<SEC-DOCUMENT>0001292814-21-001246.txt : 20210329
<SEC-HEADER>0001292814-21-001246.hdr.sgml : 20210329
<ACCEPTANCE-DATETIME>20210329113023
ACCESSION NUMBER:		0001292814-21-001246
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210329
DATE AS OF CHANGE:		20210329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRF S.A.
		CENTRAL INDEX KEY:			0001122491
		STANDARD INDUSTRIAL CLASSIFICATION:	MEAT PACKING PLANTS [2011]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15148
		FILM NUMBER:		21780167

	BUSINESS ADDRESS:	
		STREET 1:		1400 RUA HUNGRIA 5TH FLOOR
		STREET 2:		JARDIM EUROPA 01455 000
		CITY:			SAO PAULO SP BRAZIL
		STATE:			D5
		ZIP:			00000
		BUSINESS PHONE:		551123225061

	MAIL ADDRESS:	
		STREET 1:		8501 AV. DAS NACOES UNIDAS 1ST FLOOR
		STREET 2:		PINHEIROS 05425 070 SAO PAULO SP
		CITY:			BRAZIL
		STATE:			D5
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRF-BRASIL FOODS S.A.
		DATE OF NAME CHANGE:	20090708

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PERDIGAO SA
		DATE OF NAME CHANGE:	20000823
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K/A
<SEQUENCE>1
<FILENAME>brf20210329_6ka1.htm
<DESCRIPTION>FORM 6-K/A
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><FONT STYLE="font-size: 18pt"><B>FORM
6-K/A<BR>
U.S. SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><B>REPORT OF
FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE<BR>
<FONT STYLE="text-transform: uppercase">SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><B>dated&nbsp;March
29, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><B>Commission
File Number 1-15148</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><FONT STYLE="font-size: 18pt"><B>BRF
S.A.<BR>
</B></FONT><FONT STYLE="font-size: 10pt">(Exact Name as Specified in its Charter)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>N/A</B><BR>
</FONT><FONT STYLE="font-size: 13.5pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(Translation of Registrant&rsquo;s
Name)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>8501,
Av. das Na&ccedil;oes Unidas, 1st Floor</B><BR>
<B>Pinheiros - 05425-070-S&atilde;o Paulo &ndash; SP, Brazil</B><BR>
</FONT><FONT STYLE="font-size: 13.5pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(Address of principal executive
offices) (Zip code)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; background-color: white">Indicate by
check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
20-F&nbsp;</FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
Form 40-F&nbsp;</FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; background-color: white">Indicate by
check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T<BR>
Rule&nbsp;101(b)(1):&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; background-color: white">Indicate by
check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T<BR>
Rule&nbsp;101(b)(7):&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; background-color: white">Indicate by
check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes&nbsp;</FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
No&nbsp;</FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; background-color: white">If &ldquo;Yes&rdquo;
is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):&nbsp;Not applicable.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white">&nbsp;</P>



<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; background-color: white">This material
includes certain forward-looking statements that are based principally on current expectations and on projections of future events
and financial trends that currently affect or might affect the Company&rsquo;s business, and are not guarantees of future performance.&nbsp;
These forward-looking statements are based on management&rsquo;s expectations, which involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of which are beyond the Company&rsquo;s control and any of which could
cause actual financial condition and results of operations to differ materially fom those set out in the Company&rsquo;s forward-looking
statements.&nbsp; You are cautioned not to put undue reliance on such forward-looking statements.&nbsp; The Company undertakes
no obligation, and expressly disclaims any obligation, to update or revise any forward-looking statements.&nbsp; The risks and
uncertainties relating to the forward-looking statements in this Report on Form 6-K, including Exhibit 1 hereto, include those
described under the captions &ldquo;Forward-Looking Statements&rdquo; and &ldquo;Item 3. Key Information &mdash; D. Risk Factors&rdquo;
in the Company&rsquo;s annual report on Form 20-F for the year ended December 31, 2012.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white">&nbsp;</P>



<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in; background-color: white">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf
by the undersigned, thereunto duly authorized.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&nbsp;March&nbsp;29, 2021</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRF S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Carlos Alberto Bezerra de Moura</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 48%; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Carlos Alberto Bezerra de Moura</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: -9.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="padding-right: 0.7pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial and Investor Relations Officer</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white">&nbsp;</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white">&nbsp;</P>




<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 13.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><B>EXHIBIT INDEX</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
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    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 84%; border-bottom: Black 1pt solid; padding-right: 0.7pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Description of Exhibit</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">1</A></FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">SHAREHOLDERS MANUAL</A>
</FONT></TD></TR>
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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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<TYPE>EX-99.1
<SEQUENCE>2
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<DESCRIPTION>EX-99.1
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<P STYLE="font: 10.5pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10.5pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;<IMG SRC="image_001.jpg" ALT=""></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">BRF S.A.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Publicly-Held Company</P>

<P STYLE="text-align: center; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&#9;CNPJ 01.838.723/0001-27&#9;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">NIRE 42.300.034.240</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SHAREHOLDERS MANUAL</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ORDINARY AND EXTRAORDINARY GENERAL SHAREHOLDERS&rsquo;
MEETING</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">APRIL 27, 2021</P>


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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">INDEX</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="3" STYLE="font-weight: bold">1 - Management Message</TD>
    <TD STYLE="text-align: right; font-weight: bold">p. 03</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle">2 &ndash; Guidance to Participate in the General Shareholders&rsquo; Meeting</TD>
    <TD STYLE="text-align: right; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle">2.1. Attendance in the Virtual Meeting</TD>
    <TD STYLE="text-align: right; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle">2.1.1 Shareholders</TD>
    <TD STYLE="text-align: right; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 80%">2.1.1.1 Individual Shareholders&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: middle; width: 10%">p. 06</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">2.1.1.2. Corporate Shareholders</TD>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: middle">p. 06</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">2.1.1.3. Shareholders represented by Proxy</TD>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: middle">p. 07</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">2.1.1.4. Foreign Shareholders</TD>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: middle">p. 07</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">2.1.1.4. Guidelines for accessing the Digital Platform</TD>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: middle">p. 07</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle">2.1.2. Holders of <FONT STYLE="font: 700 11pt Arial, Helvetica, Sans-Serif"><I>American Depositary Receipts</I> <FONT STYLE="font-style: normal">- ADRs</FONT></FONT> </TD>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: middle">p. 08 </TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="3" STYLE="font-weight: bold">2.2 - Participation by distance voting form</TD>
    <TD STYLE="text-align: right; font-weight: bold">p. 08</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle">2.2.1. By filling instructions transmitted to the Company&rsquo;s bookkeeper agent</TD>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: middle">p. 08</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle">2.2.2. By filling instructions transmitted to their respective custodian agents</TD>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: middle">p. 09</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle">2.2.3. By sending the Distance Voting Form Directly to BRF</TD>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: middle">p. 09</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="3" STYLE="font-weight: bold">2.3. Quorums Applicable to the AGOE</TD>
    <TD STYLE="text-align: right; font-weight: bold">p. 12</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-left: 45px; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: left">2.3.1. Installation Quorum</TD>
    <TD STYLE="padding-left: 45px; font-weight: bold; vertical-align: middle; text-align: right">p.12</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: left">2.3.2. Deliberation Quorum</TD>
    <TD STYLE="padding-left: 45px; font-weight: bold; vertical-align: middle; text-align: right">p.12</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="3" STYLE="font-weight: bold">2.4. Conflict of Interest</TD>
    <TD STYLE="text-align: right; font-weight: bold">p. 12</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle">3 &ndash; Management Proposal</TD>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: bottom">p. 14</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>1 - MANAGEMENT MESSAGE</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dear Shareholders,</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">BRF S.A. (&ldquo;BRF&rdquo; or &ldquo;Company&rdquo;)
is a company characterized by its widespread and diffuse shareholding control, whose shares grant equal rights to its holders and which
offers equal protection mechanisms to its shareholders.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Our shares are listed on Novo Mercado segment
of B3 &ndash; Brasil, Bolsa, Balc&atilde;o (&ldquo;B3&rdquo;) and on the New York Stock Exchange (&ldquo;NYSE&rdquo;), with level III
ADRs.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In line with the policy of high level of corporate
governance adopted by the Company and within the principles of transparency, homogeneity and equality defined for the relationship with
our investors, we invite you to attend our Ordinary and Extraordinary General Shareholders&rsquo; Meeting (&ldquo;AGOE&rdquo;) convened
for April 27, 2021, at 11:00 a.m., exclusively under virtual format, by means of the digital platform Chorus Call (&ldquo;Digital Platform&rdquo;).</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext">To reinforce our
concern over the information provided, we have made available on our Investor Relations website (</FONT>https://ri.brf-global.com/<FONT STYLE="color: windowtext">,
item Corporate Governance) and on the <I>websites</I> of the Brazilian Securities and Exchange Commission (<I>Comiss&atilde;o de Valores
Mobili&aacute;rios</I>) (</FONT>www.cvm.gov.br<FONT STYLE="color: windowtext">), the B3 (</FONT>www.b3.com.br<FONT STYLE="color: windowtext">)
and the SEC - <I>Securities and Exchange Commission</I> (</FONT>www.sec.gov<FONT STYLE="color: windowtext">), all the documents legally
required and other that we deem as necessary to endorse the understanding and the decision to be taken by the shareholders that will be
subject to deliberation at this AGOE, as well as in this Manual.</FONT></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We will discuss the following subjects to be approved:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I - At the Ordinary General Shareholders&rsquo;
Meeting:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) To take the Management&rsquo;s accounts, examine,
discuss and vote on the Management Report, the Financial Statements and other documents related to the fiscal year ended on December 31,
2020, including the absorption of the profit of such year by the balance of accumulated losses;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) To set the annual global compensation of
the Company&rsquo;s management for the year 2021;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iii) To elect the members of the Fiscal Council;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iv) To establish the compensation of the members
of the Fiscal Council for the fiscal year 2021.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">II - </FONT>At
the Extraordinary General Shareholders&rsquo; Meeting:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) To resolve on the following amendments to
the Company&rsquo;s Bylaws, as detailed in a draft with revision marks contained in the Management Proposal disclosed to the market:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">(a) Amend Article 3 of the Company&rsquo;s
Bylaws, in order to include, in the corporate purpose: the (i) manufacture by its own or on demand, commercialization, export and</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">import of pharmochemical products
derived from animal slaughter; (ii) manufacture and commercialization of organic chemical products derived from animal slaughter; and
(iii) manufacture, distribution and export of pharmaceutical ingredients derived from animal slaughter; and</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">(b) Amend Article 33 of the Company&rsquo;s
Bylaws, in order to (1) establish that the Coordinator of the Audit and Integrity Committee will be chosen by the Board of Directors and
not by the members of the Audit and Integrity Committee; (2) establish that Audit and Integrity Committee&rsquo;s regular meetings shall
have a bimonthly periodicity and no longer monthly; and (3) exclude the obligation that the meetings between the Audit and Integrity Committee
Coordinator and the members of the Board of Directors and the Fiscal Council be held quarterly;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) Consolidate the Company&rsquo;s Bylaws with
the approved changes; and</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iii) Resolve on the following changes to the
Restricted Stocks Plan of the Company (&ldquo;Restricted Stocks Plan&rdquo;):</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 0.2pt">(a)</TD><TD STYLE="text-align: justify">Exclude the concepts of &ldquo;Parity Actions&rdquo;, &ldquo;<I>Total Shareholder Return</I> - TSR&rdquo;
and &ldquo;Funds Committed&rdquo;, and, therefore change items 1.1, 5.3, 5.3.1 and 7.1 and exclude itens 5.3.2 and 7.2 of the Restricted
Stocks Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 0.2pt">(b)</TD><TD STYLE="text-align: justify">Insert the possibility for the Company, at its sole discretion and subject to any restrictions and procedures
provided for in the applicable legislation and regulation, to grant restricted shares in the form of <I>American Depositary Receipts</I>
- ADRs, with the consequent inclusion of a new item 6.2 in the Restricted Stocks Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 0.2pt">(c)</TD><TD STYLE="text-align: justify">Consolidate the competence of the Board of Directors to establish the effects of the Beneficiary's termination
in relation to &ldquo;Restricted Stock Not Fully Acquired&rdquo;, with the consequent amendment of item 8.1 and the exclusion of the current
items 8.2 and 8.3 of the Restricted Stocks Plan; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 0.2pt">(d)</TD><TD STYLE="text-align: justify">Implement wording adjustments, without material change of content, and consequently change items 1.1 (concepts
of &ldquo;Restricted Stock Not Fully Acquired&rdquo; and &ldquo;Committee&rdquo;), 2.1, 3.1, 3.2, 4.1, 4.2 (d), 4.3, 6.1, 7.3, 7.4, 10.2
and 10.3 and the exclusion of the current item 6.2 of the Restricted Stocks Plan.</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We welcome your participation in our AGOE, as
it will deal with matters that are relevant to the Company and that are reflected in the effective generation of value for our shareholders.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We understand that the information now available
enables our shareholders to take an early position and facilitate decision-making. Our Investor Relations team is prepared and available
to resolve any doubts or to guide you.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Counting on your presence, we take the opportunity
to present our consideration and appreciation.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Sincerely,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Pedro Pullen Parente</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Chairman of the Board of Directors</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Lorival Luz</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Global Chief Executive Officer</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 10cm; text-indent: -10cm">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 10cm; text-indent: -10cm">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 10cm; text-align: center; text-indent: -10cm">Carlos Alberto Bezerra
de Moura</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 10cm; text-align: center; text-indent: -10cm">Chief Financial and
Investor Relations Officer</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2 - <B>GUIDANCE TO PARTICIPATE</B> IN THE ORDINARY
AND EXTRAORDINARY <B>GENERAL SHAREHOLDERS&rsquo; MEETING</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B><U>2.1. &ndash; ATTENDANCE IN THE VIRTUAL MEETING</U></B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>2.1.1. SHAREHOLDERS </B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Due to the COVID-19 pandemic in Brazil, the AGOE
will be carried out exclusively under virtual format, by means of a digital platform, pursuant to article 124, paragraph 2-A, of Law No.
6,404/1976 (&ldquo;Lei das SA&rdquo;) and CVM Instruction No. 481 / 2009, as amended.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company emphasizes that it will not be possible
to physically attend the AGOE, since it will be held exclusively on-line.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As provided for in article 5, paragraph 3, of
CVM Instruction No. 481/2009, shareholders wishing to participate in the AGOE, personally or by means of attorneys-in-fact, must forward,
by 11 am on April 25, 2021, 2 (two) days before the holding of the AGOE, exclusively by the e-mail <B>acoes@brf-br.com</B>, a request
of access to the Digital Platform (&ldquo;Access Request&rdquo;).</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Access Request must contain the identification
of the shareholder and, if applicable, of his attorney-in-fact who will participate in the AGOE, and the digitalized copies of the following
documents:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>2.1.1.1. INDIVIDUAL SHAREHOLDERS </B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Picture I.D.; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Statement disclosing the respective shareholding stake, issued by the financial institution responsible
for the custody of the shares.</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>2.1.1.2. CORPORATE SHAREHOLDERS </B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Latest version of the Bylaws or consolidated articles of association and the corporate documentation granting
powers to represent the legal entity (i.e. minutes of the election of officers);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Picture I.D. of the legal representatives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Statement disclosing the respective shareholding stake, issued by the financial institution responsible
for the custody of the shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">In case of Investment Funds: (i) the latest consolidated version of the fund regulation; (ii) bylaws or
articles of association of the administrator or manager, as the case may be, with the fund&acute;s voting policy and corporate documents
that prove the powers of representation (minutes of the election of officers, term(s) of investiture and/or power of attorney); and (iii)
picture I.D. of the legal representative(s) of the fund administrator or manager.</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>2.1.1.3. SHAREHOLDERS REPRESENTED BY PROXY
</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">In addition to the documents referred to above, a power of attorney which must have been granted within
less than 1 (one) year to any attorney-in-fact who is a shareholder, manager of the Company, lawyer or financial institution, with the
investment funds administrator responsible for representing its quotaholders, as stated in paragraph 1 of article 126 of Law No. 6.404/1976.
Corporate shareholders may be represented by proxy established according to their bylaws/articles of association, not being mandatory
that the legal representative be a shareholder, manager of the Company, lawyer or a financial institution;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">&#9642;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Picture I.D. of the attorney-in-fact;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">If the shareholders so desire,
they may use the proxies made available by the Company to vote on matters of interest to the AGOE, as stated in the Public Request for
Proxy undertaken by the Company, in the form provided in article 22 and following of CVM Instruction No. 481/2009. The documents referring
to the Public Request for Proxy were disclosed by the Company on the Investor Relations website (<FONT STYLE="color: black">www.brf-global.com/ri</FONT>,
in the Corporate Governance item) and in the websites of the Brazilian Securities and Exchange Commission (Comiss&atilde;o de Valores
Mobili&aacute;rios) (<FONT STYLE="color: black">www.cvm.gov.br</FONT>), of B3 S.A. &ndash; Brasil, Bolsa, Balc&atilde;o (<FONT STYLE="color: black">www.b3.com.br</FONT>)
and of the Securities and Exchange Commission (<FONT STYLE="color: black">www.sec.gov</FONT>). </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Access Request that is submitted by the representative
of more than one shareholder must, mandatorily, contain the digitized copies of the representation documentation necessary for the qualification
of each shareholder to be represented by him in the AGOE, as indicated above.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>2.1.1.4. FOREIGN SHAREHOLDERS </B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Foreign shareholders must present the same documentation
as Brazilian shareholders, except that the corporate documents of the legal entity and the power of attorney must be translated into a
sworn form, not being required their notarization and consularization.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2.1.1.5. GUIDELINES FOR ACCESSING THE DIGITAL
PLATFORM</P>

<P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">After verifying the regularity of the documents
sent for participation in the AGOE, the Company shall forward the individual invitations to access the Digital Platform and the respective
instructions for accessing the electronic system for participation in the AGOE, including the password required to do so, to shareholders
(or their duly constituted representatives or attorneys) who have submitted their Access Request within the due date and under the conditions
described above, by e-mail.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shareholders who do not send the Access Request
within the aforementioned period (until 11:00 am on April 25, 2021) will not be able to participate in the AGOE.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The shareholder who has duly submitted his Access
Request and does not receive from the Company the e-mail with instructions for access and participation by the AGOE until 23:59 minutes
of April 25, 2021, should contact the Company between at 8:00 a.m. and 6:00 p.m. on April 26, 2021, by calling 55 11 2322 5377, so that
thei respective instructions for accessing the Digital Platform can be sent (or provided by phone).</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company emphasizes that it will be the sole
responsibility of the shareholder to ensure the compatibility of his/her equipment with the use of the Digital Platform. BRF shall not
be liable for any operational or connection problems that shareholders may face or other situations that are not under the Company's control,
such as instability in the Internet connection or incompatibility of the Digital Platform with the shareholder's or his/her representative's
equipment. The AGOE will be recorded, pursuant to Article 21-C, &sect;1, item III of CVM Instruction 481/2009.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company recommends that shareholders become
familiar with the use of the Digital Platform in advance, as well as ensure the compatibility of their respective electronic devices with
the use of the Digital Platform (by video and audio). The Company also recommends shareholders to access the electronic system made available
for participation in the AGOE at least 30 minutes in advance of the time scheduled for the beginning of AGOE, in order to allow the validation
of the access and participation of all shareholders that use it.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The duly registered shareholder who participates
through the electronic system provided by the Company will be considered present at the AGOE (being able to exercise their respective
voting rights) and sign the respective minutes, under the terms of article 21-V, item III and sole paragraph, of the CVM Instruction No.
481/2009.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company also highlights that the information
and guidelines for accessing the Digital Platform, including, but not limited to, the password, are unique and non-transferable, and the
shareholder (or its respective attorney, as the case may be) assumes fully responsible for the possession and secrecy of the information
and guidelines transmitted to it by the Company under the terms of this Manual.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>2.1.2. HOLDERS OF <I>AMERICAN DEPOSITORY RECEITPS</I> - ADRs </B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">ADR holders will be represented by <I>The Bank
of New York Mellon </I>at the AGOE, as depositary institution, under the terms of the <I>Deposit Agreement </I>entered into with the Company.
ADR holders will not be allowed to participate in the AGOE by means of the Digital Platform.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><U>2.2. PARTICIPATION BY DISTANCE VOTING FORM</U></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As stated in articles 21-A and following of the
CVM Instruction N&ordm; 481/2009, Company&rsquo;s shareholders may send their voting instructions, from this date, on the matters to be
raised at the AGOE by completing and sending the distance voting forms allowing them to cast their vote from distance (&ldquo;<U>Distance
Voting Forms</U> &rdquo;), whose model was made available, separately, at the Company&rsquo;s Investor Relations website (www.brf-global.com/ri,
in the Corporate Governance item) and in the <I>websites</I> of the Brazilian Securities and Exchange Commission (<I>Comiss&atilde;o de
Valores Mobili&aacute;rios</I>) (www.cvm.gov.br) and of B3 S.A. &ndash; Brasil, Bolsa, Balc&atilde;o (www.b3.com.br).</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To do so, the Distance Voting Form should:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">be accessed to be printed and completed in advance in the item &ldquo;Corporate Governance&rdquo; of the
Company&acute;s Investor Relations website (www.brf-global.com/ri), as</TD></TR></TABLE>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify">well as in the <I>websites</I> of the
Brazilian Securities and Exchange Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>) (www.cvm.gov.br) and of B3 S.A - Brasil,
Bolsa, Balc&atilde;o (www.b3.com.br); and</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">be received within a period of 7 (seven) days before the date of the AGOE, i.e. by April 20, 2020 (inclusive).
Any Distance Voting Forms received after such date will be disregarded.</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shareholders who choose to exercise their voting
right through the Distance Voting Form should do so through one of the options described below:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>2.2.1. By filling instructions transmitted
to the Company&rsquo;s bookkeeper agent</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This option is intended exclusively for shareholders
holding shares registered by Ita&uacute; Corretora de Valores S.A. and which are not deposited with a central depositary:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The shareholder holding shares that are not deposited
with a central depository and who choose to exercise their distance voting right through service providers may transmit their voting instructions
to the bookkeeping agent for the shares issued by BRF, Ita&uacute; Corretora de Valores S.A., subject to the rules determined by it. In
this sense, Ita&uacute; created the website Shareholder Meeting, a secure solution where remote voting is possible. To vote through the
website<I>,</I> it is necessary to register and have a digital certificate. Information on registration and step-by-step instructions
for issuing the digital certificate are described on the website: https://www.itau.com.br/investmentservices/assembleia-digital/</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In case of doubts, shareholders should contact
Ita&uacute; Corretora de Valores S.A. and check the procedures established by it for the issuance of voting instructions via the Distance
Voting Form, as well as the documents and information required by it to exercise such power. Ita&uacute;&rsquo;s data are as follows:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; Telephone - Shareholder service: 3003-9285
(capitals and metropolitan regions) / 0800 720 9285 (other locations).</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; Opening hours: working days, from 9 am
to 6 pm.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; E-mail: escrituracaoacoes@itau-unibanco.com.br</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&bull; Address: Avenida Brigadeiro Faria Lima,
3400 - 10th floor, S&atilde;o Paulo, SP.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to Article 21-B of CVM Instruction No.
481/2009, the shareholder must transmit instructions for filling out the Distance Voting Form to the bookkeeping agent up to 7 days before
the date of the AGOE, that is, until April 20, 2021 (inclusive), unless a different term is established by Ita&uacute; Corretora de Valores
S.A.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>2.2.2. By filling instructions transmitted
to their respective custodian agents</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>This option is intended exclusively for shareholders
holding shares held </U>by <U>B3 </U>S.A. <U>- Brasil, Bolsa, Balc&atilde;o (&ldquo;B3&rdquo;). In this case, the remote vote will be
exercised by the shareholders in accordance with the procedures adopted by their custody agents.</U></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The shareholder holding shares deposited in the
B3 Depositary Central and who choose to exercise their right to vote at distance through service providers must transmit their voting
instructions to their respective custody agents, observing the rules determined by them, which, in turn, will forward such voting manifestations
to the B3 Depositary Central.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To this end, shareholders must contact their custody
agents and check the procedures established by them for issuing voting instructions via the ballot, as well as the documents and information
required by them to exercise such power.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to article 21-B of CVM Instruction No.
481/2009, the shareholder must transmit instructions for filling out the Distance Voting Form to his custody agents within 7 days before
the date of the AGOE, that is, until the 20th of April 2020 (inclusive), unless a different term, always prior to that date, is established
by your custodian agents.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>2.2.3. By sending the Distance Voting Form
Directly to BRF</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Instead of following the procedures described
in items 2.2.1 and 2.2.2 above, shareholders may also send their Distance Voting Forms directly to the Company.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To do so, shareholders should print the Distance
Voting Form, complete it, initial all the pages and sign it. Shareholders should then send the Distance Voting Form, duly completed, initialed
and signed, to the e-mail: acoes@brf-br.com, along with the digitalized copies of the documents described below:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Individual shareholders</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">Picture I.D. of the shareholder.</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Corporate shareholders</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">&#9642;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Latest bylaws or consolidated articles of association
and the corporate documents that prove the powers of representation (i.e. minutes of the election of officers); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">&#9642;</FONT></TD><TD STYLE="text-align: justify">Picture I.D. of the legal representative(s).</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Investment funds</P>

<UL STYLE="margin-top: 0cm; list-style-type: square">

<LI STYLE="line-height: 115%; text-align: justify; margin: 0; font-family: Arial, Helvetica, Sans-Serif">the latest consolidated version
of the fund regulation;</LI>

<LI STYLE="line-height: 115%; text-align: justify; margin: 0; font-family: Arial, Helvetica, Sans-Serif">bylaws or articles of association
of its administrator or manager, as the case may be, with the fund&acute;s voting policy and corporate documents that prove the powers
of representation (minutes of the election of officers, term(s) of investiture and/or power of attorney); and</LI>

</UL>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">&#9642;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">picture I.D. of the legal representative(s) of
the fund administrator or manager.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company does not require the signature of
the Distance Voting Form, nor its consularization.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The corporate and representation documents of
legal entities and investment funds drawn up in a foreign language must be translated into a sworn form, not being required their notarization
and consularization.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Within 3 (three) days of receiving these documents,
the Company will inform the shareholder, through the electronic address indicated in the Distance Voting Form, about their receipt and
acceptance.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Should the Distance Voting Form not be fully completed
or accompanied by the corroborating documents described above, it will be disregarded, and this information will be sent to the shareholders
through the electronic address indicated in the Distance Voting Form informing the shareholders of the need to rectify or resend the Distance
Voting Form or documents which accompany it (providing there is enough time), describing the procedures and periods needed to regularize
the distance voting.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">BRF stresses that:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">in case of any divergence between the Distance Voting Form received directly by the Company and the voting
instruction contained in the voting map from the bookkeeper for the same CPF (individual taxpayer number) or CNPJ (corporate taxpayer
number), the voting instructions of the bookkeeper shall prevail, in accordance with the provisions of Paragraph Two of the article 21-W
of CVM Instruction No. 481/2009;</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">as stated in article 21-S of CVM Instruction N&ordm; 481/2009, the B3 Depositary Central, upon receiving
the voting instructions from the shareholders through their respective custody agents, will disregard any divergent instructions in relation
to the same resolution that they have issued by the same CPF or CNPJ registration number;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">once the deadline for distance voting has ended, i.e. on April 20, 2021, the shareholder cannot change
the voting instructions already sent, except at the AGOE, in person or by proxy, upon explicit request to disregard the voting instructions.
sent via Distance Voting Form, before the respective subject (s) are put to a vote; and</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">as provided for in article 21-X of CVM Instruction No. 481/2009, remote voting instructions will normally
be considered in the event of a possible postponement of the AGOE or if it is necessary to perform it on second call, provided that the
eventual postponement or realization on second call do not exceed 30 (thirty) days from the date initially scheduled for its realization
on first call.</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0"><U>2.3. QUORUMS APPLICABLE TO THE AGOE</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">2.3.1. Installation Quorums</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In accordance with article 125 of the Brazilian
Corporation Law, subject to the exceptions provided for by law, the general shareholders&acute; meeting shall be installed, on first call,
with the presence of shareholders representing at least 1/4 (one quarter) of the capital stock with voting rights; and, on second call,
with the presence of any number of shareholders.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the AGOE items that involve amendment to the
Bylaws, under the terms of article 135 of the Brazilian Corporation Law, the installation for deliberation on such matters will occur
at first call with the presence of shareholders representing 2/3 (two thirds), at least, of the voting capital, being able to be installed
in second call with any number of shareholders.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If the quorum applicable on the first call is
not reached, the Company will announce a new date for the Meeting, and, on the second call, it can be installed with any number of shareholders
present.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>2.3.2. Deliberation Quorum </B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the approval of the matters included in the
AGOE&rsquo;s agenda, a favorable vote of the absolute majority of votes present at the Meeting will be necessary, not counting the blank
votes, pursuant to Article 129 of the Brazilian Corporation Law.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">2.4. CONFLICT OF INTERESTS</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As provided for in the Brazilian Corporation Law,
the shareholder will not be able to vote on the AGOE&rsquo;s resolutions regarding the approval of his accounts as a manager, or any others
that may benefit him in a particular way, or in which he has a conflicting interest with that of the Company.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the event of any allegation by any of the shareholders
present about the alleged conflict of interest of the shareholder that prevents him from voting at the AGOE, or, still, about the occurrence
of another legal hypothesis of voting impediment and the shareholder himself has not declared his impediment, the chairman or AGOE&rsquo;s
desk secretary shall suspend the decision to hear and receive such allegation, together with any contrary statement from the shareholder
in question, before putting the matter to a vote.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The chairman of the AGOE&rsquo;s may, in the event
of a possible impediment to vote, ask the shareholder for clarification on the situation, before putting the matter to a vote.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In line with the CVM&rsquo;s understandings, in
situations where the voting impediment is unequivocal and the shareholder does not abstain from voting, the chairman has the power to
declare such impediment, and is not allowed to prevent voting in other situations, without prejudice to the legal provisions on the eventual
annulment of the vote cast.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>3 -
MANAGEMENT PROPOSAL FOR THE ORDINARY AND EXTRAORDINARY GENERAL SHAREHOLDERS&rsquo; MEETING TO BE HELD ON </B></FONT><B>APRIL 27, 2021</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="text-align: center; font: 11pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">BRF S.A.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Publicly-Held Company</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">CNPJ 01.838.723/0001-27</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">NIRE 42.300.034.240</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PROPOSAL OF THE BOARD OF DIRECTORS FOR THE
ORDINARY AND EXTRAORDINARY GENERAL SHAREHOLDERS&rsquo; MEETING TO BE HELD ON APRIL 27, 2021</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dear Shareholders,</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In compliance with Instruction No. 481/2009 of
the Brazilian Securities and Exchange Commission, (local acronym CVM), we present below the management proposal (&ldquo;<U>Proposal</U>&rdquo;)
of <B>BRF SA</B> (&ldquo;<U>Company</U>&rdquo; or &ldquo;<U>BRF</U>&rdquo;), containing the information and documents related to the matters
to be resolved at the Ordinary and Extraordinary General Shareholders&rsquo; Meeting of the Company, to be held on April 27, 2021, at
11:00 a.m. (&ldquo;AGOE&rdquo;), exclusively under virtual format, by means of the digital platform Chorus Call (&ldquo;Digital Platform&rdquo;):</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I. ORDINARY GENERAL SHAREHOLDERS&rsquo; MEETING</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext"><B>(i) </B> <I>To
take the Management&rsquo;s accounts, examine, discuss and vote on the Management Report, the Financial Statements and other documents
related to the fiscal year ended December 31, 2020, </I></FONT><I>including the absorption of the profit of such year by the balance of
accumulated losses<FONT STYLE="color: windowtext">; </FONT></I></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext"><B><U>Management
Proposal</U></B>:</FONT> Approve the management accounts and the financial statements of the Company for the fiscal year ended on December
31, 2020 (&ldquo;<U>Fiscal Year 2020</U>&rdquo;), accompanied by the management report, the explanatory notes, the report of the independent
auditors, the opinion of the Fiscal Council, the summarized annual report of the Audit and Integrity Committee, the Managers&rsquo;s comments
on the Company&rsquo;s financial situation, in accordance with Item 10 of the Company&rsquo;s Reference Form, pursuant to <B>Appendix
I</B> to this Proposal, as required by article 9 of CVM Instruction No. 481/2009.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext">We emphasize that
the profit for the financial year of 2020, n the amount of R$&nbsp;1,383,563,620.46 was fully used to offset the accumulated losses balance,
in accordance with the provisions of article 189 of Law No. 6.404/1976 (&ldquo;Brazilian Corporation Law. In any case, the Company presents
Appendix 9-1-II to CVM Instruction No. 481/2009</FONT> under the <B>Appendix II </B> to this Proposal<FONT STYLE="color: windowtext">.
</FONT></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>(ii)</B> <I>To set the annual global compensation of the Company&rsquo;s
management for the year 2021.</I></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>Management Proposal</U></B>: Pursuant to
Article 17 of the Bylaws, approve the annual global compensation for the fiscal year 2021 for the members of the Board of Directors and
of the Board of Officers in the amount of up to R$ 103,368,000.00. Such amount refers to the proposed limit for fixed compensation (salary
or pro-labore, direct and indirect benefits) and benefits motivated by the termination of the position, as well as variable remuneration
(profit sharing) and related values the Stock Option Plan and the Company&rsquo;s Restricted Stocks Plan, as summarized below:</P>

<P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 47%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="background-color: Navy; width: 16%; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; color: white; font-weight: bold"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Approved 2020</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="background-color: Navy; width: 16%; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; color: white; font-weight: bold"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Accomplished 2020</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="background-color: Navy; width: 17%; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; color: white; font-weight: bold"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Proposal 2021 </FONT></TD></TR>
  <TR STYLE="background-color: rgb(51,51,153)">
    <TD STYLE="border-top: #002060 1pt solid; border-bottom: #002060 1pt solid; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; color: white; font-weight: bold"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Board of Directors (in thousands of reais)</FONT></TD>
    <TD STYLE="background-color: White; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #002060 1pt solid; border-bottom: #002060 1pt solid; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: White; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; color: white">&nbsp;</TD>
    <TD STYLE="border-top: #002060 1pt solid; border-bottom: #002060 1pt solid; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: White; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; color: white">&nbsp;</TD>
    <TD STYLE="border-top: #002060 1pt solid; border-bottom: #002060 1pt solid; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Fees + Charges and Benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>15,447</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>14,407</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>15,456</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Share-based compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>5,997</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>5,727</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>5,997</I></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #002060 2.25pt double; border-bottom: #002060 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Total Board of Directors</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #002060 2.25pt double; border-bottom: #002060 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 10pt; line-height: 107%">21,444</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-top: #002060 2.25pt double; border-bottom: #002060 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%"><FONT STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif"><B><I>20,134</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-top: #002060 2.25pt double; border-bottom: #002060 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><B><I>21,453</I></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(51,51,153)">
    <TD STYLE="border-bottom: #002060 1pt solid; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; color: white"><B>Board of Officers </B>(in thousands of reais)</FONT></TD>
    <TD STYLE="background-color: White; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #002060 1pt solid; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: White; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #002060 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="background-color: White; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #002060 1pt solid; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Fees + Charges and Benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>43,858</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>30,418</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>38,751</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Share-based compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>15,131</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>18,845</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>20,167</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Profit Sharing</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>22,936</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>19,812</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><I>22,997</I></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #002060 2.25pt double; white-space: nowrap; border-bottom: #002060 2.25pt double; background-color: #EDEDED; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Total Board of Officers</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #002060 2.25pt double; white-space: nowrap; border-bottom: #002060 2.25pt double; background-color: #EDEDED; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 10pt; line-height: 107%">81,924</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-top: #002060 2.25pt double; border-bottom: #002060 2.25pt double; white-space: nowrap; background-color: rgb(237,237,237); padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><B><I>69,075</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-top: #002060 2.25pt double; border-bottom: #002060 2.25pt double; white-space: nowrap; background-color: rgb(237,237,237); padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><B><I>81,915</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #002060 2.25pt double; white-space: nowrap; border-bottom: #002060 2.25pt double; background-color: #EDEDED; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">TOTAL Board of Directors and Statutory Board</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #002060 2.25pt double; white-space: nowrap; border-bottom: #002060 2.25pt double; background-color: #EDEDED; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 10pt; line-height: 107%">103,368</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-top: #002060 2.25pt double; background-color: rgb(237,237,237); border-bottom: #002060 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><B><I>89,209</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; line-height: 107%; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="border-top: #002060 2.25pt double; background-color: rgb(237,237,237); border-bottom: #002060 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 107%"><B><I>103,368</I></B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The amount proposed for Exercise 2021 is similar
to that proposed for Exercise 2020.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is important to note that, differently from
what we presented in previous years, the proposal for management compensation for 2021 does not take social charges into consideration,
according to a Circular recently published by CVMs&acute; Superintendence of Business Relations (Circular CVM/SEP/N&ordm; 1/2021 - Proceeding
No. 19957.007457 / 2018-10).</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Thus, we hereby inform you that the present annual
global compensation proposal for the Company's management already excludes the amounts related to social charges, both in the 2021 proposal
and in the information on what was approved and carried out in 2020.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Appendix III</B> to this Proposal contains
the information related to Item 13 of the Company&rsquo;s Reference Form, as required by article 12 of CVM Instruction 481/2009.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>(iii)</B> <FONT STYLE="color: windowtext"><I>To elect the members
of the Fiscal Council</I> .</FONT></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext"><B><U>Management
Proposal</U></B>: </FONT>Considering <FONT STYLE="color: windowtext">that the operation of the Company&rsquo;s Fiscal Council ends at
the first </FONT>Ordinary General Shareholders&rsquo; Meeting <FONT STYLE="color: windowtext">after its election, as provided in article
161, </FONT>paragraph <FONT STYLE="color: windowtext">5 of Law</FONT> No. 6.404/1976<FONT STYLE="color: windowtext">, and that article
30 of the Bylaws establishes that the</FONT></P>


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<P STYLE="font: 12pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Company will have a Fiscal Council with permanent
functioning, the Management proposes, for a term of office until the <FONT STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif">Ordinary
<FONT STYLE="color: windowtext">General </FONT>Shareholders&rsquo; <FONT STYLE="color: windowtext">Meeting to be held in the fiscal year
</FONT>2021<FONT STYLE="color: windowtext">, the election of the following members and alternate members of the Fiscal Council, namely:</FONT></FONT></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">Effective Members</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">Alternate Members</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">At&iacute;lio Guaspari</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Maria Paula Soares Aranha</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Marcus Vinicius Dias Severini</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Monica Hojaij Carvalho Molina</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Andr&eacute; Vicentini</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Valdecyr Maciel Gomes</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It should be noted that the candidates Maria Paula
Soares Aranha (holder) and <FONT STYLE="color: windowtext">M&ocirc;nica Hojaij Carvalho Molina (alternate) were appointed by the shareholder
Caixa de Previd&ecirc;ncia dos Funcion&aacute;rios do Banco do Brasil &ndash; Previ and the candidates Andr&eacute; Vicentini and Valdecyr
Maciel Gomes by the shareholder Funda&ccedil;&atilde;o Petrobras de Seguridade Social &ndash; PETROS. </FONT></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Appendix IV</B> to this Proposal contains the
information regarding the candidates for members of the Company's Fiscal Council, pursuant to Items 12.5 to 12.10 of the Company's Reference
Form, as required by article 10 of CVM Instruction 481/2009.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>(iv) </B> <I>To establish <FONT STYLE="color: windowtext">the
</FONT>compensation <FONT STYLE="color: windowtext">of the members of the Fiscal Council for the fiscal year 2021</FONT></I>.</P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>Management Proposal</U></B>: Pursuant to
article 16, item V, of the Bylaws, to approve the compensation for the fiscal year 2021 for the effective members of the Company&rsquo;s
Fiscal Council in an amount corresponding to 10% (ten percent) of the average value of the compensation attributed to the Company&rsquo;s
Officers <FONT STYLE="line-height: 125%">(not considering </FONT>benefit not counted, representation fees and profit sharing), pursuant
to article 162, paragraph 3, of the Brazilian Corporation Law, considering the maximum amount as summarized below:</P>

<P STYLE="font: 9pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 48%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10.5pt/107% Tahoma, Helvetica, Sans-Serif; width: 15%; background-color: #002060; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; color: white"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Approved 2020</FONT></TD>
    <TD STYLE="font: 10.5pt/107% Tahoma, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 2%; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10.5pt/107% Tahoma, Helvetica, Sans-Serif; width: 18%; background-color: #002060; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; color: white"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Accomplished 2020</FONT></TD>
    <TD STYLE="font: 10.5pt/107% Tahoma, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 2%; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10.5pt/107% Tahoma, Helvetica, Sans-Serif; width: 14%; background-color: #002060; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; color: white"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Proposal 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #002060 2.25pt double; border-bottom: #002060 1pt solid; font: bold 10.5pt/107% Tahoma, Helvetica, Sans-Serif; background-color: #1F4E78; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; color: white"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Fiscal Council</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #002060 2.25pt double; border-bottom: #002060 1pt solid; font: bold 10.5pt/107% Tahoma, Helvetica, Sans-Serif; background-color: #1F4E78; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="font: 10.5pt/107% Tahoma, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; color: white">&nbsp;</TD>
    <TD STYLE="border-top: #002060 2.25pt double; border-bottom: #002060 1pt solid; font: bold 10.5pt/107% Tahoma, Helvetica, Sans-Serif; background-color: #1F4E78; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="font: 10.5pt/107% Tahoma, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; color: white">&nbsp;</TD>
    <TD STYLE="border-top: #002060 2.25pt double; border-bottom: #002060 1pt solid; font: bold 10.5pt/107% Tahoma, Helvetica, Sans-Serif; background-color: #1F4E78; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: italic bold 10.5pt/107% Tahoma, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Fees + Charges</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-weight: bold"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">798</FONT></TD>
    <TD STYLE="font: bold 10.5pt/107% Tahoma, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>533</B></FONT></TD>
    <TD STYLE="font: bold 10.5pt/107% Tahoma, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>798</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #002060 2.25pt double; white-space: nowrap; border-bottom: #002060 2.25pt double; font: italic bold 10.5pt/107% Tahoma, Helvetica, Sans-Serif; background-color: #EDEDED; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">Total Fiscal Council</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: #002060 2.25pt double; white-space: nowrap; vertical-align: top; border-bottom: #002060 2.25pt double; background-color: #EDEDED; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt; text-align: center; line-height: 107%; font-weight: bold"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">798</FONT></TD>
    <TD STYLE="font: bold 10.5pt/107% Tahoma, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #002060 2.25pt double; white-space: nowrap; vertical-align: top; border-bottom: #002060 2.25pt double; background-color: #EDEDED; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>533</B></FONT></TD>
    <TD STYLE="font: bold 10.5pt/107% Tahoma, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; background-color: white; padding-right: 3.5pt; padding-bottom: 8pt; padding-left: 3.5pt"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #002060 2.25pt double; white-space: nowrap; vertical-align: top; border-bottom: #002060 2.25pt double; background-color: #EDEDED; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>798</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Appendix III</B> to this Proposal contains
the information related to Item 13 of the Company&rsquo;s Reference Form, as required by article 12 of CVM Instruction No. 481/09.</P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>II. EXTRAORDINARY GENERAL SHAREHOLDERS&rsquo;
MEETING</B></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>(i)</B> <I>To resolve on the following amendments
to the Company&rsquo;s Bylaws, as detailed in the draft with revision marks contained in the Proposal disclosed to the market:</I></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(a) Amend Article 3 of the Company&rsquo;s
Bylaws, in order to include, in the corporate purpose:</P>


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<P STYLE="font: italic 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">the (i) manufacture by its own or on demand,
commercialization, export and import of pharmochemical products derived from animal slaughter; (ii) manufacture and commercialization
of organic chemical products derived from animal slaughter; and (iii) manufacture, distribution and export of pharmaceutical ingredients
derived from animal slaughter; and</P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: italic 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(b) Amend Article 33 of the Company&rsquo;s
Bylaws, in order to (1) establish that the Coordinator of the Audit and Integrity Committee will be chosen by the Board of Directors and
not by the members of the Audit and Integrity Committee; (2) establish that Audit and Integrity Committee&rsquo;s regular meetings shall
have a bimonthly periodicity and no longer monthly; and (3) exclude the obligation that the meetings between the Audit and Integrity Committee
Coordinator and the members of the Board of Directors and the Fiscal Council be held quarterly;</P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>Management Proposal</U>:</B> Approve the
amendments (i) of article 3 of the Bylaws in order to include, in the corporate purpose: the (i) manufacture by its own or on demand,
commercialization, export and import of pharmochemical products derived from animal slaughter; (ii) manufacture and commercialization
of organic chemical products derived from animal slaughter; and (iii) manufacture, distribution and export of pharmaceutical ingredients
derived from animal slaughter; and (ii) Article 33 of the Bylaws to insert new rules regarding the operation of the Audit and Integrity
Committee.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Appendix V</B> to this Proposal contains the
version of the Company&rsquo;s Bylaws with the proposed amendments incorporated and highlighted and <B>Appendix VI </B>contains the proposed
amendments to the bylaws in the form of a comparative table, with the indication of the justification for the change and the analysis
of the legal and economic effects, as required by article 11 of CVM Instruction No. 481/09.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>(ii)</B> <I>Consolidate the Company&rsquo;s
Bylaws with the approved changes.</I></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>Management Proposal</U></B>: If the proposals
object of item II (i) above are approved, the Company&rsquo;s Management proposes the approval of the consolidation of the Bylaws, in
order to reflect, in a single document, the wording in force, under the terms of the document contained in the <B>Appendix V</B> to this
Proposal.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-style: normal"><B>(iii)</B></FONT>
To resolve on the following changes to the Restricted Stocks Plan of the Company (&ldquo;Restricted Stocks Plan&rdquo;): (a) Exclude the
concepts of &ldquo;Parity Actions&rdquo;, &ldquo;Total Shareholder Return - TSR&rdquo; and &ldquo;Funds Committed&rdquo;, and, therefore
change items 1.1, 5.3, 5.3.1 and 7.1 and exclude itens 5.3.2 and 7.2 of the Restricted Stocks Plan; (b) Insert the possibility for the
Company, at its sole discretion and subject to any restrictions and procedures provided for in the applicable legislation and regulation,
to grant restricted shares in the form of American Depositary Receipts - ADRs, with the consequent inclusion of a new item 6.2 in the
Restricted Stocks Plan; (c) Consolidate the competence of the Board of Directors to establish the effects of the Beneficiary's termination
in relation to &ldquo;Restricted Stock Not Fully Acquired&rdquo;, with the consequent amendment of item 8.1 and the exclusion of the current
items 8.2 and 8.3 of the Restricted Stocks Plan; and (d) Implement wording adjustments, without material change of</P>


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<P STYLE="font: italic 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">content, and consequently change items
1.1 (concepts of &ldquo;Restricted Stock Not Fully Acquired&rdquo; and &ldquo;Committee&rdquo;), 2.1, 3.1, 3.2, 4.1, 4.2 (d), 4.3, 6.1,
7.3, 7.4, 10.2 and 10.3 and the exclusion of the current item 6.2 of the Restricted Stocks Plan.</P>

<P STYLE="font: italic 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: italic 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-style: normal"><B><U>Management
Proposal</U></B> : To approve all the proposed changes to the Restricted Stocks Plan of the Company (&ldquo;Restricted Stocks Plan&rdquo;),
which, in general, aim to give greater flexibility to the Board of Directors in the management of the Restricted Stocks Plan, allowing
it to be able to establish, in each specific situation, the conditions that it deems most appropriate to regulate the granting of shares
restricted to the management and other employees of the Company. </FONT></P>

<P STYLE="font: italic 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The table below shows the change to be made in
the Restricted Stocks Plan:</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border: Black 1pt solid; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">Item</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 37%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">Current</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 40%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">Proposed</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%"><B>1.1.</B> Definitions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&ldquo;<U>Parity Actions</U>&rdquo; means the
    Company's stocks acquired by the Beneficiary for participation in the Plan with the resources of Authorized Funds.</P>
    <P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; color: red; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">&ldquo;Parity Actions&rdquo; means the Company's stocks acquired by the Beneficiary for participation in the Plan with the resources of Authorized Funds. </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: 12pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 115%"><B>1.1. </B>Definitions </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">&quot;<U>Restricted Stock Not Fully Acquired</U>&quot; means the Restricted Stock not fully acquired in accordance with item 7.1 below;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.8pt; text-align: justify; font-family: Tahoma, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ldquo; <U>Restricted Shares Not Fully Acquired</U>&rdquo; means the Restricted Stock <FONT STYLE="color: red">in relation to which the necessary condition <STRIKE>not fully acquired in accordance with</STRIKE></FONT> item 7.1 below <FONT STYLE="color: red">has not yet been fulfilled</FONT>;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%"><B>1.1.</B> Definitions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">&ldquo;<U>Committee</U>&rdquo; means the committee established to advise the Board of Directors of the Plan, pursuant to item 4.1 below;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; text-align: justify; font-family: Tahoma, Helvetica, Sans-Serif; line-height: 120%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; line-height: 120%">&ldquo;<U>Committee</U>&rdquo; means the committee established to advise the Board of Directors <FONT STYLE="color: red">on the management </FONT>of the Plan, pursuant to item 4.1 below; </FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%"><B>1.1.</B> Definitions</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 37%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">&ldquo;<U>TSR</U>&rdquo; means the &ldquo;<I>Total Shareholder Return</I>&rdquo; - indicator of total return to shareholders, calculated from the price of the Company's shares on the last business day of each fiscal year, plus the dividends per share paid by the Company from the Grant Date, with the premise that dividends will be reinvested in Company itself, and such indicator obtained through consultation to information from Bloomberg news agency or, failing that, for an equivalent; and</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 40%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%; color: red"><FONT STYLE="line-height: 120%">&ldquo;TSR&rdquo; means the &ldquo;<I>Total Shareholder Return</I>&rdquo; - indicator of total return to shareholders, calculated from the price of the Company's shares on the last business day of each fiscal year, plus the dividends per share paid by the Company from the Grant Date, with the premise that dividends will be reinvested in Company itself, and such indicator obtained through consultation to information from Bloomberg news agency or, failing that, for an equivalent; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%"><B>1.1.</B> Definitions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">&ldquo;<U>Funds Committed</U>&rdquo; means the profits, hiring bonuses and other resources (not including salary) authorized by the Board of Directors for investment by the beneficiary in the acquisition of the Company's shares.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%; color: red"><FONT STYLE="line-height: 120%">&ldquo;<U>Funds Committed</U>&rdquo; means the profits, hiring bonuses and other resources (not including salary) authorized by the Board of Directors for investment by the beneficiary in the acquisition of the Company's shares.</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; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">2.1. <FONT STYLE="font-weight: normal">Objectives of the Plan</FONT></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">The Plan aims to allow the grant of Restricted Shares to Eligible Persons selected by the Board of Directors, in order to: (a) stimulating the expansion, success and the achievement of social objectives of the Company; (b) aligning the interests of shareholders of the Company to the Eligible Persons; and (c) allow the Company or other companies under its control, attract and retain tied the Eligible Persons.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%"><FONT STYLE="line-height: 120%">The Plan aims to allow the grant of Restricted Shares to Eligible Persons selected by the Board of Directors, in order to: (a) stimulating the expansion, success and the achievement of social objectives of the Company; (b) aligning the interests of shareholders of the Company to the Eligible Persons; and (c) allow the Company<FONT STYLE="color: red">,</FONT> or other companies under its control, attract and retain tied the Eligible Persons.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">3.1.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Eligible Persons</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">May be elected as Restricted Stock Beneficiaries under the Plan members of the Board of Directors, officers, statutory or not, and others occupying positions of Company or other companies under its control.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%"><FONT STYLE="line-height: 120%">May be elected as <FONT STYLE="color: red"><STRIKE>Restricted Stock</STRIKE></FONT> Beneficiaries under the Plan members of the Board of Directors, officers, statutory or not, and others occupying positions <FONT STYLE="color: red"><STRIKE>of</STRIKE> <U>in the </U></FONT>Company or <FONT STYLE="color: red">in</FONT> other companies under its control.</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; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">3.2.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Eligible People</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">Nevertheless, members of the Board of Directors who are also members of the Board of Officers shall only receive the Company&rsquo;s Restricted Stocks grants in the quality of officers.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%"><FONT STYLE="line-height: 120%">Nevertheless, members of the Board of Directors who are also members of the Board of Officers shall only receive the <FONT STYLE="color: red"><STRIKE>Company&rsquo;s</STRIKE></FONT> Restricted Stocks grants in the quality of officers.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border: Black 1pt solid; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%"><B>4.1.</B>Plan Administration</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 37%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">The Plan will be managed by the Board of Directors, which may, in observance of the provisions of the Company&rsquo;s Bylaws and the current applicable legislation, respecting the limits of the global annual compensation of the managers, constitute a Committee specially created to advise it in the administration of the Plan.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 40%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%"><FONT STYLE="line-height: 120%">The Plan will be managed by the Board of Directors, which may, in observance of the provisions of the Company&rsquo;s Bylaws and the current applicable legislation, respecting the limits of the global annual compensation of the managers, be assisted by the People, Governance, Organization and Culture Committee and/or another group/collegiate, defined by it <FONT STYLE="color: red"><STRIKE>constitute a Committee specially created to advise it in the administration of the Plan</STRIKE></FONT>. </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; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%"><B>4.2.</B>Plan Administration</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">(d) approve the Grant Agreements to be entered into between the Company and each Beneficiary, subject to the provisions of the Plan.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%"><FONT STYLE="line-height: 120%">(d) approve the <FONT STYLE="color: red">terms and conditions of the</FONT> Grant Agreements to be entered into between the Company and <FONT STYLE="color: red">the <STRIKE>each</STRIKE></FONT> Beneficiary, subject to the provisions of the Plan.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%"><B>4.3.</B>Plan Administration</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">In exercising its authority, the Board of Directors will be subject only to the limits of the law and the regulations of the Securities and Exchange Commission and the terms of the Plan, it being understood that the Board of Directors may treat differently administrators and employees or subsidiaries that are in a similar situation and is not bound by any rule of equality or analogy to extend to all Beneficiaries the conditions that it deems applicable only to one or some in its sole discretion. The Board of Directors may also establish special treatment for exceptional cases for the effectiveness of each right of the Restricted Shares, provided that the rights already granted are not affected to the Beneficiaries or the basic principles of the Plan. Such exceptional circumstance shall not constitute a precedent for other Beneficiary.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%"><FONT STYLE="line-height: 120%">In exercising its authority, the Board of Directors will be subject only to the limits of the law and the regulations of the Securities and Exchange Commission and the terms of the Plan, it being understood that the Board of Directors may treat differently administrators and employees <FONT STYLE="color: red">from the Company </FONT>or <FONT STYLE="color: red">from companies under its control <STRIKE>subsidiaries</STRIKE></FONT> that are in a similar situation and is not bound by any rule of equality or analogy to extend to all Beneficiaries the conditions that it deems applicable only to one or some in its sole discretion. The Board of Directors may also establish special treatment for exceptional cases for the effectiveness of each right of the Restricted Shares, provided that the rights already granted are not affected to the Beneficiaries or the basic principles of the Plan. Such exceptional<FONT STYLE="color: red">ity <STRIKE>circumstance</STRIKE></FONT> shall not constitute a precedent for other Beneficiari<FONT STYLE="color: red">es<STRIKE>y</STRIKE></FONT>.</FONT></TD></TR>
  </TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">5.3.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Grant of Restricted Stocks</P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 37%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">The Board of Directors will determine the grant of Restricted Stock for investment by the Beneficiary in the acquisition of Parity Stock as provided in Section 5.3.1 below or any other criteria for granting that deems appropriate, and such Parity Stocks shall be subject to the rules set out in section 7.2 below. Additionally, the Board of Directors may make the acquisition of rights related to the Restricted Stocks to other conditions, and impose restrictions on transfer, and may also reserve for the Company repurchase options and/or preemptive rights in case of sale by such Beneficiary same Restricted Stock.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 40%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%"><FONT STYLE="line-height: 120%">The Board of Directors <FONT STYLE="color: red"><STRIKE>will determine the grant of Restricted Stock for investment by the Beneficiary in the acquisition of Parity Stock as provided in Section 5.3.1 below or any other criteria for granting that deems appropriate, and such Parity Stocks shall be subject to the rules set out in section 7.2 below. Additionally, the Board of Directors</STRIKE></FONT> may make the acquisition of rights related to the Restricted Stocks to <FONT STYLE="color: red">any <STRIKE>other</STRIKE></FONT> conditions, <FONT STYLE="color: red">that deems convenient</FONT> and impose restrictions on transfer, and may also reserve for the Company repurchase options and/or preemptive rights in case of sale by such Beneficiary same Restricted Stock.</FONT></TD></TR>
  </TABLE>

