<SEC-DOCUMENT>0001019155-23-000107.txt : 20230523
<SEC-HEADER>0001019155-23-000107.hdr.sgml : 20230523
<ACCEPTANCE-DATETIME>20230523093349
ACCESSION NUMBER:		0001019155-23-000107
CONFORMED SUBMISSION TYPE:	F-6EF
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20230523
DATE AS OF CHANGE:		20230523

SUBJECT COMPANY:	

	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:		F-6EF
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272134
		FILM NUMBER:		23946731

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PERDIGAO SA
		DATE OF NAME CHANGE:	20000823

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANK OF NEW YORK / ADR DIVISION
		CENTRAL INDEX KEY:			0001201935
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 8880 [8880]
		IRS NUMBER:				135160382
		STATE OF INCORPORATION:			NY

	FILING VALUES:
		FORM TYPE:		F-6EF

	BUSINESS ADDRESS:	
		STREET 1:		AMERICAN DEPOSITARY RECEIPTS DIVISION
		STREET 2:		101 BARCLAY STREET - 22WEST
		CITY:			NYC
		STATE:			NY
		ZIP:			10286
		BUSINESS PHONE:		212-815-8252

	MAIL ADDRESS:	
		STREET 1:		ATTN: ELSA GUZMAN - 22 WEST
		STREET 2:		101 BARCLAY STREET
		CITY:			NYC
		STATE:			NY
		ZIP:			10286

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANK OF NEW YORK/ADR DIVISION
		DATE OF NAME CHANGE:	20021028
</SEC-HEADER>
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    <TD STYLE="width: 71%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>As filed with the Securities and Exchange Commission on&nbsp;May 23, 2023</B></FONT></TD>
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>Registration No. 333-_____</B></FONT></TD></TR>
  </TABLE>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM F-6</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">REGISTRATION STATEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE SECURITIES ACT OF 1933</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BRF S.A.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of issuer of deposited securities as specified
in its charter)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of issuer's name into English)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Jurisdiction of incorporation or organization of issuer)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>THE BANK OF NEW YORK MELLON</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of depositary as specified in its charter)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">240 Greenwich Street New York, N.Y. 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 495-1784</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of depositary's principal executive offices)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>240 Greenwich Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10286</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 495-1784</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of agent for service)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>120 Broadway</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10271</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 238-3032</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">It is proposed that this filing become effective under
Rule 466</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[ ] on ( Date ) at ( Time ).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">If a separate registration statement has been filed
to register the deposited shares, check the following box. []</P>

<P STYLE="font: 8pt Univers Condensed,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Title of each class of </B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities to be registered</B></P></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount to be registered</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Proposed maximum offering price per unit <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Proposed maximum&nbsp;&nbsp;aggregate offering price</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount of registration fee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">American Depositary Shares representing common shares
    of BRF S.A.</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">1,000,000,000</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">American Depositary Shares</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">$5.00</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">$50,000,000</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">$ 5,510.00</P></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">For the purpose of this table only the term &quot;unit&quot; is defined as 100 American Depositary Shares
or portion thereof.</TD></TR></TABLE>

<P STYLE="font: 8pt Univers Condensed,sans-serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 8pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 8pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 8pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 8pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 8pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The prospectus consists
of the proposed form of American Depositary Receipt (&ldquo;Receipt&rdquo;) included as Exhibit A to the form of Deposit Agreement filed
as Exhibit 1 to this Registration Statement, which is incorporated herein by reference.</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item - 1.&#9;<U>Description of Securities to be Registered</U></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4in">Location in Form of Receipt</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Item Number and Caption</U>&#9;<U>Filed Herewith
as Prospectus</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Name and address of depositary&#9;Face of Receipt,
bottom center</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Title of American Depositary Receipts and identity
of&#9;Face of Receipt, top center</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Terms of Deposit:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(i) The amount of deposited securities
represented&#9;Face of Receipt, upper right corner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">by one unit of American Depositary
Receipts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">(ii) The procedure for voting,
if any, the deposited&#9;Articles number 15, 16 and 18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">(iii) The collection
and distribution of dividends&#9;Articles number 4, 12, 15 and 18</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">(iv) The transmission
of notices, reports and proxy&#9;Articles number 11, 15, 16 and 18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">soliciting material</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">(v) The sale or exercise
of rights&#9;Articles number 13, 14, 15 and 18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">(vi) The deposit or sale
of securities resulting from&#9;Articles number 12, 13, 15, 17 and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">dividends, splits or
plans of reorganization&#9;18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">(vii) Amendment, extension
or termination of the&#9;Articles number 20 and 21</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">deposit agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">(viii) Rights of holders
of Receipts to inspect the&#9;Article number 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">transfer books of the
depositary and the list of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">holders of Receipts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">(ix) Restrictions upon
the right to transfer or&#9;Articles number 2, 3, 4, 5, 6, 8 and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">withdraw the underlying
securities&#9;22</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -261pt">(x) Limitation upon the
liability of the depositary&#9;Articles number 14, 17, 18, and 21</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 44.1pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">3.&nbsp;&nbsp;Fees and Charges</FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 2, 3 and 7</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item - 2.&#9;<U>Available Information</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Public reports furnished by issuer</FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Article number 11</FONT></TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item - 3.&#9;<U>Exhibits</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Form of Amended and Restated Deposit Agreement dated as of November 14, 2011 among BRF S.A., The Bank of New York Mellon, as Depositary, and all Owners and Beneficial Owners from time to time of American Depositary Shares issued thereunder. &ndash; Filed herewith as Exhibit 1.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any other agreement to which the Depositary is a party relating to the issuance of the Depositary Shares registered hereby or the custody of the deposited securities represented. &ndash; Not applicable.&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">c.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Every material contract relating to the deposited securities between the Depositary and the issuer of the deposited securities in effect at any time within the last three years. &ndash; Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">d.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Opinion of Emmet, Marvin &amp; Martin, LLP, counsel for the Depositary, as to legality of the securities to be registered. &ndash; Filed herewith as Exhibit 4.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">e.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Certification under Rule 466. &ndash; Filed herewith as Exhibit 5.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Item - 4.&#9;<U>Undertakings</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Depositary hereby undertakes to make available at the principal office of the Depositary in the
United States, for inspection by holders of the depositary shares, any reports and communications received from the issuer of the deposited
securities which are both (1) received by the Depositary as the holder of the deposited securities, and (2) made generally available to
the holders of the underlying securities by the issuer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If the amounts of fees charged are not disclosed in the prospectus, the Depositary undertakes to
prepare a separate document stating the amount of any fee charged and describing the service for which it is charged and to deliver promptly
a copy of such fee schedule without charge to anyone upon request. The Depositary undertakes to notify each registered holder of depositary
shares thirty days before any change in the fee schedule.</FONT></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that all the requirements for filing
on Form F-6 are met and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of New York, State of New York, on May 23, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-align: justify">Legal entity created by the agreement
for the issuance of depositary shares representing common shares of BRF S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Bank of New York Mellon</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;As Depositary</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Eric Alan MacAlpine</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Eric Alan MacAlpine</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.75in; text-align: justify; text-indent: 4.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.75in; text-align: justify; text-indent: 4.5in">&nbsp;</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left; text-indent: 1in">Pursuant to the requirements
of the Securities Act of 1933, BRF S.A. has caused this Registration Statement to be signed on its behalf by the undersigned thereunto
duly authorized, in S&atilde;o Paulo, Brazil, on May 23, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>BRF S.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 82%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Miguel de Souza Gularte</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Miguel de Souza Gularte</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Fabio Luis Mendes Mariano</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Fabio Luis Mendes Mariano</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 238.3pt; text-align: justify; text-indent: 0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 238.3pt; text-align: justify; text-indent: 0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each person whose signature appears below hereby constitutes
and appoints Miguel de Souza Gularte and Fabio Luis Mendes Mariano, and each of them severally, his or her true and lawful attorney-in-fact
with power of substitution and resubstitution to sign in his or her name, place and stead in any and all capacities the Registration Statement
and any and all amendments thereto (including post-effective amendments) and any documents in connection therewith, and to file the same
with the Securities and Exchange Commission, granting unto each of said attorneys full power to act with or without the other, and full
power and authority to do and perform, in his or her name and on his or her behalf, every act whatsoever which such attorneys, or any
one of them, may deem necessary or desirable to be done in connection therewith as fully and to all intents and purposes as he or she
might or could do in person, hereby ratifying and confirming all that said attorney-in-fact, or any of them, or their substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 238.3pt; text-align: justify; text-indent: 0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated
on May 23, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; border-bottom: Black 1pt solid; padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Miguel de Souza Gularte</FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Miguel de Souza Gularte</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">(principal executive officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Fabio Luis Mendes Mariano</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Fabio Luis Mendes Mariano</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">(principal financial officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Marcos Roberto Badollato</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Accounting Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Marcos Roberto Badollato</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">(principal accounting officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Marcos Antonio Molina dos Santos</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Marcos Antonio Molina dos Santos</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ S&eacute;rgio Agapito Lires Rial</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">S&eacute;rgio Agapito Lires Rial</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Marcia Aparecida Pascoal Mar&ccedil;al dos Santos</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Marcia Aparecida Pascoal Mar&ccedil;al dos Santos</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Augusto Marques da Cruz Filho</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Augusto Marques da Cruz Filho</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Deborah Stern Vieitas</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Deborah Stern Vieitas</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Fl&aacute;via Maria Bittencourt</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Fl&aacute;via Maria Bittencourt</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Aldo Luiz Mendes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Aldo Luiz Mendes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Pedro de Camargo Neto</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
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    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pedro de Camargo Neto</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Altamir Batista Mateus da Silva</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Altamir Batista Mateus da Silva</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Eduardo Augusto Rocha Pocetti</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Eduardo Augusto Rocha Pocetti</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 30.6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Pursuant to the Securities Act of
1933, the undersigned, the duly authorized representative in the United States of BRF S.A. has signed this registration statement on
the  23rd day of May, 2023.</P>

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

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

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

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Cogency Global Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Colleen A. De Vries</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Colleen A. De Vries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Senior-Vice President on behalf of Cogency Global Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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


