<SEC-DOCUMENT>0001292814-23-002539.txt : 20230602
<SEC-HEADER>0001292814-23-002539.hdr.sgml : 20230602
<ACCEPTANCE-DATETIME>20230602080456
ACCESSION NUMBER:		0001292814-23-002539
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230630
FILED AS OF DATE:		20230602
DATE AS OF CHANGE:		20230602

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:		23986781

	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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<FILENAME>brf20230601_6k5.htm
<DESCRIPTION>6-K
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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;June
1, 2023</B></P>

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

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

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

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

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

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

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

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

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

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

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

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



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

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


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

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

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



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

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


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<P STYLE="font: 10pt 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;June&nbsp;1, 2023</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/ Fabio Luis Mendes Mariano</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;Fabio Luis Mendes Mariano</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
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    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 84%; border-bottom: Black 1pt solid; padding-right: 0.7pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Description of Exhibit</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-bottom: 6pt"><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">PROPOSAL OF THE BOARD OF DIRECTORS FOR THE EXTRAORDINARY GENERAL SHAREHOLDERS&rsquo; MEETING TO BE HELD ON JULY 3RD, 2023</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, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 12pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><IMG SRC="brf202306016k5_001.jpg" ALT="" STYLE="height: 48pt; width: 99pt"></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify"><B>PROPOSAL OF THE BOARD OF DIRECTORS FOR
THE EXTRAORDINARY GENERAL SHAREHOLDERS&rsquo; MEETING TO BE HELD ON JULY 3RD, 2023</B></P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">Dear Shareholders,</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">In compliance with the provisions of the
Brazilian Securities and Exchange (&quot;<B>CVM</B>&quot;) Resolution No. 81 of March 29, 2022 (&ldquo;<B>CVM Resolution No. 81</B>&rdquo;),
as amended we present below the management proposal (&ldquo;<B>Proposal</B>&rdquo;) of BRF S.A. (&ldquo;<B>Company</B>&rdquo; or &ldquo;<B>BRF</B>&rdquo;),
containing the information and documents related to the matters to be resolved at the Extraordinary General Shareholders&rsquo; Meeting
of the Company, to be held on July 3<SUP>rd</SUP>, 2023, at 11:00 a.m. (&ldquo;<B>EGM</B>&rdquo;), exclusively under virtual format, by
means of the digital platform Chorus Call.</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify"><B>(i) The increase of the authorized capital
limit, from the current one billion, three hundred and twenty-five million (1,325,000,000) common shares to one billion, eight hundred
and twenty-five million (1,825,000,000) common shares, with the consequent amendment of the caput of article 7 of the Company's bylaws
(&ldquo;Company&rsquo;s Bylaws&rdquo;) and consolidation of the Company's Bylaws; and</B></P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify"><U>Management Proposal:</U> The Company's
management proposes to increase the limit of authorized capital from one billion, three hundred and twenty-five million (1,325,000,000)
common shares to one billion, eight hundred and twenty-five million (1,825,000,000) common shares, in relation to the common shares that
may be issued in capital increases approved by the Company's Board of Directors, considering the proximity of the current limit. This
change aims to allow the Board of Directors to approve capital increases more quickly, in order to execute the Company's business plan
and its corporate purpose, without the need for statutory reform.</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">As a result of the proposal to increase
the limit of authorized capital, the caput of article 7 of the Company&rsquo;s Bylaws will be amended to state that the Company is authorized
to increase its capital stock, regardless of changes to the Company&rsquo;s Bylaws, by resolution of the Board of Directors, until the
number of shares into which the capital stock is divided becomes one billion, eight hundred and twenty-five million (1,825,000,000) common
shares.</P>


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<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">If the proposal is approved, the caput of
article 7 of the Company&rsquo;s Bylaws will take effect with the following wording:</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify"><I>&ldquo;Article 7. The Company is authorized
to increase its capital stock, regardless of statutory reform, until the number of shares into which the capital stock is divided becomes
one billion, eight hundred and twenty-five million (1,825,000,000) common shares, upon resolution of the Board of Directors&rdquo;</I></P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">As a result of the above, we present <U>Appendix
I</U>, containing the consolidated Company's Bylaws, highlighting the proposed changes, and <U>Appendix II</U>, detailing the origin and
justifications for the relevant changes, with an analysis of their legal and economic effects, as established in article 12 of CVM Resolution
No. 81.</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">If the above proposal is approved, the Company's
management proposes the approval of the consolidation of the Company's Bylaws so as to reflect, in a single document, the current wording,
in accordance with the document in Appendix I to this Proposal.</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify"><B>(ii) Deletion of article 41 of the Company&rsquo;s
Bylaws, under the condition precedent to the settlement of an eventual capital increase through the issuance of new shares by the Company
(&quot;Capital Increase&quot;) with the consequent deletion of cross references and renumbering of the other articles, and consolidation
of the Company&rsquo;s Bylaws. Additionally, the waiver to the shareholders and/or investors from conducting a Tender Offer referred to
in article 41 of the Company's Bylaws, in the context of an eventual Capital Increase (regardless of whether the Capital Increase will
be approved by the shareholders or by the Company's Board of Directors).</B></P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify"><U>Management Proposal:</U> The Company's
management proposes, under the condition precedent to the settlement of a possible Capital Increase, the exclusion of article 41 of the
Company&rsquo;s Bylaws, which deals with a statutory Tender Offer for the acquisition of a significant interest, with the consequent exclusion
of cross-references and renumbering of the other articles, and the consolidation of the Company&rsquo;s Bylaws. Additionally, the management
proposes the exemption from the requirement for any shareholder and/or investor to make the statutory Tender Offer mentioned in article
41 of the Company&rsquo;s Bylaws in the context of a possible Capital Increase (regardless of whether this will be carried out upon approval
by the shareholders or by the Company's Board of Directors).</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">If this matter is approved by the Shareholders
and the Company carries out a Capital Increase, whether by means of a primary public offering of shares issued by the Company or a private
capital increase with the issuance of new shares, the any shareholder and/or investor who comes to hold shares issued by the Company in
an amount equal to or higher than 33.33% (thirty-three point thirty-three percent) of the total shares issued by the Company, will not
have the obligation to carry out the Tender Offer for the acquisition of a significant interest provided for in article 41 of the Company&rsquo;s
Bylaws. Furthermore, after the settlement of the referred Capital Increase, such statutory obligation shall cease to exist.</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">It is the management's understanding that,
after the completion of the Capital Increase and the effectiveness of the exclusion of article 41 of the Company&rsquo;s Bylaws, the
Company may benefit from greater flexibility to carry out corporate transactions beneficial to the Company, by eliminating the requirement
to make a Tender Offer additional to those provided for in the applicable laws and regulations, at artificially high prices, constituting
an impediment to investment in the Company's common shares, and may ultimately harm their valuation.</P>
<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify"></P>


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<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">Finally, it should be noted that the deletion
of article 41 of the Company&rsquo;s Bylaws is one of the conditions to be met under the investment commitment sent by the investor Saudi
Agricultural and Livestock Investment Saudi Agricultural and Livestock Investment Company (&quot;<B>SALIC</B>&quot;) to the Company, under
the terms of the Material Fact disclosed by the Company on May 31, 2023.</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">As a result of the above, we present <U>Apendix
III</U>, containing the consolidated Company&rsquo;s Bylaws, highlighting the proposed changes, and <U>Apendix IV</U>, detailing the origin
and justifications for the relevant changes, with an analysis of their legal and economic effects, as established in article 12 of CVM
Resolution No.81.</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">The Company's management clarifies that
the effective exclusion of article 41 of the Company&rsquo;s Bylaws and and consequently of cross-references and renumbering of the other
articles, as well as the consolidation of the Company&rsquo;s Bylaws set forth in <U>Annex III</U> is conditioned to the liquidation of
a Capital Increase. Therefore, the consolidation of the Company&rsquo;s Bylaws with the adjustments proposed in this deliberation will
only become effective after the liquidation of a Capital Increase.</P>

<P STYLE="font: 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: center">* * *</P>

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

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

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Itaja&iacute; (SC), June 1<SUP>st</SUP>, 2023.</P>


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

<P STYLE="font: 11pt/18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>TABLE OF APPENDIXS</B></P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 7pt; padding-bottom: 3pt; padding-left: 0in">Appendix I <B>&ndash; Copy of the Company's Bylaws highlighting the proposed amendments in item (i) of EGM&rsquo;s Agenda, pursuant to
article 12, of CVM Reolution No. 81</B></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 7pt; padding-bottom: 3pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 7pt; padding-bottom: 3pt; padding-left: 0in"><B>Appendix II &ndash; Comparative table of the proposed amendments in item (i) of EGM&rsquo;s Agenda, with the justification for the
changes and the analysis of their legal and economic effects, according to article 12, of CVM Resolution No. 81.</B></TD>
    <TD STYLE="text-align: right; padding-top: 7pt; padding-bottom: 3pt">43</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 7pt; padding-bottom: 3pt; padding-left: 0in"><B>Appendix III &ndash; Copy of the consolidated Company&rsquo;s Bylaws, containing, in highlight, the amendments in item (ii) of EGM&rsquo;s
Agenda, in accordance with article 12 of CVM Resolution No. 81.</B></TD>
    <TD STYLE="text-align: right; padding-top: 7pt; padding-bottom: 3pt">44</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 7pt; padding-bottom: 3pt; padding-left: 0in"><B>Appendix IV &ndash; Comparative table of the proposed amendments in item (i) of EGM&rsquo;s Agenda, with the justification for the
changes and the analysis of their legal and economic effects, according to article 12, of CVM Resolution No. 81.</B></TD>
    <TD STYLE="text-align: right; padding-top: 7pt; padding-bottom: 3pt">82</TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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

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

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


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

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

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

<P STYLE="font: bold 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: center">Appendix I &ndash; Copy of the Company's
Bylaws highlighting the proposed amendments in item (i) of EGM&rsquo;s Agenda, pursuant to article 12, of CVM Reolution No. 81</P>

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

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0.6pt 2.3pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0.6pt 2.3pt 0; text-align: center"><B>BRF S.A. </B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0.3pt 2.2pt 0; text-align: center; text-indent: -0.5pt">Publicly-Held
Company</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0.3pt 2.2pt 0; text-align: center; text-indent: -0.5pt">Corporate Taxpayer
(CNPJ) 01.838.723/0001-27</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0.3pt 2.2pt 0; text-align: center; text-indent: -0.5pt">Commercial Register
(NIRE) 42.300.034.240</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 2.25pt 2.65pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2.3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>BYLAWS</B></TD><TD STYLE="text-align: center; padding-right: 0.55pt"></TD></TR></TABLE>

