Extraordinary Shareholders' Meeting - 05.20.2016 - Practical Guide
Extraordinary Shareholders' Meeting of 05.08.2009 - Minutes
Transcript of Extraordinary Shareholders' Meeting of 05.08.2009 - Minutes
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BM&FBOVESPA S.A. -
BOLSA DE VALORES, MERCADORIAS E FUTUROSThe Brazilian Stock, Commodities and Futures Exchange
A Public CompanyBrazilian Federal Taxpayer (CNPJ) No.09.346.601/0001-25
Corporate Registration (NIRE) No.35.300.351.452
MINUTES OF THE EXTRAORDINARY SHAREHOLDERS MEETING
HELD ON MAY 8, 2009
DATE, TIME AND PLACE: On May 8, 2009, at 11 a.m., at the registered office of theCompany, located in the City of So Paulo, State of So Paulo, at Praa Antonio Prado, 48, 7 thfloor, Downtown.
CALL NOTICE: Call notice published in the Official Gazette of the State of So Paulo, issuesof April 29 and 30, and May 1, 2009 (on pages 88, 245 and 67, respectively), as well as innewspaper Valor Econmico, issues of April 29 and 30, and May 4, 2009 (on pages C5, C3 andB3, respectively).
ATTENDANCE: Attendance by holders representing over 35% of the voting and capital stockof the Company, as per the signatures affixed in the Shareholders Attendance List, in the properregister.
PRESIDING OFFICERS: Chairman: Mr. Edemir Pinto; Secretary: Henrique de RezendeVergara.
AGENDA: To vote on proposed amendments to, and consolidation of the Bylaws ofBM&FBOVESPA, for the following purposes: (1)Change the written form of the Companysname by combining the terms BM&F and BOVESPA into one trade name (amendment ofarticle 1 of the Bylaws); (2) Update the capital stock amount and number of issued sharespursuant to the decision of the Board of Directors at a meeting held on August 19, 2008(amendment of article 5 of the Bylaws); (3)Delete the reference to Bolsa de Valores de SoPaulo S.A. (BOVESPA) from article 16, item (g), on account of the merger consummated onNovember 28, 2008; (4)Eliminate the requirement for a decision by the shareholders meetingon voting instructions concerning meetings of companies in which the Company holds anownership interest (deletion of item (l) of article 16); (5) Amend the directors independencestandard foreseen in item (b), paragraph 6, of article 22, so as to adjust to five percent (5%) themaximum ownership interest in shares issued by the Company; (6) Amend article 23 andparagraphs to change the name of the Appointment and Compensation Committee to Nominationand Corporate Governance Committee, which will be charged with advising the Board ofDirectors on the list of nominations to the Board; (7)Include a proviso in paragraph 8 of article26 that the Board of Directors may move into closed sessions from which the Chief ExecutiveOfficer may be requested to take leave; (8)Amend article 27 to include wording to the effectthat if there is a vacancy in the Board of Directors, the substitute director will be appointed bythe other directors, as advised by the Nomination and Corporate Governance Committee; (9)Correct the typographical error in article 29, item (o), so that CAPTULO IArtigo 3 will read
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Artigo 3; (10)Amend item (u) of article 29, to allow the Board of Directors to establish workgroups to tackle specific matters; (11)Extinguish the Regulatory and Policies Committee, andappropriately amend articles 35 and 49; (12)Adjust the manner of appointing a substitute for the
Chief Executive Officer in case of absence, impediment or leave of absence (article 39); (13)Change the names of the Governance Committee to Nomination and Corporate GovernanceCommittee and of the Appointment and Compensation Committee to CompensationCommittee (amendment to article 45, items (b) and (c)); (14)Change the rules on composition,election process, term of office and responsibilities of the Audit Committee, the CompensationCommittee and the Nomination and Corporate Governance Committee (amendments to articles46, 47, 49 and 50); (15)Deletion of the Transitory Provisions currently corresponding to articles81 through 85 of the Bylaws, the purpose and scope of which was limited to the period ofintegration of the stock (Bovespa) and the commodities and futures (BM&F) exchanges; (16)Consolidate the Bylaws to include the abovementioned amendments.
DECISIONS: The following decisions were taken by a majority vote of attending shareholders,with duly noted abstentions and dissenting votes, as applicable:
(1) ) As permitted by article 130, paragraphs 1 and 2 of Law No. 6,404/76, the minutes of thismeeting are to be drawn up in summary form, and published without the names of attendingshareholders;
(2) Approval of the proposed amendments and of the restated Bylaws of the Company, as perExhibit I of these minutes, such as proposed by the Board of Directors. The amended provisionsare the following: Article 1; Article 5; Indent (g) of article 16; Indent (b) of paragraph 6 ofarticle 22; Paragraphs 1 through 5 of article 23; Paragraph 8 of article 26; Article 27; Indents
(o) and (u) of article 29; Indents (f) and (g) and paragraph 3 of article 35; Article 39; Indents(b) and (c) of article 45; Main provision and paragraphs 1 through 7 of article 46; Indents (d),(f), (g), (h) and (i), and sole paragraph of article 47; main provision and paragraphs 1 and 2 ofarticle 49; main provision and paragraph 1 of article 50. Deletions of the following provisions:indent (l) of article 16 and the Transitory Provisions previously comprising articles 81 through85.
CLOSING: There being no further business to transact, these minutes were drawn up, andsubsequently read, found to conform, approved and signed by the shareholders in attendance.So Paulo, May 8, 2009.
SIGNATURES:Presiding Officers: Edemir Pinto Chairman; Henrique de Rezende Vergara Secretary.
Shareholders.
I certify this is a true copy of the original drawn up in the proper register.Henrique de Rezende Vergara
Secretary
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ExhibitI
Bylaws
CORPORATEBYLAWSOFBM&FBOVESPAS.A.BOLSADEVALORES,MERCADORIASeFUTUROS
CHAPTERI
NAME,HEADQUARTERS,VENUE,PURPOSEANDDURATION
Article1.A BM&FBOVESPA S.A. BOLSA DE VALORES, MERCADORIAS E FUTUROS(Company)isacompanythatisgovernedbytheseBylawsandbyapplicablelaw.
Article2.TheCompanyhas itsheadquartersandvenue in thecityofSoPaulo, stateofSoPaulo,andcan,onthedecisionofitsExecutiveOffice,openandclosebranches,officesorother
establishmentsandfacilitiesanyplaceinBrazilorabroad.
Article3.The Companys corporate purpose is to conduct or hold shares in the capital ofcompaniesundertakingthefollowingactivities:
ISurveillanceofexchangemarketsfortheorganization,developmentandmaintenanceoffree
and openmarkets for the trading of all types of securities, titles or contracts that have as
references
or
are
backed
to
spot
or
future
indexes,
indicators,
rates,
merchandise,
currencies,
energies,transportation,commoditiesandotherassetsorrightsdirectlyorindirectlyrelatedto
them;
IIMaintenanceofsystemsforthetradeandauctionofsecurities,derivatives,rightsandtitles
intheorganizedexchangemarketorintheoverthecountermarket;
IIIRenderingofregistration,clearingandphysicalandfinancialsettlementservices,through
aninternalbodyoracompanyspeciallyincorporatedforthispurpose,asmainandguarantor
counterparty for the final clearance or not, according to the law in effect and Companys
regulations:
(a) ofthetransactionscarriedoutand/orregisteredinanyofthesystemslistedinitemsIandIIabove;or
(b) ofthetransactionscarriedoutand/orregisteredwithotherexchanges,marketsortradingsystems,
IVRenderingofservicesofcentralizeddepositaryandfungibleandnonfungiblecustodyof
commodities,securitiesandanyotherphysicalandfinancialassets;
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CHAPTERII
CAPITALSTOCK,SHARESANDSHAREHOLDERS
Article5.Thecapitalstockofthecompany isR$ R$2,540,239,563.88,fullypaidinanddividedinto2,044,014,295commonshares,withnoparvalue,withtheissuanceofpreferredsharesand
founderssharesbeingprohibited.
Article6.All of the shares issued by the Company are bookentry and deposited with afinancialinstitutionauthorizedbytheSecuritiesCommission(ComissodeValoresMobilirios),orCVM,inthenameoftheirholders.
Sole Paragraph. The cost of the transfer and registration, aswell as the cost of the servicerelatedtobookentrysharescanbechargeddirectlytotheshareholderbythetransferagent,as
maycome
to
be
defined
in
the
book
entry
share
contract.
Article7.EachcommonsharecorrespondstotherighttoonevoteinthedecisionsinanAnnualorSpecialShareholdersGeneralMeeting,withitbeingthecase,however,thatnoshareholder
orGroupofShareholders(GroupofShareholders,asdefinedinArticle74)cancastvotesina
numbergreaterthan7%ofthenumberofsharesintowhichthecapitalstockisdivided,subject
to the termsand conditionsofParagraph2of thisArticleandof item (d),ofParagraph8of
Article71.
Paragraph1.Subject to the terms and conditions of Paragraph 3 below, in case of anyshareholders agreements provision casting votes, all signatories to this agreement shallbe
consideredmembers
of
aGroup
of
Shareholders,
for
purposes
of
the
application
of
the
limitationtothenumberofvotesstatedintheleadparagraphofthisArticle.
Paragraph2.InanyExtraordinaryShareholdersGeneralMeetingforthepurposeofamendingor revokinganyprovisionof thisArticle,noshareholderorGroupofShareholders shallcast
votesinanumbergreaterthan1%ofthenumberofsharesinwhichthecapitalstockisdivided,
exceptasprovidedforinitens(c)and(d)ofParagraph8ofArticle71.
Paragraph3.ThepreestablishmentinaShareholdersAgreementofablockvotingagreementregardingthemajorityofvotesofshareholdersoftheCompanyforanyShareholdersGeneral
Meetingwithablockingvotingagreementwithnumberofvotesexceedingthenumberofvotes
establishedinParagraph2andtheleadparagraphofthisArticleisprohibited,independentof
whetherthe
Shareholders
Agreement
is
filed
in
the
Companys
headquarters.
Paragraph4.The Chairperson of the Shareholders General Meeting is responsible for theenforcementoftherulesprovidedforinthisarticleandtoinformthenumberofvotesthatcan
becastbyeachshareholderorGroupofShareholderswhoarepresent.
Paragraph5.ThevotesthatexceedthelimitsestablishedinhisArticleshallnotbecountedinaMeeting.
