4. What does share buyback program mean and how these take place?

The share buyback program means the Company’s buyback of its shares, which may be cancelled or held in treasury for subsequent sale. This program is regulated by the Brazilian Securities Exchange Commission Rule nº 10/1980 and authorized by resolution of the Company’s Board of Directors, which shall specify the company’s objective in the operation, the number of shares to be acquired, the maximum term to carry out the operations authorized, which cannot exceed 365 days, the number of shares outstanding in the market; the name and the address of the financial institutions to act as agents. Listed companies cannot hold in treasury shares issued thereby in amount exceeding 10% of each class of share outstanding in the market, including in this percentage, current shares held in treasury by subsidiaries and associated companies. In addition, the share purchase price cannot exceed the market cap.

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