<SEC-DOCUMENT>0001292814-24-001070.txt : 20240329
<SEC-HEADER>0001292814-24-001070.hdr.sgml : 20240329
<ACCEPTANCE-DATETIME>20240328185354
ACCESSION NUMBER:		0001292814-24-001070
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240331
FILED AS OF DATE:		20240329
DATE AS OF CHANGE:		20240328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRF S.A.
		CENTRAL INDEX KEY:			0001122491
		STANDARD INDUSTRIAL CLASSIFICATION:	MEAT PACKING PLANTS [2011]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15148
		FILM NUMBER:		24801252

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><B>dated&nbsp;March
28, 2024</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><B>14401 AV. DAS NACOES UNIDAS 22ND FLOOR</B><BR>
<B>CHAC SANTO ANTONIO 04730 090-S&atilde;o Paulo &ndash; SP, Brazil</B><BR>
<FONT STYLE="font-size: 13.5pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(Address of principal executive
offices) (Zip code)</FONT></P>

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

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

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

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

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

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

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

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



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

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


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

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

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



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

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&nbsp;March&nbsp;28, 2024</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRF S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Fabio Luis Mendes Mariano</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 48%; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Fabio Luis Mendes Mariano</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: -9.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="padding-right: 0.7pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial and Investor Relations Officer</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0 0 10pt; background-color: white">&nbsp;</P>

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




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

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


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

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white">&nbsp;</P>

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

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


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0.6pt 0 0; text-align: center; text-indent: -0.5pt"><B>BRF S.A.</B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: -0.5pt">Publicly Held Company</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: -0.5pt">CNPJ 01.838.723/0001-27</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0.3pt 0 0; text-align: center; text-indent: -0.5pt">NIRE 42.300.034.240</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 2.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>BYLAWS</B></TD><TD STYLE="text-align: center; padding-right: 0.55pt"></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAME,
HEADQUARTERS, TERM AND CORPORATE PURPOSE </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 1.</B> BRF S.A.
(&quot;Company&quot;) is a publicly held company, which is governed by these Bylaws, by Law No. 6,404, of December 15, 1976, as amended
(&quot;<U>Brazilian Corporation Law</U>&quot;) and by other applicable laws and regulations.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - With the Company's
entry into the special listing segment called Novo Mercado, of B3 S.A. &#8211; <I>Brasil, Bolsa, Balc&atilde;o</I> (&quot;B3&quot;), the
Company, its shareholders, including controlling shareholders, managers and members of the Fiscal Council, when installed, are subject
to the provisions of the Regulations of the B3's Novo Mercado (&quot;<U>Novo Mercado Regulation</U>&quot;).</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - The provisions
of the Novo Mercado Regulation shall prevail over the statutory provisions, in the event of prejudice to the rights of the recipients
of the public offerings provided for in these Bylaws.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 2. </B>The Company
has its headquarters and jurisdiction in the City of Itaja&iacute;, State of Santa Catarina, at Rua Jorge Tzachel, 475, Bairro Fazenda,
CEP 88.301-600, and may establish branches, agencies, offices and other facilities anywhere in the national territory or abroad.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 3.</B> The Company's
main corporate purpose is the exercise of the following activities, in Brazil or abroad:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the industrialization, commercialization,
retail and wholesale, and exploitation of food in general, especially animal protein derivatives and food products that use the cold chain
as support and distribution; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the industrialization and commercialization
of animal feed, nutrients and feed supplements; </FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the provision of food services
in general; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the industrialization, refining
and marketing of vegetable oils, fats and dairy products; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the exploration, conservation,
storage, silage and marketing of grains, their derivatives and by-products; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the retail and wholesale marketing
of consumer and production goods, including the sale of equipment and vehicles for the development of its logistics activity; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(vii)</TD><TD STYLE="text-align: justify">the export and import of production and consumer goods;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the provision of transport, logistics
and distribution services for cargo and food in general; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">participation in other societies,
aiming at the broadest achievement of social purposes; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">participation in projects necessary
for the operation of the Company's business; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">industrialization, own or on
demand, marketing, export and import of pharmochemical products derived from animal slaughter; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(xii)</TD><TD STYLE="text-align: justify">manufacture and marketing of organic chemicals derived from animal slaughter;</TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xiii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">manufacture, distribution and export of pharmaceutical
inputs derived from animal slaughter;</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xiv)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">intermediation and agency of services and business in
general, except real estate; </FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">(xv)provision
of administrative services to third parties; and</P>