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Article8.TheCompanyisauthorizedtoincreaseitscapitalstockuptothelimitoftwobillionfivehundredmillion (2,500,000,000) common shares, as approvedby theBoard ofDirectors,
independently
of
any
bylaws
amendment.
Paragraph1.In the case provided for in the lead paragraph of this Article, the Board ofDirectorsshalldeterminethe issuancepriceandnumberofsharestobe issued,aswellas the
paymentdateandconditionsforpayingintheshares.
Paragraph2.Within the limit of the authorized capital, the Board ofDirectors can also: (i)decide regarding the issuance ofwarrants; (ii) in accordancewith a plan approvedby the
Shareholders General Meeting, grant stock purchase options to the management and
employeesoftheCompanyorofacontrolledcompany,ortoindividualswhoprovideservices
to it,without the shareholdershaving preemptive rights in thegrantingor subscription for
theseshares;and (iii)decideon the increaseof thecapitalstock through thecapitalizationof
profitsor
reserves,
with
or
without
bonus
shares.
Article9.Anydelaybyashareholderinpayinginthecapitalsubscribedforshallresultina1%amonthinterestcharge,monetarycorrectionaccruedonthebasisoftheGeneralMarketPrice
Index (ndiceGeraldePreosMercado),or IGPM,accruedwith the lowest frequency legallyapplicable,anda fineof10%of theamountof theoutstandingamount,withoutprejudice to
otherapplicablelegalsanctions.
Article10.EveryshareholderorGroupofShareholdersmustdisclose,throughanoticetotheCompany,whichmustcontain the informationprovided for inArticle12ofCVM Instruction
No.358/2002, theacquisitionofshares, that togetherwiththosealreadyowned,exceed5%of
the
capital
of
the
Company,
as
well
as,
after
reaching
that
percentage,
the
acquisition
of
shares
that correspond to the acquisition of an additional 2.5% of the capital of the Company or
multiplesofthatpercentage.
Paragraph1.IncasesinwhichtheacquisitionresultsinorhadbeenundertakenforchangeofcontrolormanagementoftheCompany,aswellasincasesinwhichthisacquisitioncreatesthe
obligation tomakeapublic tenderoffer for theacquisitionof shares, inaccordancewith the
termsofCHAPTERVIIIandthelegislationandregulationineffect,theacquiringshareholder
orGroupofShareholdersmustalsocausethepublicationofanoticecontainingtheinformation
provided for inArticle 12 of CVM InstructionNo. 358/2002, inwidelyknown newspapers
commonlyusedbytheCompany.
Paragraph2.TheobligationsprovidedforinthisArticlealsoapplytotheownersofdebenturesconvertible into shares, warrants and stock purchase options that assure their owners the
acquisitionofsharesinthepercentagesprovidedforhere.
Paragraph3.TheshareholdersorGroupsofShareholdersshallalsodisclose,asprovidedforinthe leadparagraphof thisArticle,any time their shareholding is reducedby5%of the total
numbersharesissuedbytheCompanyduetoanyalienationorextinctionofsharesandother
securitiesmentionedinthepreviousParagraph.
Paragraph4.ThebreachoftheprovisionsofthisArticleshallsubjectthebreachingparty(ies)tothepenaltyprovidedforinArticle16,item(i),andinArticle18.
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Paragraph5.TheInvestorRelationsOfficermustsendthecommunicationsprovidedforinthisArticle,totheCVMandtothestockexchangesonwhichthesecuritiesissuedbytheCompany
are
traded,
as
soon
as
they
are
received.
Article11.Theissuanceofnewshares,debenturesconvertibleintosharesorwarrantsplacedbysale on a stock exchange, public subscription or share swap in public tender offers for the
acquisition of control underArticles 257 through 263 ofLawNo. 6,404/76, or, also,under a
special tax incentive law, can takeplacewithout the shareholdersbeing given apreemptive
right in the subscriptionorwith a reduction in theminimumperiodprovided for in law to
exerciseit.
CHAPTERIII
SHAREHOLDERSGENERALMEETING
Article12.Theshareholdersshallmeetordinarilywithinthelastfourmonthsafterthecloseofthe fiscal year, to decide regarding the matters provided for in Article 132 of Law No.
6,404/1976,and,extraordinarily,intheinterestsoftheCompany.
Paragraph1.TheShareholdersGeneralMeetinghastheauthoritytodecideonallactsrelatedtotheCompany,aswellastodecideinthebestinterestsoftheCompany.
Paragraph2.TheAnnualShareholdersGeneralMeetingand theExtraordinaryShareholdersGeneralMeeting canbe called cumulatively andheld at the sameplace,date and time, and
recorded
in
a
single
set
of
minutes.
Paragraph3.AShareholdersGeneralMeetingshallbecalledbytheBoardofDirectorsonthedecisionofthemajorityofitsmembersor,also,inthecasesprovidedforintheseBylawsandin
thesoleParagraphofArticle123ofLawNo.6,404/1976.
Paragraph4.The documents pertinent to thematter tobe decided on at the ShareholdersGeneralMeetings must be made available to the shareholders, at the headquarters of the
Company,onthedateofthepublicationofthefirstcallnotice,except inthosecases inwhich
thelaworaregulationineffectrequiresthattheybemadeavailableforalongerperiod.
Paragraph5.The Shareholders General Meeting shall be held, on the first call, with thepresenceof shareholders representing at least 25%of the capital stock, exceptwhen the law
requiresahigherquorum;and,onthesecondcall,withanynumberofshareholders.
Paragraph6.An Extraordinary Shareholders General Meeting that has as its purpose theamendmentof theseBylaws shallbeheld,on the firstcall,with thepresenceofshareholders
whorepresent,at least,twothirdsofthecapitalstock,butmaybe instatedonthesecondcall
withanynumberofpresents.
Paragraph7.ShareholdersGeneralMeetingsshallbepresidedoverbytheChairpersonoftheBoard ofDirectors orby the person appointedby the Chairperson. In the absence of the
Chairperson,aShareholdersGeneralMeetingshallbechairedbytheViceChairpersonofthe
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BoardofDirectors,orbythepersonappointedbytheViceChairperson. Thechairpersonofthe
ShareholdersGeneralMeetingshallchooseoneofthosepresenttoactassecretary.
Paragraph8.ItshallbetheexclusiveresponsibilityoftheChairpersonoftheMeeting,subjecttotherulesestablished in theseBylaws, tomakeanydecision regarding thenumberofvotesof
eachshareholder,whichdecisionmaybeappealedtotheShareholdersGeneralMeetingitself,
inwhichdecisiontheinterestedpartyshallnotvote.
Article13.BeforetheShareholdersGeneralMeetingisinstated,theshareholdersshallsigntheShareholderAttendanceBook, stating theirname and residence and thenumberof shares
theyown.
Paragraph1.ThelistofshareholderspresentshallbeclosedbytheChairpersonoftheMeeting,immediatelyaftertheinstatementofShareholdersGeneralMeeting.
Paragraph2.The shareholders who appear at Meeting after the closing of the list ofshareholderspresentshallbeabletoparticipateinthemeeting,buttheyshallnothavetheright
tovoteinanycorporatedecision.
Article14.TheCompanymustbegin the registration of the shareholders to take part in theShareholders General Meeting at least fortyeight (48) hours in advance, it being the
responsibilityof theshareholdertopresent: (i)certificate issuedby thetransfer institution for
thebookentrysharesowned,inaccordanceoftermsandconditionsofArticle126ofLawNo.
6,404/76. This proof shallbe dated no later five daysbefore the date of the Shareholders
GeneralMeeting. TheCompany,atitsdiscretion,maydispensethepresentationofthisproof;
and(ii)aproxystatementand/ordocumentsthatevidencethepowersoflegalrepresentationof
theshareholder.
The
shareholder
or
its
legal
representatives
shall
present
the
Shareholders
GeneralMeetingdocumentsthatprovehisorheridentity.
Article15.Thedecisionsof theShareholdersGeneralMeeting shallbepassedby amajorityvoteof thosepresent,withblankvotesnotbeingcounted,exceptasprovided for in lawand
observingtheprovisionsinArticle7andinParagraph2ofArticle62.
Paragraph1.A decision of a Shareholders General Meeting regarding the amendment orexclusionoftheprovisionsofArticle70,whichrestrictstherightoftheshareholderstomakea
publictenderofferfortheacquisitionofsharesprovidedforinthatArticle70,shallbetakenin
accordancewiththecastingofvotinglimitsprovidedforinArticle7.
Paragraph2.ShareholdersGeneralMeetingscanonlydecidematters included intheagenda,containedintheirrespectivecallnotice,withtheapprovalofmattersunderageneralheading
beingprohibited.
Paragraph3.MinutesshallbepreparedbasedontheworkanddecisionsoftheShareholdersGeneralMeetingandtheseshallbesignedbythemembersof thepresidingboardandbythe
shareholderspresent.
Article16.ItistheresponsibilityoftheShareholdersGeneralMeeting,inadditiontotheotherresponsibilitiesprovidedforinlaworintheseBylaws:
(a) ReviewandapprovethemanagementreportandtheCompanysfinancialstatements;
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(b) DeterminetheallocationofthecompanysfiscalyearnetincomeanditsdistributiontotheshareholdersasproposedbytheCompanysmanagement;
(c) elect and remove themembers of the Board ofDirectors and of the Fiscal Council, ifformed;
(d) determinethecompensationofthemembersoftheBoardofDirectorsandoftheExecutiveCommittee, as well as of themembers of the Fiscal Council, if formed, observing the
provisionsofArticle17;
(e) approvestockoptionorsubscriptionoptionplans for itsmanagementandemployees,aswellasofforthemanagementandemployeesofothercompaniesthatarecontrolledbythe
Companyorthirdpartyserviceproviders;
(f) approve theprofit sharingdistribution for themanagement of theCompanywithin thelegal
limits,
and
to
the
employees
of
the
Company,
in
accordance
with
the
human
resources
policyoftheCompany;
(g) approve the delisting of the Company from the NovoMercado (NovoMercado) listingsegmentorthecancellationoftheregistrationasapubliclytradedcompany;
(h) selectacompanyresponsibleforthedeterminationoftheCompanyseconomicvalueandpreparation of the respective shares evaluation, in case of the cancellation of the
registrationasapubliclytradedcompanyordelistingfromtheNovoMercado,asprovidedforinCHAPTERVIII,fromamongthecompaniesindicatedbytheBoardofDirectors;
(i) suspendtherightsofashareholderasprovidedforinArticle120ofLawNo.6,404/76andArticle
18;
(j) approve the participation of the Company as a holding in other companies and/orassociations,consortiumsorjointventuresiftherespectiveparticipationamountsarethree
timestheReferenceAmount;
(k) approvethealienationofasubstantialpartofassetsortrademarksoftheCompany;and(l) approvethemergeroftheCompany,oritsissuedshares,intoothercompany,themerger,
spinoff,changeintypeoforganization,dissolution,accordingtothelegalquorum,except
ifpreviouslyauthorizedbyCVM,regardingthemattersprovidedforinParagraphSecond
Article136ofLawNo.6,404/1976,thereductionofquorumforthesedecisions.
