Document:

PRIVATE DEED FOR THE SECOND
ISSUE OF SIMPLE, UNSECURED, AND NON-CONVERTIBLE DEBENTURES, IN A SINGLE SERIES, FOR PUBLIC DISTRIBUTION WITH RESTRICTED EFFORTS, OF TIM
S.A.

 

This “Private Deed for the Second Issue of
Simple, Unsecured and Non-Convertible Debentures, in a Single Series, for Public Distribution with Restricted Efforts, of Tim S.A.”
(“Deed of Issue”) is entered into by the following parties (collectively, “Parties”):

 

		A.	TIM S.A., a corporation registered as a publicly-held
company with the Securities and Exchange Commission (Comissão de Valores Mobiliários - “CVM”),
headquartered at Avenida João Cabral de Mello Neto, no 850, Bloco 01, Salas 501 a 1208, Barra da Tijuca neighborhood, City
and State of Rio de Janeiro, CEP 22775-057, enrolled in the Brazilian Registry of Legal Entities of the Ministry of Finance (“CNPJ
[EIN]”) 02.421.421/0001-11, with its articles of incorporation registered with the Board of Trade of the State of Rio de
Janeiro (“JUCERJA”) under NIRE [Company Registration Number] 333.0032463-1, herein represented under the terms
of its bylaws (“Issuer” or “Company”); and

 

		B.	PENTÁGONO S.A. DISTRIBUIDORA DE TÍTULOS
E VALORES MOBILIÁRIOS, a financial institution headquartered in the City of Rio de Janeiro, State of Rio de Janeiro, at Avenida
das Américas, no 4200, bloco 8, ala B, salas 302, 303 e 304, enrolled in the CNPJ/ME [EIN] 17.343.682/0001-38, herein
represented under the terms of its bylaws (“Fiduciary Agent”), representing the pool of Debentureholders (as defined
below) (“Debentureholders” and, individually, “Debentureholder”), pursuant to Law 6404, of
December 15, 1976, as amended (“Brazilian Corporation Law”).

 

that decide to enter into this Deed of Issue, in accordance with the following
terms and conditions:

 

		1.	AUTHORIZATION

 

		1.1.	The 2nd (second) issue of simple, unsecured,
and non-convertible debentures, in a single series, issued by the Issuer (“Issue”), for public distribution with restricted
efforts, pursuant to the Brazilian Corporation Law, of Law 6385, of December 7, 1976, as amended (“Securities Market Law”),
and CVM Instruction 476, of January 16, 2009, as amended (“CVM Instruction 476”), of the effective “ANBIMA
Code for Public Offerings” (“ANBIMA Code”) and other applicable legal and regulatory provisions (“Offering”),
the execution of this Deed of Issue and the Distribution Agreement (as defined below), will be carried out based on the resolutions of
the Issuer’s Board of Directors’ Meeting held on May 20, 2021 (“Issuer’s Board of Directors' Meeting”).

 

		2.	REQUIREMENTS

 

		2.1.	The Issue, Offering, and execution of this Deed of
Issue, of the “Agreement for Coordination and Public Distribution with Restricted Efforts of the Simple, Unsecured and Non-Convertible
Second-Issue Debentures, of TIM S.A.”, entered into between the Issuer and the institution that is part of the securities distribution
system hired to coordinate and intermediate the Offering (“Lead Coordinator” and “Distribution Agreement”,
respectively) will be carried out in compliance with the following requirements:

     
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		2.2.	Exemption from Registration with the CVM and
Registration with the Brazilian Association of Financial and Capital Market Entities ("ANBIMA")

 

		2.2.1.	The Offering is automatically exempt from registration with the CVM, as
provided for in article

19 of the Securities Market Law, pursuant to article 6
of CVM Instruction 476, as it is a public offering for distribution with restricted efforts, not being the subject of a protocol,
registration, or filing with the CVM, except for the sending to the CVM of the communication of the commencement of the Offering, pursuant
to article 7-A of CVM Instruction 476 (“Commencement Notice”), and the notice of closing of the Offering,
pursuant to article 8 of CVM Instruction 476 (“Closing Notice”).

 

		2.2.2.	As it is a public distribution with restricted efforts,
the Offering will be registered with ANBIMA, under the terms of articles 16, item II and 18, item V of the ANBIMA Code,
within a period of up to 15 (fifteen) days from the sending of the Closing Notice.

 

		2.3.	Project Classification

 

		2.3.1.	The issue of the Debentures will be carried out pursuant
to article 2 of Law 12431, of June 24, 2011 (“Law 12431”), of Decree 8874, of October 11, 2016
(“Decree 8874”) and the Resolution of the Brazilian Monetary Council (“CMN”) 3947, of
January 27, 2011 (“CMN Resolution 3947”) or subsequent rules that amend, replace or complement them, and the applicable
regulations, in view of the classification of the Project (as defined below) as a priority project, through Ordinance 2447, issued
by the Ministry of Communications, on April 22, 2021, published in the Brazilian Federal Official Gazette on April 23, 2021, whose copy
is attached to this Deed of Issue as Annex I (“Ordinance”).

 

		2.4.	Filing and Publication of the Issuer’s RCA.

 

		2.4.1.	The Issuer’s Board of Directors' Meeting will
be filed with JUCERJA and published in the Official Gazette of the State of Rio de Janeiro (“DOERJ”) and in the newspaper
“Valor Econômico” (together with DOERJ, “Publication Newspapers”), pursuant to item I of article 62
and article 289 of the Brazilian Corporation Law. The Issuer shall file with JUCERJA the Issuer’s Board of Directors' Meeting
and other corporate acts carried out under the terms of the Debentures, within a period of up to three (3) Business Days (as defined below)
counted from the respective occurrence, and the registration must be made within thirty (30) days from its occurrence.

 

		2.4.2.	The Issuer shall send to the Fiduciary Agent: (i) one (1) soft copy (PDF),
with the due digital seal of JUCERJA of the Issuer’s
Board of Directors' Meeting duly registered with JUCERJA within a period of up to three (3) Business Days from the approval of the respective
registration.

     
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		2.5.	Filing and Registration of this Deed of Issue and any amendments with
JUCERJA.

 

		2.5.1.	Pursuant to article 62, item II and paragraph
3 of the Brazilian Corporation Law, this Deed of Issue and any amendments thereto will be registered with JUCERJA. The Issuer shall file
this Deed of Issue and any amendments thereto within a period of up to three (3) Business Days from the respective signature date, and
it must (i) be registered within thirty (30) days from the respective signature date; and (ii) a soft copy (PDF) of this Deed of Issue
and any amendments thereto, containing the digital registration seal with JUCERJA, to be sent to the Fiduciary Agent within three (3)
Business Days after its effective filing.

 

		2.5.2.	As long as the measures restricting the normal operation
of JUCERJA continue exclusively due to the COVID-19 pandemic, this Deed of Issue and any amendments thereto must be filed within a period
of up to thirty (30) days from the regular re-establishment of JUCERJA’s activities, in compliance with the provisions of article 6,
item II, of Law 14030 or any other rule or measure that may replace it.

 

		2.6.	Distribution, Trading and Electronic Custody.

 

		2.6.1.	The Debentures will be deposited for (i) distribution
in the primary market through the MDA - Asset Distribution Module (“MDA”), managed and operated by B3 S.A. –
Brasil, Bolsa, Balcão - Balcão B3 (“B3”), and the distribution will be financially settled through B3;
and (ii) electronic trading and custody in the secondary market through CETIP21 - Marketable Securities, also managed and operated by
B3, with the trades being financially settled and the Debentures electronically held in custody in B3.

 

		2.6.2.	Notwithstanding what is described in Clause 2.6.1
above, the Debentures may only be traded, as provided for in articles 13 and 15 of CVM Instruction 476, between Qualified Investors
(as defined below) (unless the Company obtains the registration referred to in article 21 of the Securities Market Law) on the regulated
securities markets after ninety (90) days from the date of each subscription or acquisition by the Professional Investor (as defined below),
except, if any, the batch of Debentures subject to a firm guarantee exercised by the Lead Coordinator, which may be traded regardless
of the term set forth herein, however, (i) the acquirer of the Debentures subscribed by the Lead Coordinator, in the subsequent trading,
must comply with the restriction on trading of ninety (90) days mentioned above, counted from the date of the exercise of the firm guarantee and the
other applicable legal and regulatory provisions, and (ii) the Lead Coordinator must comply with the limits and conditions provided for
in articles 2 and 3 of CVM Instruction 476 and other applicable legal and regulatory provisions, and the Issuer must also comply
with the obligations set forth in article 17 of CVM Instruction 476.

