<SEC-DOCUMENT>0001292814-23-002910.txt : 20230705
<SEC-HEADER>0001292814-23-002910.hdr.sgml : 20230705
<ACCEPTANCE-DATETIME>20230703181423
ACCESSION NUMBER:		0001292814-23-002910
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230930
FILED AS OF DATE:		20230705
DATE AS OF CHANGE:		20230703

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:		231066176

	BUSINESS ADDRESS:	
		STREET 1:		AV DAS NACOES UNIDAS 14401 22ND-25TH
		STREET 2:		FLOORS TORRE A2 VILA GERTRUDES 04794-000
		CITY:			SAO PAULO SP BRAZIL
		STATE:			D5
		ZIP:			00000
		BUSINESS PHONE:		551123225377

	MAIL ADDRESS:	
		STREET 1:		AV DAS NACOES UNIDAS 14401 22ND-25TH
		STREET 2:		FLOORS TORRE A2 VILA GERTRUDES 04794-000
		CITY:			SAO PAULO SP BRAZIL
		STATE:			D5
		ZIP:			00000

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><B>dated&nbsp;July
3, 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"><B>14401 AV. DAS NACOES UNIDAS 22ND FLOOR</B><BR>
<B>CHAC SANTO ANTONIO 04730 090-S&atilde;o Paulo &ndash; SP, Brazil</B><BR>
<FONT STYLE="font-size: 13.5pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(Address of principal executive
offices) (Zip code)</FONT></P>

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

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

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

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

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

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

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

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



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

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


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

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

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



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

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&nbsp;July&nbsp;3, 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/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<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">BYLAWS</FONT></A></TD></TR>
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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">CNPJ/MF N&ordm; 01.838.723/0001-27</P>

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

<P STYLE="font: 10pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0.3pt 0 0; text-align: center; text-indent: -0.5pt">NIRE 42.300.034.240</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><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 0 1.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 1.</B>&#9;BRF S.A. (&#8220;<U>Company</U>&#8221;)
is a publicly held company, which is ruled by this Bylaws, by Law n&ordm; 6.404, of December 15, 1976, as amended (&#8220;<U>Brazilian
Corporation Law</U>&#8221;) and by the other applicable laws and regulations.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - With the entry of the Company
into the special listing segment referred as Novo Mercado, of B3 S.A. &#8211; Brasil, Bolsa, Balc&atilde;o (&#8220;<U>B3</U>&#8221;),
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 (&#8220;<U>Regulation of the Novo Mercado</U>&#8221;).</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">transportation of cargo in general;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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>


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<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the industrialization, exploration
and commercialization of packaging of any nature;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the exploration and creation
of animals in general;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the commercialization of commodities
in general;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(xii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the activities of reforestation,
extraction, industrialization and commercialization of woods;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(xiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(xiv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt"><B>II.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>CAPITAL STOCK</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 5.</B>&#9;The Company&acute;s capital
stock is 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; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - The shares issued by the Company
are indivisible and each common share entitles one vote in the deliberations of the General Shareholders&#8217; Meetings.</P>


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<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 6.</B>&#9;All the shares issued by
the Company are in book-entry form and, according to deliberation of the Board of Directors, kept in deposit account, with a financial
institution authorized by Comiss&atilde;o de Valores Mobili&aacute;rios &#8211; CVM (&#8220;CVM&#8221;), on behalf of its holders.</P>

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 7.</B>&#9;The Company is authorized
to increase its capital stock, regardless of statutory reform, 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, by resolution of the Board of Directors.</P>

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - Within the limit of the authorized
capital, the Board of Directors may, still: (i) deliberate the issuance of subscription bonus; (ii) according to the plan approved by
the General Shareholders&#8217; Meeting, grant stock option, without the shareholders having preemptive right in the granting of the options
or subscription of the respective shares; (iii) approve the increase of the capital stock upon the capitalization of profits or reserves,
with or without bonus shares; and (iv) deliberate the issuance of debentures convertible into shares.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 8.</B>&#9;At the discretion of the
Board of Directors or of the General Shareholders&#8217; Meeting it may be excluded or reduced the preemptive right of the shareholders,
in any issuance of shares, debentures convertible into shares and subscription bonus, whose placement is made through sale in the stock
exchange, public subscription or exchange for shares in public offer of purchase of control, as provided in the Law and in this Bylaws.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 9.&#9;</B>The failure of the shareholder
in the payment of the capital it subscribed will imply in the charge of interest of one percent (1%) per month, <I>pro rata temporis</I>,
monetary adjustment based on the variation of the General Market Price Index &#8211; IGP-M, disclosed by Funda&ccedil;&atilde;o Get&uacute;lio
Vargas &#8211; 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 0 0.5in">&nbsp;</P>