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

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

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

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Exhibit</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Number </U></P></TD>
    <TD STYLE="vertical-align: bottom; width: 86%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Exhibit</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of Amended and Restated Deposit Agreement dated as of November 14, 2011 among BRF S.A.,The Bank of New York Mellon, as Depositary, and all Owners and Beneficial Owners from time to time of American Depositary Shares issued thereunder.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Opinion of Emmet, Marvin &amp; Martin, LLP, counsel for the Depositary, as to the legality of the securities to be registered.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Certification Under Rule 466.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>brfdepositagreement.htm
<DESCRIPTION>FORM OF DEPOSIT AGREEMENT
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.75in 0.2in; text-align: center">====================================================</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 0.2in; text-align: center">BRF-BRASIL FOODS S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 0.2in; text-align: center">AND</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 0.2in; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 4in">As Depositary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 0.2in; text-align: center">AND</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: center">OWNERS AND BENEFICIAL OWNERS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 48pt 0.2in; text-align: center">OF AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 0.2in; text-align: center">Amended and Restated Deposit Agreement</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.2in; text-align: center">Dated as of November 14, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.75in 0.2in; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.2in; text-align: center">====================================================</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 6pt 0; text-transform: uppercase; text-align: center">TABLE OF CONTENTS</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="width: 90%; text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">ARTICLE 1.&nbsp;&nbsp;&nbsp;DEFINITIONS.</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.01&nbsp;&nbsp;&nbsp;American Depositary Shares.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.02&nbsp;&nbsp;&nbsp;Beneficial Owner.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.03&nbsp;&nbsp;&nbsp;Business Day.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.04&nbsp;&nbsp;&nbsp;Commission.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.05&nbsp;&nbsp;&nbsp;Custodian.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.06&nbsp;&nbsp;&nbsp;Deposit Agreement.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.07&nbsp;&nbsp;&nbsp;Depositary; Corporate Trust Office.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.08&nbsp;&nbsp;&nbsp;Deposited Securities.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.09&nbsp;&nbsp;&nbsp;Dollars; Real.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.10&nbsp;&nbsp;&nbsp;Foreign Currency.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.11&nbsp;&nbsp;&nbsp;Foreign Registrar.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.12&nbsp;&nbsp;&nbsp;Company.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.13&nbsp;&nbsp;&nbsp;Owner.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.14&nbsp;&nbsp;&nbsp;Receipts.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.15&nbsp;&nbsp;&nbsp;Registrar.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.16&nbsp;&nbsp;&nbsp;Restricted Receipts.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.17&nbsp;&nbsp;&nbsp;Securities Act of 1933.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 1.18&nbsp;&nbsp;&nbsp;Shares.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">ARTICLE 2.&nbsp;&nbsp;&nbsp;FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS.</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 2.01&nbsp;&nbsp;&nbsp;Form and Transferability of Receipts.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 2.02&nbsp;&nbsp;&nbsp;Deposit of Shares.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 2.03&nbsp;&nbsp;&nbsp;Execution and Delivery of Receipts.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 2.04&nbsp;&nbsp;&nbsp;Transfer of Receipts; Combination and Split-up of Receipts.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 2.05&nbsp;&nbsp;&nbsp;Surrender of Receipts and Withdrawal of Shares.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 2.06&nbsp;&nbsp;&nbsp;Limitations on Execution and Delivery, Transfer and Surrender of Receipts.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 2.07&nbsp;&nbsp;&nbsp;Mutilated, Destroyed, Lost or Stolen Receipts.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 2.08&nbsp;&nbsp;&nbsp;Cancellation and Destruction of Surrendered Receipts.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 2.09&nbsp;&nbsp;&nbsp;Pre-Release of Receipts.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 2.10&nbsp;&nbsp;&nbsp;Maintenance of Records.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 2.11&nbsp;&nbsp;&nbsp;Uncertificated American Depositary Shares; DTC Direct Registration System.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">ARTICLE 3.&nbsp;&nbsp;&nbsp;CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS.</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 3.01&nbsp;&nbsp;&nbsp;Filing Proofs, Certificates and Other Information.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 3.02&nbsp;&nbsp;&nbsp;Liability of Owner for Taxes.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 3.03&nbsp;&nbsp;&nbsp;Warranties on Deposit of Shares.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">18</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 3.04&nbsp;&nbsp;&nbsp;Information Requests.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">18</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">ARTICLE 4.&nbsp;&nbsp;&nbsp;THE DEPOSITED SECURITIES.</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 4.01&nbsp;&nbsp;&nbsp;Cash Distributions.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 4.02&nbsp;&nbsp;&nbsp;Distributions other than Cash, Shares or Rights.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 4.03&nbsp;&nbsp;&nbsp;Distributions in Shares.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 4.04&nbsp;&nbsp;&nbsp;Rights.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 4.05&nbsp;&nbsp;&nbsp;Conversion of Foreign Currency.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">23</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 4.06&nbsp;&nbsp;&nbsp;Fixing of Record Date.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">24</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 4.07&nbsp;&nbsp;&nbsp;Voting of Deposited Securities.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">25</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 4.08&nbsp;&nbsp;&nbsp;Changes Affecting Deposited Securities.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">26</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 4.09&nbsp;&nbsp;&nbsp;Reports.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">27</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 4.10&nbsp;&nbsp;&nbsp;Lists of Owners.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">27</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 4.11&nbsp;&nbsp;&nbsp;Withholding.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">27</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">ARTICLE 5.&nbsp;&nbsp;&nbsp;THE DEPOSITARY, THE CUSTODIANS AND THE ISSUER.</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 5.01&nbsp;&nbsp;&nbsp;Maintenance of Office and Transfer Books by the Depositary.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 5.02&nbsp;&nbsp;&nbsp;Prevention or Delay in Performance by the Depositary or the Company.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">29</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 5.03&nbsp;&nbsp;&nbsp;Obligations of the Depositary, the Custodian and the Company.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">30</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 5.04&nbsp;&nbsp;&nbsp;Resignation and Removal of the Depositary.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 5.05&nbsp;&nbsp;&nbsp;The Custodian.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">32</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 5.06&nbsp;&nbsp;&nbsp;Notices and Reports.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">33</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 5.07&nbsp;&nbsp;&nbsp;Distribution of Additional Shares, Rights, etc.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 5.08&nbsp;&nbsp;&nbsp;Indemnification.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">35</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 5.09&nbsp;&nbsp;&nbsp;Charges of Depositary.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">37</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 5.10&nbsp;&nbsp;&nbsp;Retention of Depositary Documents.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">38</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">ARTICLE 6.&nbsp;&nbsp;&nbsp;AMENDMENT AND TERMINATION.</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">38</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 6.01&nbsp;&nbsp;&nbsp;Amendment.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">38</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 6.02&nbsp;&nbsp;&nbsp;Termination.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">39</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">ARTICLE 7.&nbsp;&nbsp;&nbsp;MISCELLANEOUS.</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">40</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 7.01&nbsp;&nbsp;&nbsp;Counterparts.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">40</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 7.02&nbsp;&nbsp;&nbsp;No Third Party Beneficiaries.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">40</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 7.03&nbsp;&nbsp;&nbsp;Severability.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">40</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 7.04&nbsp;&nbsp;&nbsp;Beneficial Owners and Owners as Parties; Binding Effect.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">41</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 7.05&nbsp;&nbsp;&nbsp;Notices.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">41</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 7.06&nbsp;&nbsp;&nbsp;Governing Law.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">42</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">SECTION 7.07&nbsp;&nbsp;&nbsp;Compliance With U.S. Securities Laws.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">42</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>AMENDED AND RESTATED DEPOSIT AGREEMENT</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">AMENDED AND RESTATED
DEPOSIT AGREEMENT dated as of November 14, 2011, among BRF-BRASIL FOODS S.A. (formerly known as Perdig&atilde;o S.A.), a company incorporated
under the laws of Brazil (herein called the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary),
and all Owners (as hereinafter defined) and Beneficial Owners (as hereinafter defined) from time to time of American Depositary Shares
issued hereunder.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Depositary entered into a deposit agreement dated as of July 17, 1997 and subsequently amended and restated that agreement as
of June 26, 2000, September 28, 2000 and July 6, 2009 (that agreement, as so amended and restated, the &ldquo;Prior Deposit Agreement&rdquo;);
and</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Depositary now wish to amend and restated the Prior Deposit Agreement to, among other things, (i) change the fees of the Depositary
and (ii) reflect a change that was previously effected in the number of Shares represented by each American Depositary Share; and</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
desires to provide, as hereinafter set forth in this Amended and Restated Deposit Agreement, for the deposit of Shares (as hereinafter
defined) of the Company from time to time with the Depositary or with the Custodian (as hereinafter defined) as agent of the Depositary
for the purposes set forth in this Amended and Restated Deposit Agreement, for the creation of American Depositary Shares representing
the Shares so deposited and for the execution and delivery of American Depositary Receipts evidencing the American Depositary Shares;
and</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the American
Depositary Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions,
as hereinafter provided in this Amended and Restated Deposit Agreement;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the premises, it is agreed by and between the parties hereto that the Prior Deposit Agreement is hereby amended and restated
as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT>DEFINITIONS</FONT>.</TD></TR></TABLE>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following definitions
shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The term &quot;American
Depositary Shares&quot; shall mean the securities representing the interests in the Deposited Securities and evidenced by the Receipts
issued hereunder. Each American Depositary Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement,
until there shall occur a distribution upon Deposited Securities covered by Section 4.03 or a change in Deposited Securities covered by
Section 4.08 with respect to which additional Receipts are not executed and delivered, and thereafter American Depositary Shares shall
evidence the amount of Shares or Deposited Securities specified in such Sections.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Beneficial Owner.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Beneficial
Owner&quot; shall mean any person or entity having a beneficial interest in an American Depositary Share. A Beneficial Owner may or may
not be the Owner of the Receipt evidencing the American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Business Day.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Business
Day&quot; shall mean any day in which both the banks in Brazil and the banks in New York, New York are open for business.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Commission.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Commission&quot;
shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Company.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Company&quot;
shall mean BRF-Brasil Foods S.A., a company incorporated under the laws of Brazil, and its successors.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Custodian.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Custodian&quot;
shall mean the principal S&atilde;o Paulo, Brazil, office of Ita&uacute; Unibanco S.A., as agent of the Depositary for the purposes of
this Deposit Agreement, any other firm or corporation which may hereafter be appointed by the Depositary pursuant to the terms of Section
5.05, as substitute custodian hereunder, as the context shall require.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Deposit
Agreement&quot; shall mean this Amended and Restated Deposit Agreement, as the same may be amended from time to time in accordance with
the provisions hereof.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.08<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Depositary; Corporate Trust Office.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Depositary&quot;
shall mean The Bank of New York Mellon, a New York banking corporation and any successor as depositary hereunder. The term &quot;Corporate
Trust Office&quot;, when used with respect to the Depositary, shall mean the office of the Depositary which at the date of this Deposit
Agreement is 101 Barclay Street, New York, New York, 10286. If the address of the Corporate Trust Office changes after the date of this
Deposit Agreement, notice shall be given 30 days prior to such change by the Depositary to the Company of such new address. During such
30 day notification period, the Company shall send all communications to the Depositary's previous address.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.09<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Deposited Securities.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Deposited
Securities&quot; as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement and any
and all other securities, property and cash received by the Depositary or the Custodian in respect thereof and at such time held hereunder,
subject as to cash to the provisions of Section 4.05.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Dollars; Real.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Dollars&quot;
or &quot;$&quot; shall mean United States dollars. The term &quot;Real&quot; or &quot;R$&quot; shall mean the lawful currency of Brazil.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Foreign Currency.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Foreign
Currency&quot; shall mean currency other than Dollars.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Foreign Registrar.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Foreign
Registrar&quot; shall mean the entity that presently carries out the duties of registrar for the Shares of the Company or any successor
as registrar for the Shares of the Company and any other appointed agent of the Company for the transfer and registration of Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Owner.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Owner&quot;
shall mean the person in whose name a Receipt is registered on the books of the Depositary maintained for such purpose. An Owner of a
Receipt may or may not be the Beneficial Owner thereof or of the American Depositary Shares evidenced thereby.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Receipts&quot;
shall mean the American Depositary Receipts issued hereunder evidencing American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Registrar.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Registrar&quot;
shall mean any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed to register
Receipts and transfers of Receipts as herein provided and shall include any co-registrar appointed by the Depositary after consultation
with the Company.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Restricted Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Restricted
Receipts&quot; shall mean any Receipts issued pursuant to Section 4.04 hereunder in connection with the issuance of rights by the Company
as set forth in such Section. Any such Restricted Receipts shall be legended in accordance with applicable U.S. laws, and shall be subject
to the appropriate restrictions on sale, deposit, cancellation, and transfer under such laws.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Securities Act of 1933.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Securities
Act of 1933&quot; shall mean the United States Securities Act of 1933, as from time to time amended.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 1.18<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Shares&quot;
shall mean common shares of the Company that are validly issued and outstanding and fully paid or hereafter validly issued and outstanding
and fully paid; <U>provided</U>, <U>however</U>, that if there shall occur any change in par value, a split-up or consolidation or any
other reclassification or, upon the occurrence of an event described in Section 4.08, an exchange or conversion in respect of the Shares,
the term &quot;Shares&quot; shall thereafter represent the successor securities resulting from such change in par value, split-up or consolidation
or such other reclassification or such exchange or conversion. Reference to Shares shall include evidence of rights to receive Shares;
<U>provided</U> that in no event shall the term &quot;Shares&quot; include evidence of rights to receive Shares with respect to which
the full purchase price has not been paid.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT>FORM</FONT> OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS.</TD></TR></TABLE>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 2.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Form and Transferability of Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Definitive Receipts
shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose, unless such Receipt shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized
signatory of the Depositary and, if a Registrar for the Receipts shall have been appointed, countersigned by the manual or facsimile signature
of a duly authorized officer of the Registrar. The Depositary shall maintain books on which each Receipt so executed and delivered as
hereinafter provided and the transfer of each such Receipt shall be registered. Receipts bearing the manual or facsimile signature of
a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding
that such signatory has ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not hold
such office on the date of issuance of such Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Receipts may be
endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions
of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulations thereunder
or with the rules and regulations of any securities exchange upon which American Depositary Shares may be listed or to conform with any
usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by reason
of the date of issuance of the underlying Deposited Securities or otherwise.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Title to a Receipt (and
to the American Depositary Shares evidenced thereby), when properly endorsed or accompanied by a proper instrument or instruments of transfer,
shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York State; provided,
however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the Owner thereof as the absolute
owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice
provided for in this Deposit Agreement, and for all other purposes, and neither the Depositary nor the Company shall have any obligation
or be subject to any liability under this Deposit Agreement to any holder of a Receipt unless such holder is the Owner thereof.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 2.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Deposit of Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the terms
and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited by delivery thereof to any Custodian
hereunder, accompanied by any appropriate instrument or instruments of transfer, or endorsement, in form reasonably satisfactory to such
Custodian, together with all such certifications as may be required from the individual depositing the underlying Shares or any governmental
agency, stock exchange, etc., by the Depositary or such Custodian in accordance with the provisions of this Deposit Agreement, and, if
the Depositary requires, together with a written order directing the Depositary to execute and deliver to, or upon the written order of,
the person or persons stated in such order, a Receipt or Receipts for the number of American Depositary Shares representing such deposit.
No Share shall be accepted for deposit unless accompanied by evidence, if any is required by the Depositary, that is reasonably satisfactory
to the Depositary that all conditions to such deposit have been satisfied by the person depositing such Shares under Brazilian laws and
regulations and any necessary approval has been granted by any governmental body in Brazil, if any, which is then performing the function
of the regulation of currency exchange. If required by the Depositary, Shares presented for deposit at any time, whether or not the transfer
books of the Company or the Foreign Registrar, if applicable, are closed, shall also be accompanied by an agreement or assignment, or
other instrument satisfactory to the Depositary, which will provide for the prompt transfer to a Custodian of any dividend, or right to
subscribe for additional Shares or to receive other property which any person in whose name the Shares are or have been recorded may thereafter
receive upon or in respect of such deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory
to the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">At the request and risk
and expense of any person proposing to deposit Shares, and for the account of such person, the Depositary may receive certificates or
evidence of ownership of title to Shares to be deposited, together with the other instruments herein specified, for the purpose of forwarding
such Shares to the Custodian for deposit hereunder.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon each delivery to
a Custodian of a certificate or certificates or evidence of ownership and title to Shares to be deposited hereunder, together with the
other documents above specified, such Custodian shall, as soon as transfer and recordation can be accomplished, present such certificate
or certificates or evidence of ownership and title to the Company or the Foreign Registrar, if applicable, for transfer and recordation
of the Shares being deposited in the name of the Depositary or its nominee or such Custodian or its nominee.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Deposited Securities
shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or places
as the Depositary shall determine.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 2.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Execution and Delivery of Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon receipt by any
Custodian of any deposit pursuant to Section 2.02 hereunder (and in addition, if the transfer books of the Company or the Foreign Registrar,
if applicable, are open, the Depositary may in its sole discretion require a proper acknowledgment or other evidence from the Company
that any Deposited Securities have been recorded upon the books of the Company or the Foreign Registrar, if applicable, in the name of
the Depositary or its nominee or such Custodian or its nominee), together with the other documents required as above specified, such Custodian
shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are deliverable
in respect thereof and the number of American Depositary Shares to be evidenced thereby. Such notification shall be made by letter or,
at the request, risk and expense of the person making the deposit, by cable or facsimile transmission. Upon receiving such notice from
such Custodian, or upon the receipt of Shares by the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement,
shall execute and deliver at its Corporate Trust Office, to or upon the order of the person or persons named in the notice delivered to
the Depositary, a Receipt or Receipts, registered in the name or names and evidencing any authorized number of American Depositary Shares
requested by such person or persons, but only upon payment to the Depositary of the fees of the Depositary for the execution and delivery
of such Receipt or Receipts as provided in Section 5.09, and of all taxes and governmental charges and fees payable in connection with
such deposit and the transfer of the Deposited Securities.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 2.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Transfer of Receipts; Combination and Split-up of Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary, subject
to the terms and conditions of this Deposit Agreement including payment of the fees of the Depositary as provided in Section 5.09, shall,
without unreasonable delay, register transfers of Receipts on its transfer books from time to time, upon any surrender of a Receipt, by
the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by a proper instrument or instruments of transfer,
and duly stamped as may be required by the laws of the State of New York and of the United States of America. Thereupon the Depositary
shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto but only upon payment
to the Depositary of the fees of the Depositary as provided in Section 5.09.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary, subject
to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up
or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary
Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may,
with the consent of the Company, such consent not to be unreasonably withheld, appoint one or more co-transfer agents for the purpose
of effecting transfers, combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. Each co-transfer
agent appointed under this Section 2.04 shall give notice in writing to the Company and the Depositary accepting such appointment and
agreeing to be bound by the applicable terms of this Deposit Agreement. In carrying out its functions, a co-transfer agent may require
evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to Receipts and will be
entitled to protection and indemnity to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes appointed
by the Depositary upon the request or with the approval of the Company. The Depositary may close the register at any time or from time
to time, when deemed expedient by it in connection with the performance of its duties hereunder or at the request of the Company.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 2.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Surrender of Receipts and Withdrawal of Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon surrender at the
Corporate Trust Office of the Depositary of a Receipt for the purpose of withdrawal of the Deposited Securities represented by the American
Depositary Shares evidenced by such Receipt, and upon payment of the fee of the Depositary for the surrender of Receipts as provided in
Section 5.09 and payment of all taxes and governmental charges payable in connection with such surrender and withdrawal of the Deposited
Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of such Receipt shall be entitled to delivery,
to him or upon his order, of the amount of Deposited Securities or evidence of ownership of and title to such Deposited Securities at
the time represented by the American Depositary Shares evidenced by such Receipt. Delivery of such Deposited Securities or evidence of
ownership of and title to such Deposited Securities may be made by the delivery of (a) certificates in the name of such Owner or as ordered
by him or certificates properly endorsed or accompanied by a proper instrument or instruments of transfer to such Owner or as ordered
by him and (b) any other securities, property and cash to which such Owner is then entitled in respect of such Receipts to such Owner
or as ordered by him. Such delivery shall be made, as hereinafter provided, without unreasonable delay.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">A Receipt surrendered
for such purposes may be required by the Depositary to be properly endorsed in blank or accompanied by a proper instrument or instruments
of transfer in blank, and if the Depositary so requires, the Owner thereof shall execute and deliver to the Depositary a written order
directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or
persons designated in such order. Thereupon the Depositary shall direct the Custodian to deliver at the S&atilde;o Paulo, Brazil, office
of the Custodian, subject to Sections 2.06, 3.01 and 3.02 and to the other terms and conditions of this Deposit Agreement, to or upon
the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited
Securities represented by the American Depositary Shares evidenced by such Receipt, except that the Depositary may make delivery to such
person or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with respect to the Deposited Securities
represented by the American Depositary Shares evidenced by such Receipt, or of any proceeds of sale of any dividends, distributions or
rights, which may at the time be held by the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">At the request, risk
and expense of any Owner so surrendering a Receipt, and for the account of such Owner, the Depositary shall direct the Custodian to forward
any cash or other property (other than rights) comprising, and forward a certificate or certificates or such documents evidencing ownership
of and title to such Deposited Securities and other proper documents of title for, the Deposited Securities represented by the American
Depositary Shares evidenced by such Receipt to the Depositary for delivery at the Corporate Trust Office of the Depositary. Such direction
shall be given by letter or, at the request, risk and expense of such Owner, by cable or facsimile transmission.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 2.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Limitations on Execution and Delivery, Transfer and Surrender of Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">As a condition precedent
to the execution and delivery, registration of transfer, split-up, combination or surrender of any Receipt or withdrawal of any Deposited
Securities, the Depositary, Custodian or Registrar may require (a) payment from the depositor of Shares or the presentor of the Receipt
of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto
(including any such tax or charge or fee with respect to the Shares being deposited or withdrawn) and payment of any applicable fees as
herein provided, (b) the production of proof satisfactory to it as to the identity and genuineness of any signature and (c) compliance
with any regulations the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation,
Section 7.07.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The delivery of Receipts
against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer of Receipts in particular
instances may be refused, or the registration of transfer of outstanding Receipts generally may be suspended, during any period when the
transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, are closed, or if any such action is deemed necessary
or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government
or governmental body or commission, or under any provision of this Deposit Agreement, or for any other reason, subject to Section 7.07
of this Deposit Agreement. Notwithstanding any other provision of this Deposit Agreement or the Receipts, the surrender of outstanding
Receipts and withdrawal of Deposited Securities may be suspended only for (i) temporary delays caused by closing the transfer books of
the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders' meeting, or the payment of dividends,
(ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating
to the Receipts or to the withdrawal of the Deposited Securities. Without limitation of the foregoing, the Depositary shall not knowingly
accept for deposit under this Deposit Agreement any Shares required to be registered under the provisions of the Securities Act of 1933,
unless a registration statement is in effect as to such Shares or such registration is not required. For purposes of the foregoing sentence
the Depositary shall be entitled to rely upon representations and warranties deemed made pursuant to Section 3.03 of this Deposit Agreement
and shall not be required to make any further investigation.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In furtherance and not
in limitation of the foregoing, the Depositary shall not, and it shall instruct the Custodian not to knowingly (i) accept for deposit
Shares where such Shares have been withdrawn from a restricted depositary receipt facility in respect of Shares established or maintained
by a depositary bank, including any such facility established or maintained by the Depositary (hereinafter, a &quot;restricted facility&quot;),
or permit such Shares to be used to satisfy any person's pre-release obligation, unless such Shares have been acquired in a transaction
(a) registered under the Securities Act of 1933, (b) in compliance with Regulation S or (c) in accordance with Rule 144 under the Securities
Act of 1933, and the Depositary may, as a condition to accepting the deposit of such Shares hereunder, require the person depositing such
Shares to provide the Depositary with a certificate in writing to the foregoing effect; or (ii) accept for (w) deposit, (x) transfer or
exchange, (y) cancellation or (z) delivery in satisfaction of any person's pre-release obligation, depositary receipts representing Shares
issued pursuant to a restricted facility.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 2.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Mutilated, Destroyed, Lost or Stolen Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In case any Receipt
shall be mutilated, destroyed, lost or stolen, the Depositary shall execute and deliver a new Receipt of like tenor in exchange and substitution
for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before
the Depositary shall execute and deliver a new Receipt in substitution for a destroyed, lost or stolen Receipt, the Owner thereof shall
have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has
been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfied any other reasonable requirements imposed
by the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 2.08<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Cancellation and Destruction of Surrendered Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">All Receipts surrendered
to the Depositary shall be cancelled by the Depositary. The Depositary is authorized and directed to destroy Receipts so cancelled.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 2.09<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Pre-Release of Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
issue Receipts against the delivery by the Company (or any agent of the Company recording Share ownership) of rights to receive Shares
from the Company (or any such agent). No such issue of Receipts will be deemed a &quot;Pre-Release&quot; that is subject to the restrictions
of the following paragraph.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless requested in
writing by the Company to cease doing so, the Depositary may, notwithstanding Section 2.03 hereof, execute and deliver Receipts prior
to the receipt of shares pursuant to Section 2.02 (&quot;Pre-Release&quot;). The Depositary may, pursuant to Section 2.05, deliver Shares
upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not such cancellation is prior to the termination
of such Pre-Release or the Depositary knows that such Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of Shares
in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation and agreement from
the person to whom Receipts are to be delivered (the &quot;Pre-Releasee&quot;) that the Pre-Releasee, or its customer, (i) owns the shares
or Receipts to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or Receipts, as
the case may be, to the Depositary in its capacity as such and for the benefit of the Owners, and (iii) will not take any action with
respect to such Shares or Receipts, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without
the consent of the Depositary, disposing of such Shares or Receipts, as the case may be), other than in satisfaction of such Pre-Release,
(b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary determines, in
good faith, will provide substantially similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business
days notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of Shares
not deposited but represented by American Depositary Shares outstanding at any time as a result of Pre-Releases will not normally exceed
thirty percent (30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves the right to disregard such limit
from time to time as it deems reasonably appropriate, and may, with the prior written consent of the Company, change such limit for purposes
of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions to be entered into hereunder
with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For purposes of enabling the Depositary
to fulfill its obligations to the Owners under the Deposit Agreement, the collateral referred to in clause (b) above shall be held by
the Depositary as security for the performance of the Pre-Releasee's obligations to the Depositary in connection with a Pre-Release transaction,
including the Pre-Releasee's obligation to deliver Shares or Receipts upon termination of a Pre-Release transaction (and shall not, for
the avoidance of doubt, constitute Deposited Securities hereunder).</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
retain for its own account any compensation received by it in connection with the foregoing.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 2.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Maintenance of Records.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary agrees
to maintain records of all Receipts surrendered and Deposited Securities withdrawn under Section 2.05, substitute Receipts delivered under
Section 2.07, and cancelled and destroyed Receipts under Section 2.08, in keeping with procedures ordinarily followed by stock transfer
agents located in The City of New York.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 2.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Uncertificated American Depositary Shares; DTC Direct Registration System.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding anything
to the contrary in this Deposit Agreement:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American
Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of Receipt annexed as Exhibit
A to this Deposit Agreement summarizes the terms and conditions of, and will be the prospectus required under the Securities Act of 1933
for, both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement that by their
nature do not apply to uncertificated American Depositary Shares, all the provisions of this Deposit Agreement shall apply, <U>mutatis
mutandis</U>, to both certificated and uncertificated American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;(i)&#9;The term
&ldquo;deliver&rdquo;, or its noun form, when used with respect to Receipts, shall mean (A) book-entry transfer of American Depositary
Shares to an account at The Depository Trust Company, or its successor (&ldquo;DTC&rdquo;), designated by the person entitled to such
delivery, evidencing American Depositary Shares registered in the name requested by that person, (B) registration of American Depositary
Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to such delivery and mailing
to that person of a statement confirming that registration or (C) if requested by the person entitled to such delivery, delivery at the
Corporate Trust Office of the Depositary to the person entitled to such delivery of one or more Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&#9;(ii)&#9;The term
&ldquo;surrender&rdquo;, when used with respect to Receipts, shall mean (A) one or more book-entry transfers of American Depositary Shares
to the DTC account of the Depositary, (B) delivery to the Depositary at its Corporate Trust Office of an instruction to surrender American
Depositary Shares not evidenced by a Receipt or (C) surrender to the Depositary at its Corporate Trust Office of one or more Receipts
evidencing American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American
Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of New York.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depositary shall have a duty to register a transfer, in the case of uncertificated American Depositary Shares, upon receipt from the Owner
of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in subsection (f) below).
The Depositary, upon surrender of a Receipt for the purpose of exchanging it for uncertificated American Depositary Shares, shall cancel
that Receipt and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated American Depositary
Shares that the surrendered Receipt evidenced. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt,
instructions through DRS and Profile as provided in subsection (f) below) from the Owner of uncertificated American Depositary Shares
for the purpose of exchanging them for certificated American Depositary Shares, shall execute and deliver to the Owner a Receipt evidencing
the same number of certificated American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
satisfaction of the conditions for replacement of a Receipt that is mutilated, lost, destroyed or stolen, the Depositary shall deliver
to the Owner the American Depositary Shares evidenced by that Receipt in uncertificated form unless otherwise requested by the Owner.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The parties acknowledge that the Direct Registration System (&ldquo;DRS&rdquo;) and Profile Modification System (&ldquo;Profile&rdquo;)
shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC
pursuant to which the Depositary may register the ownership of uncertificated American Depositary Shares, which ownership shall be evidenced
by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC
participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those
American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant
without receipt by the Depositary of prior authorization from the Owner to register such transfer.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(ii) In connection with
and in accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary will not verify,
determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in requesting a registration
of transfer and delivery as described in subsection (i) has the actual authority to act on behalf of the Owner (notwithstanding any requirements
under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.03 and 5.08 shall apply to the matters arising
from the use of the DRS. The parties agree that the Depositary&rsquo;s reliance on and compliance with instructions received by the Depositary
through the DRS/Profile System and in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part
of the Depositary.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT>CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS.</TD></TR></TABLE>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 3.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Filing Proofs, Certificates and Other Information.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any person presenting
Shares for deposit or any Owner and Beneficial Owner of a Receipt may be required from time to time to file with the Depositary or the
Custodian such proof of citizenship or residence, exchange control approval, proof of the identity of any person legally or beneficially
interested in the Receipt and the nature of such interest or such information relating to the registration on the books of the Company
or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary
or the Company may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of any Receipt or the
