By-laws and Policies

Chapter I CORPORATE NAME, HEADQUARTERS, PURPOSE AND DURATION

Article 1 RNI Negócios Imobiliários S.A. is a joint-stock company (the "Company"), governed by these Bylaws and applicable legal provisions, including Law 6,404, dated December 15, 1976, as amended (the "Brazilian Corporation Law").

Paragraph 1 With the Company‘s admission to the special listing segment designated Novo Mercado of BM&FBOVESPA S.A. - Stock, Commodities and Futures Exchange ("BM&FBOVESPA"), the Company, its shareholders, Directors and members of the Fiscal Council, when elected, shall be subject to the provisions of the Listing Rules of the Novo Mercado segment of the BM&FBOVESPA (the "Novo Mercado Listing Rules").

Paragraph 2 The provisions of Novo Mercado will prevail over the statutory provisions, in the event of prejudice to the rights of the recipients of the public offerings provided herein.

Article 2 The Company’s headquarters and jurisdiction are located in the city of São José do Rio Preto, state of São Paulo.

Sole Paragraph By resolution taken by the Board of Executive Officers, the Company may open, change, close or alter the addresses of branches, agencies, offices or the Company’s sales offices, in any part of the country or abroad, pursuant to the legal requirements.

Article 3 The Company’s purpose is:

(i) the acquisition and sale of real estate;

(ii) the parceling of land or land subdivision;

(iii) real estate development or the construction of real estate for future sale;

(iv) the rendering of services to third parties; and

(v) the management of accounts receivables portfolios consisting of real estate financing, or own or third party real estate projects.

Article 4 The Company’s duration shall be indeterminate.

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Chapter II CAPITAL STOCK AND SHARES

Article 5 The Company’s capital stock is R$512,438,000.00 (five hundred and twelve million, four hundred and thirty-eight thousand Reais) fully subscribed and paid up, split into 43,769,808 (forty-four million, two hundred and sixty-nine thousand, eight hundred and eight) common shares, all registered, book-entry and nonpar shares.

Paragraph 1 The Company’s capital stock shall be exclusively represented by the common shares.

Paragraph 2 Each registered common share entitles the holder thereof to one vote in each resolution of the Company’s General Meetings.

Paragraph 3 All the Company’s shares are book-entry and shall be held in a trust account, on behalf of their holders, at a financial institution authorized by the Brazilian Securities and Exchange Commission ("CVM"), with which the Company maintains a ruling custody agreement, without issuing certificates.

Paragraph 4 The trustee may charge the shareholders the service costs for the transfer and registry of their respective book-entry share ownership, as well as for the service costs related to the shares held in custody, pursuant to the maximum limits set forth by the CVM.

Paragraph 5 The Company is not authorized to issue preferred shares or founder’s shares.

Paragraph 6 The Company is not authorized to declare any stock splits. When any interest in the share is held by more than one person, the rights granted thereto shall be exercised by the collective investment entity representative.

Article 6 The Company is authorized to increase its capital stock up to the limit of two million, five hundred and seventy-five thousand, two hundred (2,575,200) new non-par, book-entry registered common shares, amounting to a capitalization of up to forty-six million, eight hundred and forty-five thousand, eight hundred (46.845.008) registered common shares, not subject to amendment of the Bylaws or by resolution taken by the Board of Directors, which Board shall be also responsible for establishing the terms and conditions, including price of any subsequent issue of shares.

Paragraph 1 The Company may issue common shares, debentures convertible into common shares and subscription bonds, within the limits established for the authorized capital.

Paragraph 2 At the discretion of the Board of Directors, preemptive rights may be excluded or the terms reduced for their exercise, in the issuance of common shares, debentures convertible in to common shares and subscription bonds, whether the placement of which is conducted by means of (i) sales in the Stock Exchange or by public subscription, or (ii) any share swap, in a public tender offer, pursuant to law and within the limits of authorized capital.

Paragraph 3 Except in cases envisaged in Paragraph 2, shareholders shall have preemptive rights to any capital increase, in proportion to the number of shares they hold, and the period for exercising this right is thirty (30) calendar days from the date of publication of the minutes of the Board of Directors Meeting that deliberates on the capital increase.

Paragraph 4 The Board of Directors shall resolve on the unsubscribed shares in the capital increase during the period for exercising preemptive rights, and shall determine, before said shares are sold on the stock exchange for the benefit of the Company, the apportionment, according to the amounts subscribed, among shareholders who have expressed, in the subscription order or list, their interest to subscribe to any unsubscribed shares.

Article 7 The Company may, by resolution of the Board of Directors and pursuant to a plan approved in a General Meeting, grant a call option or share subscription, without preemptive rights granted to the shareholders, on behalf of administrators, employees or individuals rendering services to the Company or to companies controlled thereby, directly or indirectly.

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Chapter III GENERAL MEETINGS

Article 8 The General Meeting shall be held, ordinarily, within the four (4) months subsequent to the end of each fiscal year and, extraordinarily, whenever the corporate interests so determines, and the relevant law and governing provisions hereof shall be observed in its call, instatement and resolution.

Paragraph 1 Shareholders Meetings shall be called at least fifteen (15) days in advance, except when a longer period is required by the applicable laws, and brought to order and presided over by the Chairman of the Board of Directors, or, in the absence thereof, by another member of the Board of Directors of the Company, or, in the absence thereof, by any shareholder or manager of the Company chosen by the majority of those present. The chairman of the meeting will be responsible for appointing a secretary, who may be a shareholder of the Company or not."

Paragraph 2 Except when otherwise envisaged in law, the Shareholders Meeting is held on first call with the presence of shareholders representing at least one-fourth of the voting capital and, on second call with any number of attending shareholders.

Paragraph 3 The Shareholders Meeting can deliberate only on matters on the agenda specified in the respective call notice, except as envisaged in the Brazilian Corporation Law.

Article 9 To bring an issue before the General Meeting, a shareholder shall file at the Company at least three (3) days in advance of the respective meeting: (i) a document issued by the trustee of the book-entry shares evidencing their ownership, or custody of the shares themselves, pursuant to Article 126 of the Brazilian Corporation Law; and (ii) a power of attorney, duly authorized as provided for by law and these Bylaws, for any shareholder’s legal representative. The shareholder or his/her legal representative shall attend the General Meeting with documents proving his/her identification.

Sole Paragraph At the General Meeting, a shareholder may be represented by an attorney-in-fact empowered for less than one (1) year, whether as a shareholder, a Company’s administrator, an attorney, a financial institution or an asset manager representing a group of institutional investors.

Article 10 Resolutions of the General Meeting, except the special assumptions provided for by law and these Bylaws, shall be passed by absolute majority of votes, with absentee votes not counted.