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

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xvi)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">provision of laboratory analysis and technical services
to third parties.</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sole Paragraph - The Company may also carry out,
by itself or through the hiring of third parties, activities to support the core activities listed in Article 3 above, such as:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">auxiliary administrative, technical
or operational support activities aimed at creating conditions for the best exercise of its main activities; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">cargo transportation in general;
</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">storage and storage services
of products and other related services; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">activities of promotion and replenishment
of its products in retail and in points of exhibition and sale to the final consumer, including the necessary support to customers that
allows the packaging and visualization of the products; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">services of receipt and allocation
of raw material to be used in production; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">repair, maintenance and upkeep
services of machinery and vehicles; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(vii)</TD><TD STYLE="text-align: justify">the promotion of activities, programs, technical assistance and promotion aimed at national agricultural
development;</TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the industrialization, operation
and commercialization of packaging of any kind; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the exploitation and rearing
of animals in general; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the trading of commodities in
general; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">research and development of production
techniques and improvement of the Company's genetic matrices; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(xii)</TD><TD STYLE="text-align: justify">the activities of reforestation, extraction, industrialization and commercialization of wood;</TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the sale of movable and immovable
assets, including machinery, equipment and vehicles, of fixed assets, to meet the activities included in the Company's corporate purpose
described in this article; and</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xiv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Fuel supply services for its
own fleet or for third-party service providers, especially freight, transport, logistics and distribution.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 4.</B> The duration
of the Company is indefinite.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARE
CAPITAL </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 5.</B> The Company's
capital stock is R$13,653,417,953,36 (thirteen billion, six hundred and fifty-three million, four hundred and seventeen thousand, nine
hundred and fifty-three reais and thirty-six cents), fully subscribed and paid-in divided into 1,682,473,246 (one billion, six hundred
and eighty-two million, four hundred and seventy-three thousand, two hundred and forty-six) common shares, all registered and without
par value.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - The Company
may not issue preferred shares or beneficial shares.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - The shares
issued by the Company are indivisible and each common share entitles one vote to the resolutions of the Shareholders' Meetings.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 6.</B> All shares
issued by the Company are book-entry and, as resolved by the Board of Directors, held in a deposit account with a financial institution
authorized by the Brazilian Securities and Exchange Commission (&quot;CVM&quot;), on behalf of their holders.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Sole Paragraph. The cost
of transfer and registration, as well as the cost of the service related to the book-entry shares, may be charged directly to the shareholder
by the book-entry institution, as may be defined in the book-entry agreement.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 7.</B> The Company
is authorized to increase its capital stock, regardless of any amendment to the bylaws, until the number of shares into which the capital
stock is divided becomes 2,103,000,000 (two billion and one hundred and three million) common shares, by resolution of the Board of Directors.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - In the event
provided for in the <I>caput</I> of this Article, it shall be incumbent upon the Board of Directors to set the issue price and the number
of shares to be issued, as well as the term and conditions for payment.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - Within the
limit of the authorized capital, the Board of Directors may also: (i) resolve on the issuance of subscription bonuses; (ii) in accordance
with the plan approved by the Shareholders' Meeting, grant stock options, without the shareholders having preemptive rights in the granting
of options or subscription of the respective shares; (iii) approve an increase in the capital stock through the capitalization of profits
or reserves, with or without bonus shares; and (iv) resolve on the issuance of debentures convertible into shares.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 8.</B>At the discretion
of the Board of Directors or the Shareholders' Meeting, the preemptive rights of shareholders may be excluded or reduced in any issuance
of shares, debentures convertible into shares and subscription bonuses, the placement of which is made through sale on the stock exchange,
public subscription or exchange for shares in a public offer for the acquisition of control as provided by law and these Bylaws.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 9.</B> The shareholder's
delay in the payment of the subscribed capital will result in the charging of interest of 1% (one percent) per month<I>, pro rata temporis,
</I>monetary adjustment based on the variation of the General Market Price Index &#8211; IGP-M, published by the Get&uacute;lio Vargas
Foundation &#8211; FGV, or another index that reflects the real loss of the currency's purchasing power in the period. at the discretion
of the Company's Board of Directors, at the shortest legally applicable periodicity, and a fine of ten percent (10%) of the amount of
the obligation, without prejudice to other applicable legal sanctions.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 10.</B> By resolution
of the Shareholders' Meeting, by virtue of a proposal by the Board of Directors, the Company's capital stock may be increased in accordance
with the hypotheses provided for by law, provided that in cases of capitalization of profits or reserves, the issuance of new shares corresponding
to the increase, among its shareholders, in proportion to the number of shares they hold, is optional.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENERAL
SHAREHOLDER&#8217;S MEETING </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 11. </B>The Shareholders'
Meeting, convened and installed in accordance with the law and these Bylaws, shall meet ordinarily within the first four (4) months after
the end of the fiscal year and, extraordinarily, whenever corporate interests and matters require resolution by the shareholders</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 12. </B>The Shareholders'
Meeting shall be convened by the Board of Directors by resolution of the majority of its members or, in the cases provided for in these
Bylaws and in the Sole Paragraph of Article 123 of the Brazilian Corporation Law.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Sole Paragraph - The Company
shall make available, no later than the date of the first publication of the call notice, to all shareholders, the materials and documents
necessary for the analysis of the matters contained in the Agenda, except in the cases in which the law or regulations in force require
their availability within a longer period.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 13.</B> The Shareholders'
Meeting shall be convened, on first call, with the presence of shareholders representing at least twenty-five percent (25%) of the capital
stock, except when the law requires a higher quorum; and, on second call, with any number of shareholders.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - The Extraordinary
General Meeting whose purpose is to amend these Bylaws shall be convened, on first call, with the presence of shareholders representing
at least 2/3 (two-thirds) of the capital stock but may be convened on second call with any number of attendees.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - Except for
the exceptions provided for in the applicable regulations, the first call of the Shareholders' Meeting shall be made at least thirty (30)
days in advance and the second call shall be made at least eight (8) days in advance.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 3 - The work of
the Shareholders' Meeting shall be chaired by the Chairman of the Board of Directors or, in his absence, by the Vice-Chairman. In the
event of the absence or temporary impediment of the Chairman and Vice-Chairman of the Board of Directors, the General Meeting shall be
chaired by a member of the Board of Directors specially appointed by the Chairman of the Board of Directors. The Chairman of the Board
shall appoint one or more Secretaries to the General Assembly.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 14.</B> The resolutions
at the General Meeting, except for the exceptions provided for by law and in these Bylaws, shall be taken by an absolute majority of votes
of those present, and blank votes shall not be counted.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - The Shareholders'
Meeting may only deliberate on matters on the agenda contained in the respective call notice, except for the exceptions provided for
in the Brazilian Corporation Law, and the inclusion of the item &quot;other matters&quot; or &quot;general matters&quot; or equivalent
expressions in the agenda of the Shareholders' Meeting is prohibited.</P>
<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"></P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - Minutes of
the work and resolutions of the Shareholders' Meeting shall be drawn up, which shall be signed by the members of the Board of Directors
and by the shareholders present, who make up at least the majority necessary for the resolutions taken.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 15.</B> For the
benefit of the work carried out at the Shareholders' Meetings, the shareholders or their representatives shall submit, at least five (5)
days in advance, in addition to the identity document, as the case may be: (i) the instrument of power of attorney with notarization of
the grantor's signature and/or the documents proving the powers of the shareholder's legal representative; and/or (ii) in relation to
the shareholders participating in the fungible custody of book-entry shares, the statement containing the respective shareholding, issued
by the financial institution responsible for the custody.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - Without prejudice
to the provisions of the <I>caput</I> of this Article, the shareholder who attends the Shareholders' Meeting with the documents proving
his or her status as a shareholder may participate and vote in the conclave.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 &#8211; The Company
shall adopt the principle of good faith in the supervision of the documentary regularity of the shareholder's representation.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 16.</B> It is
incumbent upon the General Assembly, in addition to the other duties provided for by law and in these Bylaws:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">assign share bonuses and decide
on possible reverse splits and stock splits; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve stock option or share
option plans or stock grant plans to managers and employees or individuals who provide services to the Company, as well as to managers
and employees or individuals who provide services to other companies that are directly or indirectly controlled by the Company; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">to deliberate, in accordance
with the proposal presented by the management, on the allocation of profit for the year and the distribution of dividends; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">to resolve on the Company's delisting
from the Novo Mercado;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">to set the remuneration of the
Fiscal Council in accordance with the Law and these Bylaws;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">to approve, under the terms of
the Novo Mercado Regulations, the exemption from carrying out a Public Tender Offer in the event of delisting from the Novo Mercado; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.35pt">(vii)</TD><TD STYLE="text-align: justify">approve the execution of operations and business with related parties or the sale or contribution of assets,
whenever, in any of these cases, the value of the operation or business corresponds to more than fifty percent (50%) of the value of the
Company's total assets contained in its last balance sheet approved at the Shareholders' Meeting.</TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 17.</B> The Shareholders'
Meeting shall annually set the amount of the annual global compensation of the Company's managers, including benefits of any nature and
representation fees, taking into account their responsibilities, the time dedicated to their functions, their competence and professional
reputation and the value of their services in the market, and the Board of Directors shall establish the criteria for apportioning the
overall compensation among the managers.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 18.</B> The General
Meeting may suspend the exercise of the rights of the shareholder who fails to comply with a legal or statutory obligation, and the suspension
shall cease as soon as the obligation is fulfilled.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - Shareholders
representing at least five percent (5%) of the capital stock may call the Shareholders' Meeting mentioned in the <I>caput</I> of this