<P STYLE="font: 11pt/127% Arial, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NAME, HEAD OFFICE, TERM &#9;AND CORPORATE PURPOSE</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 1.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 1.</B>&#9;BRF S.A. (&ldquo;<U>Company</U>&rdquo;)
is a publicly held company, which is ruled by this Bylaws, by Law n&ordm; 6.404, of December 15, 1976, as amended (&ldquo;<U>Brazilian
Corporation Law</U>&rdquo;) and by the other applicable laws and regulations.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - With the entry of the Company
into the special listing segment referred as Novo Mercado, of B3 S.A. &ndash; Brasil, Bolsa, Balc&atilde;o (&ldquo;<U>B3</U>&rdquo;),
the Company, its shareholders, including controlling shareholders, management and members of the Fiscal Council, when installed, are subject
to the provisions of the Regulation of the Novo Mercado of B3 (&ldquo;<U>Regulation of the Novo Mercado</U>&rdquo;).</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - The provisions of the Regulation
of the Novo Mercado shall prevail over the statutory provisions, in the event of prejudice to the rights of the beneficiaries of the public
offers provided in this Bylaws.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 2</B>.&#9;The Company&acute;s
head office and venue are in the City of Itaja&iacute;, State of Santa Catarina, at Rua Jorge Tzachel, 475, Bairro Fazenda, Zip Code 88.301-600,
being able to establish branches, agencies, offices and other facilities anywhere in the national territory or abroad.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 3</B>.&#9;It constitutes main
corporate purpose of the Company the exercise of the following activities, in the national territory or abroad:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(i) the industrialization, commercialization,
in retail and wholesale, and exploration of food in general, mainly animal protein by-products and food products that use the cold chain
as support and distribution;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(ii) the industrialization and commercialization
of animal feeds, nutrients and food supplements for animals;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iii) the provision of food services in
general;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iv) the industrialization, refining and
commercialization of vegetable oils, fats and dairy products;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(v) the exploration, conservation, storage,
silage and commercialization of grains, its derivatives and by products;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(vi) the commercialization, in the retail
and wholesale, of consumer and production goods including the commercialization of equipment and vehicles for the development of its logistical
activity;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(vii) the export and the import of production
and consumer goods;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(viii) the provision of services of transportation,
logistics and distribution of cargo and food in general;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(ix) the participation in other companies,
aiming the broadest achievement of the corporate purposes;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(x) the participation in any project for
the operation of the Company&acute;s business;</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xii) manufacture and commercialization
of organic chemical products derived from animal slaughter;</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xiii) manufacture, distribution and export
of pharmaceutical ingredients derived from animal slaughter;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xiv) intermediation and agency services
and business in general, except real estate; and</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xv) rendering of administrative services
to third parties.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph - Sole Paragraph - The Company
may also engage, directly or through third parties, in the activities of support to the core business indicated in the Article <STRIKE>3&ordm;</STRIKE>
above, such as:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ancillary activities of administrative, technical
or operational support related to the creation of conditions for the better performance of its main activities;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">transportation of cargo in general;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">storage and stocking services of products and
other services relating thereto;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">services of receipt and allocation of raw material
to be used in the production;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">services of repair, maintenance and conservation
of machinery and vehicles;</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the industrialization, exploration and commercialization
of packaging of any nature;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the exploration and creation of animals in general;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the commercialization of commodities in general;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the activities of reforestation, extraction, industrialization
and commercialization of woods;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xiv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 4.</B>&#9;The term of duration
of the Company is undetermined.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>II.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CAPITAL STOCK</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 5.</B>&#9;The Company&acute;s
capital stock is BRL 13,053,417,953.36 (thirteen billion, fifty-three million, four hundred and seventeen thousand, nine hundred and fifty-three
reais and thirty-six cents), fully subscribed and paid-in, divided into 1,082,473,246 (one billion, eighty-two million, four hundred and
seventy-three thousand, two hundred and forty-six) common shares, all nominative and with no par value.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The Company may not issue
preferred shares or beneficiary parties.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - The shares issued by the
Company are indivisible and each common share entitles one vote in the deliberations of the General Shareholders&rsquo; Meetings.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 6.</B>&#9;All the shares issued
by the Company are in book-entry form and, according to deliberation of the Board of Directors, kept in deposit account, with a financial
institution authorized by Comiss&atilde;o de Valores Mobili&aacute;rios &ndash; CVM (&ldquo;CVM&rdquo;), on behalf of its holders.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph. The cost of the transfer
and registration, as well as the cost of the service related to the book-entry shares, may be charged directly from the shareholder by
the bookkeeping institution, as it is defined in the agreement of the bookkeeping of shares.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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
<FONT STYLE="color: #2E74B5"><U>one billion, eight hundred and twenty-five million (1,825,000,000)</U></FONT> <FONT STYLE="color: red"><STRIKE>one
billion three hundred and twenty-five million (1,325,000,000) </STRIKE></FONT>of common shares, upon deliberation of the Board of Directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - In the event provided in
the head paragraph of this Article, it shall be incumbent on the Board of Directors to fix the issuance price and the number of shares
to be issued, as well as the term and the conditions of payment in.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - Within the limit of the
authorized capital, the Board of Directors may, still: (i) deliberate the issuance of subscription bonus; (ii) according to the plan approved
by the General Shareholders&rsquo; Meeting, grant stock option, without the shareholders having preemptive right in the granting of the
options or subscription of the respective shares; (iii) approve the increase of the capital stock upon the capitalization of profits or
reserves, with or without bonus shares; and (iv) deliberate the issuance of debentures convertible into shares.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 8.</B>&#9;At the discretion of
the Board of Directors or of the General Shareholders&rsquo; Meeting it may be excluded or reduced the preemptive right of the shareholders,
in any issuance of shares, debentures convertible into shares and subscription bonus, whose placement is made through sale in the stock
exchange, public subscription or exchange for shares in public offer of purchase of control, as provided in the Law and in this Bylaws.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 10.</B>&#9;By deliberation of
the General Shareholders&rsquo; Meeting, by virtue of the proposal of the Board of Directors, the Company&acute;s capital stock may be
increased according to events provided in the law, being certain that in cases of capitalization of profits or reserves, it is optional
the issue of new shares corresponding to the increase, among its shareholders, <I>pro-rata</I> the number of shares they hold.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>III.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">GENERAL SHAREHOLDERS&rsquo; MEETING</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 11</B>.&#9;The General Shareholders&rsquo;
Meeting, convened and installed according to the law and to this Bylaws, shall occur ordinarily within the first four (4) months following
the end of the fiscal year and, extraordinarily, whenever the interests and corporate subjects require deliberation of the shareholders.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 12.</B>&#9;The General Shareholders&rsquo;
Meeting shall be convened by the Board of Directors upon deliberation of the majority of its members or, still, in the events provided
in this Bylaws and in the Sole paragraph of Article 123 of the Brazilian Corporation Law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph - The Company shall make
available, no later than the date of the first publication of the call notice, to all the shareholders, the material and documents necessary
for the analysis of the matters contained in the Agenda, except the cases in which the law or the regulation in force requires its availability
in a longer term.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 13.</B>&#9;The General Shareholders&rsquo;
Meeting shall be installed, on first call, with the attendance of shareholders representing, at least, twenty five percent (25%) of the
capital stock, except when the law requires a higher quorum; and, on second call, with any number of shareholders.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The Extraordinary General
Shareholders&rsquo; Meeting that has as purpose the amendment to this Bylaws will be installed, on first call, with the attendance of
shareholders that represent, at least, two thirds (2/3) of the capital stock but may be installed, on second call, with any number of
shareholders present.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - Subject to the exceptions
provided in the applicable regulation, the first call of the General Shareholders&rsquo; Meeting shall be made with, at least, thirty
(30) days in advance and the second call with, at least, eight (8) days.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 14.</B>&#9;The deliberations
in the General Shareholders&rsquo; Meeting, with the exception of the provisions in the law and in this Bylaws, shall be taken by absolute
majority of votes of the attendees, the votes in blank not being counted.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The General Shareholders&rsquo;
Meeting may only resolve the subjects of the agenda contained in the respective call notice, with the exceptions provided in the Brazilian
Corporation Law, being prevented the inclusion, in the agenda of the General Shareholders&rsquo; Meeting, matters named &ldquo;other subjects&rdquo;
or &ldquo;general subjects&rdquo; or equivalent expressions.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - From the works and deliberations
of the General Shareholders&rsquo; Meeting, the minutes shall be drawn up, which shall be signed by the members of the board of works
of the General Shareholders&rsquo; Meeting and by the shareholders present that represent, at least, the majority necessary for the deliberations
taken.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 15.</B>&#9;For the benefit of
the development of the works of the General Shareholders&rsquo; Meetings, the shareholders or their representatives shall present, with,
at least, five (5) days in advance, besides the identity card, as the case may be: (i) a power of attorney with certification of the
signature of the grantor and/or the documents that evidence the powers of the legal representative of the shareholder; and/or (ii) relatively
to the shareholders participants of the fungible custody of book-entry shares, the statement containing the respective equity interest,
issued by the financial institution responsible for the custody.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - Without prejudice to the
provision in head paragraph of this Article, the shareholder that attends the General Shareholders&rsquo; Meeting with the documents that
evidence its status of shareholder may participate and vote at the meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two &ndash; The Company will adopt,
in the inspection of the documentation for the due representation of the shareholder, the principle of good-faith.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 16.</B>&#9;It is competence of
the General Shareholders&rsquo; Meeting, besides the other assignments provided in law and in this Bylaws:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(i) attribute bonifications in shares and
decide on eventual grouping and splitting of shares;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iii) resolve, according to the proposal
presented by the Management, the destination of the profit of the fiscal year and the distribution of dividends;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iv) resolve on the delisting of the Company
from the Novo Mercado;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(v) establish the compensation of the Fiscal
Council in the form of the Law and this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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; and</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(vii) approve the carrying out of operations
and business with related parties or the sale or contribution of assets, whenever, in any of these cases, the value of the operation or
business corresponds to more than 50% (fifty percent) of the value of the Company's total assets included in its last balance sheet approved
at the General Meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 17.</B>&#9;The General Shareholders&rsquo;
Meeting will establish annually the amount of the global annual compensation of the Management da Company, including benefits of any nature
and the representation funds, in view of their responsibilities, the time dedicated to their functions, their competence and professional
reputation and the value of their services in the market, being incumbent on the Board of Directors to establish the criteria for of the
<I>pro-rata</I> of the global compensation among the Management.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 18.</B>&#9;The General Shareholders&rsquo;
Meeting may suspend the exercise of the rights of the shareholder that does not comply with a legal or statutory obligation, ceasing the
suspension as soon as the obligation is complied with.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The shareholders that represent
five percent (5%), at least, of the capital stock, may convene the General Shareholders&rsquo; Meeting mentioned in the head paragraph
of this Article when the Board of Directors does not meet, in the term of eight (8) days, the request that they present to convene one,
with the indication of the obligation breached and the identification of the defaulting shareholder.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - It shall be incumbent on
the General Shareholders&rsquo; Meeting that approves the suspension of the rights of the shareholder to also establish, among other aspects,
the scope and duration of the suspension, observing the preventions provided in the law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - The suspension of the
rights will cease as soon as the obligation is fulfilled, and the said shareholder shall communicate the Company its fulfillment.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B></B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>IV.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MANAGEMENT</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Section I &ndash; General Provisions
to the Bodies of the Management</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 19.</B>&#9;The Company&acute;s
Management is carried out by the Board of Directors and by the Board of Officers, with the respective assignments granted by law and by
this Bylaws.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The management of the Company
are waived from providing guarantee for the exercise of the function.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - The management of the Company
will be invested in their positions upon the execution of the term of investiture in the proper books, which shall also contemplate their
subordination to the arbitration clause referred in Article 47, and which shall contain the consent to all manuals, codes, regulations
and internal policies of the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - It is expressly forbidden,
and it shall be null and void the act practiced by any management of the Company, that involves it in obligations related to business
and operations alien from the corporate purpose, without prejudice of the civil or criminal responsibility, as the case may be, to which
the violator of this disposition will be subject.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Four - The term of office of the
management of the Company will be extended until the investiture of their respective successors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Section II &ndash; Board of Directors</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 20.</B>&#9;The Board of Directors
is composed by, at least, nine (9) and, up to, eleven (11) effective members, all elected and dismissible by the General Shareholders&rsquo;
Meeting, with unified term of office of two (2) years, reelection being allowed.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - Of the members of the Board
of Directors, at least, two (2) or twenty percent (20%), whichever is higher, shall be Independent Directors, according to the criteria
and rules provided in the Regulation of the Novo Mercado.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - When, due to the calculation
of the percentage referred in the paragraph above, the result generates a fractional number, the Company shall proceed to the rounding
of the number to the one immediately above.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Four - The procedure provided
in Paragraph Three above is not applied to the appointments of candidates to members of the Board of Directors that do not meet the time
in advance necessary for inclusion of candidates in the distance voting form, as provided in the regulation issued by CVM on distance
voting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Five - The Board of Directors
shall assess and disclose annually who are the Independent Directors, as well as to appoint and justify any circumstances that may jeopardize
their independence.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Six - As to the election of the
members of the Board of Directors, the General Shareholders&rsquo; Meeting shall appoint a Chairman and a Vice President, the Vice President
shall substitute the Chairman in his absences or impediments, as well as in case of vacancy.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 slate
of candidates for the vacancies in the Board of Directors, including appointment for the positions of Chairman and Vice President of the
Board of Directors, which shall be submitted to the approval of the General Shareholders&rsquo; Meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 slate proposed as provided in Paragraph
Seven of this article, such shareholder shall notify the Company proposing another slate 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 slate, nor the exercise of the voting right in the election of the
members of the Board of Directors, in circumstances that configure violation to the dispositions of the applicable regulation.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Nine - It is forbidden the presentation
of more than one slate by the same shareholder. However, one individual may be part of two or more slates, including the one proposed
in the terms of Paragraph Eight above.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 slates presented in the form of this Article
will be considered a candidate for the position of director.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Twelve - Whenever the election
occurs by the procedure of multiple voting, the dismissal of any member of the Board of Directors by the General Shareholders&rsquo; Meeting
will imply in the dismissal of all the other members, proceeding to a new election.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Thirteen - In the events of vacancy
of positions of effective members of the Board of Directors, the remaining members shall appoint a substitute who will fill in the position
until the next General Shareholders&rsquo; Meeting, occasion on which it will be elected a new director to complete the term of office.
In case of simultaneous vacancies above one third (1/3) of its members, a General Shareholders&rsquo; Meeting will be convened, within
thirty (30) days of this event, for the election of the substitutes, whose term of office will coincide with the term of office of the
other directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Fourteen &ndash; The members
of the Board of Directors shall have impeccable reputation, not being able, except as approved at the General Shareholders&rsquo; Meeting,
to be elected those that (i) occupy positions in companies that may be considered as competitors of the Company; or (ii) have or represent
conflicting interest with the Company. If, after the election of the member of the Board of Directors any fact that configures event
of impediment for the holding of the position of director, provided in the Brazilian Corporation Law or in this paragraph, the member
who is subject to the impediment undertakes to immediately present his resignation to the Chairman of the Board of Directors.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Subsection II.1 &ndash; Meetings and
Substitutions </B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 21.</B>&#9;The Board of Directors
shall meet, ordinarily, <STRIKE>once per month</STRIKE> at least 8 (eight) times a year and, extraordinarily, whenever convened by its
Chairman or by the majority of its members, drawing up minutes of these meetings in the proper book.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The call for the meetings
of the Board of Directors will be given, in writing, by means of a letter, telegram, e-mail or other form that allows the proof of receipt
of the call by the recipient, and shall contain, besides the place, date and time of the meeting, the agenda.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - Regardless of the formalities
of the call, it will be considered regular the meeting at which all the members of the Board of Directors are present.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Four - The meetings of the Board
of Directors shall be installed, on first call, with the presence of, at least, two thirds (2/3) of its members. On second call, which
shall be object of a new communication to the directors in the form of Paragraph One of this Article, sent immediately after the date
established for the first call, the meeting will be installed with the presence of the simple majority of the directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Five - If necessary, the holding