Article17.TheShareholdersGeneralMeetingshallsetthetotalcompensationofthemembersoftheBoardofDirectorsandoftheExecutiveOfficers,specifyingtheportionofthatamountto
beallocatedtoeachbody.
Paragraph1.The Board ofDirectors shall set the compensation tobe allocated to theChiefExecutive Officer and the Chief Executive Officer, in turn, shall determine the individual
compensationofeachOfficer, inaccordancewith theprovisionof the leadparagraphof this
Article.
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Paragraph2.ThemembersoftheBoardofDirectorsandtheOfficersshallonlyhavetherighttoprofitsharinginthefiscalyearstheshareholdersreceivethemandatorydividendprovidedfor
in
Article
202
of
Law
No.
6,404/1976.
Article18.TheShareholdersGeneralMeetingcansuspendtheexerciseoftherights,includingtherighttovote,ofashareholderorGroupofShareholderswhofailtofulfillalegal,regulatory
orbylawsobligation.
Paragraph1.The shareholders representing at least 5% of the capital stock can call aShareholdersGeneralMeetingmentionedintheleadparagraphofthisArticlewhentheBoard
ofDirectorsfailstoholditwithintheperiodofeightdaysameeting,withtheevidenceofthe
obligationnotcompliedwithandtheidentificationoftheshareholderorGroupofShareholders
whoarenotincompliance.
Paragraph2.ItshallbetheresponsibilityoftheShareholdersGeneralMeetingtoapprovethesuspension of the rights of the shareholder and also to establish, among other things, the
suspension period and its extent.No rights of inspection and request information shallbe
suspended.
Paragraph3.Thesuspensionofrightsofashareholdershallceaseassoonastheobligation isfulfilled.
Article19.Nointerestedshareholdershallvoteinanytransactioninwhichithasorrepresentsa conflict of interestwith the Company. A vote castby a interested shareholder shallbe
consideredabusiveforthepurposesoftheprovisionofArticle115ofLawNo.6,404/76.
CHAPTERIV
MANAGEMENT
SectionIGeneralProvisionsfortheManagementBodies
Article20.Themanagementof theCompany iscomprisedby theBoardofDirectorsand theExecutiveOffice.
Article21.ThemembersoftheBoardofDirectorsandoftheExecutiveOfficeshalltakeofficeintheir
respective
positions
by
signing,
in
the
30
days
after
their
respective
election,
the
instrument of instatement in the appropriatebook and the Statement of Consent from the
ManagersthatisreferredtointheNovoMercadoListingRegulations,andshallremainintheirpositionsuntilthenewmanagerselectedtakeoffice.
Soleparagraph.ThemanagersoftheCompanymustadheretotheManualfortheDisclosureandUseof InformationandPolicy forTradingSecurities Issuedby theCompany,bysigning
therespectiveInstrument.
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SectionIIBoardofDirectors
SubsectionIComposition
Article22.TheBoardofDirectorsshallbecomprisedofatleastsevenandupmost11members,allofwhomareelectedand removableby theShareholdersGeneralMeeting,withaunified
termofofficeoftwoyears,withreelectionallowed.
Paragraph1.Nomemberof theBoardofDirectorsshallholdoffice in theExecutiveOfficeoftheCompanyorappointedtotheExecutiveOfficeofitscontrolledcompanies.
Paragraph2.TheBoardofDirectors shalladopt InternalRules that shallprovide for,amongothermatters that are considered tobe convenient, itsown operating guidelines, rights and
dutiesofthemembersoftheBoardofDirectorsandtherelationshipoftheBoardofDirectors
withthe
Executive
Office
and
other
corporate
bodies.
Paragraph3.It shall be the responsibility of the Chairperson of the Shareholders GeneralMeeting, in conducting the work related to the election of the members of the Board of
Directors, todetermine thevoting system for theelectionof theDirectorsasprovided for in
Article23andArticle24.
Paragraph4.exceptotherwiseexcusedby theapproval in theShareholdersGeneralMeeting,only thepersonswho inaddition to the legalandregulatoryrequirements,maybeelectedto
theBoardofDirectorsiftheymeetthefollowingconditions:
(a) aremorethan25yearsold;(b) have spotless reputation and knowledge and experience in the functioning ofmarkets
managedbytheCompanyand/orbyitscontrolledcompanies;
(c) do not have a spouse, companion or relative as to the second degree who occupiesmanagement positions or has an employment relationship with the Company or its
controlledcompanies;and
(d) does not hold positions in a company that could be considered a competitor of theCompany or of its controlled companies, and does not have, or represent, a conflict of
interestwiththeCompanyorwithitscontrolledcompanies,withaconflictofinterestbeing
presumed forapersonwho,cumulatively:(i)hasbeenelectedbyashareholderwhohas
alsoelected
the
Director
in
the
management
of
acompeting
company;
and
(ii)
has
arelationshipofsubordinationwithashareholderwhoelectedhimorher.
Paragraph5.Forthepurposesofitem(d)ofParagraph4ofArticle22,amemberoftheBoardofDirectorsshallbedeemedelected if: (i)ashareholderofGroupofShareholdershaveelected
him/her separately;or (ii) the shareholderorGroupofShareholderswhichvotes, counted in
separately, were sufficient for the election of the member of the Board of Directors in a
cumulativevotingprocedure(orwouldbesufficientbasedonthetotalofshareholderspresent
to themeeting, if thecumulativevotingsystemhadbeenadopted);or (iii) theshareholderor
GroupofShareholderswhichvotes,countedinseparate,weresufficientforthecomplianceof
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minimumrequirementsfortheexerciseofrighttovoteinseparateofthemembersoftheBoard
ofDirectors,asestablishedinParagraph4ofArticle141ofLawNo.6,404/1976.
Paragraph6.AmajorityoftheDirectorsoftheCompanyshallbeIndependentDirectors,withIndependentDirectors, for thepurposesof theseBylaws,beingunderstood tobe thosewho
meet:
(a) cumulatively, the criteria for independence established in theListingRegulations of theNovoMercadoandinCVMInstructionNo.461/07;
(b) donothold,directorindirectly,votinginterestequalorhigherthan5%oftheCompanystotalcapitalstockorvotingcapitalstockordonothaveanyrelationshipwithashareholder
withinterestequalorhigherthan5%oftheCompanystotalcapitalstockorvotingcapital
stock.
Paragraph7.Directorselectedunderarticle141,Paragraphs4and5,ofLawNo.6,404/76shallalsobe considered Independent Directors, regardless ofwhether theymeet the criteria for
independenceprovidedforinthisArticle.
Paragraph8.InadditiontotherequirementsestablishedintheprecedingParagraphs,nomorethan one Director who maintains a relationship with the same owner of an Access
Authorization orwith the same entity, conglomerate or economicfinancial group canbe a
memberoftheBoardofDirectors.
Paragraph9.ForthepurposesofthisArticle,arelationshipisconsideredtobe:(a) an employment relationship; or one resulting from a permanent professional services
agreementor
participation
in
any
management,
advisory,
fiscal
or
deliberative
body;
(b) adirectorindirectownership interest inapercentageequaltoorgreaterthan10%of thetotalcapitalorofthevotingcapital;or
(c) beingaspouse,companionorrelativeuptotheseconddegree.Paragraph10.The members of the Board of Directors who no longer fulfill, due to asupervening fact or one that was unknown at the time of their election, the requisites
establishedinthisArticle,mustbeimmediatelyreplaced.
SubsectionIIElection
Article23.SubjecttothetermsandconditionsofArticle24,theelectionofthemembersoftheBoardofDirectorsshallobservetheslatesystem.
Paragraph1.In the election provided for in this Article 23, only the following slates ofcandidates may run: (i) those nominated by the Board of Directors, as advised by the
GovernanceandAppointmentCommittee;or(ii)thosethatareappointedbyanyshareholder
orGroupofShareholdersinthemannerprovidedforinParagraph3ofhisArticle.
Paragraph2.The Board of Directors, as advised by the Governance and AppointmentCommitteeshall,onthedatetheShareholdersGeneralMeetingthatistoelectthemembersof
theBoardofDirectors iscalled,makeavailableattheCompanysheadquartersanystatement
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signedbyeachof themembersof theslateofcandidatesappointed,containing: (i)hisorher
complete identifying information; (ii) a complete description of his or her professional
experience,
mentioning
the
professional
activities
previously
performed,
as
well
as
professional
and academic qualifications; and (iii) information regarding the disciplinary and judicial
proceedings thathavebeendecided andhavebecomeunappealable inwhichheor shewas
subjecttoasanction,aswellastostate,ifrelevant,theexistenceofanimpedimentorconflictof
interestunderArticle147,Paragraph3,ofLawNo.6,404/1976.
Paragraph3.TheshareholdersorgroupofshareholderswhowishtoproposeadifferentslatetocompeteforslotsontheBoardofDirectorsmust,atleastfivedaysbeforethedatesetforthe
Shareholders General Meeting, forward to the Board of Directors statements signed
individuallybythecandidatestheyhaverecommended,containingtheinformationmentioned
in the previous paragraph, the Board of Directors, as advised by the Governance and
Appointment
Committee
having
the
duty
immediately
to
disclose,
through
a
notice
inserted
in
theCompanys page on the internet andby forwarding, electronically, to theCVM and the
equity trading segment of the manager of the stock exchange market (BOVESPA), the
information that the documents relating to the other slates presented are available for the
shareholdersattheCompanyheadquarters.
Paragraph4.The names recommendedby the Board of Directors or shareholders must beidentified, ifappropriate,ascandidates for IndependentDirectors,observing theprovision in
Paragraphs6and7ofArticle22.
Paragraph5.Thesamepersonmaybepartoftwoormoreslates,includingthatrecommendedbytheBoardofDirectors.
