited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">PO Box 309, Ugland House</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Grand Cayman KY1-1104</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Cayman Islands</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">19 December 2022</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">To:</TD><TD>Maples and Calder (Cayman) LLP</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">PO Box 309, Ugland House</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Grand Cayman</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KY1-1104</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cayman Islands</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dear Sirs</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Afya Limited </B>(the &quot;<B>Company</B>&quot;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">I, the undersigned, being a director of the Company,
am aware that you are being asked to provide an opinion letter (the &quot;<B>Opinion</B>&quot;) in relation to certain aspects of Cayman
Islands law. Unless otherwise defined herein, capitalised terms used in this certificate have the respective meanings given to them in
the Opinion. I hereby certify that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Memorandum and Articles remain in full force and effect and are unamended.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company has not entered into any mortgages or charges over its property
or assets other than those entered in the register of mortgages and charges of the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Minutes are a true and correct record of the proceedings of the Meetings,
which were duly convened and held, and at which a quorum was present throughout, in each case, in the manner prescribed in the Memorandum
and Articles. The resolutions set out in the Minutes were duly passed in the manner prescribed in the Memorandum and Articles (including,
without limitation, with respect to the disclosure of interests (if any) by directors of the Company) and have not been amended, varied
or revoked in any respect.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The authorised share capital of the Company is US$50,000 divided into 1,000,000,000
shares of a nominal or par value of US$0.00005 each which, at the date the Memorandum and Articles became effective, comprised (i) 500,000,000
Class A Common Shares; (ii) 250,000,000 Class B Common Shares (which Class B Common Shares may be converted into Class A Common Shares
in the manner contemplated in the Articles of Association of the Company); and (iii) 250,000,000 shares of such class or classes (howsoever
designated) and having the rights as the board of directors of the Company may determine from time to time in accordance with Article
4 of the Articles of Association of the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The shareholders of the Company (the &quot;<B>Shareholders</B>&quot;) have
not restricted the powers of the directors of the Company in any way.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There is no contractual or other prohibition or restriction (other than
as arising under Cayman Islands law) binding on the Company prohibiting or restricting it from entering into and performing its obligations
under the Registration Statement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The directors of the Company at the date of the Constituting Meeting
were as follows: Nicolau Carvalho Esteves, Felipe Samuel Argalji, Daniel Arthur Borghi, Laura Guaran&aacute; Carvalho, Renato Tavares
Esteves, S&eacute;rgio Mendes Botrel Coutinho, Vanessa Claro Lopes, Daulins Reni Emilio and Rafael Munerato de Almeida.</P>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"></FONT>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">The directors of
the Company at the date of the Amendments Meeting were as follows: Kay Krafft, Nicolau Carvalho Esteves, Renato Tavares Esteves, Daulins
R&ecirc;ni Em&iacute;lio, Shobhna Mohn, Benedikt Dalkmann, Maria Tereza Azevedo, Fl&aacute;vio Dias Fonseca da Silva, Jo&atilde;o Paulo
Seibel de Faria, Miguel Filisbino Pereira de Paula and Vanessa Claro Lopes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>
<FONT STYLE="font-size: 10pt"></FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">9.</TD><TD>The members of the ESG Committee at the date of the Plan Meeting
and at the date of this certificate were and are as follows: Miguel Filisbino Pereira de Paula, Rafael Munerato, Renato Tavares Esteves
and Kay Krafft.</TD>
</TR></TABLE>


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

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The directors of the Company at the date of this certificate are as
follows: Nicolau Carvalho Esteves, Renato Tavares Esteves, Vanessa Claro Lopes, Jo&atilde;o Paulo Seibel de Faria, Miguel Filisbino Pereira
de Paula, Kay Krafft, Shobhna Mohn, Maria Tereza Azevedo, Benedikt Dalkmann and Christina Krebs.</P>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The ESG Committee was constituted at the Constituting Meeting as set
out in the Constituting Minutes as the &quot;Compensation Committee&quot; of the board of directors of the Company and the name of the
ESG Committee was changed from the &quot;Compensation Committee&quot; of the board of directors of the Company to the &quot;People, Environmental,
Social and Governance Committee&quot; of the board of directors of the Company by the board of directors of the Company at a meeting of
the board of directors of the Company held on 29 January 2020.</P>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif"></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The minute book and corporate records of the Company as maintained at its