Article when the Board of Directors does not respond, within eight (8) days, to the request for a call that they submit, indicating the
obligation not complied with and identifying the defaulting shareholder.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 &#8211; It shall
be incumbent upon the Shareholders' Meeting that approves the suspension of the shareholder's rights to also establish, among other aspects,
the scope and term of the suspension, subject to the prohibitions provided for by law.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 3 - The suspension
of rights shall cease as soon as the obligation is fulfilled, and the shareholder in question shall notify the Company of such compliance.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMINISTRATION
</B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Section I - Provisions
Common to the Management Bodies </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 19.</B> The Company's
Management is the responsibility of the Board of Directors and the Executive Board, with the respective powers conferred by law and by
these Bylaws.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - The Company's
managers are exempt from providing security for the exercise of their positions.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - The Company's
managers shall be vested in their positions upon signing the term of office in the proper books, which shall include their subjection
to the arbitration clause referred to in Article 46, and which shall include their consent to all manuals, codes, regulations and internal
policies of the Company.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 3 - The act performed
by any manager of the Company that involves the Company in obligations related to business and operations unrelated to the corporate purpose
is expressly prohibited and will be null and void, without prejudice to the civil or criminal liability, if applicable, to which the violator
of this provision will be subject.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 4 - The term of
office of the Company's management shall extend until the investiture of their respective successors.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Section II - Board of
Directors </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 20. </B>The Board
of Directors is composed of at least seven (7) and at most ten (10) sitting members, all elected and removed by the Shareholders' Meeting,
with a unified term of office of two (2) years, with reelection permitted.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 <B>- </B>Of the
members of the Board of Directors, at least two (2) or twenty percent (20%), whichever is greater, shall be Independent Directors, in
accordance with the criteria and rules set forth in the Novo Mercado Regulations.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - When, as a
result of the calculation of the percentage referred to in the paragraph above, the result generates a fractional number, the Company
shall proceed with the rounding to the next higher number.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 3 - The characterization
of the nominees to the Board of Directors as Independent Directors shall be resolved at the Shareholders' Meeting that elects them, which
may base its decision on: (i) the statement, forwarded by the nominee to the Board of Directors, attesting to their compliance with the
independence criteria established in the Novo Mercado Regulations, including the respective justification, if any of the situations provided
for in paragraph 2 of article 16 of the aforementioned Regulation occurs; and (ii) the statement of the Board of Directors, included in
the management's proposal regarding the Shareholders' Meeting for the election of managers, as to whether or not the candidate meets the
independence criteria.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 4 - The procedure
provided for in paragraph 3 above does not apply to nominations of candidates for members of the Board of Directors who do not meet the
deadline for inclusion of candidates on the ballot paper, as provided for in the regulations issued by the CVM on remote voting.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 5 - The Board of
Directors shall annually evaluate and disclose who the Independent Directors are, as well as indicate and justify any circumstances that
may compromise their independence.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 6 - When the members
of the Board of Directors are elected, the Shareholders' Meeting shall appoint a Chairman and a Vice-Chairman, who shall replace the former
in his absences or impediments, as well as in the event of vacancy.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 7 - Whenever the
Shareholders' Meeting is convened to resolve on the election of the Board of Directors, the members of such body shall approve a proposal
for a complete slate of candidates for the vacancies on the Board of Directors, including nominations for the positions of Chairman and
Vice-Chairman of the Board of Directors, which shall be submitted for approval at the Shareholders' Meeting.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 8 - If any shareholder
wishes to nominate one or more candidates to compose the Board of Directors who are not part of the proposed slate as provided for in
Paragraph 7 of this article, such shareholder shall notify the Company proposing another slate to run for the positions on the Company's
Board of Directors, in writing and preferably with: at least five (5) days prior to the date set for the Shareholders' Meeting, informing
the name, qualification and complete professional curriculum of the candidate(s), and the Company shall provide for its immediate disclosure,
by means of a Notice to Shareholders available in the electronic system on the CVM website on the World Wide Web. The Company will not
accept the registration of any slate, nor the exercise of the right to vote in the election of the members of the Board of Directors,
in circumstances that constitute a violation of the provisions of the applicable regulations.</P>
<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"></P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 9 &#8211; The presentation
of more than one slate by the same shareholder is prohibited. However, the same person may be a member of two or more slates, including
the one proposed under Paragraph 8 above.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 10 - In the event
that the Company receives a written request for the adoption of the multiple voting process, pursuant to Article 141, Paragraph 1 of the
Brazilian Corporation Law, it shall disclose the receipt and content of such request, immediately, by means of a Notice to Shareholders
made available in the electronic system on the CVM's website on the World Wide Web or in the manner defined by law or by the CVM.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 11 - In the event
that the election of the Board of Directors is carried out by multiple voting process, each member of the slates presented pursuant to
this Article shall be considered a candidate for the position of director.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 12 - Whenever the
election has been held by multiple voting, the dismissal of any member of the Board of Directors by the Shareholders' Meeting shall result
in the dismissal of the other members, and a new election shall be held.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 13 - In the event
of vacancy in the positions of sitting members of the Board of Directors, the remaining members shall appoint a substitute who shall hold
the position until the next Shareholders' Meeting, at which time the Board shall elect a new member to complete the term of office. In
the event of concomitant vacancies exceeding one third (1/3) of its members, the General Meeting shall be convened, within thirty (30)
days of this event, for the election of substitutes, whose term of office shall coincide with that of the other directors.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 14 &#8211; The
members of the Board of Directors shall have an unblemished reputation, and those who, except as approved at the Shareholders' Meeting,
may not be elected if they (i) hold positions in companies that may be considered competitors of the Company; or (ii) have or represent
a conflicting interest with the Company. If, after the election of the member of the Board of Directors, any fact that constitutes an
impediment to the exercise of the position of director, provided for in the Brazilian Corporation Law or in this paragraph, occurs, the
member who is subject to the impediment is obliged to immediately submit his or her resignation to the Chairman of the Board of Directors</P>
<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"></P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Subsection II.1 - Meetings
and Substitutions </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 21.</B> The Board
of Directors shall meet, ordinarily, at least eight (8) times a year and, extraordinarily, whenever convened by its Chairman or by the
majority of its members, and minutes of these meetings shall be drawn up in its own book.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - The meeting
of the Board of Directors shall be convened in writing, by letter, telegram, e-mail or other form that allows proof of receipt of the
call by the addressee, and shall contain, in addition to the place, date and time of the meeting, the agenda.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - The meetings
of the Board of Directors shall be convened at least five (5) business days in advance. On the same date as the call for the meeting,
the materials and documents necessary for the consideration of the matters on the agenda of the Board of Directors' meeting shall be made
available to the directors.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 3 - Regardless
of the convening formalities, the meeting attended by all members of the Board of Directors shall be considered regular.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 4 - The meetings
of the Board of Directors shall be convened, on first call, with the presence of at least two-thirds (2/3) of its members. On a second
call, which shall be the subject of a new communication to the directors pursuant to Paragraph 1 of this Article, sent immediately after
the date designated for the first call, the meeting shall be held with the presence of a simple majority of the directors.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 5 - If necessary,
the Board of Directors may hold meetings or the directors may participate in the Board of Directors' meetings by telephone, videoconference,
electronic resolution, or other means of communication that may ensure the effective participation and authenticity of their vote. In
this circumstance, the director shall be deemed to be present at the meeting, and his vote shall be deemed valid for all legal purposes
and incorporated into the minutes of said meeting.</P>
<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"></P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 6 - No member of
the Board of Directors may have access to information, participate in deliberations and discussions of the Board of Directors or any management
bodies, exercise the vote or, in any way, intervene in matters in which he/she is, directly or indirectly, in a situation of interest
conflicting with the interests of the Company, under the terms of the Law.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 7 - The resolutions
of the Board of Directors shall be taken by majority vote of those present, and the Chairman of the Board of Directors shall have the
casting vote in the event of a tie.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 8 - The minutes
of the meetings of the Board of Directors shall be clearly written and shall record the decisions taken, the persons present, the dissenting
votes and the abstentions from voting.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 22.</B> In the
event of absence or temporary impediment, the directors may be represented at the meetings of the Board of Directors by another director
appointed in writing, who, in addition to his or her own vote, shall express the vote of the absent or temporarily impeded director.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - In the event
of the absence or temporary impediment of the Chairman of the Board, his functions shall be exercised, on a temporary basis, by the Vice-Chairman.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - In the event
of the absence or temporary impediment of the Vice-Chairman, it shall be incumbent upon the Chairman to appoint, from among the other
members of the Board of Directors, his substitute.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Subsection II.2 - Competence
</B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 23.</B> It is
incumbent upon the Board of Directors, in addition to the other duties provided for in the legislation and in these Bylaws:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">to establish the general orientation
of the Company's business, considering the impacts of the Company's activities on society and the environment, aiming at the Company's
continuity and the creation of value in the long term;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">define the Company's values and
ethical principles and ensure the maintenance of the Company's transparency in its relationship with all stakeholders;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">elect and dismiss the members
of the Executive Board of the Company or its subsidiaries, directly or indirectly, and establish their duties, subject to the provisions
of these Bylaws; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">supervise the management of the
members of the Executive Board, examine the Company's books and papers at any time, request information on contracts entered into or in
the process of being entered into and any other acts; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">convene the General Meeting when
it deems it appropriate and, in the cases, provided for by law; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">to express its opinion on the
Management report, the accounts of the Executive Board and the financial statements for each fiscal year; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">distribute among the members