Paragraph6.Eachshareholdermayonlyvoteforoneslateandthevotesshallbecalculatedinaccordancewith the limitsprovided for inArticle7,with thecandidatesof theslatewith the
highestnumberofvotesattheShareholdersGeneralMeetingbeingdeclaredelected.
Paragraph7.Whenevercandidatesarerecommendedindividually,thevotingshallnotbetakenbytheuseofslatesandshalltakeplacethroughindividualvoting.
Article24.IntheelectionofthemembersoftheBoardofDirectors,shareholderswhorepresentat least 5% of the capital stock have the right to request the adoption of cumulative voting
procedure,so longastheirrequest ismadeat least48hoursbeforetheShareholdersGeneral
Meeting.
Paragraph1.Immediately after receiving the request, theCompanymustdisclose, through anoticeinsertedontheCompanyspageontheinternetandbyelectronicmeans,forwardtothe
CVMandBOVESPA,theinformationthatthecumulativevotingprocedurewillbeusedinthe
election.
Paragraph2.With the Shareholders General Meeting instated, the Presiding Board shallcalculate,basedonthesignaturesintheAttendanceBookandthenumberofsharesownedby
eachoftheshareholderspresent,thenumberofvotesattributabletoeachshareholderorGroup
ofShareholders,subjecthowever,tothelimitestablishedinArticle7. Thenumberofmembers
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oftheBoardofDirectorstobeelectedmustbemultipliedbythenumberofsharesthatshallnot
exceed7%ofthetotaloftheCompanysissuedshares.
Paragraph3.WheretheelectionofthemembersoftheBoardofDirectorstakesplaceusingthecumulativevotingprocedure,theelectionshallnotbebyslates:thecandidatesforpositionsas
membersoftheBoardofDirectorsshallbethosewhoarepartoftheslatesmentionedinArticle
23,aswellasthecandidateswhocometoberecommendedbyashareholderwhoispresent,so
longasthestatementssignedbythesecandidates,withthecontentmentionedinParagraph2of
Article23,arepresentedtotheShareholdersGeneralMeeting.
Paragraph4.EachshareholderorGroupofShareholdersshallhavetherighttocumulatetheirvotesforasinglecandidateordistributethembetweenseveral. Thosecandidatesreceivingthe
greatestnumberofvotesshallbedeclaredelected.
Paragraph5.Theofficeswhich,asaresultofatie,arenotfilled,shallbethesubjectofanewvote,usingthesameprocedure,adjustingthenumberofvotesthateachshareholderorGroup
ofShareholdersshallhaveinafunctionofthenumberofpositionstobefilled.
Paragraph6.Whenever the election hasbeen held using this procedure, the removal of anymember of the Board ofDirectorsby the ShareholdersGeneralMeeting shall result in the
removalof theothermembers,proceeding toanewelection; in theremainingcases inwhich
there is a vacancy on the Board ofDirectors, the next ShareholdersGeneralMeeting shall
proceedwiththeelectionoftheentireBoard.
Paragraph7.IftheCompanyisundercontrolofacontrollingshareholderorgroup,asdefinedinArticle 116ofLawnumber 6,404/1976, shareholders representing 10%of the capital stock
mayrequest,
in
the
manner
provided
in
Paragraphs
4and
5of
Article
141
of
Law
number
6,404/1976, that the election of one of themembers of theBoard ofDirectorsbe carried out
separately,thetermsandconditionsofArticle23notbeingapplicable.
Article25.TheBoardofDirectorsshallelect,fromamongitsmembers,itsChairpersonanditsViceChairperson. Thiselectionmust takeplace in the firstmeetingafterthemembersof the
BoardofDirectorshavetakentheirpositions.
SubsectionIIIMeetingsandSubstitutions
Article26.The Board of Directors shall meet, ordinarily, at least every two months, inaccordancewith the calendar tobe published in the firstmonth of each fiscal yearby the
Chairperson,and
extraordinarily,
whenever
necessary,
when
convened
in
the
manner
described
inParagraph1ofthisArticleortwothirdsofitsmembers.
Paragraph1.ThecallnoticetothemeetingsshallbemadebytheChairpersonoftheBoardofDirectorsor,inher/hisabsence,bytheViceChairperson.
Paragraph2.Thecallnotice for themeetingsof theBoardofDirectorsshallbe inwriting,byletter,telegram,fax,emailorothermannerwhichallowsproofofreceiptofthecallednoticeby
the addressee, andmust contain, in addition to theplace,date and timeof themeeting, the
agenda.
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Paragraph3.ThemeetingsoftheBoardofDirectorsshallbeconvenedwith,atleast,threedaysnotice.Regardlessoftheformalities forconveningameeting,themeetingshallbeconsidered
regular
when
all
of
the
members
of
the
Board
of
Directors
attend.
Paragraph4.The Directors may take part in the meetings of the Board of Directors bytelephoneconference,videoconferenceorbyanyothermeans ofcommunication thatallows
the identification of theDirector and the simultaneous communicationwith all of the other
people present at themeeting. In this case, theDirectors shallbe considered present at the
meetingandmustsigntherespectiveminutes.
Paragraph5.NomemberoftheBoardofDirectorsmayhaveaccesstoinformation,takepartindecisionsanddiscussionsoftheBoardofDirectorsoranyothermanagementbodies,exercise
the right tovoteor, in anymanner, intervene in thematters inwhichheor she,directlyor
indirectly,hasaconflictofinterestswiththoseoftheCompany,underthetermsofthelaw.
Paragraph6.ThequorumfortheinstatementofthemeetingsoftheBoardofDirectors,onfirstcall,shallbetheabsolutemajorityofitsmembers.Onsecondcall,whichshallbetheobjectofa
newcommunicationtotheDirectorsinthemannerdescribedinParagraph1ofthisArticle,sent
immediatelyafterthedatesetforthefirstcall,themeetingshallbeinstatedwithanynumberof
Directorspresent.
Paragraph7.Except otherwise provided for in these Bylaws, the decisions of the Board ofDirectors shall be taken by majority vote of the members present at the meetings. The
ChairpersonoftheBoardofDirectorsshallcastthedecidingvoteincaseoftie.
Paragraph8.TheChiefExecutiveOfficer,orhisorhersubstitute,shalltakepartinthemeetingsof
the
Board
of
Directors,
but
shall
withdraw
on
request
of
the
directors.
Article27.Exceptotherwiseprovided for inParagraph6ofArticle24andobserving theSoleParagraph of thisArticle, if there is a vacancy as amember of the Board ofDirectors, the
replacement shallbe appointed by the other Directorsbased on a recommendation of the
Governance and Appointment Committee to serve until the next Shareholders General
Meeting,whenanewDirectormustbeelected tocomplete the termofofficeof the replaced
Director.Where there is a vacancy of themajority of positions of the Board ofDirectors, a
ShareholdersGeneralMeetingmustbe convened,within amaximum of 15 days from the
event,toelectthealternates,whomustcompletethetermsofofficeofthosebeingreplaced.
SoleParagraph. IncaseofavacancyinthepositionofChairpersonoftheBoardofDirectors,theViceChairpersonshalloccupythevacantpositionuntiltheelectionofanewChairperson.
Article28. Incasesofabsenceortemporaryimpediment,theabsentortemporarilyimpededDirectormaybe represented in themeetings of the Board ofDirectorsby anotherDirector
appointedinwriting,who,inadditiontohavinghisorherownvote,shallpresentthevoteof
theabsentortemporarilyimpededDirector.
Paragraph1.If theDirector tobe represented is an IndependentDirector, theDirectorwhorepresentshimorhermustalsofallwithintheclassificationofIndependentDirector.
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Paragraph2.IncaseofabsenceortemporaryimpedimentoftheChairpersonoftheBoard,hisor her functions shall be performed, temporarily, by the Vice Chairperson or by another
member
of
the
Board
appointed
by
him
or
her.
Paragraph3.In case of absence or temporary impediment of the Vice Chairperson, theChairperson shallhave theduty toappoint, from among theothermembersof theBoardof
Directors,hisorhersubstitute.
SubSectionIVDuties
Article29.TheBoardofDirectorshasthedutyto:(a) determine thegeneralbusinessguidelinesof theCompanyand itscontrolledcompanies,
including the approval and amendment of the annualbudget of theCompany and its
controlledcompanies
and
set
the
targets
and
business
strategies
for
the
subsequent
period,
usingitsbesteffortsforitsproperperformance;
(b) elect and remove theOfficers of theCompany and establish theirduties, observing theprovisionsoftheseBylaws;
(c) overseethemanagementoftheOfficers,examinetheCompanysbooksanddocumentsatany time,aswellas request informationoncontractsentered intoorabout tobeentered
intooranyotheracts;
(d) decideontheconveningofShareholdersGeneralMeeting;(e) submittotheShareholdersGeneralMeeting,withitsopinion,theManagementReport,the
accountsof
the
Executive
Committee
and
the
financial
statements
relating
to
each
fiscal
year;
(f) present to the ShareholdersGeneralMeeting the proposal for the allocation of the netprofitsofthefiscalyear;
(g) grantpriorauthorizationforcontractsofanytype,aswellastransactionsandwaiversofrights, that result inobligations for theCompany inamountsgreater than theReference
Amount,asdefinedinthesoleparagraphofthisArticle,andthatarenotprovided inthe
annualbudget;
(h) giveprior investmentauthorization,ofa single type, that exceed theReferenceAmount,when
not
provided
in
the
annual
budget;
(i) give prior authorization for any loan, financing, issuance or cancellation of simpledebentures,notconvertible intosharesandwithout fixedguarantee,oragrantingofany
fixed guarantee or suretyby the Company in favor of its controlled companies in an
amountgreaterthantheReferenceAmount,whennotprovidedintheannualbudget;
(j) authorizetheExecutiveOfficetoacquire,alienateandconstitutecollateralorencumbrancesof any type on the goods that form the permanent assets of theCompany, in amounts
representingaliabilitygreaterthantheReferenceAmountandthatarenotprovidedinthe
annualbudget;
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(k) grantprior authorization for the entering into ofpartnership or shareholder agreementsinvolvingtheCompanyoritscontrolledcompanies;
(l) castthevotesbytheCompanyrepresentativeintheShareholdersGeneralMeetingsofthecompanies in which the Company has any interests, or give prior approval for the
amendmentoftherespectivecorporatebylaws,whentheamountsofthisparticipationare
greaterthantheReferenceAmount,asprovidedforinitem(j)ofArticle16;
(m)appointtheExecutiveOfficeofthecontrolledcompanies,withtheappointmentofthemainexecutives at the same time of that of the Chief Executive Officer, unless otherwise
approvedby75%oftheDirectors;
(n) decideontheacquisitionbytheCompanyofitsownshares,tobeheldintreasuryand/orforlatercancellationoralienation;
(o) decide,exceptfortheshareholderinterestsarisingfromthefinancialinvestmentpolicyofthe Company and observing the provision of Article 3, concerning the Companys
participation inother companies, aswell as in charitable associationsandorganizations,
whentheamountsinvolvedaregreaterthantheReferenceAmount;
(p) authorize theCompany to grant guarantees in thirdparty obligationswith any amountand,notrelatedtotheCompanyspurposes,mainlywithregardto itssettlementscentral
officeactivities(whetherperformedbyitselforitscontrolledcompanies);
(q) define the listcontainingthreenamesofcompaniesspecialized ineconomicvaluationsofcompaniesforthepreparationofavaluationreportonthesharesoftheCompany,incases
ofcancellationofpubliclyheldcompany registrationordelistingfromtheNovoMercado,inthemannerdescribedinParagraph2ofArticle63;
(r) approvethehiringoftheregistrarofshares;(s) decideon thepaymentorcreditof intereston shareholderscapital to the shareholders,
underthetermsoftheapplicablelegislation;
(t) chooseandremovetheindependentauditors,inaccordancewithitem(a)ofArticle47,and(u) appoint,fromamongitsmembersthemembersofthepermanentadvisoryCommitteesand
theotherCommissionsandtemporaryworkgroupstobecreatedbytheBoardofDirectors.