registered office in the Cayman Islands and made available to you are complete and accurate in all material respects, and all minutes
and resolutions filed therein represent a complete and accurate record of all meetings of the Shareholders and directors (or any committee
thereof) of the Company (duly convened in accordance with the Memorandum and Articles) and all resolutions passed at the meetings or passed
by written resolution or consent, as the case may be.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Prior to, at the time of, and immediately following the approval of the
transactions contemplated by the Registration Statement, the Plan and the Award Agreements, the Company was, or will be, able to pay its
debts as they fell, or fall, due and has entered, or will enter, into the transactions contemplated by the Registration Statement, the
Plan and the Award Agreements for proper value and not with an intention to defraud or wilfully defeat an obligation owed to any creditor
or with a view to giving a creditor a preference.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each member of the ESG Committee considers the transactions contemplated
by the Registration Statement, the Plan and the Award Agreements to be of commercial benefit to the Company and has acted in good faith
in the best interests of the Company, and for a proper purpose of the Company, in relation to the transactions which are the subject of
the Opinion.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To the best of my knowledge and belief, having made due inquiry, the Company
is not the subject of legal, arbitral, administrative or other proceedings in any jurisdiction. Nor have the directors or Shareholders
taken any steps to have the Company struck off or placed in liquidation, nor have any steps been taken to wind up the Company. Nor has
any receiver been appointed over any of the Company's property or assets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To the best of my knowledge and belief, having made due inquiry, there are
no circumstances or matters of fact existing which may properly form the basis for an application for an order for rectification of the
register of members of the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company is not a central bank, monetary authority or other sovereign
entity of any state and is not a subsidiary, direct or indirect, of any sovereign entity or state.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There is no contractual or other prohibition or restriction (other than
as arising under Cayman Islands law) binding on the Company prohibiting or restricting it from entering into and performing its obligations
under the Registration Statement, the Plan and Award Agreements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">I confirm that you may continue to rely on this
certificate as being true and correct on the day that you issue the Opinion unless I shall have previously notified you personally to
the contrary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.5in; width: 15%; text-indent: 0in">Signature:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 5%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 30%; text-indent: 0in">/s/ Miguel
    Filisbino Pereira de Paula</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.5in; text-indent: 0in">Name:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0in">Miguel Filisbino Pereira de Paula</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.5in; text-indent: 0in">Title:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0in">Director</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0in">&nbsp;</TD></TR>
  </TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>dp185660_ex2301.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
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     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 23.1</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #333333"><B>Consent of Independent Registered
Public Accounting Firm</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #333333"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">We consent to the incorporation
by reference in the Registration Statement (Forms S-8) pertaining to the Restricted Stock Plan of Afya Limited of our reports dated March
31, 2022, with respect to the consolidated financial statements of Afya Limited and the effectiveness of internal control over financial
reporting of Afya Limited included in its Annual Report (Form 20-F) for the year ended December 31, 2021, filed with the Securities and
Exchange Commission.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">/s/ ERNST &amp; YOUNG</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">Auditores Independentes
S.S.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">Belo Horizonte, Brazil</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">December 19, 2022</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333">&nbsp;&nbsp;</P>

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

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>dp185660_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit 99.1</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>RESTRICTED STOCK PLAN OF AFYA LTD.</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 107.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.55pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>RSU&rsquo;s Goals </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>1.1.</B></TD><TD STYLE="text-align: justify">The granting of <U>rights</U> to receive in the future shares of AFYA Ltd. (the &ldquo;<B>Company</B>&rdquo;)
has as an objective to contribute to the achievement of the Company&rsquo;s financial and strategic goals, by aligning the interests of
the shareholders, officers, managers and strategic talents of the Company or any other of its controlled companies, thus enabling maximization