distribution of any dividend or sale or distribution of rights or of the proceeds thereof or of any Deposited Securities until such proof
or other information is filed or such certificates are executed or such representations and warranties made. Upon the request of the Company,
the Depositary shall provide the Company with copies of all such certificates and such written representations and warranties provided
to the Depositary under this Section 3.01. The Company may from time to time request Owners to provide information as to the capacity
in which such Owners own or owned Receipts and regarding the identity of any other persons then or previously interested in such Receipts
and the nature of such interest and various other matters. Each Owner and Beneficial Owner agrees to provide any information requested
by the Company or the Depositary pursuant to this paragraph.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 3.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Liability of Owner for Taxes.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any tax or other
governmental charge shall become payable with respect to any Receipt or any Deposited Securities represented by any Receipt, such tax
or other governmental charge shall be payable by the Owner of such Receipt to the Depositary. The Depositary may refuse to effect any
transfer of such Receipt or any withdrawal of Deposited Securities represented by American Depositary Shares until such payment is made,
and may withhold any dividends or other distributions, or may sell for the account of the Owner thereof any part or all of the Deposited
Securities represented by the American Depositary Shares, and may apply such dividends or other distributions or the proceeds of any such
sale in payment of such tax or other governmental charge and the Owner of such Receipt shall remain liable for any deficiency.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 3.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Warranties on Deposit of Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Every person depositing
Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate therefor are
validly issued, fully paid and not subject to any claim in respect of pre-emptive rights of the holders of outstanding Shares and that
the person making such deposit is duly authorized to do so. Every such person shall also be deemed to represent that the deposit of such
Shares or sale of Receipts evidencing American Depositary Shares representing such Shares by that person is not restricted under the Securities
Act of 1933. Such representations and warranties shall survive the deposit of such Shares and issuance of Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 3.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Information Requests.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company may from
time to time request Owners of Receipts to provide information as to the capacity in which such Owners own or owned Receipts and regarding
the identity of any other persons then or previously interested in such Receipts as to the nature of such interest and various other matters.
The Depositary agrees to use reasonable efforts to comply with written instructions received from the Company requesting that the Depositary
forward any such requests to the Owners and to forward to the Company any responses to such requests received by the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary and the
Company hereby confirm to each other that, for as long as this Deposit Agreement is in effect, they shall furnish to the Comiss&atilde;o
de Valores Mobili&aacute;rios (the &quot;CVM&quot;) and the Central Bank of Brazil, at any time and within the period that may be determined,
with any information and documents related to the American Depositary Share program and the Receipts issued hereunder as may be requested
by such authorities from time to time. In the event that the Depositary or the Custodian shall be advised in writing by reputable independent
Brazilian counsel that the Depositary or Custodian reasonably could be subject to criminal, or material, as reasonably determined by the
Depositary, civil, liabilities as a result of the Company having failed to provide such information or documents reasonably available
only through the Company, the Depositary shall have the right to terminate this Deposit Agreement, upon at least 15 days&rsquo; prior
notice to the Owners and the Company, and the Depositary shall not be subject to any liability hereunder on account of such termination
or such determination. The effect of any such termination of this Deposit Agreement shall be as provided in Section 6.02.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT>THE DEPOSITED SECURITIES.</TD></TR></TABLE>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Cash Distributions.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the Depositary
or the Custodian shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary or the Custodian
shall, in accordance with applicable law and subject to the provisions of Section 4.05, convert or cause to be converted within one Business
Day of receipt of such dividend or distribution, and either the Depositary or the Custodian shall, as promptly as practicable, distribute
the amount thus received (net of the fees of the Depositary, if applicable, as provided in Section 5.09) by check drawn on a bank in The
City of New York, to the Depositary which shall distribute such amounts to the Owners entitled thereto, in proportion to the number of
American Depositary Shares representing such Deposited Securities held by them respectively; <U>provided</U>, <U>however</U>, that in
the event that the Company or the Depositary shall be required to withhold and does withhold from such cash dividend or such other cash
distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owner of the Receipts evidencing
American Depositary Shares representing such Deposited Securities shall be reduced accordingly. The Depositary shall distribute only such
amount, however, as can be distributed without attributing to any Owner a fraction of one cent. Any such fractional amounts shall be rounded
to the nearest whole cent and so distributed to Owners entitled thereto. The Company or its agent will remit to the appropriate governmental
agency in Brazil all amounts withheld and owing to such agency. The Depositary will forward to the Company or its agent such information
from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental
agencies, and the Depositary or the Company or its agent may file any such reports necessary to obtain benefits under the applicable tax
treaties for the Owners of Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Distributions other than Cash, Shares or Rights.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the provisions
of Section 4.11 and 5.09, whenever the Depositary shall receive any distribution other than a distribution described in Sections 4.01,
4.03 or 4.04, the Depositary shall, upon consultation with the Company, cause the securities or property received by it or the Custodian
to be distributed to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited
Securities held by them respectively, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution;
provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled
thereto, or if for any other reason (including, but not limited to, any requirement that the Company or the Depositary withhold an amount
on account of taxes or other governmental charges or that such securities must be registered under the Securities Act of 1933 in order
to be distributed to Owners or Beneficial Owners) the Depositary deems such distribution not to be feasible, the Depositary may adopt
such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the
public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of
the fees of the Depositary as provided in Section 5.09) shall be distributed by the Depositary to the Owners entitled thereto as in the
case of a distribution received in cash, provided that any unsold balance of such securities or property may be distributed by the Depositary
to the Owners entitled thereto in accordance with such equitable and practicable method as the Depositary shall have adopted.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Distributions in Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any distribution
upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the Company
shall so request, distribute to the Owners of outstanding Receipts entitled thereto, in proportion to the number of American Depositary
Shares representing such Deposited Securities held by them respectively, additional Receipts evidencing an aggregate number of American
Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the terms and conditions
of the Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary Shares evidenced by Receipts, including
the withholding of any tax or other governmental charge as provided in Section 4.11 and the payment of the fees of the Depositary as provided
in Section 5.09. In lieu of delivering Receipts for fractional American Depositary Shares in any such case, the Depositary shall sell
the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to
the conditions described in Section 4.01. If additional Receipts are not so distributed, each American Depositary Share shall thenceforth
also represent the additional Shares distributed upon the Deposited Securities represented thereby.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Rights.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the event that the
Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or
any rights of any other nature, the Depositary, after consultation with the Company, shall have discretion as to the procedure to be followed
in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds available
to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights available
to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall allow the rights
to lapse; <U>provided</U>, <U>however</U>, if at the time of the offering of any rights the Depositary determines in its discretion, after
consultation with the Company, that it is lawful and feasible to make such rights available to all Owners or to certain Owners but not
to other Owners, the Depositary, after consultation with the Company, may distribute to any Owner to whom it determines the distribution
to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants or other instruments
therefor in such form as it deems appropriate. If the Depositary determines in its discretion, after consultation with the Company, that
it is not lawful and feasible to make such rights available to certain Owners, it may sell the rights, warrants or other instruments in
proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not lawfully or feasibly make
such rights available, and allocate the net proceeds of such sales (net of the fees of the Depositary as provided in Section 5.09 and
all taxes and governmental charges payable in connection with such rights and subject to the terms and conditions of this Deposit Agreement)
for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis
without regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any Receipt or otherwise.
Neither the Depositary nor the Company shall be responsible for any failure to determine that it may be lawful or feasible to make such
rights available to Owners in general or any Owner in particular.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If an Owner of Receipts
requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares
of such Owner hereunder, the Depositary will make such rights available to such Owner upon written notice from the Company to the Depositary
that (a) the Company has elected in its sole discretion to permit such rights to be exercised and (b) such Owner has executed such documents
as the Company has determined in its sole discretion are required under applicable law. Upon instruction pursuant to such warrants or
other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account
of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise of the rights, and upon payment
of the fees of the Depositary as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Owner, exercise
the rights and purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of
such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.02 of this
Deposit Agreement, and shall, pursuant to Section 2.03 of this Deposit Agreement, execute and deliver to such Owner Restricted Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If registration under
the Securities Act of 1933 of the securities to which any rights relate is required in order for the Company to offer such rights to Owners
and sell the securities upon the exercise of such rights to Owners, the Depositary will not offer such rights to the Owners unless and
until such a registration statement is in effect, or unless the offering and sale of such securities to the Owners of such Receipts are
exempt from registration under the provisions of such Act. The Company shall have no obligation to register such rights or such securities
under the Securities Act of 1933.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Conversion of Foreign Currency.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the Depositary
or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of securities,
property or rights in respect of such Receipts, and if at the time of the receipt thereof the Foreign Currency so received can, pursuant
to applicable law, be converted into Dollars, the Depositary shall convert or cause to be converted within one Business Day of its or
the Custodian's receipt of such Foreign Currency, by sale or in any other manner that it may determine in accordance with applicable law,
such Foreign Currency into Dollars. If at the time of conversion of such Foreign Currency into Dollars such Dollars can, pursuant to applicable
law, be transferred outside of Brazil for distribution to the owners entitled thereto, such Dollars shall be distributed as promptly as
practicable to the Owners entitled thereto or, if the Depositary shall have distributed any rights, warrants or other instruments which
entitle the holders thereof to such Dollars, then to the holders of such rights, warrants and/or instruments upon surrender thereof for
cancellation. Such distribution or conversion may be made upon an averaged or other practicable basis without regard to any distinctions
among Owners on account of exchange restrictions, the date of delivery of any Receipt or otherwise and shall be net of any expenses of
conversion into Dollars incurred by the Depositary as provided in Section 5.09.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If conversion of Foreign
Currency into Dollars or distribution of Dollars or non-convertible Foreign Currency can be effected only with the approval or license
of any government or agency thereof, the Depositary shall file as promptly as practicable such application for approval or license; however,
the Depositary shall be entitled to rely upon Brazilian local counsel in such matters, which counsel shall be instructed to act as promptly
as possible.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If at any time Foreign
Currency received by the Depositary or Custodian is not, pursuant to applicable law, convertible, in whole or in part, into Dollars transferable
to the United States, or if any approval or license of any government or agency thereof which is required for such conversion is denied
or in the opinion of the Depositary can not be obtained within a reasonable time, the Depositary shall, (a) as to that portion of the
Foreign Currency that is convertible into Dollars, make such conversion and (i) if permitted pursuant to applicable law, transfer such
Dollars to the United States and distribute to Owners in accordance with the first paragraph of this Section 4.05 or (ii) to the extent
transfer of such Dollars to the United States is not permitted pursuant to applicable law, hold such Dollars as may not be transferred
for the benefit of the Owners entitled thereto, and (b) as the non-convertible balance, if any, (i) if requested in writing by an Owner,
distribute or cause the Custodian to distribute the Foreign Currency (or an appropriate document evidencing the right to receive such
Foreign Currency) received by the Depositary or Custodian to such Owner and, (ii) the Depositary shall hold or shall cause the Custodian
to hold any amounts of nonconvertible Foreign Currency not distributed pursuant to the immediately preceding subclause (b)(i) uninvested
and without liability for interest thereon for the respective accounts of the Owners entitled to receive the same.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Fixing of Record Date.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever any cash dividend
or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be issued
with respect to the Deposited Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented
by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited
Securities, the Depositary shall fix a record date, after consultation with the Company if such record date is different from the record
date applicable to the Deposited Securities, (a) for the determination of the Owners who shall be (i) entitled to receive such dividend,
distribution or rights or the net proceeds of the sale thereof or (ii) entitled to give instructions for the exercise of voting rights
at any such meeting, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the
provisions of Sections 4.01 through 4.05 and to the other terms and conditions of this Deposit Agreement, the Owners on such record date
shall be entitled, as the case may be, to receive the amount distributable by the Depositary with respect to such dividend or other distribution
or such rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively
and to give voting instructions to exercise the rights of Owners hereunder with respect to such changed number of Shares and to act in
respect of any other such matter.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Voting of Deposited Securities.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon receipt of notice
of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary shall, as soon
as practicable thereafter, mail to the Owners a notice, the form of which notice shall be subject to the reasonable discretion of the
Depositary, which shall contain (a) such information as is contained in such notice of meeting received by the Depositary from the Company,
(b) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision
of Brazilian law and of the Articles of Association of the Company and the provisions of the Deposited Securities, to instruct the Depositary
as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their
respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given, including, when applicable,
an express indication that instructions may be given (or, if applicable, deemed given in accordance with the second paragraph of this
Section 4.07 if no instruction is received) to the Depositary to give a discretionary proxy to a person designated by the Company. Upon
the written request of an Owner on such record date, received on or before the date established by the Depositary for such purpose, the
Depositary shall endeavor, insofar as practicable and permitted under applicable laws and the provisions of the Articles of Association
of the Company and the provisions of the Deposited Securities, to vote or cause to be voted the amount of Shares or other Deposited Securities
represented by those American Depositary Shares in accordance with the instructions set forth in such request. The Depositary shall not
vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited Securities, other than in accordance with
such instructions or deemed instructions.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If no instructions are
received by the Depositary from any Owner with respect to any of the Deposited Securities represented by the American Depositary Shares
on or before the date established by the Depositary for such purpose, the Depositary shall deem such Owner to have instructed the Depositary
to give a discretionary proxy to a person designated by the Company with respect to such Deposited Securities and the Depositary shall
give a discretionary proxy to a person designated by the Company to vote such Deposited Securities, <U>provided</U>, that no such instruction
shall be deemed given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary
(and the Company agrees to provide such information as promptly as practicable in writing) that (x) the Company does not wish such proxy
given, (y) substantial opposition exists or (z) such matter materially and adversely affects the rights of holder of Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">There can be no assurance
that Owners generally or any Owner in particular will receive the notice described in the preceding paragraph sufficiently prior to the
instruction cutoff date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set
forth in the preceding paragraph.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.08<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Changes Affecting Deposited Securities.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In circumstances where
the provisions of Section 4.03 do not apply, upon any change in par value, split-up, consolidation or any other reclassification of Deposited
Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which
it is a party, any securities which shall be received by the Depositary or a Custodian in exchange for or in conversion of or in respect
of Deposited Securities, shall be treated as new Deposited Securities under this Deposit Agreement, and American Depositary Shares shall
thenceforth represent the new Deposited Securities so received in exchange or conversion, unless additional Receipts are delivered pursuant
to the following sentence. In any such case the Depositary may, with the approval of the Company, and shall, if the Company shall so request,
execute and deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be
exchanged for new Receipts specifically describing such new Deposited Securities. Notwithstanding the foregoing, in the event that any
security so received may not be lawfully distributed to some or all Owners, the Depositary may, with the Company's approval, and shall
if the Company requests, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper,
and may allocate the net proceeds (without liability for interest) of such sales for the account of the Owners otherwise entitled to such
securities upon an averaged or other practicable basis without regard to any distinctions among such Owners and distribute the net proceeds
so allocated to the extent practicable as in the case of a distribution received in cash.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Immediately upon the
occurrence of any such change, conversion or exchange covered by this Section in respect of the Deposited Securities, the Depositary shall
give notice thereof in writing to all Owners.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.09<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Reports.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
make available for inspection by Owners at its Corporate Trust Office any reports and communications, including any proxy soliciting material,
received from the Company which are both (a) received by the Depositary or the Custodian or the nominee of either as the holder of the
Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary shall
also, upon written request by the Company, send to the Owners copies of such reports when furnished by the Company pursuant to Section
5.06. Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall
be furnished in English.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Lists of Owners.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Promptly upon request
by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of the most recent practicable date, of
the names, addresses and holdings of American Depositary Shares by all persons in whose names Receipts are registered on the books of
the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Withholding.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the event that the
Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other
governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion
of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary
and practicable to pay any such taxes or charges, and the Depositary shall distribute the net proceeds of any such sale after deduction
of such taxes or charges to the Owners entitled thereto in proportion to the number of American Depositary Shares held by them respectively,
and the Depositary shall distribute any unsold balance of such property in accordance with the provisions of this Deposit Agreement. The
Company or its agent shall remit to appropriate governmental authorities and agencies in Brazil all amounts, if any, withheld and owing
to such authorities and agencies by the Company. The Depositary or its agent shall remit to appropriate governmental authorities and agencies
in the United States all amounts, if any, withheld and owing to such authorities and agencies by the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its
agent to file necessary reports with governmental agencies. The Depositary shall use reasonable efforts to make and maintain arrangements
enabling Owners who are citizens or residents of the United States to receive any tax credits or other benefits (pursuant to treaty or
otherwise) relating to dividend payments on the American Depositary Shares.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT>THE DEPOSITARY, THE CUSTODIANS AND THE ISSUER.</TD></TR></TABLE>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 5.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Maintenance of Office and Transfer Books by the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Until termination of
this Deposit Agreement in accordance with its terms, the Depositary shall maintain in the Borough of Manhattan, The City of New York,
facilities for the execution and delivery, registration, registration of transfers and surrender of Receipts in accordance with the provisions
of this Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the
Owners, provided that such inspection shall not be for the purpose of communicating with Owners in the interest of a business or object
other than the business of the Company or a matter related to this Deposit Agreement or the Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may close
the transfer books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder
or at the written request of the Company.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any Receipts or the
American Depositary Shares evidenced thereby are listed on one or more stock exchanges in the United States, after consultation with the
Company, the Depositary may act as Registrar, if appointed by the Company, or, once appointed by the Company and with the written consent
of the Company, appoint a Registrar or one or more co-registrars for registry of such Receipts in accordance with any requirements of
such exchange or exchanges. Such Registrar or co-registrars shall be removed only after consultation with the Company. Each Registrar
and co-registrar appointed under this Section 5.01 shall give notice in writing to the Company and the Depositary accepting such appointment
and agreeing to be bound by the applicable terms of this Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company shall have
the right, at all reasonable times, to inspect transfer and registration records of the Depositary, the Registrar and any co-transfer
agents or co-registrars and to require such parties to supply copies of such portions of their records as the Company may request.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 5.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prevention or Delay in Performance by the Depositary or the Company.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Company nor any of their directors, employees, agents or affiliates shall incur any liability to any Owner or Beneficial Owner
of any Receipt, if by reason of any provision of any present or future law or regulation of the United States, Brazil or any other country,
or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of the Articles of
Association of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution
thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary or the Company or
any of their directors, employees, agents or affiliates shall be prevented, delayed or forbidden from, or be subject to any civil or criminal
penalty on account of, doing or performing any act or thing which by the terms of this Deposit Agreement it is provided shall be done
or performed; nor shall the Depositary or the Company incur any liability to any Owner or Beneficial Owner of any Receipt by reason of
any non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of this Deposit Agreement
it is provided shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for
in this Deposit Agreement, for the inability of any Owner or Beneficial Owner to benefit from any distribution, offering, right or other
benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available
to Owners or holders, or for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. Where,
by the terms of a distribution pursuant to Sections 4.01, 4.02, or 4.03 of this Deposit Agreement, or an offering or distribution pursuant
to Section 4.04 of this Deposit Agreement, because of applicable law, or for any other reason such distribution or offering may not be
made available to Owners, and the Depositary may not dispose of such distribution or offering on behalf of such Owners and make the net
proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable,
to lapse.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 5.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Obligations of the Depositary, the Custodian and the Company.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company assumes
no obligation nor shall it be subject to any liability under this Deposit Agreement or the Receipts to Owners or Beneficial Owners of
Receipts, except that it agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad
faith in the performance of such duties.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary assumes
no obligation nor shall it be subject to any liability under this Deposit Agreement or the Receipts to any Owner or Beneficial Owner of
any Receipt (including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that
it agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith in the performance
of such duties.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the
American Depositary Shares on behalf of any Owner or Beneficial Owner or any other person.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel, accountants,
any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be competent to give such advice
or information including, but not limited to, any such action or nonaction based upon any written notice, request, direction or other
document believed by it to be genuine and to have been signed or presented by the proper party or parties.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary
or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the
issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted
as Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary and the
Company may rely and shall be protected in acting upon any written notice, request, direction or other documents believed by them to be
genuine and to have been signed or presented by the proper party or parties.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any
such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">No disclaimer of liability
under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 5.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Resignation and Removal of the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may at
any time resign as Depositary hereunder by 60 days' written notice of its election so to do (or a lesser amount of notice if satisfactory
to the Company) delivered to the Company effective upon the appointment of a successor depositary satisfactory to the Company and its
acceptance of such appointment as hereinafter provided, which appointment shall be on terms satisfactory to the Company in its sole discretion.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may at
any time be removed by the Company by 60 days' written notice of such removal effective upon the appointment of a successor depositary
satisfactory to the Company and its acceptance of such appointment as hereinafter provided, which appointment shall be on terms satisfactory
to the Company in its sole discretion.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In case at any time
the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary,
which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary
shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon
such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations
of its predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on the written request of the Company, shall
execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign,
transfer and deliver all right, title and interest in the Deposited Securities to such successor, and shall deliver to such successor
a list of the Owners of all outstanding Receipts. Any such successor depositary shall promptly mail notice of its appointment to the Owners.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any corporation into
or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of
any document or any further act.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 5.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Custodian.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary, after
consultation with the Company, may from time to time appoint an agent, as permitted by Brazilian law and any other applicable laws or
regulations, to act for it as Custodian hereunder. The Custodian or its successor shall be subject at all times and in all respects to
the directions of the Depositary and shall be responsible solely to it. The Custodian may resign and be discharged from its duties hereunder
by notice of such resignation delivered to the Depositary at least 30 days prior to the date on which such resignation is to become effective.
If upon such resignation there shall be no Custodian acting hereunder, the Depositary shall, promptly after receiving such notice, and
after consultation with the Company, appoint a substitute custodian, which shall thereafter be the Custodian hereunder. Whenever the Depositary
in its discretion determines that it is in the best interest of the Owners to do so, it may appoint a substitute custodian, which shall
thereafter be the Custodian hereunder. Upon demand of the Depositary the Custodian shall deliver such of the Deposited Securities or evidence
of ownership and title of the Deposited Securities held by it as are requested of it to such substitute custodian. The substitute custodian
shall deliver to the Depositary and the Company, forthwith upon its appointment, an acceptance of such appointment satisfactory in form
and substance to the Depositary and the Company.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary agrees
with the Company that at no time shall there be more than one Custodian acting in connection with this Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon the appointment
of any successor depositary hereunder, the Custodian then acting hereunder shall forthwith become, without any further act or writing,
the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair the authority
of the Custodian hereunder; but the successor depositary so appointed shall, nevertheless, on the written request of the Custodian, execute
and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority as
agent hereunder of such successor depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 5.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notices and Reports.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">On or before the first
date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities,
or of any adjourned meeting of such holders, or of the taking of any action in respect of any cash or other distributions or the offering
of any rights, the Company agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in the form given or to
be given to holders of Shares or other Deposited Securities.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company will arrange
for the translation into English and the prompt transmittal by the Company to the Depositary and the Custodian of such notices and any
other reports and communications which are made generally available by the Company to holders of its Shares. If requested in writing by
the Company, the Depositary will arrange for the mailing, at the Company's expense, of copies of such notices, reports and communications
to all Owners. The Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as requested
by the Depositary from time to time, in order for the Depositary to effect such mailings.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 5.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Distribution of Additional Shares, Rights, etc.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company agrees that
in the event of any distribution of (1) additional Shares, (2) rights to subscribe for Shares, (3) securities convertible into or exchangeable
for Shares, or (4) rights to subscribe for any such securities (each a &quot;Distribution&quot;), the Company will promptly furnish to
the Depositary a written opinion from U.S. counsel for the Company, which counsel shall be reasonably satisfactory to the Depositary,
stating whether or not the Distribution requires a registration statement under the Securities Act of 1933 to be in effect prior to making
such Distribution available to Owners entitled thereto. If in the opinion of such counsel a registration statement under the Securities
Act of 1933 is required, such counsel shall furnish to the Depositary a written opinion as to whether or not there is a registration statement
in effect which will cover such Distribution.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the event that such
registration under the Securities Act of 1933 would be required in connection with any such Distribution, the Company shall have no obligation
to effect such registration.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the event of any
issuance of additional securities, the Company shall have no obligation to register such additional securities under the Securities Act
of 1933 and, to the extent the Company in its discretion deems it necessary or advisable in order to avoid any requirement to register
such additional securities under the Securities Act of 1933, may prevent Owners in the United States from purchasing any such additional
securities (whether pursuant to pre-emptive rights or otherwise) and direct the Depositary not to accept any Shares for deposit for such
period of time following the issuance of such additional securities and to adopt such other specific measures as the Company may reasonably
request in writing.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company agrees with
the Depositary that neither the Company nor any company controlled by, controlling or under common control with the Company will at any
time deposit any Shares, either originally issued or previously issued and reacquired by the Company or by any company under its control,
unless (i) a registration statement is in effect as to such Shares under the Securities Act of 1933 or (ii) such deposit, and the issuance
of Receipts in respect thereof, is exempt from registration under the Securities Act of 1933 as confirmed by a written opinion from counsel
for the Company in the United States, which counsel shall be reasonably satisfactory to the Depositary. The Depositary will comply with
the written instructions of the Company not to accept knowingly for deposit hereunder any Shares identified in such instructions at such
times and under such circumstances as may be specified in such instructions in order to facilitate the Company's compliance with the securities
laws of the United States.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 5.08<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Indemnification.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company agrees to
indemnify the Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each of them harmless from,
any liability or expense (including, but not limited to, the reasonable fees and expenses of counsel) which may arise out of acts performed
or omitted, in accordance with the provisions of this Deposit Agreement and of the Receipts, as the same may be amended, modified or supplemented
from time to time, (i) by either the Depositary or any Custodian or their respective directors, employees, agents and affiliates, except
for any liability or expense arising out of the negligence or bad faith of any of them, or (ii) by the Company or any of its directors,
employees, agents and affiliates.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The indemnities contained
in the preceding paragraph shall not extend to any liability or expense which arises solely and exclusively out of a Pre-Release (as defined
in Section 2.09) of a Receipt or Receipts in accordance with Section 2.09 and which would not otherwise have arisen had such Receipt or
Receipts not been the subject of a Pre-Release pursuant to Section 2.09; <U>provided</U>, <U>however</U>, that the indemnities provided
in the preceding paragraph shall apply to any such liability or expense (i) to the extent that such liability or expense would have arisen
had a Receipt or Receipts not be the subject of a Pre-Release, or (ii) which may arise out of any misstatement or alleged misstatement
or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), or preliminary prospectus
(or preliminary placement memorandum) relating to the offer or sale of American Depositary Shares, except to the extent any such liability
or expense arises out of (i) information relating to the Depositary or any Custodian (other than the Company), as applicable, furnished
in writing and not materially changed or altered by the Company expressly for use in any of the foregoing documents, or, (ii) if such
information is provided, the failure to state a material fact necessary to make the information provided not misleading.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company shall not
indemnify the Depositary or any Custodian against any liability or expense arising out of information relating to the Depositary or any
Custodian, as the case may be, furnished in writing to the Company and executed by the Depositary or the Custodian expressly for the use
in any registration statement, prospectus (or placement memorandum) or preliminary prospectus (or preliminary placement memorandum) relating
to the Shares evidenced by the American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary agrees
to indemnify the Company, its directors, employees, agents and affiliates against and hold each of them harmless from, any liability or
expense (including, but not limited to, the reasonable fees and expenses of counsel) which may arise out of acts performed or omitted
by the Depositary or any Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any person seeking indemnification
hereunder (an &quot;indemnified person&quot;) shall notify the person from whom it is seeking indemnification (the &quot;indemnifying
person&quot;) of a commencement of any indemnifiable action or claim promptly after such indemnified person becomes aware of such commencement
and shall consult in good faith with the indemnifying person as to the conduct of the defense of such action or claim, which defense shall
be reasonable under the circumstances. No indemnified person shall compromise or settle any action or claim without the consent of the
indemnifying person.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 5.09<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Charges of Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company agrees to
pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance with agreements
in writing entered into between the Depositary and the Company from time to time. Except as otherwise provided in the following paragraph,
the charges and expenses of the Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom American
Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company
or an exchange regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to
Section 4.03), whichever applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be
in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable
to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits
or withdrawals hereunder, (3) such cable, telex and facsimile transmission expenses as are expressly provided in this Deposit Agreement,
(4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.05, (5) a fee of $5.00
or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.03,
4.03 or 4.04, and the surrender of American Depositary Shares pursuant to Section 2.05 or 6.02, (6) a fee of $.02 or less per American
Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement including, but not limited to,
Sections 4.01 through 4.04 hereof, which may be collected by deduction from the cash distribution, (7) a fee for the distribution of securities
pursuant to Section 4.02, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred
to above which would have been charged as a result of the deposit of such securities (for purposes of this clause 7) treating all such
securities as if they were Shares), but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee
charged under clause 6, a fee of $.02 or less per American Depositary Share (or portion thereof) per annum for depositary services, which
will be payable as provided in clause 9 below, and (9) any other charges payable by the Depositary, any of the Depositary's agents, including
the Custodian, or the agents of the Depositary's agents in connection with the servicing of Shares or other Deposited Securities (which
charge shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.06 and shall be payable
at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge from one or more cash dividends
or other cash distributions).</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary, subject
to Section 2.09 hereof, may own and deal in any class of securities of the Company and its affiliates and in Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 5.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Retention of Depositary Documents.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Except as otherwise
explicitly provided herein, the Depositary is authorized to destroy those documents, records, bills and other data compiled during the
term of this Deposit Agreement at the times permitted by the laws or regulations governing the Depositary unless the Company requests
that such papers be retained for a different period or turned over to the Company or to a successor depositary.</P>