of the Board of Directors and the Executive Board the annual global compensation established by the General Meeting and establish the
criteria for profit sharing of employees and managers, in compliance with the provisions of these Bylaws; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">authorize the incorporation and
dissolution of companies directly or indirectly controlled by the Company; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">appoint and dismiss the independent
auditors appointed by the Audit and Integrity Committee; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">propose to the Shareholders'
Meeting the issuance of new shares of the Company above the authorized capital limit; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">except in the event that the
Shareholders' Meeting is competent, pursuant to the regulations issued by the CVM, to resolve on (a) the acquisition of shares issued
by the Company for maintenance in treasury or for use in plans approved by the Shareholders' Meeting; and (b) the eventual sale or cancellation
of such shares; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">to resolve on the issuance by
the Company or its subsidiaries, directly or indirectly, of debentures not convertible into shares, <I>commercial paper</I> and other
similar credit securities; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">resolve on the issuance by the
Company of shares, subscription warrants and debentures convertible into shares, within the limit of the authorized capital, setting the
amount, the conditions of payment and the respective subscription and premium prices, as well as whether the preemptive right will be
granted to the shareholders or the term for their exercise will be reduced; as authorized by applicable law; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xiv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">to resolve on the preparation
of the Company's half-yearly balance sheets or for shorter periods, as well as to declare interim dividends to the profit account ascertained
in these balance sheets, or to the Retained Earnings or Profit Reserve Account existing in the last annual or half-yearly balance sheet,
in the manner provided for by law and/or the distribution of capital interest, as provided for in Law No. 9,249, of December 26, 1995,
as amended; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve the Company's dividend
payment policy; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xvi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">to propose to the Ordinary General
Meeting, subject to the limits established in Article 35, sole paragraph, of these Bylaws, the amounts to be paid as statutory participation
of employees and managers in the profits of each fiscal year, as well as to define the criteria for the distribution of such amounts;
</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xvii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">authorize the practice of reasonable
gratuitous acts by the Company, for the benefit of any person or entity, as defined in the Company's Authority Policy, to be approved
by the Board of Directors; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xviii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">to submit a proposal for
                                                                                                                                                approval at the Shareholders' Meeting of a stock option grant plan or share concession plan to its managers or employees, or to individuals who provide services to
the Company, as well as to managers and employees or individuals who provide services to its subsidiaries, directly or indirectly, within
the limit of the authorized capital; the Board of Directors is responsible for the administration of said plan, including the granting
of options and concessions of shares within the scope of such plans;</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 0 38.1pt; text-align: justify"></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">authorize changes in the negotiability
and issuance of American Depositary Receipts (ADRs) by the Company or its subsidiaries, directly and indirectly; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xx)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve its bylaws, which shall
provide, at least, for the following matters: (i) the duties of the Chairman of the Board of Directors; (ii) the rules for replacing the
Chairman of the Board of Directors in his absence or vacancy; (iii) the measures to be adopted in situations of conflict of interest;
(iv) the definition of a sufficient period of notice for the receipt of materials for discussion at the meetings, with adequate depth;
and (v) the possibility of holding exclusive sessions with external directors during the meetings of the Board of Directors, without the
presence of the members of the Executive Board and other guests; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">to set up technical or advisory
committees, of a non-deliberative nature, to perform specific tasks or for generic activities of interest to the Company, under the terms
and conditions defined by the Board of Directors. The committees may act, among others, in the following areas: (i) strategic and financial,
(ii) corporate governance, conduct and ethics, and (iii) compensation of managers and executive development; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">monitor the fulfillment of the
duties of the committees that may be created to advise the Board of Directors, approve their respective regulations and evaluate the opinions
and reports issued by them, under the terms of the legislation in force and these Bylaws; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">establish mechanisms for periodic
evaluation of the performance of its members, with the objective of contributing to the improvement and effectiveness of the Company's
governance, and may hire external experts for the evaluation process; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxiv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">prepare and make public a
                                                                                                                                               reasoned opinion containing an opinion in favor of or against the acceptance of any and all corporate restructuring, capital increase and other operations that
give rise to the change of control, within fifteen (15) days of the disclosure of all the conditions of the operation that results in
the change of control, in which it will be stated whether such operation ensures fair and equitable treatment to the Company's shareholders;</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 0 38.1pt; text-align: justify"></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">prepare and make public a preliminary
reasoned opinion containing an opinion in favor of or against the acceptance of any and all tender offers that have as their object the
shares or securities convertible or exchangeable for shares issued by the Company, within fifteen (15) days of the publication of the
notice of the tender offer, or securities convertible into shares or exchangeable for shares issued by the Company, in which the following
shall be stated: (a) on the convenience and opportunity of the tender offer for the acquisition of shares, or securities convertible into
shares or exchangeable for shares issued by the Company, regarding the interest of the Company and all of its shareholders and in relation
to the price and potential impacts on the Company. liquidity of the securities held by it; (b) regarding the strategic plans disclosed
by the offeror in relation to the Company; and (c) any alternatives to the acceptance of the tender offer for the acquisition of shares,
or securities convertible into shares or exchangeable for shares issued by the Company, available in the market; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 38.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxvi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">submit to the Shareholders' Meeting
proposals for amendments to the Company's Bylaws, which relate to the Company's duration, corporate purpose, capital increases or reductions,
issuance of securities and/or securities, exclusion of the preemptive right in the subscription of shares and/or other securities, dividends,
capital interest, powers and duties of the Shareholders' Meeting, structure and duties of the Board of Directors and the Executive Board,
and respective quorums for resolutions; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxvii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve the Company's annual
demobilization plan proposed by the Executive Board, as well as the acquisition, assignment, transfer, sale and/or encumbrance of real
estate of the Company or of controlled or affiliated companies, directly or indirectly, which are not detailed in the Demobilization Plan
already approved, as defined in the Company's Authority Policy, to be approved by the Board of Directors; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxviii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve a proposal for spin-off,
merger, merger in which the Company or subsidiaries and affiliated companies, directly or indirectly, are part of or of the Company itself,
as well as its transformation or any other form of corporate restructuring; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">to resolve on the liquidation,
dissolution, appointment of liquidators, bankruptcy or voluntary acts of judicial or extrajudicial reorganization of the Company or of
controlled and affiliated companies, directly and indirectly, as well as financial reorganizations related thereto; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxx)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve the acquisition, assignment,
transfer, sale and/or encumbrance of non-current assets (except real estate) of the Company or of directly or indirectly controlled or
affiliated companies, as defined in the Company's Authority Policy, to be approved by the Board of Directors; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxxi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">authorize the granting of guarantees,
real or fiduciary, commercial pledges, mortgages, sureties and sureties, as well as the contracting of surety bonds or letters of guarantee
as defined in the Company's Authority Policy, to be approved by the Board of Directors; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxxii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">authorize the Executive Board
to offer products and movable and immovable assets of the Company or of subsidiaries or affiliated companies, directly or indirectly,
as collateral to financial institutions when contracting financing or as collateral for lawsuits, whenever such acts result in obligations
for the Company or for subsidiaries or affiliated companies, directly or indirectly as defined in the Company's Authority Policy, to be
approved by the Board of Directors; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxxiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve the contracting with
third parties of indebtedness operations of the Company or of subsidiaries or affiliated companies, directly or indirectly, as defined
in the Company's Authority Policy, to be approved by the Board of Directors; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxxiv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve the Company's financial
risk management policy, establishing the main conditions for contracting hedging operations (assets and liabilities), which must contain,
at least, the following specifications: hedging objective, risk factors, eligible instruments, limits and scopes; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxxv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve the issuance, acquisition,
assignment, transfer, sale and/or encumbrance, in any capacity or form by the Company or by controlled or affiliated companies, directly
or indirectly, of equity interests and/or any securities in any companies (including waiver of the right to subscribe for shares or debentures
convertible into shares of subsidiaries, subsidiaries or affiliates), as defined in the Company's Authority Policy, to be approved by
the Board of Directors; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxxvi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve and define, in advance,
the acts to be performed by the Company's Executive Board at General Meetings and/or Partners' Meetings of subsidiaries, affiliates or
investees, directly or indirectly, as shareholders and/or partners of such companies, as defined in the Company's Authority Policy, to
be approved by the Board of Directors or that involve reputational and strategic aspects for the Company; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxxvii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">subject to the provisions of
Article 16, item (vii) of these Bylaws, to approve the execution of operations and business of any nature with related parties, in accordance
with the provisions of the Company's Policy on Transactions with Related Parties and Other Situations of Conflict of Interest, as approved
by the Board of Directors; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxxviii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve (i) the Code of Conduct;
(ii) the Securities Trading Policy, and (iii) the Contributions and Donations Policy, which shall comply with the minimum requirements
established by the Novo Mercado Regulation and the Brazilian Corporate Governance Code; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xxxix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve the integrated general
annual and multi-year capital budgets (operating budgets, investment budgets and cash flow budgets) of the Company and its subsidiaries
and affiliates, setting the investment policy and the business strategy. The integrated general annual budget shall always be adopted
by the last day of the year preceding the calendar year to which it relates and shall cover the twelve months of the following financial
year. At any time during the calendar year, the Company's budget shall cover a minimum period of six (6) months. The execution and implementation
of the approved budget will be reviewed monthly at the ordinary meetings of the Board of Directors; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xl)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve the execution of any