of meetings of the Board of Directors or the participation of the directors at the meetings of the Board of Directors may be carried
out by telephone, videoconference, electronic vote, or other means of communication that may ensure the effective participation and the
authenticity of the vote. In this circumstance, the director shall be considered present at the meeting, and the vote will be considered
valid for all legal purposes and incorporated into the minutes of the referred meeting.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Six - No member of the Board of
Directors may have access to information, participate in deliberations and discussions of the Board of Directors or of any management
bodies, exercise the vote or, in any form, intervene in the subjects in which he is, directly or indirectly, in a situation of conflicting
interest with the interests of the Company, in terms of the Law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Seven - The deliberations of the
Board of Directors shall be taken by the majority of the votes of those present, being incumbent on the Chairman of the Board of Directors
the casting vote in the cases of a draw.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Eight - The minutes of the meetings
of the Board of Directors shall be worded clearly and record the decisions taken, the people present, the dissenting votes and the vote
abstentions.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 22.&#9;</B>In the event of absence
or temporary impediment, the directors may be represented at the meetings of the Board of Directors by another director appointed, in
writing, who, besides his own vote, will express the vote of the director absent or temporarily impeded.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - In the event of absence
or temporary impediment of the Chairman of the Board, his functions shall be exercised, on a temporary basis, by the Vice President.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Subsection II.2 - Competence</B></P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 23.</B>&#9;It is competence of
the Board of Directors, besides the other assignments provided in the law and this Bylaws:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(i) establish the general guidance of the
Company&acute;s business, considering the impacts of the Company&acute;s activities on the society and on the environment, aiming the
continuity of the Company and the creation of value in the long term;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(ii) define the values and ethical principles
of the Company and ensure the maintenance of the Company&acute;s transparency in the relationship with all the interested parties;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iii) elect and dismiss the members of the
Board of Officers of the Company or of its controlled companies, directly and indirectly, and establish their assignments, observing the
provision of this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iv) inspect the management of the members
of the Board of Officers, examine at any time the books and papers of the Company, request information on agreements executed or about
to be executed and on any other acts;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(v) convene the General Shareholders&rsquo;
Meeting when judged convenient and in the cases provided in Law;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(vi) manifest on the Management report,
the accounts of the Board of Officers and the financial statements related to each fiscal year;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(vii) distribute among the members of the
Board of Directors and of the Board of Officers the annual global compensation established by the General Shareholders&rsquo; Meeting
and establish the criteria for the participation in the profits of the employees and Management, as provided in this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(viii) authorize the incorporation and winding-up
of controlled companies, direct or indirectly, by the Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(ix) choose and dismiss the independent
auditors appointed by the Audit and Integrity Committee;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(x) propose to the General Shareholders&rsquo;
Meeting the issue of new shares of the Company above the limit of the authorized capital;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xi) except in the cases of competence of
the General Shareholders&rsquo; Meeting, in the terms of the regulation issued by CVM, deliberate (a) the purchase of shares issued by
the Company for maintenance in treasury or for use in plans approved by the General Shareholders&rsquo; Meeting; and (b) the eventual
sale or cancelation of such shares;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xii) resolve the issue by the Company or
by its controlled companies, directly and indirectly, of debentures not convertible into shares, promissory notes (commercial paper) and
other similar credit titles;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xiii) resolve the issue by the Company
of shares, subscription bonus and debentures convertible into shares, within the limit of the authorized capital, establishing the amount,
the conditions of payment in and the respective subscription prices and premium, as well as if it will be ensured the preemptive right
to the shareholders or reduced the term for its exercise, as authorized by the law in force;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xiv) resolve the preparation of semiannual
balance sheets of the Company or related to shorter periods, as well as to declare interim dividends to the account of profits calculated
in these balance sheets, or to the Account of Accrued Profits or of Profits Reserve existing in the last annual or semiannual balance
sheet, in the form provided in law and/or the distribution of capital interest, as provided in Law n&ordm; 9.249, of December 26, 1995,
as amended;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xv) approve the policy on the payment of
dividends of the Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xvi) propose to the Annual General Shareholders&rsquo;
Meeting, observing the limits established in Article 35, sole paragraph, of this Bylaws, the amounts to be paid as statutory participation
of the employees and Management in the profits of each fiscal year, as well as to define the criteria for distribution of such amounts;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xvii) authorize the practice of free reasonable
acts by the Company, for the benefit of any individual or entity, according to the Policy of Competence of the Company, to be approved
by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xviii) present proposal for approval at
the Meeting of stock option plan or plan of concession of shares to its Management or employees, or to individuals who provide services
to the Company, as well as to the Management and employees or individuals who provide services to its controlled companies, directly and
indirectly, within the limit of the authorized capital, being incumbent to the Board of Directors the Management of the referred plan,
including the grant of options and concessions of shares in the scope of such plans;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xix) authorize amendments to the trading
and issue of American Depositary Receipts &ndash; ADRs by the Company or of its controlled companies, directly and indirectly;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 Directors, without the presence of the members of the Board of Officers and other guests;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxi) constitute technical or advisory committees,
of non-deliberative character, to perform specific tasks or for generic activities of the Company&acute;s interest, in the terms and conditions
defined by the Board of Directors. The Committees may act, among others, in the following areas: (i) strategy and finance, (ii) corporate
governance, conduct and ethics, and (iii) compensation of Management and executive development;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxii) monitor the compliance of the assignments
of the committees that may be created to advise the Board of Directors, approve their respective regulations and assess the technical
opinions and reports, in the terms of the law in force and of this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxiii) establish mechanisms of periodic
assessment of the performance of its members, with the purpose to contribute to the improvement and the effectiveness of the governance
of the Company, being able to hire external specialists for the assessment process;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxiv) prepare and make public grounded
opinion containing favorable or contrary opinion to the acceptance of any and all corporate restructuring, capital increase and other
operations that results in change of control, within fifteen (15) days from the disclosure of all the conditions of the operation that
results in the change of control. This opinion shall manifest if such operation ensures fair and equitative treatment to the shareholders
of the Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxvi) submit to the General Shareholders&rsquo;
Meeting proposals of amendments to the Company&acute;s Bylaws, that are related to the term of duration of the Company, corporate purpose,
increases or reductions of capital, issue of marketable securities and/or securities, exclusion of the preemptive right in the subscription
of shares and other titles and/or securities, dividends, interest on own capital, powers and assignments of the General Shareholders&rsquo;
Meeting, structure and assignments of the Board of Directors and of the Board of Officers, and respective quorums of deliberation;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxviii) approve the proposal of split,
merger, incorporation in which the Company or controlled companies and affiliates, directly or indirectly, are part or of the Company
itself, as well as the Company&acute;s transformation or any other form of corporate restructuring;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxix) deliberate on the liquidation, dissolution,
appointment of liquidators, bankruptcy or voluntary acts of judicial or extrajudicial recovery of the Company or of the controlled company
and affiliates, directly and indirectly, as well as financial restructurings related thereto;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxx) approve the purchase, assignment,
transfer, sale and/or encumbrance of goods of the non-current assets (except real estate properties) of the Company or of the controlled
companies or affiliates, directly or indirectly, according to the Policy of Competence of the Company, to be approved by the Board of
Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxi) authorize the granting of guarantees,
real or fidejussory, commercial pledge, mortgages, guarantees and<STRIKE>,</STRIKE> endorsements, as well as to contract insurance guarantees
or letters of guarantee according to the Policy of Competence of the Company, to be approved by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxii) authorize the Board of Officers
to offer products and real estates and properties of the Company or of controlled companies or affiliates, directly or indirectly, in
guarantee to the financial institutions when contracting financing or in guarantee of judicial procedures, whenever these acts result
in obligations for the Company or for the controlled companies or affiliates, directly or indirectly, according to the Policy of Competence
of the Company, to be approved by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxiii) approve the contracting with third
parties of debt operations of the Company or of controlled companies or affiliates, directly or indirectly, according to the Policy of
Competence of the Company, to be approved by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxiv) approve the policy on financial
risk management of the Company, establishing the main conditions for the contracting of &ldquo;hedging&rdquo; operations (assets and liabilities),
such policy shall contain, at least, the following specifications: purpose of the &ldquo;hedge&rdquo;, risk factors, eligible instruments,
limits and spheres of competence;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxv) approve the issue, purchase, assignment,
transfer, sale and/or encumbrance, at any title or form, by the Company or by the controlled companies or affiliates, directly or indirectly,
of equity interests and/or any securities in any companies (including waiver to the right of subscription of shares or debentures convertible
into shares of subsidiaries, controlled companies or affiliates), according to the Policy of Competence of the Company, to be approved
by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxvi) approve and define, previously,
the acts to be practiced by the Board of Officers of the Company at the General Shareholders&rsquo; Meetings and/or Shareholders&acute;
Meetings of controlled companies, affiliates or invested companies, directly or indirectly, acting as shareholder and/or partner of these
companies, according to the Policy of Competence of the Company, to be approved by the Board of Directors or that involve reputational
and strategic aspects of the Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxvii) observing the provisions of article
16, item (vii) of these Bylaws, approve the performance of operations and business of any nature with related parties, in compliance with
the provision of the Policy on Transactions with Related Parties and Other Situations of Conflict of Interests of the Company, approved
by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxviii) approve (i) the Code of Conduct;
(ii) the Securities&rsquo; Negotiation Policy, and (iii) the Contributions&rsquo; and Donations&rsquo; Policy, which shall observe the
minimum requirements established by the Regulation of the Novo Mercado e by the Brazilian Code of Corporate Governance;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxix) approve the annual and pluriannual
integrated capital budgets (budgets of operations, budgets of investments, and the budgets of cash flow) of the Company and of its controlled
companies and affiliates, establishment of the policy on investment and on the corporate strategy. The general annual integrated budget
shall always be approved up to the last day of the previous calendar year and shall refer to the twelve months of the following fiscal
year. At any time during the calendar year, the budget of the company shall cover a minimum period of six (6) months. The execution and
performance of the approved budget shall be reviewed monthly at the General Shareholders&rsquo; Meetings of the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xl) approve the execution of any contracts
or agreements (except the contracting of debt) involving the ordinary course of the Company&acute;s activities or of the controlled companies,
directly or indirectly, including, but not limited to, services, consulting or supply agreements, according to the Policy of Competence
of the Company, to be approved by the Board of Directors, as well as to approve the contractual termination or the execution of amendment
terms to the agreements already executed that result in a new obligation of the same amount;</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xli) approve the execution, amendment,
termination, renewal or cancellation of any contracts, agreements or similar arrangements involving patents, processes of production and/or
technology, copyrights, domain names, trademarks or deposited marks on behalf of the Company or of any company controlled by it or affiliate,
directly or indirectly, according to the Policy of Competence of the Company, to be approved by the Board of Directors, except: (a) if
effected between the Company and wholly-owned subsidiaries, except in cases of sale and/or final assignment, which shall be approved by
the Board of Directors; and (b) for authorization of use of trademarks by controlled companies or affiliates.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Section III &ndash; Board of Officers</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 Two and Three below.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 person.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - 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 Three of this Article. If the Board of Directors does not approve the appointments presented, new names shall be presented,
by the Global Chief Executive Officer, until they are approved by the Board of Directors.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - The Board of Officers
shall be integrated exclusively by professionals who have proven academic education and practice, acquired in courses and in the exercise
of activities compatible with the functions for which they are being appointed.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Subsection III.1 - Competence</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 25.&#9;</B>It is competence of
the Board of Officers to:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(i) authorize the opening, the closing or
the amendment to the address of branches, agencies, deposits, offices or any other facilities of the Company, in Brazil or abroad;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(ii) submit, annually, the appreciation
by the Board of Directors, the Management Report and the accounts of the Board of Officers, together with the report of the independent
auditors, as well as the proposal for the allocation of the earned profits of the previous year;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iii) prepare and propose, to the Board
of Directors, the annual and pluriannual budgets, the strategic plans, the projects of expansion and the programs of investment programs;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iv) approve the corporate rules that shall
guide the other approval competences and the responsibilities for the management acts necessary to the conduction of the Company&acute;s
activities, defining the limits of competence for several decision making processes, according to hierarchical levels of the Company and
always observing the spheres of competence of the Board of Directors provided in Article 23 of this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(v) decide, by request of the Global Chief
Executive Officer, on any subject that is not of the exclusive competence of the General Shareholders&rsquo; Meeting or of the Board of
Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(vi) observing the provisions of article
16, item (vii) of these Bylaws, 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>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 26.&#9;</B>Besides the other
assignments established in this Bylaws, it is competence on, as for example:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(i) The Global Chief Executive Officer:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">convene and preside the meetings of the Board of Officers;</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">represent the Board of Officers at the meetings of the Board of Directors;</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">submit to the deliberation of the Board of Directors the proposals of the
Board of Officers related to the annual and pluriannual budgets, the strategic plans, the projects of expansion and the programs of investment
of the Company;</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">d.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">inspect and guide the conduction of the financial, social and sustainability
business and the activities of the other Officers;</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">e &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;present
to the Board of Directors, the financial statements, the annual and pluriannual budgets and investments&rsquo; budget, the financial planning
and the cash flow; and</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">f &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;propose
to the Board of Directors positions of Officers, with or without specific designation, and the respective holders for the performance
of specific functions that judges necessary.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(ii) To the Chief Financial and of Investor
Relations Officer:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">prepare, together with the other members of the Board of Officers and
under the coordination of the Global Chief Executive Officer, the budgets to be submitted to the approval of the Board of Directors and
be responsible for the control of execution of these budgets mainly on what refers to the control of cash flow; </FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">guide the execution of the economical financial policy, supervising the
economical financial activities, according to the determinations of the Board of Directors; and</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">organize and coordinate the system of necessary information to its performance,
as well as supervise all the controllership activities of the Company.</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">d. represent the Company before
CVM and other entities of the capital markets and financial institutions, as well as regulating bodies and stock exchanges, national and
foreign, in which the Company has securities listed, besides complying with applicable regulatory rules to the Company on what is related
to the registrations held by CVM and together with regulating bodies and stock exchanges in which the Company has securities listed and
administer the policy of relationship with investors; and</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">e. monitor the compliance, by the
shareholders of the Company, with the obligations provided in Chapter VIII of this Bylaws and report to the General Shareholders&rsquo;
Meeting and/or to the Board of Directors, when requested, its conclusions, reports and diligences.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iii) To the others Vice President Officers,
whose designation will be given by the Board of Directors by suggestion of the Global Chief Executive Officer:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">guide, coordinate and supervise the specific activities under their responsibility;
and </FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">execute specific charges that might be attributed by decision of the Global
Chief Executive Officer.</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Subsection III.2 &ndash; Representation
of the Company</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 27.</B>&#9;The Board of Officers,
within the limits established by the Law and by this Bylaws, is vested with general management powers, that allow the practice of all
the necessary acts for the regular functioning of the Company, to achieve its corporate purposes.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 28.</B>&#9;The active and passive
representation of the Company, in or out of court, as well as the practice of all legal acts, shall be incumbent on:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any two (2) members of the Board of Officers acting
jointly;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any member of the Board of Officers, jointly with
an attorney in fact with specific powers; or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">two attorneys in fact with specific powers, always
acting jointly.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The Company may be represented
by only one Officer or one attorney in fact with specific powers in the practice of the following acts:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">representation of the Company at General Shareholders&rsquo;
Meetings and the partners&acute; meetings of companies in which the Company participates; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">representation of the Company in court; or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">practice of acts of simple administrative routine,
including before public bodies, mixed capital companies, boards of trade, Labor Justice, INSS, FGTS and the collecting banks, and others
of the same nature. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - The acts for which this
Bylaws requires previous authorization of the Board of Directors shall only be valid once this requirement is met.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - The Board of Officers