<P STYLE="font: bold 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
6.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT></FONT>AMENDMENT AND TERMINATION.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 6.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Amendment.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The form of the Receipts
and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the
Depositary in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase any fees or charges
(other than taxes and other governmental charges), or which shall otherwise prejudice any substantial existing right of Owners or Beneficial
Owners, shall, however, not become effective as to outstanding Receipts until the expiration of thirty days after notice of such amendment
shall have been given to the Owners of outstanding Receipts. Every Owner and Beneficial Owner at the time any amendment so becomes effective
shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as
amended thereby. In no event shall any amendment impair the right of the Owner of any Receipt to surrender such Receipt and receive therefor
the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 6.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Termination.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
at any time at the direction of the Company terminate this Deposit Agreement by mailing notice of such termination to the Owners of all
Receipts then outstanding at least 30 days prior to the date fixed in such notice for such termination. The Depositary may likewise terminate
the Deposit Agreement by mailing notice of such termination to the Company and the Owners of all Receipts then outstanding if at any time
60 days shall have expired after the Depositary shall have delivered to the Company a written notice of its election to resign and a successor
depositary shall not have been appointed and accepted its appointment as provided in Section 5.04. On and after the date of termination,
the Owner of a Receipt will, upon (a) surrender of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the fee
of the Depositary for the surrender of Receipts referred to in Section 2.05, and (c) payment of any applicable taxes or governmental charges,
be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by the American Depositary Shares
evidenced by such Receipt. If any Receipts shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue
the registration of transfers of Receipts, shall suspend the distribution of dividends to the Owners thereof, and shall not give any further
notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other
distributions pertaining to Deposited Securities, shall sell property and rights as provided in this Deposit Agreement, and shall continue
to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds
of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, in each case, the
fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the
terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). At any time after the expiration of
one year from the date of termination, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested
the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest,
for the pro rata benefit of the Owners of Receipts which have not theretofore been surrendered, such Owners thereupon becoming general
creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all obligations
under this Deposit Agreement, except to account for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary
for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions
of this Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of this Deposit Agreement, the Company
shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary under Sections 5.08
and 5.09. The obligations of the Depositary under Section 5.08 shall survive the termination of this Deposit Agreement.</P>