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 10.</B>&#9;By deliberation of the General
Shareholders&#8217; Meeting, by virtue of the proposal of the Board of Directors, the Company&acute;s capital stock may be increased according
to events provided in the law, being certain that in cases of capitalization of profits or reserves, it is optional the issue of new shares
corresponding to the increase, among its shareholders, <I>pro-rata</I> the number of shares they hold.</P>

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><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; font-size: 11pt">GENERAL SHAREHOLDERS&#8217; MEETING</FONT></B></P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 11</B>.&#9;The General Shareholders&#8217;
Meeting, convened and installed according to the law and to this Bylaws, shall occur ordinarily within the first four (4) months following
the end of the fiscal year and, extraordinarily, whenever the interests and corporate subjects require deliberation of the shareholders.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 12.</B>&#9;The General Shareholders&#8217;
Meeting shall be convened by the Board of Directors upon deliberation of the majority of its members or, still, in the events provided
in this Bylaws and in the Sole paragraph of Article 123 of the Brazilian Corporation Law.</P>

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 13.</B>&#9;The General Shareholders&#8217;
Meeting shall be installed, on first call, with the attendance of shareholders representing, at least, twenty five percent (25%) of the
capital stock, except when the law requires a higher quorum; and, on second call, with any number of shareholders.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The Extraordinary General Shareholders&#8217;
Meeting that has as purpose the amendment to this Bylaws will be installed, on first call, with the attendance of shareholders that represent,
at least, two thirds (2/3) of the capital stock but may be installed, on second call, with any number of shareholders present.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - Subject to the exceptions provided
in the applicable regulation, the first call of the General Shareholders&#8217; Meeting shall be made with, at least, thirty (30) days
in advance and the second call with, at least, eight (8) days.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three - The works of the General Shareholders&#8217;
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&#8217; 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&#8217; Meeting.</P>


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<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 14.</B>&#9;The deliberations in the
General Shareholders&#8217; Meeting, with the exception of the provisions in the law and in this Bylaws, shall be taken by absolute majority
of votes of the attendees, the votes in blank not being counted.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The General Shareholders&#8217;
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&#8217; Meeting, matters named &#8220;other subjects&#8221;
or &#8220;general subjects&#8221; or equivalent expressions.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - From the works and deliberations
of the General Shareholders&#8217; Meeting, the minutes shall be drawn up, which shall be signed by the members of the board of works
of the General Shareholders&#8217; Meeting and by the shareholders present that represent, at least, the majority necessary for the deliberations
taken.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 15.</B>&#9;For the benefit of the development
of the works of the General Shareholders&#8217; Meetings, the shareholders or their representatives shall present, with, at least, five
(5) days in advance, besides the identity card, as the case may be: (i) a power of attorney with certification of the signature of the
grantor and/or the documents that evidence the powers of the legal representative of the shareholder; and/or (ii) relatively to the shareholders
participants of the fungible custody of book-entry shares, the statement containing the respective equity interest, issued by the financial
institution responsible for the custody.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - Without prejudice to the provision
in head paragraph of this Article, the shareholder that attends the General Shareholders&#8217; Meeting with the documents that evidence
its status of shareholder may participate and vote at the meeting.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two &#8211; The Company will adopt,
in the inspection of the documentation for the due representation of the shareholder, the principle of good-faith.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 16.</B>&#9;It is competence of the
General Shareholders&#8217; Meeting, besides the other assignments provided in law and in this Bylaws:</P>

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) approve stock option plans or subscription
of shares or granting of plans of shares to the Management and employees or to the individuals who provide services to the Company, as
well as to the Management and employees or to individuals who provide services to other companies that are controlled, directly or indirectly,
by the Company;</P>