contracts or agreements (except for contracting indebtedness) involving the normal course of activities of the Company or of controlled
companies, directly or indirectly, including, but not limited to, contracts for the provision of services, consulting or supply, as defined
in the Company's Authority Policy, to be approved by the Board of Directors, as well as approving the termination of the contract or the
execution of addendums to the contracts already signed that entail a new obligation of equal value; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 38.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(xli)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve the execution, amendment,
termination, renewal or cancellation of any contracts, agreements or similar involving patents, production processes and/or technology,
copyrights, domain names, trademarks registered or deposited in the name of the Company or any company controlled or affiliated by it,
directly or indirectly, as defined in the Company's Authority Policy, to be approved by the Board of Directors, except: (a) if carried
out between the Company and wholly controlled companies, except in cases of sale and/or definitive assignment, which must be approved
by the Board of Directors; and (b) to authorize the use of trademarks by controlled or affiliated companies. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Section III - The Executive
Board </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 24.</B>The Executive
Board, whose members are elected and removed at any time by the Board of Directors, shall be composed of at least two (2) and at most
fifteen (15) members, elected for a period of two (2) years, with the possibility of renewal, being one (1) Global Chief Executive Officer
and one (1) Chief Financial and Investor Relations Officer and the other Vice President Officers with designation and functions to be
proposed to the Board of Directors by the Officer Global President, pursuant to Article 26 below, all professionals who meet the parameters
indicated in Paragraphs 2 and 3 below.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 <B>-</B> The
positions of Chairman of the Board of Directors and Global Chief Executive Officer may not be held by the same person.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - The election
of the Executive Board shall be carried out by the Board of Directors, which may choose from among the candidates pre-selected by the
Global Chief Executive Officer. To this end, the Global Chief Executive Officer shall send to the Board of Directors a copy of the curriculum
vitae of the nominated candidate, together with the terms of his or her employment and all other information necessary to prove the qualification
set forth in Paragraph 3 of this Article. If the Board of Directors does not approve the nominations submitted, new names shall be appointed
by the Global Chief Executive Officer until they are approved by the Board of Directors.</P>
<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"></P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 3 - The Executive
Board shall be composed exclusively of professionals who have proven academic and practical training, acquired in courses and in the exercise
of activities compatible with the functions for which they are being appointed.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Subsection III.1 - Competence
</B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 25.</B> The Executive
Board is responsible for:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">authorize the opening, closure
or change of address of branches, agencies, warehouses, offices or any other establishments of the Company, in the country or abroad;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">submit, annually, to the Board
of Directors, the Management Report and the accounts of the Executive Board, together with the report of the independent auditors, as
well as the proposal for the allocation of the profits calculated in the previous year; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">prepare and propose to the Board
of Directors annual and multiannual budgets, strategic plans, expansion projects and investment programmes; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">approve corporate rules that
govern the other areas of approval and responsibilities for the management acts necessary to conduct the Company's activities, defining
the limits of competence for the various decision-making processes, according to the Company's hierarchical levels and always observing
the rules established in the Authority Policy approved by the Board of Directors; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">decide, at the request of the
Global Chief Executive Officer, on any matter that does not fall within the exclusive competence of the General Meeting or the Board of
Directors; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 23.6pt; text-align: justify; text-indent: -23.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">subject to the provisions
                                                                                                                                             of Article 16, item (vii) of these Bylaws, to approve the execution of certain operations and business with Related Parties, in
                                                                                                                                             accordance with the provisions of the Company's
Policy on Transactions with Related Parties and Other Situations of Conflicts of Interest;</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 0 23.6pt; text-align: justify"></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">prepare the draft for subsequent
submission to the Board of Directors (i) of the Code of Conduct; (ii) the Risk Management Policy, (iii) the Securities Trading Policy,
(iv) the Related Party Transaction Policy, and (v) the Contributions and Donations Policy, which must comply with the minimum requirements
established by the Novo Mercado Regulation and the Brazilian Corporate Governance Code. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 26.</B> In addition
to other duties set forth in these Bylaws, it is incumbent upon, for example:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">(i) To the Global Chief Executive
Officer:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 12.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">convene and preside over the
meetings of the Executive Board; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 12.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">represent the Executive Board
at the meetings of the Board of Directors; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 12.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">c.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">submit to the Board of Directors
for deliberation the proposals of the Executive Board regarding the Company's annual and multi-year budgets, strategic plans, expansion
projects and investment programs; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 12.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">d.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">supervise and guide the conduct
of financial, social and sustainability business and the activities of the other Executive Officers; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 12.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">e.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">present to the Board of Directors
the financial statements, annual and multi-annual budgets, and investments, financial planning and cash flow; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 12.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">f.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">to propose to the Board of Directors
positions of Officers, with or without specific designation, and the respective holders for the performance of specific functions that
it deems necessary.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">(ii) To the Chief Financial
and Investor Relations Officer:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">prepare, together with the
                                                                                                                                          other members of the Executive Board and under the coordination of the Global Chief Executive Officer, the budgets to be submitted
                                                                                                                                          for approval by the Board of Directors
and be responsible for controlling the execution of these budgets, especially with regard to the control of cash flow;</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5pt; text-align: justify"></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">guide the execution of the economic
and financial policy, supervising the economic and financial activities, in accordance with the determinations of the Board of Directors;
and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">c.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">organize and coordinate the information
system necessary for its operations, as well as supervise all the Company's controllership activities.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">d.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">represent the Company before
the CVM and other capital market entities and financial institutions, as well as regulatory bodies and stock exchanges, domestic and foreign,
in which the Company has securities listed, in addition to enforcing the regulatory rules applicable to the Company with regard to the
records kept with the CVM and with the regulatory bodies and stock exchanges on which the Company has securities listed and administering
the investor relations; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">e.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">monitor the Company's shareholders'
compliance with the obligations set forth in Chapter VIII of these Bylaws and report to the Shareholders' Meeting and/or the Board of
Directors, when requested, its conclusions, reports and diligences.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">(iii) To the other Vice-Chief
Executive Officers, whose designation shall be given by the Board of Directors at the suggestion of the Global Chief Executive Officer:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">guide, coordinate and supervise
the specific activities under its responsibility; and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">carry out specific duties assigned
to them by decision of the Global Chief Executive Officer. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Subsection III.2 &#8211;
Company Representation </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 27.</B> The Executive
Board, within the limits established by Law and by these Bylaws, is vested with general management powers, which enable the practice of
all acts necessary for the regular operation of the Company, with a view to achieving its corporate objectives.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 28. </B>The active
and passive representation of the Company, in or out of court, as well as the practice of all legal acts, will be responsible for:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">any two (2) members of the Board
of Executive Directors jointly;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">any member of the Executive Board,
together with an attorney-in-fact with specific powers; or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">two prosecutors with specific
powers, always acting together.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - The Company
may be represented by only one Officer or one attorney-in-fact with specific powers in the practice of the following acts:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">representation of the Company
in Shareholders' Meetings and meetings of shareholders of companies in which it participates; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">representation of the Company
in court; or </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.3pt">(iii)</TD><TD STYLE="text-align: justify">practice of acts of simple administrative routine, including before public agencies, mixed-capital companies,
boards of trade, Labor Courts, INSS, FGTS and their collection banks, and others of the same nature.</TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - Acts for which
these Bylaws require prior authorization from the Board of Directors shall only be valid once this requirement is fulfilled.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 3 - The Executive
Board, through two of its members and by means of competent instruments, may appoint representatives with specific powers to act on behalf
of the Company, with a term of office for a fixed term to be established on a case-by-case basis, except for judicial mandates, which
may be granted for an indefinite period. In any case, the limitations and restrictions mentioned in this Article and those established
by the Board of Directors shall be respected.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Subsection III.3 &#8211;
Board Meetings </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 29. </B>The Executive
Board shall hold meetings whenever necessary, and minutes of these meetings shall be drawn up in its own book.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - The resolutions
of the Executive Board shall be taken by majority vote, and the Global Chief Executive Officer, or his substitute, shall have the casting
vote.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - The minimum
quorum for the installation of the meetings of the Executive Board is 2/3 (two-thirds) of its members.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 3 - If necessary,
the holding of meetings or the participation of the members of the Executive Board in the meetings of said body by telephone, videoconference,
electronic deliberation, or other means of communication that may ensure the effective participation and authenticity of their vote is
permitted. In this case, the member of the Board of Executive Directors shall be deemed to be present at the meeting, and his/her vote
shall be considered valid for all legal purposes and shall be incorporated into the minutes of said meeting.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 4 - In the event