<P STYLE="font: bold 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
7.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp; </FONT></FONT>MISCELLANEOUS.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit Agreement
may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall constitute
one and the same instrument. Copies of this Deposit Agreement shall be retained by the Depositary and filed with the Depositary and the
Custodians and shall be open to inspection by any Owner or Beneficial Owner of a Receipt at the Corporate Trust office of the Depositary
and the principal corporate office of the Custodian designated by the Custodian during business hours.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Third Party Beneficiaries.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit Agreement
is for the exclusive benefit of the parties hereto and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever
to any other person.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Severability.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In case any one or more
of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected,
prejudiced or disturbed thereby.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Beneficial Owners and Owners as Parties; Binding Effect.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Beneficial Owners
and Owners of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts by acceptance thereof.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notices.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by registered mail, addressed to BRF-Brasil Foods S.A., Rua Hungria, 1400, Jd. Am&eacute;rica, 01455-000, S&atilde;o
Paulo, SP, Brazil, or any other place to which the Company may have transferred its principal office.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to the Depositary shall be deemed to have been duly given if in English and personally delivered or sent by mail or cable,
or facsimile transmission confirmed by letter, addressed to The Bank of New York Mellon, 101 Barclay Street, New York, New York 10286,
Attention: ADR Administration, telephone number (212) 815-2089, telecopy number (212) 571-3050, or any other place to which the Depositary
may have transferred its Corporate Trust Office.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to any Owner shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by letter, addressed to such Owner at the address of such Owner as it appears on the transfer books for Receipts
of the Depositary, or, if such Owner shall have filed with the Depositary a written request that notices intended for such Owner be mailed
to some other address, at the address designated in such request. All Beneficial Owners shall be deemed for all purposes hereof to be
in receipt of any notice given or sent to Owners.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Delivery of a notice
sent by mail or cable, telex or facsimile transmission shall be deemed to be effected at the time when a duly addressed letter containing
the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is received. The Depositary or the Company
may, however, act upon any cable, telex or facsimile transmission received by it, notwithstanding that such cable, telex or facsimile
transmission shall not subsequently be confirmed by letter as aforesaid.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Governing Law.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit Agreement
and the Receipts shall be interpreted and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by the
laws of the State of New York.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Compliance With U.S. Securities Laws.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding any
terms of this Deposit Agreement to the contrary, the Company and the Depositary each agrees that it will not exercise any rights it has
under the Deposit Agreement to prevent the withdrawal or delivery of Deposited Securities in a manner which would violate the United States
securities laws, including, but not limited to, Section I A(1) of the General Instructions to the Form F-6 Registration Statement, as
amended from time to time, under the Securities Act of 1933.</P>