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


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

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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vi) approve, in accordance with the terms of
the Regulation of the Novo Mercado, the waiver of the presentation of the Public Offer of Purchase of Shares in case of delisting of the
Novo Mercado; and</P>

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 17.</B>&#9;The General Shareholders&#8217;
Meeting will establish annually the amount of the global annual compensation of the Management da Company, including benefits of any nature
and the representation funds, in view of their responsibilities, the time dedicated to their functions, their competence and professional
reputation and the value of their services in the market, being incumbent on the Board of Directors to establish the criteria for of the
<I>pro-rata</I> of the global compensation among the Management.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 18.</B>&#9;The General Shareholders&#8217;
Meeting may suspend the exercise of the rights of the shareholder that does not comply with a legal or statutory obligation, ceasing the
suspension as soon as the obligation is complied with.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The shareholders that represent
five percent (5%), at least, of the capital stock, may convene the General Shareholders&#8217; Meeting mentioned in the head paragraph
of this Article when the Board of Directors does not meet, in the term of eight (8) days, the request that they present to convene one,
with the indication of the obligation breached and the identification of the defaulting shareholder.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - It shall be incumbent on the General
Shareholders&#8217; Meeting that approves the suspension of the rights of the shareholder to also establish, among other aspects, the
scope and duration of the suspension, observing the preventions provided in the law.</P>

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

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

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

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<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><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; font-size: 11pt">MANAGEMENT</FONT></B></P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></B></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Section I &#8211; General Provisions to the
Bodies of the Management</B></P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Section II &#8211; Board of Directors</B></P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 20.</B>&#9;The Board of Directors is
composed by, at least, nine (9) and, up to, eleven (11) effective members, all elected and dismissible by the General Shareholders&#8217;
Meeting, with unified term of office of two (2) years, reelection being allowed.</P>

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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three. The characterization of the
those appointed to the Board of Directors as Independent Directors shall be deliberated at the General Shareholders&#8217; 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&#8217;
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; text-align: justify"></P>


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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Six - As to the election of the members
of the Board of Directors, the General Shareholders&#8217; Meeting shall appoint a Chairman and a Vice President, the Vice President shall
substitute the Chairman in his absences or impediments, as well as in case of vacancy.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Seven - Whenever the General Shareholders&#8217;
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&#8217; Meeting.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Eight - If any shareholder wants to
appoint one or more candidates to compose the Board of Directors that do not integrate the 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&#8217;
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; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Nine - It is forbidden the presentation
of more than one 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>


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<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Ten - If it receives written request
of adoption of the procedure of multiple voting, in the form of Article 141, Paragraph One of the Brazilian Corporation Law, the Company
shall disclose the request and content of such request, immediately, by means of a Notice to the Shareholders through the electronic system
available at the website of CVM or in the form defined by the law or by CVM.</P>

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Twelve - Whenever the election occurs
by the procedure of multiple voting, the dismissal of any member of the Board of Directors by the General Shareholders&#8217; Meeting
will imply in the dismissal of all the other members, proceeding to a new election.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Thirteen - In the events of vacancy
of positions of effective members of the Board of Directors, the remaining members shall appoint a substitute who will fill in the position
until the next General Shareholders&#8217; 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&#8217; Meeting will be convened, within
thirty (30) days of this event, for the election of the substitutes, whose term of office will coincide with the term of office of the
other directors.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Fourteen &#8211; The members of the
Board of Directors shall have impeccable reputation, not being able, except as approved at the General Shareholders&#8217; Meeting, to
be elected those that (i) occupy positions in companies that may be considered as competitors of the Company; or (ii) have or represent
conflicting interest with the Company. If, after the election of the member of the Board of Directors any fact that configures event of
impediment for the holding of the position of director, provided in the Brazilian Corporation Law or in this paragraph, the member who
is subject to the impediment undertakes to immediately present his resignation to the Chairman of the Board of Directors.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Subsection II.1 &#8211; Meetings and Substitutions
</B></P>

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

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

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

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


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<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - The meetings of the Board of Directors
shall be convened with, at least, five (5) business days in advance. On the same call date of the meeting, the material and documents
necessary to the consideration of the issues of the agenda of the meeting of the Board of Directors shall be made available to the directors.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - In the event of absence or temporary
impediment do Vice President, will be incumbent on the Chairman to appoint, among the other members of the Board of Directors, the substitute.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(v) convene the General Shareholders&#8217; Meeting
when judged convenient and in the cases provided in Law;</P>