of absences or temporary impediments, the members of the Executive Board shall replace each other, as indicated by the Global Chief Executive
Officer. In the event of a vacancy, the Board of Directors, within thirty (30) days, (i) shall appoint who shall (a) fill the vacancy,
whose term of office shall coincide with that of the other members of the Executive Board or (b) cumulate the respective function or (ii)
shall resolve on the non-filling, temporary or permanent, of the position left vacant, provided that this position is not the position
of Global Chief Executive Officer, Chief Financial Officer or Investor Relations Officer.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>V. FISCAL COUNCIL </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 30. </B>The Company
will have a permanent Fiscal Council, composed of three (3) sitting members and an equal number of alternates, elected by the Shareholders'
Meeting, who will hold their positions until the first Ordinary Shareholders' Meeting to be held after their election, and their reelection
is permitted, with the attributions, competence and remuneration provided for by Law.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - The election
of the members of the Fiscal Council shall be held by majority resolution, and the three (3) candidates, and their respective alternates,
who receive the highest number of votes at the Shareholders' Meeting, shall be elected, pursuant to the provisions of article 161 of
the Brazilian Corporation Law. If there is a Controlling Shareholder, minority shareholders are ensured, provided that they jointly represent
ten percent (10%) or more of the shares issued by the Company, the right to elect, in a separate vote, one (1) member and respective
alternate member of the Company's Fiscal Council.</P>
<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"></P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 <B>- </B>The
members of the Fiscal Council shall be vested in their positions upon signing the term of office in the proper book, which shall contain
their agreement to all manuals, codes, regulations and internal policies of the Company, and their subjection to the arbitration clause
referred to in Article 46.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 3 - The Fiscal
Council shall meet periodically, in accordance with its Internal Regulations, and the minutes of these meetings shall be drawn up in its
own book.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 4 - The Fiscal
Council shall elect its Chairman at the first meeting after its election and shall operate in accordance with the Internal Regulations
approved by the Fiscal Council itself<B>. </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 31. </B>For the
full exercise of the functions of the Fiscal Council, the requirements set forth in the applicable legislation, the provisions of these
Bylaws and the Internal Regulations of the Fiscal Council must be observed.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - The same obligations
and prohibitions imposed by the Law and by these Bylaws on the Company's managers shall apply to the members of the Fiscal Council.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - In the event
of the absence or vacancy of the position of effective member of the Fiscal Council, the respective alternate shall take his or her place.
In the event of a vacancy in the position of a sitting member and his/her respective alternate, the General Meeting shall be convened
to elect a member for the position.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 3 - Subject to
the requirements and obligations contained in these Bylaws, as well as in other applicable legal provisions, the members of the Company's
Fiscal Council may be elected by the Board of Directors to also be members of the Audit and Integrity Committee.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>VI. AUDIT AND INTEGRITY
COMMITTEE </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 32. </B>The Company
will have a permanent Audit and Integrity Committee, composed of at least three (3) and at most five (5) members, most of whom are independent
members and at least one (1) of its members are not members of the Board of Directors, subject to the requirements set forth in the applicable
regulations, especially CVM Instruction No. 509/11. At least one of the independent members of the Board of Directors shall be appointed
to the Audit and Integrity Committee. None of the members of the Audit and Integrity Committee may belong to the Executive Board.</P>
<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"></P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 33. </B>The members
of the Audit and Integrity Committee shall be appointed by the Board of Directors for a term of two (2) years and shall hold office for
a maximum of ten (10) years and may be dismissed at any time. In the case of a member of the Committee who is also a member of the Board
of Directors, the term of office will end concurrently with the term of office of director</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - The exercise
of the activities of the members of the Audit and Integrity Committee shall comply with the rules set forth in Brazilian law, especially
CVM Instruction 509/11, and in the United States, including the provisions of the Sarbanes-Oxley Act and the rules issued by the Securities
and Exchange Commission (SEC).</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - At least one
of the members of the Audit and Integrity Committee must have proven knowledge in the areas of corporate accounting, auditing and finance,
which characterizes him/her as a financial specialist. The same member of the Audit and Integrity Committee may accumulate the characteristics
of financial expert and independent director.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 3 <B>- </B>The
Audit and Integrity Committee shall have the following duties: 1) to give an opinion on the hiring and dismissal of the independent external
auditor to conduct an independent external audit or for any other service; 2) supervise the activities: (a) of the independent auditors,
in order to assess their independence, the quality and adequacy of the services provided to the Company's needs; (b) the Company's internal
controls area; (c) the Company's internal audit area; and (d) the area of preparation of the Company's financial statements; 3) monitor
the quality and integrity: (a) of internal control mechanisms; (b) the Company's quarterly information, interim statements and financial
statements; and (c) information and measurements disclosed on the basis of adjusted accounting data and non-accounting data that add
elements not anticipated in the structure of the usual reporting of the financial statements; 4) evaluate and monitor the Company's risk
exposures, and may also require detailed information on policies and procedures related to: (a) management compensation; (b) the use
of the Company's assets; and (c) expenses incurred on behalf of the Company; 5) evaluate and monitor, together with the management and
the internal audit area, the adequacy of the transactions with related parties carried out by the Company and their respective disclosures;
6) evaluate, monitor and recommend to management the correction or improvement of the Company's internal policies, including the Policy
on Transactions between Related Parties; 7<I>) evaluate the </I>Company's compliance practices and propose improvements; 8) evaluate
and discuss the annual work plan of the independent external auditor and submit it to the Board of Directors for consideration; and 9)
prepare a summary annual report, to be presented together with the financial statements, containing a description of: (a) its activities,
the results and conclusions achieved and the recommendations made; and (b) any situations in which there is a significant divergence
between the Company's management, the independent external auditors and the Audit and Integrity Committee in relation to the Company's
financial statements.</P>
<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"></P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 4 - The Audit and
Integrity Committee shall be an advisory body directly linked to the Board of Directors.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 5 - On the occasion
of the election of the members of the Audit and Integrity Committee, the Board of Directors shall appoint the person who shall exercise
the function of Coordinator of the body.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 6 - The Audit and
Integrity Committee shall meet at least every two (2) months, and whenever necessary, so that the Company's accounting information shall
always be assessed by it before its disclosure.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 7 - The internal
regulations of the Audit and Integrity Committee shall be approved by the Board of Directors and shall describe in detail its functions,
as well as its operating procedures. The internal regulations of the Audit and Integrity Committee shall also define the functions and
activities of the Coordinator of the body.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 8 - The Audit and
Integrity Committee shall have the means to receive, retain and respond to complaints, including confidential ones, internal and external
to the Company, in relation to non-compliance with legal and normative provisions applicable to the Company (including accounting, internal
controls and auditing matters), as well as internal regulations and codes, including the provision of specific procedures for the protection
of the provider and the confidentiality of the information.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 9 - The Board of
Directors shall define the compensation of the members of the Audit and Integrity Committee. The Audit and Integrity Committee shall have
operational autonomy and budgetary allocation, on an annual or project-by-project basis, to conduct or determine the conduct of consultations,
evaluations and investigations within the scope of its activities, including the hiring and use of independent external experts, remunerate
such experts and pay the ordinary administrative expenses of the Audit and Integrity Committee.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 10 - The meetings
of the Audit and Integrity Committee shall be recorded in minutes, and decisions/recommendations shall be made with favorable votes of
2/3 of its members.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 11 - The coordinator
of the Audit and Integrity Committee, accompanied by other members when necessary or convenient, shall: (i) meet with the Board of Directors
and the Fiscal Council; and (ii) attend the Ordinary General Meeting and, when necessary, the Extraordinary General Meetings of the Company.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 12 - The members
of the Audit and Integrity Committee shall have the same fiduciary duties and responsibilities applicable to the Company's managers, pursuant
to the Brazilian Corporation Law.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>VII. FISCAL YEAR AND RESULTS
</B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 34. </B>The fiscal
year coincides with the calendar year, and, at the end of the fiscal year, the Company shall prepare the financial statements provided
for in the Brazilian Corporation Law for publication and consideration by the Shareholders' Meeting.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 35. </B>From the
result of each fiscal year, any accumulated losses and the provision for Income Tax will be deducted before any participation.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Sole Paragraph - After the
deductions referred to in this Article have been made, the Shareholders' Meeting may assign to the employees and managers, successively
and in that order:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the statutory participation of
the Company's employees up to the maximum limit of ten percent (10%) of the remaining profits; and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">the statutory participation of
the managers, up to the legal maximum limit. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 36. </B>After
deducting the shares mentioned in Article 35 above, the net income for the year will be successively allocated as follows:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">5% (five percent) for the constitution
of a Legal Reserve until it reaches 20% (twenty percent) of the Capital Stock; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">twenty-five percent (25%) as
a mandatory minimum dividend, adjusted in accordance with Article 202 of the Brazilian Corporation Law, to be attributed to all of the
Company's shares; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">20% (twenty percent) for the
constitution of reserves for capital increase, up to the limit of 20% (twenty percent) of the Capital Stock; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">up to fifty percent (50%) to
constitute the expansion reserve, until it reaches eighty percent (80%) of the Capital Stock, for the purpose of ensuring investments
in permanent assets, or increases in working capital, including through amortization of the Company's debts, regardless of profit withholdings
linked to the capital budget, and its balance may be used: (i) to absorb losses, whenever necessary; (ii) the distribution of dividends,
at any time; (iii) in the redemption, redemption or purchase of shares, authorized by Law; and (iv) incorporation into the Capital Stock,
including through bonuses on new shares. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 37. </B>Except
for the resolutions of the Shareholders' Meeting to the contrary, the payment of dividends and interest on shareholders' equity shall
be effective within sixty (60) days from the date of the respective resolution.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - By resolution
of the Board of Directors, pursuant to Article 23 above, the Company may draw up half-yearly balance sheets or balance sheets related
to shorter periods, as well as declare dividends and/or interest on shareholders' equity on account of profits ascertained in these balance
sheets, retained earnings or profit reserves existing in the last annual or half-yearly balance sheet. in the manner provided for by law.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 &#8211; Interim
dividends and interest on equity declared in each fiscal year may be imputed to the mandatory dividend of the fiscal year's results.</P>