Article 11 In addition to other duties set forth by law, the Shareholders Meeting has the following responsibilities:
(i) to acknowledge the management accounts and examine, discuss and vote on the financial statements;
(ii) to elect and remove members of the Board of Directors;
(iii) to fix the overall annual compensation of members of the Board of Directors and Board of Executive Officers, as well as members of the Fiscal Council, if installed;
(iv) to amend the Bylaws;
(v) to deliberate on the dissolution, liquidation, consolidation, spin-off, and merger of the Company or any corporation of the Company, as well as merger of shares involving the Company;
(vi) to decide on any stock split or reverse split;
(viii) to deliberate, in accordance with the proposal submitted by Management, on the allocation of net income and distribution of dividends;
(ix) to deliberate on capital increase, except in case of capital increases within the authorized capital;
(x) to elect the liquidator, as well as the Fiscal Council that should function during the liquidation period;
(xi) to deliberate on the cancelation of the Company’s registration as a publicly-held company with the Securities and Exchange Commission of Brazil;
(xii) to deliberate on delisting from the Novo Mercado segment ("Novo Mercado") of BM&FBOVESPA S.A. - Securities, Commodities and Futures Exchange (BM&FBOVESPA) ;
(xiii) to choose the specialized company responsible for preparing a valuation report on the Company‘s stock, in case of cancellation of the Company‘s registration as a publicly-held company or delisting from Novo Mercado, as envisaged in the Bylaws, from among those indicated by the Board of Directors; and
(xiv) to deliberate on any matter submitted to it by the Board of Directors.

Sole Paragraph The Chairman of the Shareholders Meeting must comply with and enforce compliance with the provisions of the shareholders‘ agreement filed at the Company‘s head office, determining that votes cast in opposition to the content of such agreements shall be void.

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Chapter IV MANAGEMENT

Article 12 The Company shall be managed by a Board of Directors and by a Board of Executive Officers, with powers granted by applicable law and pursuant to the provisions hereof.

Sole Paragraph The investiture of Directors and officers shall be subject to the previous signature of the Administrators Statement of Agreement as provided for in the Novo Mercado Listing Rules, as well as the compliance with legal applicable requirements.

BOARD OF DIRECTORS

Article 13 The Board of Directors shall be composed of at least five (5) and at most seven (7) members, one of which shall be the Chairman and the other the Vice-Chairman, shareholders or non-shareholders, elected or removed from office at any time by the General Meeting.

Paragraph 1 The General Meeting shall determine, by absolute majority vote, with absentee votes not counted prior to election, the number of positions on the Company’s Board of Directors to be filled each fiscal year, observing the minimum of five (5) members.

Paragraph 2 The Board of Directors shall be composed of at least twenty per cent (20%) Independent Board Members, as defined in the Novo Mercado Listing Rules, and shall be expressly declared as such at the General Meeting electing them. The board member shall be deemed as independent, as defined in the Novo Mercado Listing Rules: (i) who does not have any link with the Company, except for its interest in the capital stock; (ii) who is not a Controlling Shareholder, spouse or relative up to the second degree of kinship of a Controlling Shareholder, or who is not or has not been, during the last three (3) years linked to a company or entity connected to a Controlling Shareholder (individuals linked to research and/or public educational institutions are excluded from such restriction); (iii) who has not been, during the last three (3) years, an employee or executive officer of the Company, any Controlling Shareholder or corporation controlled by the Company; (iv) who is not a supplier or buyer, direct or indirect, of the Company’s services or products, to such an extent that suggests the loss of independence; (v) who is not an employee or administrator of a company or entity rendering or requesting the Company’s services and/or products in magnitude to imply loss of independence; (vi) who is not a spouse or relative up to the second degree of kinship of any Company’s administrator; or (vii) who does not receive any other compensation from the Company other than as board member (cash dividends deriving from any equity participation shall be excluded from such restriction).

Paragraph 3 Should the percentage defined in Paragraph 2 above result in a fractional number of board members, it shall be rounded off: (i) to the subsequent number if the fraction is equal to or higher than five tenths (0.5); or (ii) to the previous number, if the fraction is smaller than five tenths (0.5).

Paragraph 4 Those elected pursuant to Article 141, Paragraphs 4 and 5 and Article 239 of the Brazilian Corporation Law shall also be deemed to be independent board members.

Paragraph 5 The following individuals may not be elected to the Board of Directors, unless exempted by the General Meeting:

(i) An employee or individual holding a position in a company deemed to be a competitor; or

(ii) any individual who has or who represents conflicting interests with the Company.

Paragraph 6 The Board of Directors’ members shall have a unified two (2) year term of office, except when dismissed, and they may be reelected. The Board of Directors’ members shall remain on the Boards exercising their duties until the election and taking of office of their successors.

Paragraph 7 It shall be the responsibility of the Chairman of the Board of Directors, in addition to the functions of his position and other duties provided for herein:

(i) to coordinate the activities of the Company’s two management bodies; and

(ii) to call and chair the General Meeting, on behalf of the Board of Directors.

Paragraph 8 It shall be the responsibility of the Vice-Chairman of the Board of Directors, in addition to the duties of his position:

(i) to replace the Chairman, in the events of impediment, vacancy or absence, pursuant to the provisions hereof; and

(ii) to oversee the management of the Executive Officers, to examine, at any time, the Company’s books and records, to request clarifications about business, agreements and any other acts, prior to or after these are entered into, with the purpose of presenting these matters for the Board’s resolution.

Paragraph 9 The positions of chairman of the Company’s Board of Directors and Co-Chief Executive Officer or top executive cannot be cumulated by same person.

Article 14 The members of the Board of Directors shall take office by signing the respective instrument of taking of office in the minutes book of the Board of Directors, remaining subject to the requirements, impediments, duties, obligations and responsibilities provided for in Articles 145 to 158 of the Brazilian Corporation Law.

Article 15 The cumulative or individual compensation of the Board of Directors shall be determined yearly by the General Meeting.

Sole Paragraph In the event that cumulative compensation is determined by the General Meeting, it shall be the responsibility of the Board of Directors to determine its respective distribution.

Article 16 The Board of Directors shall meet ordinarily four (4) times a year and, extraordinarily, whenever necessary.

Article 17 The Board of Directors’ Meetings may be called by its Chairman or Vice-Chairman, with written notice forwarded at least five (5) consecutive days in advance, and together with an agenda of matters to be discussed. In urgent cases, the Board of Directors’ Meetings may be called by its Chairman not observing the aforementioned term, provided that all the other Board members are duly notified.

Sole Paragraph Irrespective of the formalities provided for in this Article, any meeting in which all the board members are present or represented pursuant to Paragraph 2 of Article 18 hereof shall be deemed to be a regular meeting.

Article 18 The Board of Directors Meetings shall only be called to order when a majority of its members are in attendance.

Paragraph 1The Board of Directors’ Meetings shall be presided over by the Chairman of the Board of Directors, who shall appoint the secretary. In the event of the temporary absence of the Chairman of the Board of Directors, such meetings shall be presided over by the Vice-Chairman of the Board of Directors or, in the event of his absence, by a board member appointed by the majority vote of other members of the Board of Directors present at the respective meeting, and the chairman of the meeting shall appoint the secretary.

Paragraph 2 In the event of the temporary absence of any member of the Board of Directors, he/she, based on the agenda of the matters to be discussed, may vote in writing, by means of letter, facsimile forwarded to the Chairman of the Board of Directors, on the date of the meeting, or also by means of digitally certified e-mail, with receipt acknowledgment by the Chairman of the Board of Directors. The Director may be represented, yet, by another Director by providing the latter with specific powers to do so.