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vii) distribute among the members of the Board
of Directors and of the Board of Officers the annual global compensation established by the General Shareholders&#8217; Meeting and establish
the criteria for the participation in the profits of the employees and Management, as provided in this Bylaws;</P>

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

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

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


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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(x) propose to the General Shareholders&#8217;
Meeting the issue of new shares of the Company above the limit of the authorized capital;</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xi) except in the cases of competence of the
General Shareholders&#8217; 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&#8217; Meeting; and (b) the eventual sale
or cancelation of such shares;</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xvi) propose to the Annual General Shareholders&#8217;
Meeting, observing the limits established in Article 35, sole paragraph, of this Bylaws, the amounts to be paid as statutory participation
of the employees and Management in the profits of each fiscal year, as well as to define the criteria for distribution of such amounts;</P>

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

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

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

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


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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xix) authorize amendments to the trading and
issue of American Depositary Receipts &#8211; ADRs by the Company or of its controlled companies, directly and indirectly;</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xx) approve its internal regulation which shall
provide for, at least, the following matters: (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 0 35.45pt; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxv) prepare and make public previously grounded
opinion containing favorable or contrary opinion to the acceptance of any and all public offer for the purchase of shares or securities
convertible into or exchangeable for shares issued by the Company, within fifteen (15) days from the publication of the notice of the
public offer of purchase of shares, or securities convertible into shares or exchangeable for share issued by the Company, in which it
will manifest: (a) on the convenience and opportunity of the public offer of purchase of shares, or securities convertible into shares
or exchangeable for share issued by the Company, as to the interest of the Company and of all of its shareholders and in relation to
the price and to the possible impacts on the liquidity of the securities held by them; (b) as to the strategic plans disclosed by the
offering party in relation to the Company; and (c) the eventual alternatives to the acceptance of the public offer of purchase of shares,
or securities convertible into shares or exchangeable for share issued by the Company, available in the market;</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxvi) submit to the General Shareholders&#8217;
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&#8217;
Meeting, structure and assignments of the Board of Directors and of the Board of Officers, and respective quorums of deliberation;</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxvii) approve the annual demobilization plan
of the Company proposed by the Board of Officers, as well as the purchase, assignment, transfer, sale and/or encumbrance of real estate
assets of the Company or of controlled companies or affiliates, directly or indirectly, that are not discriminated in the Demobilization
Plan already approved, according to the Policy of Competence of the Company, to be approved by the Board of Directors;</P>

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

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

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

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

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

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

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

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

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


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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxxiv) approve the policy on financial risk management
of the Company, establishing the main conditions for the contracting of &#8220;hedging&#8221; operations (assets and liabilities), such
policy shall contain, at least, the following specifications: purpose of the &#8220;hedge&#8221;, risk factors, eligible instruments,
limits and spheres of competence;</P>

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxxvi) approve and define, previously, the acts
to be practiced by the Board of Officers of the Company at the General Shareholders&#8217; Meetings and/or Shareholders&acute; Meetings
of controlled companies, affiliates or invested companies, directly or indirectly, acting as shareholder and/or partner of these companies,
according to the Policy of Competence of the Company, to be approved by the Board of Directors or that involve reputational and strategic
aspects of the Company;</P>

