Extraordinary Shareholders' Meeting of 05.08.2009 - Minutes

7/30/2019 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.


16/39

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


18/39

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


20/39

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


21/39

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:


23/39


24/39

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;


25/39

(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


27/39

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


33/39

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

Documents

Extraordinary Shareholders' Meeting of 05.08.2009 - Minutes