     
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		3.	CORPORATE PURPOSE OF THE ISSUER

 

		3.1.	The Company is engaged in: (i) Implement, expand,
operate and provide any type of electronic communications services and their respective contents, in accordance with applicable legislation;
(ii) Build, manage, deploy, execute, operate, provide maintenance services, or sell infrastructure for its own and/or third-party use;
(iii) Sell goods and/or products, provide services, develop activities and practice any acts and/or legal transactions related, directly
or indirectly, or that are complementary, associated, or linked to the services and activities provided for within the scope of the corporate
purpose of the Company; and

(iv) Hold interests in the capital of other business
or non-business companies. Without prejudice to the development of new services or activities, the Company may, among other activities:
(a) Trade, rent, lend for use, provide installation and/or maintenance services for the goods and/or products necessary or useful for
the provision of services included in its corporate purpose, such as telephone sets, electronics, computers, and related technology, their
accessories and spare parts; (b) Promote and carry out the import and export of goods and services necessary or useful for the execution
of activities included in its purpose; (c) Provide administrative, consulting, advisory, and planning services; (d) Provide services and/or
develop activities related to the internet of things, artificial intelligence and the like; (e) Provide services in the areas of information
technology and the internet, such as licensing services or assignment of the right to use computer programs, technical support services
in information technology, including installation, configuration, development, and maintenance of programs, computer systems and databases,
and data processing services; (f) Provide information security, monitoring and georeferencing services;

(g) Provide marketing and support services to
own or third-party marketing and advertising campaigns, including the activities of preparing and sending offers, advertising, and publicity
materials to customers, through any physical or virtual means; (h) Provide mercantile representation and insurance representation services;
(i) Provide services to financial institutions, including correspondent banking, in accordance with legislation, including, but not limited
to: (1) receiving and forwarding proposals for opening demand, term, and savings accounts held by the contracting institution; (2) receiving
and forwarding proposals for credit and leasing operations granted by the contracting institution, as well as other services provided
to monitor the operation; and (3) receiving and forwarding proposals for the supply of credit cards under the responsibility of the contracting
institution; (j) Buy, sell, or provide, through any means of electronic communication, digital goods and products, such as electronic
books, audiobooks, newspapers, journals, and the like; (k) Carry out registration information management
and collection activities; and (l) Carry out other activities similar or correlated to those described in the previous items.

     
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		4.	ALLOCATION OF FUNDS

 

		4.1.	Pursuant to article 2, paragraph 1, of
Law 12431, as well as Decree 8874, and CMN Resolution 3947, the funds obtained by the Issuer through the full payment of
the Debentures will be used exclusively to finance the implementation, expansion, maintenance, recovery, adaptation and/or modernization
of the transportation network, fixed and mobile access network, data center, machine-to-machine communication network, 5G or higher network
and infrastructure for telecommunication network virtualization, improving the quality and availability of the services offered (“Project”),
pursuant to the following table:

 

	Project
	Purpose	
    Implement, expand, maintain, recover, adapt and/or
    modernize transportation network, fixed and mobile access network, data center, machine-to-machine communication network, 5G or higher
    network, and infrastructure for telecommunication network virtualization, improving the

    quality and availability of the services offered.

	Start-up date	01/01/2020
	Project Construction Completion Date	12/31/2023
	Current Project Phase	in progress
	Volume of financial resources needed to carry out the Project	
     

    R$ 9,588,678,443.28

	Amount of Debentures that will be allocated to the Project	
     

    R$ 1,600,000,000.00

	Allocation of funds to be raised through Debentures	
     

    R$ 1,600,000,000.00

	
    Percentage of the financial resources needed
    for the Project from the

    Debentures
	
     

    Approximately 16.7%

 

4.2.        
The Issuer shall send to the Fiduciary Agent a statement on letterhead and signed by a legal representative,
attesting the evidence of the effective destination of the funds of this Issue, and such statement must be sent on April 30th
each year, until the evidence of the effective destination of all the resources or until the Due Date, whichever occurs first, and the
Fiduciary Agent may request to the Issuer all eventual clarifications and additional documents that may be necessary.

     
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		5.	OFFER'S CHARACTERISTICS

 

		5.1.	Placement and Distribution Procedure.

 

		5.1.1.	The Debentures will be subject to a public offering
for distribution with restricted efforts, pursuant to the Securities Market Law, CVM Instruction 476, and other applicable legal
and regulatory provisions, and pursuant to the Distribution Agreement, with the intermediation of the Lead Coordinator, under the regime
of firm placement guarantee for all the Debentures, targeting exclusively Professional Investors.

 

		5.1.2.	The Lead Coordinator may access up to a maximum
of 75 (seventy-five) Professional Investors, being possible the subscription or acquisition of the Debentures by a maximum of 50 (fifty)
Professional Investors, pursuant to article 3 of CVM Instruction 476.

 

		5.1.3.	Investment funds and managed securities portfolios
whose investment decisions are taken by the same manager will be considered as a single investor for the purposes of the limits provided
for in Clause 5.1.2 above, as provided for in article 3, paragraph 1, of CVM Instruction 476.

 

		5.1.4.	Pursuant to CVM Resolution 30, of May 11, 2021,
as amended (“CVM Resolution 30”) and for the purposes of the Offering, the following will be considered:

 

		(a)	“Professional Investors”: (i)
financial institutions and other institutions authorized to operate by the Central Bank of Brazil; (ii) insurance companies and capitalization
companies; (iii) open and closed supplementary pension entities; (iv) individuals or legal entities that have financial investments in
an amount greater than R$ 10,000,000.00 (ten million reais) and that, in addition, certify in writing their status as a professional
investor by means of their own term, in accordance with Annex A of CVM Resolution 30; (v) investment funds; (vi) investment
clubs, provided that their portfolio is managed by a securities portfolio manager authorized by the CVM; (vii) autonomous investment agents,
portfolio managers, analysts, and marketable securities consultants authorized by the CVM, in relation to their own resources; and (viii)
non-resident investors; and

     
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		(b)	“Qualified Investors”: (i) Professional
Investors; (ii) individuals or legal entities that have financial investments in an amount greater than R$ 1,000,000.00 (one million
reais) and that, in addition, certify in writing their status of a qualified investor by means of their own term, in accordance with Annex B
of CVM Resolution 30; (iii) individuals who have passed technical qualification exams or hold certifications approved by the CVM
as requirements for the registration of autonomous investment agents, portfolio managers, analysts, and marketable securities consultants,
in relation to their own resources; and (iv) investment clubs, provided that their
portfolio is managed by one or more shareholders, who are qualified investors.

 

5.1.4.1. The specific
social security systems established by the Federal Government, States, Federal District, or Municipalities are considered Professional
Investors or Qualified Investors only if recognized as such according to specific regulations of the Special Social Security and Labor
Department of the Ministry of Finance.

 

		5.1.5.	Partial Distribution. Partial distribution will not be accepted.

 

		5.2.	Settlement Bank and Bookkeeping Agent.
The institution providing the Debentures settlement agent services will be Banco Bradesco S.A., a financial institution headquartered
in the City of Osasco, São Paulo, in the administrative center “Cidade de Deus”, s/n, Vila Yara, enrolled in the CNPJ
[EIN] 60.746.948/0001-12 (“Settlement Bank”, whose definition includes any other institution that will succeed the
Settlement Bank in the provision of services related to the Debentures and “Bookkeeping Agent”, whose definition includes
any other institution that may succeed the Bookkeeping Agent in the provision of services related to the Debentures, respectively).

 

		5.3.	Term and Form of Subscription and Payment and
Price of Payment. The Debentures will be subscribed and paid-up through the MDA, and the distribution will be financially settled
through B3 by a maximum of 50 (fifty) Professional Investors, in cash, in national currency, at the time of subscription, at the Unit
Nominal Value. For the purposes of this Deed of Issue, the “First Payment Date” will be considered the date of the
first subscription and payment of the Debentures. If the Debentures are paid in on more than one date, the subscription price for the
respective Debentures that were paid in after the First Payment Date will be the Unit Nominal Value plus the respective Compensatory Interest
(as defined below) and the Monetary Adjustment of the Debentures (as defined below), calculated pro rata temporis from the First
Payment Date of the respective Debentures to the date of their effective payment (“Payment Price”).

 

		6.	CHARACTERISTICS OF THE ISSUE AND DEBENTURES

 

		6.1.	Issue Number. This Issue contemplates the 2nd
(second) issue of debentures of the Issuer, which will be subject to public distribution with restricted
efforts, pursuant to CVM Instruction 476.

     
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		6.2.	Series. The Issue will be carried out in a single series.

 

		6.3.	Issue amount. The total amount of the
Issue will be R$ 1,600,000,000.00 (one billion, six hundred million reais), on the Issue Date (as defined below) (“Total
Issue Amount”).

 

		6.4.	Quantity. One million, six hundred thousand (1,600,000) Debentures
will be issued.

 

		6.5.	Unit nominal value. The Debentures will
have a unit nominal value of R$ 1,000.00 (one thousand reais), on the Issue Date (“Unit Nominal Value”).

 

		6.6.	Type and form. The Debentures will
be issued in registered, book-entry form, without the issue of certificates.

 

		6.7.	Proof of Debenture Ownership. For all
legal purposes, ownership of the Debentures will be evidenced by the statement issued by the Bookkeeping Agent, and, additionally, with
regard to the Debentures that are electronically held in custody in B3, it will be evidenced by the statement issued by B3 on behalf of
the Debentureholders.

 

		6.8.	Convertibility and Exchangeability.
The Debentures will be simple, not convertible into shares issued by the Issuer nor exchangeable into shares of another company.

 

		6.9.	Type. The Debentures will be unsecured,
pursuant to article 58 of the Brazilian Corporation Law.

 

		6.10.	Issue date. For all legal purposes,
the issue date of the Debentures will be June 15, 2021 (“Issue Date”).

 

		6.11.	Term and Maturity Date. Except in cases
of Mandatory Early Redemption (as defined below), Early Redemption Offering (as defined below), Optional Acquisition (as defined below)
with the total cancellation of the debentures and/or early maturity of the obligations under the Debentures, the Debentures will have
a maturity of 7 (seven) years from the Issue Date, therefore expiring on June 15, 2028 (“Due Date”), pursuant to this
Deed of Issue and applicable legislation and regulations and Law 12431 and CMN regulations.