of the value of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><B>1.1.1.</B></TD><TD STYLE="text-align: justify">To achieve said objectives, the Company shall grant to the Beneficiaries (as defined in Section 2.2(b)
below) rights to receive Class A common shares of the Company (the &ldquo;<B>Shares</B>&rdquo;), under the terms and conditions of both
this general plan (the &ldquo;<B>RSU</B>&rdquo;) and the agreement for the future granting of Shares to be entered into with each one
of the Beneficiaries (the &ldquo;<B>RSU Agreement</B>&rdquo; and the &ldquo;<B>RSU Rights</B>&rdquo;, respectively).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><B>1.1.2.</B></TD><TD STYLE="text-align: justify">For the purposes of this RSU, one (1) RSU Right shall be equivalent to one (1) Share of the Company, with due
regard to Section 4.2.3 and 4.2.4.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.55pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>1.1.3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The form of the RSU Agreement forms as integral part of this RSU as <U>Exhibit <U>1</U>.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.55pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><B>1.1.4.</B></TD><TD STYLE="text-align: justify">For purposes of this RSU, &ldquo;<B>RSU Rights</B>&rdquo; means the expectation of right by the Beneficiary
to receive in the future a Share subject to the terms and conditions set forth in this RSU and in the respective RSU Agreement. For the
avoidance of doubt, the RSU Rights are not and shall not be construed to be actual shares of the Company until the conversion of the RSU
Rights into Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.55pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Management </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>2.1.</B></TD><TD STYLE="text-align: justify">The management of this RSU shall be incumbent upon the People and ESG Committee of the Company, pursuant
to the terms and conditions of the People and ESG Committee <FONT STYLE="font-size: 10pt">Internal
Bylaws approved by the Board of Directors on May 5</FONT><FONT STYLE="font-size: 12pt"><SUP>th</SUP></FONT><FONT STYLE="font-size: 10pt">,
2022 (the &ldquo;<B>Committee Bylaws</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.55pt; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 34.2pt"><B>2.2.</B></TD><TD STYLE="text-align: justify">In accordance with the terms and conditions of this RSU, Articles 24.6 and 24.7 of the Company&rsquo;s Amended and Restated
Articles of Association, as amended, from time to time (the &ldquo;<B>Articles of Association</B>&rdquo;) and the Committee Bylaws, the
People &amp; ESG Committee shall have full power to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.55pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">take all the necessary and appropriate measures for managing this RSU, including in terms of the construal,
detailing and application of the general rules set forth herein;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">select, at its sole discretion, who should be granted the RSU Rights, under the terms of Section 3 below
(the &ldquo;<B>Beneficiaries</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">set forth the appropriate rules for the granting of the RSU Rights to each one of the Beneficiaries, approving
the respective RSU Agreement, which may differ for each one of the Beneficiaries, in particular with respect to the criteria for the setting
of the number of Shares subject to the RSU Rights;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">amend the terms and conditions of the RSU Rights granted with the purpose of adapting them to any new
legal requirements, including for the proper classification of this RSU under the law; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">authorize the Company's officers to execute RSU Agreements with several Beneficiaries, as well as any
necessary amendments upon decision of the People and ESG Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>2.3.</B></TD><TD STYLE="text-align: justify">The People and ESG Committee, exercising its powers, is subject only to the limits set in law, in the
Articles of Association, the Committee Bylaws, in any shareholders&rsquo; agreements filed at the Company&rsquo;s head office, and in
this RSU.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.55pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Beneficiaries </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>3.1.</B></TD><TD STYLE="text-align: justify"><U>Eligibility</U>. In accordance with the conditions of this RSU, only employees, managers or executive
officers of the Company and its controlled companies who have been selected by the People and ESG Committee of the Company shall be eligible
to participate as Beneficiaries in the RSU.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 34.2pt"><B>3.2.</B></TD><TD STYLE="text-align: justify"><U>Execution</U>. The RSU Rights shall be granted by the execution of the RSU Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.55pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Shares subject to the RSU </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>4.1.</B></TD><TD STYLE="text-align: justify"><U>Number of Shares per Beneficiary</U>. Upon granting of the RSU Rights, the People and ESG Committee
shall define the number of RSU Rights attributable to each Beneficiary, under the conditions provided for in this RSU.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>4.2.</B></TD><TD STYLE="text-align: justify"><U>Total number of Shares</U>. The total number of outstanding RSU Rights subject to this RSU will not
exceed, on any date, one point two percent (1.2%) (the &ldquo;<B>Limit</B>&rdquo;) of the total number of shares issued by the Company.