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  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border: Black 1pt solid; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">5.3.1.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Grant of Restricted Stocks</P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 37%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At the discretion of the Board of Directors, the
    number of Restricted Stock to be granted to the Beneficiaries may be calculated as follows:</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(a) To the Beneficiaries who invest 25% (twenty
    five percent) to 50% (fifty percent) of the net value of the Funds Authorized, will be granted the equivalent of one (1) Restricted Stock
    for each Parity Stock.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(b) To the Beneficiaries who invest more than
    50% (fifty percent) limited to 100% (a hundred percent) of the net value of the Funds Authorized, will be granted the equivalent of two
    (2) Restricted Stock for each Parity Stock.</P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 40%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; color: red; margin: 0; text-align: justify">At the discretion of the Board of
    Directors, the number of Restricted Stock to be granted to the Beneficiaries may be calculated as follows:</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; color: red; margin: 0; text-align: justify">(a) To the Beneficiaries who invest
    25% (twenty five percent) to 50% (fifty percent) of the net value of the Funds Authorized, will be granted the equivalent of one (1) Restricted
    Stock for each Parity Stock.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; color: red; margin: 0; text-align: justify">(b) To the Beneficiaries who invest
    more than 50% (fifty percent) limited to 100% (a hundred percent) of the net value of the Funds Authorized, will be granted the equivalent
    of two (2) Restricted Stock for each Parity Stock.</P>
    <P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; color: red; margin: 1.15pt 3.85pt 0 0; text-align: justify"><FONT STYLE="line-height: 120%"><U>Without
    prejudice to other conditions that the Board of Directors deems convenient, </U></FONT><U>pursuant to <FONT STYLE="line-height: 120%">item
    5.3 above, the acquisition Restricted Stocks rights may, at the discretion of the Board of Directors, be either wholly or partially </FONT>subject
    to the Company&rsquo;s achievement of certain performance rates. Measurement of performance rates and their effects on the acquisition
    of Restricted Stocks rights shall be defined by the Board of Directors and should be reflected in the Grant Agreements.</U></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">5.3.2.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Grant of Restricted
    Shares</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.7pt; padding-left: 5.4pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%"><FONT STYLE="line-height: 120%"><B>5.3.2.</B> The Beneficiary, following the acquisition of Parity Stocks on B3, must prove the acquisition of such Parity Stock by delivery to the Company of the respective brokerage notes.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; color: red; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%"><B>5.3.2.</B> The Beneficiary, following the acquisition of Parity Stocks on B3, must prove the acquisition of such Parity Stock by delivery to the Company of the respective brokerage notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">6.1.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Stocks subjected to the Plan</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">The total number of Restricted Stock that may be granted under this Plan, added to the total number of shares that may be acquired under the Stock Option Plan will not exceed 2.5% (two and a half percent) of the common, registered, book-entry shares with no par value, representing the Company&rsquo;s total capital stock, corresponding, on this date, to 20,311,831 (twenty million, three hundred and eleven thousand, eight hundred and thirty-one) common, registered, book-entry shares with no par value issued by the Company.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%"><FONT STYLE="line-height: 120%">The total number of Restricted Stock that may be granted under this Plan, added to the total number of shares that may be acquired under the Stock Option Plan <FONT STYLE="color: red"><STRIKE>will</STRIKE> shall </FONT>not exceed 2.5% (two and a half percent) of the common, registered, book-entry shares with no par value, representing the Company&rsquo;s total capital stock, corresponding, on this date, to 20,311,831 (twenty million, three hundred and eleven thousand, eight hundred and thirty-one) common, registered, book-entry shares with no par value issued by the Company.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">6.2.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Stocks subjected to the Plan</P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 37%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">In order to meet the grant of Restricted Stock under the Plan, the Company, subject to applicable laws and regulations, will sell treasury shares through a private transaction at no cost to the beneficiaries.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 40%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; color: red; margin: 1.15pt 3.85pt 0 0; text-align: justify"><U>In order to meet
    the grant of Restricted Stock under the Plan, the Company, subject to applicable laws and regulations, will sell treasury shares through
    a private transaction at no cost to the beneficiaries.</U></P>
    <P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; color: red; margin: 1.15pt 3.85pt 0 0; text-align: justify">The Board of Directors,
    at its sole discretion, may choose to grant to Beneficiaries some or all of the Restricted Stocks to which they are entitled in the form
    of ADRs - American Depositary Receipts backed by stocks issued by the Company, subject to the limits established in item 6.1 above, as
    well as any restrictions and procedures provided for in the applicable legislation and regulation.</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">7.1.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Acquisition of Rights Related to Restricted Stock</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Without prejudice to other terms and conditions
    set forth in the respective Grant Agreements, the rights of beneficiaries in respect of Restricted Stock will only be fully acquired is
    checked, all of the following conditions:</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(a) the Beneficiaries remain continuously connected
    as an administrator or employee of the Company for the period to be defined by the Board of Directors; and</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(b) is obtained by the Company a TSR to be set
    by the Board of Directors in their respective Grant Agreements, which must be determined at the end of each anniversary of the Grant Date
    during the all the period to be defined by the Board of Directors, under the terms of item (a) above.</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Without prejudice to other terms and conditions
    set forth in the respective Grant Agreements, the rights of beneficiaries in respect of Restricted Stock will only be fully acquired if
    <FONT STYLE="color: red"><STRIKE>is checked, all of the following conditions: (a)</STRIKE></FONT> the Beneficiaries remain continuously
    connected<FONT STYLE="color: red">,</FONT> as an administrator or employee of the Company for the period to be defined by the Board of
    Directors <FONT STYLE="color: red">and established in each Grant Agreement<STRIKE>; and</STRIKE></FONT></P>
    <P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; color: red; margin: 1.15pt 3.85pt 0 0; text-align: justify"><STRIKE>(b) is obtained
    by the Company a TSR to be set by the Board of Directors in their respective Grant Agreements, which must be determined at the end of
    each anniversary of the Grant Date during the all the period to be defined by the Board of Directors, under the terms of item (a) above</STRIKE><FONT STYLE="color: black">.</FONT></P></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">7.2.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Acquisition of Rights Related to Restricted Stock</P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 37%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">While the rights of Restricted Stock are not fully acquired under the terms and conditions set out in item 7.1 above, the Beneficiary may not engage, sell, assign, sell or transfer, directly or indirectly, the Parity Stocks.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 40%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; color: red; margin: 1.15pt 3.85pt 0 0; text-align: justify"><STRIKE>While the
    rights of Restricted Stock are not fully acquired under the terms and conditions set out in item 7.1 above, the Beneficiary may not engage,
    sell, assign, sell or transfer, directly or indirectly, the Parity Stocks.</STRIKE></P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext">Once the condition
    established in item 7.1 above is met, and pursuant to the legal requirements and applicable regulations, the Company shall </FONT><FONT STYLE="color: red">either
    </FONT><FONT STYLE="color: windowtext">transfer the relevant Restricted Stocks </FONT><FONT STYLE="color: red">or the equivalent financial
    amount</FONT> <FONT STYLE="color: windowtext">to the Beneficiary, at no cost to the Beneficiary.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">7.3.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Acquisition of Rights Related to Restricted Stock</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Once the condition established in item 7.1 above
    is met, and pursuant to the legal requirements and applicable regulations, the Company shall transfer the relevant Restricted Stocks to
    the Beneficiary, at no cost to the Beneficiary.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%; color: red"><FONT STYLE="line-height: 120%">No change in wording, only renumbered to 7.2</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; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">7.4.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Acquisition of Rights Related to Restricted Stock</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">The Restricted Stock fully acquired under the Plan will maintain all the rights of their species, except for the prohibition periods trading in shares as provided by law and applicable regulations, as well as possible as otherwise determined by the Board of Directors.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%"><FONT STYLE="color: red; line-height: 120%">(Renumbered to 7.3)</FONT> <FONT STYLE="line-height: 120%">The Restricted Stock fully acquired under the Plan will maintain all the rights <FONT STYLE="color: red">inherent to the condition of shareholders of the Company <STRIKE>of their species</STRIKE></FONT>, except for the prohibition periods trading in shares as provided by law and applicable regulations, as well as possible as otherwise determined by the Board of Directors.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">8.1.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Hypothesis of Termination and its Effects</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">Except as provided below, the Beneficiary's severance of hypotheses, the Restricted Stocks Not Fully Acquired shall be automatically canceled by operation of law, without prior warning or notice, and without any right to compensation.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%"><FONT STYLE="line-height: 120%">Except <FONT STYLE="color: red"><STRIKE>as provided below,</STRIKE> <U>otherwise defined by the Board of Directors and established in the respective Grant Agreements,</U></FONT> the Beneficiary's severance of hypotheses, the Restricted Stocks Not Fully Acquired shall be automatically canceled by operation of law, without prior warning or notice, and without any right to compensation.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">8.2.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Hypothesis of Termination and its Effects</P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 37%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">In case of Termination event for Beneficiary's death, the Restricted Stocks Not Fully Acquired in the Termination date will have their vesting period anticipated and, subject to the applicable legal and regulatory requirements, the Company will transfer to the beneficiary of the estate's name, or if this ended to the Beneficiary's legal successors, their Restricted Stock at no cost to the beneficiary or their heirs and successors in title.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 40%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%; text-align: justify"><FONT STYLE="color: red; line-height: 120%"><STRIKE>In case of Termination event for Beneficiary's death, the Restricted Stocks Not Fully Acquired in the Termination date will have their vesting period anticipated and, subject to the applicable legal and regulatory requirements, the Company will transfer to the beneficiary of the estate's name, or if this ended to the Beneficiary's legal successors, their Restricted Stock at no cost to the beneficiary or their heirs and successors in title.</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">8.3.</P>
    <P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Hypothesis of
    Termination and its Effects</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">Nevertheless the above, the Board of Directors may, at its sole discretion, whenever it deems that social interests are better served by such a measure, fails to observe the rules laid down in the above items, giving special treatment to a particular Beneficiary.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%; text-align: justify"><FONT STYLE="color: red; line-height: 120%"><STRIKE>Nevertheless the above, the Board of Directors may, at its sole discretion, whenever it deems that social interests are better served by such a measure, fails to observe the rules laid down in the above items, giving special treatment to a particular Beneficiary.</STRIKE></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; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">10.2. <FONT STYLE="font-weight: normal">General Provisions</FONT></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">This Plan and related Grant Agreements (i) do not create any rights other than those expressly provided for in its own terms, (ii) do not give stability or guarantee employment or stay in the condition of administrator or employee, (iii) or harm the right of the Company or other companies under its control, at any time and as appropriate, terminate the employment contract or to terminate the mandate or the relationship with the Beneficiary, (iv) do not guarantee the right to re-election or reappointment functions in the Company or other companies under its control.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%; text-align: justify"><FONT STYLE="line-height: 120%">This Plan and related Grant Agreements (i) do not create any rights other than those expressly provided for in its own terms, (ii) do not give stability or guarantee employment or stay in the condition of administrator or employee, (iii) or harm the right of the Company or other companies under its control, at any time and as appropriate, terminate the employment contract or to terminate the mandate or the relationship with the Beneficiary, (iv) do not guarantee the right to re-election or reappointment functions in the Company or other companies under its control. <FONT STYLE="color: red">(adjustments in Portuguese only in order to better adequate language)</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F4B083">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">10.3. <FONT STYLE="font-weight: normal">General Provisions</FONT></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; line-height: 115%"><FONT STYLE="line-height: 115%">Each Beneficiary shall expressly adhere to the terms of the Plan, by written declaration, without any exception, as defined by the Board of Directors.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-right: 3.85pt; text-align: justify; font-family: Arial, Helvetica, Sans-Serif; line-height: 120%"><FONT STYLE="line-height: 120%">Each Beneficiary shall expressly adhere to the terms of the Plan, by <FONT STYLE="color: red">signing the agreement <STRIKE>written declaration</STRIKE></FONT>, without any exception, as defined by the Board of Directors.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Appendix VII </B> to this Proposal contains
the version of the Restricked Stocks Plan with the proposed amendments incorporated and highlighted.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This is what the Board of Directors had to propose
and expects to be evaluated and approved by Messrs. shareholders.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">* * *</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company&rsquo;s shareholders interested in
accessing the information or raising questions related to the above proposals should contact the Investor Relations area, by calling +55
(11) 2322-5377 or via e-mail: acoes@brf-br.com . All documents pertinent to this AGOE are available to shareholders on the following websites
https://ri.brf-global.com/, www.b3.com.br and www.cvm.gov.br.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">S&atilde;o Paulo, March 26, 2021.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><B>INDEX</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><B>Appendixes to the Management Proposal
for the Ordinary and Extraordinary General Shareholders&rsquo; Meeting of BRF S.A., to be held on April 27, 2020</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Appendix I </B> - Management comments on the
Company&rsquo;s financial situation (Item 10 of the Company&rsquo;s Reference Form, pursuant to CVM Instruction No. 480, of December 7,
2009). &#9;p. 15</P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0 85pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Appendix II </B> - Information on the allocation
of net income (Appendix 9-1-II of CVM Instruction No. 481, of December 17, 2009). &#9;p.&nbsp;83</P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0 85pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Appendix III</B> - Information on the compensation
of the Management and of the Fiscal Council (Item 13 of the Reference Form, according to CVM Instruction No. 480, of December 7, 2009).
&#9;p. 86</P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Appendix IV</B> - Information on candidates
for the positions of members of the Fiscal Council (Items 12.5 to 12.10 of the Reference Form, according to CVM Instruction No. 480, of
December 7, 2009). p. 125</P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Appendix V</B> - Copy of the Company&rsquo;s
Bylaws highlighting the proposed amendments (Article 11, item I, of CVM Instruction No. 481, of December 17, 2009). &#9;p.&nbsp;130</P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Appendix VI</B> - Comparative table of the
proposed amendment to the Company&rsquo;s Bylaws with an indication of justification for the changes and alanysis of their legal and economic
effects. (Article 11, item II, of CVM Instruction No. 481, of December 17, 2009). &#9;p. 161</P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Appendix VII</B> - Copy of the Company&rsquo;s
Restricted Stocks Plan, highlighting the proposed amendments. p. 165</P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>*&#9;*&#9;*</B></P>


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

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><B>BRF S.A.</B></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Appendix I - Management&rsquo;s Comments
on the Company&rsquo;s Financial Situation (Item 10 of the Company&rsquo;s Reference Form, according to CVM Instruction No. 480, of December
7, 2009)</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>10. Directors&rsquo; comments</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The following information presented has been
evaluated and commented on by the Company&acute;s Directors:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>10.1 - Financial conditions and general
assets</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
conditions and general assets</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company has sufficient financial and equity
conditions to continue its business plan and fulfill its short and long-term obligations, including loans from third parties, as well
as to meet the financing of its activities and cover its need for resources.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The table below shows the evolution of the
main financial indicators of the Company, considering its consolidated financial statements:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: #A6A6A6">
    <TD STYLE="border-top: Black 1pt solid; width: 55%; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><B>Ratios</B></P>
    <P STYLE="font: 8pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><B>In thousands of R$</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 15%; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>2018</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">Current Assets<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">22,725,959</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">14,946,182</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">15,704,595</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">Current Liabilities<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">15,418,610</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">13,324,005</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">13,357,111</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>Current Liquidity</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>1.47</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>1.12</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>1.18</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">Current Assets<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">22,725,959</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">14,946,182</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">15,704,595</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">Long-term Receivables</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">9,308,366</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">9,455,356</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">7,549,076</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">Current Liabilities<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">15,418,610</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">13,324,005</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">13,357,111</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">Non-current Liabilities</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">25,411,044</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">20,228,277</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%">20,361,960</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>Overall Liquidity</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>0.78</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>0.73</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>0.69</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>Leverage (Net Debt<SUP>2</SUP> / Adjusted EBITDA<SUP>3</SUP>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>2.73</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>2.50</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif; line-height: 107%"><FONT STYLE="font-size: 8pt; line-height: 107%"><B>5.12</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">______________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The assets held for sale and liabilities directly associated with these assets
were not considered for the calculation of the current and overall liquidity ratios.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The Company calculates net debt as the balance of loans and financing and
derivative financial liabilities, net of cash and cash equivalents, marketable securities, restricted cash and derivative financial assets.
Net debt is a financial measure and not an accountant measure in accordance with IFRS or US GAAP. For 2018, a <I>Pro-Forma</I></FONT><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><SUP>4</SUP></FONT>
<FONT STYLE="font-size: 9pt">Net Debt was used for the calculation of the leverage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 9pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">EBITDA, defined as the earnings before interest, tax, depreciation and amortization,
is used as a means of measuring the performance of the Company by the management. For 2017 a <I>pro-forma</I></FONT><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><SUP>5</SUP></FONT>
<FONT STYLE="font-size: 9pt">EBITDA was used for the calculation of the leverage. Adjusted EBITDA is a metric that arises from EBITDA
and has adjustments to approximate to the potential of gross operational generation of cash. Both metrics are used as performance measures
by the Company&rsquo;s management.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 9pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Pro-forma Net Debt, including the sale of the assets in Argentina (R$564,000
thousand), Europe and Thailand (R$1,138,000 thousand), the plant in V&aacute;rzea Grande- MT (R$100,000 million), the non-used portion
of the FIDC in 2018 (R$200,000 thousand) and the foreign exchange adjustment related to the forecasted R$/US$ at the moment of the announcement
of the Operating and Financial Restructuring dated of June 29, 2018 (R$203,000 thousand).</FONT></TD></TR></TABLE>

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


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>2020</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">BRF ended the challenging year of 2020 with
consistent value generation, caring for people, reinforcing its culture, evolving in the brand recognition, also the corporate restructuring
announced in June 2018 was successfully concluded. This journey, amid the complex and extraordinary event occurred in 2020, evidenced
our strength, our capacity and BRF&rsquo;s joint efforts to execute and deliver the assumed commitments.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company has worked hard to implement a
culture of high performance, internally called &quot; BRF Essence &quot; - a set of concepts guiding its decisions and actions, based
on its history, legacy, values and vision of the future. BRF Essence has also guided the Company throughout the pandemic. During the pandemic,
the Company, with agility and sensitivity, took care of its people and the communities in which it operates, through various actions that
the Company has reported over the past quarters. The implementation of the BRF Essence was reflected in the increase of the Company's
engagement, the result of a recent survey involving more than 44 thousand respondents who answered 43 questions covering subjects such
as leadership, well-being, career, diversity, safety, quality, integrity, among others. Of the total surveyed, 86% of employees responded
favorably to the questions. There was an evolution in all categories, with emphasis on &ldquo;confidence in the decisions taken by senior
management&rdquo;, which reached 95% satisfaction in the survey. These levels of engagement are comparable to the levels of the best companies
composing the high-performance global market<FONT STYLE="line-height: 107%"><SUP>[1]</SUP></FONT> and, in general, above the levels of
companies in the above the global market of non-durable consumer goods. The Company is also a reference (benchmark) in terms of quality,
transparency, diversity, leadership, career, and development compared to companies of the highperformance global market.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company, in its understanding, managed
to combine growth and profitability by optimizing our channels, improving the mix of products, practicing intellectual leadership, promoting
excellent commercial execution, and through customer support of its iconic brands. The Company also reinforced one of its most competitive
advantages: its brands. Sadia is the most valuable brand within Brazil&rsquo;s food segment valued at US$1.8 billion, according to Exame/Brand
Finance. Sadia is recognized as the most remembered brand in 2020 and most preferred by consumers in the protein segment. Still according
to that research, Perdig&atilde;o is the fastest-growing food brand over the last few years and conquered the preference of new consumers
in 2020. Qualy is the most preferred margarine brand and the most memorable by over 50% of Brazilians, making it an absolute leader in
this category. Banvit became the preferred brand among Turkish consumers, with a 54% preference, like Sadia in the Halal market, with
a 38% preference according to the Ipsos institute.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company had a consolidated net revenue
from continuing operations of R$39,469,699 (18.0% above 2019). The operating results, measured by the income before financial results
and income taxes, was R$2,846,792, with a net profit of R$&nbsp;1,390,069.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company's net debt stood at R$14,152,414,
6.7% higher than 2019, impacted mainly by (i) non-cash effects over gross debt, such as the exchange rate variation and liabilities derivatives<FONT STYLE="line-height: 107%"><SUP>[2]</SUP></FONT>,
(ii) appropriation of interest rates, net of payment, (iii) share buyback in 2020; and (iv) free cash generation.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s net leverage, measured
by net debt/Adjusted EBITDA in the last 12 months, reached 2.73x in 2020. Early in 2020, the Company reviewed its net leverage guidance
to the level between 2.35 &ndash; 2.75x for 2020. So the net leverage reached this interval, with a solid lengthening of indebtedness
average term.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>
<HR SIZE="1" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 30%">
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif"><SUP>1
</SUP></FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">According to Willis Towers Watson methodology</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2
Derivatives relating to the operational result exposure in the next 12 months (hedge accounting), which impacts the item &ldquo;Other
Comprehensive Income&rdquo; under shareholders&rsquo; equity.</FONT></P>

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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Net financial expenses totaled R$1,698,996
in 2020, 8.9% lower compared to the same period of the previous year.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">As of December 31, 2020, the Company&rsquo;s
shareholders&rsquo; equity totaled R$ 8,813,534, above the R$&nbsp;8,148,349 recorded on December 31, 2019.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>2019 </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">With solid financial results and record profitability,
BRF ended 2019 back with profits. A strong management and excellent execution were essential to achieve these results. In 2019, BRF reviewed
its fundamentals, improved its strategy, heightened the value of its brands, enhanced its operating capacity, invested in new product
launches, and diligently executed the divestment and strategic plans it laid out in 2018</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Its long-term strategy included, for the year
2019, a reversal of the declining trend of its profitability. BRF surpassed this objective by increasing its gross margin, from 16.1%
in 2018 to 24.1% in 2019, as a result of the growth of its net revenue by more than R$3.258.559 million or 10.8% in the period.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s financial performance in
2019 consolidated the reduction in net financial leverage, measured by the ratio between net debt and Adjusted EBITDA. The free cash flow
generated in 2019, associated with resources from asset sales in Argentina, Europe and Thailand, reduced net debt from R$15.6 billion
in 2018 to R$13.3 billion in 2019, with an average term for 4.6 years. Adjusted EBITDA from continuing operations, in turn, expanded from
R$2.5 billion to R$5.3 billion in the period, an increase of 116.0%. Consequently, the net leverage indicator was reduced to 2.50x, below
the 5.12x reported at the end of 2018 and approaching the long-term target of 1.5x to 2.0x. Even if the effects arising from the adoption
of IFRS 16 on 2019 Adjusted EBITDA were excluded, the Company&rsquo;s net financial leverage would have reached 2.83x. This performance
allowed the prospects for the Company&rsquo;s credit ratings to be raised by the rating agencies S&amp;P and Moody&rsquo;s.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In Brazil, the Company&rsquo;s performance
has evolved since early 2019 and in 4Q19 on the back of successful commercial execution, a reduction in out-of-stock levels due to improved
logistics efficiency, strict control of inventory levels, product mix optimization, and the profitability of sales channels. The commemorative
season campaign posted its best performance since 2015.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In the Halal market, the Company continue to
face hurdles that have affected us since 3Q19: shipping restrictions from Turkey to Iraq, impacting our Banvit subsidiary, and halted
operations at the Abu Dhabi food processing plant that serves the Saudi market. The Company promptly redirected volumes to adjacent markets,
sustaining the added volume sold in the Halal market. On February 16, 2020, the Company received news that Saudi Arabia&rsquo;s sanitary
authority temporarily halted operations at our plants in the State of Paran&aacute;, Dois Vizinhos and Francisco Beltr&atilde;o. The Company
promptly began our protocol to redirect production to five other licensed plants to serve Saudi Arabia; at the same time, the company
conducted negotiations with Saudi representatives to clarify any questions and reverse this decision. The Company remain committed to
pursuing growth and leadership in this market, as evidenced by another food processing plant (as announced in October 2019), which is
set to receive an investment totaling approximately US$120 million. These measures will help us consolidate our footprint and create value
in the region.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In Other International Markets, the company
sustained the favorable dynamics from the 3Q19, mainly deriving from Asian demand due to the advance of African swine fever. In 2019,
the Company advanced our initiatives to expand to other markets with a highlight to the plants approved to serve China &ndash; Lucas do
Rio Verde/MT (poultry and swine), Lajeado/RS (swine) and Campos Novos/SC (piglet).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company had a consolidated net revenue
from continuing operations of R$33,446,980 (10.8% above 2018). The growth is related to the better performance in all regions. The operating
results, measured by the Income before financial results and income taxes, was R$2,952,773, with a net profit of R$1,213,261. Including
the results of the discontinued operations the consolidated net profit was R$297,452</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company's net debt stood at R$13,268,963,
15.4% lower than 2018, impacted by the cash provided by operating activities, partially offset by non-cash effects (foreign exchange)
and by the effect of the discontinuation of the divested companies in 2019.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Net financial expenses totaled R$1,865,399
in 2019, 16.8% lower compared to the same period of the previous year.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">As of December 31, 2019, the Company&rsquo;s
shareholders&rsquo; equity totaled R$8,148,349, above the R$7,531,777 recorded on December 31, 2018, due to the accumulated profit and
other comprehensive income earned in the period.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>2018</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">2018 was the most challenging year in BRF's
10-year history and tested its ability to react and respond. It was also the year in which the company carried out one of the largest
sets of management, assets and financial adjustments in our history, laying the foundations for the Company's recovery.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Protectionist measures that closed important
import markets, the pressure of costs in a domestic market where it was not possible to transfer prices and the strike of the truck drivers
are among the main external elements of this period. The problems in our governance, the extensive de-structuring of teams, systems and
processes and a second phase of a federal police investigation were other elements to compose this challenging scenario. The most visible
consequences in our business that the Company had to face during 2018 were the fall in our margins, a high increase in our indebtedness
and the constitution of much higher Inventory of raw material than the desirable level. If the Company exclude these non-recurring factors,
our negative result would be much lower.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company recognize that the results of 2018
were far from expected. They evidently do not reflect our vision on the maximum potential of value creation for the Company and its shareholders.
But, even so, 2018 was a key year for the Company's rebuilding as well as the beginning of its recovery because it was when the seeds
of structural change were planted regarding strategy and operation.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company had a consolidated net revenue
of R$30,188.4 million (6.6% above 2017), with emphasis on commercial units in Brazil and Halal. The operating result, measured by EBIT,
was R$206.3 million, with a net loss of R$2,114.5 million. If the result of discontinued operations were included, the consolidated net
loss would be R$4,466.2 million, mainly due to the result of the impairment of discontinued operations and V&aacute;rzea Grande, in the
amount of R$2,533 million.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s net debt totaled R$15,610.0
million, 17.3% above that recorded in 2017, impacted by the financial effects of gross debt, as well as free cash consumption in 2018.
This increase resulted in a net debt <I>pro-forma </I> on 5.12x 12-month adjusted EBITDA at the end of the 2018 period.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Net financial expenses totaled R$2,241.5 million
in 2018, 19.1% higher than in the same period last year.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">As of December 31, 2018, the Company&rsquo;s
shareholders&rsquo; equity totaled R$7,531.8 million, compared to the R$11,712.8 million recorded on December 31, 2017, due to the accumulated
loss for the year, as well as the lower reserve profit in the period.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; background-color: white"><B><U>Analysis of the impacts of COVID-19</U></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">As described in the risk factor contained in
item 4.1 of this Reference Form, entitled &quot;Pandemics or outbreaks of human diseases, such as the new coronavirus (COVID-19), can
cause changes in consumption and trade patterns, in supply chains and in production processes, as well as causing interruptions in production
and product shipments, which may significantly impact the Company's operations and operating results&quot;, as well as detailed in item
10.9 the Company's business, operations and financial conditions may be materially and adversely affected by the spread of epidemics,
pandemics or other public health crises, including the new coronavirus (COVID-19).</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>b. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
structure</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On December 31, 2020, the Company's capital
structure comprised 28% of own capital<SUP>1</SUP> and 72% of third-party capital.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On December 31, 2019, the Company's capital
structure comprised 30% of own capital<SUP>1</SUP> and 70% of third-party capital.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On December 31, 2018, the Company's capital
structure comprised 25% of own capital and 75% of third-party capital.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company's financing model is based on the
use of its own resources and the capital of third parties, this latter consisting of loans from financial institutions or issues on the
debt market. More information about the Company&acute;s use of capital from third parties can be obtained from item 10.1.f below.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">__________________</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT><SUP><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></SUP><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">The representativeness of the own capital is measured
by the relation between Shareholders&rsquo; Equity and the total Indebtedness plus Shareholders&rsquo; Equity.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
capacity in relation to financial commitments</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Considering that 93.7% of gross indebtedness
in 2020 was long-term and that the Company maintains cash and cash equivalents of R$8.235.361 thousand compared to its short-term financial
commitments, equivalent to R$1.444.953 thousand, the Company assesses its capacity of payment as comfortable. In addition, cash and cash
equivalents are sufficient to pay financial commitments until 2025.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s debt maturity schedule
as of December 31, 2020 is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 77%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Consolidated</B></P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>(thousands of R$)</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>12.31.20</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,059,984 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,114,622</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,569,063 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,782,687 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-bottom: 12pt; padding-left: 3.5pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">599,266</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2026 onward</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,278,804 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>22,404,426 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B>d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sources
of financing for working capital and investments in non-current assets</FONT></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s main sources of liquidity
have been the generation of cash from its operating activities, loans and other financing. In the last three financial years, the Company
raised funds through loan and financing operations with the financial and capital markets, which were used to finance its working capital
needs and short and long-term investments (see item 10.1 .f for details on relevant loan and financing contracts).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing
sources for working capital and investments in non-current assets that intends to use for coverage of liquidity shortfalls</B></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company will contract new loans and financing
from the financial and capital markets when it identifies the need for additional resources to finance the long-term investment plan or
with the objective of continuing to improve its debt profile. Whenever possible, the Company will prioritize long-term funding and attractive
costs for specific purposes.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company believes that these sources of
financing will be sufficient to cover its working capital and investment needs in the normal course of its business.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt
levels and characteristics of such debts</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s main source of indebtedness
is the raising of funds to finance its investments in Property, plant and equipment and working capital. In 2020, the Company&rsquo;s
loans and financing amounted to R$ 22,404.4 million, of which R$ 6,665.3 million were denominated in local currency and R$ 15,739.1 million
in foreign currency, primarily in US dollars. In 2019, the Company&rsquo;s loans and financing totaled R$ 18,620.3 million, of which R$
7,613.8 million were denominated in local currency and R$ 11,006.5 million in foreign currency, primarily in US dollars. In 2018, the
Company&rsquo;s loans and financing totaled R$ 22,165.4 million, of which R$ 10,627.1 million were denominated in local currency and R$
11,538.3 million in foreign currency, primarily in US dollars.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company uses the net resources obtained
through financing for capital expenditures, expenses associated with the production process and for maintaining available liquidity. The
table below shows the Company&rsquo;s indebtedness (according to the type of debt and currency) net of cash, cash equivalents and negotiable
securities for the indicated financial years:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="border-bottom: Black 0.25pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>On December 31
    </B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="border-bottom: Black 0.25pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Short term on
    December 31, 2020</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="border-bottom: Black 0.25pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Long-term on December
    31, 2020</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="border-bottom: Black 0.25pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2020</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="border-bottom: Black 0.25pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2019</B></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="border-bottom: Black 0.25pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2018</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: -5.85pt; padding-left: 5.75pt; text-align: center; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>(in thousands of <I>&nbsp;</I>Reais)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.25pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total debt&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(1,059,984)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(21,344,442)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(22,404,426)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(18,620,279)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(22,165,444)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.25pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Derivative financial assets and liabilities, net&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(7,213)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(493)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(7,706)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">91,700</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(52,696)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.25pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Cash, cash equivalents and marketable securities:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.25pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Local currency&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,091,829 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">39,401</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,460,763</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,050,956</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,341,288</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.25pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Foreign currency&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,798,955</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">329,533 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,798,955</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,208,657</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,187,555</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.25pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><U>&nbsp;7,890,784 </U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><U>368,934</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><U>8,259,718 </U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><U>5,259,613 </U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><U>6,528,843 </U></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.25pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Net Debt&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; text-underline-style: double"><U>&nbsp;6,823,587 </U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; text-underline-style: double"><U>(20,976,001)</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; text-underline-style: double"><U>(14,152,414)</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; text-underline-style: double"><U>(13,268,966)</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; text-underline-style: double"><U>(15,689,297) </U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The following table presents an additional
breakdown of the Company&acute;s debt by type:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 36%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Short-Term Debt as of December 31, 2020 (1)</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Long-Term Debt as of December 31, 2020</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total Debt as of December 31, 2020</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total as of December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total as of December 31, 2018</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(In thousands of Reais)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Credit Lines from Development Banks</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">45,516</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">264,545</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Debentures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">52,087</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,969,918</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,022,005</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">755,760</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Export Credit Lines</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20,845</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,387,852</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,408,697</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,612,365</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,625,327</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Working Capital Credit Lines</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">368,681</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">368,681</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,312,639</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,863,023</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">PESA Loan</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">284,308</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">273,426</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Agribusiness Receivables Certificate</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(1,592)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">822,685</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">821,093</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,597,447</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,597,502</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Fiscal Incentives</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">44,816</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">44,816</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,720</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,317</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Local currency</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>484,837</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>6,180,455</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>6,665,292</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>7,613,755</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>10,627,140</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Export Credit Lines</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">132,801</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">259,835</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">392,636</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">407,275</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,383,192</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Bonds</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">215,218</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14,614,775</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14,829,993</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10,407,484</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9,746,446</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Currency contract advances</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">214,192</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Working Capital Credit Lines</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">227,128</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">289,377</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">516,505</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">191,765</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">194,474</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Foreign currency</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>575,147</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>15,163,987</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>15,739,134</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>11,006,524</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>11,538,304</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B><U>Total:</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B><U>1,059,984</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B><U>21,344,442</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B><U>22,404,426</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B><U>18,620,279</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B><U>22,165,444</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 8pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><SUP>(1)</SUP> The negative amount refers to deferred issuance
costs.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The following tables present selected information
on the Company&rsquo;s debt value in the last three financial years:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Current and Non-current Loans and Financing
2020-2019</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(R$ thousands)</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 18%; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 9%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 7%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 9%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 8%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 8%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 7%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 9%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Charges (p.a.)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Weighted average interest rate (p.a.)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>PMPV <SUP>&nbsp;(1) </SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Balance 12.31.19</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Taken</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Amortization</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Interest paid</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Appropriate interest</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Var. Exchange</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Balance 12.31.20</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Local currency</B></FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Working capital</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed / CDI </FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3.25% (6.07% on 12.31.19)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">0.6</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3,312,639</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,200,000</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(3,947,237)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(340,227)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">143,506</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">368,681</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Agribusiness Receivables Certificate</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">CDI / IPCA </FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">10.21% (6.73% on 12.31.19)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,597,447</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(780,000)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(100,932)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">104,578</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">821,093</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Credit lines from development banks</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed / Selic / TJLP</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(5.09% on 31.12.19)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">45,516</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(45,470)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(427)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">381</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Debentures</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">CDI / IPCA</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">8.28% (7.40% on 12.31.19)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">7.7</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">755,760</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">2,124,725</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(38,339)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">179,859</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3,022,005</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Export Facility Lines</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">CDI</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3.69% (5.83% on 12.31.19)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">6.8</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,612,365</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,490,809</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(1,113,176)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(111,498)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">152,968</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">377,229</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">2,408,697</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">PESA Loan</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">IGPM </FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(12.22 on 31.12.19)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">284,308</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(287,621)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(5,142)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">8,455</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Fiscal Incentives</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">2.40% (2.40% on 12.31.19)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">5,720</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">73,671</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(34,609)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(667)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">701</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">44,816</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>7,613,755</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>4,889,205</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(6,208,113)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(597,323)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>590,448</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>377,229</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>6,665,292</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Foreign currency</B></FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><I>Bonds</I></FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed +&nbsp;&nbsp;USD and EUR</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">4.81% (4.36% on 12.31.19)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">12.4</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">10,407,484</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">4,282,961</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(3,010,421)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(760,879)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">881,137</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3,029,711</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">14,829,993</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Export credit lines</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">LIBOR + USD</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3.13% (5.77% on 12.31.19)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">2.2</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">407,275</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(118,113)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(20,686)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">17.,627</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">106,533</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">392,636</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Currency contract advances</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed + USD</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">529,211</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(529,210)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Working capital</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed + TRY</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">10.98% (16.56% on 12.31.19)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">191,765</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">718,956</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(381,502)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(42,742)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">46,704</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(16,676)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">516,505</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>11,006,524</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>5,531,128</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(4,039,246)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(824,307)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>945,468</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>3,119,567</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>15,739,134</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>18,620,279</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>10,420,333</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(10,247,359)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(1,421,539)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>1,535,916</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>3,496,796</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>22,404,426</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Short Term</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>3,132,029</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>1,059,984</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Long-Term</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>15,488,250</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>21,344,442</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Current and Non-current Loans and Financing
2019-2018</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(R$ thousands)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 19%; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 9%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 6%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 9%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 8%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 8%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 7%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 9%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Charges (p.a.)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Weighted average interest rate (p.a.)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>PMPV <SUP>&nbsp;(1) </SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Balance 12.31.18</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Taken</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Amortization</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Interest paid</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Appropriate interest</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Var. Exchange</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Balance 12.31.19</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Local currency</B></FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Working capital</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed / CDI </FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">6.07% (7.78% on 12.31.18)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1.2</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">5,863,023</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,193,616</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(3,745,967)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(421,600)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">423,567</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3,312,639</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Agribusiness Receivables Certificate</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">CDI / IPCA </FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">6.73% (6.08% on 12.31.18)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">2.5</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">2,597,502</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(999,905)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(139,633)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">139,483</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,597,447</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Credit lines from development banks</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed / Selic / TJLP</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">5.09% (6.16% on 12.31.18)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">0.3</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">264,545</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(223,077)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">7,005</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">11,053</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">45,516</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Debentures</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">CDI / IPCA</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">7.90</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">6.2</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">742,250</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(15)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(16,372)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">29,897</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">755,760</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Export Facility Lines</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">CDI</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">5.83% (9.02% on 12.31.18)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">8.7</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,625,327</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(22,403)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">31,700</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(108,845)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">149,986</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,612,365</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">PESA Loan</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">IGPM </FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">12.22% (12.45 on 12.31.18)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">0.2</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">273,426</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">8,554</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">19.436</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">284,308</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Fiscal Incentives</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">2.40% (2.40% on 12.31.18)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3,317</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">70,203</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(67,805)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(570)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">575</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">5,720</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>10,627,140</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>1,983,666</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(5,068,469)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(702,579)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>773,997</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>7,613,755</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Foreign currency</B></FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><I>Bonds</I></FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed +&nbsp;&nbsp;USD and EUR</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">4.36% (4.07% 12.31.18)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">6.0</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">9,746,446</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3,082,040</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(2,906,635)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(504,774)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">648,991</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">341,416</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">10,407,484</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Export credit lines</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">LIBOR + USD</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">5.54% (2.47% on 12.31.18)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3.2</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,383,192</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(948,646)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(31,277)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">28,937</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(24,931)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">407,275</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Currency contract advances</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed + USD</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(4.67% on 12.31.18)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">214,192</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">92,750</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(327,469)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">10,249</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">12,831</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">17,945</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Working capital</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed + TRY</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">16.56% (21.91% on 12.31.18)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">194,474</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">240,702</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(229,919)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(41,974)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">42,237</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(13,755)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">191,765</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>11,538,304</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>3,415,492</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(4,412,669)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(588,274)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>732,996</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>320,675</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>11,006,524</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>22,165,444</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>5,399,158</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(9,481,138)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(1,290,853)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>1,506,993</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>320,675</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>18,620,279</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Short Term</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif; margin: 0 1.65pt 0 0; text-align: right"><B>-4.547.389</B></P>
    <P STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif; margin: 0 1.65pt 0 0; text-align: right"><B>-17.618.055</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>3,132,029</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Long-Term</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>15,488,250</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Current and Non-Current Loans and Financing
2018-2017</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(R$ thousands)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 19%; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 7%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Charges(p.a.)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 7%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Weighted average interest rate (p.a.)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 3%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>PMPV <SUP>&nbsp;(1) </SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 5%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Current</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 7%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 6%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Balance 12.31.18</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>operations</B></FONT></TD>
    <TD STYLE="width: 4%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Lib Apl</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Amort / Resg</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Interest paid / Received</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Appropriate interest</B></FONT></TD>
    <TD STYLE="width: 4%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Sum of fair value</B></FONT></TD>
    <TD STYLE="width: 4%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Var. Cab.</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Var. Monet.</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Balance 12.31.17</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Local currency</B></FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Working capital</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fiza Rate / 118% of CDI (7.78% on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">7.78% (7.78% on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1.7</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,695,390</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">4,167,633</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">5,863,023</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">4,431,145</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(1,235,896)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(149,702)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">262,113</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">2,555,363</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Credit export facility</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">109.45% of the CDI (100.35% on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">9.02% (6.91% on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3.2</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">39,294</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,586,033</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,625,327</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,621,124</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(1,850,000)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(188,743)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">153,747</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,889</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Credit lines from development banks</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed Rate / Selic / TJLP + 1.25% (Selic / Fixed Rate / TJLP + 1.48% on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">6.16% (6.78% on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1.1</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">220,414</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">264,198</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">264,545</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(315,113)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(20,346)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">29.929</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">570,082</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Bonds</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">7.75% (7.75% on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">7.75% (7.75 on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">0.1</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(500,000)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(19,375)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">15,573</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">503,802</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">PESA Loan</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Fixed Rate / IGPM + 4.90% (Fixed Rate / IGPM + 4.90% on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">12.45% (4.36 on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1.4</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3.761</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">269,665</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">273,426</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">8,101.</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">32,161</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">249,366</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Fiscal Incentives</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">2.40% (2.40% on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">2.40 (2.40% on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">0.5</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3,317</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3,317</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">57,246</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(57,500)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(445)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">451</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3,566</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Agribusiness Receivables Certificate</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">96.40% OF cdi / ipca + 5.897% (96.5 CDI / IPCA 5.897 on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">6.08% (7.41% on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,114,904</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,482,598</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">2,597,502</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(996,985)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(223,143)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">245,978</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3,571,652</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>3,077,080</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>7,550,060</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>10,627,140</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>6,109,515</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(4,955,500)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(609,855)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>739,951</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>9,343,030</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Foreign currency</B></FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Bonds</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">4.07% (4.08% 31.12.17) + u UR$, EUR and ARS</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">4.07% (4.08% 31.12.17) + u UR$, EUR and ARS</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">4.8</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">99,568</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">9,646,878</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">9,746,446</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(87,113)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(14,791)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(466,552)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">506,484</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,278,498</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">8,529,919</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Export credit lines</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">Libor + 0.25% (LIBOR = 1.85% on 12.31.17) + u UR$</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">2.47% (3.35% on 12.31.17) + u UR$</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">0.8</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">998,730</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">384,462</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1,383,192</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">8,395</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(1,067,367)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(75,878)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">67,621</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">299,692</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">2,150,727</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Working capital</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">0.00% (23.10% 31.12.17) + vc ARS / + vc USD</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">0.00% (23.10% 31.12.17) + vc ARS / + vc USD</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(68,660)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">813,279</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(898,283)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3,623</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">46.025</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(56,616)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">167,888</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Credit lines from development banks</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">0.00% (6.22% on 12.31.17) + vc US$ and other currencies</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3,850</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(192)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">471</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">3,572</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other guaranteed debts and leases</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">0.00% (0.00% 31.12.17) + vc ARS</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">0.00% (0.00% 31.12.17) + vc ARS</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Currency contract advances</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(4.67% + vc UR$)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(4.67% + US$ VC)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">0.8</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">214,192</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">214,192</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">208,474</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">1.077</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">4,641</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Working capital</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">21.91% + VC try (15.95% vc TRY on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">21.91% + vc TRY (15.95% + vc TRY on 12.31.17)</FONT></TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">0.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">157,819</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">36,655</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">194,474</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">193,058</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(216,610)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(21,057)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">35,934</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">(46,091)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif">249,240</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>1,470,309</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>10,067,995</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>11,538,304</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(155,773)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>1,223,206</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(2,220,902)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(567,311)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>657,612</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>1,480,123</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>11,101,346</B></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 19%; padding-right: 1.65pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 1.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 1.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>4,547,389</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 7%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>17,618,055</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 6%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>22,165,444</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 8%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(155,773)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 4%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>7,332,721</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 6%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(7,156,402)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>(1,177,166)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 6%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>1,397,563</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 4%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 4%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>1,480,123</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 3%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 6%; border-bottom: Black 1pt solid; padding-right: 1.65pt; text-align: right"><FONT STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif"><B>20,444,376</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

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


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>i. Relevant loan and financing contracts</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The main debt instruments in effect at December
31, 2020 are described below.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Debt in Domestic Currency</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Development Bank Credit Lines</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>BNDES FINEM Credit Lines.</I> During the
year of 2020, the Company had outstanding obligations with the BNDES<I>, </I> including loans obtained under the FINEM program . Loans
with BNDES were signed to finance the acquisition of machinery and equipment, as well as the construction, improvement and expansion of
production facilities. The principal and interest on these loans were generally paid monthly. The principal amount of the loans was denominated
in reais with interest rates subject to variations in the TJLP and Selic. These loans are included in the &ldquo;Development bank credit
line - Local currency&rdquo; line in the tables above. All credit lines with development banks were liquidated during the year 2020.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Working Capital Credit Lines</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Rural Credit Financing. The Company has short-term
loans in the amount of R$ 368,681 thousand as of December 31, 2020 with commercial banks that, under a Federal Government program, offer
attractive interest rates focused on encouraging rural activities with maturities in 2021. The proceeds of these loans are generally applied
and are included in the &ldquo;Working capital - Local currency&rdquo; line of the tables above. For 2020, the Company prepaid part of
these loans, totaling R$ 2,200,000 thousand. These credit lines are included in the &ldquo;Working capital - local currency&rdquo; line
in the table above.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Export Credit Lines</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Export pre-financing lines</I>. The Company
has an export pre-financing line with a total balance of R$&nbsp;2,408,696 thousand as of December 31, 2020. Indebtedness under these
credit lines is denominated in reais with maturity dates between 2022 and 2028. These loans are included in the line &ldquo;Export credit
line - Local currency&rdquo; in the tables above.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Fiscal Incentives</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>State Fiscal Incentives</I>. The Company
also has credits offered under state tax incentive programs to promote investment in these states, with a balance of R$ 44.8 million on
December 31, 2020. Under these programs, the Company was granted credit proportional to the ICMS payment generated by investments in the
construction or expansion of production units in these states. These credits have a 20-year term and fixed interest rates. These credit
lines are included in the &ldquo;Fiscal Incentives - Local currency&rdquo; line in the tables above.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><I>Agribusiness
Receivables Certificate </I></FONT><I>(&quot;<U>CRA</U>&quot;) </I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On December 16, 2016, the Company concluded
the issuance of CRA linked to the public offering for distribution of the 1st and 2nd Series of the 1st Issue of Vert Companhia Securitizadora,
in the amount of R$ 1,500,000, net of interest. The 1st Series issue totaled R$ 780 million at the cost of 96.00% of the Interbank Deposit
rate, with the principal maturing in a single installment on December 16, 2020 and interest paid every 8 months. The issue of the 2nd
Series, in turn, totaled R$ 720 million, at a cost of 5.8970% pa adjusted by the IPCA variation, with the principal maturing in a single
installment on December 18, 2023 and interest paid every 16 or 18 months. The CRAs are backed by credits arising from the Company&rsquo;s
exports contracted with BRF Global GmbH and BRF Foods GmbH and were assigned and / or pledged to the said securitizer. On August 15,
2017, the CRA related to the 1st. Series were transferred to the company SHB Com&eacute;rcio e Ind&uacute;stria de Alimentos SA (&ldquo;SHB&rdquo;),
a subsidiary of the Company, based on exports between SHB and BRF Foods GmbH. The conditions negotiated on the issue date remain in effect.
On December 31, 2018, the CRAs of the 1st Series were transferred to BRF, due to the merger of the company SHB Com&eacute;rcio e Ind&uacute;stria
de Alimentos SA This operation is included in the line &ldquo;Certificate of Agribusiness Receivables - Local currency&rdquo; in the
tables above . As of December 31, 2020, the outstanding balance of this line totaled R$ 821.094 thousand.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>1st Issuance of Debentures (&ldquo;<U>Debentures</U>&rdquo;)</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On April 30, 2019, 750,000 Debentures with
a nominal unit value of R$ 1,000.00 were subscribed, totaling the amount of R$ 750,000 thousand, being issued in 3 series. Debentures
are simple, not convertible into shares, unsecured and with restricted efforts. The 1st series has an amount of R$&nbsp;70,000 thousand,
remunerated at CDI + 0.80% with payment of semiannual interest and single maturity of principal in 2022. The 2nd series has an amount
of R$ 411,732 thousand, remunerated at IPCA + 5.50% with semiannual interest payment and principal maturing in 2025 and 2026. The 4th
series has an amount of R$268,268 thousand remunerated at CDI + 1.45% with semiannual interest payment and maturity of principal in 2025
and 2026. The balances for the 1st, 2nd and 4th series totaled, respectively, R$&nbsp;70,105 thousand, R$&nbsp;432,626 thousand and R$&nbsp;268,406
thousand, on December 31, 2020.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>2st Issuance of Debentures (&ldquo;<U>Debentures</U>&rdquo;)</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On July 14, 2020, 2,200,000 Debentures with
a nominal unit value of R$ 1,000.00 were subscribed, totaling R$ 2,200,000 thousand, being issued in 2 series. Debentures are simple,
not convertible into shares, unsecured and with restricted efforts. The 1st series has an amount of R$ 705,000 thousand remunerated at
IPCA + 5.30% with semiannual interest payment and single maturity of principal in 2027. The 2nd series has an amount of R$ 1,495,000 thousand
remunerated at IPCA + 5.60 % with semiannual interest payments and maturity of principal in 2028, 2029 and 2030. The balances for the
1st and 2nd series totaled, respectively, R$ 724,110 thousand and R$ 1,526,757 thousand, on December 31, 2020.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Debt in Foreign Currency</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Export Credit Lines</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I><U>Export Prepayment facilities</U></I>.
The Company has one export pre-financing line, with a total balance of R$&nbsp;392.636 thousand, as of December 31, 2020. Indebtedness
under this credit line is generally denominated in US dollars, with maturity dates between 2021 and 2023. The interest on these lines
accrues in the period of six and twelve months and is equivalent to LIBOR plus spread. Within this line, the Company received a loan from
one or more creditors guaranteed by receivables related to the export of its products to specific customers, as in all operations of this
nature.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Working Capital Credit Lines</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I><U>Working capital in foreign currency </U></I>
.. These are funds obtained from international financial institutions, used mainly as working capital mainly from subsidiaries located
in Turkey, in the amount of R$ 516.504 thousand and with maturities throughout 2021, 2022 and 2023. These credit lines are included in
the &ldquo;Working capital - foreign currency&rdquo; line of the tables above.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Titles - Bonds </I></P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><I>Senior Notes BRF 2022</I>: On June
6, 2012, the Company issued Senior Notes in the total notional amount of US$ 500.0 million, nominal interest rate of 5.88% pa, effective
rate of 6.00% pa and maturity on June 6, 2022. On June 26, 2012, the Company raised an additional US$ 250.0 million, with a nominal interest
rate of 5.88% pa and an effective rate of 5.50% pa On May 28, 2015, the Company concluded a repurchase offer in the amount of US$ 577,130
thousand, so that the remaining balance totaled US$ 172,870 thousand, with the premium paid on the transaction, net of interest, in the
amount of US$ 79,355 thousand (equivalent to R$ 251,936 thousand). On September 14, 2016, the Company finalized a repurchase offer in
the amount of US$ 54.208 thousand, with the transaction premium, net of interest, in the amount of US$ 5.692 thousand (equivalent to
R$ 18.933 thousand). On September 18, 2019, the Company finalized a repurchase offer in the amount of US$ 9,350 thousand, with the premium
paid US$ 362 thousand (equivalent to R$ 1,484 thousand), net of interest. On July 24, 2020, the Company finalized a repurchase offer
in the amount of US$ 27.190 thousand, with the premium paid US$ 1.360 thousand (equivalent to R$ 7.089 thousand), net of interest. On
September 21, 2020, the Company finalized a repurchase offer in the amount of US$ 11,194 thousand, with the premium paid US$ 672 thousand
(equivalent to R$ 3,742 thousand), net of interest. This premium, paid to <FONT STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif">the
holders of existing securities, was recorded as a financial expense. As of December 31, 2020, there were US$ 70,928 thousand (equivalent
to R$ 368,591 thousand) outstanding of these securities.</FONT></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Senior Notes BRF 2023: </I> On May 15, 2013,
the Company made a 10-year bond offering abroad, in the total amount of US$ 500.0 thousand, with the principal maturing on May 22, 2023
<I>(&ldquo;<U>Senior Notes BRF 2023</U>&rdquo;</I>), Issued with a coupon (interest) of 3.95% per year (<I>yield to maturity </I> 4.135%),
paid semi-annually, as of November 22, 2013. On September 18, 2019, the Company finalized a repurchase offer in the amount of US$ 154.0
million, with the premium paid US$ 1.7 million (equivalent to R$ 7.1 million), net of interest. On July 24, 2020, the Company finalized
a repurchase offer in the amount of US$ 60.6 million, with the premium paid US$ 1.1 million (equivalent to R$ 5.8 million), net of interest.
On September 21, 2020, the Company finalized a repurchase offer in the amount of US$ 51.4 million, with the premium paid US$ 1.9 million
(equivalent to R$ 10.4 million), net of interest. This premium, paid to the holders of existing securities, was recorded as a financial
expense. As of December 31, 2020, there were US$ 234.0 million (equivalent to R$ 1,216.2 million) outstanding on these securities.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Senior Notes BRF 2024: </I> On May 15, 2014,
the Company concluded an offer of <I>Senior Notes </I> 10 years, in the total amount of US$ 750.0 million, with the principal maturing
on May 22, 2024 (<I><U>Senior Notes BRF 2024</U>&rdquo;</I>), Issued with a coupon (interest) of 4.75% per year (<I>yield to maturity
</I> 4.952%), to be paid semi-annually, as of November 22, 2014. On September 18, 2019, the Company finalized a repurchase offer in the
amount of US$ 232.1 million, with the premium paid US$ 9.2 million (equivalent to R$ 37.9 million), net of interest. On July 24, 2020,
the Company finalized a repurchase offer in the amount of US$ 64.1 million, with the premium paid US$ 2.0 million (equivalent to R$ 10.4
million), net of interest. On September 21, 2020, the Company finalized a repurchase offer in the amount of US$ 158.4 million, with the
premium paid US$ 10.4 million (equivalent to R$ 57.7 million), net of interest. This premium, paid to the holders of existing securities,
was recorded as a financial expense. As of December 31, 2020, there was US$ 295,363 thousand (equivalent to R$ 1,534,913 thousand) outstanding
on these securities.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Senior Notes BRF 2022:</I> On May 29, 2015,
the Company concluded <I>a Senior Notes offer</I> of seven years, totaling EUR500.0 million, with the principal due on May 3, 2022, with
a coupon (interest) of 2.75% a year (yield to maturity of 2.822%), payable annually, from June 3, 2016. On September 18, 2019, the Company
concluded a tender offer in the amount of EUR175.2 million, with a premium paid EUR8.5 million, net of interest. On July 24, 2020, the
Company finalized a repurchase offer in the amount of EUR119,061 thousand, with the premium paid EUR 1,786 thousand (equivalent to R$
10,836 thousand), net of interest. On September 21, 2020, the Company finalized a repurchase offer in the amount of EUR39,048 thousand,
with the premium paid EUR937 thousand (equivalent to R$ 6,092 thousand), net of interest. This premium, paid to the holders of existing
securities, was recorded as a financial expense. As of December 31, 2020, there were EUR166,672 thousand (equivalent to R$ 1,063,017 thousand)
outstanding on these securities.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Senior Notes BRF 2026:</I> On September
29, 2016, the Company, through its wholly owned subsidiary BRF GmbH, concluded the offer of Senior Notes of 10 (ten) years, in the total
amount of US$ <I>500,0</I>, with the principal <I>due on September 29, 2026, with a coupon (interest) of 4.35% p.a. (yield to maturity
of 4.625%), to be paid semi-annually, </I>as of March 29, 2017. On September 14, 2020, the Company finalized a repurchase offer in the
amount of US$ 718 thousand, with the premium paid US$ 28 thousand (equivalent to R$ 151 thousand), net of interest. This premium, paid
to holders of existing securities, was recorded as a financial expense. As of December 31, 2020, there was US$ 499,282 thousand (equivalent
to R$ 2,594,619 thousand) the outstanding on these securities.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Senior Notes BRF 2030: </I> On
September 24, 2019, the Company concluded the offering of Senior Notes in the total amount of US$ 750.0 million, with the principal
maturing on January 24, 2030, issued with a coupon (interest) of 4.875% per year. <FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">As
of December 31, 2020, there was US$ 750.0 million (equivalent to R$ 3,897.5 million) outstanding of these securities. </FONT></P>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Senior Notes BRF 2050: </I> On September
21, 2020, the Company concluded the offering of Senior Notes in the total amount of US$ $ 500.0 million, with the principal maturing on
September 21, 2050, issued with a coupon (interest) of 5.75% per year. On October 24, 2020, the Company issued an adicional amount of
US$ 300.000 thousand issued with a coupon (interest) of 5.75% per year. As of December 31, 2020, there was US$ 800.0 million (equivalent
to R$ 4,157.4 million) outstanding on these securities.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Derivatives </I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Within the scope of the Financial Risk Management
Policy, in order to protect the Company against the uncertainties in the prices of risk factors (currencies, commodities and interest),
the Company entered into currency derivative contracts that had a fair value receivable of R$ 151,000 thousand, commodity derivative contracts
that had a fair value payable of R$ 144,057 thousand and interest derivative contracts that had a fair value payable of R$ 14,649 thousand
on December 31, 2020 with several financial institutions on different maturity dates. These transactions do not require additional guarantees.</P>

