10.1. The restrictions to trading provided for in section IX above do not apply to the Company itself and to the Related Persons, as from the date of execution of the Compliance Statement (CVM Instruction no. 358, article 13, paragraph 7), when they carry out operations within the scope of the Trading Policy.

10.2. In order to take advantage of the benefit established herein pursuant to the CVM regulations, the Company’s and Related Persons trading, within the scope of the Trading Policy, shall be carried out in the form of long-term investment, meeting at least one of the following requirements:

(i) subscription or purchase of shares as through the exercise of options granted in the shape of the Company’s shares call option grant plan;
(ii) execution, by the Company, of the purchases that are object of the program of repurchase of shares for cancellation or maintenance in treasury;
(iii) application of the variable compensation, received as profit share, in the acquisition of Securities; and
(iv) execution of the Individual Investment Programs by the Related Persons.

10.2.1. For that purpose, the Individual Investment Program shall have been filed for over thirty (30) days with the Investor Relations Officer, indicating, the approximate volume of funds that the interested party intends to invest, or the number of Securities they wish to acquire, within the expiration date of the Individual Investment Program established by the interested party, of at least twelve (12) months, at the end of which the interested party shall present a succinct report about the respective development.

10.2.2. Except in cases of force majeure, duly justified in writing, the Securities acquired based on the Individual Investment Program shall not be sold before ninety (90) days from the date of the acquisition.

10.2.3. The restriction of the aforementioned thirty(30)-day term shall not prevail for the first Individual Investment Program recorded after the present policy comes into force.

10.3. Under no circumstances may the Company and the Related Persons trade Securities in the fifteen(15)-day period prior to the disclosure of the Company’s Quarterly Information and Financial Statements (CVM Instruction no. 358, article 13, paragraph 4), and the Individual Investment Programs shall strictly comply with this restriction.

10.3.1. Accredited Brokers shall be instructed by the Company, (and they shall accept this instruction in writing), to not record operations of the Related Persons fifteen (15) days before the disclosure or publication of this periodic information or of the Company’s Financial Statements.