Notwithstanding, the Limit may be exceeded in case the People and ESG Committee decides to approve the use of existing treasury shares
of the Company for the future transfer of Shares under this RSU (the &ldquo;<B>Indicated Treasury Shares</B>&rdquo;). Any Indicated Treasury
Shares shall not be used by the Company for any other purpose. The Shares issued by the Company to the Beneficiary to allow the conversion
of the RSU Rights into Shares will be deducted from the Limit and therefore cannot be used for future grants. Any treasury shares transferred
by the Company to the Beneficiary to allow the conversion of the RSU Rights into Shares (the &ldquo;<B>Treasury Shares</B>&rdquo;) will
not be deducted from the Limit.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><B>4.2.1.</B></TD><TD STYLE="text-align: justify">The Limit of outstanding RSU Rights shall be independent of any limits established by any other long-term
incentive plan of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><B>4.2.2.</B></TD><TD STYLE="text-align: justify">The Shares subject to the RSU Rights shall be class A common shares of a nominal or par value of US$ 0.00005
(each), which shall confer to its holder all the rights set forth in the Articles of Association.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><B>4.2.3.</B></TD><TD STYLE="text-align: justify">In accordance with Article 4.1(a) and Article 23.4 (a) of the Articles of Association, the Board of Directors
shall approve the issue of Shares and/or the transfer of Treasury Shares arising from the conversion of each RSU Right Share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><B>4.2.4.</B></TD><TD STYLE="text-align: justify">The number of Shares to be issued or transferred upon conversion shall be <U>net </U>of the total amount
of withholding income tax and social security contributions due as a result of the issue or transfer of the Shares, and so that the Beneficiary
will receive an after-tax net number of Shares that is less than one (1) Share per each RSU Right.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="3" ALIGN="CENTER" STYLE="width: 88%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(217,217,217); width: 100%; border: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Formula</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Number of Shares to be issued or transferred =</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">Number of RSU Rights &ndash;
Total amount of withholding income tax and social security contributions&nbsp;</P></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>4.3.</B></TD><TD STYLE="text-align: justify"><U>Shareholder rights</U>. No shareholder rights (including, but not limited to voting and dividend rights)
will be granted to the Beneficiary up to the conversion of the RSU Rights into Shares, subject to the provisions set forth in Sections
4.4 and 5.2 below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>4.4.</B></TD><TD STYLE="text-align: justify"><U>Dividend rights</U>. The Beneficiary shall be entitled to one hundred per cent (100%) of the dividends
or of any other earnings attributed to the Shares resulting from the conversion of RSU Rights by him/her, in accordance with the Articles
of Association and all applicable laws (the &ldquo;<B>Earnings</B>&rdquo;) declared after the conversion of the RSU Right into Shares
and so long as the Beneficiary holds the Shares, without prejudice to all the rights inherent to such Beneficiary&rsquo;s status as shareholder
so long as such Beneficiary remains the holder of the Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.55pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Vesting Period and Conversion Windows </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>5.1.</B></TD><TD STYLE="text-align: justify"><U>Vesting Period</U>. Each year, beginning on May 1 of the year following the date of execution of the
RSU Agreement, a portion of the lot of RSU Rights granted to each Beneficiary will vest according to the table below, and the Beneficiary
will convert such vested RSU Rights to receive the corresponding Shares (each period below referred to as a &ldquo;<B>Vesting Period</B>&rdquo;),
resulting in a total Vesting Period of four (4) years per each granting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" ALIGN="CENTER" STYLE="width: 77%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(217,217,217); text-align: center; width: 54%; border: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Vesting Period</B></FONT></TD>
    <TD STYLE="background-color: rgb(217,217,217); text-align: center; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Volume of RSU Rights</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">May 1</FONT><SUP>st</SUP>
    <FONT STYLE="font-size: 10pt">of the year following the execution</FONT></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">of the relevant RSU Agreement</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">May 1</FONT><SUP>st</SUP>
    <FONT STYLE="font-size: 10pt">of the second year following the</FONT></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">execution of the relevant RSU Agreement</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">May 1</FONT><SUP>st</SUP>
    <FONT STYLE="font-size: 10pt">of the third year following the</FONT></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">execution of the relevant RSU Agreement</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">May 1</FONT><SUP>st</SUP>
    <FONT STYLE="font-size: 10pt">of the fourth year following the</FONT></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">execution of the relevant RSU Agreement</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.05pt"></TD><TD STYLE="width: 0.5in"><B>5.1.1.</B></TD><TD STYLE="text-align: justify">The Company shall have a term of up to ten (10) business days counted from each Vesting Period to deliver
the Shares to the Beneficiary equivalent to his/her RSU Rights net of the withholding tax indicated in Clause 4.2.4, vested in the end
of the relevant Vesting Period (the &ldquo;<B>Delivery Window</B>&rdquo;). The Beneficiary will be solely responsible for all arrangements
necessary to allow himself/herself to receive the Shares through a Transfer Agent authorized by the Company, including providing information
and documents, paying any taxes or fees to the Transfer Agent, making enrollments and registrations, opening and maintaining accounts
exclusively in the individual name of the Beneficiary with such Transfer Agent and any other related action (the &ldquo;<B>Account Obligations</B>&rdquo;).