 

		6.12.	ESG (Environmental, Social and Corporate Governance)
Principles. As described and exemplified in greater detail in Annex III to this Deed of Issue, the Debentures will have an
ESG component that will allow their classification as sustainability-linked, in accordance with the principles established by the International
Capital Markets Association (“ICMA”).

     
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		6.13.	Inflation adjustment. The Debentures
will have their Unit Nominal Value or the balance of the Unit Par Value, as the case may be, adjusted for inflation (“Inflation
Adjustment of Debentures”) from the First Date of Payment of the Debentures until the full settlement of the Debentures, based
on the variation of the Brazilian Extended Consumer Price Index calculated and disclosed by the Brazilian Institute of Geography and Statistics
- IBGE (“IPCA”), calculated on a pro rata temporis basis per Business Day, based on 252 (two hundred and fifty-two)
Business Days, and the result of the Inflation Adjustment of Debentures will be automatically incorporated into the Unit Nominal Value
or balance of the Unit Nominal Value, as the case may be, of the Debentures (“Adjusted Nominal Value”), according to
the following formula:

 

 

VNa =
VNe  ́ C

 

Where:

VNa = Adjusted Nominal Value of the Debentures,
calculated to 8 (eight) decimal places, without rounding;

VNe = Unit Nominal Value or the balance of the Unit
Nominal Value of the Debentures, as the case may be, informed/calculated to 8 (eight) decimal places, without rounding; and

C = cumulative factor of monthly IPCA variations, calculated
to 8 (eight) decimal places, without rounding, calculated as follows:

 

Where:

 

n = total number of indexes considered in the Monetary Adjustment of
the Debentures; where “n” is an integer number;

NIK = value of
the IPCA index number for the month prior to the adjustment month, if the adjustment is on an earlier date or on the Anniversary Date
(as defined below). After the Anniversary Date, value of the adjustment month’s index number; NIK-1
= value of the IPCA index number of the month prior to month “k”;

dup = number of Business Days between the First
Date of Payment of the Debentures or the immediately preceding Anniversary Date (inclusive), as the case may be, and the calculation date
(exclusive), limited to the total number of Business Days of validity of the price index; where “dup” is an integer number;
and

dut = number of Business Days contained
between the last Anniversary Date and the next Anniversary Date; where “dut” is an integer number.

     
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Whereas:

 

		(i)	the application of the IPCA will occur in the shortest
period allowed by the legislation in force, without the need for adjustment to the Deed of Issue or any other formality;

		(ii)	the IPCA must be used considering the same number
of decimal places disclosed by the body responsible for its calculation;

		(iii)	the 15th (fifteenth) day of each month
is considered to be the anniversary date (“Anniversary Date”);

		(iv)	the monthly period between two (2) consecutive Anniversary
Dates is considered as the adjustment month;

		(v)	the factors resulting from the expression: are considered to 8 (eight) decimal places, without rounding; 

		(vi)	the result is run starting from the most recent factor,
then adding the most remote ones. Intermediate results are calculated to 16 (sixteen) decimal places, without rounding;

		(vii)	if, up to the Anniversary Date, the NIk
has not been disclosed, a projected index number, calculated based on the last available projection,
released by ANBIMA (“Projected Index Number” and “Projection”, respectively) of the IPCA percentage
variation, shall be used instead of the NIk in the calculation
of factor “C”, according to the following formula:

 

 

Where:

NIkp
= Projected Index Number of the IPCA for the adjustment month, calculated to 2 (two) decimal places, rounded off; and

Projection = Percentage variation projected by
ANBIMA for the adjustment month.

		(viii)	the Projected Index Number will be used, provisionally,
while the index number corresponding to the adjustment month has not been disclosed. However, there is no compensation due between the
Issuer and the Debentureholders upon the posterior disclosure of the IPCA that would be applicable; and

		(ix)	the IPCA index number, as well as the projections
of its variation, must be used considering the same number of decimal places disclosed by the body responsible for its calculation/assessment.

 

     
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		6.14.	IPCA unavailability. In the absence
of calculation and/or disclosure of the IPCA for a period exceeding 10 (ten) Business Days from the expected date for calculation and/or
disclosure (“IPCA Unavailability Period”) or, even, in the event of extinction or inapplicability by a legal provision
or court order of the IPCA, its legal substitute will be used. If it is not possible to use the above alternative, the Fiduciary agent
must call, within three (3) Business Days counting from the last day of the IPCA Unavailability
Period, of the extinction or inapplicability by a legal provision or court order, a General Meeting of Debentureholders (as defined below)
in the form and within the terms stipulated in article 124 of the Brazilian Corporation Law and in Clause 10 of this Deed of
Issue. This General Meeting of Debentureholders must be held to define, in agreement with the Issuer, in compliance with the applicable
regulations, the new parameter to be applied, which must comply with the applicable regulations (including, but not limited to, the requirements
set forth in paragraph 1 of article 2 of Law 12431) and should reflect parameters used in similar operations existing at
the time (“IPCA Unavailability” and “IPCA Substitute Rate”, respectively). The respective General
Meeting of Debentureholders will be held in the manner and within the terms stipulated in article 124 of the Brazilian Corporation
Law and in Clause 10 of this Deed of Issue. Until the resolution of this parameter, the last available IPCA Projection officially disclosed
will be used to calculate (i) the “C” factor of the Monetary Adjustment of the Debentures and (ii) any pecuniary obligations
related to the Debentures provided for in this Deed of Issue. There is no compensation due between the Issuer and the Debentureholders
upon deliberation of the new parameter for the Monetary Adjustment of the Debentures. If the IPCA or its legal substitutes, as the case
may be, are disclosed before the said General Meeting of Debentureholders, except in the event of its inapplicability by a legal provision
or court order, said General Meeting of Debentureholders will no longer be held, and the respective index, from the date of its validity,
will be used again for the calculation of the Monetary Adjustment of the Debentures.

 

6.14.1.    
If the IPCA is not available when calculating the Monetary Adjustment of the Debentures, the variation
corresponding to the last available IPCA Projection officially disclosed until the calculation date will be used, in its replacement,
without any financial compensation, fines, or penalties between the Issuer and the holders of the Debentures, upon the subsequent disclosure
of the IPCA that becomes available.

 

6.14.2.   
If there is no agreement on the IPCA Substitute Rate between the Issuer and the Debentureholders,
due to the absence of a quorum as established in Clause 10 below, at the General Meeting of Debentureholders referred to in Clause 6.14
above, or if the quorum for the aforementioned General Meeting of Debentureholders is not reached, (i) if permitted under the terms of
CMN Resolution 4751, of September 26, 2019, as amended (“CMN Resolution 4751”), of Law 12431 and applicable
legislation and regulations, all the Debentures must be redeemed within a period of at least thirty (30) days and, at most, 45 (forty-five)
days from the date of the respective General Meeting of Debentureholders convened for this purpose or from the date it should have taken
place, or on the Due Date of the Debentures, whichever occurs first, subject to the provisions of Clause 6.30 below and the definition
of the Redemption Discount Rate at said General Meeting of Debentureholders (as applicable) (ii) the last available IPCA Projection officially
disclosed will be used to calculate the “C” factor of the Monetary Adjustment of the Debentures, if, at the time of the aforementioned
General Meeting of Debentureholders or the date it should have taken place, the redemption of the Debentures is not allowed, pursuant
to CMN Resolution 4751, Law 12431 and applicable legislation and regulations.

     
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6.14.3.   
In any case provided for in Clause 6.14.2 above, when permitted by CMN Resolution 4751,
Law 12431, and applicable legislation and regulations, the Issuer shall carry out the Mandatory Early Redemption of the Debentures,
pursuant to Clause 6.30 below.

 

		6.15.	Remuneration interest. Compensatory
Interest (Monetary Adjustment and Compensatory Interest, together, “Compensation”), base 252 (two hundred and fifty-two)
Business Days, calculated exponentially and cumulatively pro rata temporis, will apply to the Adjusted Nominal Value of the Debentures
per Business Day elapsed, from the First Date of Payment of the Debentures or the immediately preceding Compensatory Interest payment
date, as the case may be, until the effective payment date.

 

6.15.1.   
The compensatory interest, levied on the Adjusted Nominal Value of the Debentures, in compliance
with the criteria established in clause 6.15.4 below, will correspond to a surcharge of 4.1682% per annum, based on 252 (two hundred
and fifty-two) Business Days (“Compensatory Interest”).

6.15.2.   
The “Debentures Capitalization Period” is defined as the time interval that begins
on the First Date of Payment of the Debentures (inclusive), in the case of the first Capitalization Period of the Debentures, or on the
payment date of the Compensatory Interest (inclusive), as applicable, immediately preceding, in the case of the other Capitalization Periods
of the Debentures, and ends on the payment date of the Compensatory Interest (exclusive), as applicable, corresponding to the period in
question. Each Debenture Capitalization Period succeeds the previous one without interruption until the Due Date.

 

6.15.3.     
The payment of the Compensation, as applicable, will be made by the Issuer to the Debentureholders,
in accordance with the rules and procedures of B3, considering that the Debentures are electronically held in custody in B3 at the time
of payment.

