9.1. With the purpose of ensuring appropriate standards of trading with Securities and with securities issued by the Subsidiaries which are publicly-traded companies, a system shall be adopted according to which all trading by the Company itself and by the Related Persons shall only be carried out via Accredited Brokers, as per the list sent to the CVM, to whom the due updating shall be communicated.

9.2. The Company, the Subsidiaries, and the Related Persons shall abstain from trading with Securities in every period when, as per communication of the Investor Relations Officer, a non-negotiation is determined (Black-out Period). The Investor Relations Officer is not obliged to motivate the decision to determine the Black-out Period, which shall be decided confidentially by its recipients.

9.3. The Related Persons shall abstain from trading the Securities they possess: (a) before the disclosure to the market of a Material Act or Fact (CVM Instruction 358, article 13, caput); (b) within fifteen (15) days prior to the disclosure of the Company’s Quarterly Information and Standardized Financial Statements, except in the cases provided for in item 9.8 herein (CVM Instruction no. 358, article 13, paragraph 4); (c) in the period between the decision made by the relevant social organ of increasing or reducing the capital stock, of distributing dividends or bonus in shares or of issuing other Securities, and the publication of the respective notices or announcements; (d) until the publication of the “Distribution Closure Notice”, in cases where the Company and/or its shareholders are involved in a public offer for distribution of Securities, projected or decided, except in the cases contemplated in the provisions of the CVM Instruction no. 400 (CVM Instruction no. 400, article 48, section II).

9.3.1. The same prohibition shall prevail, until the disclosure of the respective Material Act or Fact, whenever (i) the purchase of sale of shares issued by the Company by the Company itself, by its Subsidiaries, by its Affiliated Companies or by another company under common control is in progress, or when an option or power of attorney is granted for that purpose; or (ii) there is the intention of promoting a merger, a total or partial spin-off, or a corporate restructuring of the Company (CVM Instruction no. 358, article 13, paragraph 3).

9.3.2. The prohibition referred to in item 9.3.1. (i) above applies to the operations with Securities carried out by the Related Persons, exclusively in the periods when the Company itself intends to negotiate with Securities. For this purpose, the Accredited Brokers are instructed by the Investor Relations Officer to not Record operations in such periods.

9.4. The prohibition to trade with Securities before the disclosure of a Material Act or Fact shall also apply (i) to any persons who are aware of this information, especially those persons who have a commercial relationship with the Company, including Independent Auditors, securities analysts, advisors and institutions comprising the distribution system (CVM Instruction no. 358, article 13, paragraph 1); and (ii) to the members of councils and executive officers who remove from the Company’s administration before the public disclosure of a Material Act or Fact related to the business or fact arisen during their term of office, the prohibition being extended, in that case, for the period of six (6) months after their removal from office (CVM Instruction no. 358, article 13, paragraph 2).

9.5. The prohibition to trade with Securities before the disclosure of a Material Act or Fact does not apply to the purchase of shares which are held in treasury, through private trade, due to the exercise of call option according to the plan of grant of call option of the Company’s shares (CVM Instruction no. 358, article 13, paragraph 6).

9.6. In the event of the prohibitions provided for in the sections above, even after the disclosure of a Material Act or Fact, the trading prohibition shall continue to prevail, in case such trading may – at the Company’s discretion – interfere in the conditions of the negotiation with Securities, so as to incur in loss for the Company itself or its shareholders (CVM Instruction no. 358, article 13, paragraph 5); this additional restriction shall be communicated to the Investor Relations Officer.

9.7. While the respective operation is not disclosed through the publication of a Material Fact, it is prohibited to the Company’s relevant organs to deliberate on the purchase or sale of shares issued by the Company: (i) in case any agreement or contract has been celebrated related to the transference of the Company’s share control, or if an option or power of attorney has been granted for the same purpose; or (ii) if there is the intention of promoting a merger, spin-off, transformation or corporate restructuring of the Company (CVM Instruction no. 358, article 14).

9.7.1. In the event that, after the approval of the repurchase program, a fact occurs that fits into any of the hypotheses above, the Company shall immediately suspend the operations with Securities until the disclosure of the respective Material Act or Fact.

9.8. The acquisition of shares issued by the Company, as well as by its subsidiaries and affiliated companies, is permitted within fifteen (15) days prior to the disclosure of the Quarterly Information and the Standardized Financial Statements by members of the Board of Directors, Board of Executive Officers, Fiscal Council and any of the Company’s technical and advisory bodies, created by statutory provisions, through the investment plan approved by the Company, provided that: (i) the Company has approved a schedule defining specific dates for the disclosure of the Quarterly Information and Standardized Financial Statements; (ii) the investment plan establishes: (a) its participants’ irrevocable commitment to investing the amounts previously established, on the dates agreed upon therein; (b) the impossibility of adhering to the plan pending disclosure of an undisclosed material fact and within fifteen (15) days prior to the disclosure of the Quarterly Information and Standardized Financial Statements; (c) the obligation to extend the purchase commitment, even beyond the end of the period previously established for the participant’s adherence to the plan pending disclosure of an undisclosed material fact and within fifteen (15) days prior to the disclosure of the Quarterly Information and Standardized Financial Statements; and (d) the participants’ obligation to revert to the Company any losses avoided or gains recorded in trades with shares issued by the Company, arising from changes in the disclosure dates of the Quarterly Information and Standardized Financial Statements, which are calculated through reasonable criteria defined by the plan (CVM Instruction 358, article 15, paragraph 3).

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