may, through two of its members and upon competent instruments, to constitute attorneys in fact with specific powers to act on behalf
of the Company, with mandate with determined term to be established case by case, except the judicial mandates that may be granted for
undetermined term. In any case, it shall be respected the limitations and restrictions mentioned in this Article and the ones established
by the Board of Directors.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Subsection III.3 &ndash; Meetings of
the Board of Officers</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 29.</B>&#9;The Board of Officers
will hold meetings whenever necessary, drawing up minutes of these meetings in the proper book.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The deliberations of the
Board of Officers shall be taken by the majority of votes, being incumbent on the Global Chief Executive Officer, or on his substitute,
the casting vote.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - The minimum quorum of installation
of the meetings of the Board of Officers is of two thirds (2/3) of its members.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - If necessary, it is admitted
the holding of meetings or the participation of the members of the Board of Officers, at the meetings of such board, by telephone, videoconference,
electronic vote, or other means of communication that may ensure the effective participation and the authenticity of the vote. In this
event, the member of the Board of Officers shall be considered present at the meeting, and his vote shall be considered valid for all
legal purposes and incorporated to the minutes of the referred meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>V.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FISCAL COUNCIL</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 30.&#9;</B>The Company shall
have a permanent Fiscal Council, composed by three (3) effective members and equal number of alternates, elected by the General Shareholders&rsquo;
Meeting, which will perform its functions until the first annual General Shareholders&rsquo; Meeting that occurs after its election,
reelection being allowed, with the assignments, competence and compensation provided in the Law.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The election of the members
of the Fiscal Council shall occur by means of majority decision, being elected the three (3) candidates, and respective alternates, who
receive the higher number of votes at the General Shareholders&rsquo; Meeting, observing the provision of article 161 of the Brazilian
Corporation Law. If there is a Controlling Shareholder, it is ensured to the minority shareholders, provided they represent, jointly,
ten percent (10%) or more of the shares issued by the Company, the right to elect, separately, one (1) member and the respective alternate
of the Fiscal Council of the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two <B>- </B>The members of the
Fiscal Council shall be invested in their positions upon the execution of the term of investiture in the proper book, which shall contain
the consent to all manuals, codes, regulations and internal practices of the Company, and its subordination to the arbitration clause
referred in Article 47.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - The Fiscal Council will
meet periodically, in the terms of its Internal Regulation, drawing up minutes of these meetings in the proper book.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Four - The Fiscal Council shall
elect its Chairman at the first meeting after its election and shall work according to the Internal Regulation approved by the Fiscal
Council itself.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 31.</B>&#9;For the full exercise
of the functions of the Fiscal Council the requirements provided in the applicable law, the provision in this Bylaws and in the Internal
Regulation of the Fiscal Council shall be observed.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - It will be applicable to
the members of the Fiscal Council the same obligations and preventions imposed by the Law and by this Bylaws to the Management of the
Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - Observing the requirements
and obligations contained in this Bylaws, as well as in the other applicable legal dispositions, the members of the Fiscal Council of
the Company may be elected by the Board of Directors to also integrate the Audit and Integrity Committee.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VI.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AUDIT AND INTEGRITY COMMITTEE</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 32.</B>&#9;The Company will have
an Audit and Integrity Committee in permanent functioning, comprised by, at least, three (3) and, by a maximum, five (5) members, being
the majority independent members and, at least, one (1) of its members not belong to <STRIKE>of</STRIKE> the Board of Directors, in accordance
with the requirements established in the applicable regulation, especially in CVM Instruction n&ordm; 509/11. At least one of the independent
members of the Board of Directors shall be appointed to also integrate the Audit and Integrity Committee. None of the members of the Audit
and Integrity Committee shall be a member of the Board of Officers.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 33.</B>&#9;The members of the
Audit and Integrity Committee shall be appointed by the Board of Directors for terms of office of two (2) years and will occupy their
positions for, at the most, ten (10) years, being dismissible at any time. If the member of the Committee is also a member of the Board
of Directors, the term of office will end simultaneously for both positions.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The performance of the activities
of the members of the Audit and Integrity Committee shall observe the rules provided in the Brazilian law, especially in CVM Instruction
509/11, and in US law, including the provision of the Sarbanes&ndash;Oxley Act and the rules issued by the Securities and Exchange Commission
- SEC.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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. The same member of the Audit and Integrity Committee may accumulate the characteristics of financial expert
and independent advisor.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 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 9) prepare annual summarized report, to be presented together with
the financial statements, containing the description of: (a) its activities, the results and conclusions reached and the recommendations
presented; and (b) any situations in which there is significant discrepancy among the Company&acute;s management, the independent external
auditors and the Audit and Integrity Committee in relation to the financial statements of the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Four - The Audit and Integrity
Committee will be an advisory body directly bound to the Board of Directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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. The internal regulation of the Audit and Integrity Committee must also define the functions and activities
of the body's Coordinator.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B></B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VII.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FISCAL YEAR AND RESULTS</FONT></B></P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 34.&#9;</B>The fiscal year coincides
with the calendar year and, in on its termination, the Company shall prepare the financial statements provided in the Brazilian Corporation
Law for purposes of disclosure and assessment by the General Shareholders&rsquo; Meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 35.</B>&#9;From the result of
each fiscal year, it shall be deducted, before any participation, the eventual accrued losses and the provision for Income Tax.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph - After the referred deductions
in this Article are made, the General Shareholders&rsquo; Meeting may assign to the employees and Management, successively and in this
order:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the statutory participation of the employees of
the Company up to the maximum limit of ten percent (10%) of the remaining profits; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the statutory participation of the Management,
up to the maximum legal limit.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 36.</B>&#9;After the participations
mentioned in Article 35 above are deducted, the net profit of the year shall have successively the following destination:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">five percent (5%) for the constitution of the
Legal Reserve until it reaches twenty percent (20%) of the Capital Stock;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">twenty percent (20%) for the constitution of reserves
for capital increase, until reaches the limit of twenty percent (20%) of the Capital Stock;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 37.</B>&#9;Except where otherwise
provided at the General Shareholders&rsquo; Meeting, the payment of the dividends and of interest on own capital shall be made within
sixty (60) days from the date of the respective deliberation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - By deliberation of the Board
of Directors, in the terms of Article 23 above, the Company can prepare semi-annual balance sheets or related to shorter periods, as well
as declare dividends and/or interest on own capital on the account of profits earned in these balance sheets, of accrued profits or of
reserves of profit existing in the last annual or semi-annual balance sheet, as provided in the Law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two &ndash; The interim dividends
and the interest on own capital declared in each fiscal year may be attributed to the mandatory dividend of the fiscal year.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 38.</B>&#9;The dividends not
received or unclaimed shall prescribe within the term of three (3) years, counting from the date on which they were made available to
the shareholder, and shall revert to the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VIII.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SALE OF SHAREHOLDING CONTROL, OF DEREGISTRATION AS PUBLICLY HELD COMPANY
AND DELISTING FROM THE NOVO MERCADO</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 39.</B>&#9;The sale of the control
of the Company, directly or indirectly, both by means of a single operation, as by means of successive operations, shall be contracted
under the condition precedent or subsequent, that the purchaser of the control undertakes to present a public offer for the purchase of
the shares having as object the shares issued by the Company held by the other shareholders (&ldquo;<U>OPA</U>&rdquo;), observing the
conditions and terms provided in the law and regulation in force and in the Regulation of the Novo Mercado, as to ensure them equal treatment
to the one given to the seller.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - For purposes of this Bylaws,
it is understood as control and its related terms the power effectively used by shareholder to direct the corporate activities and to
guide the functioning of the company&acute;s bodies, whether directly or indirectly, in fact or by law, regardless of the equity interest
held the shareholder.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - If the purchase of the control
also subjects the purchaser of the control to perform an OPA required by Article 41 of this Bylaws, the purchase price at the OPA will
be the higher between the prices determined in compliance with this Article 39 and Article 41, Paragraph Three of this Bylaws.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - In case of indirect sale
of control, the purchaser shall disclose the value attributed to the Company for the purposes of defining the price of the OPA, as well
as to disclose the justified evidence of this value.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Four - The OPA shall observe the
conditions and the terms provided in the law, the regulation in force and in the Regulation of the Novo Mercado.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 40. </B>After an operation of
sale of control of the Company and its subsequent OPA, the purchaser of the control, whenever necessary, shall take the appropriate measures
to restore the minimum percentage of outstanding shares provided in the Regulation of the Novo Mercado, within the eighteen (18) months
following the purchase of the power of control.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 41. </B>Any Purchasing Shareholder,
who purchases or becomes holder of shares issued by the Company, in amount equal to or higher than thirty three point thirty three percent
(33.33%) of the total shares issued by the Company shall (i) immediately disclose such information by means of Material Fact Notice, as
provided in the regulation issued by CVM; and (ii) in the maximum period of thirty (30) days counting from the date of the purchase or
of the event that resulted in the ownership of shares in amount equal to or higher than thirty three point thirty three percent (33.33%)
of the total shares issued by the Company, present or request registration of, as the case may be, an OPA of the totality of the shares
issued by the Company, observing the provision of the applicable regulation of CVM, the regulations of B3 and the terms of this Article.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - For purposes of this Bylaws,
(i) &ldquo;Purchasing Shareholder&rdquo; means any person, including, without limitation, any individual or legal entity, investment
fund, condominium, securities portfolio, universality of rights, or other form of organization, resident, with domicile or with head
office in Brazil or abroad, or Group of Shareholders, that purchases shares of the Company; and (ii) &ldquo;Group of Shareholders&rdquo;
means the group of people: (a) bound by contracts or voting agreements of any nature, whether directly or by means of controlled companies,
controlling companies or under common control; or (b) among which there is a control relationship; or (c) under common control.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - The OPA shall be (i) directed
indistinctly to all the shareholders of the Company, (ii) effected through an auction to be held at B3, (iii) presented by the price determined
in accordance with Paragraph Three of this Article, and (iv) paid in cash, in national currency, against the purchase within the OPA of
the shares issued by the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - The purchase price at
the OPA of each share issued by the Company may not be lower than the highest value between (i) one hundred and forty percent (140%) of
the average unit price of the shares issued by the Company during the last one hundred and twenty (120) days of the previous trading sessions
to the date in which it becomes mandatory the performance of the OPA, at the stock exchange in which there is the highest volume of trading
of shares issued by the Company; and (ii) one hundred and forty percent (140%) of the average unit price of the shares issued by the Company
during the last thirty (30) days of the previous trading sessions to the date in which it becomes mandatory the performance of the OPA,
at the stock exchange in which there is the highest volume of trading of shares issued by the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Four - The performance of the
OPA mentioned in the head paragraph of this Article will not exclude the possibility of another shareholder of the Company, or, as the
case may be, the Company itself, to formulate a competing OPA, in the terms of the applicable regulation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Five - The Purchasing Shareholder
will be obliged to attend eventual requests or to meet the requirements of CVM, formulated based on the applicable law, related to the
OPA, within the maximum terms provided in the applicable regulation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Seven - Any Purchasing Shareholder
who purchases or becomes holder of other rights, including usufruct or trust, over the shares issued by the Company in amount equal to
or higher than thirty three point thirty three percent (33.33%) of the total shares issued by the Company, will be equally obliged to,
in up to thirty (30) days counted from the date of such purchase or from the event that resulted in the ownership of such rights over
shares in amount equal to or higher than thirty three point thirty three percent (33.33%) of the total shares issued by the Company, to
present or request the registration, as the case may be, of an OPA, in the terms described in this Article.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Eight - The obligations contained
in Article 254-A of the Brazilian Corporation Law and in 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Nine - The provision of this Article
is not applicable if a person becomes holder of shares issued by the Company in amount higher than thirty three point thirty three percent
(33.33%) of the total of the shares issued as a result: (i) of legal succession, under the conditions that the shareholder disposes the
excess of shares in up to sixty (60) days counted from the relevant event, (ii) of the merger of another company into the Company, (iii)
of the merger of shares of another company into the Company, or (iv) of the subscription of shares of the Company, made in a single primary
issue, that has been approved at a General Shareholders&rsquo; Meeting of the shareholders of the Company, according to the rules provided
in the applicable regulation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Ten - For purposes of calculation
of the percentage of thirty-three-point thirty three percent (33.33%) of the total shares issued by the Company described in the head
paragraph of this Article, it will not be calculated the involuntary increases of equity interest resulting from cancelation of shares
held in treasury or of reduction of the Company&acute;s capital stock with the cancelation of shares.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Eleven - If CVM&acute;s regulation
applicable to the OPA, as provided in this Article determines the adoption of a criteria of calculation for setting the purchase price
of each share of the Company in the OPA that results in purchase price higher than the one determined in the terms of Paragraph Three
of this Article, the OPA provided in this Article shall be effected for the purchase price calculated in the terms of CVM&acute;s regulation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 43. </B>Without prejudice to
the provision of the Regulation of the Novo Mercado, the voluntary delisting from the Novo Mercado shall be preceded by an OPA that observes
the procedures provided in the regulation issued by CVM on the OPA for the cancelation of registration as publicly held company and the
following requirements: (i) the price offered shall be fair, being possible, the request of new valuation of the Company in the form established
in the Brazilian Corporation Law; and (ii) shareholders holding more than 1/3 of the outstanding shares shall accept the OPA or expressly
agree with the delisting from the Novo Mercado without the effective sale of the shares.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph. The voluntary delisting
from the Novo Mercado may occur regardless of the performance of the OPA mentioned in this Article, in the event of waiver approved at
the General Shareholders&rsquo; Meeting, observing the rules and conditions of the Regulation of the Novo Mercado.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 44.</B> Without prejudice to
the provision of the Regulation of the Novo Mercado, the compulsory delisting from the Novo Mercado shall be preceded by an OPA that observes
the procedures provided in the regulation issued by CVM on public offers for purchase of shares for cancelation of registration of publicly
held company and the requirements established in the head paragraph of Article 43.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph. If the percentage of purchase
of shares that authorizes the delisting from the Novo Mercado is not reached, after the performance of the OPA provided in the head paragraph,
the shares issued by the Company will still be negotiated in the Novo Mercado, within six (6) months following the performance of the
auction of the OPA, without prejudice of the application of eventual sanctions by B3.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 45. </B>It is optional the formulation
of a single OPA, aiming to more than one of the purposes provided in this Chapter VIII, in the Regulation of the Novo Mercado, in the
corporate law or in the regulation issued by CVM, provided it is possible to make procedures compatible with all types of OPA and there
is no prejudice for the recipients of the offer and it is obtained the authorization from CVM when required by the applicable law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph - With the exception of the
OPAs destined to the delisting from the Novo Mercado and/or to the cancelation of registration of publicly held company, the performance
of a unified OPA may only occur by a shareholder of the Company who holds an amount equal or higher than thirty three point thirty three
percent (33.33%) of the total shares issued by the Company, observing the provision of head paragraph of Article 41 as to the minimum
price to be paid per share.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph - The Company or the shareholder,
as the case may be, do not exempt itself from the obligation to present the OPA that is of his responsibility until the said OPA is concluded
in compliance with the applicable rules.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>IX.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ARBITRAL TRIBUNAL</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 47. </B>The Company, its shareholders,
Management and members of Fiscal Council undertake to resolve, by means of arbitration, in the Market Arbitration Chamber, in the form
of its regulation, every and all controversy that may arise between them, related to or arising from its condition as issuer, shareholder,
Management or member of the Fiscal Council, as the case may be, and, specially, of the application, validity, efficacy, interpretation,
violation and its effects, arising from the dispositions contained in Law n&ordm; 6.385/1976, in the Brazilian Corporation Law, in the
rules edited by the National Monetary Council, in the Central Bank of Brazil or by CVM, as well as in the other applicable rules to the
functioning of the capital market in general and the ones contained in the Regulation of the Novo Mercado, in the other regulations of
B3 and in the participation agreement of the Novo Mercado, as in the Arbitration Regulation of the Market Arbitration Chamber, to be conducted
in compliance with this last Regulation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>X.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">COMPANY&acute;S LIQUIDATION</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 48. </B>The Company will be liquidated
in the cases determined in the law, being incumbent on the General Shareholders&rsquo; Meeting to elect the liquidator or liquidators,
as well as the Fiscal Council that shall work in this period, according to the legal formalities.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>XI.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">GENERAL PROVISIONS</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 49. </B>The Company shall observe
the shareholders&acute; agreements filed at the head office, being expressly prevented to the members of the presiding board of the works
of the general meetings or of the meetings of the Board of Directors to accept declaration of vote of any shareholder, signatory of shareholders&rsquo;
agreement duly filed at the head office or of member of the Board of Directors elected by the signatories of such agreement, that is cast
in disagreement with what is agreed upon in the referred agreement, also being expressly forbidden to the Company to accept and proceed
to the transfer of shares and/or to the encumbrance and/or to the assignment of preemptive right to the subscription of shares and/or
of other securities that do not respect what is provided and regulated according to the shareholders&rsquo; agreement filed at the head
office.</P>