 

6.15.4.          
Reduction of Compensatory Interest. The Compensatory Interest will be automatically
reduced, without the need to amend this Deed of Issue, in the following events (“Reduction of Compensatory Interest”):

 

(i) 
If the Company (a) complies with the 4G Presence Goal (as defined in Annex III) on the
Verification Date (as defined in Annex III) and (b) proves fulfillment of the goal to the Fiduciary agent and Debentureholders,
through the submission of its Annual ESG Report (as defined in Annex III) by June 5, 2024 (“Step-Down by Evidence
of Fulfillment of the 4G Presence Goal”), there will be a reduction in Compensatory Interest by 0.125%, i.e. Compensatory Interest
changing to 4.0432% per annum, based on 252 (two hundred and fifty-two) Business Days, calculated exponentially and cumulatively pro
rata temporis per Business Days elapsed, from the beginning of the immediately subsequent Capitalization Period, i.e. from June 15,
2024 (inclusive). This Reduction of Compensatory Interest will be applied automatically, without the need to amend this Deed of Issue,
and the Fiduciary agent must notify B3 within three (3) Business Days from the receipt of the Annual ESG Report and no later than 11 June
2024. Compensatory Interest incurred up to June 15, 2024 (exclusive) based on the surcharge previously in effect must be paid on June
15, 2024; and

     
	12 

    	 

 

    

 

 

(ii) 
If the Company (a) complies with the Eco-efficiency Goal (as defined in Annex III) on
the Verification Date (as defined in Annex III), and (b) proves fulfillment of the goal to the Fiduciary agent and Debentureholders,
through the submission of its Annual ESG Report (as defined in Annex III) by June 5, 2026 (“Step-Down by Evidence
of Fulfillment of the Eco-efficiency Goal”), there will be a reduction in the Compensatory Interest then in effect by 0.125%
per annum, i.e. (a) changing the Compensatory Interest to 3.9182% per annum, based on two hundred and fifty-two (252) Business
Days, calculated exponentially and cumulatively pro rata temporis per Business Days elapsed, if the Step-Down by Evidence of Fulfillment
of the 4G Presence Goal has occurred or (b) changing the Compensatory Interest to 4.0432% per annum, based on 252 (two hundred
and fifty-two) Business Days, calculated exponentially and cumulatively pro rata temporis per Business Days elapsed, if the Step-Down
by Evidence of Fulfillment of the 4G Presence Goal has not occurred; from the beginning of the immediately subsequent Capitalization Period,
i.e. from June 15, 2026 (inclusive). This Reduction in Compensatory Interest will be applied automatically, without the need to amend
this Deed of Issue, and the Fiduciary agent must notify B3 within

three (3) Business Days from the receipt of the
Annual ESG Report indicated above and, no later than June 10, 2026. Compensatory Interest incurred up to June 15, 2026 (exclusive) based
on the surcharge previously in effect must be paid on June 15, 2026.

 

6.15.4.1. Without prejudice to the provisions of
Clause 6.15.4 above, the Issuer shall comply with the terms and conditions indicated in Annex III of this Deed of Issue
to be entitled to the Reduction of Compensatory Interest. Reductions may be applied cumulatively or alternately, subject to fulfillment
of applicable goals. In any case, the maximum reduction in Compensatory Interest will be 0.25% (twenty-five hundredths percent).

 

		6.15.4.2	Furthermore, for clarification purposes: (i) if none of the events indicated
in Clause

6.15.4 above is verified or (ii) if the information
is not provided to the Fiduciary agent within the agreed period, no Reduction of Compensatory Interest will be applied.

 

6.15.4.3     
The Issuer shall prepare a notice to the Debentureholders, with a copy to the Fiduciary agent available
on the Issuer’s investor relations website, on the Reduction of Compensatory Interest valid for the subsequent Capitalization Period,
regardless of any additional formality or amendment to this Deed of Issue, within the periods provided for in this Clause.

 

6.15.4.4       
The Parties hereby agree that the Fiduciary agent will be limited to monitoring the fulfillment of
the 4G Presence Goal and the Eco-Efficiency Goal (as described in Annex III) through the information provided in the Annual
ESG Report, as verified by an External Verifier (as defined
in Annex III). The Fiduciary agent shall not be responsible for verifying the sufficiency, validity, quality, veracity, or
completeness of the technical and financial information contained in the Annual ESG Report, or in any other document sent to them in order
to complement, clarify, rectify or ratify information from the aforementioned Annual ESG Report.

     
	13 

    	 

 

    

 

 

6.15.4.5       
Within up to three (3) Business Days from the receipt of the Annual ESG Report, the Fiduciary agent
shall notify the Bookkeeping Agent, the Settlement Bank, and B3, with a copy to the Issuer, about the Reduction of Compensatory Interest,
regardless of any additional formality or amendment to this Deed of Issue.

.

 

		6.15.5.	Compensation will be calculated according to the following formula:

 

J = VNa x (Spread factor – 1)

where:

 

J =       unit
value of the Compensatory Interest of the Debentures due at the end of the Capitalization Period of the Debentures (as defined below),
calculated to 8 (eight) decimal places, without rounding.

 

VNa =Adjusted Nominal Value of the Debentures,
calculated to 8 (eight) decimal places, without rounding;

 

Spread factor =Fixed Spread Factor calculated
to 9 (nine) decimal places, with rounding, calculated as follows:

where:

 

Spread = 4.1682 (except for the Reduction of Compensatory
Interest rules under the terms of Clause 6.15.1.2. above).

 

n = number of Business Days between the First Payment Date
(or the respective immediately preceding Compensatory Interest Payment Date, as the case may be), and the calculation date; where “n”
is an integer number

 

		6.16.	Payment of Compensatory Interest. Without
prejudice to payments as a result of Mandatory Early Redemption, Early Redemption Offering, Optional Acquisition, and/or early maturity
of the obligations under the Debentures, pursuant to this Deed of Issue, the payment of Compensatory Interest
will be made every six months, as of the Issue Date, with the first payment due on December 15, 2021, and the other payments always due
on the 15th (fifteenth) day of the months of June and December each year, until the Due Date (each date, a “Compensatory
Interest Payment Date”).

     
	14 

    	 

 

    

 

 

		6.17.	Amortization of the Unit Nominal Value.
Without prejudice to payments as a result of Mandatory Early Redemption, Early Redemption Offering, Optional Acquisition, and/or early
maturity of the obligations under the Debentures, under the terms set forth in this Deed of Issue, the Unit Nominal Value of the Debentures
will be amortized in annual and successive installments plus their respective and proportional Monetary Adjustment, from the 5th
(fifth) year, always on the 15th day of June, with the first amortization due on June 15, 2026, and the last amortization due
on the Due Date of the Debentures, as shown in the table below:

 

	INSTALLMENT	AMORTIZATION DATE	
    PERCENTAGE
    OF AMORTIZATION OF
    THE UNIT NOMINAL VALUE

    AMORTIZED

	1.	June 15, 2026	33.3333%
	2.	June 15, 2027	33.3333%
	3.	Maturity	33.3334%

 

		6.18.	Late-payment charges. Without prejudice
to the provisions of Clause 7 below, in the event of failure to pay any amount due by the Issuer to the Debentureholders under the
terms of this Deed of Issue, in addition to the payment of Compensatory Interest, which will continue to be calculated pro rata temporis,
from the date of default to the date of effective payment, on any and all amounts in arrears, the following will apply, regardless of
notice, notification or judicial or extrajudicial interpellation, (i) late-payment interest of 0.5% (five-tenths percent) per month or
fraction of a month, calculated pro rata temporis from the date of default to the date of actual payment; and (ii) late-payment
and non-compensatory fine of 1% (one percent), subject to the respective cross-default deadlines, until the date of effective payment
(“Late-Payment Charges”).

 

		6.19.	Place of payment. The payments to which
the Debentures are entitled will be made by the Issuer on the day of their respective maturity, through B3, as the Debentures are electronically
held in custody in B3, and in compliance with its procedures, or through the Debenture Bookkeeping Agent for holders of Debentures that
are not electronically held in custody in B3.

     
	15 

    	 

 

    

 

		6.20.	Extension of Terms. The terms referring
to the payment of any obligation until the 1st (first) subsequent Business Day will be considered extended, if the due date
coincides with a day on which there is no banking service at the place of payment of the Debentures, except for cases in which payments
must be carried out through B3, in which case there will only be an extension when the payment date coincides with a declared national
holiday, Saturday or Sunday or any day when B3 is not open.

 

		6.21.	Except as otherwise expressly provided for in this
Deed of Issue, “Business Day(s)” means (i) with respect to any obligation performed through B3, including for calculation
purposes, (i.1) any day other than a Saturday, Sunday or a declared national holiday; and (ii) with respect to any obligation that is
not performed through B3, any day on which commercial banks are open in the City of Rio de Janeiro, State of Rio de Janeiro or in the
City of São Paulo, State of São Paulo.

 

		6.22.	Right to Receive Payments. Those who
are Debentureholders at the close of the Business Day immediately prior to the respective payment date will be entitled to receive any
amount due to Debentureholders under the terms of this Deed of Issue.

 

		6.23.	Advertising. All acts and decisions
relating exclusively to the Issue and/or the Debentures that, in any way, may involve, directly or indirectly, the interests of the Debentureholders,
must be published in the form of a “Notice to Debentureholders” in the following newspapers of major circulation: (i) DOERJ;
and (ii) newspaper “Valor Econômico” (“Disclosure Newspapers”), pursuant to article 62, item I,
of the Brazilian Corporation Law, used by the Issuer to carry out the publications ordered by the Brazilian Corporation Law, and if the
Issuer changes its Disclosure Newspaper after the Issue Date, it must send a notification to the Fiduciary agent informing the new vehicle.