Paragraph 3 In the event of vacancy in the position of any Board of Directors member, the substitute may be appointed to complete the respective term of office by the remaining directors by the Board of Directors specially convened for this purpose, remaining in the position until the next General Meeting to be held after the date of their appointment. If there is vacancy in the majority of the Board of Directors‘ positions, the General Assembly will be called in order to elect the substitutes to complete the term of office in accordance with Article 150 of the Law of Corporations.

Paragraph 4 The Board of Directors’ members may not be absent from the performance of their duties for over thirty (30) consecutive days, under the penalty of losing their term of office, unless in case of leave granted by the Board of Directors.

Article 19 The resolutions of the Board of Directors shall be taken by means of affirmative vote of the majority of the members in office, counting the votes rendered pursuant to Article 18, Paragraph 2 hereof. In the event of a tie vote, the deciding vote shall be cast by the Chairman of the Board of Directors.

Article 20 The Board of Directors’ Meetings shall be held preferably at the Company’s headquarters. Meetings held by means of conference calls or videoconferences shall be accepted, as well as their recording. Such participation shall be deemed as personal attendance in the meeting referred to. In this case, the members of the Board of Directors who participated from a distance in the Board meeting may vote on the date of the meeting by means of letter, facsimile or digitally certified e-mail.

Paragraph 1 The minutes shall be drawn up at the end of the meeting and signed by all the board members personally attending the meeting, and subsequently transcribed in the Minutes Book of the Company’s Board of Directors. The votes of board members who participated from a distance in the Board Meeting or who have voted pursuant to Article 18, Paragraph 2 hereof, shall be equally mentioned in the Minutes Book of the Board of Directors. A copy of the letter, facsimile or e-mail, as the case may be, containing the board member’s vote, shall be attached to the Minutes Book immediately after the minutes transcription.

Paragraph 2 The minutes of the Company’s Board of Directors’ Meetings along with the resolutions destined to produce effects before third parties shall be published and filed at the commercial entities public registry.

Paragraph 3 The Board of Directors may invite to its meetings other participants, with a view to rendering clarifications of any nature. However, such participants shall not be entitled to voting rights.

Article 21 It shall be the responsibility of the Board of Directors:

a) to determine the Company’s business guide lines;

b) to approve the business plans and annual budgets and multiyear operational and investments plans, especially the Company’s Annual Investments Plan, pursuant to Article 30, Paragraphs 1 and 2 hereof (the "Annual Investments Plan");

c) to elect and remove from office the Company’s Board of Executive Officers, and to determine the Executive Officers duties, in accordance with the provisions applicable hereto;

d) to call the General Meeting in cases provided for by law or when it deems convenient;

e) to assign from the cumulative compensation amount determined by the General Meeting the monthly fees of each of the Company’s management member and advisory committees, pursuant to the provisions provided in Articles 15 and 25 hereof;

f) to determine the compensation general criteria and benefits policies (fringe benefits, profit and/or sales sharing) of the top administrators and employees (managers or those holding related management positions) of the Company or its subsidiaries;

g) to assign to the Company’s administrators their quota in the profit sharing, as determined by the General Meeting, pursuant to the First Paragraph of Article 33;

h) to supervise the Board of Executive Officers’ management, examining at any time the Company’s books and documents, requesting information about the agreements entered into or to be entered into by the Company and practicing any other acts necessary to perform their duties;

i) to resolve on the issues submitted thereto by the Board of Executive Officers;

j) to express its opinion about the management report and accounts, as well as the financial statements of the year, which shall be submitted to the Annual General Meeting;

k) to propose to the General Meeting’s resolution the destination of the remaining balance of each year profit;

l) to select and dismiss independent accountants;

m) to authorize any change in the accounting policies or presentation of the Company’s reports, except if required by the generally accepted accounting principles in the jurisdictions where the Company operates;

n) to resolve on, subject to the approval of the General Meeting, the dividends to be paid to shareholders, including interim dividends to the retained earnings account or existing profit reserves, pursuant to Article 36 hereof;

o) to resolve on the acquisition of shares issued by the Company for the purposes of cancellation or holding in treasury, as well as the resale or another offering of these shares on the market, pursuant to the rules issued by CVM and further applicable legal provisions;

p) to submit capital increase proposals to the General Meeting, or with payment in full in goods, as well as amendment to the Bylaws;

q) to approve the creation and extinction of subsidiary and controlled companies in the country or abroad, as well as to resolve, by Board of Executive Officers’ proposal on the acquisition, assignment, transfer, disposal and/or encumbrance, on any account or form, of equity interests and securities of other companies in the country or abroad, except only in relation to the special purpose companies to be incorporated exclusively for the purposes of real estate projects in which the Company may hold interest;

r) to resolve by the Board of Executive Officers’ proposal on the Company’s tendering of secured guarantee or personal guarantee on behalf of third parties rather than the Company itself or its subsidiary, as well as the granting of guarantee on behalf of the Company’s subsidiary, the amount of which exceeds the Company’s interest, as the case may be, in said subsidiary;

s) to resolve by the Board of Executive Officers’ proposal on the loan, financing agreements and other legal business to be entered into by the Company, except for (i) loans or financings contracted under the scope of the Brazilian Housing System - SFH and/or the Real Estate Financing System - SFI or (ii) business in the amount of which, considered severally or jointly with other businesses conducted during the same fiscal year, that does not result in the Company’s total indebtedness exceeding one hundred and twenty per cent (120%) of the Company’s maximum indebtedness amount authorized by the Annual Business Plan for the period;

t) to resolve on the issue of simple debentures, not convertible into shares and without secured guarantee, for public or private offering, as well as provide for the issue terms and conditions;

u) to resolve on the issue of commercial papers and other debt securities for public or private offering in Brazil or abroad, as well as provide for the issue terms and conditions;

v) to deliberate on operations and business of any nature with the controlling shareholder, its controlled, associated companies or those directly or indirectly held, pursuant to the applicable regulations, not provided for in the Annual Investments Plan approved, as well as any operation or business of any nature involving any administrator of the Company; and

w) to provide for the order of its works and define the rules for its operation, in compliance with the provisions hereof.

x) to agree or disagree with any public tender offer aiming the Company shares through previous substantiated opinion, released within fifteen (15) days as of the publication of the call notice for the public tender offer, which shall include, at least, (i) the convenience and the appropriateness of the public tender offer as to the interest of group of shareholders and in relation to the liquidity of their securities;; (ii) the repercussions of the public tender offer over the Company’s interests; (iii) the strategic plans disclosed by issuer in relation to the Company; (iv) other issues the Board of Directors deems relevant, as well as the information required by CVM‘s applicable rules; and

y) define a three-name list of companies specialized in companies’ economic valuation to prepare a valuation report of the Company shares, in the events of tender offer for deregistering as a publicly-held company or delisting from the Novo Mercado.

Article 22 The Board of Directors for advisory purposes may set forth the organization of technical and advisory committees, with defined objectives and duties, whether or not composed of Company’s management bodies members.