The Beneficiary will lose his/her rights to receive the Shares in connection with the vested RSU Rights of the relevant Vesting Period
if, by the end of a two (2) months term, the Shares are not issued or transferred to the Beneficiary as a result of failure by the Beneficiary
to make all such arrangements related to the Account Obligations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73.2pt; text-align: justify; text-indent: 0.5pt"><B>5.1.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Any
portion of the RSU Rights not converted under the terms and conditions set forth in this RSU and/or the RSU Agreement shall legally cease,
without notice to that effect, and the Beneficiary shall not be entitled to any indemnity or right to convert, in the future, any accumulated
non-converted amounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73.2pt; text-align: justify; text-indent: 0.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.05pt"></TD><TD STYLE="width: 0.5in"><B>5.1.2.</B></TD><TD STYLE="text-align: justify">For the purpose of converting the RSU Rights, the Beneficiary shall, at the Company's discretion: (i)
sign the subscription letter or any other necessary document required by the Company, in the event of issuance of new shares by the Company;
or (ii) countersign a share transfer form signed by the Company in the event of use by the Company of Treasury Shares, and the Company
shall update its register of members to reflect the Beneficiary as the holder of the Shares subject of the portion of the RSU Rights converted.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.05pt"></TD><TD STYLE="width: 0.5in"><B>5.1.3.</B></TD><TD STYLE="text-align: justify">In the context of the RSU Rights, any income tax shall be withheld by the Company&rsquo;s subsidiaries
with which the Beneficiary has an effective employment agreement in force or a services agreement in force as an officer or director.
Such subsidiary shall be responsible to pay any other applicable labor and/or tax expenses in accordance to the law where the subsidiary
is located.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.05pt"></TD><TD STYLE="width: 0.5in"><B>5.1.4.</B></TD><TD STYLE="text-align: justify">The amounts arising out of this RSU, any Program or the RSU Agreement <U>will not trigger any Brazilian
labor repercussion (<I>reflexos trabalhistas</I>) or increase any remuneration or payment due to the Beneficiary</U>, such as payments
for vacation, Christmas bonus (the so-called &ldquo;13th salary&rdquo;), payment in lieu of notice or unemployment severance fund (the
so-called &ldquo;FGTS&rdquo;), among others &ndash; except if the Beneficiary (a) is a worker hired as employee under the Brazilian Consolidation
of Labor Laws and (b) does <U>not</U> fulfill the requirements established in article 444, sole paragraph of the Brazilian Consolidation
of Labor Laws, combined with art. 611-A of the Brazilian Consolidation of Labor Laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.2.</B></TD><TD STYLE="text-align: justify"><U>Additional Grants and Additional Vesting Period</U>. In addition to the Vesting Period established
in the RSU Agreement, the People and ESG Committee may, during the course of</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.55pt">the RSU Agreement, define new vesting period conditions
and grant additional RSU Rights with specific volumes, by signing a new RSU Agreement with the Beneficiary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>5.3.</B></TD><TD STYLE="text-align: justify"><U>No Strike Price</U>. The granting of the RSU Rights, as well as the transfer/issuance of Shares by
the Company to the Beneficiary in lieu of the RSU Rights, shall be made free of charge to the Beneficiary, other than the applicable withholding
tax conditions described in Clause 4.2.4.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>5.4.</B></TD><TD STYLE="text-align: justify"><U>No Lock-up</U>. There will be no lock-up rules. As an exception, the People and ESG Committee may
                                                                         provide for lock-up rules by which the Beneficiary shall not sell, transfer or in any way dispose the Shares acquired during
                                                                         specific short periods if required by applicable law or legislation or the Statement Trading Policy of the Company, or if advised by
                                                                         the Company&rsquo;s legal counsel.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.55pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Termination/Resignation </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>6.1.</B></TD><TD STYLE="text-align: justify">If any of the Beneficiaries is no longer an officer and/or employee of the Company and/or controlled companies,
the following procedures and consequences shall be noted with respect to the RSU Rights:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" ALIGN="CENTER" STYLE="width: 77%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; background-color: rgb(217,217,217); width: 53%; border: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Event </B></FONT></TD>
    <TD STYLE="text-align: center; background-color: rgb(217,217,217); width: 47%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Rights</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Voluntary resignation and/or request of resignation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Beneficiary will lose the right to convert the non-vested portion and will have no rights to receive Pro Rata Portion Rights as established in Section 6.2.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">a) Termination without cause and Removal without cause;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">b) Death or permanent disability</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Beneficiary will lose the right to convert the non-vested portion and will have rights to receive Pro Rata Portion Right as established in Section 6.2 provided that the event occurs between January 1</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">st </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and April 30</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">th </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of the relevant year of the Vesting Period;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Termination for cause</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Beneficiary will lose the right to convert the vested portions not yet delivered and the nonvested portions</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>6.2.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><U>Pro Rata Portion Right</U>.