 

		6.24.	Tax Treatment of Debentures

 

		6.24.1.	The Debentures are entitled to the tax treatment provided for in article 2
of Law 12431.

 

		6.24.2.	If any Debentureholder has tax treatment different from that provided for in Law 12431,
they must forward to the Settlement Bank, at least 10 (ten) Business Days before the date scheduled for receipt of amounts related to
the Debentures, documentation proving such tax immunity or exemption, which will be evaluated by the Settlement Bank and may or may not
be deemed appropriate by the Settlement Bank, under penalty of having the amounts due under the terms of the tax legislation in force
deducted from the income, as if it were not immune or entitled to tax exemption. The Debentureholder that has presented documentation
proving its tax immunity or exemption status must communicate this fact, in detail and in writing, to the Settlement Bank, as well as
provide any additional information in relation to the subject that is requested by the Settlement Bank or by the Issuer.

     
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6.24.3.          
Additionally, pursuant to paragraph 8, article 1 of Law 12431, if the Issuer does
not use the funds raised through the Debentures as provided for in Clause

4.1 of this Deed of Issue, it will be responsible
for the fine to be paid under the terms of said Law, equivalent to 20% (twenty percent) of the value of the resources not allocated to
the Project.

 

6.24.4.          
Without prejudice to the fine mentioned in Clause 6.24.3 above, under the terms of Law 12,431,
the income generated by the Debentures is subject to the reduced rate of income tax even if there is a hypothesis of non-allocation of
the funds raised in the Offering as provided for in Clause 4.1 of this Deed of Issue.

 

6.24.5.          
Without prejudice to the provisions above, if, at any time during the term of this Issuance and until
the Due Date, the loss of the tax benefit provided for in Law 12431 occurs and/or a law is enacted determining the levy of withholding
income tax on the Compensatory Interest due to the Debentureholders at rates higher than those in force on the this date, the Issuer shall
(i) as long as permitted under the terms of CMN Resolution 4751, of Law 12431 and the applicable legislation and regulation,
regardless of any procedure or approval, perform the Mandatory Early Redemption of all of the Debentures, under the terms of Clause 6.30
below, and (ii) in the event the early redemption of all of the Debentures is not permitted or until the Mandatory Early Redemption of
all of the Debentures is completed, it shall add to the payments of the Compensatory Interest of the Debentures additional amounts sufficient
for the Debentureholders to receive such payments as if the withholding income tax were levied at the rates in force on the date of execution
of this Deed of Issue (gross up), and the payment of such accrual shall be made outside the B3 environment, and it must perform the Mandatory
Early Redemption of all of the Debentures as soon as permitted under CMN Resolution 4751, Law 12431 and applicable laws and
regulations, regardless of any procedure or approval.

 

		6.25.	Risk rating

 

6.25.1.          
No risk rating agency will be hired within the scope of the Offering to assign a rating to the Debentures.

 

		6.26.	Preference Right. There will be no
preemptive right for the subscription of the Debentures by the Issuer’s current shareholders.

 

		6.27.	Expiration of Accrual Rights. The non-attendance
of the Debentureholder to receive the amount corresponding to any pecuniary obligations on the dates provided for in this Deed of Issue
or in any communication made or notice published under the terms of this Deed of Issue will not entitle them to any increase in the period
related to the delay in receiving, however, the rights acquired up to the date of maturity or payment are assured, in the event of late
payment.

     
	17 

    	 

 

    

 

		6.28.	Scheduled Renegotiation. The Debentures
of this Issue will not be subject to scheduled renegotiation.

 

		6.29.	Total optional early redemption. The
Debentures will not be subject to optional early redemption, in whole or in part.

 

		6.30.	Mandatory Early Redemption of Debentures.
The Issuer shall carry out the mandatory early redemption of all the Debentures, with partial early redemption being prohibited, in compliance
with the terms of CMN Resolution 4751, Law 12431 and applicable legislation and regulations, in the event of IPCA Unavailability,
pursuant to Clauses 6.14.2 and 6.14.3 above, and Clause 6.24.5 above, with the cancellation, by the Issuer, of the Debentures
that have been subject to early redemption (“Mandatory Early Redemption”).

 

6.30.1.   
The Mandatory Early Redemption will be carried out through the publication of an announcement to
be widely publicized under the terms of Clause 6.23 above, or by sending a notice to the Debentureholders, as the case may be, with
a copy to the Fiduciary agent, with at least thirty (30) days and, at most, 45 (forty-five) days in advance of the date planned for the
Mandatory Early Redemption, which must indicate: (i) the effective date for the Mandatory Early Redemption of the Debentures and payment
to the Debentureholders, which must be on a Business Day; and (ii) other information necessary to carry out the Mandatory Early Redemption.

 

6.30.2.   
The amount to be paid by the Issuer in relation to each of the Debentures within the scope of the
Mandatory Early Redemption will be equivalent to the highest amount between:

 

		(i)	the Adjusted Nominal Value of the Debentures, plus
the Compensatory Interest, calculated pro rata temporis from the First Date of Payment of the Debentures or the immediately preceding
Date of Payment of the Compensatory Interest of the Debentures, as the case may be (inclusive) until the date of their effective payment
(exclusively), the Late-Payment Charges and any pecuniary obligations and other accruals referring to the Debentures, if any;

 

		(ii)	the present value of the remaining installments
of amortization payment of the Adjusted Nominal Value of the Debentures and the Compensatory Interest of the Debentures, using as (i)
discount rate the coupon of the Treasury IPCA+ bond with Semiannual Interest (NTN-B), with duration closest to the remaining duration
of the Debentures, calculated according to the formula below, plus the Late-Payment Charges and any pecuniary obligations and other accruals
referring to the Debentures, if any:

 

 

 

     
	18 

    	 

 

    

 

VP = sum of the present value of the Debentures
payment installments; C = as defined and calculated in Clause 6.13 above;

n = total number of payment events to be performed
for the Debentures; where “n” is an integer number;

VNEk = unit value of each of the “k” amounts
due of the Debentures, and the value of each installment “k” is equivalent to the payment of the Compensatory Interest of
the Debentures and/or the amortization of the Adjusted Nominal Value of the Debentures;

FVPk = present value factor, calculated according to
the following formula, calculated to 9 (nine) decimal places, with rounding:

 

 

FVPk = {[(1 + TESOUROIPCA)252]}

 

TESOUROIPCA = Treasury IPCA+ bond coupon with
Semiannual Interest (NTN-B), with duration closest to the remaining duration of the Debentures less the discount rate to be defined in
agreement with the Debentureholders, provided that, if there is no agreement or if the Issuer chooses not to submit the claim to the General
Meeting of Debentureholders, it will be reduced by 0.10% (“Redemption Discount Rate”); and

 

nk = number of Business Days between the date of the Mandatory Early Redemption
of the Debentures and the scheduled due date of each installment “k” falling due.

 

6.30.3.   
The payment of the Debentures to be redeemed in full in advance through the Mandatory Early Redemption
of the Debentures will be carried out by the Issuer (i) through the procedures adopted by B3, as the case may be, for the Debentures electronically
held in custody in B3; or (ii) by means of a deposit in checking accounts indicated by the Debentureholders, to be made by the Bookkeeping
Agent, in the case of Debentures that are not electronically held in custody in B3.

 

6.30.4.   
B3 must be notified by the Issuer of the Mandatory Early Redemption of the Debentures at least three
(3) Business Days in advance of the effective Mandatory Early Redemption of the Debentures.

 

		6.31.	Debenture Early Redemption Offering

 

6.31.1.      
The Issuer may, at its sole discretion, carry out an optional offering for the early redemption of
all of the Debentures, in compliance with the provisions of article 1, paragraph 1, item II, of Law 12431, the terms
of Resolution CMN 4751 and the applicable legislation and regulations, which will be addressed to all Debentureholders, without distinction,
ensuring equal conditions for all Debentureholders to accept or not the early redemption of the Debentures hold by them (“Early
Redemption Offering”), as described in the clauses below.

     
	19 

    	 

 

    

 

6.31.2.      
The Issuer will carry out the Early Redemption Offering by publishing an advertisement to be widely
publicized pursuant to Clause 6.23. above, or sending a notice to all Debentureholders, with a copy to the Fiduciary agent, which
must describe the terms and conditions of the Early Redemption Offering, including: (i) the form of manifestation, to the Issuer, by the
Debentureholder who accepts the Early Redemption Offering; (ii) the effective date for early redemption of the Debentures and payment
to Debentureholders, which must be on a Business Day; (iii) information on the payment or not, to the Debentureholders, at the sole discretion
of the Issuer, of a premium for those who adhere to the Early Redemption Offering, which cannot be negative; and (iv) other information
necessary for the decision-making and operation by the Debentureholders (“Early Redemption Offering Notice”).

 

6.31.3.      
After the publication or communication of the terms of the Early Redemption Offering, all Debentureholders
who choose to adhere to said offering shall communicate directly to the Issuer, with a copy to the Fiduciary agent, within the period
established in the Early Redemption Offering Notice. At the end of this period, the Issuer will have the period established in the Early
Redemption Offering Notice to proceed with the settlement of the Early Redemption Offering, except in cases in which, exclusively for
operational reasons, the settlement of all the Debentures subject to the Optional Early Redemption Offering must occur on different dates.

 

6.31.4.      
The amount to be paid to Debentureholders within the scope of the Early Redemption Offering will
be equivalent to the Adjusted Nominal Value of the Debentures plus the Compensatory Interest, calculated pro rata temporis, as
of the First Date of Payment of the Debentures or the immediately preceding Date of Payment of the Compensatory Interest of the Debentures,
as the case may be (inclusive), until the date of their effective payment (exclusive), and any premium offered by the Issuer or regulated
by the CMN.