SoleParagraph.ForthepurposesoftheseBylaws,theReferenceAmountshallbeequalto1%of
the
net
worth
of
the
Company,
as
determined
at
the
end
of
the
immediately
preceding
fiscal
year.
Article30.TheBoardofDirectorsalsohasthepowerto:(a) approvetheAccessRegulations,aswellastherulesrelatingtotheadmission,suspension
and exclusion are the holders of the Access Authorizations, and also the remaining
regulatory,operatingand liquidation rules thatshalldisciplineanddefine theoperations
performedwiththesecurities,contractsadmittedfortradingand/orregisteredinanyofthe
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systems for trading, registration,clearanceand settlementadministeredby theCompany
andbyitscontrolledcompanies;
(b) approve the rules relating to listing, suspension anddelistingof securitiesand contractsandrespectiveissuers,asapplicable;
(c) approve theoperating regulationsandrulesrelating to theClearingHousesandsystemsthat provide registration, clearing and settlement services for transactions performed in
marketsadministeredbytheCompanyanditscontrolledcompanies;
(d) approvetheCodeofEthicsofMarketParticipantsadministeredbytheCompany,thatmustcontain rulesofconductnecessary for theproper functioningof themarkets,and for the
maintenanceofhighethicalstandardsofnegotiationinthesemarkets,aswellastoregulate
thefunctioningandcompositionoftheEthicsCommitteeandtoelectitsmembers;
(e) establish the penalties thatmay apply tobreaches of the rules approvedby theBoardofDirectors;
(f) decide on the granting of theAccessAuthorizations, thisdecisionbeing subject,within thirty (30) days, to a request for review to the Shareholders General
Meeting,whichmustprovide a definitive decision on the subject, observing the
provisionsinthelawineffect;
(g) decideconcerningthesuspensionandthecancellationoftheAccessAuthorizations,as well as to analyze the cases where there is a change in the control and
recommendationsofnew administratorsof companies thatareholdersofAccess
Authorizations;
(h) orderthe fullorpartialrecessofthemarketsadministeredbytheCompanyandbyitscontrolledcompanies,whereagrossemergency situationhasbeen recognized
that may affect the normal functioning of market activities, immediately
communicatingthedecision,dulyfounded,totheCVM;
(i) approvetheannualreportontheoperatingriskscontrolsystemsandthebusinesscontinuityplanoftheCompanyandofitscontrolledcompanies;
(j) decideconcerningthecreation,allocationandmaintenanceoffundsandtheothersafeguarding
mechanisms,
for
the
operations
performed
in
the
systems
and
markets
administered by the Company and its controlled companies, regulating the
situationsandproceduresfortheiruse.
SoleParagraph. TheBoardofDirectorsmaydelegate to theExecutiveOfficeof theCompanythesettingoftechnical,financialandoperatingcriteriathatcomplementthe
rulesandregulationsstatedinitems(a),(b)and(c)ofthisArticle.
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SectionIIExecutiveOffice
Article31.TheExecutiveOfficeisthebodythatrepresentstheCompany,havingthepowertoperformallactsof themanagementofcorporatebusiness.TheOfficershavethepower to: (i)observeand enforce the termsand conditionsof theseBylaws, thedecisionsof theBoardof
Directorsandof theShareholdersGeneralMeeting;(ii)perform,within itspowers,allof theacts necessary for the ordinary operation of theCompany and consecution of the corporate
purpose,and(iii)coordinatetheactivitiesoftheCompanyscontrolledcompanies.
Article32.TheExecutiveOffice shallbe comprisedof fiveup tonineOfficers,onebeing theChief Executive Officer and eight Executive Officers. All of the Officers are elected and
removableby the Board ofDirectors,with a term of office of two years,with reelection to
consecutivetermsofofficebeingpermitted.
Sole Paragraph. The Board of Directors shall designate, from among the Officers of theCompany,theone(those)whoshallfulfillthedutiesofFinanceandInvestorRelationsOfficer.
Article33.TheOfficers shallhave full timededication to the company andmaynot,duringtheirofficesmaintainarelationship,asdefinedinParagraph8ofArticle22,with:(i)holdersofAccessAuthorizations,(ii)shareholdersorGroupsofShareholdersholding5%ormoreofthevotingcapitalintheCompany,(iii)aninstitutionthatispartofthesecuritiesdealershipsysteminBrazilorabroad,(iv)publiclytradedCompanies;(v)aninstitutionthatactsinmanagementofsecuritiesportfolios;(vi)qualifiedinvestors.
Article34.Only peoplewho, in addition to the legal and regulatory requirements,meet theconditions
established
in
Paragraph
4of
Article
22
may
be
elected
as
Chief
Executive
Officer.
Paragraph1.All remainingOfficers shallbe recommended to theBoard ofDirectorsby theChief Executive Officer. Should the Board of Directors not approve the presented
recommendations,newnamesmustberecommended,untiltheyareapprovedbytheBoardof
Directors.
Paragraph2.TheChiefExecutiveOfficermayorder the immediate removalofanyOfficeroftheCompanyuntilthemeetingoftheBoardofDirectorsatwhichsuchremovalwillbedecide.
Article35.The Chief Executive Officer has the following powers, additionally to the otherattributionsestablishedintheseBylaws:
(a) conveneandchairthemeetingsoftheExecutiveCommittee;(b) proposetotheBoardofDirectorstherulesandcompositionoftheExecutiveCommittee;(c) guideandcoordinatetheactivitiesoftheremainingOfficers;(d) undertakethegeneralplanningoftheCompanyandofitscontrolledcompanies;(e) approve the organizational structure of the Company, contracting and controlling the
executive staff, the technicians, auxiliaries and consultants itbelieves are convenient or
necessary, defining positions, functions and compensation and setting their duties and
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powers, observing the directives imposed by the budget approved by the Board of
Directors;
(f) establish theMarketRiskTechnicalCommittee, and regulate its operation,membership,rolesandresponsibilities,settingmembercompensation,asapplicableandwithdueregard
forthestandardsestablishedbytheCompensationCommittee;
(g) create other Technical Committees, Consulting or Operating Committees, TechnicalCommissions for the Customization, Classification and Arbitration, workgroups and
advisorybodies,definingtheircomposition,rolesandresponsibilities;
(h) determine prices, charges, compensation, commissions and contributions and any othercoststobechargedtoholdersofAccessAuthorizations andtothirdparties,fortheservices
arising from the compliance of the functional, operating, regulatory, supervision and
classifyingservicesoftheCompany,ensuringtheirbroaddisclosuretointerestedparties;
(i) propose to theBoardofDirectors the regulatory, operating and clearing rules that shallgovernanddefinetheoperationsperformedwiththesecuritiesandcontractsadmittedfor
tradinginthesystemsadministeredbytheCompanyorbyitscontrolledcompaniesand/or
listedinanyoftheirrespectivetrading,registration,clearingandsettlementsystems;
(j) determine the securities, certificates and contracts that shall be admitted for trading,registration,clearingandsettlement in theenvironmentandsystemsadministeredby the
Company, as well as to determine the suspension or cancellation of the trading,
registration,clearingandsettlementofthesesecuritiesandcontracts;
(k) supervise in realtimeand inspect the transactions tradedand/or registered inanyof thetrading,registration,clearingandsettlementsystemsundertheCompanyssurveillance;
(l) takemeasures and adopt procedures to prevent the realization of operations thatmayconstitutebreachesof legaland regulatory rules,compliancewithwhich isadutyof the
Companytooversee;
(m) incasesofgrossemergencies,todeclarethetotalorpartialrecessofthemarketsundertheCompany and its controlled companies surveillance, immediately communicating the
decisiontotheBoardofDirectorsandtheCVM;
(n) tocautiouslyorderthesuspension,forthemaximumperiodof90days,oftheactivitiesofholders of Access Authorizations, in cases provided in the Access Regulation or the
remainingrules
passed
by
the
Board
of
Directors,
or,
also,
where
there
is
an
apparent
breachoftheCodeofEthics,immediatelycommunicatingthesuspensiontotheCVMand
theBrazilianCentralBank;
(o) prevent the performance of the operations in negotiation, registration, clearing andsettlement systems of the Company,when there is evidence that thesemay constitute
breachesofthelegalandregulatoryruleswithwhichcomplianceisadutyoftheCompany
tooversee;
(p) cancel trades and/or registration of any of the negotiation, registration, clearance orsettlementofanytransactionsundertakenatthesystemsoftheCompany,eveniftheyare
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notyetliquidated,aswellassuspendtheirliquidation,incaseofinfractiontothelegaland
regulatoryrulesoverseenbytheCompany;
(q) determinespecialproceduresforanyoperationsperformedand/orregisteredinanyofthenegotiation, registration, clearance or settlement systems of theCompany, aswell as to
establishconditionsfortheirliquidation;
(r) immediately inform the CVM of the occurrence of events that affect, even if onlytemporarily,theoperationofthemarketsundertheCompanyssurveillance,and
(s) send to theCVM,within thedeadlineand in themanner specifiedby it, the informationand the reports relating to the operations performed and/or registered in any of the
negotiation,registration,compensationandliquidationsystemsoftheCompany.