In the event of (a) Beneficiary&rsquo;s death or permanent disability, or (b) termination of the Beneficiary&rsquo;s employment agreement,
officer agreement or services agreement by the Company and/or controlled companies <U>without cause</U> (including in the event of removal
of his/her position as officer or non-renewal of his/her term as officer) (each such event referred to as an &ldquo;<B>Event</B>&rdquo;),
the Beneficiary (or his/her successor) will vest on May 1 of the relevant year a <U>pro rata portion</U> of the lot of RSU Rights that
would vest in the then current Vesting Period, proportionately to the number of complete months elapsed between the beginning of such
Vesting Period until the Event, <U>provided that</U> the Event occurs between January 1</FONT><FONT STYLE="font-size: 12pt"><SUP>st</SUP></FONT>
<FONT STYLE="font-size: 10pt">and April 30</FONT><FONT STYLE="font-size: 12pt"><SUP>th</SUP></FONT> <FONT STYLE="font-size: 10pt">of the
relevant year of the Vesting Period (the &ldquo;<B>Pro Rata Portion Right</B>&rdquo;).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.55pt; text-align: justify"><B>6.2.1. </B>For the avoidance of
doubt, in case of termination <U>with cause</U> by the Company or in case of <U>voluntary resignation</U> and/or request of resignation
by the Beneficiary, the Beneficiary will not be entitled to the Pro Rata Portion Right.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>6.3.</B></TD><TD STYLE="text-align: justify">The RSU Rights granted to a Beneficiary, but otherwise canceled or extinguished in relation to such Beneficiary
due to the provisions of Section 6.1 before such RSU Rights are converted into Shares may be reallocated and granted once again, both
for Beneficiaries of Programs already in effect and/or for new Beneficiaries, at the discretion of the People and ESG Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.55pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Liquidity Events </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>7.1.</B></TD><TD STYLE="text-align: justify"><U>Change of Control</U>. For the purpose of this RSU, the expression &ldquo;<B>Change of Control</B>&rdquo;
means (a) any direct or indirect change in the Company&rsquo;s capital stock that results in Bertelsmann SE&amp; Co. KGaA or any of its
affiliates (&ldquo;<B>Bertelsmann</B>&rdquo;) ceasing to be the (i) controlling shareholder of the Company in a result of a transaction
or a series of transactions that results in Bertelsmann selling at least 75% of its ownership at the Company for cash to any other third
parties at any time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><B>7.1.1.</B></TD><TD STYLE="text-align: justify">For purposes of this RSU, it shall not be a Change of Control (i) any direct or indirect change of control
of Bertelsmann or any change to its equity ownership; or (ii) in the event of permitted transfers, as provided for in any shareholders&rsquo;
agreement filed at the Company&rsquo;s headquarters or in the Articles of Association.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><B>7.1.2.</B></TD><TD STYLE="text-align: justify"><U>Non-Vested Portion</U>. In case of a Change of Control, the Beneficiaries&rsquo; RSU Rights related
to any non-completed Vesting Period(s) will be accelerated. The Company will convert the RSU Rights within no more than ten (10) calendar
days from the Change of Control.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>7.1.3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the event of a Change of Control, each Beneficiary shall have the right,
in his/her sole discretion, to dispose his/her Shares to an offering party at the same price and under the same conditions offered to
Bertelsmann (the &ldquo;<B>Beneficiary Change of Control Rights</B>&rdquo; and the &ldquo;<B>Bertelsmann Divestment</B>&rdquo;, respectively).
