Arbitration Clause

According to the Article 49 of the Company’s Bylaws, the Company, its shareholders, Administrators and members of the Fiscal Council, undertake to resolve, by means of arbitration, any and all dispute or controversy arising among them, related to or deriving from, especially, the application, validity, effectiveness, construal, infringement and its effects, of the provisions contained in the Brazilian Corporate Law, the Company’s Bylaws, the rules issued by the Brazilian Monetary Council, the Brazilian Central Bank and CVM, as well as the other rules applicable to the operation of the capital markets in general, besides those included in the Novo Mercado Listing Rules, the Arbitration Rules of the Market Arbitration Panel and the Novo Mercado Listing Agreement. The Brazilian laws shall be the sole law applicable to the merit of any and all controversy, as well as the execution, construal and effectiveness of this present arbitration clause.

The arbitration court shall be composed of arbitrators elected as provided for in the Ordinary Arbitration proceeding pursuant to the Market Arbitration Panel Rules. The arbitration proceeding shall take place in the city of São Paulo, state of São Paulo, where the arbitration award shall be rendered. The arbitration shall be managed by Market Arbitration Panel, conducted and judged according to provisions of Arbitration Rules.