<P STYLE="font: 11pt/127% Arial, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/127% Arial, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/127% Arial, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: bold 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: center">Appendix II &ndash; Comparative table
of the proposed amendments in item (i) of EGM&rsquo;s Agenda, with the justification for the changes and the analysis of their legal and
economic effects, according to article 12, of CVM Resolution No. 81.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="width: 34%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"><B>Current text</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"><B>Proposed amendment</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"><B>Justification for the changes</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"><B>Article 7</B>. 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) of common shares, upon deliberation of the Board of Directors.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"><B>Article 7</B>. 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 <FONT STYLE="color: #2E74B5"><U>one billion, eight hundred and twenty-five million(1,825,000,000)</U></FONT> <FONT STYLE="color: red"><STRIKE>of one billion three hundred and twenty-five million (1,325,000,000)</STRIKE></FONT> of common shares, upon deliberation of the Board of Directors.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">This change aims to allow the Board of Directors
    to approve capital increases more quickly, with a view to executing the Company's business plan and its corporate purpose, regardless
    of an amendment to the bylaws.</P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">The proposed amendment does not have any other
    legal or economic effect.</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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

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

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

<P STYLE="font: bold 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: center">Appendix III &ndash; Copy of the consolidated
Company&rsquo;s Bylaws, containing, in highlight, the amendments in item (ii) of EGM&rsquo;s Agenda, in accordance with article 12 of
CVM Resolution No. 81.</P>

<P STYLE="font: bold 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: center">BYLAWS</P>