Sole Paragraph It shall be the responsibility of the Board of Directors to set forth standards applicable to the Committees, including rules on the composition, term of office, compensation and operation.

BOARD OF EXECUTIVE OFFICERS

Article 23 The Board of Executive Officers shall be composed of up to six (06) members, shareholders or not, residing in the country, elected by the Board of Directors, and the following designations shall be mandatory: (i) Co-Chief Executive Administrative Officer; (ii) Co-Chief Executive Incorporation Officer; (iii) Chief Financial and Investor Relations Officer; (iv) Technical Officer; and others (vi) Officers with no specific designation. The holding of multiple duties by a single Executive Officer is authorized."

Article 24 The Board of Executive Officers’ term of office shall be of two (2) years, and they may be reelected. The Executive Officers shall remain in the exercise of their positions until the election and investiture of their successors.

Article 25 The Board of Executive Officers’ cumulative or individual compensation shall be fixed yearly by the General Meeting.

Sole Paragraph In the event the Meeting determines the global compensation, it shall be the responsibility of the Board of Directors to resolve on its respective allocation.

Article 26 The Board of Executive Officers’ members shall take office by means of signature of respective instrument on the Minutes Book of the Board of Executive Officers, remaining subject to the requirements, impediments, duties, obligations and responsibilities provided for in Articles 145 to 158 of the Brazilian Corporation Law.

Article 27 The Board of Executive Officers shall meet ordinarily at least once (1) in the month and extraordinarily, whenever the corporate interests so require, being called by any Co-Chief Executive Officer, at least twenty-four (24) hours in advance, or by two thirds (2/3) of the Executive Officers, in this case, at least forty-eight (48) hours in advance, and the meeting shall only be instated with the attendance of the majority of its members.

Paragraph 1 In case of temporary absence of any Executive Officer, based on the agenda to be discussed, he/she may express his/her vote in writing by means of letter or facsimile forwarded to the Co-Chiefs Executives Officers, or also by means of digitally certified e-mail, with receipt acknowledgment by the Chief Executive Officer.

Paragraph 2 In the event of any vacant position on the Board of Executive Officers, it shall be the responsibility of the Board of Executive Officers as a joint committee to appoint from among its members a deputy who shall temporarily assume the duties of the replaced member, and the interim replacement shall continue until the definitive filling of the position to be decided by the first Board of Directors meeting to be held thereafter. The deputy then elected shall act until the expiration of the Board of Executive Officers’ term of office.

Paragraph 3 The Executive Officers may not be absent from the performance of their duties over thirty (30) consecutive days, under the penalty of losing their term of office, except for leave granted by the Board of Executive Officers.

Paragraph 4 The Board of Executive Officers meetings may be held by means of conference call, videoconference or other means of communication. Such participation shall be deemed as personal attendance at the meeting. In this case, the Board of Executive Officers’ members participating from a distance in the Board of Executive Officers meeting shall vote by means of letter, facsimile or digitally certified e-mail.

Paragraph 5 The minutes shall be drawn up at the end of the meeting, which shall be signed by all Executive Officers personally attending the meeting, and subsequently transcribed in the Minutes Book of the Company’s Board of Executive Officers. The votes of Executive Officers participating from a distance in the Board of Executive Officers meeting or voting pursuant to Paragraph 1 of this Article shall be equally mentioned in the Minutes Book of the Board of Executive Officers, and a copy of the letter, facsimile or e-mail, as the case may be, containing the Executive Officer’s vote shall be attached to the Book immediately after the minutes transcription.

Article 28 The resolutions of the Board of Executive Officers meetings shall be taken by majority vote of those attending each meeting, or those voting pursuant to Article 26, Paragraph 1 hereof, and being the decision of the Co-Chiefs Executives Officers, when taken in the same direction, be considered as a casting vote.

Article 29 It shall be the responsibility of the Board of Executive Officers to manage the business in general and to such end to take all acts necessary or deemed as convenient, except for those the responsibility of which rests with on the General Meeting or the Board of Directors by force of law or these Bylaws. The Executive Officers in the exercise of their duties may carry out all the operations and practice all the usual management acts necessary to conduct the objectives of their position, in compliance with the provisions hereof as to the form of representation and their competence for the practice of certain acts, as well as the business general guidance set forth by the Board of Directors, including to decide on the application of funds, compromise, waive, assign rights, acknowledge indebtedness, settle agreements, make commitments, contract obligations, enter into agreements, acquire, dispose and encumber property and assets, to post guarantee, aval, guarantee and sureties, issue, endorse, pledge, discount, withdraw and vouch for bonds in general, as well as to open, transact and close accounts at credit establishments, pursuant to the legal restrictions and those set forth hereby.

Paragraph 1 It shall be the responsibility of the Co-Chief Executive Administrative Officer, besides coordinating the Executive Officers’ acts and directing the execution of activities related to the Company’s general planning: (i) to call and chair the Board of Executive Officers meetings; (ii) to monitor the Company‘s results; (iii) prepare the financial statements and the annual report of the Company‘s management; (iv) to keep the Board of Directors’ members informed about the Company’s activities and the progress of its operations; and (v) to exercise other activities assigned to him/her by the Board of Directors.

Paragraph 2 The Executive Vice-President, among other duties that may be assigned to him/her, has the following responsibilities: (i) to advise the Chief Executive Officer in his/her duties; (ii) to replace the Chief Executive Officer in his/her absence; and (iii) to perform other activities attributed by the Board of Directors.

Paragraph 3 It shall be the responsibility of the Chief Financial Officer and Investor Relations Officer, among other duties to be assigned to him/her: (i) to plan, coordinate, organize, oversee and direct the activities related to the Company’s financial operations; (ii) to manage the Company’s consolidated finances; (iii) to propose the performance goals and results of various of the Company’s divisions and the Company’s budget; (iv) to coordinate the assessment and implementation of investment opportunities and operations, including financing in the Company’s interest; (v) to represent the Company to the Brazilian Securities and Exchange Commission, shareholders, investors, stock exchanges, the Central Bank of Brazil and other agencies related to the activities developed on the capital markets; (vi) to participate in the planning and accompaniment of plans of a financial nature and (vii) to perform other activities assigned to them by the Board of Directors.

Paragraph 4 The Co-Chief Executive and Incorporation Officer, among other duties that may be assigned to him/her, has the following responsibilities: In addition to coordinating the action of the Officers and directing the execution of the activities related to the Company‘s general administrative planning: (i) to call and chair the meetings of the Board of Executive Officers; (ii) propose the Company‘s expansion strategy; (iii) proposing and conducting product development plans; (iv) supervise the Company‘s marketing activities; (v) define the sale price of the Company‘s products; (vi) define relationship policy and represent the Company before clients; (vii) manage activities related to stock of units; (viii) exercise general oversight of the Board of Executive Officers‘ powers and duties; (ix) to keep the members of the Board of Directors informed about the Company‘s activities and the progress of its operations; And (x) to carry out other activities assigned to it by the Board of Directors.