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

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Other credit lines</I></B></P>

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

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Revolving lines of credit</I> In order to maintain
a prudent and sustainable short-term liquidity position and in continuity with the strategy of extending the average maturity and reducing
the cost of its debts, on December 27, 2019, the Company contracted a revolving credit line with Banco do Brasil in the amount of up to
R$ 1,500,000, maturing in three years. On October 28, 2020, the Company contracted a second revolving credit line with Banco do Brasil
in the amount of up to R$ 1,500,000, maturing in three years. These credit lines may be disbursed in full or in part at the discretion
of the Company, when necessary. As of December 31, 2020, said credit lines were available, but had not been used.</P>

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

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>ii. Other long-term relationships with financial
institution</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company has agreements with financial institutions
whose objective is to facilitate access to credit for its partner rural producers for the construction of aviaries, farms and adjustments.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">It also has agreements that seek to facilitate
access to credit for its suppliers who wish to prepay receivables from the Company.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Finally, the Company has operations with derivatives
that aim to hedge against exchange rate variations, commodity prices and interest rates, with no speculative purposes. These operations
are accounted for at their market value, in accordance with the accounting methodology of <I>hedge accounting</I>.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>iii. Degree of debt subordination</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">There is no degree of contractual subordination
between the Company&rsquo;s unsecured financial debts. Currently, the Company does not has financial debts that have real guarantees.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>iv. Any restrictions imposed on the issuer,
in particular, in relation to indebtedness limits and contracting new debt, distribution of dividends, disposal of assets, issuance of
new securities and the disposal of controlling interest</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s debts described in item
10.1 (f) have, as the case may be, covenants usual non-financial contracts entered into in the financial and capital markets, which may
cause the early maturity of one or more contracts due, for example: (i) the default by the Company, within defined limits, as the case
may be; (ii) the cross-default , from defined limits, as the case may be; (iii) restrictions on the distribution of dividends, in the
event of default; (iv) the restriction on the sale of assets, within</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">certain limits, excluding types of assets
and operations, as the case may be; (v) the sale of corporate control, etc. Such obligations are being met in accordance with the contractual
requirements. The Company does not have <FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">covenants in its contracts.</FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>g. Limits on contracted financing and percentages
already used</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">All financing contracts signed by the Company
have been fully disbursed, except for the Revolving Credit Facilities, mentioned above, which remained available according to an initial
balance of R$3,000.0 million, but not disbursed.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>h. Significant alterations in each item
of the financial statements</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>Financial year ended on December 31, 2020
compared with the financial year ended on December 31, 2019</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The following table presents audited financial
information for the financial years ended December 31, 2020 and December 31, 2019.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The results and cash flows from discontinued
operations are presented separately from the results of the Company&rsquo;s continued operations. Comparative periods have been re-presented.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In section 10.3, &ldquo; Events with relevant
effects, occurred <I>and expected, in the financial statements </I> &rdquo;, The results of discontinued operations are shown.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 44%; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(<I>In thousands of R$, except when %</I>)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.20 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>AV-% 31.12.20 (2)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.19 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AV.</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>12.31.19 (2)</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>% Change</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2020 X 2019</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Continuing operations</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>NET INCOME</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">39,469,700</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">33,446,980</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Cost of the Goods Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(29,998,822)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-76.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(25,370,042)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-75.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>GROSS PROFIT</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9,470,878</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">24.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,076,938</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">24.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>OPERATIONAL INCOME (EXPENSES)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(5,587,488)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-14.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(4,911,666)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-14.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">13.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">General and administrative</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(770,282)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-2.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(615,683)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">- 1.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">25.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Losses due to non-recoverability of assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(12,137)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(23,899)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-49.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other operating income (expenses), net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(254,178)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">428,820</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-159.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Income (loss) from associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(1,737)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-100.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Profit (loss) before financial result</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,846,793</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,952,773</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-3.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Financial expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(1,889,454)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-4.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(3,096,716)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-9.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-39,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Financial income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">420,757</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,304,187</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.90%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-67,7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Foreign&nbsp;exchange and monetary variations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(230,298)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(72,870)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0.20%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">216,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>&nbsp;INCOME (LOSS) BEFORE INCOME AND CONTRIBUTION TAXES&nbsp;&nbsp;SOCIAL SECURITY OF CONTINUED OPERATIONS </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,147,798</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.9%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,087,374</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.3%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Income tax and social contribution</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">242,271</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">125,887</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">92.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Net Income from Continued Operations</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,390,069</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.5%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,213,261</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.6%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Discontinued Operations</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Net Income from Discontinued Operations</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(915,809)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-2.7%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-100.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>NET INCOME (LOSS) FOR THE YEAR</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,390,069</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">297,452</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">367.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Net Income (Loss) Continued Operations Attributable to</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Controlling shareholders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,383,564</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,202,240</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">15.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Non-controlling shareholders</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6,505</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11,021</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-41.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,390,069</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,213,261</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14.6%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><SUP>(1) </SUP></B> Information extracted
from the Consolidated Financial Statements of December 31, 2020 and 2019.</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><SUP>(2) </SUP></B> Representativeness in
relation to Net Revenue.</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Net Revenue</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 40%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.20</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.19</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Restated 12.31.18</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Net revenue from sales</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Brazil</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">In natura</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,014,250</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,635,597</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,998,483</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Poultry</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,738,560</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,692,377</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,198,356</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Pork and others</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,275,690</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">943,220</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">800,127</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Processed</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">15,944,162</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,808,408</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,274,681</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other sales</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">26,707</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">45,474</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19,372</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20,985,119</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17,489,479</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">16,292,536</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Internacional</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">In natura</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14,570,620</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,605,846</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10,905,155</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Poultry</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,246,499</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11,262,954</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10,021,923</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Pork and others</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,324,121</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,342,892</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">883,232</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Processed</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,366,204</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,119,918</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,850,614</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other sales</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">303,370</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">173,630</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">312,902</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17,240,194</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14,899,394</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">13,068,671</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Other segments</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Others</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,244,387</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,058,107</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">827,214</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>39,469,700</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>33,446,980</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>30,188,421</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B></B></P>



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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s consolidated net revenue
increased R$6,022,720 thousand, or 18.0%, from R$33,446,980 thousand in 2019 to R$39,469,700 thousand in 2020, mainly due to:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">1. <U>Brazil </U> - Net revenue increased by
R$3,495,640 thousand or 20.0%, from R$17,489,479 thousand in 2019 to R$20,985,119 thousand in 2020. Such increase is the result of investments
in the Company brands, expansion of the portfolio of higher added value products, growth in new distribution&nbsp;channels and strengthening
of those, which the Company were being present, besides improvement of our level of services to your customers.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">2. <U>International </U> - Net revenue increased
by R$2,340,800 thousand or 15.7%, from R$14,899,394 thousand in 2019 to R$17,240,194 thousand in 2020. The main factors were: (i) an increase
in the participation of higher&nbsp;added value products; (ii) an increased number of licensed plants, with the&nbsp;intention of maximizing&nbsp;markets&nbsp;where&nbsp;the
Company operate, as well as the possibility&nbsp;of&nbsp;entering&nbsp;into new geographies and products; (iii) higher demand from the
Asian market on account of the African swine fever; and (iv) the depreciation of the Real against the US Dollar has favoured the prices
in Reais.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">3. <U>Other segments </U> - In 2020, net revenue
increased by R$186,280 thousand or 17.6%, from R$1,058,107 thousand in 2019 to R$1,244,387 thousand in 2020R$, mainly due to better prices
for the Ingredients business and higher volumes sold through our Global Desk.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Cost of Goods Sold</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2020, the cost of goods sold totaled R$29,998,822
thousand, an increase of 18.2% or R$4,268,780 thousand compared to 2019, which was of R$25,370,042 thousand. The increase is mainly due
to to increase in average price of grains, as well as the exchange rate devaluation which impacted the acquisition cost for inputs and
supplies.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Gross profit</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2020, the gross profit was of R$9,470,878
thousand, an increase of 17.3% or R$1,393,940 thousand compared to 2019, which was of R$8,076,938 thousnad. Gross margin remained stable
in 24.1% in 2019 and 24.0% in 2020, due to better operating results both in the Brazil and International segments.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Operating expenses </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2020, operating expenses increased R$818,659
thousand or 14.7%, as a result of: (i) expenditures related to prevention and control of the Covid-19 effects in our operations; (ii)
higher expenses denominated in Reais, in the International Market, due to exchange rate devaluation; and (iii) freight expenses in Brazil,
as a result of greater supply and demand for trucks. In relative terms, operating expenses represented 16.1% of net revenue in 2020, compared
to 16.6% in 2019, as a result of a strict control of expenditures in the period.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Other operating income (expenses), net</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2020, the Company had an expense of R$254,178
thousand, representing a decrease of R$682,998 thousand compared to 2019. In 2019 this revenue was mainly due to gains from lawsuits related
to the exclusion of ICMS from the PIS / COFINS calculation basis (explanatory note 9.2 to the financial statements of 2020).</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Equity in earnings</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2020, the Company have not recorded income
from associates and joint ventures and in 2019 the Company have recorded a loss of R$1,737 thousand. This variation was due to the sale
of the participation in the affiliate SATS BRF Food in Singapore in 2019.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Operating income</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2020, due to the factors described above,
the operating result was a profit of R$2,846,793 thousand, a decrease of R$105,980 thousand compared to 2019. The table below presents
the operating results by segment.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; text-align: justify"><FONT STYLE="font-size: 7pt">(<I>In thousands of R$</I>)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.20</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.19</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,081,150</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,818,813</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Internacional</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,100,212</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,275,285</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other segments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">197,233</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">109,138</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Subtotal</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>3,378,595</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>3,203,236</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><I>Corporate</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(531,802)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(250,463)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,846,793</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,952,773</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Net financial results</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In 2020, net financial expense totaled R$1,698,995
thousand, a decrease of 8.9% or R$166,404 thousand compared to 2019, which was of R$1,865,399 thousand, mainly due to: (i) positive impact
of the measurement of the put option written in the context of a business combination (put option Banvit) which was R$579,946 thousand,
and (ii) lower net&nbsp;interest on rights and obligations.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Income tax and social contribution</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2020, our income tax and social contribution amounted
to a revenue of R$242,271 thousand, an increase of 92.5% or R$116,384 thousand compared to 2019. The effective tax rate in 2020 was (21.1)%
compared to an effective rate of (11.6)% in 2019. This variation was primarily due to effects of differences in tax rates on results of
foreign subsidiaries, effect of foreign exchange variation in subsidiaries with different functional currencies and deferred tax assets
not recognized in 2020.</P>

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

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Net income</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In 2020, the total profit from continuing operations
was R$1,390,069 thousand, registering an increase of R$176,808 thousand compared to a profit of R$1,213,261 thousand in 2019. In 2019
considering discontinued operations, the total profit was R$297,452 thousand.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Comparison of the positions on December
31, 2020 and on December 31, 2019 of the statement of financial position accounts</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 44%; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(<I>In thousands of R$, except when %</I>)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.20 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>AV -% 12.31.20</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.19 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AV.</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>12.31.19</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>% Change</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2020 X 2019</B></P></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7,576,625</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">15.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,237,785</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">78.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Marketable securities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">314,158</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">418,182</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-24.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Trade and other receivables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,136,421</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,090,691</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">33.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Inventories</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6,802,759</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">13.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,887,916</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">75.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,129,010</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,603,039</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">32.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Recoverable taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">899,120</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">473,732</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">89.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Recoverable income taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">43,840</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">152,486</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-71.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">377,756</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">195,324</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">93.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted cash</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">296,294</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-100.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Assets held for sale</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">186,025</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">99,245</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">87.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other current assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">446,269</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">590,733</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-24.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total current assets</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">22,911,984</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">46.1%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">15,045,427</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">36.1%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">52.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>NON-CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>LONG-TERM </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Marketable securities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">344,577</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.70%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">307,352</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Trade and other other receivables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">49,864</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.10%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">71,029</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-29.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Recoverable taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,868,198</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.80%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,169,547</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-5.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Recoverable income taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">54,859</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.10%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">269,263</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-79.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Deferred income taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,109,064</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.20%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,845,862</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Judicial deposit</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">553,341</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.10%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">575,750</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-3.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,221,749</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.50%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,081,025</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">13.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">234</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">49,991</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-99.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted cash</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">24,357</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other non-current assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">82,123</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.20%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">85,537</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-4.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Long-term assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9,308,366</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18.70%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9,455,356</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">22.7%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-1.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Investments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,874</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14,880</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-40.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Property, plant and equipment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,215,580</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">24.60%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,276,889</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">29.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Intangible</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,220,102</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10.50%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,908,079</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total non-current assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">26,752,922</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">53.90%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">26,655,204</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">63.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>TOTAL ASSETS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">49,664,906</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100.00%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">41,700,631</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><SUP>(1)
</SUP></B> Information extracted from the Consolidated Financial Statements of December 31, 2020 and 2019.</FONT></P>



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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Current Assets</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Current assets totaled R$22,911,984 thousand
on December 31, 2020 and R$15,045,427 thousand on December 31, 2019, an increase of R$7,866,557 thousand or 52.3%. As of December 31,
2020, current assets represented 46.1% of total assets, compared to 36.1% in the previous year. The main effects are described below:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Cash and cash equivalents</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Cash and cash equivalents increased by R$3,338,840
thousand or 78.8%, from R$4,237,785 thousand on December 31, 2019 to R$7,576,625 thousand on December 31, 2020, mainly due to the strategy
of increasing liquidity in a scenario of uncertainties and high volatilities in operational and market risks.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Trade and Other Receivables</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Trade and other receivables totaled R$4,136,421
thousand on December 31, 2020, an increase of R$1,045,730 thousand or 33.8% compared to December 31, 2019, which was of R$3,090,691 thousand.
This variation is mainly due to lower sale of receivables to FIDC BRF as of December 31, 2020 and to the effect of the devaluation of
the Real on the receivables in foreign currencies.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Inventory</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Inventories increased from R$3,887,916 thousand
on December 31, 2019 to R$6,802,759 thousand on December 31, 2020, increasing by R$2,914,843 thousand, or 75.0%. The increase is mainly
due to the strategic decision to continue increasing inventories levels specially of raw materials in anticipation to the movement of
increase in prices of grains.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Non-current assets</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Non-current assets totaled R$26,752,922 thousand
on December 31, 2020 and R$26,655,204 thousand on December 31, 2019, an increase of R$97,718 thousand, or 0.4%. The main effects are described
below.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Recoverable Taxes</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Recoverable Taxes decreased from R$5,169,547
thousand on December 31, 2019 to R$4,868,198 thousand on December 31, 2020, a decrease of R$301,349 thousand or 5.8%. The main causes
for the decrease are: (i) higher amounts of tax credits compensated; and (ii) transfer of IPI credits to Other Current Assets and Other
Non-Current Assets, in consequence of precatories issued by the Federal Union.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Deferred income taxes</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Deferred income taxes increased R$263,202 thousand
or 14.3%, from R$1,845,862 thousand on December 31, 2019 to R$2,109,064 thousand on December 31, 2020. The increase is mainly due to the
recognition of deferred tax assets on tax losses carryforwards in 2020.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Biological assets</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Biological assets increased R$140,724 thousand
or 13.0% from R$1,081,025 thousand on December 31, 2019 to R$1,221,749 thousand on December 31, 2020. The increase is due to the Company&rsquo;s
regular operating cycle and to the increase in formation costs of the animals.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 44%; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">( <I>&nbsp;In thousands of R$, except when% </I>&nbsp;)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.20 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>AV -% 12.31.20</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.19 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AV.</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>12.31.19</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>% Change</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2020 X 2019</B></P></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>CURRENT</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Loans and financing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,059,984</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,132,029</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-66.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Suppliers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,996,206</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,784,419</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">13.9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">55.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Supply chain finance </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,452,637</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">842,037</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">72.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Lease liability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">383,162</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">376,628</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Salaries, social obligations and participations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">940,816</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">825,254</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Tax Liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">395,630</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">517,208</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-23.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">384,969</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">153,612</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">150.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Provision for tax, civil and labor risks</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">865,338</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,084,308</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-20.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Employee benefits</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">125,230</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">95,919</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Liabilities directly associated with assets held for sale</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">21,718</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">814,638</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">512,591</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">58.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">15,440,328</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">13,324,005</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">32.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">15.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>NON-CURRENT</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Loans and financing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">21,344,442</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">43.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">15,488,250</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">37.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">37.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Suppliers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">13,781</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,347</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Lease liability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,153,519</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,054,552</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Tax Liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">141,252</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">190,257</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-25.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Provision for tax, civil and labor risks</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">837,382</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">710,061</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Deferred income taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">26,527</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">85,310</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-68.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Employee benefits</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">651,325</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">593,555</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">727</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">24,133.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">242,089</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,093,942</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-77.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">25,411,044</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">51.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20,228,277</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">48.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">25.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>NET EQUITY</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Share capital</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,460,471</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">25.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,460,471</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">29.9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Capital reserves</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">142,080</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">192,845</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-26.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Accumulated losses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(2,594,028)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-5.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(3,996,985)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-9.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-35.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Treasury stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(123,938)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(38,239)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">224.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(1,298,801)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-2.6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(722,469)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-1.7%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">79.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Controlling shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,585,784</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17.3%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7,895,623</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Non-controlling equity interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">227,750</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">252,726</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-9.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,813,534</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17.7%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,148,349</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>TOTAL LIABILITIES AND NET EQUITY</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">49,664,906</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">41,700,631</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><SUP>(1) </SUP></B> Information extracted
from the Consolidated Financial Statements of December 31, 2020 and 2019.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Current Liabilities</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Current liabilities totaled R$15,440,328 thousand
on December 31, 2020 and R$13,324,005 thousand on December 31, 2019, an increase of R$2,116,323 thousand or 15.9%. As of December 31,
2020, current liabilities represented 31.1% of total liabilities and equity, compared to 32.0% in the previous year. The main effects
are described below:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Loans and Financing</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The short-term component of our loans and financing
amounted to R$1,059,984 thousand on December 31, 2020 and R$3,132,029 thousand on December 31, 2019, representing a reduction of R$2,072,045</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">thousand or 66.2%. This decrease is mainly
due to the extension of the average term of our loans and financing during 2020.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Trade accounts payable and supply chain
finance </I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The total balance of suppliers and supply chain
finance totaled R$10,448,843 thousand on December 31, 2020, while on December 31, 2019 the balance was R$6,626,456 thousand, representing
an increase of 57.7% or R$3,822,387 thousand. The increase is mainly due to an increase in days payable outstanding combined to the strategy
of increasing inventories.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt"><B><I>Provision for tax, civil and labor risks</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The current component of provision for tax,
civil and labor risks of the Company was R$865,338 thousand on December 31, 2020 and R$1,084,308 thousand on December 31, 2019, representing
a decrease of R$218,970 thousand or 20.2%. The decrease is mainly due to the settlement of liabilities related to the &ldquo;ICMS Cesta
B&aacute;sica&rdquo; processes and tax amnesty programs granted by the states.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Non-current liabilities</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Non-current liabilities totaled R$25,411,044
thousand on December 31, 2020 and R$20,228,277 thousand on December 31, 2019, representing an increase of R$5,182,767 thousand or 25.6%.
The main effects are described below:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Loans and Financing</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Our long-term loans and financing amounted
to R$21,344,442 thousand on December 31, 2020 and R$15,488,250 thousand on December 31, 2019, representing an increase of R$5,856,195
thousand or 37.8%. The increase is mainly due to the effect of the devaluation of the Brazilian Real on the foreign currency liabilities,
in addition to the execution of the strategy to increase de liquidity of the Company.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt"><B><I>Other non-current liabilities</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Other non-current liabilities amounted to R$242,089
thousand on December 31, 2020, while on December 31, 2019 representing amounted to R$1,093,942 thousand, representing a decrease of 77.9%
or R$851,853 thousand. The decrease is mainly due to the subsequente measurement of the put option written in the contexto of a business
combination (explanatory note 24.8.1 of the financial statements of 2020) and its reclassification to current liabilities.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Equity</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Equity was R$8,813,534 thousand on December
31, 2020 and R$8,148,349 thousand on December 31, 2019. There was an increase of R$665,185 thousand or 8.2%, mainly due to the profit
for the year, partially offset by the effect of other comprehensive income arising from the exchange rate variation on the operations
designated for cash flow hedge accounting.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>Financial year ended on December 31, 2019
compared with the financial year ended on December 31, 2018</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The following table presents audited financial
information for the financial years ended December 31, 2019 and December 31, 2018. On 01.01.19, the Company adopted CPC 06 (R2) / IFRS
16 - Leasing - and opted for the modified retrospective approach without restating comparative periods. Accordingly, all balances related
to the financial year ended on December 31, 2018 are presented in accordance with the prerogatives existing in the accounting policies
previously in force CPC 06 (R1) / IAS 17.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The results and cash flows from discontinued
operations are presented separately from the results of the Company&rsquo;s continued operations. Comparative periods have been re-presented.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In section 10.3, &ldquo; <I>Events with relevant
effects, occurred and expected, in the financial statements </I> &rdquo;, The results of discontinued operations are shown.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 40%; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">( <I>&nbsp;In thousands of R$, except when% </I>&nbsp;)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.19 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>AV-% 31.12.19 (2)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.18 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AV.</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>12.31.18 (2)</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>% Change</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2019 X 2018</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Continuing operations</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>NET INCOME</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">33,446,980</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30,188,421</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Cost of the Goods Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(25,370,042)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">75 &plusmn; 9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(25,320,753)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-83.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>GROSS PROFIT</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,076,938</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">24.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,867,668</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">16.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">65.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>OPERATIONAL INCOME (EXPENSES)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(4,911,666)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-14.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(4,513,594)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-15,0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">General and administrative</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(615,683)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">- 1.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(551,165)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">- 1.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Losses due to non-recoverability of assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(23,899)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">46,269</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-48.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other operating income (expenses), net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">428,820</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19,311</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,120.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Equity method</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(1,737)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17,715</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-109.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Profit (loss) before financial result</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,952,773</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(206,334)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0.7%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-1,531.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Financial expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(3,613,051)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-10.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(3,891,106)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12-9.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-7.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Financial income</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,747,652</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,649,632</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>&nbsp;INCOME (LOSS) BEFORE INCOME AND CONTRIBUTION TAXES&nbsp;&nbsp;SOCIAL SECURITY OF CONTINUED OPERATIONS </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,087,374</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.3%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(2,447,808)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-8.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-144.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Income tax and social contribution</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">125,887</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">333,302</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-62.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Net Income from Continued Operations</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,213,261</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.6%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(2,114,506)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-7.0%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-157.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Discontinued Operations</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Net Income from Discontinued Operations</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(915,809)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-2.7%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(2,351,740)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-7.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-61.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>NET INCOME (LOSS) FOR THE YEAR</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">297,452</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(4,466,246)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-14.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-106.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Net Income (Loss) Continued Operations Attributable to</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Controlling shareholders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,202,240</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(2,114,968)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-7.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-156.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Non-controlling shareholders</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11,021</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">462</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,285.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,213,261</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(2,114,506)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-7.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-157.4%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><SUP>&nbsp;</SUP></B></P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><SUP>(1) </SUP> Information extracted from
the Consolidated Financial Statements of December 31, 2019 and 2018.</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><SUP>(2) </SUP> Representativeness in relation
to Net Revenue.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Net Revenue</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 54%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.19</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Restated 31.12.18</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 17%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Restated 31.12.17</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Net revenue from sales</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Brazil</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">In natura</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,635,597</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,998,483</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,489,846</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Poultry</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,692,377</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,198,356</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,697,462</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Pork and others</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">943,220</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">800,127</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">792,384</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Processed</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,839,008</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,274,681</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11,681,579</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other sales</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14,874</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19,372</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17,187</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17,489,479</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">16,292,536</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">15,188,612</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Internacional</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">In natura</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,605,846</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10,905,155</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7,681,223</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Poultry</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11,262,954</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10,021,923</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7,059,104</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Pork and others</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,342,892</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">883,232</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">622,119</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Processed</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,119,918</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,850,614</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,929,037</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other sales</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">173,630</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">312,902</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,639,588</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14,899,394</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">13,068,671</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,249,848</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Other segments</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Others</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,058,107</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">827,214</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">875,700</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>33,446,980</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>30,188,421</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>28,314,160</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s consolidated net revenue
increased R$3,258,559, or 10.8%, from R$30,188,421 in 2018 to R$33,446,980 in 2019, mainly due to:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">1. <U>Brazil </U> - Net revenue increased by
R$1,196,943 or 7.3%, from R$16,292,536, in 2018 to R$17,489,479, in 2019. Such increase is the result of price readjustments and readjustment
of investments in bonuses for retail, raising average prices.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">2. <U>International </U> - Net revenue increased
by R$1,830,723 or 14.0%, from R$13,068,671, in 2018 to R$14,899,394, in 2019. The main factors were: (i) price increases in Saudi Arabia,
due to the restricted supply of products; (ii) price increases in Turkey; (iii) greater demand in the Asian market, due to the African
Swine Fever; and (iv) an increase in the volume exported, due to the greater number of plants enabled by the Company.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">3. <U>Other segments </U> - In 2019, net revenue
increased by R$230,893 or 27.9%, to R$1,058,107, in 2019 from R$827,214 in 2018, mainly due to the better performance of BRF Ingredients.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Cost of Goods Sold</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2019, the cost of product sold totaled R$25,370,042,
remaining practically stable, with an increase of only 0.2%, or R$49,289 in relation to 2018, which was R$25,320,753. This increase is
explained due to higher personnel, energy, maintenance and freight expenses, partially offset by the gains generated by the Zero Base
Budget program.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Gross profit</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2019, gross profit totaled R$8,076,938,
registering an increase of 65.9%, or R$3,209,270, compared to 2018, which was R$4,867,668. Gross margin increased from 16.1% in 2018 to
24.1% in 2019, due to the better operating result both in the Brazil and international segments. Throughout the year, the company continued
with its strategy of making the operation profitable through sustainable price management, better commercial execution and optimization
of the mix of channels, products and countries.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Operating expenses </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2019, operating expenses increased R$440,220
or 8.6%, as a result of: (i) higher investments in marketing to strengthen the Company brands; (ii) higher freight expenses in the international
market due to the exchange devaluation; and (iii) expenses with legal provisions in the Brazil segment. In relative terms, operating expenses
represented 16.6% of net revenue in 2019, compared to 16.9% in 2018, as a result of better operating leverage.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Other operating income (expenses), net</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2019, the Company had revenue in this item
equivalent to R$428,820, representing an increase of R$409,509, compared to 2018. This revenue was mainly due to gains from lawsuits related
to the exclusion of ICMS from the PIS / COFINS calculation basis.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Result of equity pick-up</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2019, the equity income result totaled a
negative amount of R$1,737, showing a reduction of R$19,452 in relation to 2018, which was a positive R$17,715. This variation was due
to the sale of the stake in the affiliate SATS BRF Food in Singapore.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Operating income</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2019, the operating result reached a profit
of R$2,952,773, representing an increase of R$3,159,107. The table below shows the operating results by segment.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 64%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.19</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.18</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,818,813</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">590,416</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Internacional</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,275,285</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">23,778</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other segments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">109,138</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">89,311</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Subtotal</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>3,203,236</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>703,505</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><I>Corporate</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(250,463)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(909,839)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,952,773</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(206,334)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Net financial results</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In 2019, net financial expense totaled R$1,865,399,
representing a decrease of 16.8% or R$376,075, compared to 2018, which was R$2,241,474, mainly due to: (i) gains from exchange variation
in the</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">period, and (ii) a gain of R$4,526 with the
derivative <I>Total Return Swap </I> in 2019, compared to a loss of R$213,847, in 2018.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Income tax and social contribution</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2019, income tax and social contribution
totaled revenue of R$125,887, representing a reduction of 62.2%, or R$207,415 compared to 2018. The effective rate in 2019 was (11.6%)
compared to the effective rate of 13.6% in 2018. This variation was mainly due to the partial non-recognition of deferred tax assets,
due to the inability of future realization.</P>

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

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Net income</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2019, the total profit from continuing operations
was R$1,213,261, representing an increase of R$3,327,767 compared to 2018, when a loss of R$2,114,506 was recorded. Considering discontinued
operations, total profit was R$297,452 in 2019 compared to a loss of R$4,466,246 recorded in 2018.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Comparison of the positions on December
31, 2019 and on December 31, 2018 of the statement of financial position accounts</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 44%; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">( <I>&nbsp;In thousands of R$, except when% </I>&nbsp;)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.19 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>AV -% 12.31.19</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.18 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AV.</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>12.31.18</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>% Change</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2019 X 2018</B></P></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,237,785</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,869,562</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11.5 %</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-13.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Marketable securities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">418,182</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">507,035</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17% 5%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Accounts receivable from customers and other receivables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,090,691</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,720,041</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">13.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Inventory</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,887,916</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9,3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,877,294</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,603,039</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,513,133</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Taxes to be Recovered</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">473,732</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">560,389</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">15 5</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Income tax and social contribution recoverable</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">152,486</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">506,483</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">69:9.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">195,324</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">182,339</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Cash</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">296,294</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">277,321</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Assets held for sale</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">99,245</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,326,305</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.8%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">97%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other current assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">590,733</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">690,998</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-14.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total current assets</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">15,045,427</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">36.1%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19,030,900</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">44.9%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20/9</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>NON-CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>LONG-TERM </B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Marketable securities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">307,352</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">290,625</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Accounts receivable from customers and other receivables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">71,029</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">96,922</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20.6 7.6*</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Taxes to be Recovered</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,169,547</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,142,547</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">64.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Income tax and social contribution recoverable</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">269,263</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7,246</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,616</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Deferred income taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,845,862</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,519,652</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">21.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Judicial Deposit</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">575,750</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">669,098</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0-14</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,081,025</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,061,314</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">49,991</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Cash</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">584,300</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-100.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other non-current assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">85,537</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">177,372</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">51.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Long-term assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9,455,356</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">22.7%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7,549,076</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">25.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Investments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14,880</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">86,005</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-82.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Property, plant and equipment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,276,889</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">29.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10,696,998</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">25.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Intangible</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,908,079</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,019,398</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-2.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total non-current assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">26,655,204</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">63.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">23,351,477</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">55.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>TOTAL ASSETS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">41,700,631</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">42,382,377</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-1,6%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><SUP>&nbsp;</SUP></B></P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><SUP>(1) </SUP> Information extracted from
the Consolidated Financial Statements of December 31, 2019 and 2018.</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Current Assets</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Current assets totaled R$15,045,427 on December
31, 2019 and R$19,030,900 on December 31, 2018, representing a decrease of R$3,985,473, or 20.9%, mainly due to the sale of operations
in Argentina, Europe and Thailand. As of December 31, 2019, current assets represented 36.1% of total assets, compared to 44.9% in the
previous year.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Cash and cash equivalents</I></B></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The caption cash and cash equivalents decreased
by R$631,777, or 13.0%, from R$4,869,562 on December 31, 2018 to R$4,237,785 on December 31, 2019, with this reduction mainly due to the
consumption of cash in financing activities, with the repurchase of <I>bonds </I> and debt pre-settlement.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Marketable securities</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Securities decreased compared to December 31,
2018, from R$507,035 to R$418,182 on December 31, 2019, that is, representing a decrease of R$88,853, or 17.5%. The reduction is due to
redemptions made over the period to fulfill obligations.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Trade and Other Receivables</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Trade and other receivables totaled R$3,090,691,
on December 31, 2019, presenting an increase of R$370,650, or 13.6%, in relation to December 31, 2018, which was of R$2,720,041. This
variation is mainly due to the increase of revenues in the last months of 2019, associated to the factors presented on net revenue item.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Inventory</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Inventories went from R$3,877,294 on December
31, 2018 to R$3,887,916 on December 31, 2019, increasing by R$10,622, or 0.3%. The increase is mainly due to the increase in inventories
of secondary materials, merchandise for resale and advances to suppliers.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Taxes to be Recovered</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Taxes to be Recovered item decreased compared
to December 31, 2018, from R$560,389 to R$473,732 on December 31, 2019, representing a decrease of R$86,657, or 15.5%. This decrease is
due to compensations and changes in the period.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Derivative financial instruments</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The item of derivative financial instruments
increased compared to December 31, 2018, from R$182,339 to R$195,324 on December 31, 2019, representing an increase of R$12,985, or 7.1%.
This increase is mainly due to the increase in the fair value of derivatives for <I>commodities </I> and coins.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Restricted Cash</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The restricted cash account increased compared
to December 31, 2018, from R$277,321 to R$296,294 on December 31, 2019, representing an increase of R$18,973, or 6.8%. This increase is
due to the interest appropriated to the certificates given as guarantee for the loan obtained through the PESA Loan (&ldquo; <U>PESA </U>
&rdquo;).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Assets held for sale</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Assets held for sale totaled R$99,245 as of
December 31, 2019, showing a reduction of R$3,227,060, or 97.0%, compared to December 31, 2018, which was R$3,326,305. This reduction
is due to the sale located in Argentina, Europe and Thailand in 2019.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Non-current assets</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Non-current assets totaled R$26,655,204 on
December 31, 2019 and R$23,351,477 on December 31, 2018, representing an increase of R$3,303,727, or 14.1%. The increase was mainly due
to the items of taxes recoverable and Property, plant and equipment.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Marketable securities</I></B></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Bonds and securities increased compared to
December 31, 2018, from R$290,625 to R$307,352 on December 31, 2019, representing an increase of R$16,727, or 5.8%. This increase is due
to the appropriation of interest on financial investments.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Taxes to be Recovered</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Taxes to be Recovered item increased compared
to December 31, 2018, from R$3,142,547 to R$5,169,547 on December 31, 2019, representing an increase of R$2,027,000, or 64.5%. This increase
is due to the cause gains obtained by the Company, allowing the exclusion of ICMS from the PIS and COFINS calculation basis.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Deferred income and social contributions
taxes</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Deferred income and social contributions taxes
increased R$326,210 or 21.5%, going from R$1,519,652 on December 31, 2018 to R$1,845,862 on December 31, 2019. The increase is due to
the recognition of deferred income assets on tax losses.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Biological assets</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The biological assets item increased by R$19,711,
or 1.9%, from R$1,061,314 on December 31, 2018 to R$1,081,025 on December 31, 2019. The increase is due to the Company&rsquo;s regular
operating cycle.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Restricted Cash</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The restricted cash balance was null on December
31, 2019, compared to R$584,300 on December 31, 2018. The variation is due to the transaction agreement signed with Lactalis do Brasil
- Com&eacute;rcio, Importa&ccedil;&atilde;o e Exporta&ccedil;&atilde;o de Latic&iacute;nios Ltda. (&ldquo;Lactalis&rdquo;), which instituted
the release of the total account balance retained in escrow.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Other non-current assets</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The caption of other non-current assets decreased
compared to December 31, 2018, from R$177,372 to R$85,537 on December 31, 2019, representing a reduction of R$91,835 million, or 51.8%.
This reduction is due to the decrease in deposit balances and other rights.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Investments</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The caption Investments decreased compared
to December 31, 2018, from R$86,005 to R$14,880 on December 31, 2019, representing a reduction of R$71,125, or 82.7%. This reduction is
due to the sale and participation of the Company in SATS BRF Food in Singapore.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Property, plant and equipment</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Property, plant and equipment increased R$1,579,891,
or 14.8%, from R$10,696,998 on December 31, 2018 to R$12,276,889 on December 31, 2019. The increase is due to the initial adoption of
CPC 06 (R2) / IFRS 16.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Intangible Assets</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Intangible assets decreased R$111,319, or 2.2%,
from R$5,019,398 on December 31, 2018 to R$4,908,079 on December 31, 2019. The decrease is mainly due to the amortization occurred in
the period.</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 44%; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">( <I>&nbsp;In thousands of R$, except when% </I>&nbsp;)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.19 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>AV -% 12.31.19</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.18 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AV.</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>12.31.18</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>% Change</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2019 X 2018</B></P></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>CURRENT</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Loans and financing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,132,029</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,547,389</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10.7%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-31.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Suppliers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,784,419</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">13.9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,487,205</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12.9%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Supply chain finance </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">842,037</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">875,300</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.1%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-3.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Lease operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">376,628</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">75,712</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">397.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Salaries, social obligations and participations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">825,254</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">618,669</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.5%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">33.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Tax Liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">517,208</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">402,971</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">28,3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">153,612</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">235,035</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.6%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-34.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Provision for tax, civil and labor risks</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,084,308</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">495,584</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.2%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">118.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Employee benefits</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">95,919</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">94,728</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Liabilities directly associated with assets held for sale</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,131,529</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.7%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-100.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">512,591</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">524,518</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-2.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">13,324,005</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">32.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">14,488,640</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">34.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&minus;8.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>NON-CURRENT</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Loans and financing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">15,488,250</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">37.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17,618,055</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">41.6%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-12.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Suppliers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,347</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,803</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-3.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Lease operations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,054,552</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">167,041</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,130</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Tax Liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">190,257</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">162,239</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Provision for tax, civil and labor risks</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">710,061</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">854,667</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">16 &plusmn; 9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Deferred income taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">85,310</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">65,774</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">29.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Employee benefits</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">593,555</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">373,423</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.9%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">58(9%)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,093,942</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,107,958</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-1.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20,228,277</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">48.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20,361,960</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">48.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>NET EQUITY</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Share capital</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,460,471</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">29.9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,460,471</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">29.4%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Capital reserves</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">192,845</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">115,354</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.3%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">67.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Accumulated losses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(3,996,985)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-9.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(4,279,003)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-10.1%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-6.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Treasury stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(38,239)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0.1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(56,676)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0.1%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-32.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(722,469)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-1.7%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">(1,275,519)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-3.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-43.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Controlling shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7,895,623</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6,964,627</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">16.4%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">13.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Non-controlling equity interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">252,726</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">567,150</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.3%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-55.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,148,349</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7,531,777</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>TOTAL LIABILITIES AND NET EQUITY</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">41,700,631</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">42,382,377</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-1,6%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><SUP>(1) </SUP> Information extracted from
the Consolidated Financial Statements of December 31, 2019 and 2018.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Trade accounts payable </I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The balance of suppliers totaled R$5,784,419
on December 31, 2019, while on December 31, 2018 the balance was R$5,487,205, representing an increase of 5.4%, or R$297,214. The increase
is mainly due to improvements in the financial cycle in 2019.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Supply chain finance </I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The supply chain finance totaled R$842,037
on December 31, 2019, while on December 31, 2018 the balance was R$875,300, a decrease of 3.8% or R$33,263. The reduction is due to the
Company's&nbsp;regular&nbsp;operating cycle.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Lease liability</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The lease liability totaled R$376,628 on December
31, 2019, while on December 31, 2018 the balance was R$75,712, representing an increase of 397.4%, or R$300,916. The increase is due to
the adoption of CPC 06 (R2) / IFRS 16 and the Company opted for the modified retrospective approach without presenting comparative periods.
Therefore, the balances related to December 31, 2018 are presented according to the prerogatives existing in the accounting policies previously
in force: CPC 06 (R1) / IAS 17.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Payroll, related charges and employee
profit sharing </I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The payroll, related charges and employee profit
sharing totaled R$825,254 on December 31, 2019, while on December 31, 2018 the balance was R$618,669, representing an increase of 33.4%,
or R$206,585. The increase is mainly due to a higher management and employees profit sharing provision.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Derivative financial instruments</I></B></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The heading of derivative financial instruments
decreased compared to December 31, 2018, from R$235,035 to R$153,612 on December 31, 2019, representing a reduction of R$81,423, or 34.6%.
This decrease is mainly due to index / currency exchange contracts (Swap).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Liabilities directly related to the assets
held for sale</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The balance of liabilities directly related
to assets held for sale totaled R$1,131,529 as of December 31, 2018, this balance was due to the transfer of the balances of discontinued
operations. With the conclusion of the sale of operations destined for sale in Argentina, Europe and Thailand, the balance was settled.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Non-current liabilities</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Non-current liabilities totaled R$20,228,277
on December 31, 2019 and R$20,361,960 million on December 31, 2018, representing a decrease of R$133,683, or 0.7%. This decrease was mainly
due to the variation in the item of loans and financing and provision for tax, civil and labor risks.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Loans and Financing (non-current)</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Our long-term debts with financial institutions
amounted to R$15,488,250 on December 31, 2019 and R$17,618,055 on December 31, 2018, representing a reduction of R$2,129,805, or 12.1%.
This reduction is mainly due to pre-settlements and debt amortizations carried out in the period.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Provision for tax, civil and labor risks</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The balance of provision for tax, civil and
labor risks totaled R$ 710,061 on December 31, 2019, while on December 31, 2018 the balance was R$ 854,667, representing a decrease of
16.9%, or R$ 144,606. The reduction is due to the decrease in non-current labor and tax contingencies.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Shareholders&acute; equity</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Shareholders&rsquo; equity on December 31,
2019 was R$8,148,349 and R$7,531,777 on December 31, 2018. There was an increase of R$616,572, or 8.2%, mainly due to the profit earned
in the period.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Financial year ended on December 31, 2018 compared
with the financial year ended on December 31, 2017</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The following table presents audited financial
information for the years ended December 31, 2018 and December 31, 2017 restated for accounting purposes, in accordance with accounting
pronouncement CPC 31 - Non-current assets held for sale and discontinued operations, due to discontinued operations mentioned in section
8.1 - Extraordinary Business.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">As a procedure, the results of the exercise
of discontinued operations are presented separately from the results of the Company's continued operations and are restated for comparative
periods. However, for the balance sheet, the reclassification of assets held for sale is a prospective date on which the conditions are
met, maintaining the past as presented.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In section 10.3, &ldquo;Events with relevant
effects, occurred and expected, in the financial statements&rdquo;, the results of discontinued operations are shown.</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; width: 41%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 7pt; line-height: 115%">(In <I>mullions of R$, except when %</I>)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>12.31.18 (1)</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>AV%</B></P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>12.31.18 (2)</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>12.31.17 (1)</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>AV%</B></P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>12.31.17 (2)</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>Variation % 2018 x 2017</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>CONTINUED OPERATIONS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>NET REVENUE</B></FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">30,188.4</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">28,314.2</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">6.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Cost of goods sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(25,320.7)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-83.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(22,601.2)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-79.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">12.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>GROSS PROFIT</B></FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">4,867.7</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">16.1%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">5,712.9</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">20.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-14.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>OPERATING REVENUES (EXPENSES)</B></FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Sales </FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(4,513.6)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-15.0%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(4,208.7)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-14.9%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">7.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">General and administrative</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(551.1)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">- 1.8%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(462.5)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-1.6%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">19.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Impairment loss on trade and other receivables</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(46.3)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-0.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(67.5)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-0.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-31.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Other operating expenses, net</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">19.3</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.1%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(333.4)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-1.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-105.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Equity income</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">17,7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0,1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">22,4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0,1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-21,0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>PROFIT BEFORE FINANCIAL RESULT</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(206.3)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-0.7%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">663.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">2.3%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-131.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Financial expenses</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(3,891.1)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-12.9%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(3,445.5)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-12.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">12.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Financial revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1,649.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">5.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1,563.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">5.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">5.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>LOSS BEFORE INCOME TAX AND SOCIAL CONTRIBUTION</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(2,447.8)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-8.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(1,218.6)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-4.3%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">100.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Current income tax and social contribution</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(6.8)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">41.2</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.1%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-116.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Deferred income tax and social contribution</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">340.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">210.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">7.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">61.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>NET RESULT OF CONTINUED OPERATIONS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(2,114.5)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-7.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(966.8)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-3.4%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">118.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>DISCONTINUED OPERATIONS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>NET RESULT OF DISCONTINUED OPERATIONS</B></FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(2,351.7)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-7.8%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(132.1)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-0.5%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1,680.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>NET LOSS FOR THE YEAR</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(4,466.2)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-14.8%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(1,098.9)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-3.9%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">306.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Attributable to</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Controlling shareholders</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(2,115.0)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-7.0%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(984.3)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-3.5%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">114.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Non-controlling shareholders</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">17.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-97.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(2,114.5)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-7.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(966.8)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-3.4%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">118.7%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><SUP>(1</SUP></FONT><SUP><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">)</FONT></SUP><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">
Information taken from the Consolidated Financial Statements of December 31, 2018 and 2017.</FONT></P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><SUP>(2)</SUP> Variation in relation to the
net revenues.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Net Revenue</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 54%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; text-align: center"><FONT STYLE="font-size: 7pt"><B>12.31.18</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; text-align: center"><FONT STYLE="font-size: 7pt"><B>Restated 12.31.17</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 17%; text-align: center"><FONT STYLE="font-size: 7pt"><B>Restated 12.31.16</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt"><B>Net sales</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">In-natura</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,998.5</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,489.9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,109.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt"><FONT STYLE="font-size: 7pt">Poultry</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,198.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,697.5</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,410.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt"><FONT STYLE="font-size: 7pt">Pork and other</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">800.1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">792.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">698.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">Processed</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">12,274.7</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">11,681.6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">11,600.8</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">19.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">17.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">98.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">16,292.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">15,188.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">14,808.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt"><B>Halal</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">In-natura</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,685.1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">5,588.8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">5,584.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt"><FONT STYLE="font-size: 7pt">Poultry</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,632.9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">5,554.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">5,542.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt"><FONT STYLE="font-size: 7pt">Pork and other</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">52.2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">34.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">42.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">Processed</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,295.6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">909.7</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">642.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">320.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">195.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">8,301.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">6,694.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">6,226.6</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt"><B>International</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">In-natura</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">4,213.5</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">4,736.9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">5,125.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt"><FONT STYLE="font-size: 7pt">Poultry</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,382.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,401.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">4,106.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt"><FONT STYLE="font-size: 7pt">Pork and other</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">831.1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,335.5</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,018.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">Processed</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">553.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">654.0</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">863.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">0.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">222.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">11.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">4,767.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">5,613.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">6,000.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt"><B>Other segments</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">Ingredients</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">436.2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">269.2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">391.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">548.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">849.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">827.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">818.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">849.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>30,188.4</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>28,314.1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>27,883.9</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">The
Company&acute;s consolidated net revenues increased by R$1,874,261 thousand or 6.6%, from R$28,314,160 thousand in 2017 to R$</FONT>30,188,421
<FONT STYLE="font-size: 10pt; line-height: 115%">thousand</FONT> in 2018<FONT STYLE="font-size: 10pt; line-height: 115%">, mainly due
to great sales volumes in the Brazilian segment, which increased by 7.1% in relation to 2017 and in the Halal segment, which increases
23.9% in relation to 2017, as well as due to a greater average price in both segments.</FONT></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><U>Brazil</U> &ndash; Accumulated net revenues increased
in R$1,096,152 thousand, or 7.2%, from R$15,188,612 thousand in 2017 to R$16,284,764 thousand in 2018. This increase is the result mainly
of the increase in the sales volume (7.1%), combined by a slight increase in the average price of the products sold in this segment.</FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><U>Halal &ndash; In 2018, the net revenues were of R$8,293,271
</U>thousand<U>, representing an increase of 23.9% in relation to 2017, which closed in R$6,694,036 </U>thousand<U>, reflecting a prices
scenario more favorable that in 2018, influenced by a better balance between the offer and the demand of the products and the consolidation
of Banvit from June 2018. </U></FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">3.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><U>International - In 2018, the net revenues were of
R$4,767,146 </U>thousand<U>, representing a reduction of R$846,354 </U>thousand <U>or 15.1% in relation to 2017, which was of R$5,613,500
</U>thousand<U>. The main factors that impacted the result were: (i) the restriction in the Russian market; (ii) the offer excess in the
Japanese market; (iii) the temporary Chinese antidumpimg tariff; and (iv) the saturation of the Hong Kong market. Additionally, the increase
in the seeds price and the change in the mix of channels and products outweighted the economies raised within the Restructuring Plan.
Sales volumes in pork meat to China increased due Russia's partial ban on pork imports from Brazil.</U></FONT></P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">4.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><U>Other segments &ndash; In 2018, the net revenues increased
in R$25,228 </U>thousand <U>or 3.1%, to R$843,240 </U>thousand <U>in 2018 from R$818,012 </U>thousand <U>in 2017, mainly due to a better
performance of BRF Ingredients.</U></FONT></P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Cost of Goods Sold</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2018, the cost of goods sold totaled R$25,320,753
thousand, registering an increase of 12.0%, or R$2,719,538 thousand in relation to 2017, which was of R$22,601,215 thousand. This increase
is explained mainly by a greater seed price, greater idle capacity and changes to the mix of products with expansion of in natura products.
In addition, other non- recurring factors negatively influenced cost of sales, including: (i) R$403,000 thousand related to the Trapa&ccedil;a/Carne
Fraca Operations; (ii) R$196,000 thousand from the Operating and Financial Restructuring Plan; and (iii) R$73,000 thousand resulting from
the Brazilian truck drivers&rsquo; strike.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Gross Profit </B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>In 2018, the Company&rsquo;s gross profit
totaled R$4,867,668 </U>thousand<U>, reflecting a reduction of 14.8% or R$845,277 </U>thousand<U>, in relation to the year 2017, which
was of R$5,712,945 </U>thousand<U>. This decrease was primarily driven by the operating challenges that impacted or business chain, such
as higher grain prices, antidumping measures imposed by China and adjustments to the production process to meet the new non-stunning requirements
of Saudi Arabia. In addition, the Company had a negative impact of R$184,000 </U>thousand <U>related to the effects of hedge accounting
of export debt (established upon its contracting), as announced by the Company in the latest quarters.</U></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Operating Expenses </B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2018, the Company registered operating expenses
increased 0.5%, or R$24,241 thousand.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">In percentage terms, due the Company's growth,
operating represented 16.8% of net revenues in comparison to 17.8% registered in 2017. This increase was mainly driven by (i) higher logistics
expense as a result of the expansion of our logistics network to serve a higher average number of points of sale; (ii) increases in inflation;
and (iii) exchange rate variation in our international operations.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Impairment loss on trade receivables</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Impairment loss on trade receivables decreased
to R$46,300 thousand in 2018 (R$67,500 thousand in 2017), mainly as a result of initial IFRS 9 adoption.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Other Operating Expenses, Net</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2018, the Company registered a revenue in
this line equivalent to R$19,300 thousand, representing an increase in R$352,800 thousand, in comparison to 2017. This increase in the
result mainly of the decrease in provisions for civil contingencies and the recognition of tax credits after a favorable court decision
regarding the exclusion of the ICMS from the PIS/COFINS calculation basis.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Result of Equity Pick-Up</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2018, the result of the equity pick-up totaled
R$17,715 thousand, representing a slight reduction of R$4,668 thousand or 20,9% in relation to the year 2017, which was of R$22,383 thousand.
This variation occurred due to the termination of the UP Alimentos Ltda.&rsquo;s activities combined with increase in profits of STAS
BRF.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Operating Income</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2018, the operating income reached R$206,334
thousand negative, representing a decrease of R$869,518 thousand. The table below shows the operating results by segment.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 64%"><FONT STYLE="font-size: 7pt">(In <I>millions of R$, except when %</I>)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-size: 7pt"><B>12.31.18</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: center"><FONT STYLE="font-size: 7pt"><B>Restated 12.31.17</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">589.5</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">960.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">Halal</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">323.9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">7.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">International</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(287.5)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">46.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">Other segments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">77.6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">71.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt"><FONT STYLE="font-size: 7pt">Ingredients</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">115.0</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">52.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.2pt"><FONT STYLE="font-size: 7pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(37.4)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">19.8</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>703.5</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,086.2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">Corporate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(909.8)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(423.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(206.3)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">663.2</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Net Financial</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2018, the net financial expenses amounted
to R$2,241,474 thousand, representing an increase of 19.1%, ot R$359,716 thousand in comparison to 2017, which was of R$1,881,758 thousand
mainly attributable to the negative impact of (i) a higher foreign exchange rate variation on assets and liabilities denominated in foreign
currency; and (ii) the mark-to-market of the Total Return Swap derivative instrument, which expense totaled R$214,000 thousand for 2018.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Income Tax and Social Contribution</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2018, the income tax and social contribution
amounted to R$333,302 thousand, representing an increase of 32.4%, or R$81,493 thousand, in comparison to 2017, which occurred due to
the increase in deferred tax.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2018, the income tax and social contribution
totaled a result of R$333,302 thousand (R$251,809 thousand in 2017). The effective rate in 2018 was 13.6%, compared to an effective rate
of of 20.7% in 2017. This variation is primarily attributable to the increase in losses in 2018, deferred income tax assets related to
tax losses and negative basis, not being recognized because the realization is not probable, exchange variation on investments, result
of the Company's subsidiaries abroad and write-off of tax unrealized asset due to the incorporation of SHB in the Company.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Net Loss</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2018, the net loss from continuing operations
was of R$2,114,506 thousand, representing an increase of 118.7%, in comparison to 2017. Taking into account the discontinued operations,
the net loss amounted to R$4,466,246 thousand in 2018 in comparison to R$1,098,854 thousand in 2017.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Comparison of the positions on December 31,
2018 and on December 31, 2017 of the equity accounts</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 44%; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">( <I>&nbsp;In millions of R $, except when% </I>&nbsp;)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.18 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>AV -% 12.31.18</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12.31.17 (1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AV.</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>12.31.17</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>% Change</B></P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2018 X 2017</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>ASSETS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.869,6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11,5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.010,8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">13,3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-19,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Marketable securities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">507,0</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">228,4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">122,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Accounts receivable from customers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.604,9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6,1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.919,0</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-33,5%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Notes receivable</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">115,1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">113,1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,8%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Interest on shareholders' equity</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7,3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6,2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18,1%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Inventory</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.877,3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9,1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.948,2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10,9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-21,6%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.513,1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.510,5</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,2%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Taxes to be Recovered</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">560,4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">728,9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-23,1%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Income tax and social contribution recoverable</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">506,5</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">499,3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,4%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">182,4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">90,5</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">101,5%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Cash</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">277,3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">127,8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">117,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other current assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">683,7</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">961,1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,1%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-28,9%</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">15,704.6</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">37,1%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19.143,8</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">42,3%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-18,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,326.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7,8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">41,6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7901,5%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total current assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19,030.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">44,9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19.185,4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">42,4%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-0,8%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>NON-CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Marketable securities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">290,6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">568,8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-48,9%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Accounts receivable from customers </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,0</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6,3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">27,2%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Notes receivable</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">89,0</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">116,4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-23,5%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Taxes to be Recovered</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.142,5</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7,4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2.418,2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,3%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">30,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Income tax and social contribution recoverable</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7,2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20,0</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-63,8%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Deferred income taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.519,7</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.369,4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">11,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Judicial Deposit</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">669,1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">688,9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-2,9%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Biological assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1.061,3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,5%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">903,7</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">17,4%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Cash</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">584,3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">407,8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,9%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">43,3%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Other non-current assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">177,4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">87,2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">103,4%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Investments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">86,0</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">68,2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0,2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">26,1%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Property, plant and equipment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10.697,0</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">25,2%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12.190,6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">27,0%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-12,3%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Intangible</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5.019,4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11,8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.197,6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">15,9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-30,3%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total non-current assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">23.351,5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">55,1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">26.043,1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">57,6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-10,3%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>TOTAL ASSETS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">42.382,4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100,0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">45.228,5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100,0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-6,3%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Information taken from the Consolidated Financial Statements
of December 31, 2018 and 2017.</FONT></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Current Assets </B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The recurring assets accounted R$19,030,900 thousand,
on December 31, 2018 and R$19,185,523 thousand on December 31, 2017, representing a decrease of R$154,623 thousand, or 0.8%. On December
31, 2018, the recurring assets represented 44.9% of the total assets compared to 42.4% in the previous year.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Cash and cash equivalents </B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Cash and cash equivalents presented a reduction
of R$1,141,267 thousand, or 19.0%, going from R$6,010,829 thousand on December 31, 2017 to R$4,869,562 on December 31, 2018. This reduction
is mainly due to consumption of cash in operations and investment activities. The Company has had as its primary source of cash the cash
flow from operating activities, loans and other financing, share offers and the sale of financial investments. Despite having a substantial
part of the debt that will mature in the coming years, the Company believes in a solid cash position and cash equivalent, together with
the cash flow from operating activities and the extension of the maturity of a part of the debt will be sufficient. to cover the Company's
working capital needs and comply with indebtedness in the normal course of its business.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Marketable securities</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Marketable securities increased compared to December
31, 2017, from R$ 228,430 thousand to R$ 507,035 thousand on December 31, 2018, that is, an increase of R$ 278,605 thousand, or 122.0%.
The increase is due to operations carried out over the period.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Accounts Receivables from Customers</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Accounts receivables from customers totaled R$2,604,928
thousand, on December31, 2018, presenting a reduction of R$1,314,094 thousand, or 33.5%, in relation to December 31, 2017, which was of
R$3,919,022 thousand. This reduction is mainly due to the receipt of invoices, the constitution of the Credit Rights Fund in Brazil (&quot;FIDC&quot;)
and the transfer of clients&rsquo; receivables in the country and of third parties&rsquo; receivables from overseas due to the result
of the discontinued operations.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Inventory</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The inventories went from R$4,948,168 thousand,
on December 31, 2017 to R$3,877,294 thousand on December 31, 2018, representing a reduction of R$1,070,874 thousand, or 21.6%. The decrease
is mainly due to the reduction in inventories of frozen raw materials and finished goods.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Taxes to be recovered</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Taxes to be recovered decreased in comparioson
with December 31, 2017 from R$728,918 thousand to R$560,389 thousand on December 31, 2018 a decrease of R$168,529 thousand, or 23.1%.
This decrease is mainly regarding the exclusion of the ICMS from the PIS/COFINS calculation basis from 1992 to 2009 of its incorporated
Perdig&atilde;o Agroindustrial.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Derivative financial instruments</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Derivative financial instruments increased compared
to December 31, 2017, from R$90,536 thousand to R$182,339 thousand on December 31, 2018, representing an increase of R$ 91,803 thousand,
or 101.5%. This increase is mainly due to the increase in currency forward contracts (NDF); currency option contracts; corn forward contracts
(NDF) and index / currency exchange contracts (Swap).</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Restricted cash</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Restricted cash increased compared to December
31, 2017, from R$127,821 thousand to R$277,321 thousand on December 31, 2018, representing an increase of R$149,500 thousand, or 117.0%.
This increase is due to the certificates maturing in 2020 given as guarantee for the loan obtained through the Special Asset Sanitation
Program (&ldquo;PESA&rdquo;); deposit linked to international market operations and Time Deposit linked to Export Credit Note (NCE) operations.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Assets held for sale</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Assets held for sale totaled R$3,326,305 thousand
on December 31, 2018, representing an increase of R$ 3,284,700 thousand, or 7901.5%, compared to December 31, 2017, which was R$41,571
thousand. This increase is mainly due to the assets destined to sale located in Argentina, Europe and Tailand and the assets related to
the Varzea Grande plant.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Non current assets</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The non-current assets totaled R$23,351,477 thousand
on December 31, 2018 and R$26,042,958 thousand on December 31, 2017, representing a reduction of R$2,691,481 thousand or 10.3%. The reduction
is mainly due to the fixed assets and the intangible assets lines.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Marketable Securities</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The marketable securities decreased in comparison
to December 31, 2017, going from R$ R$568,805 thousand to R$290,625 thousand on December 31, 2018, in other words, there was a decrease
of R$278,180 thousand, or 48.9%. This difference reflects that Company&rsquo;s strategy to make more efficient use of available resources.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Taxes to be recovered</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">Taxes
to be recovered increased compared with December 31, 2017, from </FONT>R$2,418,155 <FONT STYLE="font-size: 10pt; line-height: 115%">thousand</FONT>
to R$3,142,547 <FONT STYLE="font-size: 10pt; line-height: 115%">thousand on December 31, 2018, representing an increase of R$ 724,392,
or 30.0%. This increase is mainly due to the recognition of PIS and COFINS credit related to the Company's right to exclude the ICMS from
the PIS/COFINS calculation basis</FONT> from 1992 to 2009 of its incorporated Perdig&atilde;o Agroindustrial<FONT STYLE="font-size: 10pt; line-height: 115%">.</FONT></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Deferred income taxes</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The deferred income tax item increased by R$150,286
thousand, or 11.0%, from R$1,369,366 thousand on December 31, 2017 to R$1,519,652 thousand on December 31, 2018. The increase is due to
constitution of deferred tax assets on the tax loss for the period.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Biological assets</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The biological assets item increased by R$157,660
thousand, or 17.4%, from R$903,700 thousand on December 31, 2017 to R$ 1,061,314 thousand on December 31, 2018. The increase is due to
the incorporation of SHB by BRF S.A.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Restricted cash</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The restricted cash increased compared to December
31, 2017, from R$407,803 thousand to R$ 584,300 thousand on December 31, 2018, representing an increase of R$176,497 thousand, or 43.3%.
This increase is due to the deposit given as a guarantee for the sale of the dairy segment to Groupe Lactalis (&ldquo;Parmalat&rdquo;),
maturing in 2021, for the total return swap transaction, maturing in 2019 (note 4.4.ii.d. of the Statements Consolidated Financial Institutions)
and the sale of the company Gale due in 2020.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Other non-current assets</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The other non-current assets increased compared
to December 31, 2017, from R$ 87,157 thousand to R$177,372 thousand on December 31, 2018, representing an increase of R$90,215 thousand,
or 103.4%. This increase is due to prepaid expenses and other rights.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Investments</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The investments increased compared to December
31, 2017, from R$68,195 thousand to R$86,005 thousand on December 31, 2018, representing an increase of R$17,810 thousand, or 26.1%. This
increase is due to investments by BRF S.A. and BRF GmbH.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Property, plant and equipment, net</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The property, plant and equipment decreased by
R$1,493,585 thousand, or 12.3%, from R$12,190,583 thousand on December 31, 2017 to R$10,696,998 thousand on December 31, 2017. The decrease
was due to the transfer of the assets held for sale in connection with the Company&rsquo;s operations in Argentine, Europe and Tailand
and other assets.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Intangible assets</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The intangible assets decreased by R$2,178.238
thousand, or 30.3%, from R$7,197,636 thousand on December 31, 2017 to R$5,019,398 thousand on December 31, 2018. The decrease was due
to the transfer of the assets held for sale in connection with the Company&rsquo;s operations in Argentine, Europe and Tailand.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; width: 41%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">( <I>&nbsp;In millions of R $, except when% </I>&nbsp;)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>12.31.18 <SUP>(1)</SUP></B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>AV%</B></P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>12.31.18 <SUP>(2)</SUP></B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>12.31.17 <SUP>(1)</SUP></B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>AV% </B></P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>12.31.17 </B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>Variation % 2018 x 2017</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><B>CURRENT LIABILITIES</B></P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">Short-term debt</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0in">4,547.4</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0in">10.7%</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0in">5,031.4</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0in">11.1%</P></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-9.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Trade accounts payable</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">5,552.4</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">13.1%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">6,445.5</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">14.3%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-13.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Supply chain finance</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">885,8</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">2.1%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">715.2</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1.6%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">23.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Payroll and related charges</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">555.0</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1.3%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">635.1</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1.4%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-12.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Tax payable</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">403.0</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1.0%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">426.0</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.9%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-5.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Interest on shareholders' equity</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">6.2</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1.9</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">226.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Employee and management profit sharing</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">63.7</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">95.9</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-33.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Derivative financial instruments</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">235.0</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.6%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">299.5</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.7%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-21.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Provision for tax, civil and labor risks</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">495.6</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">536.1</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-7.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Pension and other post-employment plans</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">94.7</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">85.2</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">11.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Other current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">518.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">602.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1.3%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-14.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">13,357.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">31.5%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">14,874.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">32.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-10.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Liabilities directly associated with the assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1,131.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">2.7%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Total current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">14,488.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">34.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">14,874.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">32.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-2.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>NON-CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Long-term debt</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">17,618.1</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">41.6%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">15,413.0</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">34.10%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">14.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Trade accounts payable</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">179.8</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">196.8</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.40%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-8.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Tax payable</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">162.2</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.4%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">171.2</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.40%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-5.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Provision for tax, civil and labor risks</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">854.7</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">2.0%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1,237.1</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">2.70%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-30.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Deferred income and social contribution taxes</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">65.8</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">155.3</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.30%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-57.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Employee benefits plans</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">373.4</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.9%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">343.1</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.80%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">8.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Other non-current liabilities</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1,108.0</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">2.6%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1,124.8</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">2.50%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-1.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Total non-current assets</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">20,362.0</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">48.0%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">18,641.3</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">41.20%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">9.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>EQUITY</B></FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Capital</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">12,460.5</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">29.4%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">12,460.5</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">27.6%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Capital reserves</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">115.3</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.3%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">115.1</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.3%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Income reserves</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">101.4</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-100.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Loss accumulates</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(4,279.0)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-10.1%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Treasury shares</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(56.7)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-0.1%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(71.5)</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-0.2%</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-20.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Accumulated other comprehensive loss</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(1,275.5)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-3.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">(1,405.2)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-3.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-9.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Equity attributable to interest of controlling shareholders</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">6,964.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">16.4%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">11,200.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">24.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-37.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Equity attributable to non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">567.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1.3%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">512.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">1.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">10.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">Total equity</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">7,531.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">17.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">11,712.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">25.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-35.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif"><B>TOTAL LIABILITIES AND EQUITY</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">42,382.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">45,228.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">100.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in"><FONT STYLE="font: 7pt/115% Tahoma, Helvetica, Sans-Serif">-6.3%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Information taken from the Consolidated Financial Statements
of December 31, 2018 and 2017.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Trade accounts payable </B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The suppliers item totaled R$5,552,434 thousand
on December 31, 2018 compared to R$6.445.486 thousand on December 31, 2017, representing a decrease of 13.9%, or R$893,052 thousand. This
decrease is mainly due to the the transfer of the results of the discontinued operations and by the reduction of the payment deadlines
before its suppliers.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Supply chain finance</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balance of supply chain finance totaled R$885,783
thousand on December 31, 2018, while on December 31, 2017 the balance was R$715,189 thousand, an increase of 23.9%, or R$170,594 thousand.
The increase is mainly due to the incorporation of SHB.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Payroll related charges</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balance of payroll related charges totaled
R$555,016 thousand on December 31, 2018, while on December 31, 2017 the balance was R$635,097 thousand, a decrease of 12.6%, or R$80,100
thousand. The decrease is due to the reduction in the equity balances of these accounts.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Interest on shareholders' equity</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balance of interest on shareholdres&rsquo;
equity and dividends payable totaled R$62,500 thousand on December 31, 2018, while on December 31, 2017 the balance was R$1,900 thousand,
an increase of 226.3%, or R$4,300 thousand. The increase is due to the UP! Alimentos Ltda.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Derivative financial instruments</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The derivative financial instruments decreased
compared to December 31, 2017, from R$299,491 thousand to R$235,035 thousand on December 31, 2018, representing a decrease of R$64,456
thousand, or 21.5%. This decrease is mainly due to the index / currency exchange contracts (Swap).</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Liabilities directly related to the assets
held for sale </B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The liabilities directly related to the assets
held for sale totaled R$1,131,529 thousand on December 31, 2018. This result is due transfer of discontinued operations.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Non-current liabilities</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The non recurring liabilities totaled R$20,361,960
thousand on December 31, 2018 and R$18,641,322 million on December 31, 2017, representing a decrease of R$1,720,638 thousand, or 9.2%.
This decrease was mainly due the variation in the loans and financings.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Loans and financing (non-current)</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company&rsquo;s long-term debts with financial
institutions totaled R$17,618,055 thousand on December 31, 2018 and R$15,413,027 thousand on December 31, 2017, representing an increase
of R$2,205,028 thousand, or 14.3%. This increase is mainly due the attainment of rural credit for working capital.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Provision for tax, civil and labor risks</B></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balance of provision for tax, civil and labor
risks totaled R$854,667 thousand on December 31, 2018, while on December 31, 2017 the balance was R$1,237,116 thousand, a decrease of
30.9%, or R$382,449 thousand. The reduction is due to the decrease in contingencies.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Equity</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Equity on December 31, 2018 was R$7,531,777 thousand
and R$11,712,782 thousand on December 31, 2017. This reduction of R$4,181,005 million, or 35.7%, is due to the loss registered in the
period by means of the results of the accumulated losses.</P>

