<SEC-DOCUMENT>0001292814-22-000348.txt : 20220207
<SEC-HEADER>0001292814-22-000348.hdr.sgml : 20220207
<ACCEPTANCE-DATETIME>20220207164920
ACCESSION NUMBER:		0001292814-22-000348
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220331
FILED AS OF DATE:		20220207
DATE AS OF CHANGE:		20220207

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
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15148
		FILM NUMBER:		22598212

	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
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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<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;February
7, 2022</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/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">*&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;February&nbsp;7, 2022</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 Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white">&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>

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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"><A HREF="ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-bottom: 6pt"><A HREF="ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BYLAWS</FONT></A></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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<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: center"><B>BRF S.A.</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: center">CNPJ/MF N&ordm; 01.838.723/0001-27</P>

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

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: center"><B>BYLAWS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial,sans-serif"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif"><B>NAME, HEAD OFFICE, TERM &#9;AND CORPORATE PURPOSE</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 1.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">(iii) the provision of food services in general;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">(v) the exploration, conservation, storage, silage and commercialization
of grains, its</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">derivatives and by products;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">(vii) the export and the import of production and consumer goods;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 11pt Arial,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,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">(ix) the participation in other companies, aiming the broadest
achievement of the corporate purposes;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">(xi) manufacture by its own or on demand, commercialization, export
and import of pharmochemical products derived from animal slaughter;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">(xii) manufacture and commercialization of organic chemical products
derived from animal slaughter; and</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">(xiii) manufacture, distribution and export of pharmaceutical ingredients
derived from animal slaughter.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">transportation of cargo in general;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">storage and stocking services of products and other services
relating thereto;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">services of receipt and allocation of raw material to be used
in the production;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">services of repair, maintenance and conservation of machinery
and vehicles;</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">the promotion of activities, programs, technical assistance
and promotion that aim the national agricultural development;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">the industrialization, exploration and commercialization of
packaging of any nature;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">the exploration and creation of animals in general;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">the commercialization of commodities in general;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(xii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">the activities of reforestation, extraction, industrialization
and commercialization of woods;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(xiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">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; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(xiv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">services of fuel supply for its own fleet or for third parties
service providers, specially of freight, transportation, logistics and distribution.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial,sans-serif"><B>II.</B></FONT></TD><TD><FONT STYLE="font-family: Arial,sans-serif"><B>CAPITAL STOCK</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">Paragraph One - The Company may not issue preferred shares or beneficiary
parties.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,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 three
hundred and twenty-five million (1,325,000,000) common shares, upon deliberation of the Board of Directors.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif"><B>III.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif">GENERAL SHAREHOLDERS&rsquo; MEETING</FONT></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">(iv) resolve on the delisting of the Company from the Novo Mercado;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif"><B>IV.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif">MANAGEMENT</FONT></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><B>Section II &ndash; Board of Directors</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><B>Subsection II.1 &ndash; Meetings and Substitutions </B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><B>Subsection II.2 - Competence</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">(xv) approve the policy on the payment of dividends of the Company;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">(xx) approve its internal regulation which shall provide for, at
least, the following matters: (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</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">Directors, without the presence of the members of the Board
of Officers and other guests;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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),</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">new obligation of the same amount;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><B>Section III &ndash; Board of Officers</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><B>Subsection III.1 - Competence</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">(i) The Global Chief Executive Officer:</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif">a.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif">convene and preside the meetings of the Board of Officers;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif">b.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif">represent the Board of Officers at the meetings of the Board of Directors;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif">c.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif">d.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">(ii) To the Chief Financial and of Investor Relations Officer:</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif">a.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif">b.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,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 Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif">c.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif">a.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif">guide, coordinate and supervise the specific activities under their responsibility;
and </FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif">b.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif">execute specific charges that might be attributed by decision of the Global Chief Executive
Officer.</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><B>Subsection III.2 &ndash; Representation of the Company</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">any two (2) members of the Board of Officers acting jointly;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,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 Arial MT,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,sans-serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">two attorneys in fact with specific powers, always acting
jointly.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">representation of the Company in court; or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,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>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><B>Subsection III.3 &ndash; Meetings of the Board of Officers</B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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, provided that this position is not of the Global Chief Executive Officer or Chief Financial
and Investor Relations Officer.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif"><B>V.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif">FISCAL COUNCIL</FONT></B></P>

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

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><B>Article 30.&#9;</B>The Company shall have a permanent Fiscal
Council, composed by three</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">(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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">Integrity Committee.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif"><B>VI.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif">AUDIT AND INTEGRITY COMMITTEE</FONT></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 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</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">Paragraph Five &ndash; 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.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">Paragraph Six - The Audit and Integrity Committee shall meet, at
least, every two (2) months, 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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">Paragraph Seven- 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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">Paragraph Eight- 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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">Paragraph Nine- 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.</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">Paragraph Ten- 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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">Paragraph Eleven- The coordinator of the Audit and Integrity Committee,
together with other members when necessary or convenient, shall: (i) meet 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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 accordance with the terms of
the Brazilian Corporation Law.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif"><B>VII.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif">FISCAL YEAR AND RESULTS</FONT></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">the statutory participation of the Management, up to the maximum
legal limit.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">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;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,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 Arial,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial MT,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,sans-serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif"><B>VIII.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif">SALE OF SHAREHOLDING CONTROL, OF DEREGISTRATION AS PUBLICLY HELD COMPANY AND DELISTING
FROM THE NOVO MERCADO</FONT></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">registration, as the case may be, of an OPA, in the terms described
in this Article.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">Paragraph Eight - The obligations contained in Article 254-A of
the Brazilian Corporation Law and in &#8206;0 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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif"><B>IX.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif">ARBITRAL TRIBUNAL</FONT></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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</P>


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<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify">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 Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif"><B>X.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif">COMPANY&acute;S LIQUIDATION</FONT></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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 Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial MT,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Arial,sans-serif"><B>XI.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif">GENERAL PROVISIONS</FONT></B></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial,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>


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