Paragraph 5 It shall be the responsibility of the Chief Technical Officer, among other duties to be assigned to him/her: (i) to be responsible for the engineering works; (ii) to coordinate and supervise the supply of works; (iii) to plan, define and coordinate the activities of the Company’s technical area; (iv) to maintain the legal guarantee to all development units delivered; (v) to define and monitor the schedules and budgets of the Company’s works; (vi) to coordinate the development of executive projects; (vii) to monitor and control works carried out with partners; (viii) to evaluate technological opportunities to improve works; (ix); and to advise the Board of Directors about strategic decisions concerning technological matters.

Paragraph 6 Officers with no specific designation shall exercise the functions to be determined by the Board of Directors at the time of their election

Paragraph 7 It shall be the responsibility of the Executive Officers to assist the Co-Chiefs Executives Officers in the Company’s business management and exercise the activities relating to the duties assigned thereto by the Board of Directors."

Article 30 It shall be the responsibility of the Board of Executive Officers, as a joint committee:

a) to comply with and cause the compliance with these Bylaws and the resolutions of the Board of Directors and the General Meeting;

b) to resolve on the opening, change, closing or alteration in addresses of the branches, agencies, offices or Company’s sales offices, in any part of the country or abroad, pursuant to the legal formalities;

c) to submit to the Board of Directors’ review and resolution on the creation and dissolution of subsidiaries and controlled companies in the country or abroad, as well as on the acquisition, assignment, transfer, disposal and/or encumbrance, on any account or form, of equity interests and securities of other companies in the country or abroad, in any case only in relation to the special purpose companies to be incorporated for the exclusive purposes of real estate projects in which the Company may hold interest;

d) to submit yearly to the Board of Directors’ examination the Management Report and the accounts, together with the independent auditors’ report, as well as the proposal for the allocation of profits verified in the previous year;

e) to prepare and propose to the Board of Directors the business, operational and investments plans of the Company, especially the Company’s Annual Investments plan, as defined in the Sole Paragraph of this Article;

f) to practice all the acts necessary to execute the Company’s Annual Investments Plan, as approved by the Board of Directors, pursuant to these Bylaws;

g) to define the basic guidelines for the provision and management of the Company’s personnel;

h) to prepare the Company’s organization plan and issue the related rules;

i) to propose, without exclusiveness of initiative, to the Board of Directors the assignment of duties of each Executive Officer upon his/her respective election; to approve the job positions and salary plans of the Company and its regulations;

j) to approve the contracting of a trustee to render book-entry share services;

k) to propose to the Board of Directors the creation, determination of expiry dates and ending of any new position or duty in the Company’s Board of Executive Officers; and

l) to decide on any issue, which is not the exclusive responsibility of the General Meeting or of the Board of Directors.

Paragraph 1 The preparation of the Annual Investments Plan by the Board of Executive Officers shall be made yearly during the last quarter of the fiscal year to be submitted to the Board of Directors until no later than December 15 of each year and shall contain, at least, the following information:

(i) the Company’s general business guidance, containing the guidelines, policy and basic objectives for all the Company’s divisions for a minimum period of one (1) year and at most five (5) years; and

(ii) the approval of work plans and budgets for the Company’s investments and management plans and new expansion programs and indebtedness limits of the Company.

Paragraph 2 Should the Annual Investments Plan not be approved by the Board of Directors pursuant to Article 21(b) above, the Board of Executive Officers shall prepare a new Annual Investments Plan, according to the Board of Directors’ guidance, and while such new Annual Investments Plan is not approved by the Board of Directors, the amounts and limits set forth by the ruling Annual Investments Plan shall remain applicable.

Article 31 The Company shall be deemed as legally bound in any action when represented:

a) by any two (2) of the Co-Chiefs Executives Officers;

b) by any one of the Co-Chiefs Executives Officers, jointly with: (i) any other officer of the Company, or (ii) a duly empowered attorney-in-fact with special powers;

c) by any two (2) attorneys-in-fact, with special powers, jointly;

d) by any of the officers mentioned in item (a) above individually or also by one (01 attorney-in-fact with special powers, duly empowered, for the practice of the following acts:
(iv) the Company’s representation before any federal, state and local authorities, or professional associations, as well as in the General Shareholders Meetings of companies in which the Company holds interest;
(v) the Company’s representation with unions or labor courts concerning issues related to admission, suspension or dismissal of employees and labor agreements; and
(vi) the Company’s representation at courts, as plaintiff or defendant

Sole paragraph Powers of attorneys shall be granted on the Company’s behalf by means of the signature of any two (2) Co-Chiefs Executives Officers, pursuant to items (a) and (b)(i) of this Article 31 and shall specify the powers granted and, except for those for legal purposes, shall have a validity period limited to one (1) year at the most."

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Chapter V FISCAL COUNCIL

Article 32 The Company shall have a non-permanent Fiscal Council, which shall be composed of three (3) to five (5) sitting members and an equal number of substitutes, shareholders or not, elected by the Annual General Meeting. The Fiscal Council shall have its duties and powers granted by law. The period of operation of the Fiscal Council shall end at the first Annual General Meeting held after its establishment.

Paragraph 1 The investiture of the Fiscal Council’s members shall be subject to the previous execution of the Statement of Agreement on the part of the Fiscal Council’s members referred to in the Novo Mercado Listing Rules, as well as compliance with applicable legal requirements.

Paragraph 2 The compensation of the Fiscal Council’s members shall be determined by the General Meeting electing them, in compliance with the legal limits.

Paragraph 3 In the event of temporary absence of any member of the Fiscal Council, the absent member shall be replaced by the respective substitute.

Paragraph 4 In the event of vacancy in the position of the Fiscal Council, the respective deputy shall fill this position; there is no alternate, the Supervisory Board shall convene the Extraordinary General Meeting, based on the prerogative of Article 163, V of the Law of Corporations, in order to elect a replacement and an alternate to hold office for the Council‘s mandate ends Supervisor.

Paragraph 5 The Fiscal Council meetings may be held by means of conference call, videoconference or other means of communication. Such participation shall be deemed as personal attendance at this meeting. In this case, the Fiscal Council’s members who took part from a distance in the meeting shall express and formalize their votes or opinions by means of letter, facsimile or digitally certified mail.

Paragraph 6 The minutes shall be drawn up at the end of the meeting, which shall be signed by all Fiscal Council’s members personally attending the meeting, and accordingly transcribed in the Minutes Book of the Company’s Fiscal Council. The votes or opinions expressed by the Fiscal Council’s Members who took part from a distance in the meeting, or who have expressed their opinions pursuant to Paragraph 5 in fine of this Article, shall be equally mentioned in the Minutes Book of the Fiscal Council, and a copy of the letter, facsimile or e-mail as the case may be, containing the vote or opinion of the Fiscal Council’s member shall be attached to the Minutes Book immediately after the minutes transcription.

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Chapter VI FISCAL YEAR, PROFITS AND DIVIDENDS

Article 33 The fiscal year shall commence on January 1 and shall end on December 31 of each year, when the financial statements provided for by the applicable laws shall be drawn up.