 

6.31.5.      
Case (a) for the Debentures that are electronically held in custody in B3, the early redemption of
the Debentures must take place in accordance with the operating procedures provided for by B3; or (b) for the Debentures that are not
electronically held in custody in the B3 environment, the early redemption of the Debentures shall occur in accordance with the operating
procedures provided for by the Bookkeeping Agent, as the case may be, by means of a deposit in checking accounts indicated by the Debentureholders
to be carried out by the Settlement Bank.

 

6.31.6.      
B3 must be notified at least three (3) Business Days in advance of the date of payment of the Early
Redemption Offering, by the Issuer.

 

6.31.7.      
The redeemed Debentures, pursuant to this Clause 6.31, shall be canceled, in the latter case
following the terms of article 1, paragraph 1, item II, of Law 12431, as regulated by the CMN.

 

		6.32.	Optional Early Amortization. The Issuer will not be allowed to
carry out Optional extraordinary amortization of the Debentures.

     
	20 

    	 

 

    

 

 

		6.33.	Optional Acquisition. After the first
2 (two) years from the Issue Date (or shorter-term that may be authorized by applicable legislation or regulations) have elapsed, the
Issuer may, at its sole discretion, acquire the Debentures, pursuant to items I and II of paragraph 1 of article 1 of Law 12431
(“Optional Acquisition”).

 

6.33.1.          
The Issuer may acquire the Debentures, in compliance with the provisions of article 55, paragraph 3,
of the Brazilian Corporation Law, for an amount equal to or less than the Adjusted Nominal Value of the Debentures. This fact must be
included in the management report and in the Issuer’s financial statements, or for an amount greater than the Adjusted Nominal Value
of the Debentures, provided that the provisions of CVM Instruction 620, of March 17, 2020, as amended (“CVM Instruction 620”)
are followed.

 

6.33.2.          
Subject to the provisions of Law 12431, the rules issued by the CMN and the applicable regulations,
the Debentures acquired by the Issuer may, at the Issuer’s discretion: (i) be cancelled, as long as it is legally permitted; (ii)
remain in treasury; or (iii) be placed on the market again. The Debentures acquired by the Issuer to be held in treasury under the terms
of this Clause 6.33, if and when placed back on the market, will be entitled to the same Compensatory Interest applicable to the
other Debentures, as the case may be.

 

6.33.3.          
If the Issuer wishes to acquire the Debentures for an amount greater than the Adjusted Nominal Value
of the Debentures, it must previously notify the Fiduciary agent and the Debentureholders of its acquisition intention, providing the
following minimum information: (i) date intended for the acquisition (which must comply with the interval of at least 16 (sixteen) and
at most 31 (thirty-one) days from the date of communication); (ii) issue and series to be acquired; (iii) amount of Debentures that it
intends to acquire (minimum, fixed, or maximum amount, indicating whether the offering will remain valid if the amount indicated in the
disposal statements received from the Debentureholders is lower than the intended amount and what treatment will be given if the statements
indicate a number of debentures greater than the object of acquisition); (iv) settlement date and eventual conditions; (v) destination
of the acquired Debentures; (vi) maximum acquisition price, detailing what refers to the Unit Nominal Value, monetary adjustment (if applicable),
and acquisition premium; (vii) term of manifestation to the holders of the Debentures, which cannot be less than 15 (fifteen) days from
the date of communication; and (viii) other information considered relevant by the Issuer, in compliance with the exemption contained
in article 9, paragraph 12, of CVM Instruction 620.

 

6.33.4.          
The Debentureholders who opt for the sale of their respective Debentures within the scope of the
Optional Acquisition must manifest, under the terms of the notice of Optional Acquisition, to the Issuer, within 15 (fifteen) days from
the sending of the notice of Optional Acquisition. At the end of this period, the Issuer will have up to 2 (two) Business Days to proceed,
at its sole discretion, with the Optional Acquisition, provided that all Debentures subject to the Optional Acquisition will be canceled
on the same date.

     
	21 

    	 

 

    

 

 

6.33.5.          
In the event that the adhesion by the Debentureholders exceeds the amount available by the Issuer
for carrying out the Optional Acquisition, the Debentureholders who choose to sell their respective Debentures will have their Debentures
acquired in proportion to the number of Debentures offered by them for Optional Acquisition.

 

6.33.6.          
For Debentures held in custody in B3, in the case of Optional Acquisition, the B3 procedure will
be followed for the operation and payment of the Debentures subject to such Optional Acquisition, provided that each Debentureholder that
has indicated an interest in selling their debentures must have at least 1 (one) Debenture acquired by the Issuer.

 

		7.	EARLY MATURITY

 

		7.1.	Automatic Early Maturity. The Fiduciary
agent shall consider all obligations under this Deed of Issue to have expired in advance, regardless of notice, notification, or judicial
or extrajudicial interpellation, and demand the immediate payment, by the Issuer, of the Adjusted Nominal Value, plus the Compensatory
Interest, calculated pro rata temporis from the First Payment Date or from the immediately preceding Date of Payment of the Compensatory
Interest, as the case may be, until the date of its effective payment, in addition to the Late-Payment Charges and any other amounts eventually
due by the Issuer in the event of any of the following events (each event, an “Automatic Early Maturity Event”):

 

		a)	corporate transformation of the Company pursuant
to articles 220 and 222 of the Brazilian Corporation Law;

 

		b)	Company’s bankruptcy filing based on debt
in an amount, individually or jointly, greater than R$ 100,000,000.00 (one hundred million reais); this amount is updated annually,
as of the Issue Date, by the accumulated variation of the IPCA, and which has not been suspended or canceled within the legal term, adjudication
of bankruptcy of the Company or request for self-bankruptcy by the Company;

 

		c)	proposed by the Company and any creditor or creditor
class of a judicial or extra-judicial recovery plan, irrespective of having been requested or judicial ratification obtained;

 

		d)	request by the Company for judicial reorganization,
regardless of the granting of the reorganization processing or its concession by the competent judge;

 

		e)	early maturity or default of any pecuniary obligation
of the Company arising from default in the obligation to pay any individual or aggregate amount greater than R$ 150,000,000.00 (one
hundred and fifty million reais), this amount being updated annually, from the Date of Issue, by the accumulated IPCA variation;

     
	22 

    	 

 

    

 

 

		f)	distribution of dividends, payment of interest on
shareholders’ equity or any other payments to its shareholders, in case the Company is undergoing an event of early maturity of
the Debentures, except, however, the payment of the mandatory minimum dividend provided for in article 202 the Brazilian Corporation
Law;

 

		g)	failure by the Company to comply with any pecuniary
obligations assumed in this Deed of Issue, provided that it is not remedied within 2 (two) Business Days of said payment date; and/or

 

		h)	invalidity, nullity or unenforceability of this
Deed of Issue, as declared by any final court decision that has become final.

 

		7.1.1.	The occurrence of any Automatic Early Maturity Event
above will result in the automatic early maturity of the Debentures, regardless of any judicial or extrajudicial notice or notification,
and the Fiduciary agent, within one (1) Business Day from the knowledge of the occurrence of said events, must issue and send to the Issuer
a notification informing the early maturity of all obligations under the Debentures and demand payment of what is due, outside the scope
of B3.

 

		7.1.2.	If the payment of all the Debentures provided for
in Clause 7.1.1 above is made through B3, the Issuer shall notify B3, by means of correspondence together with the Fiduciary agent,
about such payment, at least three (3) Business Days in advance of the date stipulated to be made.

 

		7.2.	Non-Automatic Early Maturity. The
Fiduciary agent shall, within 5 (five) Business Days from the date on which it becomes aware of the occurrence of any of the events listed
below, call a General Meeting to resolve the non-declaration of the early maturity of the Debentures, in compliance with the provisions
of Clause 10 below, including the provisions relating to the procedures of convening and quorums of the General Meeting (each event
a “Non-Automatic Early Maturity Event” and, together with Automatic Early Maturity Events, “Early Maturity
Events”):

 

		a)	modification or change in the Company’s shareholding
control that may result in Telecom Itália S.p.A.’s loss of its direct or indirect shareholding control;

 

		b)	liquidation, dissolution, spin-off, merger, takeover,
merger of shares or any form of corporate reorganization directly involving the Company (“Corporate Reorganization”),
unless the resulting company and/or the successor company remains under the direct or indirect control of Telecom Itália S.p.A
and provided that said Corporate Reorganization does not materially affect the Company’s (or its successor) to fulfill the obligations arising from the Issue;

     
	23 

    	 

 

    

 

 

		c)	protests of securities against the Company, which
are not remedied or declared illegitimate within a period of thirty (30) days, whose amount, individually or jointly, exceeds R$ 300,000,000.00
(three hundred million reais), updated annually, as of the Issue Date, by the accumulated IPCA variation, except for the protest made
by a third-party error or bad faith, provided that it is duly proven by the Company within the period established in this item;

 

		d)	reduction of the Company’s share capital, except
for the absorption of losses, under the terms of the law;

 

		e)	failure by the Company to comply with any and all
non-monetary obligations provided for in the Deed of Issue not remedied within thirty (30) days from the date of non-compliance;

 

		f)	evidence that any of the statements made by the Company
in this Deed of Issue is inconsistent or incorrect and that materially affects the Issuer’s ability to meet the obligations assumed
under this Deed of Issue, not remedied within three (3) days from the date of proof;

 

		g)	proof that any of the statements made by the Company
in this Deed of Issue is false;

 

		h)	application of the proceeds from the Issue in a
destination other than that defined in Clause 4 above;

 

		i)	expiry, annulment, termination, expropriation, revocation
or cancellation of the concession, permission or authorization that allows the Company to operate or provide telecommunications services,
except those that (i) are related to technologies and operating systems or (ii) whose expiry, annulment, termination, expropriation, revocation
or cancellation does not materially impact the Company’s activities as currently conducted or does not have the potential to adversely
affect the Company’s ability to fulfill its obligations under this Deed of Issue;