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<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
BRF-BRASIL FOODS S.A. and THE BANK OF NEW YORK MELLON have duly executed this Deposit Agreement as of the day and year first set forth
above and all Owners and Beneficial Owners shall become parties hereto upon acceptance by them of American Depositary Shares issued in
accordance with the terms hereof.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2.5in">BRF-BRASIL FOODS S.A.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.5in">By:_______________________________</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-align: justify">Name:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0.5in 2.75in; text-align: justify">Title:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify">THE BANK OF NEW YORK MELLON,</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0.5in 3in; text-align: justify; text-indent: -0.25in">as Depositary</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.5in">By:______________________________</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-align: justify">Name:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-align: justify">Title:</P>

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

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<FILENAME>brfreceipt.htm
<DESCRIPTION>FORM OF RECEIPT
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 27pt 0 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">EXHIBIT A</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 3.25in; text-align: justify">AMERICAN DEPOSITARY SHARES<BR>
(Each American Depositary Share represents one deposited Share)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE BANK OF NEW YORK MELLON</P>

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(INCORPORATED UNDER THE LAWS OF BRAZIL)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Bank of New York Mellon
as depositary (hereinafter called the &quot;Depositary&quot;), hereby certifies that __________________________________________, or registered
assigns IS THE OWNER OF _____________________</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">representing deposited common shares (herein
called &quot;Shares&quot;) of BRF S.A., a company incorporated under the laws of Brazil (herein called the &quot;Company&quot;). At the
date hereof, each American Depositary Share represents one Share deposited or subject to deposit under the deposit agreement at the S&atilde;o
Paulo, Brazil, office of Itau Unibanco S.A. (herein called the &quot;Custodian&quot;). The Depositary's Corporate Trust Office is located
at a different address than its principal executive office. Its Office and its principal executive office are located at 240 Greenwich
Street, New York, NY 10286.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE DEPOSITARY'S CORPORATE TRUST OFFICE ADDRESS IS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">240 GREENWICH STREET, NEW YORK, N.Y. 10286</P>