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<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 38. </B>Dividends
not received or claimed shall lapse within three (3) years from the date on which they were made available to the shareholder and shall
revert to the Company.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>VIII. THE SALE OF SHAREHOLDER
CONTROL, THE CANCELLATION OF THE REGISTRATION AS A PUBLICLY HELD COMPANY AND THE DELISTING FROM THE NOVO MERCADO </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 39. </B>The sale
of control of the Company, directly or indirectly, either through a single transaction or through successive transactions, shall be contracted
under the condition that the acquirer of control undertakes to carry out a public tender offer (&quot;<U>Tender Offer</U>&quot;) with
the object of the shares issued by the Company held by the other shareholders, observing the conditions and deadlines set forth in the
legislation and regulations in force and in the Novo Mercado Regulation, in order to ensure equal treatment to that given to the seller.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 1 - For the purposes
of these Bylaws, control and its related terms are understood to be the power effectively used by the shareholder to direct the corporate
activities and guide the operation of the company's bodies, directly or indirectly, in fact or in law, regardless of the shareholding
interest held.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 2 - In the event
of an indirect sale of control, the acquirer shall disclose the amount attributed to the Company for the purposes of setting the price
of the Tender Offer, as well as disclose the justified statement of such amount.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Paragraph 3 - The Tender
Offer shall comply with the conditions and deadlines set forth in the legislation and regulations in force and the Novo Mercado Regulations.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 40. </B>After
a sale of control of the Company and the subsequent execution of a Tender Offer, the acquirer of control, when necessary, shall take the
appropriate measures to restore the minimum percentage of outstanding shares provided for in the Novo Mercado Regulations, within eighteen
(18) months following the acquisition of the controlling power.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 41. </B>The Company's
delisting from the Novo Mercado, whether by voluntary, compulsory act or due to corporate reorganization, must comply with the rules contained
in the Novo Mercado Regulations.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 42. </B>Without
prejudice to the provisions of the Novo Mercado Regulations, the voluntary delisting from the Novo Mercado must be preceded by a tender
offer that complies with the procedures set forth in the regulations issued by the CVM on Tender Offers for cancellation of registration
as a publicly-held company and the following requirements: (i) the price offered must be fair, and it is possible to request a new valuation
of the Company in the manner established in the Brazilian Corporation Law; and (ii) shareholders holding more than 1/3 of the outstanding
shares must accept the Tender Offer or expressly agree to delist from the Novo Mercado without the sale of the shares.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Sole Paragraph. The voluntary
delisting from the Novo Mercado may occur regardless of the execution of the Tender Offer mentioned in this Article, in the event of a
waiver approved by the Shareholders' Meeting, subject to the rules and conditions of the Novo Mercado Regulations.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 43. </B>Without
prejudice to the provisions of the Novo Mercado Regulations, the compulsory delisting from the Novo Mercado shall be preceded by a Tender
Offer that complies with the procedures set forth in the regulations issued by the CVM on public offers for the acquisition of shares
for cancellation of registration as a publicly-held company and the requirements established in the <I>caput</I> of Article 42.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Sole Paragraph. In the event
that the percentage of acquisition of shares that authorize the delisting from the Novo Mercado is not reached, after the Tender Offer
provided for in the <I>caput, the </I>shares issued by the Company will still be traded for a period of six (6) months on the Novo Mercado,
counted from the date of the Tender Offer auction, without prejudice to the application of any sanctions by B3.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 44. </B>The formulation
of a single Tender Offer is permitted, aiming at more than one of the purposes set forth in this Chapter VIII, in the Novo Mercado Regulations,
in the corporate legislation or in the regulations issued by the CVM, provided that it is possible to make the procedures of all types
of Tender Offer compatible and there is no prejudice to the recipients of the offer and the authorization of the CVM is obtained when
required by the applicable legislation.</P>