 

		j)	change or alteration of the Company’s corporate
purpose that significantly modifies the main activities currently carried out;

 

		k)	existence of a court sentence with immediate enforceability
related to environmental crimes provided for in environmental legislation, including in the Brazilian Environmental Policy, in the Resolutions
of CONAMA - Brazilian Council on the Environment, as well as in other environmental laws and regulations, except in cases where (i) said
non-compliance is, directly or indirectly, remedied or compensated within the period indicated by the competent authority or, in the
absence of a specific period, within thirty (30) days of non-compliance and there is evidence to that effect; and/or (ii) said non-compliance
is being discussed in good faith, in the administrative and/or arbitration and/or judicial levels; and/or (iii) does not cause a Material
Adverse Effect. For the purposes of this Deed of Issue, a “Relevant Adverse Effect” is considered to be the occurrence
of a materially adverse change in the economic, financial, reputational, and/or operational conditions, exclusively of the Issuer, which
significantly and materially impacts the ability to comply with obligations assumed by the Issuer before the Debentureholders, under the
terms of this Deed of Issue;

     
	24 

    	 

 

    

 

 

		l)	existence of a court order with immediate enforceability
related to crimes provided for in the labor and social security legislation in force, in the rules related to occupational health and
safety, related to slave labor and illegal work of children and adolescents, the encouragement of prostitution, or even, rights related
to race and gender, as well as other labor laws and regulations;

 

		m)	failure by the Company to maintain a Net Debt/EBITDA
(“Financial Ratio”) equal to or less than 4.0 (four), calculated based on its consolidated half-yearly financial statements
audited by independent auditors, including the corresponding notes. In the event of a corporate reorganization carried out pursuant to
Clause 7.2. (b) above, the Financial Ratio shall be measured by taking into account the legal entity that is the successor of
the transaction.

 

For the purposes of this Deed of Issue, the following definitions
will be considered:

 

Net debt: It means the sum of short and long-term
loans and financing, leasing/financial leasing, non-convertible fixed-income securities resulting from public or private issuance, in
the local or international markets, operations with short- and long-term derivatives, less cash, and cash equivalents, financial investments,
assets arising from financial instruments (derivatives) and leases receivable.

 

EBITDA: It means operating profit before
financial income, income tax, depreciation, and amortization, referring to the last 12 (twelve) months of each calculation.

 

It is hereby established that all effects generated
by the adoption of the IFRS 16 accounting standard will be considered for the purposes of calculating the Financial Ratio and the
definitions of “Net Debt” and “EBITDA” referred to herein.

 

		7.2.1.	In the event of any Non-Automatic Early Maturity
Event, the Fiduciary agent shall call a general meeting of Debentureholders, to be held within the minimum period provided for by law.
If, at the aforementioned general meeting of Debentureholders, Debentureholders representing at least 50% (fifty percent) plus one outstanding
Debenture, on the first call, or the majority of Debentureholders attending, on the second call, following the
minimum attendance of 25% (twenty-five percent), decide to consider the early maturity of the obligations under the Debentures, the Fiduciary
agent shall declare the early maturity of the obligations under the Debentures; otherwise, or in case of non-installation, or failure
to obtain a quorum to resolve, on second call of the aforementioned general meeting of Debentureholders, the Fiduciary agent shall not
declare the early maturity of the obligations under the Debentures.

     
	25 

    	 

 

    

 

 

		7.3.	For clarification purposes, non-compliance with the
4G Presence Goal and/or the Eco-Efficiency Goal (as defined in Annex III) will not constitute an Event of Default by the Issuer.

 

		7.4.	In the event of early maturity of the Debentures,
the Issuer undertakes to pay the Adjusted Nominal Value, plus the Compensatory Interest, calculated pro rata temporis from the
First Payment Date or from the immediately preceding Date of Payment of the Compensatory Interest, as the case, until the date of its
effective payment and any other amounts eventually due by the Issuer under the terms of this Deed of Issue, within 5 (five) Business Days
from the written communication to be sent by the Fiduciary agent to the Issuer (in the case of the automatic early maturity) or the date
on which the respective General Meeting was held (when the non-automatic early maturity occurs), under the penalty of, by not doing so,
being obliged to pay the Late-Payment Charges. B3 must be notified immediately after the declaration of early maturity, in compliance
with the B3 Operations Manual.

 

		7.5.	In order for the payment of all the Debentures provided
for in Clause 7.4 above to be made through B3, the Issuer shall notify B3, by means of correspondence together with the Fiduciary
agent, about such payment, at least three (3) Business Days in advance of the date stipulated to be made.

 

		7.6.	The Debentures subject to the procedure described
in Clause 7.4 above will be mandatorily canceled by the Issuer.

 

		8.	ADDITIONAL OBLIGATIONS OF THE ISSUER

 

		8.1.	The Issuer undertakes, without prejudice to the other
obligations set forth in this Deed of Issue and in the other documents of the Issue:

 

		(i)	disclose on the Company’s website (i) within
three (3) months from the end of each fiscal year or (ii) on the effective disclosure date, whichever occurs first, a copy of the Company’s
consolidated financial statements audited by an independent auditor (“Independent Auditors”), relating to the respective
fiscal year, prepared in accordance with the accounting principles determined by the legislation and regulations in force (“Company’s
Consolidated Financial Statements”) accompanied by a statement by the Company’s
legal representatives, pursuant to its bylaws, that it is up to date with the fulfillment of the obligations set forth in this Deed of
Issue;

     
	26 

    	 

 

    

 

 

		(ii)	provide the Fiduciary agent:

 

(a)              
a copy of any and all notices to Debentureholders, within a period of up to 5 (five) Business Days
from the date on which such notices are made;

 

		(b)	within 2 (two) Business Days after its acknowledgment or receipt, as the
case may be,

(i) information regarding the occurrence of any
Early Maturity Event or (ii) sending a copy of any judicial or extrajudicial correspondence or notification, received by the Company related
to an Early Maturity Event. Failure by the Company to comply with this duty shall not prevent the Fiduciary agent or the Debentureholders
from, at their sole discretion, exercising their faculties, claims and powers provided for in this Deed of Issue, including that of declaring
early maturity;

 

(c)               
within a period of up to 10 (ten) Business Days from the date of receipt of the respective request
that may be reasonably required, response to any doubts of the Fiduciary agent about any information that may be reasonably requested;

 

(d)              
within a period of up to 2 (two) Business Days from the date of knowledge, information regarding
the occurrence of any event or situation (i) that causes any material adverse effect on the situation (financial or otherwise), the business,
the assets, the Company’s operating results and/or prospects; and/or (ii) that causes any adverse effect on the Company’s
ability to fulfill any of its obligations under this Deed of Issue; and/or (iii) that causes the Company’s Consolidated Financial
Statements to no longer reflect the Company’s actual economic and financial condition;

 

(e)              
1 (one) original copy of the Deed of Issue and any amendments duly registered with JUCERJA, within
10 (ten) Business Days after its effective registration;

 

(f)               
inform and send the organizational chart, financial data, and corporate acts necessary to carry out
the annual report, in accordance with CVM Resolution 17, of February 9, 2021, as amended (“RCVM 17”), which
may be reasonably requested by the Fiduciary agent, which must be duly forwarded by the Company within thirty (30) days before the end
of the term provided for in item “XVII” of Clause 9.5 below. The aforementioned organizational chart of the Company’s
corporate group shall contain, including, the controlling shareholders, the subsidiaries, the common control, the affiliates, and member of the control block, at the end of
each fiscal year;

     
	27 

    	 

 

    

 

 

(g)              
within 5 (five) Business Days, an original copy filed with JUCERJA of the acts and meetings of the
Debentureholders that make up the Issue;

 

(h)              
within a period of up to 2 (two) Business Days after the first between the 90th (ninetieth)
day counted from the end of each semester and the date of effective disclosure:

(a) a copy of the Company’s Consolidated Financial
Statements and calculation log with all the necessary items that demonstrate compliance with the Financial Ratio, under penalty of the
impossibility of monitoring by the Fiduciary agent, who may request the Issuer and/or the Issuer’s Independent Auditors any additional
clarifications that may be necessary, and (b) a statement signed by the Issuer’s legal representative(s), pursuant to its Bylaws,
attesting: (i) that the provisions contained in this Deed of Issue remain valid; (ii) compliance with the Financial Ratio; (iii) non-occurrence
of any of the Early Maturity Events and non-existence of any non-compliance with the Issuer’s obligations to the Debentureholders;

 

(i)
within 5 (five) Business Days, an original copy filed with JUCERJA of the acts and meetings of the Debentureholders that make up
the Issue;

 

		(iii)	Within 150 (one hundred and fifty) days from the
end of each fiscal year, publish the Annual ESG Report (as defined below) in an electronic address directed to the Issuer’s investors
and, on the same date, forward it to the Fiduciary agent said Annual ESG Report (as defined below);

 

		(iv)	inform the Fiduciary agent, the Bookkeeping Agent,
the Settlement Bank and B3 of any prepayment of the Debentures and/or adjustment in the Compensatory Interest (under the terms of this
Deed of Issue), at least 2 (two) Business Days in advance of the date planned for the respective early payment;

 