<P STYLE="font: 11pt/127% Arial, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>XII.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NAME, HEAD OFFICE, TERM &#9;AND CORPORATE PURPOSE</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 1.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 1.</B>&#9;BRF S.A. (&ldquo;<U>Company</U>&rdquo;)
is a publicly held company, which is ruled by this Bylaws, by Law n&ordm; 6.404, of December 15, 1976, as amended (&ldquo;<U>Brazilian
Corporation Law</U>&rdquo;) and by the other applicable laws and regulations.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - With the entry of the Company
into the special listing segment referred as Novo Mercado, of B3 S.A. &ndash; Brasil, Bolsa, Balc&atilde;o (&ldquo;<U>B3</U>&rdquo;),
the Company, its shareholders, including controlling shareholders, management and members of the Fiscal Council, when installed, are subject
to the provisions of the Regulation of the Novo Mercado of B3 (&ldquo;<U>Regulation of the Novo Mercado</U>&rdquo;).</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - The provisions of the Regulation
of the Novo Mercado shall prevail over the statutory provisions, in the event of prejudice to the rights of the beneficiaries of the public
offers provided in this Bylaws.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 2</B>.&#9;The Company&acute;s
head office and venue are in the City of Itaja&iacute;, State of Santa Catarina, at Rua Jorge Tzachel, 475, Bairro Fazenda, Zip Code 88.301-600,
being able to establish branches, agencies, offices and other facilities anywhere in the national territory or abroad.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 3</B>.&#9;It constitutes main
corporate purpose of the Company the exercise of the following activities, in the national territory or abroad:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(i) the industrialization, commercialization,
in retail and wholesale, and exploration of food in general, mainly animal protein by-products and food products that use the cold chain
as support and distribution;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(ii) the industrialization and commercialization
of animal feeds, nutrients and food supplements for animals;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iii) the provision of food services in
general;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iv) the industrialization, refining and
commercialization of vegetable oils, fats and dairy products;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(v) the exploration, conservation, storage,
silage and commercialization of grains, its derivatives and by products;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(vi) the commercialization, in the retail
and wholesale, of consumer and production goods including the commercialization of equipment and vehicles for the development of its logistical
activity;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(vii) the export and the import of production
and consumer goods;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(viii) the provision of services of transportation,
logistics and distribution of cargo and food in general;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(ix) the participation in other companies,
aiming the broadest achievement of the corporate purposes;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(x) the participation in any project for
the operation of the Company&acute;s business;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xi) manufacture by its own or on demand,
commercialization, export and import of pharmochemical products derived from animal slaughter;</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xii) manufacture and commercialization
of organic chemical products derived from animal slaughter;</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xiii) manufacture, distribution and export
of pharmaceutical ingredients derived from animal slaughter;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xiv) intermediation and agency services
and business in general, except real estate; and</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xv) rendering of administrative services
to third parties.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph - Sole Paragraph - The Company
may also engage, directly or through third parties, in the activities of support to the core business indicated in the Article <STRIKE>3&ordm;</STRIKE>
above, such as:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xvi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">transportation of cargo in general;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xvii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">storage and stocking services of products and
other services relating thereto;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xviii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">services of receipt and allocation of raw material
to be used in the production;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xx)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">services of repair, maintenance and conservation
of machinery and vehicles;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xxi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xxii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the industrialization, exploration and commercialization
of packaging of any nature;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xxiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the exploration and creation of animals in general;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xxiv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the commercialization of commodities in general;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xxv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xxvi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the activities of reforestation, extraction, industrialization
and commercialization of woods;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xxvii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(xxviii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 4.</B>&#9;The term of duration
of the Company is undetermined.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>XIII.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CAPITAL STOCK</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 5.</B>&#9;The Company&acute;s
capital stock is BRL 13,053,417,953.36 (thirteen billion, fifty-three million, four hundred and seventeen thousand, nine hundred and fifty-three
reais and thirty-six cents), fully subscribed and paid-in, divided into 1,082,473,246 (one billion, eighty-two million, four hundred and
seventy-three thousand, two hundred and forty-six) common shares, all nominative and with no par value.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The Company may not issue
preferred shares or beneficiary parties.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - The shares issued by the
Company are indivisible and each common share entitles one vote in the deliberations of the General Shareholders&rsquo; Meetings.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 6.</B>&#9;All the shares issued
by the Company are in book-entry form and, according to deliberation of the Board of Directors, kept in deposit account, with a financial
institution authorized by Comiss&atilde;o de Valores Mobili&aacute;rios &ndash; CVM (&ldquo;CVM&rdquo;), on behalf of its holders.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph. The cost of the transfer
and registration, as well as the cost of the service related to the book-entry shares, may be charged directly from the shareholder by
the bookkeeping institution, as it is defined in the agreement of the bookkeeping of shares.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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, eight hundred and twenty-five million(1,825,000,000) of common shares, upon deliberation of the Board of Directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - In the event provided in
the head paragraph of this Article, it shall be incumbent on the Board of Directors to fix the issuance price and the number of shares
to be issued, as well as the term and the conditions of payment in.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - Within the limit of the
authorized capital, the Board of Directors may, still: (i) deliberate the issuance of subscription bonus; (ii) according to the plan approved
by the General Shareholders&rsquo; Meeting, grant stock option, without the shareholders having preemptive right in the granting of the
options or subscription of the respective shares; (iii) approve the increase of the capital stock upon the capitalization of profits or
reserves, with or without bonus shares; and (iv) deliberate the issuance of debentures convertible into shares.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 8.</B>&#9;At the discretion of
the Board of Directors or of the General Shareholders&rsquo; Meeting it may be excluded or reduced the preemptive right of the shareholders,
in any issuance of shares, debentures convertible into shares and subscription bonus, whose placement is made through sale in the stock
exchange, public subscription or exchange for shares in public offer of purchase of control, as provided in the Law and in this Bylaws.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 10.</B>&#9;By deliberation of
the General Shareholders&rsquo; Meeting, by virtue of the proposal of the Board of Directors, the Company&acute;s capital stock may be
increased according to events provided in the law, being certain that in cases of capitalization of profits or reserves, it is optional
the issue of new shares corresponding to the increase, among its shareholders, <I>pro-rata</I> the number of shares they hold.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>XIV.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">GENERAL SHAREHOLDERS&rsquo; MEETING</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 11</B>.&#9;The General Shareholders&rsquo;
Meeting, convened and installed according to the law and to this Bylaws, shall occur ordinarily within the first four (4) months following
the end of the fiscal year and, extraordinarily, whenever the interests and corporate subjects require deliberation of the shareholders.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 12.</B>&#9;The General Shareholders&rsquo;
Meeting shall be convened by the Board of Directors upon deliberation of the majority of its members or, still, in the events provided
in this Bylaws and in the Sole paragraph of Article 123 of the Brazilian Corporation Law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph - The Company shall make
available, no later than the date of the first publication of the call notice, to all the shareholders, the material and documents necessary
for the analysis of the matters contained in the Agenda, except the cases in which the law or the regulation in force requires its availability
in a longer term.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 13.</B>&#9;The General Shareholders&rsquo;
Meeting shall be installed, on first call, with the attendance of shareholders representing, at least, twenty five percent (25%) of the
capital stock, except when the law requires a higher quorum; and, on second call, with any number of shareholders.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The Extraordinary General
Shareholders&rsquo; Meeting that has as purpose the amendment to this Bylaws will be installed, on first call, with the attendance of
shareholders that represent, at least, two thirds (2/3) of the capital stock but may be installed, on second call, with any number of
shareholders present.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - Subject to the exceptions
provided in the applicable regulation, the first call of the General Shareholders&rsquo; Meeting shall be made with, at least, thirty
(30) days in advance and the second call with, at least, eight (8) days.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 14.</B>&#9;The deliberations
in the General Shareholders&rsquo; Meeting, with the exception of the provisions in the law and in this Bylaws, shall be taken by absolute
majority of votes of the attendees, the votes in blank not being counted.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The General Shareholders&rsquo;
Meeting may only resolve the subjects of the agenda contained in the respective call notice, with the exceptions provided in the Brazilian
Corporation Law, being prevented the inclusion, in the agenda of the General Shareholders&rsquo; Meeting, matters named &ldquo;other subjects&rdquo;
or &ldquo;general subjects&rdquo; or equivalent expressions.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - From the works and deliberations
of the General Shareholders&rsquo; Meeting, the minutes shall be drawn up, which shall be signed by the members of the board of works
of the General Shareholders&rsquo; Meeting and by the shareholders present that represent, at least, the majority necessary for the deliberations
taken.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 15.</B>&#9;For the benefit of
the development of the works of the General Shareholders&rsquo; Meetings, the shareholders or their representatives shall present, with,
at least, five (5) days in advance, besides the identity card, as the case may be: (i) a power of attorney with certification of the signature
of the grantor and/or the documents that evidence the powers of the legal representative of the shareholder; and/or (ii) relatively to
the shareholders participants of the fungible custody of book-entry shares, the statement containing the respective equity interest, issued
by the financial institution responsible for the custody.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - Without prejudice to the
provision in head paragraph of this Article, the shareholder that attends the General Shareholders&rsquo; Meeting with the documents that
evidence its status of shareholder may participate and vote at the meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two &ndash; The Company will adopt,
in the inspection of the documentation for the due representation of the shareholder, the principle of good-faith.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 16.</B>&#9;It is competence of
the General Shareholders&rsquo; Meeting, besides the other assignments provided in law and in this Bylaws:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(i) attribute bonifications in shares and
decide on eventual grouping and splitting of shares;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iii) resolve, according to the proposal
presented by the Management, the destination of the profit of the fiscal year and the distribution of dividends;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iv) resolve on the delisting of the Company
from the Novo Mercado;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(v) establish the compensation of the Fiscal
Council in the form of the Law and this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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; and</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(vii) approve the carrying out of operations
and business with related parties or the sale or contribution of assets, whenever, in any of these cases, the value of the operation or
business corresponds to more than 50% (fifty percent) of the value of the Company's total assets included in its last balance sheet approved
at the General Meeting.</P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 17.</B>&#9;The General Shareholders&rsquo;
Meeting will establish annually the amount of the global annual compensation of the Management da Company, including benefits of any nature
and the representation funds, in view of their responsibilities, the time dedicated to their functions, their competence and professional
reputation and the value of their services in the market, being incumbent on the Board of Directors to establish the criteria for of the
<I>pro-rata</I> of the global compensation among the Management.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 18.</B>&#9;The General Shareholders&rsquo;
Meeting may suspend the exercise of the rights of the shareholder that does not comply with a legal or statutory obligation, ceasing the
suspension as soon as the obligation is complied with.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The shareholders that represent
five percent (5%), at least, of the capital stock, may convene the General Shareholders&rsquo; Meeting mentioned in the head paragraph
of this Article when the Board of Directors does not meet, in the term of eight (8) days, the request that they present to convene one,
with the indication of the obligation breached and the identification of the defaulting shareholder.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - It shall be incumbent on
the General Shareholders&rsquo; Meeting that approves the suspension of the rights of the shareholder to also establish, among other aspects,
the scope and duration of the suspension, observing the preventions provided in the law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - The suspension of the
rights will cease as soon as the obligation is fulfilled, and the said shareholder shall communicate the Company its fulfillment.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>XV.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MANAGEMENT</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Section I &ndash; General Provisions
to the Bodies of the Management</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 19.</B>&#9;The Company&acute;s
Management is carried out by the Board of Directors and by the Board of Officers, with the respective assignments granted by law and by
this Bylaws.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The management of the Company
are waived from providing guarantee for the exercise of the function.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - The management of the Company
will be invested in their positions upon the execution of the term of investiture in the proper books, which shall also contemplate their
subordination to the arbitration clause referred in Article 47, and which shall contain the consent to all manuals, codes, regulations
and internal policies of the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - It is expressly forbidden,
and it shall be null and void the act practiced by any management of the Company, that involves it in obligations related to business
and operations alien from the corporate purpose, without prejudice of the civil or criminal responsibility, as the case may be, to which
the violator of this disposition will be subject.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Four - The term of office of the
management of the Company will be extended until the investiture of their respective successors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Section II &ndash; Board of Directors</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 20.</B>&#9;The Board of Directors
is composed by, at least, nine (9) and, up to, eleven (11) effective members, all elected and dismissible by the General Shareholders&rsquo;
Meeting, with unified term of office of two (2) years, reelection being allowed.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - Of the members of the Board
of Directors, at least, two (2) or twenty percent (20%), whichever is higher, shall be Independent Directors, according to the criteria
and rules provided in the Regulation of the Novo Mercado.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - When, due to the calculation
of the percentage referred in the paragraph above, the result generates a fractional number, the Company shall proceed to the rounding
of the number to the one immediately above.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Four - The procedure provided
in Paragraph Three above is not applied to the appointments of candidates to members of the Board of Directors that do not meet the time
in advance necessary for inclusion of candidates in the distance voting form, as provided in the regulation issued by CVM on distance
voting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Five - The Board of Directors
shall assess and disclose annually who are the Independent Directors, as well as to appoint and justify any circumstances that may jeopardize
their independence.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Six - As to the election of the
members of the Board of Directors, the General Shareholders&rsquo; Meeting shall appoint a Chairman and a Vice President, the Vice President
shall substitute the Chairman in his absences or impediments, as well as in case of vacancy.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 slate
of candidates for the vacancies in the Board of Directors, including appointment for the positions of Chairman and Vice President of the
Board of Directors, which shall be submitted to the approval of the General Shareholders&rsquo; Meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 slate proposed as provided in
Paragraph Seven of this article, such shareholder shall notify the Company proposing another slate 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 slate, 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>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Nine - It is forbidden the presentation
of more than one slate by the same shareholder. However, one individual may be part of two or more slates, including the one proposed
in the terms of Paragraph Eight above.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 slates presented in the form of this Article
will be considered a candidate for the position of director.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Twelve - Whenever the election
occurs by the procedure of multiple voting, the dismissal of any member of the Board of Directors by the General Shareholders&rsquo; Meeting
will imply in the dismissal of all the other members, proceeding to a new election.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Thirteen - In the events of vacancy
of positions of effective members of the Board of Directors, the remaining members shall appoint a substitute who will fill in the position
until the next General Shareholders&rsquo; Meeting, occasion on which it will be elected a new director to complete the term of office.
In case of simultaneous vacancies above one third (1/3) of its members, a General Shareholders&rsquo; Meeting will be convened, within
thirty (30) days of this event, for the election of the substitutes, whose term of office will coincide with the term of office of the
other directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Fourteen &ndash; The members
of the Board of Directors shall have impeccable reputation, not being able, except as approved at the General Shareholders&rsquo; Meeting,
to be elected those that (i) occupy positions in companies that may be considered as competitors of the Company; or (ii) have or represent
conflicting interest with the Company. If, after the election of the member of the Board of Directors any fact that configures event
of impediment for the holding of the position of director, provided in the Brazilian Corporation Law or in this paragraph, the member
who is subject to the impediment undertakes to immediately present his resignation to the Chairman of the Board of Directors.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Subsection II.1 &ndash; Meetings and
Substitutions </B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 21.</B>&#9;The Board of Directors
shall meet, ordinarily, <STRIKE>once per month</STRIKE> at least 8 (eight) times a year and, extraordinarily, whenever convened by its
Chairman or by the majority of its members, drawing up minutes of these meetings in the proper book.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The call for the meetings
of the Board of Directors will be given, in writing, by means of a letter, telegram, e-mail or other form that allows the proof of receipt
of the call by the recipient, and shall contain, besides the place, date and time of the meeting, the agenda.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - Regardless of the formalities
of the call, it will be considered regular the meeting at which all the members of the Board of Directors are present.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Four - The meetings of the Board
of Directors shall be installed, on first call, with the presence of, at least, two thirds (2/3) of its members. On second call, which
shall be object of a new communication to the directors in the form of Paragraph One of this Article, sent immediately after the date
established for the first call, the meeting will be installed with the presence of the simple majority of the directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Six - No member of the Board of
Directors may have access to information, participate in deliberations and discussions of the Board of Directors or of any management
bodies, exercise the vote or, in any form, intervene in the subjects in which he is, directly or indirectly, in a situation of conflicting
interest with the interests of the Company, in terms of the Law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Seven - The deliberations of the
Board of Directors shall be taken by the majority of the votes of those present, being incumbent on the Chairman of the Board of Directors
the casting vote in the cases of a draw.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Eight - The minutes of the meetings
of the Board of Directors shall be worded clearly and record the decisions taken, the people present, the dissenting votes and the vote
abstentions.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 22.&#9;</B>In the event of absence
or temporary impediment, the directors may be represented at the meetings of the Board of Directors by another director appointed, in
writing, who, besides his own vote, will express the vote of the director absent or temporarily impeded.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - In the event of absence
or temporary impediment of the Chairman of the Board, his functions shall be exercised, on a temporary basis, by the Vice President.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Subsection II.2 - Competence</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 23.</B>&#9;It is competence of
the Board of Directors, besides the other assignments provided in the law and this Bylaws:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(i) establish the general guidance of the
Company&acute;s business, considering the impacts of the Company&acute;s activities on the society and on the environment, aiming the
continuity of the Company and the creation of value in the long term;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(ii) define the values and ethical principles
of the Company and ensure the maintenance of the Company&acute;s transparency in the relationship with all the interested parties;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iii) elect and dismiss the members of the
Board of Officers of the Company or of its controlled companies, directly and indirectly, and establish their assignments, observing the
provision of this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iv) inspect the management of the members
of the Board of Officers, examine at any time the books and papers of the Company, request information on agreements executed or about
to be executed and on any other acts;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(v) convene the General Shareholders&rsquo;
Meeting when judged convenient and in the cases provided in Law;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(vi) manifest on the Management report,
the accounts of the Board of Officers and the financial statements related to each fiscal year;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(vii) distribute among the members of the
Board of Directors and of the Board of Officers the annual global compensation established by the General Shareholders&rsquo; Meeting
and establish the criteria for the participation in the profits of the employees and Management, as provided in this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(viii) authorize the incorporation and winding-up
of controlled companies, direct or indirectly, by the Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(ix) choose and dismiss the independent
auditors appointed by the Audit and Integrity Committee;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(x) propose to the General Shareholders&rsquo;
Meeting the issue of new shares of the Company above the limit of the authorized capital;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xi) except in the cases of competence of
the General Shareholders&rsquo; Meeting, in the terms of the regulation issued by CVM, deliberate (a) the purchase of shares issued by
the Company for maintenance in treasury or for use in plans approved by the General Shareholders&rsquo; Meeting; and (b) the eventual
sale or cancelation of such shares;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xii) resolve the issue by the Company or
by its controlled companies, directly and indirectly, of debentures not convertible into shares, promissory notes (commercial paper) and
other similar credit titles;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xiii) resolve the issue by the Company
of shares, subscription bonus and debentures convertible into shares, within the limit of the authorized capital, establishing the amount,
the conditions of payment in and the respective subscription prices and premium, as well as if it will be ensured the preemptive right
to the shareholders or reduced the term for its exercise, as authorized by the law in force;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xiv) resolve the preparation of semiannual
balance sheets of the Company or related to shorter periods, as well as to declare interim dividends to the account of profits calculated
in these balance sheets, or to the Account of Accrued Profits or of Profits Reserve existing in the last annual or semiannual balance
sheet, in the form provided in law and/or the distribution of capital interest, as provided in Law n&ordm; 9.249, of December 26, 1995,
as amended;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xv) approve the policy on the payment of
dividends of the Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xvi) propose to the Annual General Shareholders&rsquo;
Meeting, observing the limits established in Article 35, sole paragraph, of this Bylaws, the amounts to be paid as statutory participation
of the employees and Management in the profits of each fiscal year, as well as to define the criteria for distribution of such amounts;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xviii) present proposal for approval at
the Meeting of stock option plan or plan of concession of shares to its Management or employees, or to individuals who provide services
to the Company, as well as to the Management and employees or individuals who provide services to its controlled companies, directly and
indirectly, within the limit of the authorized capital, being incumbent to the Board of Directors the Management of the referred plan,
including the grant of options and concessions of shares in the scope of such plans;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xix) authorize amendments to the trading
and issue of American Depositary Receipts &ndash; ADRs by the Company or of its controlled companies, directly and indirectly;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 Directors, without the presence of the members of the Board of Officers and other guests;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxi) constitute technical or advisory committees,
of non-deliberative character, to perform specific tasks or for generic activities of the Company&acute;s interest, in the terms and conditions
defined by the Board of Directors. The Committees may act, among others, in the following areas: (i) strategy and finance, (ii) corporate
governance, conduct and ethics, and (iii) compensation of Management and executive development;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxii) monitor the compliance of the assignments
of the committees that may be created to advise the Board of Directors, approve their respective regulations and assess the technical
opinions and reports, in the terms of the law in force and of this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxiii) establish mechanisms of periodic
assessment of the performance of its members, with the purpose to contribute to the improvement and the effectiveness of the governance
of the Company, being able to hire external specialists for the assessment process;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxiv) prepare and make public grounded
opinion containing favorable or contrary opinion to the acceptance of any and all corporate restructuring, capital increase and other
operations that results in change of control, within fifteen (15) days from the disclosure of all the conditions of the operation that
results in the change of control. This opinion shall manifest if such operation ensures fair and equitative treatment to the shareholders
of the Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxvi) submit to the General Shareholders&rsquo;
Meeting proposals of amendments to the Company&acute;s Bylaws, that are related to the term of duration of the Company, corporate purpose,
increases or reductions of capital, issue of marketable securities and/or securities, exclusion of the preemptive right in the subscription
of shares and other titles and/or securities, dividends, interest on own capital, powers and assignments of the General Shareholders&rsquo;
Meeting, structure and assignments of the Board of Directors and of the Board of Officers, and respective quorums of deliberation;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxvii) approve the annual demobilization
plan of the Company proposed by the Board of Officers, as well as the purchase, assignment, transfer, sale and/or encumbrance of real
estate assets of the Company or of controlled companies or affiliates, directly or indirectly, that are not discriminated in the Demobilization
Plan already approved, according to the Policy of Competence of the Company, to be approved by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxix) deliberate on the liquidation, dissolution,
appointment of liquidators, bankruptcy or voluntary acts of judicial or extrajudicial recovery of the Company or of the controlled company
and affiliates, directly and indirectly, as well as financial restructurings related thereto;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxx) approve the purchase, assignment,
transfer, sale and/or encumbrance of goods of the non-current assets (except real estate properties) of the Company or of the controlled