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxxviii) approve (i) the Code of Conduct; (ii)
the Securities&#8217; Negotiation Policy, and (iii) the Contributions&#8217; and Donations&#8217; Policy, which shall observe the minimum
requirements established by the Regulation of the Novo Mercado e by the Brazilian Code of Corporate Governance;</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(xxxix) approve the annual and pluriannual integrated
capital budgets (budgets of operations, budgets of investments, and the budgets of cash flow) of the Company and of its controlled companies
and affiliates, establishment of the policy on investment and on the corporate strategy. The general annual integrated budget shall always
be approved up to the last day of the previous calendar year and shall refer to the twelve months of the following fiscal year. At any
time during the calendar year, the budget of the company shall cover a minimum period of six (6) months. The execution and performance
of the approved budget shall be reviewed monthly at the General Shareholders&#8217; Meetings of the Board of Directors;</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Section III &#8211; Board of Officers</B></P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 24.</B>&#9;The Board of Officers, whose
members are elected and dismissible at any time by the Board of Directors, shall be composed by, at least, two (2) and, up to, fifteen
(15) members, elected for a period of two (2) years, reelection being allowed, being one (1) Global Chief Executive Officer and one (1)
Chief Financial and of Investor Relations Officer and the others Vice President Officers with designation and functions to be proposed
to the Board of Directors by the Global Chief Executive Officer, in the terms of Article 26 below, all being professionals who meet the
parameters indicated in Paragraphs Two and Three below.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The positions of Chairman of the
Board of Directors and of the Global Chief Executive Officer may not be occupied by the same person.</P>

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(v) decide, by request of the Global Chief Executive
Officer, on any subject that is not of the exclusive competence of the General Shareholders&#8217; Meeting or of the Board of Directors;</P>

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(vii) prepare the draft, for further submission
to the deliberation of the Board of Directors (i) of the Code of Conduct; (ii) of Risk Management Policy, (iii) of the Securities&#8217;
Negotiation Policy, (iv) of the Related Parties&#8217; Transaction Policy, and (v) of the Contributions&#8217; and Donations&#8217; 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; text-align: justify"></P>


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

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

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

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

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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; font-size: 11pt">convene and preside the meetings of the Board of Officers;</FONT></P>

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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; font-size: 11pt">represent the Board of Officers at the meetings of the
Board of Directors;</FONT></P>

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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; font-size: 11pt">submit to the deliberation of the Board of Directors the
proposals of the Board of Officers related to the annual and pluriannual budgets, the strategic plans, the projects of expansion and the
programs of investment of the Company;</FONT></P>

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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; font-size: 11pt">inspect and guide the conduction of the financial, social
and sustainability business and the activities of the other Officers;</FONT></P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">e &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;present
to the Board of Directors, the financial statements, the annual and pluriannual budgets and investments&#8217; budget, the financial planning
and the cash flow; and</P>

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

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

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

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

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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; font-size: 11pt">prepare, together with the other members of the Board
of Officers and under the coordination of the Global Chief Executive Officer, the budgets to be submitted to the approval of the Board
of Directors and be responsible for the control of execution of these budgets mainly on what refers to the control of cash flow; </FONT></P>

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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; font-size: 11pt">guide the execution of the economical financial policy,
supervising the economical financial activities, according to the determinations of the Board of Directors; and</FONT></P>

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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; font-size: 11pt">organize and coordinate the system of necessary information
to its performance, as well as supervise all the controllership activities of the Company.</FONT></P>

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


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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">e. monitor the compliance, by the
shareholders of the Company, with the obligations provided in Chapter VIII of this Bylaws and report to the General Shareholders&#8217;
Meeting and/or to the Board of Directors, when requested, its conclusions, reports and diligences.</P>

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

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

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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; font-size: 11pt">guide, coordinate and supervise the specific activities
under their responsibility; and </FONT></P>

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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; font-size: 11pt">execute specific charges that might be attributed by decision
of the Global Chief Executive Officer.</FONT></P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Subsection III.2 &#8211; Representation of
the Company</B></P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">any two (2) members of the Board
of Officers acting jointly;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">any member of the Board of Officers,
jointly with an attorney in fact with specific powers; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">two attorneys in fact with specific
powers, always acting jointly.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">representation of the Company
at General Shareholders&#8217; Meetings and the partners&acute; meetings of companies in which the Company participates; </FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">representation of the Company
in court; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">practice of acts of simple administrative
routine, including before public bodies, mixed capital companies, boards of trade, Labor Justice, INSS, FGTS and the collecting banks,
and others of the same nature. </FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Subsection III.3 &#8211; Meetings of the Board
of Officers</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Four - In the absence or temporary
impediments, the members of the Board of Officers will replace each other, by appointment of the Global Chief Executive Officer. If there
is vacancy, the Board of Directors, within thirty (30) days, (i) shall appoint who shall (a) fill in the vacancy, whose term of office
shall have a coincident term with the other members of the Board of Officers or (b) cumulate the respective function or (ii) deliberate
on the non-fulfillment, temporary or permanent, of the position vacant, provided that this position is not of the Global Chief Executive
Officer or Chief Financial and Investor Relations Officer.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><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; font-size: 11pt">FISCAL COUNCIL</FONT></B></P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 30.&#9;</B>The Company shall have a
permanent Fiscal Council, composed by three (3) effective members and equal number of alternates, elected by the General Shareholders&#8217;
Meeting, which will perform its functions until the first annual General Shareholders&#8217; Meeting that occurs after its election, reelection
being allowed, with the assignments, competence and compensation provided in the Law.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The election of the members of
the Fiscal Council shall occur by means of majority decision, being elected the three (3) candidates, and respective alternates, who receive
the higher number of votes at the General Shareholders&#8217; Meeting, observing the provision of article 161 of the Brazilian Corporation
Law. If there is a Controlling Shareholder, it is ensured to the minority shareholders, provided they represent, jointly, ten percent
(10%) or more of the shares issued by the Company, the right to elect, separately, one (1) member and the respective alternate of the
Fiscal Council of the Company.</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two &#8211; 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&#8217; 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; text-align: justify"></P>