Article 34 The accumulated losses, if any, as well as the provision for income tax and social contribution on income, shall be deducted from the income for the year, before any sharing. The net income verified shall be allocated, successively and in that order, as follows:

a) five per cent (5%) shall be applied, before any allocation, to the constitution of a legal reserve, which shall not exceed twenty per cent (20%) of the capital stock;

b) as proposed by the management bodies, a portion may be allocated to the constitution of Reserves for Contingencies, as provided for by Article 195 of the Brazilian Corporation Law;

c) as proposed by the management bodies, a portion may be retained based on capital budget previously approved, pursuant to Article 196 of the Brazilian Corporation Law;

d) a portion corresponding to, at least, twenty five per cent (25%) of the net income, calculated over the balance obtained with the deductions and additions provided for in Article 202 II and III of the Brazilian Corporation Law, shall be distributed to the shareholders as mandatory dividend;

e) in the year when the amount of mandatory dividend exceeds the realized portion of the income for the year, the General Meeting may, as proposed by the management bodies, allocate the surplus to the constitution of a Reserve for Realizable Profits, pursuant to Article 197 of the Brazilian Corporation Law; and

f) the remaining portion of the net income, as proposed by the management bodies, may be fully or partially allocated to the constitution of a "New Investments Reserve", pursuant to Article 194 of the Brazilian Corporation Law, aiming at preserving the integrity of the corporate equity, strengthening the Company’s capital stock and working capital, with a view to allowing the Company to realize new investments. The maximum limit of such reserve shall be up to a hundred per cent (100%) of the capital stock, considering that the balance of this reserve, added to the balances of other profits reserves, except for the reserves for realizable profits and the reserves for contingencies, shall not exceed a hundred per cent (100%) of the capital stock amount. Once this maximum limit has been achieved, the General Meeting may decide on the allocation of the surplus in the payment of subscribed capital or capital stock increase, or in the distribution of dividends.

Paragraph 1 The General Meeting may allocate profit sharing to the Company’s administrators, pursuant to Paragraph 1, Article 152 of the Brazilian Corporation Law.

Paragraph 2 The allocation of profits for the constitution of the "New Investments Reserve" referred to by item "f" of Article 33 above and the profit retention pursuant to Article 196 of the Brazilian Corporation Law may not be approved, in each fiscal year, at the expense of the mandatory dividend distribution.

Article 35 The Company may pay its shareholders interest on own capital, which may be attributed to the minimum mandatory dividend.

Article 36 The Company may draw up half-yearly and/or quarterly balance sheets and based thereon may declare, by resolution by the Board of Directors, interim and regular dividends, or interest on own capital. The interim and periodical dividends and interest on own capital provided for in this Article may be attributed to the minimum mandatory dividend.

Article 37 The dividends and interest on own capital not claimed within a three-(3) year period after the date when these were made available to the shareholders shall revert to the Company.

Article 38 The Company may grant donations and subsidies to charitable entities, provided they are justified and previously authorized by the General Meeting.

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Chapter VII MANAGEMENT RESPONSIBILITY

Article 39 The administrators are liable, before the Company and third parties, for the acts they practice while exercising their duties, pursuant to the law, the Novo Mercado Listing Rules and these Bylaws.

Article 40 The Company in cases where it is not the plaintiff in lawsuits shall ensure to the members of the Board of Directors, Fiscal Council and Board of Executive Officers, by means of third parties contracted, the defense in judicial and administrative proceedings brought by third parties against its administrators, during or after their respective terms of office, until the end of the prescriptive period of such administrators’ responsibility due to acts related to the exercise of their duties.

Paragraph 1 The guarantee provided for in the preamble to this Article shall be extended to the Company’s employees and their attorneys-in-fact legally empowered, who act on the Company’s behalf.

Paragraph 2 Should the member of the Board of Directors or Fiscal Council, the Executive Officer or employee be sentenced by final decision not subject to appeal, based on infringement of the laws or of these Bylaws, or a result of his/her fault or intentional misconduct, he/she shall refund the Company all the costs, expenses and damages caused thereto.

Paragraph 3 The Company, by resolution of the Board of Directors, may take out liabilities insurance on behalf of its Board of Directors’ members and Executive Officers, related to the exercise of their duties.

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Chapter VIII SALE OF THE SHARE CONTROL, DEREGISTERING AS A PUBLICLY-HELD COMPANY AND DELISTING FROM THE NOVO MERCADO

Article 41 The sale of the Company’s control, both by means of a single operation and of successive operations, shall be contracted under a suspensive or resolutory condition, by which the Acquirer undertakes to conduct a public tender offer of shares of other Company shareholders, in accordance with the terms and conditions provided for by laws in force and in the Novo Mercado Listing Rules, so as to ensure them treatment equal to that given to the Selling Controlling Shareholder.

Paragraph 1 For the purposes of these Bylaws, the expressions below shall have the following meaning:

"Controlling Shareholder" - means the shareholder(s) or Group of Shareholders exercising the Company’s Power of Control.

"Selling Controlling Shareholder" - means the Controlling Shareholder when he/she promotes the Sale of the Company’s Control.

"Control Shares" - mean a block of shares that ensures, directly or indirectly, their holder(s), the individual and/or shared exercise of the Company’s Power of Control.

"Free Float" - means all the shares issued by the Company, except for the shares held by the Controlling Shareholder, by persons bound thereby, by the Company’s Administrators, those held in treasury and preferred golden shares which aim at ensuring special political rights, i.e., they cannot be transferred and are exclusively held by the state-owned and privatizing entity.

"Acquirer" means the one to whom the Selling Controlling Shareholder transfers the Control Shares in a Sale of the Company’s Control.

"Sale of Company’s Control" - means the transfer to a third party for value of the Control Shares.

"Group of Shareholders" - means the group of persons: (i) bound by contracts or voting agreements of any nature, whether directly or through subsidiaries, parent companies or under common control; or (ii) with control relationship among them; or
(iii) under common control.

"Power of Control" means the power actually employed to direct the corporate activities and guide the operation of the Company’s bodies, directly or indirectly, either in fact or in law, regardless ownership interest held. There is a relative presumption of control ownership in relation to the person or Group of Shareholders holding shares ensuring such person or group of persons an absolute majority of votes of shareholders attending the last three General Meetings of the Company, even though they do not hold sufficient share to ensure them an absolute majority of the voting capital

"Economic Value" - means the value of the Company and of its shares to be determined by a specialized company, by means of the use of an acknowledged methodology, or based on another criterion to be defined by the CVM.

Paragraph 2 Should the acquisition of Control also subject the acquirer of Control to the obligation of conducting a public tender offer required by Article 44 hereof, the acquisition price in the public tender offer shall be the highest among the prices determined pursuant to this Article 40 and to Article 44, Paragraph 2 hereof.

Paragraph 3 The Company shall not register any transfer of shares to the acquirer or to that person or those persons to hold the Power of Control, while that person or those persons do not sign the Statement of Agreement of the Controlling Shareholders referred by the Novo Mercado Listing Rules.

Paragraph 4 No Shareholders’ Agreement providing for the exercise of Power of Control may be registered at the Company’s headquarters while its subscribers do not have signed the Statement of Agreement referred by the Novo Mercado Listing Rules.