Paragraph1.Thedecisions takenby theChiefExecutiveOfficer inexercising thepowers thatare
dealt
with
in
lines
(n)
to
(q)
of
the
lead
paragraph
of
this
Article,
may
be
appealed,
by
any
interestedparty,totheBoardofDirectors.
Paragraph2.TheperiodforandtheeffectsoffilinganappealprovidedinParagraph1ofthisArticle,aswellas theothersituationswhereanappeal isappropriate,shallbeestablishedby
theBoardofDirectors.
Paragraph3.TheMarketRiskTechnicalCommittee stated in item (f) of thisArticle shallbecomprised by Executive Officers and other Companys employees appointed by the Chief
ExecutiveOfficerandshallhave the followingresponsibilities: (i)analyze themacroeconomic
scenario and related risks to themarkets inwhich theCompany participates; (ii)define the
criteriaandparameterstocalculatemarginvalues;(iii)definethecriteriaandparametersforthe
valuationofassetsreceivedascollateral;(iv)definetypesandamountsofcollateralusedinthestock exchanges and/or registered in any trade, registration, settlement or clearing systems
under the Company and its controlled companies surveillance, to be used, inclusive, for
openedcontracts;(v)proposepolicyfordepositedmarginsurveillance;(vi)analyzethemarket
leverage;(vii)recommendanycriteria,limitsandparametersforthecreditriskmanagementof
themarketparticipants;(viii)analyzeandrecommendsolutionsfortheenhancementoftherisk
management systems; and (ix) prepare any other analysis related to the abovementioned
activities.
Article36.TheOfficerwhoperformsthedutiesofFinanceOfficerhasthepowerto:(i)planandwritebudgets andwork plans and of investments of theCompany, annual ormultiannual
relatingtotheactivitiesoftheCompany;(ii)answerforthecontroloftheexecutionofbudgets
thatarereferredtointhepreviousline;(iii)administerandinvestthefinancialresourcesofthe
Company, and supervise the same activities performed by the Companys controlled
companies, and (iv) manage the accounts, financial and fiscal/tax planning sectors of the
Company.
Article37.TheInvestorRelationsOfficerhasthepowertodiscloseinformationtoinvestors,theCVMandthestockexchangeoroverthecountermarketwheretheCompanyssecuritieswill
be negotiated, as well as tomaintain the registration of the Company in compliance with
applicableCVMrules.
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Article38.TheExecutiveOfficeshallperformthefollowingduties:(a) authorizetheopening,closingorchangingoftheaddressofbranches,agencies,deposits,
officesor
any
other
establishments
of
the
Company
in
Brazil
or
abroad;
(b) submit,annually,fortheconsiderationoftheBoardofDirectors,theManagementReportand the ExecutiveOffices financial figures, accompaniedby the independent auditors
report,aswellas theproposal for theallocationofprofits recorded in theprevious fiscal
year;
(c) prepare andpropose to theBoard ofDirectors, the annual andmultiannualbudget, thestrategicplans,theexpansionplansandinvestmentprograms;
(d) grant prior authorization to the acquisition or alienation, by the Company or by itscontrolled companies, of chattel or real property, the creation of fixed guarantees or
encumbrancesof
any
type
over
these
assets,
the
taking
out
aloan,
financing
and
the
concessionofafixedorpersonalguarantee,inamountsthatrepresentalowerliabilitythan
thatoftheReferenceAmountprovidedinthesoleparagraphofArticle29,and
(e) approve,by theChiefExecutiveOfficersrequest,onanymatternotwithin theexclusivepoweroftheShareholdersGeneralMeetingoroftheBoardofDirectors.
SubsectionI ReplacementandVacancyontheExecutiveCommittee
Article39.The Chief Executive Officer shall be substituted: (i) in the event of absence orimpedimentforamaximum30dayperiod,byanotherOfficerappointedbyhim;(ii)whenon
leavefor
over
30
days
and
less
than
120
days,
by
the
Officer
appointed
by
the
Board
of
Directors
atameetingcalledspecificallyforthispurpose;and(iii)whenonleavefor120daysormore,or
when vacancies fall open, the Board ofDirectors shallbe convened to elect the new Chief
ExecutiveOfficerpursuanttotheproceedingsestablishedintheseBylaws.
Article40.TheotherOfficersshallbesubstituted:(i)forabsenceorimpedimentor leaveforaperiodnotexceeding120days,byanOfficerappointedbytheChiefExecutiveOfficer;and(ii)
when the absence if for a period of 120 days ormore, or there is a vacancy, the Board of
Directors shall be convened to elect the new Officer, under the procedures established in
Paragraph1ofArticle34.
Subsection
II
Executive
Committee
Meetings
Article41.Except as provided in Article 42 below, the Executive Office meetings shall bedeemedvalidwiththepresenceofatleasthalfplusoneoftheelectedOfficersandresolutions
shallrequireamajorityvoteofthosepresent.TheChiefExecutiveOfficershallcastthedeciding
voteincaseoftie.
Article42.Withoutprejudice to the specific attributesof theChiefExecutiveOfficer and theotherOfficers,theOfficersresponsiblefortherespectiveareasmustbepresentfordecisions:
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Article44.PowersofattorneyshallalwaysbegrantedorrevokedbytwoOfficers,includingtheChiefExecutiveOfficer,establishing thepowersof theattorneyinfactand,exceptpowersof
attorney
issued
for
judicial
purposes,
these
powers
shall
always
be
granted
for
a
limited
period.
SectionIIIAncillaryAdministrativeBodies
Article45.TheCompanyshallhavethefollowingmandatorycommitteestoadvisetheBoardofDirectors:
(a) AuditCommittee;(b) GovernanceandAppointmentCommittee;(c) CompensationCommittee.Paragraph1.TheCommitteesshallexercisetheirdutieswithregardtocompaniesinwhichtheCompanyhasaninterest.
Paragraph2.The Board of Directorsmay create additional committees to advise CompanyManagement and appoint theirmembers. These committees shallbe subject to specific and
restrictiveobjectivesandbecreatedforaspecificperiod.
Paragraph3.Thedutiesofthecommitteesestablished inthisArticleshallbegovernedbytheBoardofDirectors.
SubsectionI
Audit
Committee
Article46.TheAuditCommittee shallbe comprised of fivemembers, all ofwhich shallbeindependent,ofwhichatleastoneanduptotwoshallbeIndependentMembersoftheBoard,
whereas at least three and up to four shall outside and independent members (Outside
Members),subjecttothetermsandconditionsofParagraph2ofArticle46.
Paragraph1.Members of theAuditCommittee shouldbe recommendedby theGovernanceandAppointmentCommitteeandelectedbytheBoardofDirectors.
Paragraph2.OutsideMembersoftheAuditCommitteemustmeetthefollowingrequirements:(a) have knowledge of auditing, compliance and controls, accounting, taxation and similar
issuesand/orexperienceinsuchactivities;
(b) shallnotbemembersoftheCompanysBoardofDirectorsorExecutiveCommitteeorthoseofitscontrolledcompanies;
(c) neitherthey,theirspousesorcompanionsshallbeCompanyshareholders;(d) notbe apartner, controlling shareholder, manageror employeesor shareholders in the
Companyoritscontrolledcompanies;
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(e) in the 12months preceding their appointment, the committee members shall have norelationshipwith: (i) the Company or its controlled companies and, if applicable,with
direct
or
indirect
controlling
shareholders
or
companies
subject
to
common
direct
or
indirect control; (ii) a manager of the Company or its controlled companies and, if
applicable, their direct or indirect controlling shareholders; (iii) holders of Access
Authorizations; and (iv) shareholders or a ShareholderGroup holding 10% ormore of
Companyvotingstock;and
(f) fulfilltherequirementsinParagraphs4and5ofArticle22.Paragraph3.ThemembersoftheAuditCommitteeshallbenominatedbytheGovernanceandAppointmentCommittee and appointedby theBoard ofDirectors for twoyears terms, and
maybereelectedforsucceedingperiods.
Paragraph4.While in office, committee members may be replaced in the followingcircumstances:
(a) deathorresignation;(b) unjustifiedabsenceat3consecutiveor6nonconsecutivemeetingsperyear;or(c) basedonawellfoundeddecisiontakenbytheBoardofDirectors,approvedbyaqualified
quorum of 5Directors, at least themajority ofwhommust fulfill the requirements in
Paragraph5ofArticle22.
Paragraph5.Ifseatsonthecommitteefallvacant,theBoardofDirectorsshallelectapersontoconclude the term of the outgoing member, as recommended by the Governance and
AppointmentCommittee.
Article47.TheAuditCommitteeshallreporttotheBoardofDirectors,anditsresponsibilitiesinclude,amongothermatters:
(a) recommending independent auditors to theBoardofDirectorsand ratifying theBoardsselection,aswellasreplacingsuchindependentauditors;
(b) overseeing the results ofCompany and controlled internal audits, aswell as submittingproposalstotheBoardofDirectorstoimprovesuchaudits;
(c) analyzingmanagement reports and financial statements issuedby theCompany and itscontrolledcompanies,issuingrecommendationsasitseesfittotheBoardofDirectors;
(d) analyzingthequarterlyinformationand thefinancialstatementsproducedperiodicallybytheCompany;
(e) evaluatingtheeffectivenessandadequacyofinternalandindependentauditprocessesandinternal control structures at the Company and its controlled companies, submitting
recommendationstoimprovepolicies,practicesandproceduresasitseesfit;
(f) evaluating theeffectivenessandadequacyof thecontrolsand riskmanagement systems,includinglegal,taxandlaborrelatedrisks;
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(g) issuing a prior opinion to the Board of Directors on the annual report regarding theCompanysinternalcontrolsandriskmanagementsystem;
(h) issuingopinions,attheBoardofDirectorsrequest,ontheproposalsmadebymanagementbodies tobe submitted to the ShareholdersMeeting concerning changes in the capital
stock, issuance of debentures or subscription warrants, capital budgets, dividend
distribution,changeintypeoforganization,merger,consolidationorspinoff;and
(i) issuingopinionsonmatters submitted to itby theBoard ofDirectors and on any otherissuesitdeemsrelevant.