The number of Shares subject to the Beneficiary Change of Control Rights shall represent the same proportion of the Company&rsquo;s shares
sold by Bertelsmann in the context of the Bertelsmann Divestment. Subject to the same proportion indicated in this clause, the Beneficiaries
shall have the right to include Shares arising out of the accelerated conversion of non-vested RSU Rights in the Beneficiary Change of
Control Rights. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><B>7.1.4.</B></TD><TD STYLE="text-align: justify">The Company shall notify the Beneficiary informing (i) that a Bertelsmann Divestment event has occurred;
and (ii) the price and payment terms and conditions. Within five (5) days from the receipt by the Beneficiary of the notice, the Beneficiary
may, but shall not be obliged to, send a counter-notification to the CEO of the Company, copying the Legal Director informing his/her
decision to exercise the Beneficiary Change of Control Rights. The Beneficiary&rsquo;s failure to submit the counter-notification within
the period set forth herein shall be deemed as a waiver of his/her Beneficiary Change of Control Rights in relation to the relevant sale.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>7.2.</B></TD><TD STYLE="text-align: justify"><U>Delisting Event</U>. For the purpose of this RSU, the expression &ldquo;<B>Delisting Event</B>&rdquo;
means a delisting of the Company from NASDAQ, i.e., the shares issued by the Company ceasing to be traded at NASDAQ (a &ldquo;<B>Delisting</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>7.2.1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the event a Delisting Event results in a public tender offer indistinctively
directed to the Company&rsquo;s shareholders for the acquisition of the shares issued by the Company, then the acceleration provided
for in Section 7.1.2 and all the terms and deadlines established in this Section 7.1.3 shall be adapted, if necessary and to the maximum
possible extent, as to allow the Beneficiaries to transfer his/her Shares (including those Shares arising out of the acceleration of non-vested
RSU Rights and of the conversion of vested RSU Rights) under the terms and conditions of such public tender offer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.55pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.55pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>7.2.2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In case of a Delisting, (i) each of the Beneficiaries will sell to the Company
all his/her Shares (including those Shares arising out of the acceleration of non-vested RSU Rights and of the conversion of vested RSU
Rights) and, once these RSU Rights are converted, the Company will have the obligation to purchase the Shares held by the respective Beneficiary,
and; (ii) the Company will have the obligation to acquire all of each Beneficiary&rsquo;s Shares (including those Shares arising out of
the acceleration of non-vested RSU Rights and of the conversion of vested RSU Rights) and, once this RSU Rights are converted, the Beneficiaries
will have the obligation to sell their Shares in case of Delisting, under the price, terms and conditions of the Delisting public offer,
if any, applicable to each share issued by the Company (the &ldquo;<B>Delisting Price</B>&rdquo;). </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><B>7.2.3.</B></TD><TD STYLE="text-align: justify">The Change of Control and Delisting Sections shall apply in the event the Beneficiary has ceased to be
a manager and/or employee of the Company and/or controlled companies exclusively as a result of a termination without cause by the Company
and/or controlled companies less than ninety (90) days counted before the Change of Control or Delisting events.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.55pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Term and Termination of this RSU </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>8.1.</B></TD><TD STYLE="text-align: justify; padding-right: 1pt">This RSU will be in force indefinitely, as of this date, and may be terminated at
any time by decision of the People and ESG Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.4pt"></TD><TD STYLE="width: 0.5in"><B>8.1.1.</B></TD><TD STYLE="text-align: justify">The termination of this RSU shall not affect the validity of the RSU Rights still in effect based on this
RSU.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>8.2.</B></TD><TD STYLE="text-align: justify">The RSU Rights shall be legally terminated without any right to compensation or indemnity to the Beneficiary:
(i) due to its full conversion as authorized in this RSU; or (ii) due to the end of the term for its conversion, or (iii) due to resignation
of the Company&rsquo;s Beneficiary, under the conditions provided for in Section 6 above; or (iv) in the event of dissolution and liquidation
of the Company.]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.55pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Miscellaneous </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>9.1.</B></TD><TD STYLE="text-align: justify">No provisions of this RSU shall neither confer to the Beneficiary any guarantee to remain in the Company
as an employee or until the end of its term of office as manager, nor shall it ensure its re-election for the referred position, nor shall
it interfere in any manner with the right reserved by the Company to dismiss the manager.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>9.2.</B></TD><TD STYLE="text-align: justify">Nothing in this RSU may, in any way, limit or restrict the ability of the Board of Directors, the People
and ESG Committee or the Company's shareholders to resolve on: (i) any increase, reduction, adjustment, reorganization or other change
in the Company's capital structure or business or in the Company's capital structure or business of any of its controlled companies; (ii)
any corporate transaction, including but not limited to the merger, incorporation, incorporation of shares, spin-off (partial or total);
(iii) any issuance of securities of the Company and/or its controlled companies; (iv) the dissolution and/or liquidation of the Company
and/or of its controlled companies; (v) any sale or total or partial transfer of the assets or business of the Company and/or of its controlled