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

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

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><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; font-size: 11pt">AUDIT AND INTEGRITY COMMITTEE</FONT></B></P>

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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - The performance of the activities
of the members of the Audit and Integrity Committee shall observe the rules provided in the Brazilian law, especially in CVM Instruction
509/11, and in US law, including the provision of the Sarbanes&#8211;Oxley Act and the rules issued by the Securities and Exchange Commission
- SEC.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two - At least one of the members of
the Audit and Integrity Committee shall have proven knowledge in the areas of corporate accounting, of audit and finance, that characterizes
him as financial specialist. 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; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Three <B>- </B>The Audit and Integrity
Committee shall have the following assignments: 1) give opinion on the hiring and dismissal of the independent external auditor for the
conduction of the independent external audit or for any other type of service; 2) supervise the activities: (a) of the independent auditors,
such as to evaluate their independence, the quality and adequacy of the services provided to the needs of the Company; (b) of the area
of internal controls of the Company; (c) of the area of internal audit of the Company; and (d) of the area of preparation of the financial
statements of the Company; 3) monitor the quality and integrity: (a) of the mechanisms of internal controls; (b) of the quarterly information,
interim statements and financial 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; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Five &#8211; 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Six - The Audit and Integrity Committee
shall meet, at least, every two (2) months, and whenever necessary, so that the accounting information of the Company is always being
evaluated by the committee before its disclosure.</P>

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Eight- The Audit and Integrity Committee
shall have means to receive, hold and respond to claims, including confidential, internal and external to the Company, in relation to
the non-compliance with the legal and regulatory requirements applicable to the Company, in addition to internal regulations and codes,
including with provision of specific procedures for the protection of the confidentiality of the information and of its provider.</P>


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<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Ten- The meetings of the Audit and Integrity
Committee shall be recorded in minutes, considering that the decisions/recommendations shall be taken with favorable votes of 2/3 (two
thirds) of its members.</P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Eleven- 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&#8217; Meeting and, when necessary, at the Extraordinary General
Shareholders&#8217; Meetings of the Company.</P>

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

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><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; font-size: 11pt">FISCAL YEAR AND RESULTS</FONT></B></P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 34.&#9;</B>The fiscal year coincides
with the calendar year and, in on its termination, the Company shall prepare the financial statements provided in the Brazilian Corporation
Law for purposes of disclosure and assessment by the General Shareholders&#8217; Meeting.</P>

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sole Paragraph - After the referred deductions
in this Article are made, the General Shareholders&#8217; Meeting may assign to the employees and Management, successively and in this
order:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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; text-align: justify"><B>&nbsp;</B></P>