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<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>THE DEPOSIT AGREEMENT.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This American Depositary
Receipt is one of an issue (herein called &quot;Receipts&quot;), all issued and to be issued upon the terms and conditions set forth in
the Amended and Restated Deposit Agreement dated as of November 14, 2011 (herein called the &quot;Deposit Agreement&quot;) among the Company,
the Depositary, and all Owners and Beneficial Owners from time to time of American Depositary Shares issued thereunder, each of whom by
accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof. The Deposit
Agreement sets forth the rights of Owners and Beneficial Owners of the Receipts and the rights and duties of the Depositary in respect
of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of such Shares
and held thereunder (such Shares, securities, property, and cash are herein called &quot;Deposited Securities&quot;). Copies of the Deposit
Agreement are on file at the Depositary's Corporate Trust Office in New York City and at the office of the Custodian.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The statements made
on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject
to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit Agreement
and not defined herein shall have the meanings set forth in the Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon surrender of
this Receipt at the Corporate Trust Office of the Depositary, and upon payment of the fee of the Depositary provided in this Receipt,
and subject to the terms and conditions of the Deposit Agreement, the Owner hereof is entitled to delivery, to him or upon his order,
of the Deposited Securities or evidence of ownership of and title to such Deposited Securities at the time represented by the American
Depositary Shares for which this Receipt is issued. Delivery of such Deposited Securities or evidence of ownership of and title to such
Deposited Securities may be made by the delivery of (a) certificates in the name of the Owner hereof or as ordered by him or certificates
properly endorsed or accompanied by a proper instrument or instruments of transfer to such Owner or as ordered by him and (b) any other
securities, property and cash to which such Owner is then entitled in respect of this Receipt. Such delivery will be made at the option
of the Owner hereof, either at the office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding
of certificates for Shares or other Deposited Securities or such documents evidencing ownership of and title to such Deposited Securities
for such delivery at the Corporate Trust Office of the Depositary shall be at the risk and expense of the Owner hereof.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The transfer of this
Receipt is registrable on the books of the Depositary at its Corporate Trust Office by the Owner hereof in person or by a duly authorized
attorney, without unreasonable delay, upon surrender of this Receipt properly endorsed for transfer or accompanied by a proper instrument
or instruments of transfer and funds sufficient to pay any applicable transfer taxes and the fees and expenses of the Depositary and upon
compliance with such regulations, if any, as the Depositary may establish for such purpose. This Receipt may be split into other such
Receipts, or may be combined with other such Receipts into one Receipt, evidencing the same aggregate number of American Depositary Shares
as the Receipt or Receipts surrendered. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination,
or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require (a) payment
from the depositor of Shares or the presentor of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge
and any stock transfer or registration fee with respect thereto (including any such tax or charge or fee with respect to the Shares being
deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement or this Receipt, (b) the production of
proof satisfactory to it as to the identity and genuineness of any signature and (c) compliance with any regulations the Depositary may
establish consistent with the provisions of the Deposit Agreement or this Receipt, including, without limitation, Paragraph (22) hereof.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The delivery of Receipts
against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer of Receipts in particular
instances may be refused, or the registration of transfer of outstanding Receipts generally may be suspended, during any period when the
transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, are closed, or if any such action is deemed necessary
or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government
or governmental body or commission, or under any provision of the Deposit Agreement or this Receipt, or for any other reason, subject
to Paragraph (22) hereof. Notwithstanding any other provision of the Deposit Agreement or the Receipts, the surrender of outstanding Receipts
and withdrawal of Deposited Securities may be suspended only for (i) temporary delays caused by closing the transfer books of the Depositary
or the Company or the deposit of Shares in connection with voting at a shareholders' meeting, or the payment of dividends, (ii) the payment
of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts
or to the withdrawal of the Deposited Securities. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit
under the Deposit Agreement any Shares required to be registered under the provisions of the Securities Act of 1933, unless a registration
statement is in effect as to such Shares or such registration is not required. For purposes of the foregoing sentence the Depositary shall
be entitled to rely upon representations and warranties deemed made pursuant to Section 3.03 of the Deposit Agreement and Paragraph (5)
hereof and shall not be required to make any further investigation.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In furtherance and
not in limitation of the foregoing, the Depositary shall not, and it shall instruct the Custodian not to knowingly (i) accept for deposit
Shares where such Shares have been withdrawn from a restricted depositary receipt facility in respect of Shares established or maintained
by a depositary bank, including any such facility established or maintained by the Depositary (hereinafter, a &quot;restricted facility&quot;),
or permit such Shares to be used to satisfy any person's pre-release obligation, unless such Shares have been acquired in a transaction
(a) registered under the Securities Act of 1933, (b) in compliance with Regulation S or (c) in accordance with Rule 144 under the Securities
Act of 1933, and the Depositary may, as a condition to accepting the deposit of such Shares under the Deposit Agreement, require the person
depositing such Shares to provide the Depositary with a certificate in writing to the foregoing effect; or (ii) accept for (w) deposit,
(x) transfer or exchange, (y) cancellation or (z) delivery in satisfaction of any person's pre-release obligation, depositary receipts
representing Shares issued pursuant to a restricted facility.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>LIABILITY OF OWNER FOR TAXES.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any tax or other
governmental charge shall become payable with respect to any Receipt or any Deposited Securities represented hereby, such tax or other
governmental charge shall be payable by the Owner hereof to the Depositary. The Depositary may refuse to effect any transfer of this Receipt
or any withdrawal of Deposited Securities represented by American Depositary Shares until such payment is made, and may withhold any dividends
or other distributions, or may sell for the account of the Owner hereof any part or all of the Deposited Securities represented by the
American Depositary Shares, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax
or other governmental charge and the Owner hereof shall remain liable for any deficiency.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>WARRANTIES OF DEPOSITORS.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Every person depositing
Shares hereunder and under the Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate
therefor are validly issued, fully paid, and not subject to any claim in respect of pre-emptive rights of the holders of outstanding Shares
and that the person making such deposit is duly authorized to do so. Every such person shall also be deemed to represent that the deposit
of Shares or sale of Receipts evidencing American Depositary Shares representing such Shares by that person is not restricted under the
Securities Act of 1933. Such representations and warranties shall survive the deposit of such Shares and issuance of Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any person presenting
Shares for deposit or any Owner of a Receipt may be required from time to time to file with the Depositary or the Custodian such proof
of citizenship or residence, exchange control approval, proof of the identity of any person legally or beneficially interested in the
Receipt and the nature of such interest or such information relating to the registration on the books of the Company or the Foreign Registrar,
if applicable, to execute such certificates and to make such representations and warranties, as the Depositary or the Company may deem
necessary or proper. The Depositary may withhold the delivery or registration of transfer of any Receipt or the distribution of any dividend
or sale or distribution of rights or of the proceeds thereof or of any Deposited Securities until such proof or other information is filed
or such certificates are executed or such representations and warranties made. Upon the request of the Company, the Depositary shall provide
the Company with copies of all such certificates and such written representations and warranties provided to the Depositary under this
Paragraph (6) and Section 3.01 of the Deposit Agreement. The Company may from time to time request Owners to provide information as to
the capacity in which such Owners own or owned Receipts and regarding the identity of any other persons then or previously interested
in such Receipts and the nature of such interest and various other matters. Each Owner agrees to provide any information requested by
the Company or the Depositary pursuant to this paragraph. No Share shall be accepted for deposit unless accompanied by evidence, if any
is required by the Depositary, that is reasonably satisfactory to the Depositary that all conditions to such deposit have been satisfied
by the person depositing such Shares under Brazilian laws and regulations and any necessary approval has been granted by any governmental
body in Brazil, if any, which is then performing the function of the regulation of currency exchange.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CHARGES OF DEPOSITARY.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company agrees
to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance with agreements
in writing entered into between the Depositary and the Company from time to time. Except as otherwise provided in the following paragraph,
the charges and expenses of the Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom American
Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company
or an exchange regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to
Section 4.03 of the Deposit Agreement), whichever applicable: (1) taxes and other governmental charges, (2) such registration fees as
may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign
Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on
the making of deposits or withdrawals under the Deposit Agreement, (3) such cable, telex and facsimile transmission expenses as are expressly
provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant
to Section 4.05 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery
of American Depositary Shares pursuant to Section 2.03, 4.03 or 4.04 of the Deposit Agreement, and the surrender of American Depositary
Shares pursuant to Section 2.05 or 6.02 of the Deposit Agreement, (6) a fee of $.02 or less per American Depositary Share (or portion
thereof) for any cash distribution made pursuant to the Deposit Agreement including, but not limited to Sections 4.01 through 4.04 thereof,
which may be collected by deduction from the cash distribution, (7) a fee for the distribution of securities pursuant to Section 4.02
of the Deposit Agreement, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred
to above which would have been charged as a result of the deposit of such securities (for purposes of this clause (7) treating all such
securities as if they were Shares), but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee
charged under clause (6), a fee of $.02 or less per American Depositary Share (or portion thereof) per annum for depositary services,
which will be payable as provided in clause 9 below, and (9) any other charges payable by the Depositary, any of the Depositary's agents,
including the Custodian, or the agents of the Depositary's agents in connection with the servicing of Shares or other Deposited Securities
(which charge shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.06 of the Deposit
Agreement and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge
from one or more cash dividends or other cash distributions).</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary, subject
to this Paragraph (7), may own and deal in any class of securities of the Company and its affiliates and in Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>PRE-RELEASE OF RECEIPTS.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
issue Receipts against the delivery by the Company (or any agent of the Company recording Share ownership) of rights to receive Shares
from the Company (or any such agent). No such issue of Receipts will be deemed a &quot;Pre-Release&quot; that is subject to the restrictions
of the following paragraph.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless requested in
writing by the Company to cease doing so, the Depositary may, notwithstanding Section 2.03 of the Deposit Agreement, execute and deliver
Receipts prior to the receipt of shares pursuant to Section 2.02 of the Deposit Agreement (&quot;Pre-Release&quot;). The Depositary may,
pursuant to Section 2.05 of the Deposit Agreement, deliver Shares upon the receipt and cancellation of Receipts which have been Pre-Released,
whether or not such cancellation is prior to the termination of such Pre-Release or the Depositary knows that such Receipt has been Pre-Released.
The Depositary may receive Receipts in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied
by a written representation and agreement from the person to whom Receipts are to be delivered (the &quot;Pre-Releasee&quot;) that the
Pre-Releasee, or its customer, (i) owns the shares or Receipts to be remitted, as the case may be, (ii) assigns all beneficial rights,
title and interest in such Shares or Receipts, as the case may be, to the Depositary in its capacity as such and for the benefit of the
Owners, and (iii) will not take any action with respect to such Shares or Receipts, as the case may be, that is inconsistent with the
transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or Receipts, as the case
may be), other than in satisfaction of such Pre-Release, (b) at all times fully collateralized with cash, U.S. government securities or
such other collateral as the Depositary determines, in good faith, will provide substantially similar liquidity and security, (c) terminable
by the Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit regulations as
the Depositary deems appropriate. The number of Shares not deposited but represented by American Depositary Shares outstanding at any
time as a result of Pre-Releases will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that
the Depositary reserves the right to disregard such limit from time to time as it deems reasonably appropriate, and may, with the prior
written consent of the Company, change such limit for purposes of general application. The Depositary will also set Dollar limits with
respect to Pre-Release transactions to be entered into hereunder with any particular Pre-Releasee on a case-by-case basis as the Depositary
deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Deposit Agreement, the collateral
referred to in clause (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee's obligations to the
Depositary in connection with a Pre-Release transaction, including the Pre-Releasee's obligation to deliver Shares or Receipts upon termination
of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder).</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
retain for its own account any compensation received by it in connection with the foregoing.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>TITLE TO RECEIPTS.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">It is a condition
of this Receipt and every successive Owner and Beneficial Owner of this Receipt by accepting or holding the same consents and agrees,
that title to this Receipt when properly endorsed or accompanied by a proper instrument or instruments of transfer, is transferable by
delivery with the same effect as in the case of a negotiable instrument under the laws of New York State, provided, however, that the
Company and the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered
on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends
or other distributions or to any notice provided for in the Deposit Agreement or for all other purposes and neither the Depositary nor
the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt unless such
holder is the Owner thereof.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">10.<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>VALIDITY OF RECEIPT.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Receipt shall
not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall have
been executed by the Depositary by the manual signature or facsimile of a duly authorized signatory of the Depositary and if a Registrar
for the Receipts shall have been appointed, countersigned by the manual signature or facsimile of a duly authorized officer of the Registrar.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">11.<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>REPORTS; INSPECTION OF TRANSFER BOOKS.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company is subject
to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the Securities
and Exchange Commission (hereinafter called the &quot;Commission&quot;).</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Such reports and communications
will be available for inspection and copying at the public reference facilities maintained by the Commission located at 100 F Street,
N.E., Washington, D.C. 20549. Pursuant to such Rule, certain of such reports and documents will be translated into or summarized in English.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary will
make available for inspection by Owners of Receipts at its Corporate Trust Office any reports and communications, including any proxy
soliciting material, received from the Company which are both (a) received by the Depositary or the Custodian or the nominee of either
as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company.
The Depositary will also, upon written request by the Company, send to Owners of Receipts copies of such reports when furnished by the
Company pursuant to the Deposit Agreement. Any such reports and communications, including any such proxy soliciting material, furnished
to the Depositary by the Company shall be translated into English.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary will
keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the
Owners of Receipts provided that such inspection shall not be for the purpose of communicating with Owners of Receipts in the interest
of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">12.<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>DIVIDENDS AND DISTRIBUTIONS.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever the Depositary
or the Custodian receives any cash dividend or other cash distribution on any Deposited Securities, the Depositary or the Custodian, in
accordance with applicable law and subject to the provisions of Section 4.05 of the Deposit Agreement, will convert or cause to be converted
within one Business Day of receipt of such dividend or distribution, if at the time of receipt thereof any amounts received in a foreign
currency can in the judgment of the Depositary be converted on a reasonable basis into United States dollars transferable to the United
States, and subject to the Deposit Agreement, such dividend or distribution into Dollars and either the Depositary or the Custodian will
as promptly as practicable distribute the amount thus received (net of the fees of the Depositary, if applicable, as provided in Section
5.09 of the Deposit Agreement) by check drawn in a bank in the City of New York, to the Depositary which shall distribute such amounts
to the Owners of Receipts entitled thereto, <U>provided</U>, <U>however</U>, that in the event that the Company or the Depositary is required
to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account
of taxes or other governmental charges, the amount distributed to the Owners of the Receipts evidencing American Depositary Shares representing
such Deposited Securities shall be reduced accordingly.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the provisions
of Section 4.11 and 5.09 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution described
in Sections 4.01, 4.03 or 4.04 of the Deposit Agreement, the Depositary will, upon consultation with the Company, cause the securities
or property received by it or the Custodian to be distributed to the Owners of Receipts entitled thereto, in any manner that the Depositary
may deem equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary such
distribution cannot be made proportionately among the Owners of Receipts entitled thereto, or if for any other reason the Depositary deems
such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the purpose of
effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or
any part thereof, and the net proceeds of any such sale (net of the fees of the Depositary as provided in Section 5.09 of the Deposit
Agreement) shall be distributed by the Depositary to the Owners of Receipts entitled thereto as in the case of a distribution received
in cash, provided that any unsold balance of such securities or property may be distributed by the Depositary to the Owners entitled thereto
in accordance with such equitable and practicable method as the Depositary shall have adopted.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any distribution
consists of a dividend in, or free distribution of, Shares, the Depositary may and shall if the Company shall so request, distribute to
the Owners of outstanding Receipts entitled thereto, additional Receipts evidencing an aggregate number of American Depositary Shares
representing the amount of Shares received as such dividend or free distribution subject to the terms and conditions of the Deposit Agreement
with respect to the deposit of Shares and the issuance of American Depositary Shares evidenced by Receipts, including the withholding
of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment of the fees of the Depositary
as provided in Section 5.09 of the Deposit Agreement. In lieu of delivering Receipts for fractional American Depositary Shares in any
such case, the Depositary will sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds,
all in the manner and subject to the conditions set forth in the Deposit Agreement. If additional Receipts are not so distributed, each
American Depositary Share shall thenceforth also represent the additional Shares distributed upon the Deposited Securities represented
thereby.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event that
the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax
or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all
or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary
deems necessary and practicable to pay any such taxes or charges, and the Depositary shall distribute the net proceeds of any such sale
after deduction of such taxes or charges to the Owners of Receipts entitled thereto and the Depositary shall distribute any unsold balance
of such property in accordance with the provisions of the Deposit Agreement. The Company or its agent shall remit to appropriate governmental
authorities and agencies in Brazil all amounts, if any, withheld and owing to such authorities and agencies by the Company. The Depositary
or its agent shall remit to appropriate governmental authorities and agencies in the United States all amounts, if any, withheld and owing
to such authorities and agencies by the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary shall
forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its
agent to file necessary reports with governmental agencies. The Depositary shall use reasonable efforts to make and maintain arrangements
enabling Owners who are citizens or residents of the United States to receive any tax credits or other benefits (pursuant to treaty or
otherwise) relating to dividend payments on the American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">13.<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>RIGHTS.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event that
the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares
or any rights of any other nature, the Depositary, after consultation with the Company, shall have discretion as to the procedure to be
followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds
available in Dollars to such Owners or, if by the terms of such rights offering or, for any other reason, the Depositary may not either
make such rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary
shall allow the rights to lapse; <U>provided</U>, <U>however</U>, if at the time of the offering of any rights the Depositary determines
in its discretion, after consultation with the Company, that it is lawful and feasible to make such rights available to all Owners or
to certain Owners but not to other Owners, the Depositary, after consultation with the Company, may distribute, to any Owner to whom it
determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants
or other instruments therefor in such form as it deems appropriate. If the Depositary determines in its discretion, after consultation
with the Company, that it is not lawful and feasible to make such rights available to certain Owners, it may sell the rights, warrants
or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not
lawfully or feasibly make such rights available, and allocate the net proceeds of such sales (net of the fees of the Depositary as provided
in Section 5.09 of the Deposit Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments,
upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions or the
date of delivery of any Receipt or otherwise. Neither the Depositary nor the Company shall be responsible for any failure to determine
that it may be lawful or feasible to make such rights available to Owners in general or any Owner in particular.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If an Owner of Receipts
requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares
of such Owner under the Deposit Agreement, the Depositary will make such rights available to such Owner upon written notice from the Company
to the Depositary that (a) the Company has elected in its sole discretion to permit such rights to be exercised and (b) such Owner has
executed such documents as the Company has determined in its sole discretion are required under applicable law. Upon instruction pursuant
to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary
for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise of the rights, and
upon payment of the fees of the Depositary as set forth in such warrants or other instruments, the Depositary shall, on behalf of such
Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the Depositary
on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to Section
2.02 of the Deposit Agreement, and shall, pursuant to Section 2.03 of the Deposit Agreement, execute and deliver to such Owner Restricted
Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If registration under
the Securities Act of 1933 of the securities to which any rights relate is required in order for the Company to offer such rights to Owners
and sell the securities upon the exercise of such rights to Owners, the Depositary will not offer such rights to the Owners unless and
until such a registration statement is in effect, or unless the offering and sale of such securities to the Owners of such Receipts are
exempt from registration under the provisions of such Act. The Company shall have no obligation to register such rights or such securities
under the Securities Act of 1933.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">14.<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>CONVERSION OF FOREIGN CURRENCY.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever the Depositary
or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of securities,
property or rights in respect of such Receipts, and if at the time of the receipt thereof the Foreign Currency so received can, pursuant
to applicable law, be converted into Dollars, the Depositary shall convert or cause to be converted within one Business Day of its or
the Custodian's receipt of such Foreign Currency, by sale or in any other manner that it may determine in accordance with applicable law,
such Foreign Currency into Dollars. If at the time of conversion of such Foreign Currency into Dollars such Dollars can, pursuant to applicable
law, be transferred outside of Brazil for distribution to the owners entitled thereto, such Dollars shall be distributed as promptly as
practicable to the Owners entitled thereto or, if the Depositary shall have distributed any rights, warrants or other instruments which
entitle the holders thereof to such Dollars, then to the holders of such rights, warrants and/or instruments upon surrender thereof for
cancellation. Such distribution or conversion may be made upon an averaged or other practicable basis without regard to any distinctions
among Owners on account of exchange restrictions, the date of delivery of any Receipt or otherwise and shall be net of any expenses of
conversion into Dollars incurred by the Depositary as provided in Section 5.09.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If conversion of Foreign
Currency into Dollars or distribution of Dollars or non-convertible Foreign Currency can be effected only with the approval or license
of any government or agency thereof, the Depositary shall file as promptly as practicable such application for approval or license; however,
the Depositary shall be entitled to rely upon Brazilian local counsel in such matters, which counsel shall be instructed to act as promptly
as possible.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If at any time Foreign
Currency received by the Depositary or Custodian is not, pursuant to applicable law, convertible, in whole or in part, into Dollars transferable
to the United States, or if any approval or license of any government or agency thereof which is required for such conversion is denied
or in the opinion of the Depositary can not be obtained within a reasonable time, the Depositary shall, (a) as to that portion of the
Foreign Currency that is convertible into Dollars, make such conversion and (i) if permitted pursuant to applicable law, transfer such
Dollars to the United States and distribute to Owners in accordance with the first paragraph of this Paragraph (14) or (ii) to the extent
transfer of such Dollars to the United States is not permitted pursuant to applicable law, hold such Dollars as may not be transferred
for the benefit of the Owners entitled thereto, and (b) as the non-convertible balance, if any, (i) if requested in writing by an Owner,
distribute or cause the Custodian to distribute the Foreign Currency (or an appropriate document evidencing the right to receive such
Foreign Currency) received by the Depositary or Custodian to such Owner and, (ii) the Depositary shall hold or shall cause the Custodian
to hold any amounts of nonconvertible Foreign Currency not distributed pursuant to the immediately preceding subclause (b)(i) uninvested
and without liability for interest thereon for the respective accounts of the Owners entitled to receive the same.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">15.<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>FIXING OF RECORD DATES.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever any cash
dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be
issued with respect to the Deposited Securities, or whenever for any reason the Depositary causes a change in the number of Shares that
are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting of holders of Shares
or other Deposited Securities, the Depositary shall fix a record date, after consultation with the Company if such record date is different
from the record date applicable to the Deposited Securities, (a) for the determination of the Owners of Receipts who shall be (i) entitled
to receive such dividend, distribution or rights or the net proceeds of the sale thereof or (ii) entitled to give instructions for the
exercise of voting rights at any such meeting, or (b) on or after which each American Depositary Share will represent the changed number
of Shares, subject to the provisions of the Deposit Agreement. The Owners on such record date shall be entitled as the case may be, to
receive the amount distributable by the Depositary with respect to such dividend or other distribution or such rights or the net proceeds
or sale thereof in proportion to the number of American Depositary Shares held by them respectively, and to give voting instructions to
exercise the rights of Owners under the Deposit Agreement with respect to such changed number of Shares and to act in respect of any other
such matter.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">16.<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>VOTING OF DEPOSITED SECURITIES.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon receipt of notice
of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary shall, as soon
as practicable thereafter, mail to the Owners a notice, the form of which notice shall be subject to the reasonable discretion of the
Depositary, which shall contain (a) such information as is contained in such notice of meeting received by the Depositary from the Company,
(b) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision
of Brazilian law and of the Articles of Association of the Company and the provisions of the Deposited Securities, to instruct the Depositary
as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their
respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given, including, when applicable,
an express indication that instructions may be given (or, if applicable, deemed given in accordance with the second paragraph of Section
4.07 of the Deposit Agreement if no instruction is received) to the Depositary to give a discretionary proxy to a person designated by
the Company. Upon the written request of an Owner on such record date, received on or before the date established by the Depositary for
such purpose, the Depositary shall endeavor, insofar as practicable and permitted under applicable laws and the provisions of the Articles
of Association of the Company and the provisions of the Deposited Securities, to vote or cause to be voted the amount of Shares or other
Deposited Securities represented by such American Depositary Shares in accordance with the instructions set forth in such request. The
Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited Securities, other than
in accordance with such instructions or deemed instructions.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If no instructions
are received by the Depositary from any Owner with respect to any of the Deposited Securities represented by the American Depositary Shares
on or before the date established by the Depositary for such purpose, the Depositary shall deem such Owner to have instructed the Depositary
to give a discretionary proxy to a person designated by the Company with respect to such Deposited Securities and the Depositary shall
give a discretionary proxy to a person designated by the Company to vote such Deposited Securities, provided, that no such instruction
shall be deemed given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary
(and the Company agrees to provide such information as promptly as practicable in writing) that (x) the Company does not wish such proxy
given, (y) substantial opposition exists or (z) such matter materially and adversely affects the rights of holders of Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">There can be no assurance
that Owners generally or any Owner in particular will receive the notice described in the preceding paragraph sufficiently prior to the
instruction cutoff date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set
forth in the preceding paragraph.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">17.<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>CHANGES AFFECTING DEPOSITED SECURITIES.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In circumstances where
the provisions of Section 4.03 of the Deposit Agreement do not apply, upon any change in par value, split-up, consolidation or any other
reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation, or sale of assets affecting
the Company or to which it is a party, any securities which shall be received by the Depositary or a Custodian in exchange for or in conversion
of or in respect of Deposited Securities shall be treated as new Deposited Securities under the Deposit Agreement, and American Depositary
Shares shall thenceforth represent the new Deposited Securities so received in exchange or conversion, unless additional Receipts are
delivered pursuant to the following sentence. In any such case the Depositary may, with the approval of the Company, and shall, if the
Company shall so request, execute and deliver additional Receipts as in the case of a dividend in Shares, or call for the sur render of
outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities. Notwithstanding the foregoing,
in the event that any security so received may not be lawfully distributed to some or all Owners, the Depositary may, with the Company's
approval, and shall if the Company requests, sell such securities at public or private sale, at such place or places and upon such terms
as it may deem proper, and may allocate the net proceeds (without liability for interest) of such sales for the account of the Owners
otherwise entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such Owners
and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Immediately upon the
occurrence of any such change, conversion or exchange covered by this Section in respect of the Deposited Securities, the Depositary shall
give notice thereof in writing to all Owners.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">18.<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>LIABILITY OF THE ISSUER AND DEPOSITARY.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither the Depositary
nor the Company nor any of their directors, employees, agents or affiliates shall incur any liability to any Owner or holder of any Receipt,
if by reason of any provision of any present or future law or regulation of the United States, Brazil, or any other country, or of any
other governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of the Articles of Association
of the Company or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof,
or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary or the Company or any of
their directors, employees, agents or affiliates shall be prevented, delayed or forbidden from or be subject to any civil or criminal
penalty on account of, doing or performing any act or thing which by the terms of the Deposit Agreement it is provided shall be done or
performed; nor shall the Depositary or the Company incur any liability to any Owner or Beneficial Owner of a Receipt by reason of any
non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of the Deposit Agreement it is
provided shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in the
Deposit Agreement, for the inability of any Owner or Beneficial Owner to benefit from any distribution, offering, right or other benefit
which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners
or holders, or for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement. Where, by the
terms of a distribution pursuant to Sections 4.01, 4.02, or 4.03 of the Deposit Agreement, or an offering or distribution pursuant to
Section 4.04 of the Deposit Agreement, because of applicable law or for any other reason such distribution or offering may not be made
available to Owners or Beneficial Owners of Receipts, and the Depositary may not dispose of such distribution or offering on behalf of
such Owners or Beneficial Owners and make the net proceeds available to such Owners or Beneficial Owners, then the Depositary shall not
make such distribution or offering, and shall allow any rights, if applicable, to lapse. Neither the Company nor the Depositary assumes
any obligation or shall be subject to any liability under the Deposit Agreement or this Receipt to Owners or Beneficial Owners of Receipts;
except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence and or bad faith
in the performance of such duties. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited
Securities. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit, or
other proceeding in respect of any Deposited Securities or in respect the American Depositary Shares on behalf of any Owner or Beneficial
Owner or any other person. Neither the Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the
advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Beneficial Owner of a
Receipt, or any other person believed by it in good faith to be competent to give such advice or information including, but not limited
to, any such action or nonaction based upon any written notice, request, direction or other document believed by it to be genuine and
to have been signed or presented by the proper party or parties. The Depositary shall not be responsible for any failure to carry out
any instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote,
provided that any such action or nonaction is in good faith. The Depositary shall not be liable for any acts or omissions made by a successor
depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter arising wholly after
the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises,
the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary and the Company
may rely on and shall be protected in acting upon any written notice, request, direction or other documents believed by them to be genuine
and to have been signed by the proper party or parties. The Company agrees to indemnify the Depositary, its directors, employees, agents
and affiliates and any Custodian against, and hold each of them harmless from, any liability or expense (including, but not limited to,
the reasonable fees and expenses of counsel) which may arise out of acts performed or omitted, in accordance with the provisions of the
Deposit Agreement and of the Receipts, as the same may be amended, modified, or supplemented from time to time, (i) by either the Depositary
or any Custodian or their respective directors, employees, agents and affiliates, except for any liability or expense arising out of the
negligence or bad faith of any of them, or (ii) by the Company or any of its directors, employees, agents and affiliates. No disclaimer
of liability under the Securities Act of 1933 is intended by any provision of the Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
not indemnify the Depositary or any Custodian against any liability or expense arising out of information relating to the Depositary or
any Custodian, as the case may be, furnished in writing to the Company and executed by the Depositary or the Custodian expressly for the
use in any registration statement, prospectus or placement memorandum or preliminary prospectus or placement memorandum relating to the
Shares evidenced by the American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any person seeking
indemnification under the Deposit Agreement (an &quot;indemnified person&quot;) shall notify the person from whom it is seeking indemnification
(the &quot;indemnifying person&quot;) of a commencement of any indemnifiable action or claim promptly after such indemnified person becomes
aware of such commencement and shall consult in good faith with the indemnifying person as to the conduct of the defense of such action
or claim, which defense shall be reasonable under the circumstances. No indemnified person shall compromise or settle any action or claim
without the consent of the indemnifying person.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">19.<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>RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
at any time resign as Depositary under the Deposit Agreement by 60 days' written notice of its election so to do (or a lesser amount of
notice if satisfactory to the Company) delivered to the Company effective upon the appointment of a successor depositary satisfactory
to the Company and its acceptance of such appointment as provided in the Deposit Agreement, which appointment shall be on terms satisfactory
to the Company in its sole discretion. The Depositary may at any time be removed by the Company by 60 days' written notice of such removal
effective upon the appointment of a successor depositary satisfactory to the Company and its acceptance of such appointment as hereinafter
provided, which appointment shall be on terms satisfactory to the Company in its sole discretion. In case at any time the Depositary shall
resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust Company
having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor
and to the Company an instrument in writing accepting its appointment under the Deposit Agreement, and thereupon such successor depositary,
without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but
such predecessor, nevertheless, upon payment of all sums due it and on the written request of the Company, shall execute and deliver an
instrument transferring to such successor all rights and powers of such predecessor under the Deposit Agreement, shall duly assign, transfer
and deliver all right, title and interest in the Deposited Securities to such successor, and shall deliver to such successor a list of
the Owners of all outstanding Receipts. Any such successor depositary shall promptly mail notice of its appointment to the Owners. Whenever
the Depositary in its discretion determines that it is in the best interest of the Owners of Receipts to do so, it may appoint a substitute
custodian.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">20.<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>AMENDMENT.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The form of the Receipts
and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the
Depositary in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase any fees or charges
(other than taxes and other governmental charges), or which shall otherwise prejudice any substantial existing right of Owners of Receipts,
shall, however, not become effective as to outstanding Receipts until the expiration of thirty days after notice of such amendment shall
have been given to the Owners of outstanding Receipts. Every Owner of a Receipt at the time any amendment so becomes effective shall be
deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended
thereby. In no event shall any amendment impair the right of the Owner of any Receipt to surrender such Receipt and receive therefor the
Deposited Securities represented thereby except in order to comply with mandatory provisions of applicable law.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">21.<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>TERMINATION OF DEPOSIT AGREEMENT.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary shall
at any time at the direction of the Company terminate the Deposit Agreement by mailing notice of such termination to the Owners of all
Receipts then outstanding at least 30 days prior to the date fixed in such notice for such termination. The Depositary may likewise terminate
the Deposit Agreement by mailing notice of such termination to the Company and the Owners of all Receipts then outstanding if at any time
60 days shall have expired after the Depositary shall have delivered to the Company a written notice of its election to resign and a successor
depositary shall not have been appointed and accepted its appointment as provided in Section 5.04 of the Deposit Agreement. On and after
the date of termination, the Owner of a Receipt will, upon (a) surrender of such Receipt at the Corporate Trust Office of the Depositary,
(b) payment of the fee of the Depositary for the surrender of Receipts referred to in Section 2.05 of the Deposit Agreement, and (c) payment
of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities
represented by the American Depositary Shares evidenced by such Receipt. If any Receipts shall remain outstanding after the date of termination,
the Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends to
the Owners thereof, and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary
shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell property and rights as provided
in the Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received
with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary
(after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of
such Receipt in accordance with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges).
At any time after the expiration of one year from the date of termination, the Depositary may sell the Deposited Securities then held
under the Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held
by it thereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of Receipts which have not theretofore
been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such
sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except to account for such net proceeds and
other cash (after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the
Owner of such Receipt in accordance with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges).
Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except
for its obligations to the Depositary with respect to indemnification, charges, and expenses. The obligations of the Depositary under
Section 5.08 of the Deposit Agreement shall survive the termination of the Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">22.<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>COMPLIANCE WITH U.S. SECURITIES LAWS.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding any
terms of this Receipt or the Deposit Agreement to the contrary, the Company and the Depositary have each agreed that it will not exercise
any rights it has under the Deposit Agreement or the Receipt to prevent the withdrawal or delivery of Deposited Securities in a manner
which would violate the United States securities laws, including, but not limited to Section I A(1) of the General Instructions to the
Form F-6 Registration Statement, as amended from time to time, under the Securities Act of 1933.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">23.<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>INFORMATION REQUESTS.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company may from
time to time request Owners of Receipts to provide information as to the capacity in which such Owners own or owned Receipts and regarding
the identity of any other persons then or previously interested in such Receipts and the nature of such interest and various other matters.
The Depositary agrees to use reasonable efforts to comply with reasonable written instructions received from the Company requesting that
the Depositary forward any such requests to the Owner and to forward to the Company any such responses to such requests received by the
Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary and
the Company hereby confirm to each other that, for as long as the Deposit Agreement is in effect, they shall furnish to the Commis&atilde;o
de Valores Mobili&aacute;rios (the &quot;CVM&quot;) and the Central Bank of Brazil, at any time and within the period that may be determined,
with any information and documents related to the American Depositary Share program and the Receipts issued hereunder as may be requested
by such authorities from time to time. In the event that the Depositary or the Custodian shall be advised in writing by reputable independent
Brazilian counsel that the Depositary or Custodian reasonably could be subject to criminal, or material, as reasonably determined by the
Depositary, civil, liability as a result of the Company having failed to provide such information or documents reasonably available only
through the Company, the Depositary shall have the right to terminate the Deposit Agreement, upon at least 15 days' prior notice to the
Owners and the Company, and the Depositary shall not be subject to any liability thereunder on account of such termination or such determination.
The effect of any such termination of the Deposit Agreement shall be as provided in Section 6.02 of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNCERTIFICATED
AMERICAN DEPOSITARY SHARES; DTC DIRECT REGISTRATION SYSTEM.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding anything
to the contrary in the Deposit Agreement:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American
Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of Receipt annexed as Exhibit
A to the Deposit Agreement summarizes the terms and conditions of, and will be the prospectus required under the Securities Act of 1933
for, both certificated and uncertificated American Depositary Shares. Except for those provisions of the Deposit Agreement that by their
nature do not apply to uncertificated American Depositary Shares, all the provisions of the Deposit Agreement shall apply, mutatis mutandis,
to both certificated and uncertificated American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;(i)&#9;The
term &ldquo;deliver&rdquo;, or its noun form, when used with respect to Receipts, shall mean (A) book-entry transfer of American Depositary
Shares to an account at The Depository Trust Company, or its successor (&ldquo;DTC&rdquo;), designated by the person entitled to such
delivery, evidencing American Depositary Shares registered in the name requested by that person, (B) registration of American Depositary
Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to such delivery and mailing
to that person of a statement confirming that registration or (C) if requested by the person entitled to such delivery, delivery at the
Corporate Trust Office of the Depositary to the person entitled to such delivery of one or more Receipts.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&#9;(ii)&#9;The term
&ldquo;surrender&rdquo;, when used with respect to Receipts, shall mean (A) one or more book-entry transfers of American Depositary Shares
to the DTC account of the Depositary, (B) delivery to the Depositary at its Corporate Trust Office of an instruction to surrender American
Depositary Shares not evidenced by a Receipt or (C) surrender to the Depositary at its Corporate Trust Office of one or more Receipts
evidencing American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American
Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of New York.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depositary shall have a duty to register a transfer, in the case of uncertificated American Depositary Shares, upon receipt from the Owner
of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in subsection (f) below).
The Depositary, upon surrender of a Receipt for the purpose of exchanging it for uncertificated American Depositary Shares, shall cancel
that Receipt and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated American Depositary
Shares that the surrendered Receipt evidenced. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt,
instructions through DRS and Profile as provided in subsection (f) below) from the Owner of uncertificated American Depositary Shares
for the purpose of exchanging them for certificated American Depositary Shares, shall execute and deliver to the Owner a Receipt evidencing
the same number of certificated American Depositary Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
satisfaction of the conditions for replacement of a Receipt that is mutilated, lost, destroyed or stolen, the Depositary shall deliver
to the Owner the American Depositary Shares evidenced by that Receipt in uncertificated form unless otherwise requested by the Owner.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The parties acknowledge that the Direct Registration System (&ldquo;DRS&rdquo;) and Profile Modification System (&ldquo;Profile&rdquo;)
shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC
pursuant to which the Depositary may register the ownership of uncertificated American Depositary Shares, which ownership shall be evidenced
by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC
participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those
American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant
without receipt by the Depositary of prior authorization from the Owner to register such transfer.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&#9;(ii) In connection
with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary will not
verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in requesting a
registration of transfer and delivery as described in subsection (i) above has the actual authority to act on behalf of the Owner (notwithstanding
any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.03 and 5.08 of the Deposit
Agreement shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary&rsquo;s reliance on and compliance
with instructions received by the Depositary through the DRS/Profile System and in accordance with the Deposit Agreement shall not constitute
negligence or bad faith on the part of the Depositary.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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<FILENAME>brfopinion.htm
<DESCRIPTION>OPINION OF COUNSEL
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    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 17pt; font-variant: small-caps">Emmet,
    Marvin &amp; Martin,</FONT> <FONT STYLE="font-size: 14pt; font-variant: small-caps">llp</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Counsellors
    at Law<BR>
    </FONT><FONT STYLE="font-size: 8pt"><BR>
    </FONT><FONT STYLE="font-size: 9pt">120 Broadway</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.5pt">New York, New York
    10271</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.5pt">Tel: 212-238-3000</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.5pt">Fax: 212-238-3100</FONT></P>
    <P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>www.emmetmarvin.com</B></P></TD>
    <TD STYLE="width: 27%; padding-top: 0.25in; padding-right: -0.7pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">May 23, 2023</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Bank of New York Mellon,</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">240 Greenwich Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York, 10286</P>