<P STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Comparison of Cash Flow positions as of
December 31, 2020 and 2019, respectively</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The following table presents certain consolidated
cash flow information for the periods indicated:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 69%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>2020</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>2019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>Cash Flow </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">(In thousands of Brazilian Reais)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">Net cash provided by operating activities</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">4,417,630</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">2,521,230</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">Net cash provided by (used in) investing activities</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">(1,430,989)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">1,443,106</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">Net cash used in financing activities</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">(587,042)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">(4,817,102)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">Exchange variation effect on cash and cash equivalents </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">939,241</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">54,540</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>Net increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>3,338,840</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>(798,226)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Cash Flows Provided by (Used in) Operating
Activities </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company recorded net cash flows provided
by operating activities of R$4,417,630 thousand in 2020, compared to cash flows provided by operating activities of R$2,521,230 thousand
in 2019. The increase of R$1,896,400 thousand is mainly due to a decrease of R$294,522 thousand in the payment of tax, civil and labor
provisions, representing a decrease of R$130,686 thousand in the interests paid and an increase in the derivative financial instruments
received of R$1,249,195 thousand.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Cash Flows Provided by (Used in) Investing
Activities </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company recorded net cash flows used in
investing activities of R$1,430,989 thousand in 2020, compared to cash flows provided by investing activities of R$1,443,106 thousand
in 2019. The decrease of R$2,874,095 thousand is mainly due to the proceeds from the sale of The Company operations located in Europe,
Thailand and Argentina in the amount of R$1,664,073 thousand and the price adjustment from the sale of our then dairy segment in the amount
of R$242,051 thousand, both happened in 2019. Additionally, there were increases in the investments in biological assets of R$168,292
thousand and in property, plant and equipment of R$387,444 thousand in 2020.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Cash Flows Provided by (Used in) Financing Activities </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company recorded cash flows used in
financing activities of R$587,042 thousand in 2020, compared to cash flows used in financing activities of R$4,817,102 thousand in
2019, mainly due to to our strategy of refinancing and increase in liquidity for 2020. The amount of proceeds from debt issuance net
of repayments in 2020 was of R$172,974 thousand, compared to R$4,081,980 thousand of repayments net of debt issuance in 2019.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Comparison of Cash Flow positions as of
December 31, 2019 and 2018, respectively</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The following table presents certain consolidated
cash flow information for the periods indicated:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>Year ended 31st December</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 69%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>2019</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>2018</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>Cash Flow </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">(In thousands of Brazilian Reais)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">Net cash provided by operating activities</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">2,521,230</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">295,685</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">Net cash provided by (used in) investing activities</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">1,443,106</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">(1,415,879)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">Net cash provided by (used in) investing activities</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">(4,817,102)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">73,924</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">Exchange variation effect on cash and cash equivalents ....................................... .................................................. .........</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">54,540</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">71,452</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>Increase (decrease) in net cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>(798,226)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>(974,818)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Cash Flows Provided by (Used in) Operating
Activities </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company recorded net cash flows generated
from operating activities of R$ 2,521,230 thousand in 2019, compared to cash flows generated from operating activities of R$ 295,685 in
2018. The increase of R$2,225,545 thousand is mainly due to an increase in net income to R$ 1,213,261 thousand in the year ended December
31, 2019 (compared to a net loss of R$2,114,506 thousand registered in the year ended December 31, 2018), adjusted by the effects of inflows
that do not affect cash of R$ 4,057,897 thousand in the year ended December 31, 2019 (compared to the effects of inflows that do not affect
cash of R$4,425,222 thousand in the year ended as of December 31, 2018), added to the reduction in the average financial cycle by 9.3
days in 2019.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Cash Flows Provided by (Used in) Investing
Activities </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company recorded net cash flows generated
R$1,443,106 thousand in investment activities in 2019, compared to a net cash flows used in of R$1,415,879 thousand in 2018. An increase
of R$2,858,985 thousand, is mainly due to there was receipt for the sold of operations located in Argentina, Europe and Thailand, in addition
to releasing of restricted cash related to operation with Lactalis in 2019.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Cash Flows Provided by (Used in) Financing Activities </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company recorded cash flows used in financing
activities of R$4,817,102 thousand in 2019, compared to cash flows generated by financing activities of R$73,924 thousand in 2018. In
2019 the amount of repayment of debts, net of proceeds, which was R$4,081,980 thousand, compared to an amount of proceeds of R$276,139
thousand net of repayments in 2018.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Comparison of Cash Flow positions as of
December 31, 2018 and 2017, respectively</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The following table presents certain consolidated
cash flow information for the periods indicated:</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>Year ended 31st December</B></FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>2018</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>2017</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>Cash flow</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><I>(in millions of Brazilian Reais)</I></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">Net cash generated by operating activities</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">295.7</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">649.4</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">Net cash used in investment activities</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">(1,415.9)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">(2,134.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">Net cash from financing activities</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">73,9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">1,057.1</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">Exchange variation effect on cash and cash equivalents </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">71.5</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif">81.9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>Increase (decrease) in net cash and cash equivalents</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>(974.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif"><B>(346.1)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Cash Flows Provided By (Used In) Operating
Activities </I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company recorded net cash flows generated
in continued operating activities of R$428.4 million in 2018, compared to cash flows generated in continued operating activities of R$669.8
million in 2017. The decrease of R$241.4 million is mainly due to an increase in net loss to R$2,114.5 million in the year ended December
31, 2018 (compared to a net loss of R$966.8 million in the year ended December 31, 2018) December 2017), adjusted by the effects of inflows
that do not affect cash of R$4,425.2 million in the year ended December 31, 2018 (compared to the effects of inflows that do not affect
cash of R$3,752.6 million in the year ended as of December 31, 2017), mainly related to the financial result of R$2,241.5 million, partially
offset by R$340.1 million of deferred income tax.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company recorded net cash flows from discontinued
operating activities of R$132.7 million in 2018, compared to cash flows from discontinued operating activities of R$20.4 million in 2017,
resulting in net cash flows generated from operating activities. consolidated (continued and discontinued) of R$295.7 million in 2018,
compared to net cash flows generated from consolidated operating activities (continued and discontinued) of R$649.4 million in 2017.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Cash Flows Provided by (Used in) Investing
Activities </I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company invested R$1,326.7 million of cash
in continued investment activities in 2018, compared to R$2,050.4 million in 2017, representing a reduction of R$723.7 million, mainly
because the Company did not use any cash in business combinations. in 2018. In 2018, cash invested in investment activities consisted
mainly of R$578.0 million in capital expenditure on Property, plant and equipment, R$845.3 million in the acquisition and formation of
breeding stock and R$249.4 million in restricted cash. The Company recorded net cash flows invested in discontinued investment activities
of R$89.2 million in 2018, compared to cash flows invested in discontinued investment activities of R$84.1 million in 2017, resulting
in net cash flows invested in consolidated investment activities (continued and discontinued) of R$1,415.9 million in 2018, compared to
net cash flows invested in consolidated investment activities (continued and discontinued) of R$2,134.5 million in 2017.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Cash Flows Generated in Financing Activities
</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company recorded cash flows generated by
continued financing activities of R$173.7 million in 2018, compared to cash flows generated by continued financing activities of R$1,047.7
million in 2017. In 2018, the Company received funds from the issuance of debt securities in the amount of R$6,500.1 million, which was
partially offset by the amortization of debt in the amount of R$6,224.0 million. The Company recorded net cash flows from discontinued
financing activities of R$99.8 million in 2018, compared to net cash flows from discontinued financing activities of R$9.4 million in
2017, resulting in net cash flows generated in consolidated financing activities (continued and discontinued) of R$73.9 million in 2018,
compared to net cash flows generated in consolidated financing activities (continued and discontinued) of R$1,057.1 million in 2017.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>10.2 Operating and Financial Income</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The following information was evaluated and
commented on by the Company&rsquo;s Officers:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>a. Results of the issuer&rsquo;s operations</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>i. description of any important components
of revenue</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The following is a breakdown of our Goods Sold
in Brazil and to international customers:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>Meat products </I></B>
consisting of meat <I>in natura </I> chilled and / or frozen, which the Company define as whole and cut chicken, pork and beef cuts; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>Processed Food Products</I></B>,
including the following: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">Whole and cut chickens, frozen,
marinated (sold under the brand name <I>Chester </I> <SUP>&reg; </SUP> ) and turkeys; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">Specialty meats, such as sausages,
ham products, bologna, sausages <I>frankfurter, </I> salami, bacon and other smoked products; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">Frozen processed meats, such
as hamburgers, <I>steaks </I> , breaded, kibes and meatballs; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>Other Processed Products
</I></B> , including the following: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">Margarine, butter and cream
cheese; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">Main dishes prepared frozen,
such as lasagna, pizzas and desserts, as well as other frozen foods; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/106% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">Plant-based products, such as nuggets, pies, vegetables
and hamburgers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Frozen desserts;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>Others </I></B> , consisting
of soy bran, refined soy flour and animal feed. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Before the divestments made under the Operational
and Financial Restructuring Plan, released in June 2018, other processed products included mayonnaise, mustard and ketchup.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">The charts below show the Company&rsquo;s revenue in 2020 divided into
products and business units:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>ii. Factors that materially affect operating
results</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s operating results, financial
condition and liquidity have been and will continue to be influenced by a wide range of factors, including:</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Economic conditions in Brazil and abroad;</LI>

<LI STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Concerns related to Covid-19, the African
swine fever, avian influenza and other diseases of human and animal origin;</LI>

<LI STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The effect of trade barriers and other import
restrictions;</LI>

<LI STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The sensitivity of the domestic market to
changes in global demand, including the effect of the actions of the main Brazilian competitors and temporary increases in the supply
of producers in other countries;</LI>

<LI STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Changes in prices of <I>commodities</I>;</LI>

<LI STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Fluctuations in the exchange rate and inflation;</LI>

<LI STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Interest rates; and</LI>

<LI STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Freight costs.</LI>

</UL>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Seasonal factors and volatility that affect
both raw material prices and sales prices may materially affect the Company&rsquo;s results.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s production cost is mainly
dependent on the price and supply of corn and soybean meal. Among other raw materials, there are soybeans, pork and beef, for example.
The sale prices of the Company&rsquo;s products are determined by constant changes in supply and demand that may fluctuate significantly,
in addition to other external factors that the Company is unable to control, such as fluctuations in the levels of global domestic production
of poultry, pork and beef , changes in environmental regulations, changes in the economic situation, climatic conditions, diseases in
animals and crops and costs linked to exchange rates. Additionally, the prices of the main raw materials, including corn, soybean meal
and soybeans (in grain), are being affected by the trade dispute between the USA and China. There is no certainty about the resolution
horizon, as well as the long-term effects on global economic and political conditions. Any change in the price or availability of raw
materials necessary for the production of our products caused by these or other factors may impact the Company.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The economic sector in which the Company operates
is also characterized by cyclical periods, where prices and profitability fluctuate due to levels of supply and demand. There is no certainty
that the Company will be able to adapt adequately to cyclical periods or volatility, as they may have adverse effects on our operations
or financial results.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Natural disasters, pandemics or extreme climatic
variations, including floods, droughts, excessive heat or cold, hurricanes or other storms, as well as any interruption in our plants
that require the temporary relocation of functions to other facilities can impair the growth and health of live animals or interfere in
our operations due to power outages, damage to our production and processing facilities or interruption of channels or information systems.
The outbreak of COVID-19 (&ldquo;<U>Coronavirus</U>&rdquo;), Which originated in China in late 2019 and was declared a global pandemic
by the World Health Organization on March 11, 2020, could adversely affect the Company&rsquo;s business and operations, including the
extent to which estimated deliveries of products may be made. substantially delayed either as a result of the further spread of the virus
or as a result of preventive measures implemented by governments or companies to limit its spread. In addition, the Company&rsquo;s operations
include global production and distribution facilities and, in the event of a Coronavirus outbreak at its facilities or in the communities
where the</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Company operates and distributes its products,
their distribution, operation, employees, suppliers, consumers and distribution channels may be severely affected. The referred pandemic
could also have an adverse impact on consumer demand, commodity prices, the economy and financial markets in several countries, resulting
in an economic slowdown that could affect the demand for the Company&rsquo;s products and cause a material adverse effect on the result
of its operations. <FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">For more information on the risks and preventive
measures adopted by the Company, see item 5.6 &ndash; Other relevant information and 10.9 &ndash; Other factors with relevant influence
- &ldquo;Analysis of the impacts of COVID-19 on the Company's activities&rdquo; of this Reference Form, as well as the risk factor contained
in item 4.1 of this Reference Form, entitled &quot;Pandemics or outbreaks of human diseases, such as the new coronavirus (COVID-19), can
cause changes in consumption and trade patterns, in supply chains and in production processes, as well as causing interruptions in production
and product shipments, which may significantly impact the Company's operations and operating results&quot;.</FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Below, the Company presents more details on
these factors:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>World and Brazilian economic situation </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The National Monetary Council set the inflation
target in Brazil at 3.75% for 2020, with a possible variation of 1.5 percentage points up or down. The inflation rate, which was below
the target at 2.95% e 4.31% in 2018 e 2019, respectively, increased to 4.5% in 2020. Price increases generally reduce consumers&rsquo;
purchasing power, especially among the lower income classes and end up limiting consumption.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Brazilian labor market registered an average
unemployment rate of 14.1% in 2020, according to the IBGE&rsquo;s National Household Sample Survey (&ldquo;PNAD&rdquo;), which represents
a slight deterioration when compared to 11.8% in 2019. In addition, after dropping to 91.6 points in 2019, Brazilian consumer confidence
dropped to 978.5 points in December 2020, according to a Consumption Survey by the Get&uacute;lio Vargas Foundation (FGV).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Brazil&rsquo;s real GDP increased at an average
annual rate of 9.0% from 2005 to 2020. After increasing 0.5% in 2014, Brazilian GDP decreased by 3.5% for two consecutive years, in 2015
and in 2016. Reacting to this weak economic situation, the Central Bank reduced the SELIC rate, the basic short-term interest rate. Overall,
the long-term trend in interest rates continues to decline, from 9.75% on December 31, 2005 to 2.00% on December 31, 2020. In 2020, GDP
retracted 4.1% compared to 2019.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The real depreciated 4.29% against the US dollar
in 2020, from R$4.03 for US$ 1.00 in 2019 to R$ 5.19 for US$ 1.00 in 2020.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Tariff barriers and other barriers (classic
form and from commercial defense processes)</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Global demand for Brazilian poultry and pork
products is significantly affected by trade barriers, including: (i) tariff barriers, or high import tariffs that protect certain domestic
markets; (ii) non-tariff barriers, mainly import quotas, sanitary barriers and religious / technical barriers. In addition, some countries
employ subsidies for production and exports, which tend to distort international trade and interfere with the Company&rsquo;s business.
The Company continuously monitors trade barriers and other import restrictions in the chicken, pork and beef markets around the world
directly or from specialized consulting firms, as these restrictions significantly affect the demand for our products and the level of
our exports.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The European Union (since 2007), Russia (since
2012) and Mexico (since 2013) protect their local meat industries by applying import quotas and charging (sometimes prohibitive) tariffs
for volumes exported outside the EU. determined quota.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In September 2013, South Africa increased
import tariffs for chicken products from all countries except the European Union (due to a free trade agreement between them that establishes
zero tariffs for poultry products) . Tariffs increased to 82% for whole chicken, 12% for boneless cuts and 37% for bone cuts. In 2020,
the South African government announced increases in import tariffs, applied to imports of bone cuts (from 37% to 62%) and boneless cuts
(12% to 42%), which had a negative impact on the competitiveness and profitability of the Company in that country.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In December 2016, Saudi Arabia increased import
tariffs for products derived from chicken from 5% to 20%, which was followed, in 2020, by an increase in the value added tax (VAT) applicable
to whole chicken and in parts, from 5% to 15%.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In August 2017, the Chinese government initiated
an investigation into practices <I>anti-dumping </I> in Brazilian exports of whole chicken and in parts, including BRF exports. In a preliminary
determination in June 2018, Chinese authorities imposed a provisional application of import tariffs on Brazilian chicken. The investigation
ended in February 2019 and Brazilian exporters agreed to accept a minimum selling price to China.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In August 2018, Iraq decided to apply an extra
tariff on imports, increasing the tariff on chicken products from 10% to 60%.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Non-tariff barriers </I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Import Quotas</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2005, Brazil obtained a favorable result
in a panel against the European Union at the WTO in relation to the reclassification (and increase in the tariff) of exports of salted
chicken breast meat. In return, the European Union introduced quotas for imports of certain tariff codes, notably for salted chicken breast,
marinated turkey breast and processed chicken, and in July 2007, Brazil was granted a majority of these quotas.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Russia, has used quotas to control its imports
of pork, beef and poultry. As part of the negotiations to join the World Trade Organization (&ldquo; <U>WTO </U> &rdquo;), From 1 January
2020, Russia has abolished the quota of Pork. Currently, any company can import pork by paying a fixed import tariff of 25%.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The following quotas are applied to chicken
imports: an intracota tariff of 25% and an extracota of 80%. The total volume of quotas is 364 thousand tons divided into 100 thousand
tons of boneless cuts, in which 80 thousand tons are allocated to the European Union and 20 thousand tons to other countries; 250 thousand
tons of bone-in meat, without geographic discrimination; and for turkeys, 14,000 tons of boneless and / or bone-in meat, without geographic
discrimination. However, not all codes can be imported within quotas, e.g. grillers and whole boneless chickens (shawarma) are subject
to an 80% tax according to Russia&rsquo;s internal customs regulations.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">For cattle, the quotas applied for imports
are: 15% intra-quota tariffs and 50% extra-quota tariffs. Quotas for chilled meat - 40 thousand tons, of which 29 thousand tons are for
the EU and 11 thousand for the other countries. Quotas for frozen meat - 530 thousand tons, of which 60 thousand were allocated to the
European Union, 60 thousand to the USA, 3 thousand to Costa Rica and 407 thousand tons to other countries.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In December 2017, Mexico renewed its import
quota for chicken meat of 300 thousand tons until 2019, and in October of that year it expired. As a result, in 2020, the Company was
unable to export chicken to Mexico due to the absence of import quotas.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Additionally, the Saudi Arabian government
has announced the adoption of an import licence system, which has not been implemented yet. Once it is implemented, Saudi Arabia may have
the ability to strengthen its control over imported volumes and set limitations.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Sanitary barriers</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Despite progress in negotiations, several important
markets (in spite of progress in negotiations for trade opening) are not yet open for Brazilian meat products due to sanitary barriers.
These are the cases of the European Union and Colombia for pork; and Taiwan and Panama for chicken.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">As a result of <I>Trapa&ccedil;a</I> Operation,
on March 5, 2018, the Company received from the Ministry of Agriculture, Environment and Supply (&ldquo;MAPA&rdquo;) a notification that
immediately suspended exports of plants from Rio Verde / GO, Carambei / PR and Mineiros / GO to 13 countries that had specific health
requirements related to the control of <I>Salmonella spp </I> . MAPA temporarily suspended exports of ten other BRF plants to the European
Union on March 15, 2018, but revoked that suspension on April 18, 2018. On May 14, 2018, the European Union issued a decision to remove
12 of our plants from Brazil from the list that enabled the import of animal products to European Union countries. The European Union
usually has more stringent requirements related to Salmonella levels and other food safety standards compared to Brazil and the markets
in which the Company operate.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Given the ban on imports of our plants, the
Company are no longer able to sell our products produced in embargoed plants to the European Union and the Company have to redirect our
production capacity to other markets, which can operate with different levels of prices and margins.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Between April 29 and April 30, 2020, our plant
located in Rio Verde, Goi&aacute;s, was temporarily suspended as determined by the Federal Inspection Service (&ldquo;SIF&rdquo;), due
to deviations found in the local water supply system.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2020, China&rsquo;s General Customs Administration
suspended the authorization for chicken and pork exports from two BRF plants, located in Dourados (SIF 18) and Lajeado (SIF 3975), including
the Lajeado Minuano (SIF 1661) plant, a partnership between BRF and Cia Minuano de Alimentos. The suspension was due to alleged concerns
over COVID-19 in Brazil. The Dourados plant has had its suspensions reversed by the Chinese authorities and the plants located in Lajeado
has received a videoaudit by the Chinese authorities that reversed its suspension in December.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2020, the Philippines imposed a temporary
ban on poultry meat imports from Brazil after two cities in China found traces of COVID-19 in cargoes of imported frozen food, including
chicken wings, from Brazil. The Philippines lifted the embargo on imports of Brazilian chicken products in December 2020. Since no other
countries followed the Philippine government&rsquo;s embargo and the Company have not been notified, whether directly or through the Brazilian
government, of other countries adopting a similar position, the Company believe that it is unlikely that other similar embargos will occur.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Technical barriers</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In the short term, the Company have to respond
quickly to any imposition of any new restrictions, including temporary health restrictions by redirecting to other markets or changing
product specifications, in order to meet new requirements to minimize the effects of our net exports . In the long run, these restrictions
may affect the growth rate of our business.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In January 2018, Saudi Arabia instituted the
requirement for <I>non-stunning </I> for the animal slaughter process. Saudi Arabia considered that the slaughter practices of Brazilian
companies violated Halal principles, due to the use of an electric shock to stun birds. BRF and other Brazilian companies, for this reason,
needed to migrate their production processes to slaughter <I>non-stunning </I> so that they could supply the Saudi market. The Company
incurred, and expects to incur, in additional costs related to these requests for export to Saudi Arabia. In January 2019, the Saudi Arabian
health authority published a report qualifying 25 Brazilian establishments as chicken meat exporters to that country. BRF now has eight
of the twenty-five plants authorized to export chicken meat to Saudi Arabia, and one of the plants that BRF exported (Lajeado / RS / SIF
1449) is not on the new list. However, the eight qualified plants have sufficient capacity to meet the demand in that market. Although
the Company continue to redirect chicken production to Saudi Arabia to enabled factories without significant disruptive changes in shipments
to this market, these changes may result in reduced revenues and increased expenses.</P>

<P STYLE="font: italic 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">In
2020, Saudi Arabia continued its practice of creating import barriers, such as by suspending imports from the Francisco Beltr&atilde;o
(SIF 2518) and Dois Vizinhos (SIF 1985) plants in February 2020 without providing technical justifications, increasing the costs of Halal
certification by requiring accreditation at the SFDA Halal Center, and adopting import licenses to control the volume of imports. The
import license requirements have not yet been fully implemented, and the Company do not know if the Saudi</FONT></P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">government will use this tool as
a trade barrier. Saudi Arabia also imposed an informal import ban in 2020 against products originating from Turkey, which affected your
subsidiary Banvit&rsquo;s exports.</P>

<P STYLE="font: italic 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">Additionally,
since 2018, the government of South Africa has threatened to launch an anti-dumping investigation against Brazil related to certain protein
cuts allegedly being exported at lower prices than those in the South African domestic market.</FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">In 2020, the Indonesian government
appealed a WTO decision in a case filed by the Brazilian government against chicken import restrictions imposed by Indonesia. The WTO&rsquo;s
appellate body&rsquo;s activities are suspended waiting the appointment of judges to the appellate body. As a result, the Company unable
to estimate when this case will be resolved. In 2020, the Company also observed increased efforts in Malaysia in enforcement activities
concerning the Halal certificate regulations, resulting in increased difficulty in fulfilling all the requirements. Although as of the
date of this annual report the Company was able to overcome these difficulties for cargo release, the Company anticipate that this trend
may continue in Malaysia, with the imposition of trade barriers.</P>

<P STYLE="font: italic 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">Angola
also imposed certain controls over the issuance of import licenses in 2020 as a way of reducing imports. Angola is facing a foreign currency
shortage, mainly U.S. dollars, which has impacted their import volumes. Additionally, also in 2020, Iraq imposed technical barriers by
means of a ban on importing poultry parts. In 2019, Iraq had already banned the imports of whole poultry.</FONT></P>

<P STYLE="font: italic 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">In
Turkey, there is a risk related to the expiration and non-renewal of the license referent to the validity of transgenic events, which
would impact Turkish imports of transgenic soybeans, thereby affecting, therefore, the cost of our production in Turkey.</FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Consequences of outbreaks and / or cases
of animal diseases of economic and public health interest</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Avian Influenza (Avian Influenza, IA)</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Avian influenza has attracted the attention
of the international community over the years, with outbreaks in poultry, having serious consequences, both in subsistence and in international
trade in many countries. In addition, although most avian influenza viruses do not infect humans, some, such as H5N1 and H7N9 avian influenza,
are well known to the public due to possibility of serious and sometimes fatal infections in people.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The demand for Company products can be significantly
affected by outbreaks of diseases in animals, such as avian influenza. If a significant number of new cases of avian influenza occur in
humans, even if it is not in any of its markets, the demand for its poultry products both inside and outside Brazil may be negatively
affected and the extent of the effect for the Company will not be affected. can be predicted. Even isolated cases of avian influenza in
humans can negatively impact their business due to public sensitivity to the disease.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Brazil has not yet had a documented case of
bird flu, although there are concerns that an outbreak of bird flu may occur in the country in the future. Any outbreak of avian influenza
in Brazil could lead to the necessary disposal of the Company&rsquo;s poultry crops, which would result in decreased sales in the poultry
sector, prevent the recovery of costs incurred in the creation or purchase of birds and would result in additional expenses for disposal
of birds. In addition, any outbreak of avian influenza in Brazil would likely lead to immediate restrictions on the export of some of
its products to the main export markets. Preventive measures adopted by the Brazilian authorities, if any, may not be effective in preventing
the spread of avian influenza in Brazil. In addition, any future significant outbreak of avian influenza in Brazil could lead to pressure
for the disposal of Pork, even though no relation between cases of influenza and pork consumption is proven. Any such disposal of swine
by the Company of this nature would result in reduced sales of pork, prevent the recovery of costs incurred in the creation or purchase
of swine and would result in additional expenses for the disposal of swine. Accordingly, any spread of avian influenza or increased concerns
about this disease can have a substantial and adverse effect on the Company.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Other animal diseases </I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Likewise, demand in the Company&rsquo;s export
markets may be influenced by other illnesses. For example, pork imports from most Brazilian states were banned from Russia from 2005 to
2007, due to cases of foot-and-mouth disease in the states of Mato Grosso do Sul and Paran&aacute;. The Company do not raises Pork in
the states of Mato Grosso do Sul and Paran&aacute;. However, the ban affected Brazilian imports to Russia in general and, at the time,
required the Company to transfer pig production to the Russian market to Rio Grande do Sul, the only Brazilian state that was not subject
to the ban, until Russia lifted import restrictions from eight other Brazilian states in December 2007.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">More recently, a viral disease called swine
epidemic diarrhea has been diagnosed in North America and Asia. The main clinical signs are enteric symptoms, short stature and high mortality.
In these regions, the disease was responsible for a significant reduction of animals in the process of termination and a consequent increase
in prices due to the reduction in supply. There is still no vaccination to prevent the disease, but biosafety and management procedures
can reduce its impacts.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Outbreaks of African Swine Fever have been
reported since August 2018. The Chinese market changed its purchases as a result of these outbreaks. As a result, our volumes of pork
cuts sold to China have increased. As a result of the outbreaks of African Swine Flu in China, MAPA suspended the importation of natural
pork gut from China. This measure was preventive and has already been suspended.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Although all of our hogs are sourced in Brazil
from zones free of Classical Swine Fever (&ldquo;GSC&rdquo;), there have been a number of recent outbreaks outside of these zones. In
October 2018, an outbreak of Classical Swine Fever was confirmed in the Brazilian State of Cear&aacute;. Additionally, in 2019, a case
of Classical Swine Fever was confirmed in the Brazilian States of Alagoas and Piau&iacute;. In 2020, two additional cases were reported
in the state of Piau&iacute;. Brazil has two zones regarding the sanitary status of Classical Swine Fever, the free zone that is comprised
of 16 Brazilian states and includes more than 95% of the Brazilian commercial pork production and a non-free zone, located in the north
of Brazil. All three states with confirmed cases of Classical Swine Fever are located outside the Classical Swine Fever-free zone. The
Brazilian government also took action to contain the outbreak. No formal commercial embargoes were announced as a result of this outbreak.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Effect of export market demand on the domestic
market </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Fluctuations in demand for poultry, pork and
beef products in our export markets generally affect the prices for supply and sale of these products in the Brazilian market. Brazilian
exporters generally redirect products from the international market to the domestic market, increasing the supply of these products domestically
and, often, negatively affecting the sale price. Consequently, this affects our net sales in the domestic market.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">For example, in 2017, Russia embargoed pork
imports from Brazil, alleging the presence of ractopamine in the animals&rsquo; feed. As a result, almost 259.4 thousand tons per year
had to be redirected to other markets, which ended up generating excess supply in the domestic market and contributed to the decrease
in the price of pork carcass in 2018.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In August 2017, the Chinese government initiated
an investigation into <I>anti-dumping </I> regarding Brazilian exports of whole chicken and chicken cuts, including BRF exports. In the
preliminary determination released in June 2018, Chinese authorities imposed provisional import taxes on poultry products imported from
Brazil. The investigation ended in February 2019 and Brazilian exporters agreed to certain minimum export prices on sales to China.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In addition, in April 2018, Saudi Arabia instituted
a requirement that animals not be stunned in the slaughter process. Saudi Arabia claimed that Brazilian companies&rsquo; chicken slaughtering
practices violated halal practices due to the use of electric shock to stun birds. BRF and other Brazilian companies were then forced
to migrate their production processes to slaughterhouses that do not use stunning animal practices to be able to supply the Saudi market.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2019, Chinese demand for imported proteins
grew significantly due to African Swine Fever, a deadly virus that drastically reduced the local supply of pork and, consequently, increased
the local and global protein price. In 2019, China enabled 9 chicken plants, six pig plants and twenty-two Brazilian cattle plants to
improve import volume and reduce its protein deficit.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company monitors the actions of its national
competitors, since they are also impacted by changes in the foreign market and can redirect their products to the domestic or foreign
market. In addition, it monitors fluctuations in supply generated by producers in China, the USA, the European Union and other regions,
as increased production in these markets may lead to greater supply in other countries.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Shipping cost</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The cost of transporting the Company&rsquo;s
products throughout its domestic distribution network and to its customers abroad is significant, being affected by fluctuations in the
price of oil. In 2019, 2018 and 2017, freight costs represented approximately 5.0%, 5.5% and 5.0% of net revenues from continuing operations.
The Company sends its export products by ships and, in the great majority, through CFR ( <I>cost and freight </I> ) or DDP ( <I>delivered
duty paid </I> ), which require it to pay for freight and insurance costs. In 2019, transportation companies included the adjustment factor
of <I>bunker </I> (the fuel used by ships) in their agreements due to uncertainty about future fuels as a result of political instability
in the Middle East. In 2019, shipping companies also began to prepare for the implementation of the International Maritime Organization&rsquo;s
(or &ldquo;IMO&rdquo;) low-sulfur regulations, which took effect on January 1, 2020. As a result of the new regulation, the Company&rsquo;s
freight levels increased approximately 11%, due to the higher cost of <I>bunker </I> VLSFO, which creates lower sulfur emissions compared
to the IFO bunker. The new IMO regulation is expected to affect all players in the maritime sector. The new IMO regulation has affected
all agents in the shipping industry. Similarly, between March and May 2020, due to uncertainties regarding the effects of the COVID-19
pandemic, oil prices dropped drastically, and sea freight was adjusted incurred by the Company as well using the abovementioned Bunker
clause. Oil prices had partly recovered by year-end 2020.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Global demand for proteins is also expected
to push freight levels and restrict container availability due to African Swine Fever in China, especially on sea routes with restricted
capacities, such as from South America to Asia. Due to the uncertainty of the size of the growth in global demand and the need for bilateral
agreements between producing countries and China, the Company is currently unable to estimate the possible effects on freight levels.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">For information on the impact of <I>commodities
</I> and the effects of changes in the exchange rate, inflation and interest rates on the Company&rsquo;s revenue, see item 10.2.c below.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue
variations due to changes in prices, exchange rates, inflation, changes in volumes and introduction of new products and services:</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The information for this item is provided in
item 10.2.c below.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>c. &#9;Impact of inflation, changes in prices
of key inputs and products, exchange and interest rates on operating results and financial results of the issuer, where relevant</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Commodity prices </I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Several of the Company&rsquo;s raw materials
are <I>commodities </I> whose prices fluctuate constantly in response to market forces of supply and demand. The Company purchases large
quantities of soybean meal, soybeans (grain) and corn, used substantially in the production of all its own animal feed. For the most part,
prices of <I>commodities </I> that the Company purchases are expressed in reais. Although input costs are denominated in reais, prices
of <I>commodities </I> tend to follow international prices and are influenced by fluctuations in exchange rates. Purchases of corn, soy
meal and soy represented approximately 32.3% of the Company&rsquo;s cost of sales in 2020, compared to 28.1% in 2019. Although the Company
produces most of the pig herd it uses in its pork products, the Company also bought Pork on the spot market in 2020 (4.8% of the total
pig slaughter)</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In addition, the selling prices of many of
their products, including all of their products for the international market, are highly sensitive to the market price of these products.
<I>commodities </I> and fluctuate with that price. In 2020, the average corn price in Brazil was 29.95% higher than 2019. Additionally,
the price of corn in December 2020 was 38,74% higher than 2018. In 2019, the average price of soybean meal in Brazil was 36.5% higher
than the average price in 2019 . Comparing December 2020 with December 2019, the price of soybean meal in Brazil was 47.07% higher. The
effect of the fall or increase in raw material prices on the Company&rsquo;s gross margin is greater with respect to products of a nature
more similar to fresh products than for products with higher added value.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s ability to pass on increases
in the price of raw materials at its selling prices is limited by the prevailing prices of Goods Sold in its domestic and international
markets, especially for fresh products.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Effects of exchange rate variations and
inflation</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The table below shows, in the periods indicated,
the fluctuation of the real against the US dollar, the average daily and period-end exchange rates and Brazilian inflation measured by
the National Consumer Price Index (&ldquo; <U>INPC </U> &rdquo;), Extended National Consumer Price Index (&ldquo; <U>IPCA </U> &rdquo;)
And General Market Price Index (&ldquo; <U>IGP-M </U> &rdquo;).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2020</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2019</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2018</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Depreciation of the real against the U.S. dollar</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">(28.93%)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">4.02</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">17.14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Period-end exchange rate (US$ 1.00) </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">R$5.19</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">R$ 4.03</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">R$ 3.87</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Average (daily) exchange rate ($ 1.00) <SUP>&nbsp;(1) </SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">R$5.16</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">R$ 3.95</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">R$ 3.66</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Period-end Basic interest rate SELIC<SUP>( (2) </SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">2.00%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">4.50</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">6.50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Inflation (INPC) <SUP>&nbsp;(3) </SUP>&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">5.45%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">4.48%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">3.43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Inflation (IPCA) <SUP>&nbsp;(4) </SUP>&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">4.52%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">4,31</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">3.75</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Inflation (IGP-M) <SUP>&nbsp;(5) </SUP>&nbsp;</FONT></TD>
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">23.14%</P></TD>
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">7.30</P></TD>
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">7.55</P></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Source </B> : IBGE, Funda&ccedil;&atilde;o
Get&uacute;lio Vargas and Central Bank of Brazil.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">The (daily) average exchange rate is the sum of the daily
exchange rates based on the PTAX 800 Option 5 transaction, divided by the number of business days in the period. </FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">(2)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">The SELIC (Special Custody Settlement System) interest
rate is the main Brazilian reference interest rate.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">(3)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">INPC is published by IBGE and measures inflation for families
with an income between one and eight minimum monthly wages in 11 metropolitan regions of Brazil</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">(4)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">The IPCA is published by IBGE and measures inflation for
families with an income between one and 40 minimum monthly wages in 11 metropolitan regions of Brazil</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">(5)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">The IGP-M attributes different weights to the consumer,
wholesale prices and construction prices. The IGP-M is published by Funda&ccedil;&atilde;o Get&uacute;lio Vargas, a private foundation.</FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s operating results and financial
situation are significantly affected by changes in the exchange rate of the real against the US dollar, the euro and the pound sterling.
The Company&rsquo;s sales in international markets are billed mainly in US dollars and, in Europe, in euros and pounds sterling, but its
operating results are recorded in reais. The appreciation of the real against these currencies reduces the amount the Company received
in reais, thereby reducing the Company&rsquo;s net sales related to international markets, the opposite being the case when the real depreciates
in relation to other currencies.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The prices of soy meal and soy, important ingredients
of the Company&rsquo;s animal feed, are directly linked to the US dollar. The price of corn, another important feed ingredient, is also
indexed, but at lower levels than soybean and soybean meal. In addition to soybean meal, soybeans and corn, the Company purchases from
its suppliers located abroad sausage casings, mineral nutrients for feed, packaging and other raw materials, as well as equipment for
use in its production units, which are paid in dollars or other foreign currencies. When the real depreciates against the dollar, the
cost in reais of the Company&rsquo;s raw materials and equipment tied to the United States currency increases, and such increases may
have a negative and material impact on its operating results. On the other hand, the appreciation of the real has a positive effect on
its costs since part of them are fixed in dollars, however this reduction does not immediately affect its operating results because of
the length of its poultry and pork production cycle.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On December 31, 2020, the Company had debt
obligations in foreign currency in the total amount of R$ 15,739,134 thousand, representing, on the date, 70.3% of its total consolidated
debt. Despite managing a portion of its foreign exchange risks through derivatives and future cash flows from exports in US dollars and
other foreign currencies, the Company&rsquo;s foreign currency debt obligations are not fully protected. A sharp depreciation of the real
against the dollar or other currencies would increase the amount in reais that would be required to meet the debt service requirements
of its foreign currency obligations. The Company aims to protect the cash flow from revenues and costs denominated or with an important
influence of the exchange variation, based on limits established in its Financial Risk Management Policy, in order to avoid a distortion
of its margins by the appreciation of the real against the US dollar. In the event of a devaluation of the real against the US dollar,
the favorable effect on these margins is partially mitigated by the volume of hedge operations contracted with effect in the time horizon
determined by the Financial and Financial Risk Management Policy. For further details on the Company's operational exposure to foreign
exchange, see items 4.2.iv.b - &ldquo;Operating Result Exposure&rdquo; and 5.2.b - &ldquo;Foreign Exchange Risks&rdquo; above.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Historically, the Company&rsquo;s operating
results and financial situation have been affected by inflation rates in Brazil. The demand for its products in the domestic market is
sensitive to consumer price inflation, as reflected in variations in INPC and IPCA, and the Company&rsquo;s costs and expenses are mostly
incurred in reais. Due to the fact that long-term contracts with suppliers and customers are not customary in the Company&rsquo;s sector
and prices are generally negotiated monthly or quarterly, increases in inflation have an immediate impact on its net sales and costs.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The IGP-M index is generally used to negotiate
prices that the Company pays to its suppliers as a reference for inflation. In addition, the Company purchases electricity to operate
its production units through long-term contracts that include periodic inflation adjustments in accordance with the IGP-M index.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In terms of personnel costs, wages are adjusted
only once a year, based on collective agreements between employers &lsquo;unions and workers&rsquo; unions. Generally, workers&rsquo;
unions follow the INPC as a parameter for their negotiations.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Effects of interest rates</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company's financial expenses are affected
by movements in Brazilian and foreign interest rates. As of December 31, 2020, 29.7% of its total debt of R$ 22.4 billion was (1) denominated
in reais (or in <I>swap </I> interest rates) and was subject to interest indexed to Brazilian floating interest rates, such as the TJLP,
the interest rate used in its financing agreements with the BNDES, or the CDI, the rate of the interbank deposit certificate applied to
its credit agreements. <I>swap </I> exchange rate and some of its other debts denominated in reais, or IPCA or (2) denominated in dollars,
indexed to a floating interest rate based on LIBOR. Any increase in the CDI, TJLP or LIBOR may have an adverse effect on the Company's
financial expenses and operating results.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The table below shows the average interest
rates to which the Company was exposed in the following years:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<DIV STYLE="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt">

    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Average interest for the year ended</B></P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>December 31, 2020</B></P>
</DIV></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2020</B></P></TD>
    <TD STYLE="vertical-align: top; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2019</B></P></TD>
    <TD STYLE="vertical-align: top; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2018</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>(%)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>(%)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>(%)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>CDI&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">2.8</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">4.4</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">6.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>LIBOR six-month rate</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">0.7</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">1.9</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">2.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>10.3 - Events with significant, occurred
and expected effects in the financial statements</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The following information was evaluated and
commented on by the Company&rsquo;s Officers:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;introduction
or disposal of operating segment</B></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">An operating segment is a component of the
Company that develops business activities to obtain revenues and incur in expenses. The operating segments reflects the way in which the
Company&rsquo;s management reviews the financial information for decision making. In 2020 there was no introduction or disposal of operating
segments, which are presented in the explanatory note 25 to our financial statements of 2020.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;constitution,
acquisition or disposal of equity interest</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On August 20, 2019, the Company&rsquo;s wholly-owned
subsidiary Badi Limited executed a share purchase agreement with Al Takamul International Company for Commercial Investment Limited for
the purchase of the remaining 25% of the capital stock owned by non-controlling shareholders in Al Wafi Al Takamul International Company
for Food Products Limited (&ldquo;Al Wafi&rdquo;), a company incorporated in the Kingdom of Saudi Arabia responsible for distributing
BRF products in that country. The transaction closed on April 21, 2020 for an amount equivalent to R$100,390 thousand (USD19,000 thousand),
at which point Al Wafi became a wholly-owned subsidiary of Badi Limited. The amount paid is presented in the Financing Activities on the
Statement of Cash Flows and the difference between the amount paid and the book value of the participation in the subsidiary was recorded
in Capital Reserves, in the amount of R$50,945 thousand.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On May 07, 2020, the Company executed a share
purchase agreement with Hungry Bunny Limited and others, establishing the terms and conditions for the acquisition of 100% of the capital
stock of Joody Al Sharqiya Food Production Factory, a food processing company in Saudi Arabia. The transaction closed on January 18, 2021
(note 35.1 to our financial statements of 2020).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On June 24, 2020, our wholly owned subsidiary
BRF Foods GmbH agreed to sell 70% of the shares of FFM Further Processing Sdn. Bhd. company incorporated in Malaysia and owner of a food
processing unit in that country, to FFM Berhad, which previously held the remaining 30% of these shares. The transaction was completed
on the same date and BRF Foods GmbH received a purchase price equivalent to R$ 38,546 thousand (US$ 7,350 thousand).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On December 17, 2020, the Nutrinvestment BV
e a Banvit Bandirma Vitaminli Yem Sanayii AS, companies indirectly controlled by the Company executed a share purchase agreement with
Aaylex System Group S.A., providing for the terms and conditions for the sale of 100% of the shares held in Banvitfoods SRL by the amount
equivalent to R$129,471 thousand (EUR 20,300 thousand). The requirements for the classification of the investment as held for sale were
met (note 3.9) and all assets, in the amount of R$151,189 thousand, and liabilities related to this subsidiary, in the amount of R$21,718
thousand, were reclassified to Assets Held for Sale and Liabilities Directly Associated with Assets Held for Sale, and were measured at
the lower of the book value and the fair value less costs to sell. Such measurement resulted in an impairment of R$55,242 thousand, recorded
in Other Operating Income (Expenses). The results and cash flow of this subsidiary remain classified under the Continuing Operations of
the Company since the subsidiary does not represent a separate major line of business or geographic area of operations.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unusual
events or operations</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On July 17, 2020, 2,200,000 (two million, two
hundred thousand) Debentures were subscribed with a notional value of R$ 1,000.00 (one thousand Brazilian Reais), in a total amount of
R$2,200,000 thousand, in two series as shown in the table below. The Debentures are simple, not convertible into shares, unsecured and
for private placement. The Debentures were privately placed with VERT Companhia Securitizadora, to back its forty-sixth issuance of Agribusiness
Receivables Certificates, in two series, which were object of public distribution with restricted placement efforts. The issuance costs
of R$75,275 thousand are recognized on the statement of income over the term of the debt according to the effective interest rate method.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">BRF S.A. made international offerings of
senior notes on September 21, 2020 in the amount equivalent to R$2,722,000 thousand (USD500,000 thousand), at 98.247% of the principal
amount, and on October 26, 2020 in the amount equivalent to R$1,689,840 (USD300,000), at 98.242% of the principal amount,</P>