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


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<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">five percent (5%) for the constitution
of the Legal Reserve until it reaches twenty percent (20%) of the Capital Stock;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">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 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/16pt Times New Roman, Times, 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; font-size: 11pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">until fifty percent (50%) for
the constitution of the reserve for expansion, until it reaches eighty percent (80%) of the Capital Stock, with the purpose to ensure
investments in fixed assets, or increases in working capital, including by means of amortization of the Company&acute;s debts, regardless
of the withholding of profit related to the capital budget, and its balance may be used: (i) in the absorption of losses, whenever necessary;
(ii) in the distribution of dividends, at any time; (iii) in the operations of redemption, reimbursement or purchase of shares, authorized
by the Law; and (iv) in the incorporation to the Capital Stock, including upon new bonus shares.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 37.</B>&#9;Except where otherwise provided
at the General Shareholders&#8217; Meeting, the payment of the dividends and of interest on own capital shall be made within sixty (60)
days from the date of the respective deliberation.</P>

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Two &#8211; The interim dividends and
the interest on own capital declared in each fiscal year may be attributed to the mandatory dividend of the fiscal year.</P>

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

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

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><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; font-size: 11pt">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">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 39.</B>&#9;The sale of the control
of the Company, directly or indirectly, both by means of a single operation, as by means of successive operations, shall be contracted
under the condition precedent or subsequent, that the purchaser of the control undertakes to present a public offer for the purchase
of the shares having as object the shares issued by the Company held by the other shareholders (&#8220;<U>OPA</U>&#8221;), observing
the conditions and terms provided in the law and regulation in force and in the Regulation of the Novo Mercado, as to ensure them equal
treatment to the one given to the seller.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph One - For purposes of this Bylaws,
(i) &#8220;Purchasing Shareholder&#8221; 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) &#8220;Group of Shareholders&#8221;
means the group of people: (a) bound by contracts or voting agreements of any nature, whether directly or by means of controlled companies,
controlling companies or under common control; or (b) among which there is a control relationship; or (c) under common control.</P>
<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Six - If the Purchasing Shareholder
does not comply with the obligations imposed by this Article, including on what refers to the compliance of the maximum terms (i) for
the performance or request of registration of the or (ii) for compliance or possible requests or requirements from CVM, the Board of
Directors of the Company shall convene an Extraordinary General Shareholders&#8217; 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; text-align: justify"></P>


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

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Paragraph Nine - The provision of this Article
is not applicable if a person becomes holder of shares issued by the Company in amount higher than thirty three point thirty three percent
(33.33%) of the total of the shares issued as a result: (i) of legal succession, under the conditions that the shareholder disposes the
excess of shares in up to sixty (60) days counted from the relevant event, (ii) of the merger of another company into the Company, (iii)
of the merger of shares of another company into the Company, or (iv) of the subscription of shares of the Company, made in a single primary
issue, that has been approved at a General Shareholders&#8217; Meeting of the shareholders of the Company, according to the rules provided
in the applicable regulation.</P>

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

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

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

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

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


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<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 42. </B>The Company&acute;s delisting
from the Novo Mercado, either by voluntary, compulsory act or by virtue of corporate restructuring, shall observe the rules contained
in the Regulation of the Novo Mercado.</P>

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

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

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sole Paragraph. The voluntary delisting from the
Novo Mercado may occur regardless of the performance of the OPA mentioned in this Article, in the event of waiver approved at the General
Shareholders&#8217; Meeting, observing the rules and conditions of the Regulation of the Novo Mercado.</P>

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

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

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

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

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

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

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

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


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<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 46. </B>The shareholders responsible
for the performance of the OPA provided in this Chapter VIII, in the Regulation of the Novo Mercado or in the regulation issued by CVM
may ensure its effectiveness through any shareholder or third party.</P>

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

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

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><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; font-size: 11pt">ARBITRAL TRIBUNAL</FONT></B></P>

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

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

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><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; font-size: 11pt">COMPANY&acute;S LIQUIDATION</FONT></B></P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 48. </B>The Company will be liquidated
in the cases determined in the law, being incumbent on the General Shareholders&#8217; Meeting to elect the liquidator or liquidators,
as well as the Fiscal Council that shall work in this period, according to the legal formalities.</P>

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

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><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; font-size: 11pt">GENERAL PROVISIONS</FONT></B></P>

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

<P STYLE="font: 11pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 49. </B>The Company shall observe
the shareholders&acute; agreements filed at the head office, being expressly prevented to the members of the presiding board of the works
of the general meetings or of the meetings of the Board of Directors to accept declaration of vote of any shareholder, signatory of shareholders&#8217;
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&#8217; agreement filed at
the head office.</P>


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