Article 42 The public tender offer provided for in Article 41 shall also be executed (i) in cases of onerous assignment of shares subscription rights and other instruments or rights related to securities convertible into shares to result in the sale of the Company’s Control; or (ii) in the event of sale of control of a company holding the Company’s Power of Control, the Selling Controlling Shareholder shall undertake to declare to BM&BOVESPA the value attributed to the Company in this sale and attach documents confirming this value.

Article 43 Shareholders who acquire Power of Control, due to private instrument for the purchase of shares entered into with the Controlling Shareholder, involving any quantity of shares, shall undertake to:

(i). conduct the public tender offer referred to in Article 41 hereof;

(ii). pay, as indicated hereinbelow, the amount corresponding to the difference between the tender offer price and the amount paid per share eventually bought at the stock exchange within six (6) months prior to the acquisition date of Power of Control, duly adjusted by the increase in General Market Price Index, disclosed by the Getúlio Vargas Foundation
(IGP-M/FGV), until date of payment. Said amount shall be distributed among all individuals who sold the Company shares at the trading sessions where the Acquirer made the acquisitions, proportionally to the daily selling net balance of each share, and it shall be incumbent upon BM&FBOVESPA to carry out the distribution, pursuant to its regulations; and

(iii). take appropriate measures to recover the minimum percentage of twenty-five per cent (25%) of the Company’s total free float, within the six (6) months subsequent to the acquisition of Control.

Article 44 As from the date on which there is no Controlling Shareholder, as defined by Paragraph 1 of Article 41 above, any person, group of persons bound by voting agreement and/or representing the same interest acquiring or becoming the holder of shares issued by the Company, in an amount equal to or higher than fifteen per cent (15%) of the total shares issued by the Company, shall no later than sixty (60) days as from the date of acquisition or event resulting in the ownership of shares in the amount equal to or higher than fifteen per cent (15%) of total shares issued by the Company, conduct a public tender offer of all shares issued by the Company, pursuant to the provisions in the CVM’s applicable regulation, including whether or not it is necessary to register such a public offering, BM&BOVESPA’s regulations and the conditions of this Article 44, and the aforementioned person or group of persons shall undertake to answer possible requests or requirements from the CVM based on the applicable laws related to the public tender offer, within the maximum limits specified in the applicable regulations.

Paragraph 1 The public tender offer shall (i) be indistinctly addressed to all Company’s shareholders; (ii) occur at an auction to be held at the BM&BOVESPA; (iii) be recorded by the price determined according to the provisions in Paragraph 2 of this Article; and (iv) be made for cash consideration in domestic currency against the acquisition in the public tender offer of shares issued by the Company.

Paragraph 2 The acquisition price in the public tender offer for the acquisition of each share issued by the Company may not be less than the highest amount between (i) the Economic Value determined in the appraisal report; (ii) one hundred and thirty per cent (130%) of the highest share issue price in any capital increase carried out by means of public offering occurred within a twelve (12)-month period preceding the date on which the public tender offer becomes mandatory pursuant to this Article 44, duly restated by the IGPM (General Market Price Index)/FGV (Fundação Getúlio Vargas) until payment; and (iii) one hundred and thirty per cent (130%) of the average unit price of shares issued by the Company during a ninety (90)-day period prior to the public tender offer.

Paragraph 3 The public tender offer mentioned in the preamble to this present Article shall not exclude the possibility of another Company’s shareholder, or as the case may be, the Company itself, formulating a competing public tender offer, pursuant to the applicable regulation.

Paragraph 4 Should the person or group of persons referred to in the caput of this Article fail to comply with any of the obligations imposed by this Article, the Company’s Board of Directors shall call an Extraordinary General Meeting, where the aforementioned person of group of persons may not vote, to resolve on the suspension of the exercise of the Acquiring Shareholder’s rights, who failed to comply with any obligation imposed by this Article, pursuant to Article 120 of the Brazilian Corporation Law, without prejudice to the aforementioned person’s or group of persons’ liability for losses and damages caused to other shareholders as a result of the failure to comply with obligations imposed by this Article.

Paragraph 5 The person or group of persons referred to in the caput of this Article purchasing or becoming holder of other rights related to the shares issued by the Company, including but not limited, to right of enjoyment or trust, in an amount equal to or higher than fifteen per cent (15%) of total shares issued by the Company shall equally undertake to conduct the public tender offer, whether or not registered at the CVM, pursuant to applicable regulation, according to this Article 44, within no longer than sixty (60) days.

Paragraph 6 The provisions of this Article shall not apply in the event a person, group of persons bound by voting agreement and/or representing the same interest, becomes holder of shares issued by the Company in an amount higher than fifteen per cent (15%) of total shares issued thereby as a result of (i) legal succession, under the condition that the shareholder sells the overallotment within no longer than sixty (60) days as from the event in which this participation was reached; (ii) the merger of another corporation with and into the Company; (iii) the merger of shares of another corporation with and into the Company; or (iv) the subscription of the Company’s shares carried out in a single primary issue, which has been approved by the Shareholders’ General Meeting of the Company.

Paragraph 7 The provisions of this Article shall not apply to the person, group of persons bound by voting agreement and/or representing the same interest, who, on the date on which the Company no longer has a Controlling Shareholder, are holders of an amount higher than fifteen per cent (15%) of total shares issued by the Company and acquire new Company’s shares, whether or not in the exercise of preemptive right, provided that, after such new acquisitions, this person or group of people does not hold a participation in the total capital of the Company higher than that held thereby on the date on which the Company no longer has a Controlling Shareholder.

Paragraph 8 Involuntary additions resulting from the cancellation of shares held in treasury or reductions of the Company’s capital stock resulting from the cancellation of shares shall not be counted for the purposes of calculation of the fifteen per cent (15%) percentage of total shares.

Paragraph 9 Should the CVM’s regulation applicable to the public tender offer provided for in this Article determine the adoption of a calculation criterion to set forth the acquisition price of each Company’s share in the public tender offer resulting in acquisition price higher than that determined pursuant to Paragraph 2 of this Article, that acquisition price calculated in accordance with the CVM’s regulation shall prevail in the execution of the public tender offer provided for in this Article.

Article 45 In the public tender offer to be executed by the Controlling Shareholder or by the Company for the delisting as a publicly-held company, the minimum price to be offered shall correspond to the Economic Value verified in the appraisal report, in accordance with Article 46 hereof, in compliance with the applicable legal standards and rules.

Article 46 In the event the Company’s delisting from the Novo Mercado is resolved, so that its securities are then registered to be traded out of the Novo Mercado or due to corporate restructuring operation, in which the entity resulting from this restructuring does not have its securities accepted for trading at the Novo Mercado within one hundred twenty (120) days as of the date of the General Meeting that approved said operation, the Controlling Shareholder shall conduct the tender offer for the acquisition of shares held by other Company’s shareholders, at least, for the respective Economic Value, to be determined in appraisal report prepared pursuant to Article 47, in compliance with the applicable legal and regulatory rules.

Sole Paragraph The announcement of a public tender offer mentioned in Articles 45 and 46 above shall be communicated to the BM&BOVESPA and disclosed to the market immediately after the Company’s General Meeting approving the delisting or approving any such reorganization.