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<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">under the same indenture. The notes will
happen on September 21, 2050 and the interests are paid semi-annually at the rate of 5.750% p.a. The Company incurred in issuance expenses
of R$41,645 <FONT STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif">thousand related to commissions
and other costs, which, together with the R$86,869 thousand of the issuance discount, are recognized on the statement of income over the
term of the notes according to the effective interest rate method. The Company used and will keep using the proceeds for general corporate
purposes, which include the payment of the other loans.</FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company executed two tender offers between
July 17 and July 24, 2020 and between September 21 and October 9, 2020 for the following senior notes: (i) (a) 5.875% Senior Notes due
2022, (b) 2.750% Senior Notes due 2022, (c) 3.950% Senior Notes due 2023 and (d) 4.750% Senior Notes due 2024 all issued by BRF; and (ii)
4.350% Senior Notes due 2026, issued by BRF GmbH and guaranteed by BRF. The Company paid the amount equivalent to R$3,160,274 for the
repurchase of these liabilities, which includes notional, interest, premium and taxes. The Company incurred in financial expenses with
the repurchases in the amount of R$112,206 with the premium paid, R$19,675 thousand with taxes and R$16,900 thousand with the write-off
of the costs of issuance.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>10.4 - Significant changes in accounting
practices - Provisions and emphasis on the auditor&rsquo;s opinion</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
changes in accounting practices</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In the financial year ended on December 31,
2020 there were no significant changes in accounting practices issued by the Brazilian Securities and Exchange Commission (&ldquo; <U>CVM
</U> &rdquo;) And in the pronouncements and interpretations of the Accounting Pronouncements Committee (&ldquo; <U>CPC </U> &rdquo;),
Which are in line with international accounting standards (&ldquo; <U>IFRS </U> &rdquo;) Issued by <I>International Accounting Standards
Board </I> (&ldquo; <U>IASB </U> &rdquo;).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The CPC 15 / IFRS 3 has changed the definition
of a business, applicable from January 01, 2020. This change did not generate impacts in accounting practices nor the financial statements
of Company. The CPC 06(R2) / IFRS 16 has been modified for the inclusion of an optional practical expedient related to benefits granted
on lease agreements due to the COVID-19 pandemic, effective for periods beginning on or after June 1, 2020. The Company was not granted
benefits in leases related to the pandemic and, therefore, has not adopted this expedient.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In the financial years ended on December 31,
2019 and 2018there was the adoption of ICPC22 / IFRIC 23 - Uncertainty regarding the treatment of taxes on profit and CPC 06 (R2) / IFRS
16 - Leases on 01.01.2019 and the adoption of CPC 48 / IFRS 09 - Financial Instruments and CPC 47 / IFRS 15 - Revenue from Contract with
Client on 01.01.2018. For these adopted standards, there was no restatement of comparative balances, so that the exercises presented in
these Financial Statements have different practices.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
effects of amendments in accounting practices</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s Officers understand that
in the financial statements for the financial year ended December 31, 2020, there were no significant effects of amendments in accounting
practices.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The effects to the years of 2019 and 2018 are
presented in the financial statements of 2019 (note 3).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>c. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reservations
and points raised in the auditor&acute;s report</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In the last three financial years, there were
no reservations in the reports of the Company&rsquo;s independent auditors. In the financial years ended December 31, 2020, December 31,
2019 and December 31, 2018, the following emphasis werep resented in on our Financial Statements:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>December 31, 2020</B></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;The Company draw attention to note 1.2
to the financial statements, which describe the investigations involving the Company, as well as its current and potential developments.
At the current stage of the investigations, it is not possible to determine the potential financial and non-financial impacts for the
Company as a result of them and their potential consequences and, consequently, to record potential losses which could have a material
adverse effect on the Company&rsquo;s financial position. , its results and cash flows in the future. Our opinion is not limited to this
matter&rdquo;.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>December 31, 2019</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;The Company draw attention to explanatory
notes 1.2 and 1.3 to the financial statements, which describe the investigations involving the Company, as well as their current and potential
developments. In the current stage of the investigations, it is not possible to determine the potential financial and non-financial impacts
on the Company resulting from them and of their potential developments and, consequently, to record potential losses which could have
a material adverse effect on the Company&acute;s financial position, results of operations and cash flows in the future. Our opinion is
not modified in respect to this matter&rdquo;.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>December 31, 2018</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;The Company draw attention to explanatory
notes 1.2 and 1.3 to the financial statements, which describe the investigations involving the Company in the context of the Brazilian
Federal Police operations named <I>&ldquo;Carne Fraca</I>&rdquo; and &ldquo;<I>Trapa&ccedil;a</I>&rdquo;, as well as their current and
potential developments, such as the Responsibility Administrative Process (&ldquo;PAR - Processo Administrativo de Responsabiliza&ccedil;&atilde;o&rdquo;)
issued by the Brazilian Office of the Comptroller General (&ldquo;CGU - Controladoria Geral da Uni&atilde;o&rdquo;) in light of Law 12,846/2013
(&ldquo;Anti-corruption Law&rdquo;) and the class action in the United States of America. In the current stage of the investigations and
actions, it is not possible to determine the potential financial and non-financial impacts on the Company resulting from them and of their
potential developments and, consequently, to record additional potential losses which could have a material adverse effect on the Company&acute;s
financial position, results of operations and cash flows in the future. Our opinion is unmodified in respect of this matter&rdquo;.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>10.5 - Critical accounting policies</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The preparation of the Company&rsquo;s consolidated
financial statements requires the use of critical accounting judgments, estimates and assumptions. Management evaluates these estimates
and judgments periodically, based on historical experiences and on numerous other factors considered reasonable under such circumstances.
However, uncertainties related to these judgments, assumptions and estimates could lead to results that require a significant adjustment
to the book value of certain assets and liabilities in future years.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">All the relevant accounting practices adopted
by the Company are disclosed in the explanatory note 3 to the financial statements of 2020.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In the opinion of the Company&rsquo;s Management,
the critical accounting policies adopted, summarized below, adequately reflect the conditions of its business.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>a)</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>Financial instruments:</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Financial instruments are contracts that
give rise to a financial asset for one entity and a financial liability or equity instrument for another. Their presentation in the statement
of financial position and explanatory notes takes place according to the characteristics of each contract.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Financial Assets</B></P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Financial assets are recognized when the
entity becomes party to the contractual provisions of the instrument and classified based on the characteristics of its cash flows and
on the management model for the asset. The table below shows financial assets are classified and measured:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; width: 34%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Category</B></P></TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 33%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Initial Measurement</B></P></TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 33%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Subsequent measurement</B></P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">Amortized cost</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">Accounts receivable from customers and other receivables: billed
    amount adjusted to present value and, when applicable, minus expected credit losses</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">For other assets: Fair value less costs directly attributable to
    its issue</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">Interest, changes in amortized cost and expected credit losses recognized
    in income.</P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial Unicode MS; padding: 5pt 5.4pt 12pt"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Fair Value through Profit and Loss (&ldquo;FVTPL&rdquo;)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">Fair value.</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">Changes in fair value recognized in profit or loss.</P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">Fair Value through Other Comprehensive Income (&ldquo;FVTOCI&rdquo;).</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">Fair value less costs directly attributable to its issue.</P></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">Changes in fair value recognized in other comprehensive income. Upon
    settlement or transfer, accumulated gains or losses are directly reclassified to the caption Retained earnings or accumulated losses.</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt">For debt instruments, expected credit losses are recognized directly
    in income.</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Company evaluates expected credit losses
in each reporting period for instruments measured at amortized cost and for debt instruments measured at Fair Value through Other Comprehensive
Income. Losses and reversals of losses are recorded in the income statement.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The interests of financial assets are recorded
on Financial Income (Expenses), net.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">A financial asset is only derecognized
when contractual rights expire or are effectively transferred.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Cash and cash equivalents: comprises the
balances of cash, banks and securities of immediate liquidity whose maturities, at the time of acquisition, are equal to or less than
90 days, readily convertible into</P>


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<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">a known amount of cash and which are subject
to an insignificant risk of change in value. Securities classified in this group, by their very nature, are measured at fair value through
profit or loss.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Expected credit losses in Accounts receivable
from customers and other receivables: the Company regularly assesses the historical losses on the customer portfolios it has in each region,
taking in consideration the dynamics of the markets in which it operates and instruments it has for reducing credit risks, such as: letters
of credit, insurance and collateral, as well as identifying specific customers whose risks are significantly different than the portfolio,
which are treated according to individual expectations.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Based on these assessments, estimated loss
factors are generated by portfolio and aging class, which, applied to the amounts of accounts receivable, generate the expected credit
losses. Additionally, the Company evaluates macroeconomic factors that may influence these losses and, if necessary, adjusts the calculation
model.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Securities receivable with legal proceedings
in place are reclassified to noncurrent as well as the related estimated credit losses. The securities are written off against the estimated
loss when the Management considers that they are no longer recoverable after taking all appropriate actions to collect them.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Financial liabilities</B></P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Financial liabilities are recognized when
the entity becomes party to the contractual provisions of the instrument. The initial measurement is at fair value and subsequently at
amortized cost using the effective interest rate method. The interests of financial liabilities are recorded on Financial Income (Expenses),
net.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">A financial liability is only derecognized
when the contractual obligation expires, is settled or canceled.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Adjustment to present value</B></P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Company measures the adjustment to
present value on short and long-term balances of accounts receivable, suppliers and other obligations, being recognized as a deduction
in the asset accounts against the financial result. The Company adopts the weighted average cost of capital to determine the adjustment
to present value of the mentioned assets and liabilities, which corresponds to 9.8% per year on December 31, 2020 (11.3% p.a. on December
31, 2019).</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Hedge accounting </B></P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Cash flow hedge: the effective portion
of the gain or loss on the hedge instrument is recognized under Other Comprehensive Income and the ineffective portion in the Financial
result. Accumulated gains and losses are reclassified to the Income statement or statement of financial position when the hedge object
is recognized, adjusting the item in which the hedge object was accounted for.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">When the instrument is designated in a
cash flow hedge relationship, changes in the fair value of the future element of the forward contracts and the time value of the options
are recognized under Other Comprehensive Income. When the instrument is settled, these hedge costs are reclassified to the income statement
together with the intrinsic value of the instruments.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Fair value hedge: the effective portion
of the hedge instrument&rsquo;s gain or loss is recognized in the Income Statement or statement of financial position, adjusting the item
under which the hedge object is or will be recognized. The hedge object, when designated in this relationship, is also measured at fair
value.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Net investment hedge: the effective result
of the exchange variation of the instrument is recorded under Other Comprehensive Income, in the same item in which the accumulated translation
adjustments of the investments (hedge objects) are recognized. Only when the hedged investments are sold, the accumulated amount is reclassified
to the income statement, adjusting the gain or loss on the sale.</P>


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<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Reference interest rate reform</B></P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Company does not have relationship
designated for hedge accounting that involve operations indexed to the reference interest rates object from reform. Additionally, existing
liabilities indexed to the reference interest rates have contractual arrangements foreseeing the replacement for similar rates. Thus,
no relevant impact is expected for the Company if such interest rates cease to exist or are replaced.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>b)</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>Revenue from contracts
with customers</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sales revenues are recognized and measured
observing the following steps: (i) identification of the contracts with customers, formalized through sales orders; (ii) identification
of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price
to the performance obligations in the contract; and (v) revenue recognition as it satisfies the performance obligations.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Revenues are recognized by the amount that
reflects the Company&rsquo;s expectation to receive for the sale of products, net of applicable taxes, returns, rebates and discounts.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The sales process begins with sales orders.
The discounts and rebates may be negotiated on a spot basis or may have its conditions formally defined in the agreements, generally signed
with large retail and wholesale chains. In all cases, the performance condition is satisfied when the control of the goods is transferred
to the client.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Company has sales with immediate and
deferred payments, for which the adjustment to present value is recognized for the financial component (note 3.19.3 to the financial statements
of 2020).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>c)</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>Inventories</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Inventories are measured at the lower of the
average cost of acquisition or production of finished products and the net realizable value. The cost of finished products includes purchased
raw materials, labor, production costs, transportation and storage, which are related to all the processes necessary for bringing the
products to sales conditions. Write-down to net realizable value due to obsolescence, impaired items, slow-moving and realizable value
through sale are evaluated and recorded in each reporting period, as appropriate. Normal production losses are included in the production
cost for the respective month, while abnormal losses, if any, are expensed in Cost of sales without movement through inventories.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>d)</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>Income taxes</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">In Brazil, the income tax (&ldquo;IRPJ&ldquo;)
and social contribution on profit (&ldquo;CSLL&ldquo;), are calculated monthly based on taxable profit, after offsetting tax losses and
negative social contribution base, limited to 30% of the taxable income, applying the rate of 15% plus an additional 10% for the IRPJ
and 9% for the CSLL.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The results obtained from foreign subsidiaries
are subject to taxation by the countries where they are based, according to applicable rates and legislation. In Brazil, these results
suffer the effects of taxation on universal basis established by the Law No. 12,973 / 14. The Company analyzes the results of each subsidiary
for the application of its Income Tax legislation, in order to respect the treaties signed by Brazil and avoid double taxation.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Deferred taxes represent credits and debits
on unused tax losses carried forward and negative CSLL base, as well as temporary differences between the tax and accounting bases. Deferred
income tax assets and liabilities are classified as non-current. When the Company&rsquo;s internal studies indicate that the future use
of these credits over a 10-year horizon is not probable, the asset is derecognized (note 10.3 to the financial statements of 2020).</P>


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<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Deferred tax assets and liabilities are
presented net if there is enforceable legal right to be offset, and if they are under the responsibility of the same tax authority and
under the same taxable entity.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Deferred tax assets and liabilities must
be measured at the rates applicable in the period in which the asset is realized or the liability is settled, based on the rates (and
tax legislation) that are in force on the financial position date.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">In compliance with the interpretation ICPC
22 / IFRIC 23, the Company analyzed relevant tax decisions of higher courts and whether they conflict in any way with the positions adopted
by the Company. Regarding the known uncertain tax positions, the Company reviewed the corresponding legal opinions and jurisprudence and
did not identify impacts to be recorded, since it concluded that the tax authorities are not likely to reject the positions adopted.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Company periodically evaluates the
positions assumed in which there are uncertainties about the adopted tax treatment and will set up a provision when applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>e)</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>Property, plant and equipment</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Property, plant and equipment are measured
by the cost of acquisition, formation, construction or dismantling, less accumulated depreciation. Loans and borrowings costs are recorded
as part of the costs of property, plant and equipment in progress, considering the weighted average rate of loans and borrowings effective
on the capitalization date.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Depreciation is recognized based on the estimated
economic useful life of each asset using the straight-line method. The estimated useful life, residual values and depreciation methods
are reviewed annually and the effects of any changes in estimates are accounted for prospectively. Land is not depreciated.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company annually performs an impairment
analysis for its cash-generating units, which include the balances of property, plant and equipment (note 13 to the financial statements
of 2020).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Gains and losses on disposal of property, plant
and equipment are determined by comparing the sale value with the residual book value and are recognized in the statement of income on
the date of sale under Other operating income (expense).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>f)</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>Leasing</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">A contract is, or contains, a lease if
the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company
assesses whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">the contract involves the use
of an identified asset, which may be explicit or implicit, and may be physically distinct or represent substantially the entire capacity
of a physically distinct asset. If the supplier has a substantial right to replace the asset, then the asset is not identified;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt 17.85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">the Company has the right to
obtain substantially all the economic benefits from using the asset throughout the period of use; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt 17.85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">the Company has the right to
direct the use of the asset throughout the period of use, which occurs in either of the following situations:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt 17.85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">the Company has the right to
direct how and for what purpose the asset is used, or </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font: 10pt Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">the conditions are predetermined
so as the Company has the right to operate the asset or has designed the asset in a way that predetermined how and for what purpose it
will be used.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">At the beginning of the contract, the Company
recognizes a right-of-use asset and a lease liability, which represents the obligation to make payments related to the underlying asset
of the lease.</P>


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<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The right-of-use asset is initially measured
at cost and comprises: the initial measurement of the lease liability adjusted for any payment made at or before the commencement date,
less any incentive received; any initial direct costs incurred; and an estimate of costs in dismantling and removing the asset, restoring
the site on which it is located or restoring the asset to the condition required by the terms of the lease. Renewal or early termination
options are analyzed individually considering the type of asset involved as well as its relevance in the Company&rsquo;s production process.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The right-of-use asset is subsequently
depreciated using the straight-line method from the commencement date until the end of the useful life of the right-of-use asset or until
the end of the period of the lease. The estimated useful life of the right-of-use asset is determined on the same methodology used for
the assets owned by the Company (note 3.11). Additionally, the right-of-use asset is adjusted by the subsequent measurement of the lease
liability and when applicable, an impairment is recognized.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The lease liability is initially measured
at the present value of the future lease payments using the incremental borrowing rate, and subsequently, measured at amortized cost using
the effective interest method.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The liability is remeasured when there
is a change in (i) future payments resulting from a change in index or rate, (ii) the amount expected to be payable under a residual value
guarantee, or (iii) the assessment of whether the Company will exercise the purchase, renewal or termination option.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">When the lease liability is remeasured,
the corresponding adjustment is recorded in the book value of the right-of-use asset, or in the statement of income if the book value
of the right-of-use asset has been reduced to zero.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Company does not apply lease accounting
model to: leases with a term of 12 months or less and that do not contain a purchase option; and leases for which the underlying asset
is of low value. For these exemptions, the lease payments are recognized as an expense on a straight-line basis over the lease term.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Additionally, contracts with indefinite
term and no fixed payments are expensed as incurred.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The IFRS 16 has been modified for the inclusion
of an optional practical expedient related to benefits granted on lease agreements due to the COVID-19 pandemic, effective for periods
beginning on or after June 1, 2020. The Company was not granted benefits in leases related to the pandemic and, therefore, has not adopted
this expedient.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>g)</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>Intangible assets</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Acquired intangible assets are measured at
cost at initial recognition, while those arising from a business combination are recognized at fair value on the acquisition date. After
initial recognition, are presented at cost less accumulated amortization and impairment losses, when applicable. Internally generated
intangible assets, excluding development costs, are not capitalized and the expense is recognized in the income statement when incurred.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Intangible assets with definite useful lives
are amortized on a straight-line basis over their economic useful lives. The amortization period and method for an intangible asset with
definite life are reviewed at least at the end of each year, and any changes observed are applied prospectively. The amortization of intangible
assets with finite lives is recognized in the income statement in the expense category related to their use.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Intangible assets with indefinite useful lives
are not amortized, but are tested annually for impairment, being allocated to the cash-generating units (note 14 to the financial statements
of 2020). The Company records in this subgroup mainly goodwill and brands, which are expected to contribute indefinitely to its cash flows.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>h)</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>Business combination</I></B></FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Business combinations are recorded according
to the acquisition method, which determines that the cost of an acquisition is measured by the sum of the consideration transferred, assessed
based on the fair value on the acquisition date, and the value of any non-controlling interest in the acquired company. The Company measures
the non-controlling interest based on its participation in the net assets identified in the acquired company. Costs directly attributable
to the acquisition are recorded as expense when incurred.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Business combinations with related parties
are recognized using the acquisition method when the agreements have a substance and at cost when no substance is observed in the transaction.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In the acquisition of a business, Management
assesses the acquired assets and liabilities assumed in order to classify and allocate them in accordance with the contractual terms,
economic circumstances and relevant conditions on the acquisition date.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Initially, goodwill is measured as the excess
of the consideration transferred over the fair value of the net assets acquired (identifiable assets and liabilities assumed, net).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">After the initial recognition, goodwill is
measured at cost less any accumulated impairment losses. For purposes of testing the recoverable amount, goodwill is allocated to each
of the cash-generating units that will benefit from the acquisition.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The CPC 15 / IFRS 3 has changed the definition
of a business, applicable from January 01, 2020. This change did not generate impacts in accounting practices nor the financial statements
of Company.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>i)</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B><I>Provision for tax, civil
and labor risks and contingent liabilities</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The provisions are recognized when the Company
has a present obligation, formalized or not, as a result of a past event, the outflow of resources to settle the obligation is likely
to occur and a reliable estimate can be made.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company is involved in several legal and
administrative procedures, mainly in Brazil. Assessments of the likelihood of loss in these lawsuits include an analysis of the available
evidences, the hierarchy of laws, the available jurisprudence, the most recent court decisions and their relevance in the legal system,
as well as the assessment of outside lawyers. Provisions are reviewed and adjusted to reflect changes in circumstances, such as the applicable
limitation period, conclusions of tax inspections or additional exposures identified based on new matters or court decisions.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In cases where there are a large number of
lawsuits and the amounts are not individually relevant, the Company use historical studies to determine the probability and amounts of
losses.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Contingent liabilities from business combinations
are recognized if they arise from a present obligation that arose from past events and if their fair value can be measured reliably. The
initial measurement is done by the fair value and subsequent measurements by the higher value between: the fair value on its acquisition
date; and the amount by which the provision would be recognized.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>10.6 - Items not acknowledged in finance
demonstrations</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><B>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
assets and liabilities held by the Company, directly or indirectly, which do not appear on its balance sheet, i.e. the off-balance sheet
items, such as:</FONT></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In the normal course of its business, the Company
enters into contracts with third parties for the acquisition of raw materials, mainly corn and soybean meal, in which the agreed prices
can be fixed or to be fixed. The Company also enters into other commitments, such as the supply of electricity, packaging, construction
of real estate, among others, to supply its manufacturing activities. The firm purchase commitments are shown below:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 77%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Consolidated</B></P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>(R$ thousands)</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>12.31.20</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Total current</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>5,293,415</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Total non-current</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>1,504,551</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">401,777</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">271,022</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">244,654</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">175,982</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2026 onward</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">411,116</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>6,797,966</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>b. Other items not presented in the financial
statements </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company has no relevant items not evidenced
in the financial statements that have or are likely to have effects on its financial condition, income and expenses, results of operations,
liquidity, capital expenditures that are material for investors.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>10.7 - Items not acknowledged in finance
demonstrations</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>a. how such items change or may change revenues,
expenses, operating results, financial expenses or other items in the financial statements of the issuer</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The commitments presented in item 10.6.a are
part of the business of the Company and when the recognition criteria is met, they will be recognized as assets, liabilities and expenses,
according to the Accounting practices of the Company, compatible to the international accounting standards.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>B. Nature and purpose of the operation </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Such operations arise from the normal course
of business and are comprised of agreements with third parties for the purchase of raw material, mainly corn and soymeal for which agreed
prices in these agreements can be fixed or variable, besides other commitments such as electricity supply, packaging supplies, construction
of buildings and others for the supply of its manufacturing activities.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>c. nature and amount of obligations assumed
and rights generated in favor of the issuer as a result of the operation </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s management does not expect
material effects on the operations described in item 10.6 of this Reference Form and not evidenced in the financial statements that may
change the revenues, expenses, operating results, financial expenses or other items of the Company&rsquo;s accounting information.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">For a description of the nature of each transaction,
as well as the amount of obligations assumed and the rights generated in favor of the Company as a result of transactions not shown in
our financial statements, see item 10.6 of this Reference Form.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>10.8 - Business Plan</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>A. Investments</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>i. Quantitative and qualitative description
of investments in progress of planned investments. </B>The table below establishes the Company&rsquo;s capital expenditures in the last
three financial years.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; width: 46%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Investments</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 18%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 18%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2019</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 18%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2018</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">In R$ Millions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Fixed Assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">782,9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">412,2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">533,6</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Biological Assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">1.006,2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">809,1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">877,2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Acquisitions and other investments</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">576,4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">143,8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">200,7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Intangible Assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">96,2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">64,3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">20,6</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Total</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>2.461,7</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>1.429,3</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>1.631,7</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Expected Investments:</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>2021</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">For 2021, investments are planned on a larger
scale for growth, including increased volume of line items and investments in innovation, aiming at gaining market share and generating
revenue, aligned with the Company's Strategic Planning. In addition, the Company intends to intensify investments that address items related
to the development of the digital journey related to processes and optimization of its activities, an item that is also contemplated in
the medium and long-term planning vision. In addition, investments related to the theme ESG, operational efficiency, compliance and internal
controls will also have relevance in the investment pipeline of the organization indicated for this exercise.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">As described in item 11.1 of this Reference
Form, the Company estimates investments of approximately R$ 55 billion over the next ten years, with the establishment of a prudential
limit on net financial leverage (ratio between net debt and Adjusted EBITDA of the 12 previous months) up to 3 times. For more information
on Projections, see item 11 of this Reference Form.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>2020</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Investments made in 2020 totaled R$ 2,461.7
thousand. In such exercise, the Company resumed investments related to growth and innovation, with investments in the Serop&eacute;dica
(RJ), Mineiros (GO), Tatu&iacute; (SP) and Uberl&acirc;ndia (MG) plant as highlights. In addition, resources were allocated for projects
related to process digitization, aiming at a higher level of internal controls and operational efficiency, having as examples projects
related to S &amp; OP processes, Quality, Operations, Human Resources, among others.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>2019</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Investments made in 2019 totaled R$&nbsp;1,429
million, disregarding the accounting impact related to the adoption of IFRS 16, which represents a 12% reduction in relation to the previous
year, of which R$&nbsp;411 million was allocated for growth, efficiency and support; R$&nbsp;809 million for biological assets and R$
208 million for leasing and others. Considering the accounting impact related to the adoption of IFRS 16, the total amount of CAPEX is
R$ 1,877 million. As a highlight, the Company had the projects: (i) execution of projects to meet the demand of industrialized products
in the Internal Market at the Serop&eacute;dica Factory (RJ), (ii) implement the concepts of Industry 4.0 in slaughterhouses for chicken,
(iii) systems for optimization of production and sales planning processes, and (iv) process Improvements and Human Resources management.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>The main capital expenditures in 2020 are
described below:</B></P>


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<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Demand.</B> Despite the challenging scenario resulting, among
other factors, from the COVID-19 pandemic in 2020, the Company continued expansion projects with increased pig slaughter capacity for
the foreign and Brazilian markets, adding value in the product mix, mainly in chicken proteins, as well as invested in cold and embedded
categories for the domestic market and innovation items.</P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><B>Efficiency</B></FONT><B>.
</B> <FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">In 2020, in addition to finalizing the projects resulting from previous
periods, investments were also started in projects for improvement in the integrated planning system, optimization in the process for
the use of raw materials, automations in industrial units and process digitization.</FONT></P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Quality, people and sustainability.</B> In 2020, the Company
focused on projects for improvement and control of production processes in refrigerators, feed and farm factories, modernization of laboratories
and product quality, as well as compliance and corporate governance items.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>ii. Investment financing sources </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company has funds from operating cash generation,
as well as credit lines with financial and development institutions, including loans to encourage rural activities and issue debt securities
in the local and international capital markets (see item 10.1 .f for details on relevant loan and financing contracts).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>iii. relevant divestitures in progress and
planned divestitures </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2020, the Company made disinvestments totaling
R$ 126,540 related to the sale of non-strategic assets related to the annual disinvestment plan.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>b. if already disclosed, indicate the acquisition
of plants, equipment, patents or other assets that may materially affect the issuer's production capacity </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In May 2020, the subsidiary of Companhia Badi
Limited signed with Hungry Bunny Limited and others, the Share Purchase Agreement, establishing the terms and conditions for the acquisition
of 100% of the share capital of Joody Al Sharqiya Food Production Factory, a food processing company. The transaction considered an enterprise
value of SAR 29.7 million (twenty nine million seven hundred thousand Saudi riyals)</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;new
products and services</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>i. Description of ongoing research already
released </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2020, 282 new products were launched for
consumers, of which 139 were launched in the Brazilian market and 143 in the international market. Among the launches on the international
market, 48 were in the Asia region, 36 in the Halal market and 59 in other operations with direct exports.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s Research, Development and
Innovation (&ldquo;R &amp; D &amp; I&rdquo;) activities comprise agricultural research and innovation and the research and development
of products and processes. The Product Research and Development team is located in Jundia&iacute;, in the State of S&atilde;o Paulo, where
BRF is located Innovation Center (&ldquo;BIC&rdquo;). From BIC, all products destined for the National Market are developed and exported
from Brazil&rsquo;s production platform. Research and Development activities also involve the development and optimization of primary
and secondary packaging, as well as the application of graphic arts and technical information on products.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The agricultural RD&amp;I area currently has
researchers dedicated to the activities of innovation and production support, of which some are doctors, others masters and many have
specialization in the area of animal production. In addition to corporate researchers, the Company has a wide range of veterinarians,
agronomists and zootechnicians working directly in the production system.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company develops an excellent trainee and
internship program, as well as encouraging its employees to take postgraduate courses. In 2019, the Company started a new program called
&ldquo;Doutores do Agro&rdquo;, under which five PhD vacancies were created in order to develop specific projects</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">in different areas: nutrition, animal breeding,
animal health, swine production and animal husbandry management birds. As a result, one of these doctors have already been incorporated
into the Company's staff.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company has one of the largest experimental
research facilities for poultry and Pork in the world, with an experimental feed factory and 19 experimental warehouses, which are distributed
in four experimental farms, located in the State of Santa Catarina, with a total of 1,380 stalls experimental tests to assess the impact
characteristics in the production chain. In addition, the Company has six bromatological laboratories and five animal laboratories that
support research and operation activities. In addition, the Company has seven bromatological laboratories, seven laboratories with near
infrared spectroscopy (NIRS - Near Infrared Spectroscopy) for receiving grains and five animal health laboratories that support the research
and operation activities. For the year 2021, the Company are expanding our capacity with a new animal health laboratory in Toledo/PR.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2019, in line with the pig consumption development
strategy in Brazil, the Company launched a robust protein portfolio with cuts for the daily Sadia, seasoned cuts for barbecue Perdig&atilde;o
Na Brasa and commemorative seasoned cuts for Christmas Sadia.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Reflecting its leadership position as the most
innovative brand, in 2020 several products were launched under the Sadia brand that bring more convenience to the daily life of the consumer,
such as: Mac&rsquo;n Cheese line, a young and pioneering concept in Brazil of frozen ready dish that it is ready in 5 minutes in the microwave;
new line of products &lsquo;&rsquo;<I>Sadia Na Receita&rsquo;&rsquo;</I>, portfolio of pre-prepared chicken as shredded, cubed and strips,
to assist in the preparation of recipes and the Sadia Marinados line, with chicken cuts lightly seasoned with ingredients such as salt,
onion and garlic. The Company also launched Sadia Veg &amp; Tal, our line focused on vegan and vegetarian consumers, which offers a portfolio
of products such as vegetable burgers, frozen vegetables and frozen pies. In addition, the Sadia Speciale sub-brand was launched, with
a higher added value portfolio, such as parma ham, and the new raw ham and pepper-edged salami. Under the Ouro Perdig&atilde;o brand,
the mini sausage line was launched, in continuity with the portfolio expansion process in the appetizer and snack category. The Perdig&atilde;o
frozen pizza portfolio was also launched, which will ensure the brand&rsquo;s increased visibility in the main market of the category.
With the Qualy brand, the Qualy Vita line was launched, made with vegetable oils and a source of Omega 6, an essential nutrient for heart
care. Finally, the Company also expanded the Qualy brand portfolio with butter, cream cheese and frozen Brazilian cheese breads.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>ii. Total amounts spent by the issuer on
research for the development of new products or services</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company invested R$65.168 thousand, R$
67.846 thousand and R$ 53.476 thousand and in 2020, 2019 and 2018, respectively, in R &amp; D &amp; I activities. In the years from 2015
to 2018, the Company also considered as R &amp; D &amp; I expenses the amounts of fixed expenses recorded in the cost centers of the managements
linked to these activities, as well as the amounts spent as consumable material in experimental research tests and field research. of
agricultural R &amp; D &amp; I projects, which is why there is an increase in value in such exercises.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company believes that investing in R &amp;
D &amp; I is a key factor in maintaining its competitive advantages, whether to optimize its production chain, improving sustainability,
as well as launching innovative products, meeting the expectations and needs of consumers, customers and markets.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>iii. Projects under development already
disclosed </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company has its own pig breeding program,
which is competitive with the programs of international genetic companies. This program currently serves, by option, 70% of the Company&rsquo;s
production. The program has six core farms in the State of Santa Catarina, with a staff of 135 employees, a farm in the State of Goi&aacute;s,
with a staff of 40 employees, in addition to a farm <I>backup </I> in Minas Gerais. Today the Company has a tissue bank with more than
580 thousand samples of genetic material and a series of works have been carried out to incorporate genomic evaluation into the selection
process in 2020. To make this technological leap feasible, the Company established partnerships with six centers of the</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Brazilian Agricultural Research Corporation
- EMBRAPA, research centers, universities and research and development agencies (BNDES, Finep, CNPq and FAPESP) and formed a team with
seven geneticists.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In recent years, research partnerships have
been established in projects financed by EMBRAPA, FINEP, CNPq, BNDES, and, since 2009, the Company has benefited from the tax recovery
by Lei do Bem, in the years when it calculates taxable profit. This law introduces a tax incentive related to Research, Development and
Technological Innovation. The law defines &ldquo;technological innovation&rdquo; as the creation of a new product or production process,
as new features or characteristics that bring about improvements and effective gains in quality or productivity, resulting in stronger
market competitiveness. The main feature of the mechanism of this tax incentive is the exclusion of expenses to determine the amount of
income tax and social contribution that is charged to net income.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s integrated agricultural
innovation process starts from interfaces with companies and research centers, characterized by the sharing of the use of physical structures
and technical staff, to solve the main demands for the development of joint work, but mainly resulting in the feedback of new proposals
of innovation from the technological development network itself.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">BIC&rsquo;s R &amp; D &amp; I team works together
with the Quality Assurance area in adopting international quality assurance practices, <I>food safety </I> and <I>food fraud, </I> in
addition to the development of monitoring systems for monitoring industrial products and processes.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In March 2021, the Company signed a Memorandum
of Understanding (&ldquo;MOU&rdquo;) with Aleph Farms, Ltd, an Israeli startup that develops proteins in the laboratory, from animal cells.
The agreement aims at: (i) the development and production of meat grown using the patented production of Aleph Farms (BioFarm &trade;);
and (ii) the distribution of proteins grown by Aleph Farms, exclusively in Brazil.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In line with its &ldquo;Vision 2030&rdquo;
plan, in which one of the growth avenues mentioned is &ldquo;meat substitutes&rdquo;, this partnership will strengthen the generation
and diversification of businesses to meet the growing consumer demands for a greater variety of alternative proteins . In addition to
the commercial potential in the Brazilian market, this partnership will also reinforce the sustainability, innovation and food security
commitments adopted by the two companies.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>iv. total amounts spent by issuer on development
of new products or services </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company invested R$ 65,168 thousand, R$
67,846 thousand and R$ 53,476 thousand in Research, Development and Innovation activities in 2020, 2019 and 2018, respectively.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In 2019, in line with the pig consumption development
strategy in Brazil, the Company launched a robust protein portfolio with cuts for the daily Sadia, seasoned cuts for barbecue Perdig&atilde;o
Na Brasa and commemorative seasoned cuts for Christmas Sadia.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Reflecting its leadership position as the most
innovative brand, in 2020 several products were launched under the Sadia brand that bring more convenience to the daily life of the consumer,
such as: Mac&rsquo;n Cheese line, a young and pioneering concept in Brazil of frozen ready dish that it is ready in 5 minutes in the microwave;
new line of products Sadia Na Receita, portfolio of pre-prepared chicken as shredded, cubed and strips, to assist in the preparation of
recipes and the Sadia Marinados line, with chicken cuts lightly seasoned with ingredients such as salt, onion and garlic. The Company
also launched Sadia Veg &amp; Tal, our line focused on vegan and vegetarian consumers, which offers a portfolio of products such as vegetable
burgers, frozen vegetables and frozen pies. In addition, the Sadia Speciale sub-brand was launched, with a higher added value portfolio,
such as parma ham and the novelties raw ham and pepper-edged salami. Under the Ouro Perdig&atilde;o brand, the mini sausage line was launched,
in continuity with the portfolio expansion process in the appetizer and snack category. The Perdig&atilde;o frozen pizza portfolio was
also launched, which will ensure the brand&rsquo;s increased visibility in the main market of the category. With the Qualy brand, the
Qualy Vita line was launched, made with vegetable oils and a source of Omega 6, an essential nutrient for heart care. Finally, the Company
also expanded the Qualy brand portfolio with frozen butter, cream cheese and frozen Brazilian cheese breads.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>10.9 - Other factors with relevant influence
</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company was the target of two external
investigations called &ldquo;Operation Carne Fraca&rdquo; in 2017 and &ldquo;Trapa&ccedil;a Operation&rdquo; in 2018, as detailed below.
The BRF Audit and Integrity Committee conducted independent investigations in conjunction with the Independent Investigation Committee,
made up of external members and external legal advisors, in Brazil and abroad, with respect to allegations involving BRF employees and
former employees. On February 25, 2021, the Executions Division of the Securities and Exchange Commission (&ldquo;SEC&rdquo;) issued a
letter to the Company, declaring, among other matters, that it concluded an investigation against BRF and that, based on the information
it had until that date , does not intend to recommend any enforcement action by the SEC against the Company with respect to <I>Carne Fraca</I>
Operation and <I>Trapa&ccedil;a </I>Operation.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The main impacts observed as result of the
referred investigations were recorded in other operating expenses in the amount of R$28,004 for the year ended on December 31, 2020 (R$79,207
for the year ended on December 31, 2019) mostly related to expenditures with lawyers, legal advisors and consultants.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Detailed information about such investigations
and its potential impacts to the financial statements are presented in the explanatory note 1.2 to the financial statements of 2020.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; background-color: white"><B><U>Analysis of the impacts of COVID-19
on the Company's activities</U></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">As described in the risk factor contained in
item 4.1 of this Reference Form, entitled &quot;entitled &quot;Pandemics or outbreaks of human diseases, such as the new coronavirus (COVID-19),
can cause changes in consumption and trade patterns, in supply chains and in production processes, as well as causing interruptions in
production and product shipments, which may significantly impact the Company's operations and operating results&quot;, the Company's business,
operations and financial conditions can be materially and adversely affected by the spread of epidemics, pandemics or other public health
crises, including the new coronavirus (COVID-19).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On January 31, 2020 the World Health Organization
(OMS) announced that the COVID-19 is a global health emergency and on March 11, 2020 declared it a global pandemic. The outbreak has triggered
significant decisions from governments and private sector entities, which, in turn, negatively impacted consumption patterns, supply chains
and production processes on a global scale, including those related to the Company's business, specifically in relation to product shipments.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In addition, as a result of the social distance
measures imposed by the competent authorities, customers from regions where the Company operates are being impacted, mainly by restrictions
on meetings or face-to-face contacts, which may result in a reduction in the acquisition of the Company's products. One of the consequences
of the pandemic may also be the destabilization of commodities prices or economies and financial markets in many countries, resulting
in an economic slowdown that can affect the demand for the Company's products and, thus, generate a material adverse effect on operating
results of BRF. Any deterioration in the credit cycle of the Company's customers, as a result of the pandemic or of the measures implemented
to deal with it, may adversely affect BRF's results and cash flows.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company's operations include global production
and distribution facilities and if there are many cases of COVID-19 contamination at the facilities or communities where the Company operates
and distributes its products, productions, operations, employees, suppliers, customers and distribution channels. can be impacted. In
addition, ports and other channels of entry may be closed or operate with a small part of the capacity, since workers may be banned or
even unable to attend work, as well as the transport of products within regions or regions. Countries may also be limited in view of potential
transportation restrictions related to quarantines or travel bans.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Furthermore, the countries to which the Company
exports its products may restrict the import of BRF products; of products produced by its partners; or in all or some food products in
Brazil, based on concerns related to COVID-19.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">From the beginning of the pandemic until the
moment of the release of this form, BRF has operated and continues to operate its industrial complexes, distribution centers, logistics,
supply chain and support offices, although temporarily and partially in a remote work regime in some corporate locations and even though
it closed the Lajeado plant for a week in May 2020 and the Rio Verde plant for 14 days in June 2020, as a result of cases of COVID-19
contamination. This way, until the date of approval of this information, there was no material change in its production, operation and
/ or marketing schedule. Additionally, management has developed and implemented several contingency plans for the maintenance of its operations
and monitors the effects of the pandemic through a permanent multidisciplinary monitoring committee, formed by executives, specialists
in the field of infectious diseases and contracted consultants.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Due to the pandemic, the Company has incurred
in direct and incremental expenditures, such as transportation, personnel, prevention, control and donations, which are presented in the
statement of income (loss) within the following line items:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 77%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Consolidated</B></P>
    <P STYLE="font: 8pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>(R$ thousands)</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Tahoma, Helvetica, Sans-Serif"><B>20.12.31</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; line-height: 107%"><FONT STYLE="font: 8pt/107% Tahoma, Helvetica, Sans-Serif">Cost of sales</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Tahoma, Helvetica, Sans-Serif">(356,960)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; line-height: 107%"><FONT STYLE="font: 8pt/107% Tahoma, Helvetica, Sans-Serif">Selling expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Tahoma, Helvetica, Sans-Serif">(56,307)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; line-height: 107%"><FONT STYLE="font: 8pt/107% Tahoma, Helvetica, Sans-Serif">General and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Tahoma, Helvetica, Sans-Serif">(86,032)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 107%"><FONT STYLE="font: 8pt/107% Tahoma, Helvetica, Sans-Serif"><B>(499,299)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Company approved the donation of food,
medical supplies and other support to research and social development funds, in the approximate amount of R$ 50 million, in order to contribute
to efforts to combat the effects of the COVID-19 pandemic, including support for hospitals, philanthropic entities, social assistance
organizations and health professionals from the states and municipalities in which it operates.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Aiming to preventively strengthen its liquidity
level, the Company contracted and withdrew credit facilities with financial institutions in Brazil with funding in the aggregate amount
of R$2,429,211 and average term of approximately one year, without any financial covenants clauses. During July and August of 2020, the
Company prepaid part of the referred credit facilities in the aggregated notional and interest amount of R$2,094,555 (note 15.5 of the
2020 financial statements).</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The Company adopted several guidelines
as part of its Financial Risk Management Policy to ensure the maintenance of an adequate level of liquidity, establishing minimum cash
and liquidity requirements, in accordance with expectations and future obligations. The current liquidity position is considered adequate
by the Company taking into account the payment obligations, including through the capital expenditure plans, in line with its Vision 2030
Plan. However, BRF recognizes that unfavorable operating results may have an adverse impact on its financial metrics, such as leverage.
At the same time, there may be increases in general customer default rates in relation to the pandemic and, as a result, an increase in
bad debt losses. The possible deterioration in the credit cycle of its customers may adversely affect the Company's results, financial
position and cash flows in the future.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The recent increase in the volatility of
market risks has significantly affected the fair value of the Company's assets and liabilities, mainly considering the large variations
in exchange rates. In addition, the increased uncertainty of the projections increased the challenge of accurately measuring some of the
assets and liabilities. However, the method used was not significantly changed and the financial statements were prepared in a timely
manner. The Company's management took into account the effects and uncertainties related to the pandemic in the projections of its results
and cash flows.</P>

<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">The management considered in its projections
of results and cash flows, to the best of its knowledge, the effects and uncertainties&nbsp;regarding the pandemic. As described in note
14.1 of the 2020 financial</P>


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<P STYLE="font: 10pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">statements, no impairment was recognized
to the cash generating units. Due to the high volatility and uncertainty around the length and the impact of the pandemic, the Company
will continue to monitor the situation and evaluate the impacts on assumptions and estimates used in preparing our financial reporting.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">For more information about the risks and measures
adopted by the Company in relation to the COVID-19 pandemic, see item 4.1 of this Reference Form, entitled &quot;Pandemics or outbreaks
of human diseases, such as the new coronavirus (COVID-19), may cause changes in consumption and trade patterns, supply chains and production
processes, as well as causing interruptions in the production and shipment of products, which can significantly affect the Company's operations
and operating results &quot;, item 10.1.a - General Financial and Equity Conditions and item 5.6 - Other relevant information.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: bold 11pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: bold 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">BRF S.A.</P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Appendix II - Information on the allocation
of net income (Appendix 9-1-II to CVM Instruction No. 481, of December 17, 2009)</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform net income for the year</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Net income for the year was R$1.383.563.620,46.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform the global amount and the </FONT></B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">value
<B>per share of dividends, including prepaid dividends and interest on equity already declared</B></FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform the percentage of net income for the year distributed</FONT></B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">:</FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The profit determined in the fiscal year ended on 12.31.2020
was fully used to offset the accumulated losses balance, in accordance with the provisions of article 189 of Law No. 6,404 / 1976.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform the global amount and the value per share of dividends distributed
based on profit from previous years</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform, deducting the anticipated dividends and interest on equity already
declared:</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The gross amount of dividends and interest on equity, segregated, per share
of each type and class</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The form and term of payment of dividends and interest on equity</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>c.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Eventual restatement and interest on dividends and interest on equity </FONT></B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>d.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date of declaration of payment of dividends and interest on equity considered
for identification of shareholders who will be entitled to receive them</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>6.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If there has been a declaration of dividends or interest on equity based
on profits determined in half-yearly balance sheets or in shorter periods</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform the amount of dividends or interest on equity already declared</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform the date of the respective payments</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>7.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Provide a comparative table indicating the following values per share of
each type and class:</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net income for the year and the 3 (three) previous years</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2020</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2019</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2018</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 18%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2017</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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Amount per share (R$)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.71</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.37</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5.48)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1.39)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividend and interest on own capital distributed in the 3 (three) </FONT></B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">previous
<B>years</B></FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2019</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2018</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2017</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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Dividends</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif">N/A</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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Interest on </B>actual <B>capital</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If profits are allocated to the legal reserve</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Identify the amount allocated to the legal reserve</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Detail how to calculate the legal reserve</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>9.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the company has preferred shares entitled to fixed or minimum dividends</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Describe how fixed or minimum dividends are calculated</FONT></B></P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable, as the Company&rsquo;s capital
stock is exclusively divided into common shares.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform whether the profit for the year is sufficient for the full payment
of fixed or minimum dividends</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable, as the Company&rsquo;s capital stock
is exclusively divided into common shares.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>c.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Identify whether any unpaid installments are cumulative</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable, as the Company&rsquo;s capital stock
is exclusively divided into common shares.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>d.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Identify the global value of fixed or minimum dividends to be paid to each
class of preferred shares</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable, as the Company&rsquo;s capital stock
is exclusively divided into common shares.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>e.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Identify the fixed or minimum dividends to be paid per preferred share
of each class</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable, as the Company&rsquo;s capital stock
is exclusively divided into common shares.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Regarding the mandatory dividend</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Describe the form of calculation provided for in the bylaws</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">According to article 36 of the Bylaws, less any accumulated
losses and the provision for Income Tax, and after the allocation of the profit to the legal reserve, 25% (twenty-five percent) of the
net profit must be paid on a mandatory dividend.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform if it is being paid in full</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There will be no declaration and payment of dividends,
considering that the profit for the fiscal year ended on December 31.2020 was fully used to offset the accumulated losses balance, in
accordance with the provisions of article 189 of Law No. 6,404/1976 .</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>c.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform the amount eventually withheld </FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>11.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the mandatory dividend is retained due to the </FONT></B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">company&rsquo;s
<B>financial situation</B></FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform the retention amount</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Describe, in detail, the company&rsquo;s financial situation, including
aspects related to liquidity analysis, working capital and positive cash flows</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>c.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Justify the retention of dividends</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>12.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If there is allocation of income to the contingency reserve</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Identify the amount </FONT></B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">disposed
<B>to the reserve</B>:</FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Identify the probable loss and its cause</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>c.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Explain why the loss was considered probable</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>d.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Justify the constitution of the reserve</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If there is allocation of income to the unrealized profit reserve</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform the amount allocated to the unrealized profit reserve</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform the nature of unrealized profits that gave rise to the reserve</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>14.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If there is allocation of income to statutory reserves</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Describe the statutory clauses that establish the reserve</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Identify the amount disposed to the reserve</FONT></B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">:</FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>c.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Describe how the amount was calculated</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>15.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If profit retention is provided for in the capital budget</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Identify the retention amount</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Provide a copy of the capital budget</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>16.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If there is allocation of income to the tax incentive reserve</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inform the amount allocated to the reserve</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Explain the nature of the destination</FONT></B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><B>BRF S.A.</B></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Appendix III - Information on the compensation
of the Management and of the Fiscal Council (Item 13 of the Reference Form, according to CVM Instruction No. 480, of December 7, 2009</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13. </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Management&rsquo;s
compensation</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.1 &ndash; Description of compensation
policies or practices, including for the non-statutory management</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purposes
of the compensation policies or practices, informing whether the policy of compensation was formally approved, the body responsible for
its approval, date of approval and, if the issuer discloses the policy, the places in the worldwide web where the document may be consulted</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s compensation policy applicable
to its management, including the Board of Directors members, Fiscal Council members and statutory and non-statutory officers, is intended
to attract, engage and retain the professionals that have qualification, competence and profile suitable to the business characteristics
and needs. Likewise, it aims to create a plan of rewards and incentives that is appropriate to the sustainable conduction of the business,
combining the shareholders&rsquo; strategic short and long-term interests with the best practices of management and governance.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">It is also noteworthy that, the Company has
a People, Governance, Organization and Culture Committee that, among other assignments, is responsible for analyzing, from time to time,
the strategy of fixed and variable compensation adopted, issuing recommendations, as well as suggesting modifications to be implemented
in the compensation policy to the evaluation, review and approval of the Board of Directors.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company's compensation policy was approved
by the Board of Directors on November 26, 2020 and is available to shareholders, investors and the market in general on the Company's
Investor Relations websites (http: //ri.brf-global.com) and on the CVM (Brazilian Securities Exchange) website.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">For further details regarding the methodology
adopted, please see item (b) (iii) below.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;breakdown
of compensation</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;description
of the elements of the compensation and the objectives of each of them</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Board of Directors</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">All Board of Directors members receive a fixed
compensation consisting of 12 monthly payments, which is established in line with the legislation and market standards and aims to adequately
compensate the Board of Directors members for their participation in meetings and their contributions to such corporate body. For the
Board of Directors&rsquo; chairman, a fixed compensation is established, which is different from the compensation of the other members,
considering the function performed.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">When applicable, some members of the Board
of Directors may receive other amounts related to direct and indirect benefits (medical and dental assistance, life insurance plan), severance
benefits (clauses laid down in a non-compete agreement), post-employment benefits (private pension), additional compensation for their
participation in committees and long-term incentives (stock-based compensation plan).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Fiscal Council</B></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">All members of the Fiscal Council receive a
fixed compensation consisting in 12 monthly payments. The compensation is determined at the general shareholders&rsquo; meeting approving
his/her election and may not be lower, for each member in office, than ten percent of the average compensation that is assigned to the
Statutory Officers, disregarding benefits and other variable payments, as established in the Brazilian Corporate Law n&ordm; 6404, of
December 15, 1976 (&ldquo;Law 6406/76&rdquo;). Alternate members do not receive any other compensation whatsoever, only being paid for
the meetings they attend.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Board of Officers</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The annual global compensation of the members
of the Board of Officers is determined by the Board of Directors based on market standards (see item b (iii) below) and is consisted in
fixed compensation, short and long term variable compensation. It may contemplate eventual additional bonus with the intention to attract
and retain such officers. Such structure aims to promote the sharing of the strategic planning and the results in a coherent, transparent
form directed to the interests of the organization, the managers and shareholders.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The fixed compensation, consisting of 13 monthly
payments and optional sale by the employee of one third of his vacation time, aims to compensate the officers for their work.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Officers&rsquo; compensation may
also include amounts related to direct and indirect benefits (medical and dental assistance, life insurance, food, and medical check-up),
severance commitments (fees related to non-compete, non-solicit and use of confidential information commitments), hiring and retention
bonus that may be required, and post-employment benefits (private pension plans), in line with the best market practices.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Short-Term variable compensation is constituted
and paid through the Profit and Result Sharing Program (PLR) of the Company. It aims to be an incentive and to recognize the officers
for the achievement of the Company&rsquo;s short-term results. Such incentive is attached to the achievement of pre-established global
goals approved in the beginning of each fiscal year by the Board of Directors. The amounts that can be paid to each executive is based
on multiple units of their monthly salary, individual and team goals, and individual performance assessment.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Long-term variable compensation is constituted
and paid through (i) stock option compensation plan approved in the Ordinary and Extraordinary General Shareholders&rsquo; Meeting held
on April 8, 2015, and modified in the Ordinary and Extraordinary General Shareholders&rsquo; Meeting held on April 27, 2020; (ii) the
restricted stocks plan approved in the Ordinary and Extraordinary General Shareholders&rsquo; Meeting held on April 8, 2015 and modified
in the Ordinary and Extraordinary General Shareholders&rsquo; Meeting held on April 26, 2017, in the Ordinary and Extraordinary General
Shareholders&rsquo; Meeting held on May 25, 2018, in the Ordinary and Extraordinary General Shareholders&rsquo; Meeting held on April
29, 2019 and in the Ordinary and Extraordinary General Shareholders&rsquo; Meeting held on April 27, 2020; and (iii) the restricted stock
plan and performance shares approved in the Ordinary and Extraordinary General Shareholders&rsquo; Meeting held on April 29, 2019. The
aim of these plans is to attract, retain engage and motivate the executives and create value for the Company as well as to be an important
mechanism for alignment with the shareholders&rsquo; interests in a long term. The amounts to be granted to each executive is based on
multiple units of their monthly salary, the Company&rsquo;s global goals determined by the Board of Directors, and assessment of individual
performance. This compensation structure encourages the pursuit of results by the Board of Officers and recognizes the scope and achievement
of pre-defined goals, directing actions to key indicators and triggers to guarantee the execution of strategy and creation of long-term
and short-term results to the Company.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Committees</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Members of the Board of Directors elected for
composition of the Advisory Committees receive additional fixed compensation for the participation in each Committee. Since 2015, external
members that participate in certain Advisory Committees, as approved by the Board of Directors, are entitled to a fixed monthly compensation.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Currently, Statutory or Non-Statutory officers
or any other Company employee that participates in the other Advisory Committees are not entitled to any additional compensation.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
proportion of each element in the total compensation</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The proportion of each element in the total
compensation in relation to the last three financial years is shown in the following tables:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 39%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Fixed compensation</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Variable compensation</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Post-employment
    benefits</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 11%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Benefits on leaving
    position</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Compensation based
    on shares</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 5%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Total</B></P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>71%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>29%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Board of Officers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>30%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>24%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>14%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>32%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Non-Statutory Management</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>32%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>30%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>38%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Audit and Integrity Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Strategy &amp; Marketing Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">People, Organization and Culture Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Finance and Risk Management Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Quality and Sustainability Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 31%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>2019</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 14%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Fixed compensation</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Variable compensation</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 11%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Post-employment
    benefits</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Benefits on leaving
    position</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Compensation based
    on shares</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 6%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Total</B></P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>69.0%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>31%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Board of Officers </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>37%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>25%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>22%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>16%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Non-Statutory Management</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>32%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>30%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>38%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Audit and Integrity Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Strategy &amp; Marketing Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">People, Organization and Culture Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Finance and Risk Management Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Quality and Sustainability Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 39%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>2018</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Fixed compensation</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Variable compensation</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Post-employment
    benefits</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 11%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Benefits on leaving
    position</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Compensation based
    on shares</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; width: 5%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Total</B></P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>79.2%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>20.8%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Board of Officers </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>58.9%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>9.7%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>25%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>6.4%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Non-Statutory Management</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>47%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>10%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>43%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Audit and Integrity Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Strategy &amp; Marketing Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">People, Organization and Culture Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Finance and Risk Management Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Quality and Sustainability Committee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>100%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;calculation
and restatement methodology for each compensation element </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The People, Organization and Culture Committee
carries out an annual analysis of the fixed and variable compensation strategy to be adopted by the Company which is subsequently submitted
for consideration, discussion and approval by the Board of Directors.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Management&rsquo;s compensation (including
Committee members) and members of the Fiscal Council is regularly benchmarked with market practices (selection of large companies, mostly
consumer goods, which have structured policies and good practices in human capital management, with a balanced compensation arrangement)
through salary surveys conducted by specialist consultants, keeping up with the inflation levels, evaluating the need for adjustment to
the compensation components.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The global compensation of the members of the
Board of Directors, Fiscal Council and the Board of Officers is established by the general shareholders&acute; meeting, taking into consideration
the points mentioned in the previous paragraph.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reasons
that justify the composition of the compensation</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s policy distributes the
fixed compensation components in a fair way to ensure alignment with market practices and governance system.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The variable compensation aims to reach and
to go beyond corporate and individual goals, which leads to the sharing of risks and results.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In terms of the direct and indirect post-employment
benefits, the management is treated under the same policies that apply to the Company&rsquo;s other employees.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;existence
of members who are not remunerated by the Issuer and the reason for this fact</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">From January and April 2018, one member of
the Board of Directors waived compensation for this position, as this member joined the Board of Directors and became an Officer. For
this reason, in 2018, one Board of Directors member did not receive compensation paid by the Company. However, this condition was over
with said member&rsquo;s resignation on May 3, 2018.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Except for this Board of Directors member,
in the fiscal years ended on December 31, 2018, 2019 and 2020, there were no members of the Board of Directors, Fiscal Council, Board
of Officers and non-statutory management that, for any reason, did not receive compensation paid by the Company. In relation to the members
of the Committees, as stated in item (b) above, the participants in Committees who are not members of the Company management have received
fixed compensation specifically for their participation in the Committee.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;key
performance indicators used to determine each compensation element</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In terms of fixed compensation, the Company&rsquo;s
approach is based on market surveys and specific performance indicators.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">To determine the executives&rsquo; variable
compensation amounts, their performance is considered by pre-established global and areas goals, such as EBIT, ROIC, TSR, indebtedness
levels, net income, adherence to quality standards, revenue from new products, occupational safety indexes, people management indicators.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;how
compensation is structured to reflect the development of performance indicators</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The members of the Board of Directors, Fiscal
Council and the Committees are eligible for fixed compensation. The Board of Directors members may be, to a limited extent, eligible for
the stock-based compensation program. For the statutory and non-statutory officers, as for the variable compensation or short-term incentives,
this is attached to the Company&rsquo;s performance indicators (global goals) and individual performance assessment. If the overall goals
are achieved, the participant will be liable to an assessment of the individual goals (meeting individual and areas performance indicators)
in order to receive the variable compensation.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;how
the compensation policy or practice is aligned to the issuer&rsquo;s short, medium and long-term interests</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The practice adopted by the company for the
various components of compensation is aligned with the short, medium and long-term interests to the extent that defining the components
of the compensation aims to align the interests of the Company and the management. Fixed compensation is set in line with market practices,
as described above, aimed at retaining workers and rewarding individual performance. The short-term variable compensation, which represents
a significant portion of the total compensation, is linked to performance indicators achievable within a year. The aim is to offer compensation
that is in line with the market and specially to support Company&rsquo;s growth, profitability</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">and other non-financial indicators<FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">,
since the established goals, if achieved, take the Company to a higher growth and profitability level, as desired by the shareholders
and investors, making the executives&rsquo; earnings contingent upon the business continuity, thus promoting the commitment and sustainability
of the participants of this plan.</FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Furthermore, the Company&rsquo;s stock-based
compensation plans were created to strengthen the alignment with shareholders&rsquo; in order to create a long-term vision and commitment
in the executives, promoting the knowledge, skills and behavior necessary for the perpetuity of the business as well as boosting the level
of attraction and retention of its main executives.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Currently, some Board of Directors members
Statutory and Non-Statutory Officers and Executive Managers are eligible for the stock-based compensation program. In terms of instruments,
the Company has stock option plans, restricted shares and performance shares, although, in the past few years, the Company granted to
the executives only restricted shares and performance shares, which in turn is an excellent instrument of alignment of interests linked
to a goal of generation of value to the shareholders.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;existence
of compensation plans for subsidiaries, controlled companies or direct or indirect controlling shareholders</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">There is no compensation supported by subsidiaries,
controlled companies or direct or indirect controlling shareholders.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;existence
of compensation or benefits linked to a specific corporate event, such as sale of the Company&rsquo;s controlling stake</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">There is no compensation or benefit linked
to the occurrence of any specific corporate event, such as the sale of the Company's control.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;practices
and procedures adopted by the Board of Directors to define the individual compensation of the Board of Directors and of the Board of Officers,
indicating:</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
bodies and committees of the issuer who participate of the decision-making process, identifying how they participate</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The individual compensation of the Board of
Directors and of the Board of Officers are periodically reviewed by the People, Governance, Organization and Culture Committee with the
support of the Vice President of Human Resources and of the Global CEO, discussing the general principles of the policy of compensation
and recommending to the Board of Directors its adjustment or improvement.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;criteria
and methodology used for establishment of the individual compensation, indicating if there is the use of studies for verification of the
practices of the market, and, if positive, the criteria of comparison and the scope of these studies</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Management&rsquo;s and Fiscal Council members&rsquo;
(including Committee members&rsquo;) individual compensation is periodically compared to the market practices (a compilation of large
companies, mostly in the consumer goods business, that have structured policies and good practices in the management of human capital,
with good conditions of work at all organizational levels and that have a balanced composition arrangement), through salary surveys conducted
by specialized consulting firms, in keeping with the current inflation rates, whereby any compensation components are adjusted accordingly.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
what frequency and how the Board of Directors evaluates the adequacy of the policy of compensation of the Company</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The People, Governance, Organization and Culture
Committee, an advisory body of the Company&rsquo;s Board of Directors, annually evaluates the Company&rsquo;s management and employee
compensation guidelines and practices <FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">and, if necessary, submit
to the Board of Directors recommendations to modify the compensation arrangement hitherto adopted.</FONT></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.2 - Total compensation of the Board of
Directors, Board of Officers and Fiscal Council</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">For the 2021 Financial year, it is proposed
to set a global compensation amount up to BRL 104.167 million, considering the Board of Directors members and up to nine Statutory Officers.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Information for 2020 and 2021, excluding
taxes</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="5" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">&nbsp;</FONT><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total compensation planned for the Financial Year &mdash; 31/12/2021 &ndash; Annual Amounts &ndash; in thousand BRL</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; width: 25%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 15%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total number of members</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>22</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Number of compensated members</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>22</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Annual fixed compensation</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Salary or compensation for work</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,971.69</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">28,228.19</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">798</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>41,997.88</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Direct and indirect benefits</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">168.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,896.61</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>2,065.27</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Participation in Committees </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,316.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>2,316.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Others</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Description of other fixed compensation</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Variable compensation</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Bonus</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Profit-sharing</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">22,997.20</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>22,997.20</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Participation in meetings</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Commissions</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Others</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Description of other variable compensation</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Post-employment </B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Job severance</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,626.02</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>8,626.02</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Stock-based</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5.996.77</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20,166.59</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>26,163.36</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Note</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">The total number of members of each corporate body corresponds to the average annual number of members of each corporate body, assessed on a monthly basis.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">The total number of members of each corporate body corresponds to the average annual number of members of each corporate body, assessed on a monthly basis.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">The total number of members of each corporate body corresponds to the average annual number of members of each corporate body, assessed on a monthly basis.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total compensation</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>21,453.13</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>81,914.61</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>798.00</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>104,165.73</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="5" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total compensation for the Financial Year &mdash; 31/12/2020 &ndash; Annual Amounts &ndash; in thousand BRL</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; width: 25%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 15%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total number of members</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">21</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Number of compensated members</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">21</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Annual fixed compensation</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Salary or compensation for work</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,704.02</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17,816.81</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">532.85</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>31,053.68</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Direct and indirect benefits</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">159</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,543.36</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>1,702.36</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Participation in Committees </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,544</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>1,544</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Others</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Description of other fixed compensation</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Variable compensation</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Bonus</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Profit-sharing</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19,812.25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>19,812.25</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Participation in meetings</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Commissions</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Others</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Description of other variable compensation</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Post-employment </B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Job severance</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11,057.44</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>11,057.44</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Stock-based</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,727.36</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18,844.82</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;24,572.18 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Note</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">The total number of members of each corporate body corresponds to the average annual number of members of each corporate body, assessed on a monthly basis.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">The total number of members of each corporate body corresponds to the average annual number of members of each corporate body, assessed on a monthly basis.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">The total number of members of each corporate body corresponds to the average annual number of members of each corporate body, assessed on a monthly basis.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total compensation</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>20,134.38</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>69,074.68</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>533.85</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>&nbsp;89,741.91</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>



