Issuance and Cancellation

Issuance

I. Transfer the securities abroad as "Free of Payment" to the Itaú BDR Program account at The Bank of New York Mellon, the custodian of the programs, until 13:00 p.m. (Brazil Time).

Important Information
Custody Account: DTC: 901
Account: 714963
Instructions for submission the BDR in Brazil: User Custodian Account at BM&FBovespa, as well as the name and contact phone number.

II. Send the Issuance Instruction, named "Boleta de Emissão" to Itaú via fax (+55 11 2797-3413), until 13:00 pm (Brazil time), with a choice of the payment (Real or U.S. Dollars).

III. Make payment of the emission fee, until 15:00 pm (Brazil Time) to the Itaú BDR Program Account, as the invoice with payment details.

IV. After the confirmation of the above items, Itau will issue and deliver the BDR through CBLC (Brazilian Clearing and Depository Corporation).

Cancellation

I. Transfer the BDRs to the Itau BDR Program Cancellation Account, by 13:00 p.m. (Brasilia Time).

Important information
Custody Agent ID: 3558-0
Custody Account: 1-5

II. Send the Cancellation Instruction, named "Boleta de Cancelamento" to Itaú via fax (+55 11 2797-3413), until 14:00 p.m. (Brazil time), with a choice of the payment (Real or U.S. Dollars).

III. Make payment of the cancellation fee, until 15:00 p.m. (Brazil Time) to the Itaú BDR Program Account, as the invoice with payment details.

IV. Instruct your custodian agent to receive the underlying shares by The Bank of New York Mellon, the custodian of the programs.

V. After the confirmation above, The Bank of New York Mellon, the custodian of the programs will deliver the underlying shares via DTCC Depository Agent to your Custody Agent abroad.