companies; (vi) any other corporate act of the Company and/or of its controlled companies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>9.3.</B></TD><TD STYLE="text-align: justify">Should any split-ups or reverse splits of the shares issued by the Company occur, the amount of RSU Rights
granted in the context of this RSU shall be adjusted, proportionally, aiming to preserve the stake granted to each Beneficiary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>9.4.</B></TD><TD STYLE="text-align: justify">Each Beneficiary must expressly adhere, by executing the RSU Agreement, to the terms and conditions of
this RSU, without exceptions whatsoever.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>9.5.</B></TD><TD STYLE="text-align: justify">The People and ESG Committee may, in the interests of the Company and its shareholders, review the terms
and conditions of this RSU, provided that any revisions will not affect the RSU Agreements already in force without the relevant Beneficiary
consent. The People and ESG Committee shall not be obliged to give equal or the same treatment to the employees/managers eligible to the
RSU or to the Beneficiaries, even if they are in a similar function, position, time of employment, hierarchy, or seniority, and there
is no obligation to apply any principle of equality or analogy. The People and ESG Committee may also establish special treatment for
special cases and situations. Such special treatment shall not constitute a precedent invocable by other Beneficiaries.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>9.6.</B></TD><TD STYLE="text-align: justify">Cases not referred to herein shall be decided on by the People and ESG Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>9.7.</B></TD><TD STYLE="text-align: justify">The People and ESG Committee may, at its own discretion, on a case-by-case basis, approve the execution
of RSU Agreements reflecting different procedures or consequences, as well as waive any of the rights established in this RSU / RSU Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 0.5in"><B>9.8.</B></TD><TD STYLE="text-align: justify">This RSU plan is governed by the laws of the Cayman Islands. ANY AND ALL DISPUTE OR CONTROVERSIES RELATING
TO, OR ARISING FROM THE RSU PLAN, ANY PROGRAM, ANY RSU AGREEMENT OR ANY OTHER INSTRUMENT OR DOCUMENTED RELATED THERETO, IN PARTICULAR
INVOLVING THEIR APPLICATION, VALIDITY, EFFECTIVENESS, INTERPRETATION, VIOLATION OR EFFECTS SHALL BE SOLVED THROUGH AN <B><U>ARBITRATION
</U></B>CONDUCTED BY THE CENTER FOR ARBITRATION AND MEDIATION OF THE CHAMBER OF COMMERCE BRAZIL-CANADA (CAM-CCBC), IN ACCORDANCE WITH
ITS ARBITRATION REGULATION.</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>dp185660_exfilingfees.htm
<DESCRIPTION>EXHIBIT 107.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Exhibit 107.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Calculation of Filing Fee
Tables</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Exact Name of Registrant as
Specified in Its Charter)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 2pt; width: 13%; border: Black 1.5pt solid; text-align: center; text-indent: 0in">Security Type</TD>
    <TD STYLE="padding: 2pt; width: 12%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">Security Class Title <B>&nbsp;<SUP>(1)</SUP></B></TD>
    <TD STYLE="padding: 2pt; width: 10%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">Fee Calculation Rule</TD>
    <TD STYLE="padding: 2pt; width: 13%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">Amount Registered <B><SUP>(1)</SUP></B></TD>
    <TD STYLE="padding: 2pt; width: 9%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">Proposed Maximum Offering Price Per Unit <B><SUP>(2)</SUP></B></TD>
    <TD STYLE="padding: 2pt; width: 14%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">Maximum Aggregate Offering Price</TD>
    <TD STYLE="padding: 2pt; width: 10%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">Fee Rate</TD>
    <TD STYLE="padding: 2pt; width: 19%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">Amount of Registration Fee <B><SUP>(3)</SUP></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Equity</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P></TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="background-color: white">Class A Common Shares, nominal value US $0.00005 per common share</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">Rule 457(c) and Rule 457(h)</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">1,200,000</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">$14.22</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">$17064,000</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">0.0001102</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">$1,881</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in"><B>Total Offering Amounts</B></TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">$17,064,000</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">$1,881</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in"><B>Total Fee Offsets (4)</B></TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">-</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in"><B>Net Fee Due</B></TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in">$1,881</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This Registration Statement on Form S-8 (this &ldquo;Registration Statement&rdquo;) covers <FONT STYLE="background-color: white">Class
A Common Shares, nominal value US $0.00005 per common share</FONT> (&ldquo;Common Shares&rdquo;), of <FONT STYLE="background-color: white">Afya
Limited (the &ldquo;Registrant&rdquo;) that are reserved for issuance upon the vesting of outstanding restricted stock units granted under
the </FONT>Restricted Stock Plan of Afya Limited (the &ldquo;Plan&rdquo;) or for any future grants to be made pursuant to the Plan, and
any additional Common Shares that become issuable under the Plan by reason of any stock dividend, stock split, or other similar transaction
pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Estimated pursuant to Rule 457(c) and Rule 457(h) under the Securities Act, solely for the purpose of computing the registration fee,
based on the average of the high and low prices reported for a Common Share on NASDAQ on December 16, 2022.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Rounded up to the nearest dollar.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>The Registrant does not have any fee offsets.</TD></TR></TABLE>

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