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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="5" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total compensation for the Financial Year ended on 31/12/2019 &ndash; Annual Amounts &ndash; in thousand BRL</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; width: 23%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 17%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total number of members</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>21</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Number of compensated members</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>21</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Annual fixed compensation</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Salary or compensation for work</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">11,101</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20,611</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">442</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>32,154</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Direct and indirect benefits</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">153</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,320</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>1,473</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Participation in Committees </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">898</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>898</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Variable compensation</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Bonus</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Profit-sharing</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19,176</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>19,176</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Participation in meetings</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Commissions</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Others</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Description of other variable compensation</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Post-employment </B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Job severance</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">16,275</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>16,275</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Stock-based</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">5,553</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">12,052</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>17,605</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Note</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">The total number of members of each corporate body corresponds to the average annual number of members of each corporate body, assessed on a monthly basis.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">The total number of members of each corporate body corresponds to the average annual number of members of each corporate body, assessed on a monthly basis.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">The total number of members of each corporate body corresponds to the average annual number of members of each corporate body, assessed on a monthly basis.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total compensation</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>17,705</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>69,434</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>442</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>87,581</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD COLSPAN="5" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total compensation for the Financial Year ended on 31/12/2019 &ndash; Annual Amounts &ndash; in thousand BRL</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; width: 22%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 18%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total number of members</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>17.33</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Number of compensated members</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.66</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>16.99 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Annual fixed compensation</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Salary or compensation for work</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,622</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18,565</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">510</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>27,697</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Direct and indirect benefits</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">153</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">645</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>798</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Participation in Committees </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">876</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>876</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Variable compensation</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Bonus</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,912</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>3,912</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Profit-sharing</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Participation in meetings</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Commissions</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Others</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Description of other variable compensation</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Post-employment </B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Job severance</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10,070</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>10,070</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Stock-based</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,025</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2,596</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>5,621</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Note</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">The total number of members of each corporate body corresponds to the average annual number of members of each corporate body, assessed on a monthly basis.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">The total number of members of each corporate body corresponds to the average annual number of members of each corporate body, assessed on a monthly basis.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">The total number of members of each corporate body corresponds to the average annual number of members of each corporate body, assessed on a monthly basis.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Total compensation</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>12,676</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>35,788</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>510</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>48,974</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.3 - Variable compensation of the Board
of Directors, Board of Officers and Fiscal Council</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: black 1pt solid; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>YEAR: 2021</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 19%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 21%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 17%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 17%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Total number of members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">22</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Total number of compensated members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Bonus</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">i - Minimum amount as per compensation plan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">ii - Maximum amount as per compensation plan </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iii - Amount as per compensation plan on achievement of the goals set</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Profit-sharing</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">i - Minimum amount as per compensation plan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">ii - Maximum amount as per compensation plan </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">22,997,200</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">22,997,200</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iii - Amount as per compensation plan on achievement of the goals set</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20,997,443</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20,997,443 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: black 1pt solid; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>YEAR: 2020 </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 20%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 17%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 17%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 17%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Total number of members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">21</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Total number of compensated members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Bonus</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">i - Minimum amount as per compensation plan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">ii - Maximum amount as per compensation plan </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iii - Amount as per compensation plan on achievement of the goals set </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Profit-sharing</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">i - Minimum amount as per compensation plan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">ii - Maximum amount as per compensation plan </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;22,935,600</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>22,935,600</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iii - Amount as per compensation plan on achievement of the goals set </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18,697,426</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>18,697,426</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iv &ndash; Amount effectively recognized in the result of the year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19,812,250</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>19,812,250</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: black 1pt solid; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>YEAR: 2019 </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 20%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 17%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 17%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 17%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Total number of members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>10</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>8</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>3</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>21</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Total number of compensated members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>8</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Bonus</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">i - Minimum amount as per compensation plan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">ii - Maximum amount as per compensation plan </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iii - Amount as per compensation plan on achievement of the goals set</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Profit-sharing</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">i - Minimum amount as per compensation plan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">ii - Maximum amount as per compensation plan </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19,944,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>19,944,000</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iii - Amount as per compensation plan on achievement of the goals set</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">16,620,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>16,620,000</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iv &ndash; Amount effectively recognized in the result of the year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">19,176,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>19,176,000</B></FONT></TD></TR>
  </TABLE>

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

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: black 1pt solid; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>YEAR: 2018</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 20%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 17%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 17%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 17%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Total number of members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>10</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>4.33</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>3</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>17.33</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Total number of compensated members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">4.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>4.33</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Bonus</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">i - Minimum amount as per compensation plan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">ii - Maximum amount as per compensation plan </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iii - Amount as per compensation plan on achievement of the goals set</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,912,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>3,912,000</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Profit-sharing</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">i - Minimum amount as per compensation plan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">ii - Maximum amount as per compensation plan </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17,141,850</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>17,141,850</B></FONT></TD></TR>
  <TR>


    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iii - Amount as per compensation plan on achievement of the goals set</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">17,141,850</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>17,141,850</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iv &ndash; Amount effectively recognized in the result of the year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>0</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.4 - Compensation for the Board of Directors
and Board of Officers</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>1) Stock Options Plan &ndash; Approved in
the General Ordinary and Extraordinary Shareholders&acute; Meeting of April 8, 2015, and modified in the General Ordinary and Extraordinary
Shareholders&acute; Meeting of April 27, 2020</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
terms and conditions</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s Stock Option Plan approved
in the General Shareholders Meeting held on April 8, 2015, later modified in the General Shareholders&rsquo; Meeting held on April 27,
2020 is available to Statutory officers, Non-Statutory officers and people holding other positions in the Company and/or in its subsidiaries.
Members of the Board of Directors may not be elected as beneficiaries of this stock option plan, although Board members who are also members
of the Board of Officers may, in their role as executive officers, receive stock options.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The instrument that refers to the Stock Option
Plan is granted by the Company to its executives as a right (not as an obligation) to buy Company-issued shares at pre-defined prices
(strike price) and maturities.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Approval of the list of participants and the
number of options to be granted will be determined by the Board annually and will be linked to achieving pre-defined results and the rise
in value of the Company&rsquo;s business. The participation of an executive in a cycle in which options are granted does not guarantee
their participation in subsequent grants.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">To determine the number of stock options in
this instrument, the calculation concept is used in which, once an expected appreciation of the Company's share price has been achieved
within the vesting period, the gain resulting from the option will be equal to the level of the executive&rsquo;s target. In this concept,
the participant only reaches his/her potential gain if the shareholders&rsquo; expectations in the terms of the rise in value of the business
are reached.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The participants in the Stock Options Plan
must sign individual contracts with the Company to obtain the option to buy the shares, through which the participant acquires the right
to buy the Company shares, a right that is personal and non-transferable.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors will be responsible
for administering the Stock Options Plan, respecting the applicable legal requirements and the limits of the maximum dilution authorized
by the shareholders&rsquo; meeting. The Board of Directors will also be responsible for setting up a special committee to advise it in
running the plan.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main
objectives of the plan</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Stock Options Purchase Plan aims to allow
the beneficiaries, subject to certain conditions, to acquire Company shares in order to: (a) encourage the expansion, success and achievement
of the Company&rsquo;s corporate objectives; (b) align the interests of the Company shareholders to those of the beneficiaries; (c) allow
the Company or others under its control to attract and retain the beneficiaries and encourage the creation of value; and (d) share risks
and gains equally between shareholders and the beneficiaries.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
the plan contributes to these objectives</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">By establishing a differentiated and competitive
investment opportunity for its executives, the Company expects to align the actions of the beneficiaries of the plan to the vision of
the shareholders and investors in the Company, conditioning the long-term gain of the executive to the continuation of the business and,
by doing so, promoting a sustainable and committed attitude by the beneficiaries of the Stock Option Plan.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
the plan fits into the Company&rsquo;s compensation policy</B></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Stock Options Plan intends to top up the
compensation package of its executives, reinforcing the level of attraction and retention of its main executives, as described in item
13.1. of this Reference Form.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
the plan aligns the interests of the management and Company in the short, medium and long terms</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The implementation of the Stock Options Plan
strengthens the expectation of the Company&acute;s shareholder and investor by creating a long-term vision and commitment in the executive,
promoting the knowledge, skills and performance necessary for the continuation of the business.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The exercise of the Options granted can only
occur one year from the grant date representing a maximum of 1/4 of the options each year and may do so for a period of up to six years,
so that the beneficiaries are committed to the continued appreciation of the Company's shares in the short, medium and long term.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum
number of shares involved</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The maximum number of shares that may be included
in the stock option plan, added to the total number of shares that may be acquired under the Restricted Stock Plan, is equivalent to 2,5%
of the total number of Company-issued shares, corresponding to 20,311,831 shares as of December 31, 2020.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum
number of options to be granted</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The maximum number of options to be granted,
added to the total number of shares that may be acquired under the Restricted Stock Plan, may not exceed the maximum number of shares
included in the stock option plan, which is equivalent to 2,5% of the total number of Company-issued shares, corresponding to 20,311,831
shares as of December 31, 2020.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
for acquiring the shares</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors, on an annual basis
or at its sole discretion, will set the strike price of each stock option and the payment conditions, establishing the maturities and
conditions of exercise of each stock option and impose any other conditions related to these options, provided that the strike price will
never be lower than the average price at B3 S.A. &ndash; Brazil, Bolsa, Balc&atilde;o (&ldquo;B3&rdquo;) stock exchange, weighted by the
trading volume, in the last twenty (20) trading sessions prior to the grant date, restated by the IPCA (Consumer Price Index) published
by the Brazilian Institute of Geography and Statistics or another index to be determined by the Board of Directors.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Each stock option entitles the beneficiary
to acquire one share in the Company, subject to the terms and conditions set forth in the respective option contract.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The granting of stock options under the Plan
is carried out by the signing of contracts granting the stock options between the Company and the beneficiaries, which will specify, without
prejudice to other conditions determined by the Board: (a) the number of options granted; (b) the Company's performance goals and other
terms and conditions to acquire the right to exercise the options; (c) the deadline for exercising the options; and (d) the strike price
and payment terms.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors may make the exercise
of the option dependent on certain conditions and impose restrictions on the transfer of shares acquired through the exercise of the options
and may reserve for the Company repurchase options and/or preferential rights should the beneficiary sell these same shares.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Without prejudice to what is stated above,
during the period of one year from the exercise date of the option, the beneficiaries may not sell, assign and/or offer for sale the
shares acquired through the exercise of options. Should the beneficiary not have the resources needed to pay for the exercise of the
options, the sale of the shares needed to pay for the exercise of the options plus costs and taxes will be permitted. The number of shares
subject to the restriction on selling will be calculated according to the terms and conditions established in the plan.</P>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The option contracts will be concluded individually
with each beneficiary, and the Board of Directors may establish differentiated terms and conditions for each option contract, without
needing to apply any rule of equality or analogy between the beneficiaries, even if they are in similar or identical situations.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The beneficiary who wishes to exercise the
option must notify the Company in writing of his/her intention to do so and indicate the number of options he/she wishes to exercise,
in line with the communication model to be disclosed by the Board of Directors at the appropriate time.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Criteria
to set the acquisition or strike price</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The strike price of the stock options granted
under the Stock Option Plan will be determined by the Board of Directors on the grant date and will never be lower than the average Company
stock prices at the B3, weighted by the trading volume, in the last twenty (20) trading sessions prior to the grant date, restated by
the IPCA (Consumer Price Index) or another index to be determined by the Board of Directors.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Criteria
for setting the option term</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Without prejudice to the other terms and conditions
set forth in the respective option contracts, the options will become exercisable providing the respective beneficiaries remain continuously
linked in the company&rsquo;s management or as company employees or employed by other companies under its control, for the period between
the date the options were granted and the dates specified below, as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">1/4 of the options may be exercised from the first anniversary of the grant date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">1/4 of the options may be exercised from the second anniversary of the grant date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">c. 1/4 of the options may be exercised from the third anniversary of the grant date; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">1/4 of the options may be exercised from the fourth anniversary of the grant date.</TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The options will be exercisable until the last
working day of the calendar year in which the sixth anniversary of the grant date is completed. Options not exercised within the stipulated
terms and conditions will be considered automatically terminated, without any compensation right.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Stock Option Plan will come into force
on the date of its approval by the Company's general shareholders&rsquo; meeting and will remain in force for an indefinite period and
may be terminated at any time by decision of the general shareholders&rsquo; meeting. Termination of the plan will neither affect the
effectiveness of the stock options still in force nor the validity of any repurchase options and/or preferential rights in case of the
beneficiary&rsquo;s sale of these shares and the ban on the sale mentioned in item &ldquo;h&rdquo; above.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>k. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The shares which are the object of the options
will come from the issue of new shares within the limit of the authorized capital or from shares held in treasury, as the Board of Directors
decides.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.
Restrictions on share transfers</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">During the period of one year from the exercise
date of the option, the beneficiaries may not sell, assign and/or offer for sale the shares acquired through the exercise of options.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors may impose restrictions
on the transfer of the shares acquired through the exercise of the options and may reserve for the Company repurchase options and/or preferential
rights should the beneficiary sell these same shares.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>m. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Criteria
and events that will lead to suspension, alteration or termination of the plan</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors may decide to suspend
the right to exercise the options, whenever situations that restrict or prevent the trading of shares by the beneficiaries under the prevailing
law or regulations.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors, in the interest of
the Company and its shareholders, may revise the terms of the plan, provided it does not change its basic principles. Any significant
legal change regarding the regulation of corporations, public companies, in the labor legislation and/or tax effects of an options plan,
may lead to a full review of the plan.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Stock Options Plan may be amended or terminated
at any time by the general shareholders&rsquo; meeting.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>n. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect
of manager&rsquo;s termination of employment with the Company on his/her rights arising from the compensation plan based on shares</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The rules in the Stock Options Plan covering
termination of employment are as follows:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
at the Company&rsquo;s discretion upon (i) termination with cause, as provided for in the Brazilian Labor Laws; or (ii) termination for
violating the duties and assignments of a senior manager, such as those provided for in Article 153 to 157 of Law 6404/76 and its subsequent
amendments; or (iii) being negligent in the exercise of managerial responsibilities; or (iv) being convicted of intentional crimes; or
(v) the beneficiary carrying out dishonest or fraudulent acts against the Company or companies under its control; or (vi) any act or omission
arising from the beneficiary&rsquo;s malice or fault which is harmful to the Company&rsquo;s business, image or financial situation, its
shareholders, or any company under its control; or (vii) significant violation of the instrument that regulates the exercise of the term
of office of a statutory manager agreed by the beneficiary with the Company and/or companies under its control or any additions to this
instrument or contract; or (viii) failing to comply with the Company Bylaws and/or those of companies under its control and other corporate
provisions applicable to the beneficiary, as a manager, all the options already exercised or not yet exercised under the respective option
contract, on the date of his/her departure, will be automatically terminated, by right, regardless of prior advice or notification, and
without any right to compensation.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of the beneficiary leaving the Company at his/her wish as a result of: (i) being dismissed without just cause or being dismissed
from his/her position without any violation of the duties and responsibilities of a manager, or by the beneficiary&rsquo;s own wish, resigning
from the job and his/her position as manager: (i) the options not yet exercised under the respective option contract, on the date of his/her
departure, will be automatically terminated, by right, regardless of prior advice or notification, and without any right to compensation;
and (ii) the options already exercised in line with the respective option contract, on the date of his/her departure, may be exercised,
within a period of 30 days from the departure date, after which they will be automatically terminated by right, regardless of prior advice
or notification, and without any right to compensation.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of the beneficiary leaving the Company due to retirement or permanent disability: (i) the options not yet exercised under the
respective option contract, on the date of his/her departure, will be automatically terminated; and (ii) the options already exercised
in line with the respective option contract, on the date of his/her departure, may be exercised, within a period of 60 days from the departure
date, after which they will be automatically terminated by right, regardless of prior advice or notification, and without any right to
compensation.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of the beneficiary leaving the Company due to death: (i) the options not yet exercised under the respective option contract,
on the date of his/her departure, will become automatically exercisable and may be exercised by the beneficiary's legal heirs and successors
within six months from the date of the severance, after which they will be automatically terminated, as of right, regardless of any prior
warning or notification, and without any right to compensation; and (ii) the options that may be exercised within the respective option
contract, on the date of his/her death, may be exercised by the beneficiary's legal heirs and successors within six months from the date
of the severance, after which they will be automatically terminated, as of right, regardless of any prior warning or notification, and
without any right to compensation.</P>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
Stock/Performance Shares Plan &ndash; Approved at the General Ordinary and Extraordinary Shareholders&rsquo; Meeting of April 8, 2015
and amended at the General Ordinary and Extraordinary Shareholders&rsquo; Meeting of April 26, 2017, General Ordinary and Extraordinary
Shareholders&rsquo; Meeting of May 25, 2018, at the General Ordinary and Extraordinary Shareholders&rsquo; Meeting of April 29, 2019 and
at the General Ordinary and Extraordinary Shareholders&rsquo; Meeting of April 27, 2020.</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
terms and conditions</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s Restricted Stock/Performance
Shares Plan approved at the General Shareholders&rsquo; Meeting held on April 8, 2015 and amended by the General Shareholders&rsquo; Meetings
held on April 26, 2017, May 25, 2018, April 29, 2019 and April 27, 2020, is open to the Board of Directors members, statutory and non-statutory
officers and executive managers of the Company and/or its subsidiaries. Board of Directors Members also serving as executive officers
are only entitled to restricted shares as executive officers.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Restricted Stock/Performance Shares Plan
consists of granting restricted stock/performance shares to the participants, which are transferred to the beneficiaries upon the fulfillment
of the conditions described in item 3.h.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors may establish differentiated
terms and conditions for each grant contract, without needing to apply any rule of equality or analogy between the beneficiaries, even
if they are in similar or identical situations.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Approval of the list of participants and the
number of shares to be granted will be determined by the Board annually and will be linked to achieving predefined results for the Company
and the valuation of the Company&rsquo;s business. The participation of the executive in a grant cycle does not guarantee their participation
in subsequent grants. The participation of an executive in a cycle in which options are granted does not guarantee their participation
in subsequent grants.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Participants in the Restricted Stocks/Performance
Shares Plan must sign individual contracts with the Company granting the restricted shares, through which the participant acquires the
right to the Company's restricted shares, a right that is personal and not transferable.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors will be responsible
for managing the Restricted Stock/Performance Shares Plan, within what is provided by the Bylaws and applicable legislation, as well as
within the limits of the managers global compensation and maximum dilution limits authorized by the shareholders&rsquo; meeting. It will
also establish a special Committee to advise it in managing the Restricted Stocks/Performance Shares Plan.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main
objectives of the plan</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Restricted Stocks/Performance Shares Plan
aims to allow those who are eligible to be beneficiaries to acquire shares of the Company, in order to: (a) encourage the expansion, success
and achievement of the company&acute;s corporate objectives; (b) align the interests of shareholders of the Company and the beneficiaries;
and (c) allow the Company or other companies under its control to attract and retain those eligible.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
the plan contributes to these objectives</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">By establishing a differentiated and competitive
investment opportunity for its executives, the Company expects to align the actions of the participants in this long-term share plan to
the vision of the shareholders and investors in the Company,
conditioning the executive&rsquo;s long-term gain to the continuation of business, thereby promoting a sustainable and committed attitude
by the participants in this plan.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
the plan fits into the Company&rsquo;s compensation policy</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Restricted Stock/Performance Shares Plan
is intended to top up the compensation package of its executives, reinforcing the level of alignment and retention of the Company&rsquo;s
main executives, as described in item 13.1 of this Reference Form.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
the plan aligns the interests of the management and Company in the short, medium and long terms</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The implementation of the Restricted Stock/Performance
Shares Plan aims to strengthen the expectation of the shareholder and investor in the Company to create the vision and long-term commitment
of the executive, promoting knowledge, skills and performance needed for the continuation of business.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The rights of the beneficiaries related to
the Restricted Stock/Performance Shares Plan will only be fully acquired after the third anniversary of the grant, therefore making the
beneficiary commit with the constant appreciation of the Company stocks prices in the short, medium and long term.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum
number of shares involved</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The maximum number of shares that may be included
in the plan, added to the total number of shares that may be acquired under the Stock Option Plan, is equivalent to 2.5% of the total
number of Company-issued shares, corresponding to 20,311,830 shares as of December 31, 2020.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum
number of stock options to be granted</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Restricted Stock/Performance Shares Plan
involves the granting of shares and not options to buy shares.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
for acquiring the shares</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The rights of the beneficiaries in relation
to the restricted stock/performance shares will only be fully acquired if the following conditions are verified in a cumulative form:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
beneficiaries remain continuously associated as a manager or employee of the Company for the period to be defined by the Board of Directors;
and</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company achieves a corporate performance indicator that is in line with the Company&rsquo;s and the shareholders&rsquo; long-term interests.
This indicator will be defined by the Board of Directors in their grant contracts, which will be determined at the end of each anniversary
of the grant date in the period to be defined by the Board of Directors, under the terms of item (a) above.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Once these above-mentioned conditions are satisfied,
and acting within the legal requirements and applicable regulations, the Company will transfer the respective restricted stock to the
beneficiary at no cost to him/her.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Furthermore, the Board of Directors may make
the acquisition of rights related to the restricted shares subject to certain conditions and impose restrictions on their transfer. It
may reserve for the Company buyback options and/or preference rights should the beneficiary sell these restricted shares.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">While the Restricted Stocks/Performance Share
rights are not fully acquired under the terms and conditions established above, the beneficiary may not engage, sell, grant or transfer,
directly or indirectly, the Company shares acquired with his/her variable compensation.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Criteria
to set the acquisition or strike price</B></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Restricted Stock/Performance Shares Plan
provides for the grant of shares, rather than stock options. The Restricted Stock/Performance Shares will be granted without any cost
to the beneficiary, as per the terms and conditions described above.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Criteria
for setting the option term</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The rights of the beneficiaries in relation
to the Restricted Stock/Performance shares will only be fully acquired after the third anniversary of the grant date and if the conditions
described in item &ldquo;h&rdquo; above are verified. The setting of the exercise period took into account market practices as well as
the average period needed for the management of the beneficiaries to have an impact on the appreciation of the shares and the Company&rsquo;s
growth.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Furthermore, the Board of Directors may make
the acquisition of rights related to the restricted shares subject to certain conditions and impose restrictions on their transfer. It
may reserve for the Company buyback options and/or preference rights should the beneficiary sell these restricted shares.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>k. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In order to satisfy the grant of Restricted
Stock/Performance Shares within the Plan, the Company may, subject to the law and applicable regulations, sell shares held in treasury
through a private operation at no cost to the beneficiaries. The Board of Directors may also set the payment of such amount in cash or
shares, under the form to be established in the respective Grant Contract.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restrictions
on share transfers</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">If the restricted share rights were not fully
acquired under the terms and conditions established in item &ldquo;h&rdquo; above, the beneficiary may not engage, sell, grant or transfer,
directly or indirectly, the Company shares acquired with his/her variable compensation.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors may also impose restrictions
on the transfer of the Restricted Stock/Performance Shares and may also reserve for the Company repurchase options and/or preemptive rights
on the sales of these restricted shares.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>m. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Criteria
and events that will lead to the suspension, alteration or termination of the plan</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors may decide to suspend
the right to exercise the options, whenever situations that, under the prevailing law or regulations, restrict or prevent the trading
of shares by the beneficiaries.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Any relevant amendments to the laws and regulations
of corporations, public companies, labor legislations and/or tax effects of a stock grant plan may lead to a full review of the Restricted
Stock Plan.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Restricted Shares/Performance Shares Plan
may be terminated at any time by a decision of the Company&rsquo;s shareholders&rsquo; meeting.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>n. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect
of manager&rsquo;s termination of employment with the Company on his/her rights arising from the stock-based compensation plan</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">According to the Restricted Stock/Performance
Shares Plan, the rules applying to withdrawals from the Plan due to termination of employment are as follows:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of the beneficiary leaving the Company, the restricted shares that have not been fully acquired, will be automatically terminated,
by right, regardless of prior advice or notification, and without any right to compensation.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of the beneficiary leaving the Company due to death, the restricted shares not fully acquired on the date of his/her dismissal
will have their vesting period brought forward and, within the legal requirements and applicable regulations, the Company will transfer
the respective restricted shares in the name of the beneficiary&rsquo;s estate, or, if it has been ended, to the legal heirs and successors
at no cost to them.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Regardless of the provisions in the above items,
the Board of Directors may, at its sole discretion, whenever it believes that the corporate interests are better served by such a measure,
not observe the rules stipulated in the above items and give a differentiated treatment to a determined beneficiary.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance
Stock Option Plan (discontinued on March 31, 2015)</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
terms and conditions</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s Performance Stock Option
Plan, approved by the General Shareholders&rsquo; Meeting held on April 3, 2014 and discontinued on March 31, 2015 was directed at statutory
and non-statutory officers and others working for the Company and/or its subsidiaries who were eligible.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">It is based on the concept of performance stock
options, in which the Company provides executives with a right (rather than an obligation) to buy Company shares at pre-defined prices
(strike prices), subject to pre-defined periods and conditions based on the goals achieved.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Approval of the list of participants and the
number of options to be granted will be determined by the Board annually and be linked to achieving pre-defined results for the Company,
the appreciation of the Company&rsquo;s business and determined corporate goals. The participation of the executive in a cycle in which
options are granted does not guarantee their participation in subsequent grants.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">To determine the number of stock options, a
calculation concept was used in which, once an expected appreciation of the Company's share prices and the corporate goals have been reached
within the vesting period, the gain resulting from the option was equal to the executive&rsquo;s target level of reward. In this concept,
the participant only reached his/her potential gain if the shareholders&rsquo; expectations in the terms of the appreciation of the business
were reached.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main
objectives of the plan</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The aim of the Stock Option Plan (Performance
Stock Options) was to allow the beneficiaries, subject to certain conditions, to acquire Company shares to: (a) encourage the expansion,
success and achievement of the Company&acute;s social objectives; (b) align the interests of the Company shareholders to those of the
beneficiaries; and (c) allow the Company or others under its control to attract and retain the beneficiaries.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
the plan contributes to these objectives</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">By establishing a special competitive investment
opportunity for its executives, the Company expects to align the beneficiaries&rsquo; actions to the shareholders&rsquo; and investors&rsquo;
vision, placing the executives&rsquo; long-term variable compensation contingent upon the perpetuity of the business and, by doing so,
promoting a sustainable and committed attitude among the beneficiaries of the plan.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
the plan fits into the Company&rsquo;s compensation policy</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Stock Options Plan (Performance Stock Options)
was intended to top up the compensation package of its executives, reinforcing the level of attraction and retention of its main executives,
as described in item 13.1 of this Reference Form.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
the plan aligns the interests of the management and Company in the short, medium and long terms</B></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Stock Options Plan (Performance Stock Options)
aimed to strengthen the expectation of the shareholder and investor in the Company to create the long-term vision and commitment in the
executive to create value and sustainable results for the Company in the short, medium and long term.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Stock Option Plan (Performance Stock Options)
was discontinued.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum
number of shares involved</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The maximum number of shares included that
may be the object of the stock options plan is equivalent to 0.5% of the total number of shares issued by the Company, corresponding to
4,362,366 shares on the date when it was discontinued. Within the scope of this plan, a total of 1,251,238 shares were granted. There
are no options active from the total of the granted options within the scope of this plan as of December 31, 2015.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum
number of stock options to be granted</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The maximum number of options to be granted
may not exceed the maximum number of shares that can be the object of the stock options plan, which is equivalent to 0.5% of the total
number of shares issued by the Company, corresponding to 4,362,366 shares on the date when it was discontinued.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
for acquiring the shares</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors, on an annual basis
or whenever it deems fit, has fixed the strike price of each option and the payment conditions, establishing the terms and conditions
of exercise of each option and imposed other conditions related to these options.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Each stock option entitled the beneficiary
to acquire one share of the Company, subject to the terms and conditions stated in the respective option contract.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The granting of stock options under the Stock
Options Plan (Performance Stock Options) is carried out through stock option contracts between the Company and the beneficiaries, which
will specify, without prejudice to other conditions determined by the Board of Directors: (a) the number of options; (B) the Company's
performance goals and other terms and conditions for acquiring the right to exercise the options; (c) the deadline for exercising the
options; and (d) the strike price and payment terms.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors was allowed to make
the exercise of the stock option subject to certain conditions, as well as impose lock-up periods for trading part of the shares and other
restrictions on the transfer of shares acquired through the stock option plan, and reserve for the Company repurchase options and/or preemptive
rights on the sale of these shares.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Stock option contracts have been signed individually
with each beneficiary, whereby the Board of Directors must establish special terms and conditions for each stock option contract, without
having to apply any rule of equality or analogy to the beneficiaries, even in cases of similar or identical situations.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The beneficiary who wishes to exercise the
option must notify the Company in writing of his/her intention to do so and indicate the number of options he/she wishes to exercise,
in line with the communication model to be disclosed by the Board of Directors.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Criteria
to set the acquisition or strike price</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The strike price of the stock options was determined
by the Board of Directors on the grant date, provided that it could never be lower than the average price of the Company's shares on the
B3, weighted by the trading volume in the last 20 trading sessions prior to the grant date, restated according to the index chosen by
the Board of Directors.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Criteria
for setting the strike period</B></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The setting of the strike period took into
account market practices and the average time needed for the beneficiaries&rsquo; management to bring about an appreciation of the shares
and the Company&rsquo;s growth.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Without prejudice to other terms and conditions
established in the respective option contracts, the options will become exercisable after a vesting period of at least 18 months and a
maximum of 24 months from the grant date, at the choice of the Board of Directors.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The options will be exercisable until the last
business day of the calendar year in which the 4<SUP>th</SUP> anniversary of the grant date is completed. Options not exercised within
the stipulated terms and conditions will be considered automatically terminated, without any right to compensation.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>k. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The shares which are the object of the options
will come, as decided the Board of Directors, from the issue of new shares within the limit of the authorized capital or from shares held
in treasury.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restrictions
on share transfers</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors was allowed to make
the exercise of the stock option subject to certain conditions, as well as impose lock-up periods for trading part of the shares and other
restrictions on the transfer of shares acquired through the stock option plan, and reserve for the Company repurchase options and/or preemptive
rights on the sale of these shares.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>m. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Criteria
and events that will lead to suspension, alteration or termination of the plan</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors was empowered to determine
the suspension of the right to exercise the options whenever it found any situations restricting or preventing the beneficiaries&rsquo;
trading of shares, as per the laws or regulations applicable.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Board of Directors, acting in the interest
of the Company and its shareholders, may revise the terms of the plan, provided it does not change its basic principles. Any significant
legal change regarding the regulation of corporations, public companies, in the labor legislation and/or tax effects of an options plan,
may lead to a full review of the plan.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The plan may be terminated at any time by the
Company&rsquo;s shareholders&rsquo; meeting.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>n. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect
of manager&rsquo;s termination of employment with the Company on his/her rights arising from the stock-based compensation plan</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The rules in the Stock Options Purchase Plan
(Performance Stock Options) covering employment terminations are as follows:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of the beneficiary leaving the Company at its wish through dismissal with cause or removal from his/her position for violating
the managerial duties and responsibilities, all the options already exercised or not yet exercised under the respective option contract,
on the date of his/her departure, will be automatically terminated, by right, regardless of prior advice or notification, and without
any right to compensation.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of the beneficiary leaving the Company at its wish as a result of being dismissed without cause or being dismissed from his/her
position without any violation of the duties and responsibilities of a manager, or by the beneficiary&rsquo;s own wish, resigning from
the job and his/her position as manager: (i) the options not yet exercised under the respective option contract, on the date of his/her
dismissal, would become exercisable in proportion to the vesting period in which the beneficiary had worked for the Company provided the
conditions laid down in the respective option contract are satisfied and may be exercised within a period of 30 days from the dismissal
date, after which they will be automatically terminated by right, regardless of prior advice or notification, and without any right to
compensation; and (ii) the options that are exercisable in line with the respective option contract, on the date of his/her dismissal,
may be exercised, within a period of 30 days from the dismissal date, after which they will be automatically
terminated by right, regardless of prior advice or notification, and without any right to compensation.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of the beneficiary leaving the Company due to retirement or permanent disability: (i) the options not yet exercisable under
the respective option contract, on the date of his/her dismissal, would become exercisable in proportion to the vesting period in which
the beneficiary had worked for the Company provided the conditions laid down in the respective option contract are satisfied and could
be exercised within a period of 60 days from the dismissal date, after which they will be automatically terminated by right, regardless
of prior advice or notification, and without any right to compensation; and (ii) the options already exercised in line with the respective
option contract, on the date of his/her dismissal, would remain valid and may be exercised within the terms of the plan and respective
option contract.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of the beneficiary leaving the Company due to death: (i) the options not yet exercisable under the respective option contract,
on the date of his/her dismissal, would become exercisable in proportion to the vesting period in which the beneficiary had worked for
the Company provided the conditions laid down in the respective option contract are satisfied and could be exercised within a period of
12 months from the date of the end of the vesting period, after which they will be automatically terminated by right, regardless of prior
advice or notification, and without any right to compensation; and (ii) the options that are exercisable in line with the respective option
contract, on the date of his/her death, could be exercised, within a period of 12 months from the dismissal date by the beneficiary&rsquo;s
legal heirs and successors, after which they would be automatically terminated by right, regardless of prior advice or notification, and
without any right to compensation.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.5 - Compensation based on shares of the
Board of Directors and Board of Officers</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The members of the Company&rsquo;s Board of
Directors are entitled to compensation based on shares as of the Fiscal Year of 2018.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In relation to the Restricted Stocks Plan,
approved at the Ordinary and Extraordinary General Shareholders&rsquo; Meeting of April 8, 2015, there is no granting of a buy option
but, in fact, the transfer of Company shares pursuant to the conditions described in item 13.4 above.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>YEAR: 2020 &ndash; Forecast for the current fiscal year </B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; width: 37%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>b. total number of members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; width: 21%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; width: 21%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; width: 21%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>c. number of compensated members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>d. In relation to every grant of options to buy shares</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Restricted Stock<BR>
2019</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Restricted Stock<BR>
2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Restricted Stock<BR>
2021</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">i - grant date</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">08/06/2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/05/2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/05/2020</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">ii &mdash; number of options granted</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100,490</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">359,293</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">141,940</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iii &mdash; period for the options to become exercisable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iv &mdash; maximum period to exercise the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">v &ndash; restricted period for transfer of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">33% - 01/06/2020<BR>
33% - 01/06/2021<BR>
33% - 01/06/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">50% - 01/05/2021<BR>
50% - 01/05/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 in 01/07/2022</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 in 01/07/2023</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 in 01/07/2024</P></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">vi &mdash; average weighted price of the exercise of each one of the following groups of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Open at the start of the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Lost during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Exercised during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Expired during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>e. fair value of the options on the grant date (in BRL)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>f. potential dilution in case all options granted are exercised</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.01%&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.04%&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.02%&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>YEAR: 2020 - Forecast for the current fiscal year</B></FONT></TD>
    <TD COLSPAN="10" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>b. total number of members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; width: 8%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>c. number of compensated members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.17</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.17</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.17</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>d. In relation to every grant of options to buy shares</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Grant 2016 I</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Grant 2016 II</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Grant 2017 - Extra</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Stock 2017</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Grant 2017 &mdash; Extra II</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Stock</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Stock 2018 &mdash; Extra 2</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Stock / Performance Shares</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Stock / Performance Shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Stock / Performance Shares</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">i - grant date</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">28/04/2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/05/2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30/03/2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/08/2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/12/2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18/06/2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/10/2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/06/2019</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/06/2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/07/2021</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">ii &mdash; number of options granted</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,200,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">693,860</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">150,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">187,333</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">290,771</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">135,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">319,030</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7pt">429,854</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">923,005</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1,353,521</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="5" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">iii &mdash; period for the options to become exercisable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2017 &mdash; 1/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2017 &mdash; 1/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2018 &mdash; 1/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2018 &mdash; 30% of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2018 &mdash; 1/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">50% - 18/06/2019</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/10/2019</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/06/2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/06/2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/07/2022</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2018 &mdash; 2/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2018 &mdash; 2/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2019 &mdash; 2/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2019 &mdash; 70% of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2019 &mdash; 2/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">50% - 18/06/2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/10/2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/06/2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/06/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/07/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2019 &mdash; 3/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2019 &mdash; 3/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2020 &mdash; 3/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2020 &mdash; 3/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/10/2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/06/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/06/2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/07/2024</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2020 &mdash; 4/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2020 &mdash; 4/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2021 &mdash; 4/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2021 &mdash; 4/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">iv &mdash; maximum period to exercise the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">28/04/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/05/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30/03/2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/12/2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">v &ndash; restricted period for transfer of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">vi &mdash; average weighted price of the exercise of each one of the following groups of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Open at the start of the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">57.65</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">47.68</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Lost during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Exercised during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Expired during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>e. fair value of the options on the grant date (in BRL)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.21</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10.97</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.45</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">41.85</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.91</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">21.44</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30.61</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">21.28</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">*23.29</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>f. potential dilution in case all options granted are exercised</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.39%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.09%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.02%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.02%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.04%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.02%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.04%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.07%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.10%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.10%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">*Stock price base on the average of the last
20 trading prices from February 18th to March 17th of 2021 for the projection of allocation.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>YEAR: 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; width: 46%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>b. total number of members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; width: 27%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; width: 27%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>c. number of remunerated members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>d. In relation to every grant of options to buy shares</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Arial Narrow, Helvetica, Sans-Serif">Restricted </FONT><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Stock<BR>
2019</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Arial Narrow, Helvetica, Sans-Serif">Restricted </FONT><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Stock<BR>
2020</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">i - grant date</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">08/06/2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/05/2020</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">ii &mdash; number of options granted</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100,490</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">359,293</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iii &mdash; period for the options to become exercisable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iv &mdash; maximum period to exercise the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">v &ndash; restricted period for transfer of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">33% - 01/06/2020<BR>
33% - 01/06/2021<BR>
33% - 01/06/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">50% - 01/05/2021<BR>
50% - 01/05/2022</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">vi &mdash; average weighted price of the exercise of each one of the following groups of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Open at the start of the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Lost during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Exercised during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Expired during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>e. fair value of the options on the grant date (in BRL)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>f. potential dilution in case all options granted are exercised</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;0.01%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.04%&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>YEAR: 2020</B></FONT></TD>
    <TD COLSPAN="9" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; width: 19%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>b. total number of members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>c. number of compensated members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.17</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.17</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.17</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.8</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>d. In relation to every grant of options to buy shares</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Grant 2016 I</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Grant 2016 II</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Grant 2017 - Extra</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Stock 2017</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Grant 2017 &mdash; Extra II</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Stock</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Stock 2018 &mdash; Extra 2</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Stock / Performance Shares</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Stock / Performance Shares</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2018</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">i - grant date</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">28/04/2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/05/2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30/03/2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/08/2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/12/2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18/06/2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/10/2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/06/2019</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/06/2020</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">ii &mdash; number of options granted</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,200,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">693,860</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">150,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">187,333</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">290,771</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">135,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">319,030</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">429,854</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">923,005</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="5" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">iii &mdash; period for the options to become exercisable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2017 &mdash; 1/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2017 &mdash; 1/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2018 &mdash; 1/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2018 &mdash; 30% of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2018 &mdash; 1/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">50% - 18/06/2019</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/10/2019</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/06/2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/06/2021</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2018 &mdash; 2/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2018 &mdash; 2/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2019 &mdash; 2/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2019 &mdash; 70% of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2019 &mdash; 2/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">50% - 18/06/2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/10/2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/06/2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/06/2022</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2019 &mdash; 3/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2019 &mdash; 3/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2020 &mdash; 3/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2020 &mdash; 3/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/10/2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/06/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1/3 on 01/06/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2020 &mdash; 4/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2020 &mdash; 4/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2021 &mdash; 4/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">2021 &mdash; 4/4 of the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">iv &mdash; maximum period to exercise the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">28/04/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/05/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30/03/2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/12/2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">v &ndash; restricted period for transfer of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">vi &mdash; average weighted price of the exercise of each one of the following groups of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Open at the start of the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">57.65</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">47.68</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Lost during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Exercised during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Expired during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>e. fair value of the options on the grant date (in BRL)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.21</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10.97</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.45</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">41.85</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.91</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">20</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">21.44</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30.61</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">21.28</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>f. potential dilution in case all options granted are exercised</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.39%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.09%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.02%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.02%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.04%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.02%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.04%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.07%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.10%</FONT></TD></TR>
  </TABLE>

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

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


<!-- Field: Page; Sequence: 119 -->
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>YEAR: 2019 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; width: 46%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>b. total number of members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 27%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 27%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>c. number of compensated members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>d. In relation to every grant of options to buy shares</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">Restricted Stock</P>
    <P STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2018</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">Restricted Stock</P>
    <P STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2019</P></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">i - grant date</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">08/06/2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">08/06/2018</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">ii &mdash; number of options granted</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">276,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100,490</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iii &mdash; period for the options to become exercisable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">N/A</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">N/A</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iv &mdash; maximum period to exercise the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">v &ndash; restricted period for transfer of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">50% - 08/06/2019</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">50% - 08/06/2019</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">33% - 01/06/2020</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">33% - 01/06/2021</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">33% - 01/06/2022</P></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">vi &mdash; average weighted price of the exercise of each one of the following groups of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Open at the start of the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Lost during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Exercised during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Expired during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>e. fair value of the options on the grant date (in BRL)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">22.29</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">30.61</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>f. potential dilution in case all options granted are exercised</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.03%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.01%</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>YEAR: 2019</B></FONT></TD>
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; width: 31%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>b. total number of members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 7%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 8%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; width: 10%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>c. number of compensated members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.17</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.17</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.17</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>d. In relation to every grant of options to buy shares</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Grant 2016 I</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Grant 2016 II</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Grant 2017 - Extra</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Restricted Stock 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Grant 2017 &mdash; Extra II</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Restricted Stock<BR>
2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Restricted Stock 2018 &mdash; Extra 2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Restricted Stock / Performance Shares</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">i - grant date</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">28/04/2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/05/2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30/03/2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/08/2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/12/2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18/06/2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/10/2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/06/2019</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">ii &mdash; number of options granted</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,200,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">693,860</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">150,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">187,333</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">290,771</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">135,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">319,030</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">429,854</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iii &mdash; period for the options to become exercisable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2017 &mdash; 1/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2018 &mdash; 2/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2019 &mdash; 3/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2020 &mdash; 4/4 of the options</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2017 &mdash; 1/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2018 &mdash; 2/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2019 &mdash; 3/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2020 &mdash; 4/4 of the options</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2018 &mdash; 1/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2019 &mdash; 2/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2020 &mdash; 3/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2021 &mdash; 4/4 of the options</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2018 &mdash; 30% of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2019 &mdash; 70% of the options</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2018 &mdash; 1/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2019 &mdash; 2/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2020 &mdash; 3/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2021 &mdash; 4/4 of the options</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">50% - 18/06/2019</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">50% - 18/06/2020</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/10/2019</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/10/2020</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/10/2021</P></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/06/2020</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/06/2021</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/06/2022</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iv &mdash; maximum period to exercise the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">28/04/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/05/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30/03/2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/12/2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">v &ndash; restricted period for transfer of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">vi &mdash; average weighted price of the exercise of each one of the following groups of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Open at the start of the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">57.65</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">47.68</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Lost during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Exercised during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Expired during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>e. fair value of the options on the grant date (in BRL)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">9.21</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">10.97</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">9.45</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">41.85</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">7.91</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">20.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">21.44</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">30.61</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>f. potential dilution in case all options granted are exercised</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.39%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.09%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.02%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.02%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.04%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.02%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.03%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.07%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>YEAR: 2018</B></FONT></TD>
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; width: 30%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>b. total number of members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 10%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 10%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 14%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>c. number of compensated members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4,33</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>d. In relation to every grant of options to buy shares</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Grant 2016 I</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Grant 2016 II</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Grant 2017 - Extra</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Restricted Stock 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Grant 2017 &mdash; Extra II</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Restricted Stock<BR>
2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Restricted Stock 2018 &mdash; Extra 2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">i - grant date</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">28/04/2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/05/2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30/03/2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/08/2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/12/2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">18/06/2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/10/2018</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">ii &mdash; number of options granted</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">3,200,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">693,860</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">150,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">187,333</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">290,771</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">135,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">319,030</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iii &mdash; period for the options to become exercisable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2017 &mdash; 1/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2018 &mdash; 2/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2019 &mdash; 3/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2020 &mdash; 4/4 of the options</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2017 &mdash; 1/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2018 &mdash; 2/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2019 &mdash; 3/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2020 &mdash; 4/4 of the options</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2018 &mdash; 1/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2019 &mdash; 2/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2020 &mdash; 3/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2021 &mdash; 4/4 of the options</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2018 &mdash; 30% of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2019 &mdash; 70% of the options</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2018 &mdash; 1/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2019 &mdash; 2/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2020 &mdash; 3/4 of the options</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2021 &mdash; 4/4 of the options</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">50% - 18/06/2019</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">50% - 18/06/2020</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/10/2019</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/10/2020</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/10/2021</P></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">iv &mdash; maximum period to exercise the options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">28/04/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/05/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30/03/2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/12/2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">v &ndash; restricted period for transfer of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">vi &mdash; average weighted price of the exercise of each one of the following groups of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Open at the start of the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">57.65</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">47.68</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Lost during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Exercised during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 7.3pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">Expired during the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>e. fair value of the options on the grant date (in BRL)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">9.21</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">10.97</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">9.45</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">41.85</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">7.91</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">20.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">21.44</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>f. potential dilution in case all options granted are exercised</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.39%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.09%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.02%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.02%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.04%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.02%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0.03%</FONT></TD></TR>
  </TABLE>

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

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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.6 - Information on the outstanding options
held by the board of directors and the board of officers</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The members of the Company&rsquo;s Board of
Directors were then entitled to stock-based compensation as of the Fiscal Year of 2018. At the moment, there are no outstanding options
for the Board of Directors as of the date of this Form.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Regarding the Restricted Stocks Plan, approved
at the General and Special Shareholders&rsquo; Meeting of April 8, 2015, there is no granting of a stock option but the transfer of Company
shares pursuant to the conditions described in item 13.4 above.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">With respect to the open options as of December
31, 2020, the information of the options held by the Board of Officers are indicated below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>2020</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Board of Officers</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; width: 19%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Grant year</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Grant 2016</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Grant 2016 I</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Grant 2017 &mdash; Extra</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Stock 2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Grant 2017 &mdash; Extra II</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Shares 2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Restricted Stock<BR>
2018 &ndash; Extra II</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">Restricted Shares / Performance Shares -</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2019</P></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; width: 9%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">Restricted Shares / Performance Shares -</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">2019</P></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>b. total number of members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>c. number of compensated members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.17</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.17</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>d. In relation to the options not yet exercisable</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">i &mdash; amount</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,545</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">135,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">319,030</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100,490</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">429,854</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">ii &mdash; date on which they will become exercisable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,545 on 28/04/2026</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">67,500 on 18/06/2019<BR>
67,500 on 18/06/2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/10/2019</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/10/2020</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/10/2021</P></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/06/2020</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/06/2021</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/06/2022</P></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/06/2020</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/06/2021</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">1/3 on 01/06/2022</P></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">iii &ndash; maximum period to exercise options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">28/04/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/05/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30/03/2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/12/2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">iv &ndash; restricted period for transfer of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">v &ndash; average weighted price of the exercise</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">58.53</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">48.41</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">38.75</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">41.87</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">vi &ndash; fair value of the options on the last day financial year<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.21</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10.97</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.21</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Not applicable</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10.97</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>e. in relation to exercisable options<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">i &mdash; amount</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8,545</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;- </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;- </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;- </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;- </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;- </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">ii &ndash; maximum period to exercise options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">28/04/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">31/05/2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">30/03/2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">01/12/2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">iii &ndash; restricted period for transfer of shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1 year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">iv &ndash; average weighted price of the exercise&sup2;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">58.53</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">48.41</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;- </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;- </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;- </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">v &ndash; fair value of the options on the last day financial year<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.21</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10.97</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.45</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7.91</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;- </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">&nbsp;- </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">vi &ndash; fair price of all the options on the last day of the financial year</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">BRL 78,699.45</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  </TABLE>



<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.7 &mdash; Options exercised, and shares
delivered relative to the share-based compensation of the Board of Directors and the Board of Officers</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The members of the Company&rsquo;s Board of
Directors are entitled to compensation based on shares as of the Fiscal Year of 2018.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 58%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Options exercised &ndash; Financial year ended on 31/12/2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Board of</B></FONT><B> <FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Officers</FONT></B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Number of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>10</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>8</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>number of remunerated members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>1</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>8</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Options Exercised</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Number of shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Average weighted price in the year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total amount of the difference between the exercise value and the market value of the options exercised</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Shares delivered</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Number of shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">359,293</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">923,005</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Average weighted price of acquisition</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Difference between the exercise value and the market value of the options acquired</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Options exercised &ndash; Financial year ended on 31/12/2019</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Board of</B></FONT><B> <FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Officers</FONT></B></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Number of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>number of remunerated members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Options Exercised</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Number of shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Average weighted price in the year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Total amount of the difference between the exercise value and the market value of the options exercised</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Shares delivered</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Number of shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">100,490</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7pt">429,854</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Average weighted price of acquisition</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Difference between the exercise value and the market value of the options acquired</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; width: 59%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Options exercised &ndash; Financial year ended on 31/12/2018</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 24%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Conselho de Administra&ccedil;&atilde;o</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Diretoria Estatut&aacute;ria</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Number of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>number of remunerated members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">6.17</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">4.33</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Options Exercised</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Number of shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Average weighted price in the year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Total amount of the difference between the exercise value and the market value of the options exercised</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Shares delivered</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Number of shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">135,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">319,030</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Average weighted price of acquisition</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">Difference between the exercise value and the market value of the options acquired</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.8 - Information needed to understand
the figures presented in items 13.5 to 13.7 &ndash; Pricing method used for the shares and options</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pricing
model</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Stock Option Plans:</B> The Black-Scholes-Merton
model is used to price the Options.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Restricted Stocks Plan with grants before
October, 2018:</B> The average amount of the closing price of shares at trading held on the granting date is used to price the Options.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Restricted Stocks Plan with grants before
October, 2018, including:</B> For pricing purposes, the average closing price of stocks is set in the 20 trading sessions preceding the
grant date.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data
and assumptions used in the pricing model, including the average weighted price of the shares, strike price, expected volatility, option
term, expected dividends and risk-free rate of return</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Stock Option Plans:</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Considering that the amounts related to the
cycle of grants are related to options granted until the date of this Reference Form, the following assumptions for the pricing of target
stock options of the Company&rsquo;s Stock Option Plan were used:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&#252;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><U>Share price</U>: the closing
price in the trading session prior to the date the option was granted (B3 - ticker BRFS3);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&#252;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><U>Strike price</U>: Result
of the average closing price (B3 &ndash; ticker BRFS3) of the last 20 trading sessions prior to the grant date of the options, restated
by the IPCA index;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&#252;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><U>Term of option</U>: The options
granted within the Stock Options Plan may be exercised by the participants, within the minimum vesting periods established below: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">Stock Option Plan in force,
approved at the General and Special Shareholders&rsquo; Meeting of 08/04/15, and modified at the General Ordinary and Extraordinary Shareholders&acute;
Meeting of 27/04/20: (a) up to 1/4 of the total options may be exercised one year after the grant contract date; (b) up to 2/4 of the
total options may be exercised two years after the grant contract date; (c) up to 3/4 of the total options may be exercised three years
after the grant contract date; (d) all the options may be exercised four years after the grant contract date; and (e) the maximum period
is six years after authorization to exercise the options; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif">Under the Stock Options Plan
(Performance Stock Options) discontinued on March 31, 2015: the options will become exercisable after a minimum vesting period of 18 months
and maximum of 24 months from the grant date, as defined by the Board of Directors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&#252;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><U>Risk-Free Rate of Return</U>:
the Risk-Free rate of return of choice is the NTN-B (Brazilian Treasury Note) available on the date of pricing and with the same maturity
as the options;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&#252;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><U>Dividend rate</U>: considered
to be the Company&rsquo;s historic dividends payment over the last two years; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&#252;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif"><U>Volatility of nominal shares
issued by the Company</U>: The Company uses the weighted volatility of its nominal shares to set the volatility rate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Restricted Stocks Plan</B></P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Not applicable to the calculation models or
premises since differently from the stock options, the number of shares is fixed upon the definition of the compensation amount. After
such definition, the amount is converted into number of shares, considering its market value.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Method
used and assumptions adopted to incorporate the expected effects of the early exercise</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Stock Option Plans:</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">According to the pricing methodology of the
target options (Black-Scholes-Merton) and the characteristics of the Company&rsquo;s Stock Options Plan, no assumptions were used to incorporate
the effects of early exercises.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Restricted Stocks Plans:</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Method
of determining the expected volatility</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Stock Option Plans:</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company uses the historic volatility of
its nominal shares to set the volatility rate.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Restricted Stocks Plans:</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other option feature that may have been included in the assessment of fair value</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Stock Option Plans:</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Restricted Stocks Plan </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Not applicable.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.9 &mdash; Interests in shares, quotas
and other convertible securities held by the management and fiscal council members &mdash; grouped by body</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Interests in shares, quotas and other convertible
securities held by the management and fiscal council members, either directly or indirectly, grouped by body, as of the closing date of
the last year are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 32%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Common Shares Issued by the Company</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 32%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>ADRs linked to Common Shares Issued by the Company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">6,865,302</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">605,902</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">600</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.10 - Information on pension plans granted
to members of the Board of Directors and Board of Officers</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; width: 21%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>b. number of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">9.42</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; width: 27%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>c. number of compensated members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>d. Name of the Plan</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Benefits Plan II (closed to new members)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">Benefits Plan III (open to new members)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">FAF Benefits Plan (closed to new members)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>e. number of management members who meet the conditions to retire&sup1;</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">0</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>f. conditions for early retirement</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">- 55 years of age;</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">- 3 years of credited service (participation in the
    plan);</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">- Termination of employment with the Sponsor</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">- 55 years of age;</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">- 3 years of credited service (participation in the
    plan);</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">- Termination of employment with the Sponsor</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">- Have met the 10-year contribution period to the plan;</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">- Be on retirement benefit for the period of contribution
    granted by the Official Social Security Regime;</P>
    <P STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">- Termination of employment with the Sponsor.</P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>g. updated amount of the accumulated contributions in the pension plan to the close of the last financial year, excluding the amounts related to contributions made directly by the management&sup2;</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">BRL 849,984.37</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">BRL 2,670,538.96</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>h. total amount of the accumulated contributions in the pension plan to the close of the last financial year, excluding the amounts related to contributions made directly by the management</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">BRL 94,344.25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">BRL 870,671.68</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">BRL 0,00</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif"><B>i. if and under what conditions early redemption can be made</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">No early redemption is expected, except on termination of employment.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">No early redemption is expected, except on termination of employment.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 7pt Tahoma, Helvetica, Sans-Serif">No early redemption is expected, except on termination of employment.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&sup1; Fulfills the conditions but termination
of employment is required.</P>