Article 47 The appraisal reports provided for in these Bylaws shall be prepared by institution. or specialized company, with proven experience and independence from the decision-making power of the Company, of its administrators and/or controlling shareholder(s) besides comply with the requirements of Paragraph 1 of Article 8 of the Brazilian Corporation Law and include the liability provided for in Paragraph 6 of the same provision of law.

Paragraph 1 The General Meeting shall be responsible for the selection of the institution or specialized company in charge of determining the Company’s Economic Value, through the presentation by the Board of Directors of a three-name list, and respective resolution, not counting the blank votes, shall be taken by majority vote of the shareholders representing the Free Float attending the General Meeting, which, if held at a first call, shall depend on the attendance of shareholders representing, at least, twenty per cent (20%) of the total Free Float Shares, and, if held at a second call, may depend on the attendance of any number of shareholders representing the Free Float Shares.

Paragraph 2 The costs of preparing the appraisal report shall be fully borne by the offeror.

Article 48 In the event there is no Controlling Shareholder, if the Company’s delisting from Novo Mercado is resolved so that its securities are then registered to be traded out of Novo Mercado, or in view of corporate restructuring operation, in which the entity resulting from this restructuring does not have its securities accepted for trading at the Novo Mercado within one hundred twenty (120) days, as of the date of the General Meeting that approved said operation, the delisting shall be subject to the materialization of the tender offer under the same conditions provided for in Article 45.
Paragraph 1 Said General Meeting shall define that (those) person(s) responsible for conducting the tender offer, who in attendance of this meeting shall expressly undertake the obligation of conducting the tender offer.

Paragraph 2 If those persons responsible for conducting the tender offer are not defined, in case of corporate restructuring operation, in which the entity resulting from this restructuring does not have its securities accepted for trading at the Novo Mercado, shareholders who voted favorably to the corporate restructuring shall conduct said tender offer.

Article 49 In the event of there is no Controlling Shareholder and the BM&BOVESPA decides that the price of securities issued by the Company be released separately, or that the securities issued by the Company have their trading suspended on the Novo Mercado due to the non-compliance with the obligations included in the Novo Mercado Listing Rules, the Chairman of the Board of Directors shall call for an Extraordinary General Meeting within no later than two (2) days from the aforementioned decision, considering only the days when there is distribution of newspapers usually employed by the Company, for the replacement of all Board of Directors’ members.

Paragraph 1 Should the Extraordinary General Meeting mentioned in the preamble to this Article not be called by the Chairman of the Board of Directors within the period set forth, it may be called by a shareholder of the Company.

Paragraph 2 The new Board of Directors elected at the Extraordinary General Meeting mentioned in the preamble and in Paragraph 1 of this Article shall remedy the non-compliance with the obligations included in the Novo Mercado Listing Rules within the briefest period possible, or within a new period granted by the BM&BOVESPA for such purpose, whichever is the shorter period.

Article 50 The Company’s delisting from Novo Mercado due to the failure to comply with Novo Mercado Rules obligations is subject to the materialization of the tender offer, at least, for the share Economic Value to be calculated in appraisal report mentioned in Article 46 hereof, in compliance with the applicable legal and regulatory rules .

Paragraph 1 The Controlling Shareholder shall conduct the tender offer provided for in the caput of this Article.

Paragraph 2 In the event there is no Controlling Shareholder and the Company’s delisting from Novo Mercado referred to in the caput derives from resolution at the General Meeting, shareholders who voted favorably to the resolution that implied the respective failure to comply shall conduct the tender offer provided for in the caput.

Paragraph 3 In the event there is no Controlling Shareholder and the Company’s delisting from Novo Mercado referred to in the caput is due to Management act or fact, the Company’s Management shall call for a General Meeting, whose agenda shall resolve on how to remedy the failure to comply with obligations provided for in Novo Mercado Rules or, where applicable, to resolve on the Company’s delisting from Novo Mercado.

Paragraph 4 If the General Meeting mentioned in Paragraph 3 above resolves on the Company’s delisting from Novo Mercado, said General Meeting shall define that (those) person(s) responsible for conducting the tender offer provided for in the caput, who in attendance of the meeting shall expressly undertake the obligation of conducting said offering.

Article 51 A single public tender offer may be formulated to achieve more than one of the purposes provided for in this Chapter VIII, in the Novo Mercado Listing Rules or in the regulation issued by the CVM, as long as it is possible to conform the procedures of all types of public tender offer and without prejudice to the offer addressees, and that an authorization from the CVM is obtained when this is required by the applicable laws.

Article 52 The Company or the shareholders responsible for conducting the public tender offer provided for in this Chapter VIII in the Novo Mercado Listing Rules or in the regulation issued by CVM may ensure its execution through any shareholder, third party and, as the case may be, in accordance with legal provisions, by the Company. The Company or the shareholder, as the case may be, does not hold itself harmless from the obligation of conducting the public tender offer until it is concluded in compliance with the applicable rules.

Article 53 As from the date when the Company has no Controlling Shareholder, as defined in Paragraph 1 of Article 41 above, any person, group of persons bound by voting agreement and/or representing the same interest reaching, directly or indirectly, interest in the Free Float Shares equal to or above five per cent (5%) of the Company’s capital stock, and intending to make a new acquisition of the Free Float Shares, shall undertake to (i) make any new acquisition at the BM&BOVESPA, with private or over-the-counter market trades being forbidden; (ii) prior to each new acquisition, communicate in writing to the Company’s Financial and Investor Relations Officer, the number of Free Float Shares intended to be acquired, at least, three (3) business days in advance prior to the date scheduled for the new acquisition of shares. The Chief Financial and Investor Relations Officer shall disclose broadly this information through a notice to the market.

Sole Paragraph In the event a person or group of persons bound by agreement and/or representing the same interest not comply with the obligations imposed by this Article, the Company’s Board of Directors shall call an Extraordinary General Meeting, in which the aforementioned person or group of persons may not vote, to resolve on the suspension of the exercise of the Acquiring Shareholder’s rights, as provided for in Article 120 of the Brazilian Corporation Law, without prejudice to the aforementioned person’s or group of persons’ liability for damages and losses caused the other shareholders as a result of the non-compliance with the obligations imposed by this Article.

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Chapter X ARBITRATION COURT

Article 54 The Company, its shareholders, Administrators and members of the Fiscal Council, undertake to resolve, by means of arbitration, before the Market Arbitration Panel, 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 Corporation 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 and the Novo Mercado Listing Agreement.

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Chapter XI LIQUIDATION

Article 55 The Company shall be liquidated in cases provided for by law, and the General Meeting shall be the qualified body to determine the method of liquidation and appoint the liquidator and the Fiscal Council, which shall operate during the liquidation period.

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Chapter XII GENERAL PROVISIONS

Article 56 The cases not covered by these Bylaws shall be resolved by the General Meeting and regulated in accordance with the Brazilian Corporation Law.

Presiding Board:

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Milton Jorge de Miranda Hage
Chairman
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Vitor Cesar Bonvino
Secretary