Sole Paragraph. At the end of each sixmonth period, the Audit Committee shallprepareareportcontainingatleastthefollowinginformation:(i)activitiescarriedout
duringtheperiod;(ii)anevaluationoftheeffectivenessoftheinternalcontrolsandrisk
managementsystems
adopted
by
the
Company;
(iii)
adescription
of
recommendations
submittedtoCompanyManagementandevidenceof theirapplication;(iv)evaluation
ofinternalandindependentauditeffectiveness;and(v)anevaluationofthequalityof
financial reports, and internal controls and riskmanagement reports related to the
period.
Article48.The Audit Committee must approve the Internal Regulations governing itsoperationsbyamajorityofvote,whichshallbeapprovedbytheBoardofDirectors.
SoleParagraph.Inordertoperformitsfunctions,theAuditCommitteeshallhaveaccesstoallinformation required and a suitable administrative structure, as well as funds to contract
independentadvisers.
SubSectionII CompensationCommittee
Article49.TheBoardofDirectorsmustestablishapermanentCompensationCommitteewhichshall be composed of three members of the Board of Directors, two of whom shall be
IndependentDirectors.
Paragraph1.TheCompensationCommitteeshallberesponsiblefor:
(a) recommending to the Board of Directors, and revising annually, the standards andguidelines
that
shape
the
policy,
and
the
policy
concerning
compensation
of
the
Companys managers and of the Committee members and members of other board
advisorygroups
(b) annuallyproposingtotheBoardofDirectorsthecompensationofdirectorsandofficersoftheCompany,forsubmissiontotheShareholdersMeeting;
(c) reviewing and submitting to theBoardofDirectors thegoalsand targets related to theChiefExecutiveOfficercompensationplan,aswellasevaluatinghisorherperformance;
(d) reviewingandsubmittingtotheBoardtheChiefExecutiveOfficerproposalonthegoalsand targets concerning the senior executive compensation plans, and assessing the
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evaluationprocessimplementedbytheChiefExecutiveOfficerwithrespecttohisorher
subordinates,monitoringimplementationofconclusionsandresultingactions;
(e) takenecessarymeasuressothattheCompanybeadequatelyandpreviouslypreparedforthe succession of its key management positions, in particular for the Chief Executive
Officerandtheprincipalexecutives;and
(f) ensuringtheCompanyadoptsacompetenciesandleadershipmodel,includingtoattract,retainandmotivatetalent,whichisinlinewiththeCompanysstrategicplan.
Paragraph2.TheChiefExecutiveOfficerwillbe invited toparticipateof themeetingsof theCompensationCommitteewhenevernecessary.
SubSectionIIIGovernanceandAppointmentCommittee
Article50.TheBoardofDirectors shall establishapermanentGovernance andAppointmentCommittee, which shall comprise threemembers, at least two of thembeing independent
members.
Sole Paragraph. With the main purpose of preserving the credibility and legitimacy ofCompanyanditscontrolledcompanies,theGovernanceandAppointmentCommitteeshall:
(a) Identify, recruitandnominatepotentialboardmembers forelectionby theShareholdersMeeting, due regardbeing given to applicable legal requirements and requirements of
theseBylaws;
(b) Identify, recruit and nominate potential Board Advisory Committee members forappointmentbytheBoardofDirectorspersons,dueregardbeinggiventoapplicablelegal
requirementsandrequirementsoftheseBylaws;
(c) identify, recruit and nominate potential replacements to fill in vacant CorporateGovernanceCommitteeseats,whosetermofofficeshallextendthroughtothedateofthe
subsequentShareholdersMeeting;
(d) MakerecommendationstotheBoardofDirectorsaboutmembershipandoperationsoftheBoard;
(e) MakerecommendationstotheBoardofDirectorsaboutadvisorycommitteeorworkgroup(commission)membership,inadditiontoconductingperiodicreviewsofthecompetencies
andqualifications
required
from
Board
members,
including
as
to
diversity
of
expertise
and
leadershipstyle;
(f) SupporttheBoardChairinorganizingaformalandperiodicselfevaluationprocessbothbytheChairandbytheBoardasacollectivebody;
(g) Support the Board of Directors in the process of recruiting and nominating the ChiefExecutiveOfficer, in addition to supporting the latter in recruiting and nominating the
otherExecutiveOfficers;
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(h) Promote andmonitor adoptionofbest recommended corporategovernancepractices, aswell asmonitoring effectiveness of corporate governance processes, suggesting changes,
updates
and
improvements,
as
necessary;
(i) Prepare or update, for approvalby the Board of Directors, the Corporate GovernanceGuidelines and the governance documents of the Company (Regulations, Codes and
Policies);
(j) prepare, for approvalby theBoard ofDirectors, theCode ofConduct of theCompany,which shallapply todirectors, executiveofficers, employeesandother collaboratorsand
providers of theCompany and its subsidiaries.TheCode ofConduct shallbe prepared
basedonthefollowingprinciplesandCompanyvalues:ethicalconduct,equalityofrights,
respectfordiversityandaccountability;
(k) Promoteandmonitorpracticesaimedatpreservingethicalanddemocraticvalues,whileensuring transparency,visibilityandaccess tomarketsmanagedby theCompanyand its
subsidiaries;
(l) Promoteandmonitorpractices fordisseminationamongstallCompanyconstituenciesoftheCompanyvaluesandprinciplesofprotectionofhumanrights,respectfordiversityof
gender,raceandfaith,whilepromotingcitizenshipandsocialinclusionrights;
(m)Evaluate and make recommendations that add value to the institutional image of theCompany;and
(n) monitorbusinessfromtheperspectivesofsustainabilityandsocialresponsibility,whereassupportingtheBoardinperfectingtheCompanyvisioninthisregard.
CHAPTERV
FISCALCOUNCIL
Article51.The Company shall have a Fiscal Council shall be comprised of three and fivemembers,andthesamenumberofalternates,with thepowersandauthoritygrantedbyLaw
No. 6,404/1976 and operating on a nonpermanent basis. The Fiscal Council shall only be
instated by the Shareholders General Meeting, following a request by shareholders
representingthepercentagerequiredbylaworCVMregulations.
Paragraph1.FiscalCouncilmembers shallbe electedby the ShareholdersGeneralMeetingapproving its creation and its term of office shall expire at the time of the Ordinary
ShareholdersGeneralMeetingfollowingitselection.
Paragraph2.IftheCompanyisatanytimecontrolledbyashareholderorcontrollinggroup,asdefinedinArticle116,LawNo.6,404/1976,FiscalCouncilmemberelectionsshallbesubjectto
Paragraph4,Article161,LawNo.6,404/1976.
Paragraph3.After theFiscalCouncil is instated, instatement inoffice shallbe registered inaspecificbook, signedby themember of the FiscalCouncil taking office, andbypreliminary
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executionoftheFiscalCouncilMemberStatementofConsentaccordingtothetermsoftheNovoMercadoListingRegulations.
Paragraph4.Membersof theFiscalCouncilshallbereplacedwhenabsentorprevented fromattendingbytheirrespectivealternates.IfaseatontheFiscalCouncilfallsvacant,therespective
alternateshalltakeuptheposition.Ifnoalternateisavailable,aShareholdersGeneralMeeting
shallbeconvenedtoelectamembertoconcludethetermofoffice.
Paragraph5.Members of the Fiscal Council shall receive compensation established by theShareholdersGeneralMeeting,which,foreachaffectedmember,shallbenowlowerthan10%
of the average amount paid to eachOfficer, not includingbenefits, representation fees and
profitsharing.
CHAPTER
VI
FISCALYEAR,FINANCIALSTATEMENTSANDEARNINGS
Article52.The financial year shall coincidewith the calendar year.The financial statementsrequiredbylawshallbedrawnupattheendofeachfinancialyear.
Paragraph1.Alongsidethefinancialstatementsfortheyear,theCompanymanagementbodiesshall present theAnnual ShareholdersGeneralMeetingwith a proposal for allocating net
profits,subjecttotheseBylawsandLawNo.6,404/1976.
Paragraph2.In addition to the financial statements for the year, the Company shall alsoprepare
semi
annual
financial
statements
and
produce
monthly
balance
sheets.
Article53.Anyaccumulated losses and the income taxprovision shallbededucted from theannualincomepriortoanyprofitsharing.
SoleParagraph.AftercarryingoutthedeductionsreferredtointhisArticle,theShareholdersGeneralMeetingmaypay theCompanymanagementa shareofup to10% in the remaining
earnings,subjecttothelimitsestablishedbyLawNo.6,404/1976andtheseBylaws.
Article54.FollowingthedeductionsestablishedintheprecedingArticle,5%ofthenetincomefortheyearshallbeusedtoestablishtheStatutoryReserve,uptothelimitestablishedbylaw.
Paragraph1.
After
establishing
the
Statutory
Reserve,
the
remaining
earnings,
adjusted
for
contingency reserves and respective writeback, if applicable, shall be distributed in the
followingorder:(i)25%shallbeallocatedtomandatoryshareholdersdividends(whichmaybe
limited to the amount ofnetprofit realized for theyear,when thedifference is recorded as
unrealizedprofit reserve);and (ii)exceptasprovided inParagraph3of thisArticle, the total
amountofremainingnetearningsshallbeusedtoestablishthestatutoryreserve,creatingthe
necessary safeguard mechanisms and funds for Company and controlled activities,
guaranteeing full settlement and reimbursement of any losses arising from intermediating
transactions carried out and/or registered on any of its trading, registration, clearing and
settlementsystemsandcustodyservices.
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Paragraph2.The totalvalueof thereserve in (ii)of theprecedingParagraphshallnotexceedthecapitalstock.
Paragraph3.IftheBoardofDirectorsbelievesthattheReservesAmountdefinedinParagraph1of thisArticle is sufficient tomeet itsobjectives, itmay: (i)propose that theShareholders
GeneralMeeting, inagivenfinancialyear,apportionapercentageofnetearnings lower than
the level in item (ii) of Paragraph 1 of thisArticle to establish the thatReserve; and/or (ii)
proposedistributionofpartofthethatReservefundtoCompanyshareholders.
Paragraph4.After making the allocations established in Paragraph 1 of this Article, theShareholders GeneralMeeting may decide to retain a portion of the annual net earnings
allocatedinthepreviouslyapprovedcapitalbudget,underArticle196ofLawNo.6,404/1976.