<P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&sup2; Total amount of the employer&rsquo;s
contributions (since joining the Plan) plus the return.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.11 - Maximum, minimum and average compensation
of the Board of Directors, Board of Officers and Fiscal Council</B></P>

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  <TR>
    <TD ROWSPAN="2" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 6pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Officers</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 6pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Directors</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 6pt/106% Tahoma, Helvetica, Sans-Serif"><B>Fiscal Council</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>31/12/2020</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>31/12/2019</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>31/12/2018</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>31/12/2020</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>31/12/2019</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>31/12/2018</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>31/12/2020</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>31/12/2019</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>31/12/2018</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; width: 85px; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Number of members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 88px; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 106px; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 102px; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">4.3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 106px; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 102px; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 94px; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 89px; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 89px; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Number of compensated members</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">4.3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">9.66</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Highest compensation (in BRL)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">13,409,440.5</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">10,105,934.6</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">4,842,479.5</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">12,878,285.1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">9,745,064.2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">1,472,400.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">204,000.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">198,830.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">197,646.0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Lowest compensation (in BRL)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">4,118,809.6</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">4,181,110.2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">4,842,479.5</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">480,000.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">480,000.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">480,000.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">168,000.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">173,438.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">117,000.0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif"><B>Average compensation (in BRL)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">8,634,375</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">9,434,781.2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">9,312,626.6</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">2,013,438.3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">2,083,839.1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">1,506,112.9</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">177,616.7</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">177,000.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 7pt/106% Tahoma, Helvetica, Sans-Serif">203,858.3</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>Note</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 8pt/106% Tahoma, Helvetica, Sans-Serif"><B>Board of Directors, Fiscal Council and Non-Statutory Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; width: 11%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 8pt/106% Tahoma, Helvetica, Sans-Serif"><B>31/12/2020</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 89%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the highest and the lowest individual compensation,
    the members who had held their position for less than 12 months were excluded, as per specific instruction set forth in this item.</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the average compensation, all the elements informed
    in item 13.2 are considered.</P></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 8pt/106% Tahoma, Helvetica, Sans-Serif"><B>31/12/2019</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the highest and the lowest individual compensation,
    the members who had held their position for less than 12 months were excluded, as per specific instruction set forth in this item.</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the average compensation, all the elements informed
    in item 13.2 are considered.</P></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 106%"><FONT STYLE="font: 8pt/106% Tahoma, Helvetica, Sans-Serif"><B>31/12/2018</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">For all of the bodies, the member with the highest
    individual compensation exercised the position for 12 months.</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the lowest individual compensation, the members
    who had held their position for less than 12 months were excluded.</P>
    <P STYLE="font: 8pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the average compensation, all the elements informed
    in item 13.2 are considered.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.12 - Mechanisms of compensation or indemnification
for management in the event of severance or retirement</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Company executed contractual arrangements
with certain officers that provide the payment of indemnification to the officer, for the term of 3 (three) years counted from the end
of the relation with the Company, as a form to compensate for the prohibition of the practice of acts considered as competitive to the
Company. Such mechanism is intended to reduce the financial impacts of the managers due to the limitations applied in their professional
field upon the execution of the agreement. If the indemnification becomes due, there will be no relevant financial impacts for the Company.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">For further information on insurance policies
and/or indemnity contracts, see section 12.11 of this Reference Form.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.13 - Percentage of total compensation
held by managers and members of the fiscal council who are related parties to the controlling shareholders</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Over the last three financial years, there
was no percentage of the total compensation of each body recognized in the result of related parties to the direct or indirect controlling
shareholders, as the Company&rsquo;s control is diffuse and therefore it has no direct or indirect controlling shareholders.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.14 - Compensation of managers and members
of the fiscal council, grouped by body, received for any reason other than their corporate function</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Over the last three fiscal years, there was
no amount recognized in the result as compensation for members of the Board of Directors, the Board of Officers or Fiscal Council for
any reason other than their corporate function, such as, for example, commissions and advisory or consulting fees.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.15 - Compensation of managers and members
of the Fiscal Council recognized in the direct or indirect controlling shareholders&rsquo; results of companies under common control and
subsidiaries of the Company</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Over the past three fiscal years, no amount
was recognized in the direct or indirect controlling shareholders&rsquo; results, of companies under common control and subsidiaries of
the Company, as compensation for the members of the Board of Directors, the Board of Officers or the Fiscal Council of the Company.</P>


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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>13.16 &mdash; Other relevant information</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">There is no other information that the Company
deems relevant with respect to Section 13 of the Reference Form.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">BRF S.A.</P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Appendix IV - Information on candidates
for the positions of members of the Fiscal Council (Items 12.5 to 12.10 of the Reference Form, according to CVM Instruction No. 480, of
December 7, 2009)</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>III.2 INFORMATION ON THE NAMES FOR POSTS IN
THE COMPANY&rsquo;S FISCAL COUNCIL</B></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>12.5 Composition and professional experience of the candidates to
the positions of members of the Board of Directors</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; width: 28%; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Name</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 21%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Date of birth</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Administration body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Election date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 16%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Term of Office</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Tax Number (CPF)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Profession</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Elective position held</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Entry Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Elected by the controller </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Other positions held in the issuer</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Consecutive terms</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Independent Member</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Attilio Guaspari</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">20/10/1946</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Belongs only to the Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">04/27/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">AGO/2021</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">610.204.868-72</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Civil Engineer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">45 - CF (Effective) </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">04/27/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">No</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">No</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">15th term of office</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Yes</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; width: 29%; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Name</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 21%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Date of birth</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Administration body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Election date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 15%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Term of Office</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Tax Number (CPF)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Profession</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Elective position held</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Entry Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Elected by the controller </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Other positions held in the issuer</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Consecutive terms</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Independent Member</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Maria Paula Soares Aranha</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">02/08/1957</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Belongs only to the Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">04/27/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">AGO/2021</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">035.859.048-58</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Banking and Economist</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">45 - CF (Effective) </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">04/27/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">No</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">No</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">2nd term of office</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Yes</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; width: 29%; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Name</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 21%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Date of birth</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Administration body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Election date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 15%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Term of Office</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Tax Number (CPF)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Profession</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Elective position held</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Entry Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Elected by the controller </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Other positions held in the issuer</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Consecutive terms</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Independent Member</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Andr&eacute; Vicentini</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">05/25/1981</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Belongs only to the Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">04/27/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">AGO/2021</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">283.726.668-06</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Mechanical production engineer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">45 - CF (Effective) </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">04/27/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">no</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">No</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">4th term of office</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Yes</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; width: 29%; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Name</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 21%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Date of birth</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Administration body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Election date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 15%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Term of Office</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Tax Number (CPF)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Profession</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Elective position held</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Entry Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Elected by the controller </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Other positions held in the issuer</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Consecutive terms</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Independent Member</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Marcus Vinicius Dias Severini (sitting member)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">02/07/1957</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Belongs only to the Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">632.856.067-20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Accountant and Electrical Engineer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">48 - CF (Alternate) </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">No</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">No</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Yes</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; width: 29%; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Name</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 21%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Date of birth</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Administration body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Election date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 15%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Term of Office</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Tax Number (CPF)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Profession</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Elective position held</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Entry Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Elected by the controller </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Other positions held in the issuer</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Consecutive terms</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Independent Member</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Monica Hojaij Carvalho Molina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">07/05/1969</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Belongs only to the Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">04/27/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">AGO/2021</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">137.295.488-08</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Administrator</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">48 - CF (Alternate) </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">04/27/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">No</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">No</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">2nd term of office</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Yes</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; width: 29%; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Name</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 21%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Date of birth</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Administration body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Election date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 15%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Term of Office</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Tax Number (CPF)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Profession</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Elective position held</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Entry Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Elected by the controller </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Other positions held in the issuer</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Consecutive terms</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif"><B>Independent Member</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Valdecyr Maciel Gomes</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">06/13/1962</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Belongs only to the Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">04/27/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">AGO/2021</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">718.224.887-53</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Lawyer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">48 - CF (Alternate) </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">04/27/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">No</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">No</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">3rd term of office</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif">Yes</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 1.4pt; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
  </TABLE>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 100%; padding: 1.4pt">
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Attilio Guaspari - 610.204.868-72</P>
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; background-color: white">Mr. Attilio holds
    a degree in engineering from the Polytechnic School of the University of S&atilde;o Paulo - USP and a master&rsquo;s degree in Administration
    Sciences from UFRJ. He was a member of the Audit Committee of the National Development Bank --BNDES and Chairman of the Fiscal Council
    and Fiscal Council of Perdig&atilde;o and BRF, with the appointment of a financial specialist for the audit committee. He has extensive
    experience in the position of Internal Audit Officer, as Financial Director and member of the board of directors. Mr. Attilio has not
    suffered, in the last five years, any (i) criminal conviction, (ii) in a CVM administrative proceeding or (iii) unappealable, in the judicial
    or administrative sphere, which has suspended or disqualified him from practicing a professional activity or any commercial.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt">
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Maria Paula Soares Aranha - 035.859.048-58</P>
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; background-color: white">Ms. Maria Paula
    holds a bachelor&rsquo;s degree in business administration from FGV-EAESP, a postgraduate degree in business administration from FGV-EAESP,
    a postgraduate degree in accounting sciences from FGV-RJ, a master&rsquo;s degree in Business Administration from the University of S&atilde;o
    Paulo - USP and a master&rsquo;s degree in controllership and accountability by FEA / USP. Ms. Maria Paula was member of the Board of
    Directors of Fibria S.A. for five years (2013-2018), acting as coordinator of the Statutory Audit Committee since it&rsquo;s implementation.
    Ms. Maria Paula also acted as member of the Board of Directors (2016-2018) and coordinator of the Audit Committee of Paranapanema S.A.,
    member of the Fiscal Council of Fibria Celulose S.A. (2011-2013) and Invepar S.A. (2016-2018). Currently, Ms. Maria Paula act as member
    of the Fiscal Council of BRF S.A., member of the Audit and Risk Committee of Grupo Hapvida, as specialist in risk management and studies
    of the financial statements. Ms. Maria Paula is a certified Board Member by the ICSS-A, with participation in the commission of Management
    of Risks and Controls of Brazilian Institute of Corporate Governance (&ldquo;IBGC&rdquo;) and participation in the Board Members of EY.
    Ms. Maria Paula is a specialist adviser in controllership, internal controls and systems of corporate management. Mrs. Aranha was an employee
    of Banco do Brasil from 1981 to 2007, having held the position of Executive Manager of the Controllership Board and Distribution Board
    and has experience with financial institutions, both in the conception of models and in the implementation and development of tools and
    management systems. Also has experience with planning and budget, costs, management accounting, risks management, management in the area
    of distribution of bank services, and management of agency network, of service terminals, of the process and of service to clients. Ms.
    Maria Paula has not suffered, in the last five years, any (i) criminal conviction, (ii) in CVM administrative proceeding or (iii) unappealable,
    in the judicial or administrative sphere, which has suspended or disqualified her from practicing an activity professional or commercial.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt">
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Andr&eacute; Vicentini - 283.726.668-06</P>
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 9pt/107% Tahoma, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Graduated in Mechanical Production Engineering
    from the Polytechnic School of the University of S&atilde;o Paulo - USP (2003). ALM Specializations ( <I>Asset Liability Management </I>
    ) and in Risk Management by the BM &amp; FBOVESPA Educational Institute (2010 and 2012). Acting as Treasurer and Investiment Officer,
    Mr. Andr&eacute; Vicentini has more than 20 years of experience financial management of several companies, as B3 &ndash; Brasil, Bolsa,
    Balc&atilde;o, Telef&ocirc;nica S.A., Perdig&atilde;o S.A. and Banco Votorantim. Mr. Andr&eacute; has not suffered, in the last five years,
    any (i) criminal conviction, (ii) in CVM administrative proceeding or (iii) unappealable, in the judicial or administrative sphere, which
    has suspended or disqualified him from practicing a professional activity or any commercial.</P></TD></TR>
  </TABLE>
<P></P>
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    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Marcus Vinicius Dias Severini - 632.856.067-20</P>
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Marcus Severini holds a degree in Accounting
    Sciences from UniverCidade and Electrical Engineering from Universidade Federal Fluminense and postgraduated in Electrical Engineering
    from SUAm &ndash; Sociedade Universit&aacute;ria Augusto Mota. Mr. Marcus Severini has 12 years of experience in consulting and auditing
    work, acquired in a multinational company, the Arthur Andersen S/C. Mr. Marcus Severini acted as Controller Officer at Vale S.A., in the
    period between May 2007 and March 2015, where he joined in October 1994, holding several positions. In addition, Mr. Marcus Severini was
    Chairman of the Board of Directors of Funda&ccedil;&atilde;o Vale do Rio Doce e Seguridade Social &ndash; VALIA (2007-2015). Mr. Marcus
    Severini held positions as member of the Fiscal Council of companies as Millis Estuturas e Servi&ccedil;os de Engenharia S.A. (2015&ndash;2018),
    BRF S.A. (2015&ndash;2019) and Vale S.A. (2017-2019). Currently, he acts as member of the Audit Committee at Funda&ccedil;&atilde;o Vale
    do Rio Doce Seguridade Social &ndash; VALIA and OceanPact Servi&ccedil;os Mar&iacute;timos S.A. <FONT STYLE="color: #222222">Mr. Marcus
    has not suffered, in the last five years, any (i) criminal conviction, (ii) in CVM administrative proceeding or (iii) unappealable, in
    the judicial or administrative sphere, which has suspended or disqualified her from practicing a professional activity or any commercial.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt">
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">M&ocirc;nica Hojaij Carvalho Molina - 137.295.488-08</P>
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; background-color: white">Ms. M&ocirc;nica
    Molina holds a degree in Business Administration from FEA-USP and postgraduate degree in Marketing from ESPM-SP. She has over 20 years
    of professional experience, including positions as statutory director, in medium and large companies - Agribusiness (Louis Dreyfus Group,
    Bertin), Telecommunications and Technology (BellSouth Intl, Datasul, Bematech, CSU) and White Line (Whirlpool). With double certification
    by IBGC, he has a seat on the Board of Directors of the state-owned Dataprev since July 2018 and on the Advisory Board of the Omni Group
    since May 2018. In 2016, he was an independent member of the Fiscal Council of CSU CardSystem. Elected by minority shareholders, she served
    as an alternate member of the Fiscal Council of the following publicly-held companies: Sonae Sierra, Mahle Metal Leve, SLC Agr&iacute;cola,
    Lojas Americanas and Tegma Log&iacute;stica. Coauthor and teacher in the CFO Strategist course, in Executive Education at Insper-SP. Currelty
    acts as <I>senior adviso</I>r in Business Strategy and M&amp;A, as a managing partner of Condere since 2013. Ms. M&ocirc;nica Molina has
    not suffered, in the last five years, any (i) criminal conviction, (ii) in CVM administrative proceeding or (iii) unappealable, in the
    judicial or administrative sphere, which has suspended or disqualified her from the practice of an activity professional or commercial.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt">
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Valdecyr Maciel Gomes - 718.224.887-53</P>
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 9pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Valdecyr holds a law degree from Universidade
    Federal Fluminense - UFF (1986), with a specialization in International Financial Law at Euromoney, Oxford University (1997) and participation
    in the Advanced Executive Program of the Kellogg School of Management at Northwestern University (2013). From March 2014 to September
    2016, he served as <I>head </I> for Latin America and Managing Partner from Brookfield Asset Management. From March 2008 to September
    2013, he was CEO and President of Brookfield Asset Management, as well as other companies in the group (Banco Brascan SA, Brookfield Servi&ccedil;os
    Financeiros Ltda., Brascan Corretora de Titulos e Valores Mobili&aacute;rios, BRKB DTVM SA, BRKB Consultoria and Brookfield Gest&atilde;o
    de Ativos Ltda.). From September 2013 to September 2016, he was Director and Vice President of Brookfield Asset Management, as well as:
    Director and Executive Vice President and Managing Partner of Brookfield Brasil Ltda. and Brookfield Participa&ccedil;&otilde;es Ltda.;
    Director of Brookfield Brazil Ltd. and Brookfield Brasil Asset Management Investimentos Ltda.; Director of Fisher Eagle Capital Investments
    LLC and Marlin Capital Investiments LLC. From 2008 to June 2011 he was Director of Brascan Holdings Plc, responsible for the constitution
    and management of the company, whose function was to raise funds abroad for investments in Brazil. From 2001 to 2008, he was Executive
    Vice President of Banco Brascan SA, having served as Legal Director of the same institution from 1997 to 2001. From 1990 to 1997, he served
    as tax inspector for the Municipality of Rio de Janeiro and as a lawyer for Brascan Brasil Ltda. From 1983 to 1990, he was a lawyer at
    Banco Garantia SA and, in 1982, he was an Army Officer of the Federal Government, as a troop commander. Mr. Valdecyr also acts as member
    of the Board of Directors at Santos Brasil Participa&ccedil;&otilde;es S.A. and Chairman of the Ethics Council at Anbima &ndash; Associa&ccedil;&atilde;o
    Brasileira de Entidades dos Mercados Financeiros e de Capitais. Mr. Valdecyr has not suffered, in the last five years, any (i) criminal
    conviction, (ii) in CVM administrative proceeding or (iii) unappealable, in the judicial or administrative sphere, which has suspended
    or disqualified him from practicing a professional activity or any commercial.</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Tahoma, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>12.6. State in table form the participation
rate of each member of the board of directors or fiscal council over the last year at the meetings held by the respective body in the
same period after taking up the position</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 115%; width: 33%"><FONT STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif"><B>Body</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 115%; width: 48%"><FONT STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif"><B>Member</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 115%; width: 19%"><FONT STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif"><B>Percentage of Participation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif">Fiscal Council</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif">Attilio Guaspari</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif">Fiscal Council</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif">Maria Paula Soares Aranha</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif">Fiscal Council</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif">Andr&eacute; Vicentini</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt/115% Tahoma, Helvetica, Sans-Serif">100%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>12.7. Provide the information mentioned in
item 12.5 in relation to members of statutory committees, as well as audit, risk, financial and compensation committees, even if such
committees or structures are not statutory:</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>12.8. State the participation rate of each
member of the statutory committees, as well as audit, risk, finance and remuneration committees, even if such committees or structures
are not statutory, state, in a table format, the percentage rate at meetings carried out by the respective body in the same period, that
have occurred after entering the position</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">12.9. Report the existence of marital relationship,
stable union or kinship to the second degree:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><B>a.</B></TD><TD STYLE="text-align: justify"><B>Company Management</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><B>b.</B></TD><TD STYLE="text-align: justify"><B>Company Management and managers of companies controlled, directly or indirectly</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><B>c.</B></TD><TD STYLE="text-align: justify"><B>Company Management or managers of companies controlled, directly or indirectly and direct or indirect
Controllers of the Company</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><B>d.</B></TD><TD STYLE="text-align: justify"><B>Company Management and managers of companies controlled, directly or indirectly by the Company</B></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable. Candidates for members of the
Fiscal Council do not have any of the relationships mentioned in this Item 12.9.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>12.10. Report on subordination relationships,
service provision or control held, in the past 3 financial years, between the managers of the issuer and:</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">company controlled directly or indirectly by the Company, with the exception
of those in which the Company holds all the share capital, directly or indirectly </FONT></B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">direct or indirect controller of the Company</FONT></B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>c.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if relevant, supplier, customer, debtor or creditor of the Company, its
subsidiary or controller or companies controlled by any of these people</FONT></B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Not applicable. The Company does not have any
of the relationships mentioned in this Item 12.10.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt/125% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">BRF S.A.</P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Appendix V - Copy of the Company&rsquo;s
Bylaws highlighting the proposed amendment (Article 11, item I, of CVM Instruction No. 481, of December 17, 2009) </B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 2.25pt">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>BRF S.A.</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">CNPJ/MF N&ordm; 01.838.723/0001-27</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Publicly-Held Company</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>BYLAWS</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 37.7pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>I.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NAME, HEAD OFFICE, TERM &#9;AND CORPORATE PURPOSE</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 1.</B>&#9;BRF S.A. (&ldquo;<U>Company</U>&rdquo;)
is a publicly held company, which is ruled by this Bylaws, by Law n&ordm; 6.404, of December 15, 1976, as amended (&ldquo;<U>Brazilian
Corporation Law</U>&rdquo;) and by the other applicable laws and regulations.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - With the entry of the Company
into the special listing segment referred as Novo Mercado, of B3 S.A. &ndash; Brasil, Bolsa, Balc&atilde;o (&ldquo;<U>B3</U>&rdquo;),
the Company, its shareholders, including controlling shareholders, management and members of the Fiscal Council, when installed, are subject
to the provisions of the Regulation of the Novo Mercado of B3 (&ldquo;<U>Regulation of the Novo Mercado</U>&rdquo;).</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - The provisions of the Regulation
of the Novo Mercado shall prevail over the statutory provisions, in the event of prejudice to the rights of the beneficiaries of the public
offers provided in this Bylaws.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 2</B>.&#9;The Company&acute;s head
office and venue are in the City of Itaja&iacute;, State of Santa Catarina, at Rua Jorge Tzachel, 475, Bairro Fazenda, Zip Code 88.301-600,
being able to establish branches, agencies, offices and other facilities anywhere in the national territory or abroad.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 3</B>.&#9;It constitutes main corporate
purpose of the Company the exercise of the following activities, in the national territory or abroad:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) the industrialization, commercialization,
in retail and wholesale, and exploration of food in general, mainly animal protein by-products and food products that use the cold chain
as support and distribution;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) the industrialization and commercialization
of animal feeds, nutrients and food supplements for animals;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iii) the provision of food services in general;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iv) the industrialization, refining and commercialization
of vegetable oils, fats and dairy products;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(v) the exploration, conservation, storage, silage
and commercialization of grains, its derivatives and by products;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vi) the commercialization, in the retail and
wholesale, of consumer and production goods including the commercialization of equipment and vehicles for the development of its logistical
activity;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vii) the export and the import of production
and consumer goods;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(viii) the provision of services of transportation,
logistics and distribution of cargo and food in general;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ix) the participation in other companies, aiming
the broadest achievement of the corporate purposes; and</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(x) the participation in any project for the operation
of the Company&acute;s business.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sole Paragraph - Sole Paragraph - The Company
may also engage, directly or through third parties, in the activities of support to the core business indicated in the Article <STRIKE>3&ordm;</STRIKE>
above, such as:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 7pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">ancillary activities of administrative,
    technical or operational support related to the creation of conditions for the better performance of its main activities;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="color: Black">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">transportation of cargo in
    general;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="color: Black">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">storage and stocking services
    of products and other services relating thereto;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 7pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="color: Black">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">activities of promotion and
    reposition of its products in the retail and in exposition points and sale to the end consumer, including the necessary support to
    the clients that allows the packaging and visualization of the products;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(v)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">services of receipt and allocation
    of raw material to be used in the production;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(vi)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">services of repair, maintenance
    and conservation of machinery and vehicles;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 7pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(vii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: Black">the promotion of activities, programs, technical assistance and promotion
    that aim the national agricultural development;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0">&nbsp;</TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(viii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">the industrialization, exploration
    and commercialization of packaging of any nature;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0">&nbsp;</TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="color: Black">(ix)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: Black">the exploration and creation of animals in general;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="color: Black">(x)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">the commercialization of commodities
    in general;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 7pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(xi)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">the research and development
    of techniques of production and of improvement of the genetic matrices of the Company;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 7pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(xii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">the activities of reforestation,
    extraction, industrialization and commercialization of woods;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 7pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="color: Black">(xiii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">the commercialization de real
    estates, properties, including machinery, equipment and vehicles, of the fixed assets, to meet with the activities inserted in the
    corporate purpose of the Company described in this article</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">; <FONT STYLE="color: red"><STRIKE>and</STRIKE></FONT></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 7pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: red">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="color: Black">(xiv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: Black">services of fuel supply for its own fleet or for third parties service
    providers, specially of freight, transportation, logistics and distribution</FONT><FONT STYLE="color: Red">;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">manufacture by its own or on demand, commercialization,
export and import of pharmochemical products derived from animal slaughter; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in; color: red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xvi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">manufacture and commercialization of organic chemical
products derived from animal slaughter; and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in; color: red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xvii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">manufacture, distribution and export of pharmaceutical
ingredients derived from animal slaughter.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 4.</B>&#9;The term of duration of the
Company is undetermined.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>II.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CAPITAL STOCK</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 5.</B>&#9;The Company&acute;s capital
stock is of twelve billion, five hundred and fifty-three million, four hundred and seventeen thousand, nine hundred and fifty-three Reais
and thirty-six cents (R$ 12,553,417,953.36), fully subscribed and paid-in, divided into eight hundred and twelve million, four hundred
and seventy-three thousand, two hundred and forty-six (812,473,246) common shares, all nominative and with no par value.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The Company may not issue preferred
shares or beneficiary parties.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - The shares issued by the Company
are indivisible and each common share entitles one vote in the deliberations of the General Shareholders&rsquo; Meetings.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 6.</B>&#9;All the shares issued by
the Company are in book-entry form and, according to deliberation of the Board of Directors, kept in deposit account, with a financial
institution authorized by Comiss&atilde;o de Valores Mobili&aacute;rios &ndash; CVM (&ldquo;CVM&rdquo;), on behalf of its holders.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sole Paragraph. The cost of the transfer and registration,
as well as the cost of the service related to the book-entry shares, may be charged directly from the shareholder by the bookkeeping institution,
as it is defined in the agreement of the bookkeeping of shares.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 7.</B>&#9;The Company is authorized
to increase its capital stock, regardless of statutory reform, up to the number of shares in which the capital stock is divided is of
one billion (1,000,000,000) common shares, upon deliberation of the Board of Directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - In the event provided in the head
paragraph of this Article, it shall be incumbent on the Board of Directors to fix the issuance price and the number of shares to be issued,
as well as the term and the conditions of payment in.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - Within the limit of the authorized
capital, the Board of Directors may, still: (i) deliberate the issuance of subscription bonus; (ii) according to the plan approved by
the General Shareholders&rsquo; Meeting, grant stock option, without the shareholders having preemptive right in the granting of the options
or subscription of the respective shares; (iii) approve the increase of the capital stock upon the capitalization of profits or reserves,
with or without bonus shares; and (iv) deliberate the issuance of debentures convertible into shares.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 8.</B>&#9;At the discretion of the
Board of Directors or of the General Shareholders&rsquo; Meeting it may be excluded or reduced the preemptive right of the shareholders,
in any issuance of shares, debentures convertible into shares and subscription bonus, whose placement is made through sale in the stock
exchange, public subscription or exchange for shares in public offer of purchase of control, as provided in the Law and in this Bylaws.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 9.&#9;</B>The failure of the shareholder
in the payment of the capital it subscribed will imply in the charge of interest of one percent (1%) per month, <I>pro rata temporis</I>,
monetary adjustment based on the variation of the General Market Price Index &ndash; IGP-M, disclosed by Funda&ccedil;&atilde;o Get&uacute;lio
Vargas &ndash; FGV, or another index that reflects the real loss of the power of purchase of the currency in the period, at the discretion
of the Board of Directors of the Company, in the smallest periodicity legally admitted, and fine of ten percent (10%) on the value of
the obligation, without prejudice to the other applicable legal sanctions.</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 10.</B>&#9;By deliberation of the General
Shareholders&rsquo; Meeting, by virtue of the proposal of the Board of Directors, the Company&acute;s capital stock may be increased according
to events provided in the law, being certain that in cases of capitalization of profits or reserves, it is optional the issue of new shares
corresponding to the increase, among its shareholders, <I>pro-rata</I> the number of shares they hold.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>III.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">GENERAL SHAREHOLDERS&rsquo; MEETING</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 11</B>.&#9;The General Shareholders&rsquo;
Meeting, convened and installed according to the law and to this Bylaws, shall occur ordinarily within the first four (4) months following
the end of the fiscal year and, extraordinarily, whenever the interests and corporate subjects require deliberation of the shareholders.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 12.</B>&#9;The General Shareholders&rsquo;
Meeting shall be convened by the Board of Directors upon deliberation of the majority of its members or, still, in the events provided
in this Bylaws and in the Sole paragraph of Article 123 of the Brazilian Corporation Law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sole Paragraph - The Company shall make available,
no later than the date of the first publication of the call notice, to all the shareholders, the material and documents necessary for
the analysis of the matters contained in the Agenda, except the cases in which the law or the regulation in force requires its availability
in a longer term.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 13.</B>&#9;The General Shareholders&rsquo;
Meeting shall be installed, on first call, with the attendance of shareholders representing, at least, twenty five percent (25%) of the
capital stock, except when the law requires a higher quorum; and, on second call, with any number of shareholders.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The Extraordinary General Shareholders&rsquo;
Meeting that has as purpose the amendment to this Bylaws will be installed, on first call, with the attendance of shareholders that represent,
at least, two thirds (2/3) of the capital stock but may be installed, on second call, with any number of shareholders present.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - Subject to the exceptions provided
in the applicable regulation, the first call of the General Shareholders&rsquo; Meeting shall be made with, at least, thirty (30) days
in advance and the second call with, at least, eight (8) days.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three - The works of the General Shareholders&rsquo;
Meeting shall be presided by the Chairman of the Board of Directors or, in his absence, by the Vice President. In the cases of absence
or temporary impediment of the Chairman and of the Vice President of the Board of Directors, the General Shareholders&rsquo; Meeting shall
be presided by a Director specially appointed by the Chairman of the Board of Directors. The chairman of the board shall appoint one or
more secretaries for the General Shareholders&rsquo; Meeting.</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 14.</B>&#9;The deliberations in the
General Shareholders&rsquo; Meeting, with the exception of the provisions in the law and in this Bylaws, shall be taken by absolute majority
of votes of the attendees, the votes in blank not being counted.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The General Shareholders&rsquo;
Meeting may only resolve the subjects of the agenda contained in the respective call notice, with the exceptions provided in the Brazilian
Corporation Law, being prevented the inclusion, in the agenda of the General Shareholders&rsquo; Meeting, matters named &ldquo;other subjects&rdquo;
or &ldquo;general subjects&rdquo; or equivalent expressions.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - From the works and deliberations
of the General Shareholders&rsquo; Meeting, the minutes shall be drawn up, which shall be signed by the members of the board of works
of the General Shareholders&rsquo; Meeting and by the shareholders present that represent, at least, the majority necessary for the deliberations
taken.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 15.</B>&#9;For the benefit of the development
of the works of the General Shareholders&rsquo; Meetings, the shareholders or their representatives shall present, with, at least, five
(5) days in advance, besides the identity card, as the case may be: (i) a power of attorney with certification of the signature of the
grantor and/or the documents that evidence the powers of the legal representative of the shareholder; and/or (ii) relatively to the shareholders
participants of the fungible custody of book-entry shares, the statement containing the respective equity interest, issued by the financial
institution responsible for the custody.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - Without prejudice to the provision
in head paragraph of this Article, the shareholder that attends the General Shareholders&rsquo; Meeting with the documents that evidence
its status of shareholder may participate and vote at the meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two &ndash; The Company will adopt,
in the inspection of the documentation for the due representation of the shareholder, the principle of good-faith.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 16.</B>&#9;It is competence of the
General Shareholders&rsquo; Meeting, besides the other assignments provided in law and in this Bylaws:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) attribute bonifications in shares and decide
on eventual grouping and splitting of shares;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) approve stock option plans or subscription
of shares or granting of plans of shares to the Management and employees or to the individuals who provide services to the Company, as
well as to the Management and employees or to individuals who provide services to other companies that are controlled, directly or indirectly,
by the Company;</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iii) resolve, according to the proposal presented
by the Management, the destination of the profit of the fiscal year and the distribution of dividends;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iv) resolve on the delisting of the Company from
the Novo Mercado;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(v) establish the compensation of the Fiscal Council
in the form of the Law and this Bylaws; and</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vi) approve, in accordance with the terms of
the Regulation of the Novo Mercado, the waiver of the presentation of the Public Offer of Purchase of Shares in case of delisting of the
Novo Mercado.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 17.</B>&#9;The General Shareholders&rsquo;
Meeting will establish annually the amount of the global annual compensation of the Management da Company, including benefits of any nature
and the representation funds, in view of their responsibilities, the time dedicated to their functions, their competence and professional
reputation and the value of their services in the market, being incumbent on the Board of Directors to establish the criteria for of the
<I>pro-rata</I> of the global compensation among the Management.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 18.</B>&#9;The General Shareholders&rsquo;
Meeting may suspend the exercise of the rights of the shareholder that does not comply with a legal or statutory obligation, ceasing the
suspension as soon as the obligation is complied with.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The shareholders that represent
five percent (5%), at least, of the capital stock, may convene the General Shareholders&rsquo; Meeting mentioned in the head paragraph
of this Article when the Board of Directors does not meet, in the term of eight (8) days, the request that they present to convene one,
with the indication of the obligation breached and the identification of the defaulting shareholder.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - It shall be incumbent on the General
Shareholders&rsquo; Meeting that approves the suspension of the rights of the shareholder to also establish, among other aspects, the
scope and duration of the suspension, observing the preventions provided in the law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three - The suspension of the rights
will cease as soon as the obligation is fulfilled, and the said shareholder shall communicate the Company its fulfillment.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>IV.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MANAGEMENT</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Section I &ndash; General Provisions to the
Bodies of the Management</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 19.</B>&#9;The Company&acute;s Management
is carried out by the Board of Directors and by the Board of Officers, with the respective assignments granted by law and by this Bylaws.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The management of the Company
are waived from providing guarantee for the exercise of the function.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - The management of the Company
will be invested in their positions upon the execution of the term of investiture in the proper books, which shall also contemplate their
subordination to the arbitration clause referred in Article 47, and which shall contain the consent to all manuals, codes, regulations
and internal policies of the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three - It is expressly forbidden, and
it shall be null and void the act practiced by any management of the Company, that involves it in obligations related to business and
operations alien from the corporate purpose, without prejudice of the civil or criminal responsibility, as the case may be, to which the
violator of this disposition will be subject.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Four - The term of office of the management
of the Company will be extended until the investiture of their respective successors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Section II &ndash; Board of Directors</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 20.</B>&#9;The Board of Directors is
composed by, at least, nine (9) and, up to, eleven (11) effective members, all elected and dismissible by the General Shareholders&rsquo;
Meeting, with unified term of office of two (2) years, reelection being allowed.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - Of the members of the Board of
Directors, at least, two (2) or twenty percent (20%), whichever is higher, shall be Independent Directors, according to the criteria and
rules provided in the Regulation of the Novo Mercado.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - When, due to the calculation of
the percentage referred in the paragraph above, the result generates a fractional number, the Company shall proceed to the rounding of
the number to the one immediately above.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three. The characterization of the those
appointed to the Board of Directors as Independent Directors shall be deliberated at the General Shareholders&rsquo; Meeting that elects
them, which can base its decision: (i) on the declaration, forwarded by the one appointed as Independent Director to the Board of Directors,
attesting its compliance with the criteria of independence established in the Regulation of the Novo Mercado, contemplating the respective
justification, if verified any of the situations provided in &sect; 2 of article 16 of the referred Regulation of the Novo Mercado; and
(ii) the manifestation of the Board of Directors, inserted in the management proposal to the General Shareholders&rsquo; Meeting for the
election of the Management, as to the compliance or not of the candidate with the criteria of independence.</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Four - The procedure provided in Paragraph
Three above is not applied to the appointments of candidates to members of the Board of Directors that do not meet the time in advance
necessary for inclusion of candidates in the distance voting form, as provided in the regulation issued by CVM on distance voting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Five - The Board of Directors shall
assess and disclose annually who are the Independent Directors, as well as to appoint and justify any circumstances that may jeopardize
their independence.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Six - As to the election of the members
of the Board of Directors, the General Shareholders&rsquo; Meeting shall appoint a Chairman and a Vice President, the Vice President shall
substitute the Chairman in his absences or impediments, as well as in case of vacancy.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Seven - Whenever the General Shareholders&rsquo;
Meeting is convened to resolve on the election of the Board of Directors, the members of such body shall approve a proposal of full plate
of candidates for the vacancies in the Board of Directors, including appointment for the positions of Chairman and Vice President of the
Board of Directors, which shall be submitted to the approval of the General Shareholders&rsquo; Meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Eight - If any shareholder wants to
appoint one or more candidates to compose the Board of Directors that do not integrate the plate proposed as provided in Paragraph Seven
of this article, such shareholder shall notify the Company proposing another plate to run for the positions at the Board of Directors
of the Company, in writing and preferably with at least five (5) days in advance of the date scheduled for the General Shareholders&rsquo;
Meeting, informing the name, the qualification and the complete professional resum&eacute; of the candidate(s), being incumbent n the
Company to provide its immediate disclosure, by means of a Notice to the Shareholders through the electronic system available at the website
of CVM. The Company will not accept the registration of any plate, nor the exercise of the voting right in the election of the members
of the Board of Directors, in circumstances that configure violation to the dispositions of the applicable regulation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Nine - It is forbidden the presentation
of more than one plate by the same shareholder. However, one individual may be part of two or more plates, including the one proposed
in the terms of Paragraph Eight above.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Ten - If it receives written request
of adoption of the procedure of multiple voting, in the form of Article 141, Paragraph One of the Brazilian Corporation Law, the Company
shall disclose the request and content of such request, immediately, by means of a Notice to the Shareholders through the electronic system
available at the website of CVM or in the form defined by the law or by
CVM.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Eleven - If the election of the Board
of Directors occurs by means of the procedure of multiple voting, each member of the plates presented in the form of this Article will
be considered a candidate for the position of director.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Twelve - Whenever the election occurs
by the procedure of multiple voting, the dismissal of any member of the Board of Directors by the General Shareholders&rsquo; Meeting
will imply in the dismissal of all the other members, proceeding to a new election.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Thirteen - In the events of vacancy
of positions of effective members of the Board of Directors, the remaining members shall appoint a substitute who will fill in the position
until the next General Shareholders&rsquo; Meeting, occasion on which it will be elected a new director to complete the term of office.
In case of simultaneous vacancies above one third (1/3) of its members, a General Shareholders&rsquo; Meeting will be convened, within
thirty (30) days of this event, for the election of the substitutes, whose term of office will coincide with the term of office of the
other directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Fourteen &ndash; The members of the
Board of Directors shall have impeccable reputation, not being able, except as approved at the General Shareholders&rsquo; Meeting, to
be elected those that (i) occupy positions in companies that may be considered as competitors of the Company; or (ii) have or represent
conflicting interest with the Company. If, after the election of the member of the Board of Directors any fact that configures event of
impediment for the holding of the position of director, provided in the Brazilian Corporation Law or in this paragraph, the member who
is subject to the impediment undertakes to immediately present his resignation to the Chairman of the Board of Directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Subsection II.1 &ndash; Meetings and Substitutions
</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 21.</B>&#9;The Board of Directors shall
meet, ordinarily, <STRIKE>once per month</STRIKE> at least 8 (eight) times a year and, extraordinarily, whenever convened by its Chairman
or by the majority of its members, drawing up minutes of these meetings in the proper book.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The call for the meetings of the
Board of Directors will be given, in writing, by means of a letter, telegram, e-mail or other form that allows the proof of receipt of
the call by the recipient, and shall contain, besides the place, date and time of the meeting, the agenda.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - The meetings of the Board of Directors
shall be convened with, at least, five (5) business days in advance. On the same call date of the meeting, the material and documents
necessary to the consideration of the issues of the agenda of the meeting of the Board of Directors shall be made available to the directors.</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three - Regardless of the formalities
of the call, it will be considered regular the meeting at which all the members of the Board of Directors are present.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Four - The meetings of the Board of
Directors shall be installed, on first call, with the presence of, at least, two thirds (2/3) of its members. On second call, which shall
be object of a new communication to the directors in the form of Paragraph One of this Article, sent immediately after the date established
for the first call, the meeting will be installed with the presence of the simple majority of the directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Five - If necessary, the holding of
meetings of the Board of Directors or the participation of the directors at the meetings of the Board of Directors may be carried out
by telephone, videoconference, electronic vote, or other means of communication that may ensure the effective participation and the authenticity
of the vote. In this circumstance, the director shall be considered present at the meeting, and the vote will be considered valid for
all legal purposes and incorporated into the minutes of the referred meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Six - No member of the Board of Directors
may have access to information, participate in deliberations and discussions of the Board of Directors or of any management bodies, exercise
the vote or, in any form, intervene in the subjects in which he is, directly or indirectly, in a situation of conflicting interest with
the interests of the Company, in terms of the Law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Seven - The deliberations of the Board
of Directors shall be taken by the majority of the votes of those present, being incumbent on the Chairman of the Board of Directors the
casting vote in the cases of a draw.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Eight - The minutes of the meetings
of the Board of Directors shall be worded clearly and record the decisions taken, the people present, the dissenting votes and the vote
abstentions.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 22.&#9;</B>In the event of absence
or temporary impediment, the directors may be represented at the meetings of the Board of Directors by another director appointed, in
writing, who, besides his own vote, will express the vote of the director absent or temporarily impeded.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - In the event of absence or temporary
impediment of the Chairman of the Board, his functions shall be exercised, on a temporary basis, by the Vice President.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - In the event of absence or temporary
impediment do Vice President, will be incumbent on the Chairman to appoint, among the other members of the Board of Directors, the substitute.</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Subsection II.2 - Competence</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 23.</B>&#9;It is competence of the
Board of Directors, besides the other assignments provided in the law and this Bylaws:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) establish the general guidance of the Company&acute;s
business, considering the impacts of the Company&acute;s activities on the society and on the environment, aiming the continuity of the
Company and the creation of value in the long term;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) define the values and ethical principles
of the Company and ensure the maintenance of the Company&acute;s transparency in the relationship with all the interested parties;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iii) elect and dismiss the members of the Board
of Officers of the Company or of its controlled companies, directly and indirectly, and establish their assignments, observing the provision
of this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iv) inspect the management of the members of
the Board of Officers, examine at any time the books and papers of the Company, request information on agreements executed or about to
be executed and on any other acts;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(v) convene the General Shareholders&rsquo; Meeting
when judged convenient and in the cases provided in Law;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vi) manifest on the Management report, the accounts
of the Board of Officers and the financial statements related to each fiscal year;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vii) distribute among the members of the Board
of Directors and of the Board of Officers the annual global compensation established by the General Shareholders&rsquo; Meeting and establish
the criteria for the participation in the profits of the employees and Management, as provided in this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(viii) authorize the incorporation and winding-up
of controlled companies, direct or indirectly, by the Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ix) choose and dismiss the independent auditors
appointed by the Audit and Integrity Committee;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(x) propose to the General Shareholders&rsquo;
Meeting the issue of new shares of the Company above the limit of the authorized capital;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xi) except in the cases of competence of the
General Shareholders&rsquo; Meeting, in the terms of the regulation issued by CVM, deliberate (a) the purchase of shares issued by the
Company for maintenance in treasury or for use in plans approved by the General Shareholders&rsquo; Meeting; and (b) the eventual sale
or cancelation of such shares;</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xii) resolve the issue by the Company or by its
controlled companies, directly and indirectly, of debentures not convertible into shares, promissory notes (commercial paper) and other
similar credit titles;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xiii) resolve the issue by the Company of shares,
subscription bonus and debentures convertible into shares, within the limit of the authorized capital, establishing the amount, the conditions
of payment in and the respective subscription prices and premium, as well as if it will be ensured the preemptive right to the shareholders
or reduced the term for its exercise, as authorized by the law in force;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xiv) resolve the preparation of semiannual balance
sheets of the Company or related to shorter periods, as well as to declare interim dividends to the account of profits calculated in these
balance sheets, or to the Account of Accrued Profits or of Profits Reserve existing in the last annual or semiannual balance sheet, in
the form provided in law and/or the distribution of capital interest, as provided in Law n&ordm; 9.249, of December 26, 1995, as amended;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xv) approve the policy on the payment of dividends
of the Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xvi) propose to the Annual General Shareholders&rsquo;
Meeting, observing the limits established in Article 35, sole paragraph, of this Bylaws, the amounts to be paid as statutory participation
of the employees and Management in the profits of each fiscal year, as well as to define the criteria for distribution of such amounts;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xvii) authorize the practice of free reasonable
acts by the Company, for the benefit of any individual or entity, according to the Policy of Competence of the Company, to be approved
by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xviii) present proposal for approval at the Meeting
of stock option plan or plan of concession of shares to its Management or employees, or to individuals who provide services to the Company,
as well as to the Management and employees or individuals who provide services to its controlled companies, directly and indirectly, within
the limit of the authorized capital, being incumbent to the Board of Directors the Management of the referred plan, including the grant
of options and concessions of shares in the scope of such plans;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xix) authorize amendments to the trading and
issue of American Depositary Receipts &ndash; ADRs by the Company or of its controlled companies, directly and indirectly;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xx) approve its internal regulation which shall
provide for, at least, the following matters:</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) the attributions of the Chairman of the
Board of Directors; (ii) the rules for the replacement of the Chairman of the Board of Directors in case of his absence or vacancy; (iii)
the measures to be adopted in situations of conflict of interests; (iv) the definition of the term in advance sufficient for receiving
the material for discussion at the meetings, with the adequate depth; and (v) the possibility of holding, during the meetings of the Board
of Directors, exclusive sessions with the external members of the Board of Directors, without the presence of the members of the Board
of Officers and other guests<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">;</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxi) constitute technical or advisory committees,
of non-deliberative character, to perform specific tasks or for generic activities of the Company&acute;s interest, in the terms and conditions
defined by the Board of Directors. The Committees may act, among others, in the following areas: (i) strategy and finance, (ii) corporate
governance, conduct and ethics, and (iii) compensation of Management and executive development;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxii) monitor the compliance of the assignments
of the committees that may be created to advise the Board of Directors, approve their respective regulations and assess the technical
opinions and reports, in the terms of the law in force and of this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxiii) establish mechanisms of periodic assessment
of the performance of its members, with the purpose to contribute to the improvement and the effectiveness of the governance of the Company,
being able to hire external specialists for the assessment process;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxiv) prepare and make public grounded opinion
containing favorable or contrary opinion to the acceptance of any and all corporate restructuring, capital increase and other operations
that results in change of control, within fifteen (15) days from the disclosure of all the conditions of the operation that results in
the change of control. This opinion shall manifest if such operation ensures fair and equitative treatment to the shareholders of the
Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxv) prepare and make public previously grounded
opinion containing favorable or contrary opinion to the acceptance of any and all public offer for the purchase of shares or securities
convertible into or exchangeable for shares issued by the Company, within fifteen (15) days from the publication of the notice of the
public offer of purchase of shares, or securities convertible into shares or exchangeable for share issued by the Company, in which it
will manifest: (a) on the convenience and opportunity of the public offer of purchase of shares, or securities convertible into shares
or exchangeable for share issued by the Company, as to the interest of the Company and of all of its shareholders and in relation to the
price and to the possible impacts on the liquidity of the securities held by them; (b) as to the strategic plans disclosed by the offering
party in relation to the Company; and (c) the eventual alternatives to the acceptance of the public offer of purchase of shares, or securities
convertible into shares or exchangeable for share issued by the Company, available in the market;</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxvi) submit to the General Shareholders&rsquo;
Meeting proposals of amendments to the Company&acute;s Bylaws, that are related to the term of duration of the Company, corporate purpose,
increases or reductions of capital, issue of marketable securities and/or securities, exclusion of the preemptive right in the subscription
of shares and other titles and/or securities, dividends, interest on own capital, powers and assignments of the General Shareholders&rsquo;
Meeting, structure and assignments of the Board of Directors and of the Board of Officers, and respective quorums of deliberation;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxvii) approve the annual demobilization plan
of the Company proposed by the Board of Officers, as well as the purchase, assignment, transfer, sale and/or encumbrance of real estate
assets of the Company or of controlled companies or affiliates, directly or indirectly, that are not discriminated in the Demobilization
Plan already approved, according to the Policy of Competence of the Company, to be approved by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxviii) approve the proposal of split, merger,
incorporation in which the Company or controlled companies and affiliates, directly or indirectly, are part or of the Company itself,
as well as the Company&acute;s transformation or any other form of corporate restructuring;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxix) deliberate on the liquidation, dissolution,
appointment of liquidators, bankruptcy or voluntary acts of judicial or extrajudicial recovery of the Company or of the controlled company
and affiliates, directly and indirectly, as well as financial restructurings related thereto;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxx) approve the purchase, assignment, transfer,
sale and/or encumbrance of goods of the non-current assets (except real estate properties) of the Company or of the controlled companies
or affiliates, directly or indirectly, according to the Policy of Competence of the Company, to be approved by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxxi) authorize the granting of guarantees, real
or fidejussory, commercial pledge, mortgages, guarantees and<STRIKE>,</STRIKE> endorsements, as well as to contract insurance guarantees
or letters of guarantee according to the Policy of Competence of the Company, to be approved by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxxii) authorize the Board of Officers to offer
products and real estates and properties of the Company or of controlled companies or affiliates, directly or indirectly, in guarantee
to the financial institutions when contracting financing or in guarantee of judicial procedures, whenever these acts result in obligations
for the Company or for the controlled companies or affiliates, directly or indirectly, according to the Policy of Competence of the Company,
to be approved by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxxiii) approve the contracting with third parties
of debt operations of the Company or of controlled companies or affiliates, directly or indirectly, according to the Policy of Competence
of the Company, to be approved by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxxiv) approve the policy on financial risk management
of the Company, establishing the main conditions for the contracting of &ldquo;hedging&rdquo; operations (assets and liabilities), such
policy shall contain, at least, the following specifications: purpose of the &ldquo;hedge&rdquo;, risk factors, eligible instruments,
limits and spheres of competence;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxxv) approve the issue, purchase, assignment,
transfer, sale and/or encumbrance, at any title or form, by the Company or by the controlled companies or affiliates, directly or indirectly,
of equity interests and/or any securities in any companies (including waiver to the right of subscription of shares or debentures convertible
into shares of subsidiaries, controlled companies or affiliates), according to the Policy of Competence of the Company, to be approved
by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxxvi) approve and define, previously, the acts
to be practiced by the Board of Officers of the Company at the General Shareholders&rsquo; Meetings and/or Shareholders&acute; Meetings
of controlled companies, affiliates or invested companies, directly or indirectly, acting as shareholder and/or partner of these companies,
according to the Policy of Competence of the Company, to be approved by the Board of Directors or that involve reputational and strategic
aspects of the Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxxvii) approve the performance of operations
and business of any nature with related parties, in compliance with the provision of the Policy on Transactions with Related Parties and
Other Situations of Conflict of Interests of the Company, approved by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxxviii) approve (i) the Code of Conduct; (ii)
the Securities&rsquo; Negotiation Policy, and (iii) the Contributions&rsquo; and Donations&rsquo; Policy, which shall observe the minimum
requirements established by the Regulation of the Novo Mercado e by the Brazilian Code of Corporate Governance;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxxix) approve the annual and pluriannual integrated
capital budgets (budgets of operations, budgets of investments, and the budgets of cash flow) of the Company and of its controlled companies
and affiliates, establishment of the policy on investment and on the corporate strategy. The general annual integrated budget shall always
be approved up to the last day of the previous calendar year and shall refer to the twelve months of the following fiscal year. At any
time during the calendar year, the budget of the company shall cover a minimum period of six (6) months. The execution and performance
of the approved budget shall be reviewed monthly at the General Shareholders&rsquo; Meetings of the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xl) approve the execution of any contracts or
agreements (except the contracting of debt) involving the ordinary course of the Company&acute;s activities or of the controlled companies,
directly or indirectly, including, but not limited to, services, consulting or supply agreements, according to the Policy of Competence
of the Company, to be approved by the Board of Directors, as well as to approve the contractual termination or the execution of amendment
terms to the agreements already executed that result in a new obligation of the same amount;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xli) approve the execution, amendment, termination,
renewal or cancellation of any contracts, agreements or similar arrangements involving patents, processes of production and/or technology,
copyrights, domain names, trademarks or deposited marks on behalf of the Company or of any company controlled by it or affiliate, directly
or indirectly, according to the Policy of Competence of the Company, to be approved by the Board of Directors, except: (a) if effected
between the Company and wholly-owned subsidiaries, except in cases of sale and/or final assignment, which shall be approved by the Board
of Directors; and (b) for authorization of use of trademarks by controlled companies or affiliates.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Section III &ndash; Board of Officers</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 24.</B>&#9;The Board of Officers, whose
members are elected and dismissible at any time by the Board of Directors, shall be composed by, at least, two (2) and, up to, fifteen
(15) members, elected for a period of two (2) years, reelection being allowed, being one (1) Global Chief Executive Officer and one (1)
Chief Financial and of Investor Relations Officer and the others Vice President Officers with designation and functions to be proposed
to the Board of Directors by the Global Chief Executive Officer, in the terms of Article 26 below, all being professionals who meet the
parameters indicated in Paragraphs Three and Four below.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The positions of Chairman of the
Board of Directors and of the Global Chief Executive Officer may not be occupied by the same individual, except as provided in Paragraph
Two below.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - The rule contained in Paragraph
One of this Article does not apply in the event of vacancy of the position of Global Chief Executive Officer, in this case, the Company
shall: (i) disclose the cumulation of positions as a result of the vacancy until the following business day of its occurrence; (ii) disclose,
within the period of sixty (60) days, counted from the vacancy, the measures taken to cease the cumulation of the positions; and (iii)
cease the cumulation within one (1) year.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three - The election of the Board of
Officers shall be made by the Board of Directors, being able to choose among the candidates pre-selected by the Global Chief Executive
Officer. To this effect, the Global Chief Executive Officer will send to the Board of Directors a copy of the &quot;resum&eacute;&quot;
of the candidate appointed, together with the terms of his hiring and all other necessary information to evidence the qualification established
in Paragraph Four of this Article. If the Board of Directors does not approve the appointments presented, new names shall be presented,
by the Global Chief Executive Officer, until they are approved by the Board of Directors.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Four - The Board of Officers shall be
integrated exclusively by professionals who have proven academic education and practice, acquired in courses and in the exercise of activities
compatible with the functions for which they are being appointed.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Subsection III.1 - Competence</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 25.&#9;</B>It is competence of the
Board of Officers to:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) authorize the opening, the closing or the
amendment to the address of branches, agencies, deposits, offices or any other facilities of the Company, in Brazil or abroad;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) submit, annually, the appreciation by the
Board of Directors, the Management Report and the accounts of the Board of Officers, together with the report of the independent auditors,
as well as the proposal for the allocation of the earned profits of the previous year;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iii) prepare and propose, to the Board of Directors,
the annual and pluriannual budgets, the strategic plans, the projects of expansion and the programs of investment programs;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iv) approve the corporate rules that shall guide
the other approval competences and the responsibilities for the management acts necessary to the conduction of the Company&acute;s activities,
defining the limits of competence for several decision making processes, according to hierarchical levels of the Company and always observing
the spheres of competence of the Board of Directors provided in Article 23 of this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(v) decide, by request of the Global Chief Executive
Officer, on any subject that is not of the exclusive competence of the General Shareholders&rsquo; Meeting or of the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vi) approve the performance of certain operations
and business with Related Parties, in compliance with the provisions of the Policy on Transactions with Related Parties and Other Situations
of Conflicts of Interests of the Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vii) prepare the draft, for further submission
to the deliberation of the Board of Directors (i) of the Code of Conduct; (ii) of Risk Management Policy, (iii) of the Securities&rsquo;
Negotiation Policy, (iv) of the Related Parties&rsquo; Transaction Policy, and (v) of the Contributions&rsquo; and Donations&rsquo; Policy,
that shall observe the minimum requirements established by the Regulation of the Novo Mercado
and by the Brazilian Code of Corporate Governance.</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 26.&#9;</B>Besides the other assignments
established in this Bylaws, it is competence on, as for example:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) The Global Chief Executive Officer:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">convene and preside the meetings of the Board of Officers;</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">represent the Board of Officers at the meetings of the Board of Directors;</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">submit to the deliberation of the Board of Directors the proposals of the
Board of Officers related to the annual and pluriannual budgets, the strategic plans, the projects of expansion and the programs of investment
of the Company;</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">d.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">inspect and guide the conduction of the financial, social and sustainability
business and the activities of the other Officers;</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">e &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;present
to the Board of Directors, the financial statements, the annual and pluriannual budgets and investments&rsquo; budget, the financial planning
and the cash flow; and</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">f &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;propose
to the Board of Directors positions of Officers, with or without specific designation, and the respective holders for the performance
of specific functions that judges necessary.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) To the Chief Financial and of Investor Relations
Officer:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">prepare, together with the other members of the Board of Officers and under
the coordination of the Global Chief Executive Officer, the budgets to be submitted to the approval of the Board of Directors and be responsible
for the control of execution of these budgets mainly on what refers to the control of cash flow; </FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">guide the execution of the economical financial policy, supervising the
economical financial activities, according to the determinations of the Board of Directors; and</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">organize and coordinate the system of necessary information to its performance,
as well as supervise all the controllership activities of the Company.</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">d. represent the Company before CVM
and other entities of the capital markets and financial institutions, as well as regulating bodies and stock exchanges, national and
foreign, in which the Company has securities listed, besides complying with applicable regulatory rules to the Company on what is related
to the registrations held by CVM and together with regulating bodies and stock exchanges in which the Company has securities listed and
administer the policy of relationship with investors; and</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">e. monitor the compliance, by the
shareholders of the Company, with the obligations provided in Chapter VIII of this Bylaws and report to the General Shareholders&rsquo;
Meeting and/or to the Board of Directors, when requested, its conclusions, reports and diligences.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iii) To the others Vice President Officers, whose
designation will be given by the Board of Directors by suggestion of the Global Chief Executive Officer:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">guide, coordinate and supervise the specific activities under their responsibility;
and </FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">execute specific charges that might be attributed by decision of the Global
Chief Executive Officer.</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Subsection III.2 &ndash; Representation of
the Company</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 27.</B>&#9;The Board of Officers, within
the limits established by the Law and by this Bylaws, is vested with general management powers, that allow the practice of all the necessary
acts for the regular functioning of the Company, to achieve its corporate purposes.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 28.</B>&#9;The active and passive representation
of the Company, in or out of court, as well as the practice of all legal acts, shall be incumbent on:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any two (2) members of the Board of Officers acting
jointly;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any member of the Board of Officers, jointly with
an attorney in fact with specific powers; or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">two attorneys in fact with specific powers, always
acting jointly.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The Company may be represented
by only one Officer or one attorney in fact with specific powers in the practice of the following acts:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">representation of the Company at General Shareholders&rsquo;
Meetings and the partners&acute; meetings of companies in which the Company participates; </FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">representation of the Company in court; or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">practice of acts of simple administrative routine,
including before public bodies, mixed capital companies, boards of trade, Labor Justice, INSS, FGTS and the collecting banks, and others
of the same nature. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - The acts for which this Bylaws
requires previous authorization of the Board of Directors shall only be valid once this requirement is met.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three - The Board of Officers may, through
two of its members and upon competent instruments, to constitute attorneys in fact with specific powers to act on behalf of the Company,
with mandate with determined term to be established case by case, except the judicial mandates that may be granted for undetermined term.
In any case, it shall be respected the limitations and restrictions mentioned in this Article and the ones established by the Board of
Directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Subsection III.3 &ndash; Meetings of the Board
of Officers</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 29.</B>&#9;The Board of Officers will
hold meetings whenever necessary, drawing up minutes of these meetings in the proper book.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The deliberations of the Board
of Officers shall be taken by the majority of votes, being incumbent on the Global Chief Executive Officer, or on his substitute, the
casting vote.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - The minimum quorum of installation
of the meetings of the Board of Officers is of two thirds (2/3) of its members.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three - If necessary, it is admitted
the holding of meetings or the participation of the members of the Board of Officers, at the meetings of such board, by telephone, videoconference,
electronic vote, or other means of communication that may ensure the effective participation and the authenticity of the vote. In this
event, the member of the Board of Officers shall be considered present at the meeting, and his vote shall be considered valid for all
legal purposes and incorporated to the minutes of the referred meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Four - In the absence or temporary impediments,
the members of the Board of Officers will replace each other, by appointment of the Global Chief Executive Officer. If there is vacancy,
the Board of Directors, within thirty (30) days, (i) shall appoint who shall (a) fill in the vacancy, whose term of office shall have
a coincident term with the other members of the Board of Officers or (b) cumulate the respective function or (ii) deliberate on the non-fulfillment,
temporary or permanent, of the position vacant,</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">provided that this position is not of the Global
Chief Executive Officer or Chief Financial and Investor Relations Officer.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>V.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FISCAL COUNCIL</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 30.&#9;</B>The Company shall have a
permanent Fiscal Council, composed by three (3) effective members and equal number of alternates, elected by the General Shareholders&rsquo;
Meeting, which will perform its functions until the first annual General Shareholders&rsquo; Meeting that occurs after its election, reelection
being allowed, with the assignments, competence and compensation provided in the Law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The election of the members of
the Fiscal Council shall occur by means of majority decision, being elected the three (3) candidates, and respective alternates, who receive
the higher number of votes at the General Shareholders&rsquo; Meeting, observing the provision of article 161 of the Brazilian Corporation
Law. If there is a Controlling Shareholder, it is ensured to the minority shareholders, provided they represent, jointly, ten percent
(10%) or more of the shares issued by the Company, the right to elect, separately, one (1) member and the respective alternate of the
Fiscal Council of the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two <B>- </B>The members of the Fiscal
Council shall be invested in their positions upon the execution of the term of investiture in the proper book, which shall contain the
consent to all manuals, codes, regulations and internal practices of the Company, and its subordination to the arbitration clause referred
in Article 47.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three - The Fiscal Council will meet
periodically, in the terms of its Internal Regulation, drawing up minutes of these meetings in the proper book.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Four - The Fiscal Council shall elect
its Chairman at the first meeting after its election and shall work according to the Internal Regulation approved by the Fiscal Council
itself.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 31.</B>&#9;For the full exercise of
the functions of the Fiscal Council the requirements provided in the applicable law, the provision in this Bylaws and in the Internal
Regulation of the Fiscal Council shall be observed.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - It will be applicable to the members
of the Fiscal Council the same obligations and preventions imposed by the Law and by this Bylaws to the Management of the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two &ndash; In case of absence or vacancy
of position of an effective member of the Fiscal Council, the respective alternate will occupy his place. In case of vacancy of position
of the effective member and of its respective alternate, the General Shareholders&rsquo; Meeting shall be convened
to proceed to the election of a member to the position.</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three - Observing the requirements and
obligations contained in this Bylaws, as well as in the other applicable legal dispositions, the members of the Fiscal Council of the
Company may be elected by the Board of Directors to also integrate the Audit and Integrity Committee.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VI.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AUDIT AND INTEGRITY COMMITTEE</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 32.</B>&#9;The Company will have an
Audit and Integrity Committee in permanent functioning, comprised by, at least, three (3) and, by a maximum, five (5) members, being the
majority independent members and, at least, one (1) of its members not belong to <STRIKE>of</STRIKE> the Board of Directors, in accordance
with the requirements established in the applicable regulation, especially in CVM Instruction n&ordm; 509/11. At least one of the independent
members of the Board of Directors shall be appointed to also integrate the Audit and Integrity Committee. None of the members of the Audit
and Integrity Committee shall be a member of the Board of Officers.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 33.</B>&#9;The members of the Audit
and Integrity Committee shall be appointed by the Board of Directors for terms of office of two (2) years and will occupy their positions
for, at the most, ten (10) years, being dismissible at any time. If the member of the Committee is also a member of the Board of Directors,
the term of office will end simultaneously for both positions.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The performance of the activities
of the members of the Audit and Integrity Committee shall observe the rules provided in the Brazilian law, especially in CVM Instruction
509/11, and in US law, including the provision of the Sarbanes&ndash;Oxley Act and the rules issued by the Securities and Exchange Commission
- SEC.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - At least one of the members of
the Audit and Integrity Committee shall have proven knowledge in the areas of corporate accounting, of audit and finance, that characterizes
him as financial specialist.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three <B>- </B>The Audit and Integrity
Committee shall have the following assignments: 1) give opinion on the hiring and dismissal of the independent external auditor for the
conduction of the independent external audit or for any other type of service; 2) supervise the activities: (a) of the independent auditors,
such as to evaluate their independence, the quality and adequacy of the services provided to the needs of the Company; (b) of the area
of internal controls of the Company; (c) of the area of internal audit of the Company; and (d) of the area of preparation of the financial
statements of the Company; 3) monitor the quality and integrity: (a) of the mechanisms of internal controls; (b) of the quarterly information,
interim statements and financial</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">statements of the Company; and (c) of the information
and measurement disclosed based on adjusted accounting data and on non-accounting data that add non-provided elements to the structure
of the usual reports of the financial statements; 4) evaluate and monitor the risk exposures of the Company, being able, inclusively,
to require detailed information on policies and procedures related with: (a) the management compensation; (b) the use of the Company&acute;s
assets; and (c) the expenses incurred on behalf of the Company; 5) evaluate and monitor, jointly with the management and the area of internal
audit, the adequacy of the transactions with related parties entered into by the Company and its respective evidences; 6) evaluate, monitor
and recommend to the management the correction or the improvement of the internal policies of the Company, including the Policy on Transactions
with Related Parties; 7) evaluate the practices of integrity (<I>compliance) </I>of the Company and propose improvements; 8) evaluate
and discuss the work annual plan for the independent external auditor and forward it for the approval of the Board of Directors; and <STRIKE>6</STRIKE>
9) prepare annual summarized report, to be presented together with the financial statements, containing the description of: (a) its activities,
the results and conclusions reached and the recommendations presented; and (b) any situations in which there is significant discrepancy
among the Company&acute;s management, the independent external auditors and the Audit and Integrity Committee in relation to the financial
statements of the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Four - The Audit and Integrity Committee
will be an advisory body directly bound to the Board of Directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Five &ndash; <FONT STYLE="color: red">When
selecting the members of the Audit and Integrity Committee, the Board of Directors shall appoint the one who will exercise the role of
Coordinator of the body.</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Six - The Audit and Integrity Committee
shall meet<FONT STYLE="color: red">, at least, every two (2) months</FONT>, <FONT STYLE="color: red"><STRIKE>monthly</STRIKE></FONT> and
whenever necessary, so that the accounting information of the Company is always being evaluated by the committee before its disclosure.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph <FONT STYLE="color: red"><STRIKE>Six</STRIKE>
Seven</FONT>- The internal regulation of the Audit and Integrity Committee shall be approved by the Board of Directors and will describe
in detail its functions, as well as its operational procedures.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph <FONT STYLE="color: red"><STRIKE>Seven</STRIKE>
Eight</FONT>- The Audit and Integrity Committee shall have means to receive, hold and respond to claims, including confidential, internal
and external to the Company, in relation to the non-compliance with the legal and regulatory requirements applicable to the Company, in
addition to internal regulations and codes, including with provision of specific procedures for the protection of the confidentiality
of the information and of its provider.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph <FONT STYLE="color: red"><STRIKE>Eight</STRIKE>
Nine</FONT>- The Board of Directors will define the compensation of the</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">members of the Audit and Integrity Committee.
The Audit and Integrity Committee shall have operational autonomy and budget allocation, annual or by project, to conduct or determine
the performance of consultations, assessments and investigations within the scope of its activities, including the hiring and use of external
and independent specialists, to compensate these specialists and pay the ordinary administrative expenses of the Audit and Integrity Committee.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph <FONT STYLE="color: red"><STRIKE>Nine</STRIKE>
Ten</FONT>- The meetings of the Audit and Integrity Committee shall be recorded in minutes, considering that the decisions/recommendations
shall be taken with favorable votes of 2/3 (two thirds) of its members.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph <FONT STYLE="color: red"><STRIKE>Ten</STRIKE>
Eleven</FONT>- The coordinator of the Audit and Integrity Committee, together with other members when necessary or convenient, shall:
(i) meet<FONT STYLE="color: red"><STRIKE>, at least quarterly,</STRIKE></FONT> with the Board of Directors and with the Fiscal Council;
and (ii) be present at the Annual General Shareholders&rsquo; Meeting and, when necessary, at the Extraordinary General Shareholders&rsquo;
Meetings of the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red"><STRIKE>Paragraph Eleven - The members
of the Audit and Integrity Committee shall elect, among the Independent Directors who are part of the Committee, the coordinator of the
Committee, whose activities and assignments shall be defined in the internal regulation of the Committee.</STRIKE></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Twelve - The members of the Audit and
Integrity Committee shall have the same fiduciary duties and responsibilities applicable to the Management of the Company, in the terms
of the Brazilian Corporation Law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VII.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FISCAL YEAR AND RESULTS</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 34.&#9;</B>The fiscal year coincides
with the calendar year and, in on its termination, the Company shall prepare the financial statements provided in the Brazilian Corporation
Law for purposes of disclosure and assessment by the General Shareholders&rsquo; Meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 35.</B>&#9;From the result of each
fiscal year, it shall be deducted, before any participation, the eventual accrued losses and the provision for Income Tax.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sole Paragraph - After the referred deductions
in this Article are made, the General Shareholders&rsquo; Meeting may assign to the employees and Management, successively and in this
order:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the statutory participation of the employees of
the Company up to the maximum limit of ten percent (10%) of the remaining profits; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the statutory participation of the Management,
up to the maximum legal limit.</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 36.</B>&#9;After the participations
mentioned in Article 35 above are deducted, the net profit of the year shall have successively the following destination:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0">&nbsp;</TD>
    <TD STYLE="width: 35.45pt">(i)</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">five percent (5%) for the constitution of the Legal Reserve until it reaches
twenty percent (20%) of the Capital Stock;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0">&nbsp;</TD>
    <TD STYLE="width: 35.45pt">(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">twenty five percent (25%) as minimum mandatory dividend, adjusted according to Article 202 of the Brazilian Corporation Law, to be attributed
to all the shares of the Company;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0">&nbsp;</TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iii)</FONT></TD>
    <TD STYLE="text-align: justify">
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">twenty percent (20%) for the constitution of reserves for capital increase,
until reaches the limit of twenty percent (20%) of the Capital Stock;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0">&nbsp;</TD>
    <TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iv)</FONT></TD>
    <TD STYLE="text-align: justify">until fifty percent (50%) for the constitution of the reserve for expansion,
until it reaches eighty percent (80%) of the Capital Stock, with the purpose to ensure investments in fixed assets, or increases in working
capital, including by means of amortization of the Company&acute;s debts, regardless of the withholding of profit related to the capital
budget, and its balance may be used: (i) in the absorption of losses, whenever necessary; (ii) in the distribution of dividends, at any
time; (iii) in the operations of redemption, reimbursement or purchase of shares, authorized by the Law; and (iv) in the incorporation
to the Capital Stock, including upon new bonus shares.</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 7pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 37.</B>&#9;Except where otherwise provided
at the General Shareholders&rsquo; Meeting, the payment of the dividends and of interest on own capital shall be made within sixty (60)
days from the date of the respective deliberation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - By deliberation of the Board of
Directors, in the terms of Article 23 above, the Company can prepare semi-annual balance sheets or related to shorter periods, as well
as declare dividends and/or interest on own capital on the account of profits earned in these balance sheets, of accrued profits or of
reserves of profit existing in the last annual or semi-annual balance sheet, as provided in the Law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two &ndash; The interim dividends and
the interest on own capital declared in each fiscal year may be attributed to the mandatory dividend of the fiscal year.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 38.</B>&#9;The dividends not received
or unclaimed shall prescribe within the term of three (3) years, counting from the date on which they were made available to the shareholder,
and shall revert to the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VIII.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SALE OF SHAREHOLDING CONTROL, OF DEREGISTRATION AS PUBLICLY HELD COMPANY
AND DELISTING FROM THE NOVO MERCADO</FONT></B></P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 39.</B>&#9;The sale of the control
of the Company, directly or indirectly, both by means of a single operation, as by means of successive operations, shall be contracted
under the condition precedent or subsequent, that the purchaser of the control undertakes to present a public offer for the purchase of
the shares having as object the shares issued by the Company held by the other shareholders (&ldquo;<U>OPA</U>&rdquo;), observing the
conditions and terms provided in the law and regulation in force and in the Regulation of the Novo Mercado, as to ensure them equal treatment
to the one given to the seller.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - For purposes of this Bylaws, it
is understood as control and its related terms the power effectively used by shareholder to direct the corporate activities and to guide
the functioning of the company&acute;s bodies, whether directly or indirectly, in fact or by law, regardless of the equity interest held
the shareholder.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - If the purchase of the control
also subjects the purchaser of the control to perform an OPA required by Article 41 of this Bylaws, the purchase price at the OPA will
be the higher between the prices determined in compliance with this Article 39 and Article 41, Paragraph Three of this Bylaws.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three - In case of indirect sale of
control, the purchaser shall disclose the value attributed to the Company for the purposes of defining the price of the OPA, as well as
to disclose the justified evidence of this value.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Four - The OPA shall observe the conditions
and the terms provided in the law, the regulation in force and in the Regulation of the Novo Mercado.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 40. </B>After an operation of sale
of control of the Company and its subsequent OPA, the purchaser of the control, whenever necessary, shall take the appropriate measures
to restore the minimum percentage of outstanding shares provided in the Regulation of the Novo Mercado, within the eighteen (18) months
following the purchase of the power of control.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 41. </B>Any Purchasing Shareholder,
who purchases or becomes holder of shares issued by the Company, in amount equal to or higher than thirty three point thirty three percent
(33.33%) of the total shares issued by the Company shall (i) immediately disclose such information by means of Material Fact Notice, as
provided in the regulation issued by CVM; and (ii) in the maximum period of thirty (30) days counting from the date of the purchase or
of the event that resulted in the ownership of shares in amount equal to or higher than thirty three point thirty three percent (33.33%)
of the total shares issued by the Company, present or request registration of, as the case may be, an OPA of the totality of the shares
issued by the Company, observing the provision of the applicable regulation of CVM, the regulations of B3 and the terms of this Article.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - For purposes of this Bylaws, (i)
&ldquo;Purchasing Shareholder&rdquo; means any person, including, without limitation, any individual or legal entity, investment fund,
condominium, securities portfolio, universality of rights, or other form of organization, resident, with domicile or with head office
in Brazil or abroad, or Group of Shareholders, that purchases shares of the Company; and (ii) &ldquo;Group of Shareholders&rdquo; means
the group of people: (a) bound by contracts or voting agreements of any nature, whether directly or by means of controlled companies,
controlling companies or under common control; or (b) among which there is a control relationship; or (c) under common control.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - The OPA shall be (i) directed
indistinctly to all the shareholders of the Company, (ii) effected through an auction to be held at B3, (iii) presented by the price determined
in accordance with Paragraph Three of this Article, and (iv) paid in cash, in national currency, against the purchase within the OPA of
the shares issued by the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three - The purchase price at the OPA
of each share issued by the Company may not be lower than the highest value between (i) one hundred and forty percent (140%) of the average
unit price of the shares issued by the Company during the last one hundred and twenty (120) days of the previous trading sessions to the
date in which it becomes mandatory the performance of the OPA, at the stock exchange in which there is the highest volume of trading of
shares issued by the Company; and (ii) one hundred and forty percent (140%) of the average unit price of the shares issued by the Company
during the last thirty (30) days of the previous trading sessions to the date in which it becomes mandatory the performance of the OPA,
at the stock exchange in which there is the highest volume of trading of shares issued by the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Four - The performance of the OPA mentioned
in the head paragraph of this Article will not exclude the possibility of another shareholder of the Company, or, as the case may be,
the Company itself, to formulate a competing OPA, in the terms of the applicable regulation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Five - The Purchasing Shareholder will
be obliged to attend eventual requests or to meet the requirements of CVM, formulated based on the applicable law, related to the OPA,
within the maximum terms provided in the applicable regulation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Six - If the Purchasing Shareholder
does not comply with the obligations imposed by this Article, including on what refers to the compliance of the maximum terms (i) for
the performance or request of registration of the or (ii) for compliance or possible requests or requirements from CVM, the Board of Directors
of the Company shall convene an Extraordinary General Shareholders&rsquo; Meeting, in which the Purchasing Shareholder will not be able
to vote, to deliberate on the suspension of the exercise of the rights of the Purchasing Shareholder that did not comply with any obligation
imposed in this Article, as provided in Article 120 of the Brazilian Corporation Law, without prejudice to the responsibility of the Purchasing
Shareholder for losses and damages caused to the other shareholders as a result of non-compliance to the obligations imposed by this Article.</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Seven - Any Purchasing Shareholder who
purchases or becomes holder of other rights, including usufruct or trust, over the shares issued by the Company in amount equal to or
higher than thirty three point thirty three percent (33.33%) of the total shares issued by the Company, will be equally obliged to, in
up to thirty (30) days counted from the date of such purchase or from the event that resulted in the ownership of such rights over shares
in amount equal to or higher than thirty three point thirty three percent (33.33%) of the total shares issued by the Company, to present
or request the registration, as the case may be, of an OPA, in the terms described in this Article.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Eight - The obligations contained in
Article 254-A of the Brazilian Corporation Law and in Article 39 of this Bylaws do not exclude the compliance, by the Purchasing Shareholder,
with the obligations contained in this Article, except as provided in Article 45 and in Article 46 of this Bylaws.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Nine - The provision of this Article
is not applicable if a person becomes holder of shares issued by the Company in amount higher than thirty three point thirty three percent
(33.33%) of the total of the shares issued as a result: (i) of legal succession, under the conditions that the shareholder disposes the
excess of shares in up to sixty (60) days counted from the relevant event, (ii) of the merger of another company into the Company, (iii)
of the merger of shares of another company into the Company, or (iv) of the subscription of shares of the Company, made in a single primary
issue, that has been approved at a General Shareholders&rsquo; Meeting of the shareholders of the Company, according to the rules provided
in the applicable regulation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Ten - For purposes of calculation of
the percentage of thirty-three-point thirty three percent (33.33%) of the total shares issued by the Company described in the head paragraph
of this Article, it will not be calculated the involuntary increases of equity interest resulting from cancelation of shares held in treasury
or of reduction of the Company&acute;s capital stock with the cancelation of shares.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Eleven - If CVM&acute;s regulation applicable
to the OPA, as provided in this Article determines the adoption of a criteria of calculation for setting the purchase price of each share
of the Company in the OPA that results in purchase price higher than the one determined in the terms of Paragraph Three of this Article,
the OPA provided in this Article shall be effected for the purchase price calculated in the terms of CVM&acute;s regulation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 42. </B>The Company&acute;s
delisting from the Novo Mercado, either by voluntary, compulsory act or by virtue of corporate restructuring, shall observe the
rules contained in the Regulation of the Novo Mercado.</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 43. </B>Without prejudice to the provision
of the Regulation of the Novo Mercado, the voluntary delisting from the Novo Mercado shall be preceded by an OPA that observes the procedures
provided in the regulation issued by CVM on the OPA for the cancelation of registration as publicly held company and the following requirements:
(i) the price offered shall be fair, being possible, the request of new valuation of the Company in the form established in the Brazilian
Corporation Law; and (ii) shareholders holding more than 1/3 of the outstanding shares shall accept the OPA or expressly agree with the
delisting from the Novo Mercado without the effective sale of the shares.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sole Paragraph. The voluntary delisting from the
Novo Mercado may occur regardless of the performance of the OPA mentioned in this Article, in the event of waiver approved at the General
Shareholders&rsquo; Meeting, observing the rules and conditions of the Regulation of the Novo Mercado.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 44.</B> Without prejudice to the provision
of the Regulation of the Novo Mercado, the compulsory delisting from the Novo Mercado shall be preceded by an OPA that observes the procedures
provided in the regulation issued by CVM on public offers for purchase of shares for cancelation of registration of publicly held company
and the requirements established in the head paragraph of Article 43.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sole Paragraph. If the percentage of purchase
of shares that authorizes the delisting from the Novo Mercado is not reached, after the performance of the OPA provided in the head paragraph,
the shares issued by the Company will still be negotiated in the Novo Mercado, within six (6) months following the performance of the
auction of the OPA, without prejudice of the application of eventual sanctions by B3.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 45. </B>It is optional the formulation
of a single OPA, aiming to more than one of the purposes provided in this Chapter VIII, in the Regulation of the Novo Mercado, in the
corporate law or in the regulation issued by CVM, provided it is possible to make procedures compatible with all types of OPA and there
is no prejudice for the recipients of the offer and it is obtained the authorization from CVM when required by the applicable law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sole Paragraph - With the exception of the OPAs
destined to the delisting from the Novo Mercado and/or to the cancelation of registration of publicly held company, the performance of
a unified OPA may only occur by a shareholder of the Company who holds an amount equal or higher than thirty three point thirty three
percent (33.33%) of the total shares issued by the Company, observing the provision of head paragraph of Article 41 as to the minimum
price to be paid per share.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 46. </B>The shareholders responsible
for the performance of the OPA provided in this Chapter VIII, in the Regulation of the
Novo Mercado or in the regulation issued by CVM may ensure its effectiveness through any shareholder or third party.</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sole Paragraph - The Company or the shareholder,
as the case may be, do not exempt itself from the obligation to present the OPA that is of his responsibility until the said OPA is concluded
in compliance with the applicable rules.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>IX.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ARBITRAL TRIBUNAL</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 47. </B>The Company, its shareholders,
Management and members of Fiscal Council undertake to resolve, by means of arbitration, in the Market Arbitration Chamber, in the form
of its regulation, every and all controversy that may arise between them, related to or arising from its condition as issuer, shareholder,
Management or member of the Fiscal Council, as the case may be, and, specially, of the application, validity, efficacy, interpretation,
violation and its effects, arising from the dispositions contained in Law n&ordm; 6.385/1976, in the Brazilian Corporation Law, in the
rules edited by the National Monetary Council, in the Central Bank of Brazil or by CVM, as well as in the other applicable rules to the
functioning of the capital market in general and the ones contained in the Regulation of the Novo Mercado, in the other regulations of
B3 and in the participation agreement of the Novo Mercado, as in the Arbitration Regulation of the Market Arbitration Chamber, to be conducted
in compliance with this last Regulation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>X.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">COMPANY&acute;S LIQUIDATION</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 48. </B>The Company will be liquidated
in the cases determined in the law, being incumbent on the General Shareholders&rsquo; Meeting to elect the liquidator or liquidators,
as well as the Fiscal Council that shall work in this period, according to the legal formalities.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>XI.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">GENERAL PROVISIONS</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 49. </B>The Company shall observe the
shareholders&acute; agreements filed at the head office, being expressly prevented to the members of the presiding board of the works
of the general meetings or of the meetings of the Board of Directors to accept declaration of vote of any shareholder, signatory of shareholders&rsquo;
agreement duly filed at the head office or of member of the Board of Directors elected by the signatories of such agreement, that is cast
in disagreement with what is agreed upon in the referred agreement, also being expressly forbidden to the Company to accept and proceed
to the transfer of shares and/or to the encumbrance and/or to the assignment of preemptive right to the subscription of shares and/or
of other securities that do not respect what is provided and regulated according to the shareholders&rsquo; agreement filed at the head
office.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>BRF S.A.</B></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Appendix VI - Comparative table of the
proposed amendment to the Company&rsquo;s Bylaws with an indication of the justification for the changes and alanysis of their legal and
economic effects. (Article 11, item II, of CVM Instruction No. 481, of December 17, 2009)</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Current</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 34%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Proposal</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 30%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Justification and Analysis of Effects</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; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>I. Name, Head Office, Term and Corporate Purpose</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 3. </B>It constitutes main corporate purpose
    of the Company the exercise of the following activities, in the national territory or abroad:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) the industrialization, commercialization, in retail
    and wholesale, and exploration of food in general, mainly animal protein by-products and food products that use the cold chain as support
    and distribution;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) the industrialization and commercialization of
    animal feeds, nutrients and food supplements for animals;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iii) the provision of food services in general;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iv) the industrialization, refining and commercialization
    of vegetable oils, fats and dairy products;</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(v) the exploration, conservation, storage, silage
    and commercialization of grains, its derivatives and by products;</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vi) the commercialization, in the retail and wholesale,
    of consumer and production goods including the commercialization of equipment and vehicles for the development of its logistical activity;</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vii) the export and the import of production and consumer
    goods;</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(viii) the provision of services of transportation,
    logistics and distribution of cargo and food in general;</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ix) the participation in other companies, aiming the
    broadest achievement of the corporate purposes; and</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(x) the participation in any project for the operation
    of the Company&acute;s business.</P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 34%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 3.</B> It constitutes main corporate purpose
    of the Company the exercise of the following activities, in the national territory or abroad:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) the industrialization, commercialization, in retail
    and wholesale, and exploration of food in general, mainly animal protein by-products and food products that use the cold chain as support
    and distribution;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) the industrialization and commercialization of
    animal feeds, nutrients and food supplements for animals;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iii) the provision of food services in general;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iv) the industrialization, refining and commercialization
    of vegetable oils, fats and dairy products;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(v) the exploration, conservation, storage, silage
    and commercialization of grains, its derivatives and by products;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vi) the commercialization, in the retail and wholesale,
    of consumer and production goods including the commercialization of equipment and vehicles for the development of its logistical activity;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vii) the export and the import of production and consumer
    goods;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(viii) the provision of services of transportation,
    logistics and distribution of cargo and food in general;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ix) the participation in other companies, aiming the
    broadest achievement of the corporate purposes; <FONT STYLE="color: red"><STRIKE>and</STRIKE></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(x) the participation in any project for the operation
    of the Company&acute;s business<FONT STYLE="color: red">;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red">(xi) manufacture by its own or on demand,
    commercialization, export and import of pharmochemical products derived from animal slaughter;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: red">(xii) manufacture and commercialization
    of organic chemical products derived from animal slaughter; and (xiii) manufacture, distribution and export of pharmaceutical ingredients
    derived from animal slaughter</FONT>.</P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 30%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Amendment to Article 3 of the Company's Bylaws to include
    activities related to the manufacture of pharmochemical, organic chemical products derived from animal slaughter and pharmaceutical ingredients,
    all obtained from by-products of animal slaughter, activity that is already carried out by the Company, those being the legal impact of
    the change. With respect to the economic impact resulting from such inclusion of activities, Management understands that the Company may
    obtain economic gains due to the greater possibility of expanding its business, with products of greater added value, through the use
    of raw materials that it already has, giving continuity to its qualified growth strategy for the coming years; Furthermore, no adverse
    economic impacts are foreseen.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></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: bold 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">VI. Audit and Integrity Committee</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Article 33.</B> The members of the Audit and Integrity Committee shall be appointed by the Board of Directors for terms of office of two (2) years and will occupy their positions for, at the most, ten (10) years, being dismissible at any time. If the member of the Committee is also a member of the Board of Directors, the term of office will end simultaneously for both positions. </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Not Modified</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Paragraph 11 - The members of the Audit and Integrity Committee shall elect, among the Independent Directors who are part of the Committee, the coordinator of the Committee, whose activities and assignments shall be defined in the internal regulation of the Committee.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Paragraph 5 - <FONT STYLE="color: red"><U>When selecting the members of the Audit and Integrity Committee, the Board of Directors shall appoint the one who will exercise the role of Coordinator of the body.</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The matter currently dealt with in Paragraph 11 of
    article 33 will now be provided for in Paragraph 5 of the same article.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">However, the Audit and Integrity Committee Coordinator
    will be chosen by the Board of Directors, no longer by the Audit Committee itself.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There is no forecast of significant economic or legal
    effects.</P></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: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt; text-align: justify">Paragraph 5 - The Audit and Integrity Committee shall meet monthly and whenever necessary, so that the accounting information of the Company is always being evaluated by the committee before its disclosure.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Paragraph 6 - The Audit and Integrity Committee shall meet <FONT STYLE="color: red"><STRIKE>monthly</STRIKE> <U>at least, every 2 (two) months</U></FONT> and whenever necessary, so that the accounting information of the Company is always being evaluated by the committee before its disclosure.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Change in the frequency of ordinary meetings of the
    Audit and Integrity Committee, which shall take place every two months.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There is no forecast of significant economic or legal
    effects.</P></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 36%; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt; text-align: justify">Paragraph 6 - The internal regulation of the Audit and Integrity Committee shall be approved by the Board of Directors and will describe in detail its functions, as well as its operational procedures.</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 34%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Paragraph <FONT STYLE="color: red"><U>7th</U> <STRIKE>6th</STRIKE></FONT> - The internal regulation of the Audit and Integrity Committee shall be approved by the Board of Directors and will describe in detail its functions, as well as its operational procedures.</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 30%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Paragraph renumbering adjustment only.</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: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt; text-align: justify">Paragraph 7 - The Audit and Integrity Committee shall have means to receive, hold and respond to claims, including confidential, internal and external to the Company, in relation to the non-compliance with the legal and regulatory requirements applicable to the Company, in addition to internal regulations and codes, including with provision of specific procedures for the protection of the confidentiality of the information and of its provider.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Paragraph <FONT STYLE="color: red"><U>8th</U> <STRIKE>7th</STRIKE></FONT> - The Audit and Integrity Committee shall have means to receive, hold and respond to claims, including confidential, internal and external to the Company, in relation to the non-compliance with the legal and regulatory requirements applicable to the Company, in addition to internal regulations and codes, including with provision of specific procedures for the protection of the confidentiality of the information and of its provider.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Paragraph renumbering adjustment only.</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: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt; text-align: justify">Paragraph 8 - The Board of Directors will define the compensation of the members of the Audit and Integrity Committee. The Audit and Integrity Committee shall have operational autonomy and budget allocation, annual or by project, to conduct or determine the performance of consultations, assessments and investigations within the scope of its activities, including the hiring and use of external and independent specialists, to compensate these specialists and pay the ordinary administrative expenses of the Audit and Integrity Committee.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Paragraph <FONT STYLE="color: red"><U>9th</U> <STRIKE>8th</STRIKE></FONT> - The Board of Directors will define the compensation of the members of the Audit and Integrity Committee. The Audit and Integrity Committee shall have operational autonomy and budget allocation, annual or by project, to conduct or determine the performance of consultations, assessments and investigations within the scope of its activities, including the hiring and use of external and independent specialists, to compensate these specialists and pay the ordinary administrative expenses of the Audit and Integrity Committee.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Paragraph renumbering adjustment only.</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: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt; text-align: justify">Paragraph 9 - The meetings of the Audit and Integrity Committee shall be recorded in minutes, considering that the decisions/recommendations shall be taken with favorable votes of 2/3 (two thirds) of its members.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Paragraph <FONT STYLE="color: red"><U>10</U> <STRIKE>9th</STRIKE></FONT> - The meetings of the Audit and Integrity Committee shall be recorded in minutes, considering that the decisions/recommendations shall be taken with favorable votes of 2/3 (two thirds) of its members.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Paragraph renumbering adjustment only.</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: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt; text-align: justify">Paragraph 10 - The coordinator of the Audit and Integrity Committee, together with other members when necessary or convenient, shall: (i) meet, at least quarterly, with the Board of Directors and with the Fiscal Council; and (ii) be present at the Annual General Shareholders&rsquo; Meeting and, when necessary, at the Extraordinary General Shareholders&rsquo; Meetings of the Company.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Paragraph <FONT STYLE="color: red"><U>11</U> <U><STRIKE>10</STRIKE></U></FONT> - The coordinator of the Audit and Integrity Committee, together with other members when necessary or convenient, shall: (i) meet, <FONT STYLE="color: red"><STRIKE>at least quarterly,</STRIKE></FONT> with the Board of Directors and with the Fiscal Council; and (ii) be present at the Annual General Shareholders&rsquo; Meeting and, when necessary, at the Extraordinary General Shareholders&rsquo; Meetings of the Company.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Exclusion of the obligation to hold quarterly meetings
    between the Coordinator of the Audit and Integrity Committee and the Board of Directors and the Fiscal Council. Such meetings may take
    place whenever necessary.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There is no forecast of significant economic or legal
    effects.</P></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 36%; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Paragraph 11 - The members of the Audit and Integrity Committee shall elect, among the Independent Directors who are part of the Committee, the coordinator of the Committee, whose activities and assignments shall be defined in the internal regulation of the Committee.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 34%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 30%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The matter currently dealt with in Paragraph 11 of
    article 33 will now be provided for in Paragraph 5 of the same article, as explained above.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: italic bold 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/125% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><B>BRF S.A.</B></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Appendix VII - Copy of the Restricted Stocks Plan,
highlighting the proposed amendment</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 5.05pt 0 0; text-align: center"><B>RESTRICTED STOCKS PLAN</B></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">This Restricted Stocks Plan is ruled by the provisions
below.</P>