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

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    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: left">Re:</TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">American Depositary Shares representing common shares of BRF S.A.</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We refer to the registration statement
to be filed on Form F-6 under the Securities Act of 1933 (the &quot;Registration Statement&quot;) by the legal entity created by the agreement
(the &quot;Deposit Agreement&quot;) for issuance of American Depositary Shares (&quot;ADSs&quot;), which may be evidenced by American
Depositary Receipts (&quot;ADRs&quot;), representing common shares of BRF S.A., for which you propose to act as Depositary.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are of the opinion that
the ADSs covered by the Registration Statement, when issued in accordance with the terms of the Deposit Agreement, will, when sold, be
legally issued and will entitle the holders thereof to the rights specified in the Deposit Agreement and the ADRs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This opinion may be used
by you as an exhibit to the Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 12pt 3in; text-align: justify">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 3in; text-align: justify"><U>/s/ EMMET, MARVIN &amp; MARTIN, LLP</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 3in; text-align: justify">EMMET, MARVIN &amp; MARTIN, LLP</P>

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<FILENAME>brfrule466.htm
<DESCRIPTION>CERTIFICATION UNDER RULE 466
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">Exhibit 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Certification Under Rule 466</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Depositary, The Bank of New York Mellon, represents
and certifies the following:</P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">That it previously has filed a Registration Statement on Form F-6 (BRF-Brasil
Foods S.A., Registration No. 333-177676) which the Commission declared effective, with terms of deposit identical to the terms of deposit
of this Registration Statement except for the number of foreign securities a Depositary Share represents.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">That its ability to designate the date and time of effectiveness under Rule
466 has not been suspended.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 3in">THE BANK OF NEW YORK MELLON,<BR>
As Depositary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"><U>By: /s/ Eric Alan MacAlpine</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Name: Eric Alan MacAlpine</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Title: Director</P>

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

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