Our executive officers are our legal representatives and are primarily responsible for managing our day-to-day operations and implementing the general policies and guidelines established by our board of directors. Under Brazilian corporate law, each executive officer must be a Brazilian resident. Additionally, not more than one-third of the members of our board of directors may be executive officers at any given time.

Our executive officers are appointed by our board of directors for three-year terms and may be re-elected or removed by our board of directors at any time. Our bylaws require that our board of executive officers must have a minimum of two and a maximum of twelve members. Pursuant to the rules of the Novo Mercado, our officers will have to comply with the Novo Mercado regulations and with the rules of the BM&FBOVESPA. Currently, our board of executive officers consists of ten members.