companies or affiliates, directly or indirectly, according to the Policy of Competence of the Company, to be approved by the Board of
Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxi) authorize the granting of guarantees,
real or fidejussory, commercial pledge, mortgages, guarantees and<STRIKE>,</STRIKE> endorsements, as well as to contract insurance guarantees
or letters of guarantee according to the Policy of Competence of the Company, to be approved by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxii) authorize the Board of Officers
to offer products and real estates and properties of the Company or of controlled companies or affiliates, directly or indirectly, in
guarantee to the financial institutions when contracting financing or in guarantee of judicial procedures, whenever these acts result
in obligations for the Company or for the controlled companies or affiliates, directly or indirectly, according to the Policy of Competence
of the Company, to be approved by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxiii) approve the contracting with third
parties of debt operations of the Company or of controlled companies or affiliates, directly or indirectly, according to the Policy of
Competence of the Company, to be approved by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxiv) approve the policy on financial
risk management of the Company, establishing the main conditions for the contracting of &ldquo;hedging&rdquo; operations (assets and liabilities),
such policy shall contain, at least, the following specifications: purpose of the &ldquo;hedge&rdquo;, risk factors, eligible instruments,
limits and spheres of competence;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxv) approve the issue, purchase, assignment,
transfer, sale and/or encumbrance, at any title or form, by the Company or by the controlled companies or affiliates, directly or indirectly,
of equity interests and/or any securities in any companies (including waiver to the right of subscription of shares or debentures convertible
into shares of subsidiaries, controlled companies or affiliates), according to the Policy of Competence of the Company, to be approved
by the Board of Directors;</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxvi) approve and define, previously,
the acts to be practiced by the Board of Officers of the Company at the General Shareholders&rsquo; Meetings and/or Shareholders&acute;
Meetings of controlled companies, affiliates or invested companies, directly or indirectly, acting as shareholder and/or partner of these
companies, according to the Policy of Competence of the Company, to be approved by the Board of Directors or that involve reputational
and strategic aspects of the Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxvii) observing the provisions of article
16, item (vii) of these Bylaws, approve the performance of operations and business of any nature with related parties, in compliance with
the provision of the Policy on Transactions with Related Parties and Other Situations of Conflict of Interests of the Company, approved
by the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxviii) approve (i) the Code of Conduct;
(ii) the Securities&rsquo; Negotiation Policy, and (iii) the Contributions&rsquo; and Donations&rsquo; Policy, which shall observe the
minimum requirements established by the Regulation of the Novo Mercado e by the Brazilian Code of Corporate Governance;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xxxix) approve the annual and pluriannual
integrated capital budgets (budgets of operations, budgets of investments, and the budgets of cash flow) of the Company and of its controlled
companies and affiliates, establishment of the policy on investment and on the corporate strategy. The general annual integrated budget
shall always be approved up to the last day of the previous calendar year and shall refer to the twelve months of the following fiscal
year. At any time during the calendar year, the budget of the company shall cover a minimum period of six (6) months. The execution and
performance of the approved budget shall be reviewed monthly at the General Shareholders&rsquo; Meetings of the Board of Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xl) approve the execution of any contracts
or agreements (except the contracting of debt) involving the ordinary course of the Company&acute;s activities or of the controlled companies,
directly or indirectly, including, but not limited to, services, consulting or supply agreements, according to the Policy of Competence
of the Company, to be approved by the Board of Directors, as well as to approve the contractual termination or the execution of amendment
terms to the agreements already executed that result in a new obligation of the same amount;</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(xli) approve the execution, amendment,
termination, renewal or cancellation of any contracts, agreements or similar arrangements involving patents, processes of production and/or
technology, copyrights, domain names, trademarks or deposited marks on behalf of the Company or of any company controlled by it or affiliate,
directly or indirectly, according to the Policy of Competence of the Company, to be approved by the Board of Directors, except: (a) if
effected between the Company and wholly-owned subsidiaries, except in cases of sale and/or final assignment, which shall be approved by
the Board of Directors; and (b) for authorization of use of trademarks by controlled companies or affiliates.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Section III &ndash; Board of Officers</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 Two and Three below.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 person.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - 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 Three of this Article. If the Board of Directors does not approve the appointments presented, new names shall be presented,
by the Global Chief Executive Officer, until they are approved by the Board of Directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - The Board of Officers
shall be integrated exclusively by professionals who have proven academic education and practice, acquired in courses and in the exercise
of activities compatible with the functions for which they are being appointed.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Subsection III.1 - Competence</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 25.&#9;</B>It is competence of
the Board of Officers to:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(i) authorize the opening, the closing or
the amendment to the address of branches, agencies, deposits, offices or any other facilities of the Company, in Brazil or abroad;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(ii) submit, annually, the appreciation
by the Board of Directors, the Management Report and the accounts of the Board of Officers, together with the report of the independent
auditors, as well as the proposal for the allocation of the earned profits of the previous year;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iii) prepare and propose, to the Board
of Directors, the annual and pluriannual budgets, the strategic plans, the projects of expansion and the programs of investment programs;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iv) approve the corporate rules that shall
guide the other approval competences and the responsibilities for the management acts necessary to the conduction of the Company&acute;s
activities, defining the limits of competence for several decision making processes, according to hierarchical levels of the Company and
always observing the spheres of competence of the Board of Directors provided in Article 23 of this Bylaws;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(v) decide, by request of the Global Chief
Executive Officer, on any subject that is not of the exclusive competence of the General Shareholders&rsquo; Meeting or of the Board of
Directors;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(vi) observing the provisions of article
16, item (vii) of these Bylaws, approve the performance of certain operations and business with Related Parties, in compliance with the
provisions of the Policy on Transactions with Related Parties and Other Situations of Conflicts of Interests of the Company;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 26.&#9;</B>Besides the other
assignments established in this Bylaws, it is competence on, as for example:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(i) The Global Chief Executive Officer:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">e.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">convene and preside the meetings of the Board of Officers;</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">f.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">represent the Board of Officers at the meetings of the Board of Directors;</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">g.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">submit to the deliberation of the Board of Directors the proposals of the
Board of Officers related to the annual and pluriannual budgets, the strategic plans, the projects of expansion and the programs of investment
of the Company;</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">h.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">inspect and guide the conduction of the financial, social and sustainability
business and the activities of the other Officers;</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">e &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;present
to the Board of Directors, the financial statements, the annual and pluriannual budgets and investments&rsquo; budget, the financial planning
and the cash flow; and</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">f &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;propose
to the Board of Directors positions of Officers, with or without specific designation, and the respective holders for the performance
of specific functions that judges necessary.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(ii) To the Chief Financial and of Investor
Relations Officer:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">d.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">prepare, together with the other members of the Board of Officers and
under the coordination of the Global Chief Executive Officer, the budgets to be submitted to the approval of the Board of Directors and
be responsible for the control of execution of these budgets mainly on what refers to the control of cash flow;</FONT></P>
<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">e.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">guide the execution of the economical financial policy, supervising the
economical financial activities, according to the determinations of the Board of Directors; and</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">f.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">organize and coordinate the system of necessary information to its performance,
as well as supervise all the controllership activities of the Company.</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">d. represent the Company before
CVM and other entities of the capital markets and financial institutions, as well as regulating bodies and stock exchanges, national and
foreign, in which the Company has securities listed, besides complying with applicable regulatory rules to the Company on what is related
to the registrations held by CVM and together with regulating bodies and stock exchanges in which the Company has securities listed and
administer the policy of relationship with investors; and</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">e. monitor the compliance, by the
shareholders of the Company, with the obligations provided in Chapter VIII of this Bylaws and report to the General Shareholders&rsquo;
Meeting and/or to the Board of Directors, when requested, its conclusions, reports and diligences.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">(iii) To the others Vice President Officers,
whose designation will be given by the Board of Directors by suggestion of the Global Chief Executive Officer:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">guide, coordinate and supervise the specific activities under their responsibility;
and </FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">d.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">execute specific charges that might be attributed by decision of the Global
Chief Executive Officer.</FONT></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Subsection III.2 &ndash; Representation
of the Company</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 27.</B>&#9;The Board of Officers,
within the limits established by the Law and by this Bylaws, is vested with general management powers, that allow the practice of all
the necessary acts for the regular functioning of the Company, to achieve its corporate purposes.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 28.</B>&#9;The active and passive
representation of the Company, in or out of court, as well as the practice of all legal acts, shall be incumbent on:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any two (2) members of the Board of Officers acting
jointly;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any member of the Board of Officers, jointly with
an attorney in fact with specific powers; or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">two attorneys in fact with specific powers, always
acting jointly.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The Company may be represented
by only one Officer or one attorney in fact with specific powers in the practice of the following acts:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">representation of the Company at General Shareholders&rsquo;
Meetings and the partners&acute; meetings of companies in which the Company participates; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">representation of the Company in court; or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">practice of acts of simple administrative routine,
including before public bodies, mixed capital companies, boards of trade, Labor Justice, INSS, FGTS and the collecting banks, and others
of the same nature. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - The acts for which this
Bylaws requires previous authorization of the Board of Directors shall only be valid once this requirement is met.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Subsection III.3 &ndash; Meetings of
the Board of Officers</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 29.</B>&#9;The Board of Officers
will hold meetings whenever necessary, drawing up minutes of these meetings in the proper book.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The deliberations of the
Board of Officers shall be taken by the majority of votes, being incumbent on the Global Chief Executive Officer, or on his substitute,
the casting vote.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two - The minimum quorum of installation
of the meetings of the Board of Officers is of two thirds (2/3) of its members.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - If necessary, it is admitted
the holding of meetings or the participation of the members of the Board of Officers, at the meetings of such board, by telephone, videoconference,
electronic vote, or other means of communication that may ensure the effective participation and the authenticity of the vote. In this
event, the member of the Board of Officers shall be considered present at the meeting, and his vote shall be considered valid for all
legal purposes and incorporated to the minutes of the referred meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>XVI.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FISCAL COUNCIL</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 30.&#9;</B>The Company shall
have a permanent Fiscal Council, composed by three (3) effective members and equal number of alternates, elected by the General Shareholders&rsquo;
Meeting, which will perform its functions until the first annual General Shareholders&rsquo; Meeting that occurs after its election,
reelection being allowed, with the assignments, competence and compensation provided in the Law.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The election of the members
of the Fiscal Council shall occur by means of majority decision, being elected the three (3) candidates, and respective alternates, who
receive the higher number of votes at the General Shareholders&rsquo; Meeting, observing the provision of article 161 of the Brazilian
Corporation Law. If there is a Controlling Shareholder, it is ensured to the minority shareholders, provided they represent, jointly,
ten percent (10%) or more of the shares issued by the Company, the right to elect, separately, one (1) member and the respective alternate
of the Fiscal Council of the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two <B>- </B>The members of the
Fiscal Council shall be invested in their positions upon the execution of the term of investiture in the proper book, which shall contain
the consent to all manuals, codes, regulations and internal practices of the Company, and its subordination to the arbitration clause
referred in Article 47.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - The Fiscal Council will
meet periodically, in the terms of its Internal Regulation, drawing up minutes of these meetings in the proper book.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Four - The Fiscal Council shall
elect its Chairman at the first meeting after its election and shall work according to the Internal Regulation approved by the Fiscal
Council itself.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 31.</B>&#9;For the full exercise
of the functions of the Fiscal Council the requirements provided in the applicable law, the provision in this Bylaws and in the Internal
Regulation of the Fiscal Council shall be observed.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - It will be applicable to
the members of the Fiscal Council the same obligations and preventions imposed by the Law and by this Bylaws to the Management of the
Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Three - Observing the requirements
and obligations contained in this Bylaws, as well as in the other applicable legal dispositions, the members of the Fiscal Council of
the Company may be elected by the Board of Directors to also integrate the Audit and Integrity Committee.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>XVII.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AUDIT AND INTEGRITY COMMITTEE</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 32.</B>&#9;The Company will have
an Audit and Integrity Committee in permanent functioning, comprised by, at least, three (3) and, by a maximum, five (5) members, being
the majority independent members and, at least, one (1) of its members not belong to <STRIKE>of</STRIKE> the Board of Directors, in accordance
with the requirements established in the applicable regulation, especially in CVM Instruction n&ordm; 509/11. At least one of the independent
members of the Board of Directors shall be appointed to also integrate the Audit and Integrity Committee. None of the members of the Audit
and Integrity Committee shall be a member of the Board of Officers.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 33.</B>&#9;The members of the
Audit and Integrity Committee shall be appointed by the Board of Directors for terms of office of two (2) years and will occupy their
positions for, at the most, ten (10) years, being dismissible at any time. If the member of the Committee is also a member of the Board
of Directors, the term of office will end simultaneously for both positions.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - The performance of the activities
of the members of the Audit and Integrity Committee shall observe the rules provided in the Brazilian law, especially in CVM Instruction
509/11, and in US law, including the provision of the Sarbanes&ndash;Oxley Act and the rules issued by the Securities and Exchange Commission
- SEC.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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. The same member of the Audit and Integrity Committee may accumulate the characteristics of financial expert
and independent advisor.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 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 9) prepare annual summarized report, to be presented together with
the financial statements, containing the description of: (a) its activities, the results and conclusions reached and the recommendations
presented; and (b) any situations in which there is significant discrepancy among the Company&acute;s management, the independent external
auditors and the Audit and Integrity Committee in relation to the financial statements of the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Four - The Audit and Integrity
Committee will be an advisory body directly bound to the Board of Directors.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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. The internal regulation of the Audit and Integrity Committee must also define the functions and activities
of the body's Coordinator.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>XVIII.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FISCAL YEAR AND RESULTS</FONT></B></P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 34.&#9;</B>The fiscal year coincides
with the calendar year and, in on its termination, the Company shall prepare the financial statements provided in the Brazilian Corporation
Law for purposes of disclosure and assessment by the General Shareholders&rsquo; Meeting.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 35.</B>&#9;From the result of
each fiscal year, it shall be deducted, before any participation, the eventual accrued losses and the provision for Income Tax.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph - After the referred deductions
in this Article are made, the General Shareholders&rsquo; Meeting may assign to the employees and Management, successively and in this
order:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the statutory participation of the employees of
the Company up to the maximum limit of ten percent (10%) of the remaining profits; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the statutory participation of the Management,
up to the maximum legal limit.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 36.</B>&#9;After the participations
mentioned in Article 35 above are deducted, the net profit of the year shall have successively the following destination:</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">five percent (5%) for the constitution of the
Legal Reserve until it reaches twenty percent (20%) of the Capital Stock;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">twenty percent (20%) for the constitution of reserves
for capital increase, until reaches the limit of twenty percent (20%) of the Capital Stock;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, 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>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 37.</B>&#9;Except where otherwise
provided at the General Shareholders&rsquo; Meeting, the payment of the dividends and of interest on own capital shall be made within
sixty (60) days from the date of the respective deliberation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - By deliberation of the Board
of Directors, in the terms of Article 23 above, the Company can prepare semi-annual balance sheets or related to shorter periods, as well
as declare dividends and/or interest on own capital on the account of profits earned in these balance sheets, of accrued profits or of
reserves of profit existing in the last annual or semi-annual balance sheet, as provided in the Law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph Two &ndash; The interim dividends
and the interest on own capital declared in each fiscal year may be attributed to the mandatory dividend of the fiscal year.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 38.</B>&#9;The dividends not
received or unclaimed shall prescribe within the term of three (3) years, counting from the date on which they were made available to
the shareholder, and shall revert to the Company.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>XIX.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SALE OF SHAREHOLDING CONTROL, OF DEREGISTRATION AS PUBLICLY HELD COMPANY
AND DELISTING FROM THE NOVO MERCADO</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 39.</B>&#9;The sale of the control
of the Company, directly or indirectly, both by means of a single operation, as by means of successive operations, shall be contracted
under the condition precedent or subsequent, that the purchaser of the control undertakes to present a public offer for the purchase of
the shares having as object the shares issued by the Company held by the other shareholders (&ldquo;<U>OPA</U>&rdquo;), observing the
conditions and terms provided in the law and regulation in force and in the Regulation of the Novo Mercado, as to ensure them equal treatment
to the one given to the seller.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph One - For purposes of this Bylaws,
it is understood as control and its related terms the power effectively used by shareholder to direct the corporate activities and to
guide the functioning of the company&acute;s bodies, whether directly or indirectly, in fact or by law, regardless of the equity interest
held the shareholder.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph <FONT STYLE="color: #2E74B5"><U>Two</U></FONT>
<FONT STYLE="color: red"><STRIKE>Three</STRIKE></FONT> - In case of indirect sale of control, the purchaser shall disclose the value attributed
to the Company for the purposes of defining the price of the OPA, as well as to disclose the justified evidence of this value.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Paragraph <FONT STYLE="color: #2E74B5"><U>Three</U></FONT>
<FONT STYLE="color: red"><STRIKE>Four</STRIKE></FONT> - The OPA shall observe the conditions and the terms provided in the law, the regulation
in force and in the Regulation of the Novo Mercado.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article 40. </B>After an operation of
sale of control of the Company and its subsequent OPA, the purchaser of the control, whenever necessary, shall take the appropriate measures
to restore the minimum percentage of outstanding shares provided in the Regulation of the Novo Mercado, within the eighteen (18) months
following the purchase of the power of control.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><B><STRIKE>Article 41. </STRIKE></B><STRIKE>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.</STRIKE></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE></STRIKE></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE>Paragraph Two - The
OPA shall be (i) directed indistinctly to all the shareholders of the Company, (ii) effected through an auction to be held at B3, (iii)
presented by the price determined in accordance with Paragraph Three of this Article, and (iv) paid in cash, in national currency, against
the purchase within the OPA of the shares issued by the Company.</STRIKE></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE></STRIKE></P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE>Paragraph Seven - Any
Purchasing Shareholder who purchases or becomes holder of other rights, including usufruct or trust, over the shares issued by the Company
in amount equal to or higher than thirty three point thirty three percent (33.33%) of the total shares issued by the Company, will be
equally obliged to, in up to thirty (30) days counted from the date of such purchase or from the event that resulted in the ownership
of such rights over shares in amount equal to or higher than thirty three point thirty three percent (33.33%) of the total shares issued
by the Company, to present or request the registration, as the case may be, of an OPA, in the terms described in this Article.</STRIKE></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE>Paragraph Eight - The
obligations contained in Article 254-A of the Brazilian Corporation Law and in 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.</STRIKE></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article <FONT STYLE="color: #2E74B5"><U>41</U></FONT>
<FONT STYLE="color: red"><STRIKE>42</STRIKE></FONT>. </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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article <FONT STYLE="color: #2E74B5"><U>42</U></FONT>
<FONT STYLE="color: red"><STRIKE>43</STRIKE></FONT>. </B>Without prejudice to the provision of the Regulation of the Novo Mercado, the
voluntary delisting from the Novo Mercado shall be preceded by an OPA that observes the procedures provided in the regulation issued by
CVM on the OPA for the cancelation of registration as publicly held company and the following requirements: (i) the price offered shall
be fair, being possible, the request of new valuation of the Company in the form established in the Brazilian Corporation Law; and (ii)
shareholders holding more than 1/3 of the outstanding shares shall accept the OPA or expressly agree with the delisting from the Novo
Mercado without the effective sale of the shares.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph. The voluntary delisting
from the Novo Mercado may occur regardless of the performance of the OPA mentioned in this Article, in the event of waiver approved at
the General Shareholders&rsquo; Meeting, observing the rules and conditions of the Regulation of the Novo Mercado.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article <FONT STYLE="color: #2E74B5"><U>43</U></FONT>
<FONT STYLE="color: red"><STRIKE>44</STRIKE></FONT>.</B> Without prejudice to the provision of the Regulation of the Novo Mercado, the
compulsory delisting from the Novo Mercado shall be preceded by an OPA that observes the procedures provided in the regulation issued
by CVM on public offers for purchase of shares for cancelation of registration of publicly held company and the requirements established
in the head paragraph of Article 43.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph. If the percentage of purchase
of shares that authorizes the delisting from the Novo Mercado is not reached, after the performance of the OPA provided in the head paragraph,
the shares issued by the Company will still be negotiated in the Novo Mercado, within six (6) months following the performance of the
auction of the OPA, without prejudice of the application of eventual sanctions by B3.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article <FONT STYLE="color: #2E74B5"><U>44</U></FONT>
<FONT STYLE="color: red"><STRIKE>45</STRIKE></FONT>. </B>It is optional the formulation of a single OPA, aiming to more than one of the
purposes provided in this Chapter VIII, in the Regulation of the Novo Mercado, in the corporate law or in the regulation issued by CVM,
provided it is possible to make procedures compatible with all types of OPA and there is no prejudice for the recipients of the offer
and it is obtained the authorization from CVM when required by the applicable law.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article <FONT STYLE="color: #2E74B5"><U>45</U></FONT>
<FONT STYLE="color: red"><STRIKE>46</STRIKE></FONT>. </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/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Sole Paragraph - The Company or the shareholder,
as the case may be, do not exempt itself from the obligation to present the OPA that is of his responsibility until the said OPA is concluded
in compliance with the applicable rules.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>XX.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ARBITRAL TRIBUNAL</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article <FONT STYLE="color: #2E74B5"><U>46</U></FONT>
<FONT STYLE="color: red"><STRIKE>47</STRIKE></FONT>. </B>The Company, its shareholders, Management and members of Fiscal Council undertake
to resolve, by means of arbitration, in the Market Arbitration Chamber, in the form of its regulation, every and all controversy that
may arise between them, related to or arising from its condition as issuer, shareholder, Management or member of the Fiscal Council, as
the case may be, and, specially, of the application, validity, efficacy, interpretation, violation and its effects, arising from the dispositions
contained in Law n&ordm; 6.385/1976, in the Brazilian Corporation Law, in the rules edited by the National Monetary Council, in the Central
Bank of Brazil or by CVM, as well as in the other applicable rules to the functioning of the capital market in general and the ones contained
in the Regulation of the Novo Mercado, in the other regulations of B3 and in the participation agreement of the Novo Mercado, as in the
Arbitration Regulation of the Market Arbitration Chamber, to be conducted in compliance with this last Regulation.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>XXI.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">COMPANY&acute;S LIQUIDATION</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article <FONT STYLE="color: #2E74B5"><U>47
</U></FONT><FONT STYLE="color: red"><STRIKE>48</STRIKE></FONT>. </B>The Company will be liquidated in the cases determined in the law,
being incumbent on the General Shareholders&rsquo; Meeting to elect the liquidator or liquidators, as well as the Fiscal Council that
shall work in this period, according to the legal formalities.</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>XXII.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">GENERAL PROVISIONS</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Article <FONT STYLE="color: #2E74B5"><U>48</U></FONT>
<FONT STYLE="color: red"><STRIKE>49</STRIKE></FONT>. </B>The Company shall observe the shareholders&acute; agreements filed at the head
office, being expressly prevented to the members of the presiding board of the works of the general meetings or of the meetings of the
Board of Directors to accept declaration of vote of any shareholder, signatory of shareholders&rsquo; agreement duly filed at the head
office or of member of the Board of Directors elected by the signatories of such agreement, that is cast in disagreement with what is
agreed upon in the referred agreement, also being expressly forbidden to the Company to accept and proceed to the transfer of shares and/or
to the encumbrance and/or to the assignment of preemptive right to the subscription of shares and/or of other securities that do not respect
what is provided and regulated according to the shareholders&rsquo; agreement filed at the head office.</P>