Paragraph5.Thedividendestablishedinitem(ii),Paragraph1ofthisArticleisnotmandatoryinyears thatBoardofDirectors informs theOrdinaryShareholdersGeneralMeeting that the
dividendisinconsistentwiththeCompanysfinancialstatusandtheFiscalCouncil,ifinstated,
shall issueanopiniononthis informationandmanagementshallsubmitareporttotheCVM
justifyingtheinformationpresentedtotheShareholdersGeneralMeetingwithinfivedaysafter
themeeting.
Paragraph6.The profits that are not distributed under Paragraph 5 of thisArticle shallberecordedasaspecialreserveand, ifnotabsorbedby losses insubsequentyears,shallbepaid
outasdividends,assoonastheCompanysfinancialstatusallows.
Article55.TheCompanymay,providedaresolutionoftheBoardofDirectorsispassed:(a) distributedividendsbasedonearningsdeterminedbythesemiannualbalancesheets;(b) preparebalancesheetsforperiodsoflessthansixmonthsanddistributedividendsbased
on the earnings ascertained in them, provided that total dividends paid in each semi
annualperiodofthefinancialyeardonotexceedthecapitalreservesmentionedinArticle
182,Paragraph1ofLawNo.6,404/1976;
(c) distributeintermediatedividendsbasedonaccruedprofitsorexistingprofitreservesinthemostrecentannualorsemiannualbalancesheets;and
(d) payorcredittotheshareholdersinterestonshareholderscapital,whichshallbeascribedtothevalueofdividendstobedistributedbytheCompany,andshallbean integralpart
thereofforalllegalpurposes.
Article56.Dividends that are not claimed or receivedby shareholders shall expirewithin aperiodofthreeyearsfromthedateplacedattheshareholdersdisposalandshallreverttothe
Company.
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CHAPTERVII
SHAREHOLDINGMONITORING
Article57.Without prejudice to the other provisions of these Bylaws, the Company,representedbytheInvestorRelationsOfficer,shallmonitorvariationsinshareholderholdings
inorder topreventand,asapplicable, reportbreachesof theseBylaws,underParagraph1of
thisArticle,andsuggestthattheShareholdersGeneralMeetingapplythepenaltiesestablished
inArticle72.
Paragraph1.If,atanytime,theInvestorRelationsOfficeridentifiesabreachofanyofthesharelimit restrictions relating toany shareholderorShareholderGroup,heor shemust,withina
maximumperiodof30days,reportsuchcircumstancesontheCompanywebsiteontheInternet
andreport:(i)totheChairpersonoftheBoardofDirectors;(ii)theChiefExecutiveOfficer;(iii)
themembersoftheFiscalCouncil,ifinstated;(iv)theBOVESPA;and(v)theCVM.
Paragraph2.TheInvestorRelationsOfficer,athisowndiscretionorattherequestofregulatoryauthorities, is entitled to require shareholders or Company Shareholder Groups to provide
information on their direct and/or indirect shareholdings aswell as the composition of the
directand/orindirectcontrollingblockofsharesand,ifapplicable,thedefactoorlegalcorporateorbusinessgroupofwhichtheyarepart.
CHAPTERVIII
TRANSFEROFCONTROL,DELISTINGASAPUBLICLYHELDCOMPANY,NOVO
MERCADODELISTINGANDPROTECTIONOFSHAREHOLDERDILUTION
SectionI TransferofControl
Article58.Transfer of Control of the Company, either in a single transaction or successivetransactions,shallbesubjecttoaconditionprecedentorconditionsubsequentthattheacquirer
of Control undertake a public tender offer to acquire shares held by other Company
shareholders,subjecttotheconditionsanddeadlinesestablishedbyapplicable legislationand
the NovoMercado Listing Regulation, so as to ensure that the other Company shareholders
receivethe
same
treatment
as
the
Transferring
Controlling
Shareholder.
Article59.ThepublictenderofferreferredtoinArticle58shallalsoberequired:(i)wheneverthere is an assignment for consideration of share subscription rights or other rights or
instruments in connectionwith securities convertible into shares, that results in transfer of
Companycontrol;or(ii)whentransferofcontrolheldbytheControllingShareholdercompany
of the Company, in which case the Transferring Controlling Shareholder must inform the
BOVESPA of the value attributed to the company in this sale, attaching supporting
documentation.
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Article60.Theholder of theCompanys shares and acquiringControlpursuant to aprivateagreementforthepurchaseofsharesenteredintobyandbetween thecontrollingshareholder,
involving
any
quantity
of
shares,
shall
be
bound
to:
(i)
carry
out
the
public
tender
offer
referred
toinArticle58;and(ii)reimburseshareholderswhohavepurchasedsharesthroughthestock
market in the sixmonths preceding the date that control over theCompanywas acquired,
payingthemthedifferencebetweenthepricepaidtotheTransferringControllingShareholder
andthestockmarketpriceforCompanyshareswithinthisperiod,whichshallbeadjustedfor
inflationup to thepaymentdateby theGeneralMarketPrice Index (ndiceGeral dePreosMercado),orIGPM,oranyotherindexusinganequivalentbasisthatreplacesit.
Article61.TheCompanyshallnotregisteranysharestransferred to thepurchaserorpersonsholdingControluntiltheyhaveenteredintotheControllingShareholderStatementofConsent
referredtointheNovoMercadoListingRegulations.
Paragraph1.TheCompanyshallnotregisteranyShareholderAgreementgoverningtheuseofControluntilitssignatoriesexecutetheStatementofConsentreferredtointheleadparagraph
ofthisArticle.
Paragraph2.Subsequent to any transaction involving the transfer of Control over theCompany, the acquirer,when necessary, shall take appropriatemeasures to reestablish the
minimumpercentageofoutstandingsharesmandatedbytheNovoMercadoListingRegulationswithinsixmonthsoftransferringControl.
Article62.IftheshareholdersattheShareholdersGeneralMeetingapprove:(i)delistingoftheCompany,theCompanyortheshareholdersortheShareholderGroupholdingControloverthe
Company
must
make
a
public
tender
offer
to
acquire
the
shares
held
by
other
shareholders,
for
aminimumpriceequivalent to theirrespectiveeconomicvalue,defined inavaluationreport
prepared under Paragraphs 1 to 3 of thisArticle, subject to applicable legal and regulatory
provisions;or(ii)theCompanysdelistingfromtheNovoMercadoforthepurposesofhaving
its shares registered outside the Novo Mercado, or following corporate reorganization
subsequenttowhichtheresultingcorporationisnotpermittedtotradeontheNovoMercado,
theshareholdersortheShareholderGroupholdingControloftheCompanymustundertakea
public tenderoffer toacquire thesharesheldby the remainingshareholders forat least their
respective economic value, as defined in a valuation report prepared in accordance with
Paragraphs1to3ofthisArticleandwithapplicablelegalandregulatoryprovisions.
Paragraph1.
The
valuation
reports
referred
to
in
the
lead
paragraph
of
this
Article
shall
be
drawn up by an experienced and specialized institute or company, independent from the
Company decisions and themanagement and/or Controlling Shareholder, alsomeeting the
requirements of Paragraph 1 of Article 8 of Law No. 6,404/76 and subject to the liability
establishedinParagraph6ofthethatArticle.
Paragraph2.The Shareholders GeneralMeeting has the discretion to select the specializedcompanyorinstitutionforthedeterminationoftheEconomicValueoftheCompany,fromalist
ofthethreenamespresentedbytheBoardofDirectors.Thisresolutionshallbeapprovedbya
majority of shareholders present at the Shareholders GeneralMeeting, disregardingblank
votes. The Shareholders GeneralMeeting shall require the presence of at least 20% of all
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Outstanding Shares if instated on the first call, or any number of shareholders representing
OutstandingSharesifinstatedonthesecondcall.
Paragraph3.Thecostsofthevaluationreportshallbeborneinfullbytheofferor.Article63.IftheCompanyissubjecttoDiffuseControl,asdefinedintheNovoMercadoListingRegulations, if theShareholdersGeneralMeetingapproves: (i) thedelistingof theCompany,
theCompanymustundertakeapublictenderoffertoacquiretheissuedshares,beingprovided
thatitshallonlypurchasethesharesheldbyshareholderswhohavevotedinfavorofdelisting
during the Shareholders General Meeting after it has acquired the shares held by other
shareholderswhohavenotvotedinfavorofthisresolutionandwhohaveacceptedthepublic
tenderoffer;or(ii)theCompanysdelistingfromtheNovoMercado,eithertoregisteritssharesoutsidetheNovoMercadoorfollowingacorporatereorganizationwithinthetermsofitem(ii)oftheleadparagraphofArticle62,theshareholdersvotinginfavoroftherespectiveShareholders
GeneralMeeting
resolution
must
acquire
the
shares
held
by
the
other
Companys
shareholders
pursuanttoapublictenderoffer.
Article64.If the Company is subject toDiffuse Control and the BOVESPA orders separatedisclosureofCompanysecuritiespricesorsuspendstradingofCompanysecuritiesontheNovoMercado followingbreach of the duties established in theNovoMercado ListingRegulations,caused by management acts, aMeeting must be convened under Article 123 of Law No.
6,404/76, toremoveand replace theBoardofDirectorsormakesuchdecisionsasrequired to
remedythebreachofdutiesestablishedintheNovoMercadoListingRegulations.
Article65.If the resolution mentioned in Article 64 fails to remedy the breach of dutiesestablished
in
the
Novo
Mercado
Listing
Regulations
within
the
period
defined
by
the
BOVESPA
andtheCompanydelistsitssharesfromtheNovoMercadoasaresultofthisbreach,subjecttolegal provisions, the Companymustmake a public tender offer to acquire shares from all
shareholderstocancelthepubliclyheldcompanyregistration.
Sole Paragraph. If the Shareholders General Meeting approves the maintenance of theCompanys publiclyheld company registration, the shareholders voting in favor of this
resolutionmustundertakeapublictenderoffer.
Article66.IftheCompanyissubjecttoDiffuseControlandtheShareholdersGeneralMeetingresolves to delist the Company from the Novo Mercado following breach of obligations
established
in
the
Novo
Mercado
Regulations,
the
public
tender
offer
to
acquire
shares
must
be
filedbytheshareholderswhohavevotedinfavoroftheresolutionresultinginthatbreach.
Article67.Registrationofa singlepublic tenderoffer toacquire shares ispermitted formorethanoneofthepurposesestablishedinthisCHAPTER,intheNovoMercadoListingRegulations,inLawNo.6,404/1976orinCVMregulations,solongasallpublictenderoffermethodscanbe
made used, provided there are no losses to the tender offers addressees and the CVM