<P STYLE="font: 15.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><B>1.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Definitions</FONT></B></P>

<P STYLE="font: 16pt Tahoma, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>1.1.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">The terms below, when used here with initials in capital letters shall
have the meanings assigned to them below, unless expressly provided otherwise:</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red"><STRIKE>&quot;Parity Stocks&quot;
means the Company's stocks acquired by the Beneficiary for participation in the Plan with the resources of Authorized Funds.</STRIKE></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&ldquo;<U>Restricted Stock</U>&quot; means common
stock nominative, without our nominal issue amount granted to the Beneficiaries and subject to the limitations specified in this Plan
and the respective Stock Agreement;</P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&quot;<U>Restricted Stock Not Fully Acquired</U>&quot;
means the Restricted Stock <FONT STYLE="color: red"><STRIKE>not fully acquired in accordance</STRIKE> concerning which the condition established
</FONT>with item 7.1 below <FONT STYLE="color: red">has not yet been met</FONT>;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify">&quot;<U>Beneficiaries</U>&quot; means
the Eligible Persons elected by the Board of Directors, pursuant to paragraph 4.2 (b) below, and in favor of which the Company grants
one or more Stock Restricted Stock under this Plan;</P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&ldquo;<U>B3</U>&rdquo; means B3 S.A. &ndash; Brasil,
Bolsa e Balc&atilde;o;</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 5.05pt 0 0; text-align: justify">&quot;<U>Committee</U>&quot; means the
committee established to advise the Board of Directors <FONT STYLE="color: red">to manage <STRIKE>of </STRIKE></FONT>the Plan, pursuant
to item 4.1 below;</P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&ldquo;<U>Company&quot;</U> means the BRF SA,
a publicly held corporation, headquartered at Jorge Tzachel, 475 Street, Fazenda, Zip Code: 88.301-600, City of Itaja&iacute;, State of
Santa Catarina, registred at CNPJ/MF n. 01.838.723/0001-27;</P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify">&ldquo;<U>Board of Directors</U>&rdquo; means
the Board of Directors of the company;</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 5.05pt 0 0; text-align: justify">&ldquo;<U>Grant Agreement</U>&rdquo;
means the private instrument of grant of Restricted Stock signed between the Company and the Beneficiary, whereby the grant Restricted
Shares Company to the Beneficiary;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 5pt 0 0; text-align: justify">&quot;<U>Grant Date</U>&quot;, unless otherwise
expressly provided in this Plan or in the Grant Agreement, means, in relation to Restricted Stock granted to each of the beneficiaries,
the signature of the Grant Agreement whereby such Restricted Stock are granted;</P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&quot;<U>Termination</U>&quot; means the termination
of the legal relationship administrator or employee between the Beneficiary and the Company or company controlled, for any reason, including
without limitation resignation, removal, replacement or termination of office without re-election to the position of manager, application
for resignation or dismissal, with or without cause, termination of contract of service, retirement, permanent disability and death. For
clarity, it is established that any shutdown of the office of director or employee of the Beneficiary, or other companies under its control,
followed by election and investiture or hiring such Beneficiary to another post of director, statutory or otherwise, does not characterize
Termination, for purposes of this Plan;</P>

<P STYLE="font: 12.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&quot;<U>Eligible Persons</U>&quot; means persons
who can be chosen as beneficiaries under item 3.1 below;</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 5.05pt 0 0">&ldquo;<U>Plan</U>&rdquo; means the present Restricted Stocks
Plan;</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 5.05pt 0 0; text-align: justify">&ldquo;<U>Stock Option Plan</U>&rdquo;
means the Stock Option Plan, approved at the Ordinary and Extraordinary General Shareholders&rsquo; Meeting held on April 8, 2015 and
amended at the Ordinary and Extraordinary General Shareholders&rsquo; Meeting held on April 27, 2020;</P>

<P STYLE="font: 12.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red"><STRIKE>&ldquo;</STRIKE><U><STRIKE>TSR</STRIKE></U><STRIKE>&rdquo;
means the &ldquo;<FONT STYLE="font-size: 11.5pt; line-height: 120%"><I>Total Shareholder Return</I></FONT>&rdquo; - indicator of total
return to shareholders, calculated from the price of the Company's shares on the last business day of each fiscal year, plus the dividends
per share paid by the Company from the Grant Date, with the premise that dividends will be reinvested in Company itself, and such indicator
obtained through consultation to information from Bloomberg news agency or, failing that, for an equivalent; and</STRIKE></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0; color: red">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red"><STRIKE>&ldquo;</STRIKE><U><STRIKE>Funds
Committed</STRIKE></U><STRIKE>&rdquo; means the profits, hiring bonuses and other resources (not including salary) authorized by the Board
of Directors for investment by the beneficiary in the acquisition of the Company's shares.</STRIKE></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><B>2.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Objectives of the Plan</FONT></B></P>

<P STYLE="font: 15.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>2.1.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">The Plan aims to allow the grant of Restricted Shares to Eligible
Persons selected by the Board of Directors, in order to: (a) stimulating the expansion, success and the achievement of social objectives
of the Company; (b) aligning the interests of shareholders of the Company to the Eligible Persons; and (c) allow the Company<FONT STYLE="color: red">,</FONT>
or other companies under its control, attract and retain tied the Eligible Persons.</FONT></P>

<P STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><B>3.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Eligible Persons</FONT></B></P>

<P STYLE="font: 15.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>3.1.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">May be elected as <FONT STYLE="color: red"><STRIKE>Restricted Stock</STRIKE></FONT>
Beneficiaries under the Plan members of the Board of Directors, officers, statutory or not, and others occupying positions <FONT STYLE="color: red; letter-spacing: 0.05pt">in
the</FONT></FONT> <FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; color: red"><STRIKE>of</STRIKE></FONT> <FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Company
or <FONT STYLE="color: red; letter-spacing: 0.05pt">in</FONT> other companies under its control.</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>3.2.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Nevertheless, members of the Board of Directors who are also members
of the Board of Officers shall only receive the <FONT STYLE="color: red"><STRIKE>Company&rsquo;s</STRIKE></FONT> Restricted Stocks grants
in the quality of officers.</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><B>4.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Plan Administration</FONT></B></P>

<P STYLE="font: 15.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>4.1.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">The Plan will be managed by the Board of Directors, which may, in
observance of the provisions of the Company&rsquo;s Bylaws and the current applicable legislation, respecting the limits of the global
annual compensation of the managers, <FONT STYLE="color: red">be assisted by the People, Governance, Organization and Culture Committee
or any other group defined by it <STRIKE>constitute a Committee specially created to advise it in the administration of the Plan</STRIKE></FONT>.</FONT></P>

<P STYLE="font: 12.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>4.2.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">In compliance with the general conditions of the Plan and the guidelines
established by the Company's General Shareholders Meeting, the Board of Directors shall have broad powers to take all necessary and appropriate
measures for the administration of the Plan, including:</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; color: red; letter-spacing: -0.05pt"><STRIKE>(a)</STRIKE></FONT><STRIKE><FONT STYLE="font: 7pt Times New Roman, Times, Serif; color: red; letter-spacing: -0.05pt">&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;&nbsp;
</FONT></STRIKE><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">the creation and application of general rules for the grant Restricted
Stock under the Plan, and the solution of questions of interpretation of the Plan;</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; color: red; letter-spacing: -0.05pt"><STRIKE>(b)</STRIKE></FONT><STRIKE><FONT STYLE="font: 7pt Times New Roman, Times, Serif; color: red; letter-spacing: -0.05pt">&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;&nbsp;
</FONT></STRIKE><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">the election of the Beneficiaries among the Eligible Persons,
and the authorization to grant Restricted Stock on their behalf, establishing all the conditions for the acquisition of rights relating
to the Restricted Stock to be granted as well as the modification of such conditions when necessary or appropriate;</FONT></P>

<P STYLE="font: 12.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; color: red; letter-spacing: -0.05pt"><STRIKE>(c)</STRIKE></FONT><STRIKE><FONT STYLE="font: 7pt Times New Roman, Times, Serif; color: red; letter-spacing: -0.05pt">&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;&nbsp;
</FONT></STRIKE><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">the authorization for the sale of treasury shares to satisfy
the grant of Restricted Stock under the Plan; and</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; color: red; letter-spacing: -0.05pt"><STRIKE>(d)</STRIKE></FONT><STRIKE><FONT STYLE="font: 7pt Times New Roman, Times, Serif; color: red; letter-spacing: -0.05pt">&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;&nbsp;
</FONT></STRIKE><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">approve <FONT STYLE="color: red">terms and conditions of </FONT>the
Grant Agreements to be entered into between the Company <FONT STYLE="color: red"><STRIKE>and each</STRIKE> <FONT STYLE="letter-spacing: -0.1pt">the</FONT></FONT>
Beneficiary, subject to the provisions of the Plan.</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 5.05pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>4.3.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">In exercising its authority, the Board of Directors will be subject
only to the limits of the law and the regulations of the Securities and Exchange Commission and the terms of the Plan, it being understood
that the Board of Directors may treat differently administrators and employees <FONT STYLE="color: red">from the Company </FONT>or <FONT STYLE="color: red">from
companies under its control</FONT></FONT></P>


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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 5.05pt 0 0; text-align: justify"><FONT STYLE="color: red"><STRIKE>subsidiaries</STRIKE></FONT>
that are in a similar situation and is not bound by any rule of equality or analogy to extend to all Beneficiaries the conditions that
it deems applicable only to one or some in its sole discretion. The Board of Directors may also establish special treatment for exceptional
cases for the effectiveness of each right of the Restricted Shares, provided that the rights already granted are not affected to the Beneficiaries
or the basic principles of the Plan. Such exceptional circumstance shall not constitute a precedent for other Beneficiari<FONT STYLE="color: red">es<STRIKE>y</STRIKE></FONT>.</P>

<P STYLE="font: 13.5pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>4.4.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">The deliberations of the Board of Directors are binding for the Company
in respect of all matters relating to the Plan.</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><B>5.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Grant of Restricted Stocks</FONT></B></P>

<P STYLE="font: 15pt Tahoma, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>5.1.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Annually, or whenever it deems necessary, the Board of Directors will
approve the grant of Restricted Stock, electing the Beneficiaries in favor of which the Company will sell the Restricted Stock under the
Plan, establishing terms and vesting conditions related to the Restricted Stock.</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>5.2.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">The Restricted Stock grant is performed by the conclusion of Grant
Agreements between the Company and the Beneficiaries, which shall, without prejudice to other conditions determined by the Board, (a)
the amount of the grant Restricted Stock object and (b) the terms and conditions for the acquisition of rights relating to the Restricted
Stock. The Board of Directors may also establish the payment of said amount in cash or in shares, in the form to be established in the
respective Grant Agreement.</FONT></P>

<P STYLE="font: 12.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>5.3.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">The Board of Directors <FONT STYLE="color: red"><STRIKE>will determine
the grant of Restricted Stock for investment by the Beneficiary in the acquisition of Parity Stock as provided in Section 5.3.1 below
or any other criteria for granting that deems appropriate, and such Parity Stocks shall be subject to the rules set out in section 7.2
below. Additionally, the Board of Directors</STRIKE></FONT> may make the acquisition of rights related to the Restricted Stocks to <FONT STYLE="color: red">any
<STRIKE>other</STRIKE></FONT> conditions, <FONT STYLE="color: red">that deems convenient</FONT> and impose restrictions on transfer, and
may also reserve for the Company repurchase options and/or preemptive rights in case of sale by such Beneficiary same Restricted Stock.</FONT></P>

<P STYLE="font: 12.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in; color: red"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B><STRIKE>5.3.1.</STRIKE></B></FONT><B><STRIKE><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></STRIKE></B><STRIKE><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">At the discretion of the Board of Directors, the
number of Restricted Stock to be granted to the Beneficiaries may be calculated as follows:</FONT></STRIKE></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0; color: red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.05pt"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><STRIKE>To the Beneficiaries who invest 25% (twenty
five percent) to 50% (fifty percent) of the net value of the Funds Authorized, will be granted the equivalent of one (1) Restricted Stock
for each Parity Stock.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif; margin: 0.2pt 0 0; color: red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin-top: 5.05pt; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.05pt"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><STRIKE>To the Beneficiaries who invest more
than 50% (fifty percent) limited to 100% (a hundred percent) of the net value of the Funds Authorized, will be granted the equivalent
of two (2) Restricted Stock for each Parity Stock.</STRIKE></FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red"><B>5.3.1</B> Without prejudice to
other conditions that the Board of Directors deems convenient, pursuant to item 5.3 above, the acquisition of Restricted Stocks rights
may, at the discretion of the Board of Directors, be either wholly or partially subject to the Company&rsquo;s achievement of certain
performance rates. Measurement of performance rates and their effects on the acquisition of Restricted Stocks rights shall be defined
by the Board of Directors and should be reflected in the Grant Agreements.</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0.1pt 0 0; color: red">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in; color: red"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B><STRIKE>5.3.2.</STRIKE></B></FONT><B><STRIKE><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></STRIKE></B><STRIKE><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">The Beneficiary, following the acquisition of Parity
Stocks on B3, must prove the acquisition of such Parity Stock by delivery to the Company of the respective brokerage notes.</FONT></STRIKE></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>5.4.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">The Board of Directors may establish differentiated terms and conditions
for each Grant Agreement, without application of any rule of equality or analogy between the Beneficiaries, even if they are in similar
or identical situations.</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><B>6.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Stocks subjected to the Plan</FONT></B></P>

<P STYLE="font: 15pt Tahoma, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>6.1.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">The total number of Restricted Stock that may be granted under this
Plan, added to the total number of shares that may be acquired under the Stock Option Plan <FONT STYLE="color: red"><STRIKE>will</STRIKE>
shall </FONT>not exceed 2.5% (two and a half percent) of the common, registered, book-entry shares with no par value, representing the
Company&rsquo;s total capital stock, corresponding, on this date, to 20,311,831 (twenty million, three hundred and eleven thousand, eight
hundred and thirty-one) common, registered, book-entry shares with no par value issued by the Company.</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>6.2.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; color: red"><STRIKE>In order to meet the grant of Restricted Stock
under the Plan, the Company, subject to applicable laws and regulations, will sell treasury shares through a private transaction at no
cost to the beneficiaries.</STRIKE> The Board of Directors, at its sole discretion, may choose to grant to the Beneficiaries some or all
of the Restricted Stocks to which they are entitled in the form of ADRs &mdash; American Depositary Receipts &mdash; backed by stocks
issued by the Company, subject to the limits established in item 6.1 above, as well as any restrictions and procedures provided for in
the applicable legislation and regulations.</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><B>7.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Acquisition of Rights Related to Restricted Stock</FONT></B></P>

<P STYLE="font: 15.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin-top: 0.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; color: red; letter-spacing: -0.05pt"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Without prejudice to other terms and conditions
set forth in the respective Grant Agreements, the rights of beneficiaries in respect of Restricted Stock will only be fully acquired <FONT STYLE="color: red"><STRIKE>is
checked, all of the following conditions: (a)</STRIKE></FONT> the Beneficiaries remain continuously connected<FONT STYLE="color: red">,</FONT>
as an administrator or employee of the Company for the period to be defined by the Board of Directors; <FONT STYLE="color: red">and established
in each Grant Agreement.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.05pt"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><STRIKE>is obtained by the Company a TSR to be
set by the Board of Directors in</STRIKE></FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify">their respective Grant Agreements,
which must be determined at the end of each anniversary of the Grant Date during the all the period to be defined by the Board of Directors,
under the terms of item (a) above.</P>

<P STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 5.05pt 0 0; text-align: justify; color: red"><B><STRIKE>7.2.</STRIKE></B><STRIKE>
While the rights of Restricted Stock are not fully acquired under the terms and conditions set out in item 7.1 above, the Beneficiary
may not engage, sell, assign, sell or transfer, directly or indirectly, the Parity Stocks.</STRIKE></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: red"><B>7.2.<STRIKE>3.</STRIKE></B></FONT>
Once the condition established in item 7.1 above is met, and pursuant to the legal requirements and applicable regulations, the Company
shall <FONT STYLE="color: red">either </FONT>transfer the relevant Restricted Stocks <FONT STYLE="color: red">or the equivalent financial
amount </FONT>to the Beneficiary, at no cost to the Beneficiary.</P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify"><FONT STYLE="color: red"><B>7.3.4<STRIKE>.</STRIKE></B></FONT>
The Restricted Stock fully acquired under the Plan will maintain all the rights <FONT STYLE="color: red">inherent to the condition of
shareholders of the Company <STRIKE>of their species</STRIKE></FONT>, except for the prohibition periods trading in shares as provided
by law and applicable regulations, as well as possible as otherwise determined by the Board of Directors.</P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><B>8.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Hypothesis of Termination and its Effects</FONT></B></P>

<P STYLE="font: 15pt Tahoma, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>8.1.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Except <FONT STYLE="color: red">otherwise defined by the Board of
Directors and established in the respective Grant Agreements, <STRIKE>as provided below,</STRIKE></FONT> the Beneficiary's severance of
hypotheses, the Restricted Stocks Not Fully Acquired shall be automatically canceled by operation of law, without prior warning or notice,
and without any right to compensation.</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify; color: red"><B><STRIKE>8.2. </STRIKE></B><STRIKE>In
case of Termination event for Beneficiary's death, the Restricted Stocks Not Fully Acquired in the Termination date will have their vesting
period anticipated and, subject to the applicable legal and regulatory requirements, the Company will transfer to the beneficiary of the
estate's name, or if this ended to the Beneficiary's legal successors, their Restricted Stock at no cost to the beneficiary or their heirs
and successors in title.</STRIKE></P>

<P STYLE="font: 13.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.05pt 0 0; color: red">&nbsp;</P>

<P STYLE="font: 11pt/120% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red"><B><STRIKE>8.3. </STRIKE></B><STRIKE>Nevertheless
the above, the Board of Directors may, at its sole discretion, whenever it deems that social interests are better served by such a measure,
fails to observe the rules laid down in the above items, giving special treatment to a particular Beneficiary.</STRIKE></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><B>9.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Effective Term Plan</FONT></B></P>

<P STYLE="font: 15.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>9.1.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">The Plan shall become effective on the date of its approval by the
Company's General Shareholders Meeting and shall remain in force for an indefinite period and may be terminated at any time by decision
of the General Shareholders Meeting. The Plan shall end not affect the rights fully acquired the Restricted Stock granted based on it.</FONT></P>

<P STYLE="font: 12.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif"><B>10.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">General Provisions</FONT></B></P>


<!-- Field: Page; Sequence: 179 -->
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>10.1.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Nothing in the Plan shall grant to any Beneficiary the right to remain
as administrator and/or employee of the Company, nor interfere in any way the right of the Company, at any time and subject to legal and
contractual conditions, terminate the employment contract employee and/or discontinue the trustee's mandate.</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>10.2.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">This Plan and related Grant Agreements (i) do not create any rights
other than those expressly provided for in its own terms, (ii) do not give stability or guarantee employment or stay in the condition
of administrator or employee, (iii) or harm the right of the Company or other companies under its control, at any time and as appropriate,
terminate the employment contract or to terminate the mandate or the relationship with the Beneficiary, (iv) do not guarantee the right
to re-election or reappointment functions in the Company or other companies under its control.</FONT></P>

<P STYLE="font: 12.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>10.3.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Each Beneficiary shall expressly adhere to the terms of the Plan,
by <FONT STYLE="color: red">signing the agreement <STRIKE>written declaration</STRIKE></FONT>, without any exception, as defined by the
Board of Directors.</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>10.4.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">The rights and obligations relating to Restricted Stock granted under
this Plan are personal and not transferable, the Beneficiary may not, under any circumstances, assign, transfer or otherwise dispose of
any third party such rights or obligations.</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>10.5.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">Any significant legal change regarding the regulation of corporations,
public companies, labor relations and/or tax effects of a grant plan actions, may cause the full review of the Plan.</FONT></P>

<P STYLE="font: 13pt Tahoma, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>10.6.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">The cases shall be governed by the Board of Directors, asked when
he deems it appropriate, the General Shareholders Meeting. Any Restricted Stock granted under the Plan is subject to all the terms and
conditions set forth herein, terms and conditions shall prevail in case of inconsistency regarding the provisions of any agreement or
document mentioned in this Plan.</FONT></P>

<P STYLE="font: 13.5pt Tahoma, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">***</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