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<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 45. </B>The shareholders
responsible for carrying out the Tender Offer provided for in this Chapter VIII, in the Novo Mercado Listing Regulations or in the regulations
issued by the CVM may ensure its execution through any shareholder or third party.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt">Sole Paragraph. The Company
or the shareholder, as the case may be, are not exempt from the obligation to carry out the Tender Offer that is their responsibility
until it is concluded in compliance with the applicable rules.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>IX. THE ARBITRAL AWARD</B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 46. </B>The Company,
its shareholders, managers and members of the Fiscal Council undertake to resolve, through arbitration, in the Market Arbitration Chamber,
in accordance with its rules, any and all disputes that may arise between them, related to or arising from their status as issuer, shareholder,
manager or member of the Fiscal Council, as the case may be. and, in particular, the application, validity, effectiveness, interpretation,
violation and their effects, resulting from the provisions contained in Law No. 6,385/1976, the Brazilian Corporation Law, the rules issued
by the National Monetary Council, the Central Bank of Brazil or the CVM, as well as other rules applicable to the operation of the capital
market in general and those contained in the Novo Mercado Regulation, of the other regulations of B3 and of the Novo Mercado participation
agreement, as well as of the Arbitration Rules of the Market Arbitration Chamber, to be conducted in accordance with the latter Rules.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>X. THE LIQUIDATION OF
THE COMPANY </B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>Article 47. </B>The Company
will enter into liquidation in the cases determined by law, and the Shareholders' Meeting shall elect the liquidator or liquidators, as
well as the Fiscal Council that shall operate during this period, in compliance with the legal formalities.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.5pt"><B>XI. GENERAL PROVISIONS
</B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Article 48. </B>The Company shall comply with
the shareholders' agreements filed at the headquarters, and the members of the board of directors of the shareholders' meeting or of
the meetings of the Board of Directors are expressly prohibited from accepting the explanation of vote of any shareholder, signatory
of a shareholders' agreement duly filed at the headquarters, or of a member of the Board of Directors elected by the signatories of such
agreement, that is issued in disagreement with what has been agreed in said agreement, and the Company is also expressly prohibited from
accepting and proceeding with the transfer of shares and/or the encumbrance and/or assignment of preemptive rights to the subscription
of shares and/or other securities that do not comply with what is provided for and regulated in the shareholders' agreement filed at
the company's headquarters.</P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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