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


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

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

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

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

<P STYLE="font: bold 11pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: center">Appendix IV &ndash; Comparative table
of the proposed amendments in item (i) of EGM&rsquo;s Agenda, with the justification for the changes and the analysis of their legal and
economic effects, according to article 12, of CVM Resolution No. 81.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="width: 34%; border: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"><B>Current text</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"><B>Proposed amendment</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"><B>Justification for the changes</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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;OPA&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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">Paragraph One - For purposes of this Bylaws,
    it is understood as control and its related terms the power effectively used by shareholder to direct the corporate activities and to
    guide the functioning of the company&acute;s bodies, whether directly or indirectly, in fact or by law, regardless of the equity interest
    held the shareholder.</P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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;OPA&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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">Paragraph One - For purposes of this Bylaws,
    it is understood as control and its related terms the power effectively used by shareholder to direct the corporate activities and to
    guide the functioning of the company&acute;s bodies, whether directly or indirectly, in fact or by law, regardless of the equity interest
    held the shareholder.</P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">Paragraph Two <FONT STYLE="color: red"><STRIKE>Three</STRIKE></FONT>
    - 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">Paragraph Three <FONT STYLE="color: red"><STRIKE>Four</STRIKE></FONT>
    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></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Tahoma, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%">Exclusion of Paragraph 2 of article 39, which makes cross-reference to the Tender Offer of article 41.</FONT></TD></TR>
  </TABLE>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">Paragraph Two - The OPA shall be (i) directed
    indistinctly to all the shareholders of the Company, (ii) effected through an auction to be held at B3, (iii) presented by the price determined
    in accordance with Paragraph Three of this Article, and (iv) paid in cash, in national currency, against the purchase within the OPA of
    the shares issued by the Company.</P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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 s 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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 Corporate 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">Paragraph Seven - Any Purchasing Shareholder
    who purchases or becomes holder of other rights, including usufruct or trust, over the shares issued by the Company in amount equal to
    or higher than thirty three point thirty three percent (33.33%) of the total shares issued by the Company, will be equally obliged to,
    in up to thirty (30) days counted from the date of such purchase or from the event that resulted in the ownership of such rights over
    shares in amount equal to or higher than thirty three point thirty three percent (33.33%) of the total shares issued by the Company, to
    present or request the registration, as the case may be, of an OPA, in the terms described in this Article.</P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">Paragraph Eight - The obligations contained
    in Article 254-A of the Brazilian Corporate Law and in 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify"><B><STRIKE>Article 41. </STRIKE></B><STRIKE><FONT STYLE="color: red">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.</FONT></STRIKE></P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red"><STRIKE>Paragraph Two - The OPA
    shall be (i) directed indistinctly to all the shareholders of the Company, (ii) effected through an auction to be held at B3, (iii) presented
    by the price determined in accordance with Paragraph Three of this Article, and (iv) paid in cash, in national currency, against the purchase
    within the OPA of the shares issued by the Company.</STRIKE></P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red"><STRIKE>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 s
    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.</STRIKE></P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red"><STRIKE>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 Corporate 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.</STRIKE></P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red"><STRIKE>Paragraph Seven - Any
    Purchasing Shareholder who purchases or becomes holder of other rights, including usufruct or trust, over the shares issued by the Company
    in amount equal to or higher than thirty three point thirty three percent (33.33%) of the total shares issued by the Company, will be
    equally obliged to, in up to thirty (30) days counted from the date of such purchase or from the event that resulted in the ownership
    of such rights over shares in amount equal to or higher than thirty three point thirty three percent (33.33%) of the total shares issued
    by the Company, to present or request the registration, as the case may be, of an OPA, in the terms described in this Article.</STRIKE></P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red"><STRIKE>Paragraph Eight - The
    obligations contained in Article 254-A of the Brazilian Corporate Law and in 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. </STRIKE></P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red"><STRIKE>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.</STRIKE></P>
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red"><STRIKE>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. </STRIKE></P></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">This amendment, to be approved under the
    condition precedent to the settlement of a possible Capital Increase, aims to exclude the statutory Tender Offer for acquisition of a
    relevant interest.</P>
    <P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">Thus, if this matter is approved by the
    Shareholders and the Company carries out a Capital Increase, either through a primary public offering of shares issued by the Company
    or a private capital increase with the issuance of new shares, any shareholder of the Company and/or investor that comes to hold shares
    issued by the Company in a quantity equal or superior to 33.33% (thirty-three point thirty-three percent) of the total shares issued by
    the Company shall not be obliged to carry out the Tender Offer for acquisition of a relevant interest set forth in article 41 of the Bylaws.</P>
    <P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">According to management, after the conclusion
    of the Capital Increase and the effectiveness of the exclusion of article 41, the Company may benefit from greater flexibility to carry
    out corporate transactions beneficial to the Company, by eliminating the obligation to make a Tender Offer additional to those provided
    for in the applicable legislation and regulations, at artificially high prices, constituting an obstacle to investment in the Company's
    common shares, which could ultimately harm their valuation.</P>
    <P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">Finally, it should be noted that the deletion
    of article 41 of the Bylaws is one of the conditions to be met under the investment commitment sent by investor SALIC to the Company,
    under the terms of the Material Fact disclosed by the Company on May 31, 2023.</P>
    <P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify">The Company's management clarifies that
    the effective exclusion of article 41 of the Bylaws, and consequently of cross references and renumbering of the other articles, as well
    as this consolidation is conditioned to the settlement of a Capital Increase. Thus, this consolidation containing the adjustments proposed
    in resolution (ii) of the agenda of the Extraordinary Shareholders' Meeting will only become effective after the settlement of a Capital
    Increase.</P></TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 34%">
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 33%">
    <P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 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: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: justify; color: red"><STRIKE>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.</STRIKE></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt/115% Tahoma, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: justify; width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%">Exclusion of the Sole Paragraph of article 45, which makes cross-reference to the Tender Offer of article 41.</FONT></TD></TR>
  </TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