		(v)	comply with the laws, regulations, administrative
rules and determinations of the governmental bodies, autarchies or courts, necessary for the conduction of its business, except for those
questioned in good faith in the administrative and/or judicial levels with a decision that has suspensive effects or whose non-compliance
does not adversely and materially affect the Company’s capacity to honor its obligations under the terms of this Deed of Issue or
the Company’s reputation;

 

		(vi)	(a) comply with and enforce compliance, as well as
its subsidiaries, parent companies, affiliates, companies under common control, managers, employees, and (b) maintain measures and policies
aimed at complying with the applicable rules that deal with acts of corruption and harmful acts against the public
administration, pursuant to Law 12846, of August 1, 2013, as amended, of Decree 8420, of March 18, 2015, of the U.S. Foreign
Corrupt Practices Act of 1977 and the UK Bribery Act, as applicable (“Anti-Corruption Laws”);

     
	28 

    	 

 

    

 

 

		(vii)	make the best efforts so that its eventual subcontractors
undertake to comply with the Anti-Corruption Laws;

 

		(viii)	comply, in a way that does not cause a Relevant Adverse
Effect, the environmental legislation in force, adopting preventive or remedial measures and actions, aimed at avoiding and correcting
eventual damages to the environment resulting from the activities described in its corporate purpose;

 

		(ix)	communicate, within 2 (two) Business Days, the Debentureholders
and the Fiduciary agent if it becomes aware of any act or fact that violates the Anti-Corruption Laws and/or environmental legislation,
including the Brazilian Environmental Policy, CONAMA Resolutions - Brazilian Council on the Environment, the rules related to occupational
health and safety, related to slave labor and illegal work of children and adolescents, the encouragement of prostitution, or even, rights
related to race and gender, as well as other legislation and environmental and labor regulations (“Socio-Environmental Legislation”);

 

		(x)	comply with, and ensure that its subsidiaries comply
with, the labor legislation in force, which deals with the use of illegal or discriminatory work or the practice of acts that involve
child labor, slavery-like labor or criminal profit from prostitution, in all its aspects;

 

		(xi)	always keep valid, effective, in perfect order and
in full force all authorizations and licenses, including environmental ones, required for the regular exercise of activities developed
by the Company and/or any its subsidiaries, except: (a) if after expiration, such authorization or license is in a timely process of renewal
by the Company; or (b) if the failure to maintain such authorizations and licenses does not result in a Material Adverse Effect or (c)
if the terms and conditions of such authorization or license are under discussion and/or under administrative, arbitration or judicial
judgment, without a final decision in the administrative, arbitration or judicial sphere and provided that the effects of the judicial
decision are suspended;

 

		(xii)	always maintain valid, effective, in perfect order
and in full force all the authorizations necessary for the execution of this Deed of Issue and for the fulfillment of all obligations
set forth herein;

     
	29 

    	 

 

    

 

		(xiii)	contract and maintain contracted, at its own expense,
the service providers inherent in the obligations set forth in this Deed of Issue, including the Fiduciary agent, the Bookkeeping Agent,
the Settlement Bank and the Debentures trading system on the secondary market;

 

		(xiv)	pay all taxes levied or to be levied on the Debentures
that are the Company’s responsibility;

 

		(xv)	use the proceeds obtained from the Issue strictly in accordance with Clause 4
above;

 

		(xvi)	notify, within 1 (one) Business Day, the Fiduciary
agent of the convening of any general meeting of Debentureholders by the Company;

 

		(xvii)	call, within 1 (one) Business Day, a general meeting
of Debentureholders to deliberate on any of the matters that are of interest to the Debentureholders if the Fiduciary agent must do so,
pursuant to this Deed of Issue, but fails to do so within the applicable time frame;

 

		(xviii)	attending the meetings of Debentureholders whenever requested;

 

		(xix)	without prejudice to the other obligations set forth
above or other obligations expressly provided for in the regulations in force and in this Deed of Issue, pursuant to article 17 of
CVM Instruction 476: comply with all rules and regulations (including those pertaining to self-regulation) related to the Issue and
the Offering, including, but not limited to, those provided for in article 17 of CVM Instruction 476, namely:

(a) 
prepare year-end financial statements and, if applicable, consolidated statements, in accordance
with the Brazilian Corporation Law, and with the rules issued by the CVM; (b) submit its financial statements to an audit by an auditor
registered with the CVM; (c) disclose, until the day before the Issue Date, the financial statements, together with notes and the report
of the independent auditors, related to the last three (3) fiscal years ended, except when the issuer does not have them because it does
not have started its activities prior to said period; (d) disclose the subsequent financial statements, accompanied by notes and the independent
auditors’ report, within three (3) months from the end of the fiscal year;

(e) comply with the provisions of CVM Instruction 358,
regarding the duty of secrecy and prohibitions on trading; (f) disclose the occurrence of a material fact, as defined by art. 2 of
CVM Instruction 358; (g) provide the information requested by the CVM; (h) disclose the annual report and other communications sent
by the Fiduciary agent on its page on the Internet on the same date of its receipt, in compliance with the provisions of item (d) above;
as well as the other rules and regulations of the CVM, B3 and ANBIMA, including by sending documents, also providing the information that
is requested and (i) to comply with the provisions of the specific regulations issued by the CVM, in the event a meeting of the holders
of debentures is called, to be held partially or exclusively digitally;

     
	30 

    	 

 

    

 

 

		(xx)	comply with all obligations, as applicable, related
to CVM Instruction 400, including the provisions of its article 48, as applicable;

 

		(xxi)	not to disclose to the public information related
to the Issuer, to the issue and debentures without complying with the provisions set forth in the applicable regulations, including, without
limitation, the provisions set forth in CVM Instruction 476 and in article 48 of CVM Instruction 400;

 

		(xxii)	refrain from trading securities issued by it until
the Closing Notice is sent, except in the cases provided for in item II of article 48 of CVM Instruction 400;

 

		(xxiii)	to abstain, until the Closing Notice is sent to the
CVM, from disclosing information related to the Debenture Issue, except for what is necessary to achieve its objectives, advising the
recipients about the reserved nature of the information transmitted;

 

		(xxiv)	comply with all CVM and B3 determinations, sending
documents and also providing the information requested;

 

		(xxv)	bear all costs arising from (i) the distribution
of the Debentures, including all costs related to their deposit in B3, (ii) registration and publication of the acts necessary for the
Issue, such as this Deed of Issue, any amendments thereto, and the Issuer’s Board of Directors' Meeting and (iii) the reasonable
and duly proven expenses and compensation of the Fiduciary agent, Settlement Bank, Bookkeeping Agent and Depository Bank;

 

		(xxvi)	keep the Debentures registered for trading on the
secondary market during the term of validity of the Debentures, bearing the costs of said registration;

 

		(xxvii)	timely pay any taxes or contributions that are levied
or will be levied on the Issue and that are under its responsibility; and

 

		(xxviii)	keep the Project classified under the terms of Law 12431
during the term of the Debentures and notify the Fiduciary agent within five (5) Business Days of the receipt of any written communications,
demands, or subpoenas regarding the initiation of any administrative or judicial process that may result in the Project being disqualified
as priorities, under the terms of Law 12431.

 

		9.	FIDUCIARY AGENT

 

		9.1.	The Issuer appoints and constitutes as a fiduciary agent of the Issue, the
Fiduciary agent, described in the preamble of this Deed of Issue,
which it hereby signs, and in the best terms of law, and accepts the appointment to, under the terms of the law and this Deed of Issue,
represent the pool of Debentureholders, declaring that:

     
	31 

    	 

 

    

 

 

		I.	is a duly organized financial institution, incorporated
and existing in the form of a limited liability company, in accordance with Brazilian law;

		II.	is duly authorized and has obtained all authorizations,
including, as applicable, legal, corporate, regulatory and third-party authorizations, necessary for the execution of this Deed of Issue
and for the fulfillment of all obligations set forth herein, with all legal, corporate, regulatory and third-party requirements necessary
to do so having been duly met;

		III.	the legal representative of the Fiduciary agent
who signs this Deed of Issue has, as the case may be, corporate and/or delegated powers to assume, on behalf of the Fiduciary agent, the
obligations set forth herein and, as a representative, has the powers legitimately granted, and the respective mandate is in full force;

		IV.	this Deed of Issue and the obligations set forth herein
constitute lawful, valid, binding and effective obligations of the Fiduciary agent, enforceable in accordance with its terms and conditions;

		V.	the execution, terms and conditions of this Deed
of Issue and the fulfillment of the obligations set forth herein (a) do not violate the Trustee’s bylaws;

(b) do not breach any contract or instrument to which
the Fiduciary agent is a party and/or to which any of its assets is subject; (c) do not violate any legal or regulatory provision to which
the Fiduciary agent and/or any of its assets are subject; and (d) do not violate any administrative, judicial or arbitration order, decision
or sentence that affects the Fiduciary agent and/or any of its assets;

		VI.	accepts the function for which it was appointed,
fully assuming the duties and attributions provided for in the specific legislation and in this Deed of Issue;

		VII.	knows and fully accepts this Deed of Issue and all
its terms and conditions;

		VIII.	verified the consistency of the information contained
in this Deed of Issue, endeavoring to remedy the omissions, failures or defects of which it is aware;

		IX.	is aware of the applicable regulations issued by the Central Bank of Brazil
and the CVM;

		X.	does not have, under the penalties of law, any legal
impediment, pursuant to article 66, paragraph 3, of the Brazilian Corporation Law, RCVM 17, and other applicable rules,
to perform the function granted to it;

		XI.	is not in any of the situations of conflict of interest
provided for in RCVM 17;

		XII.	ensures and will ensure, under the terms of paragraph 1
of article 6 of RCVM 17, equitable treatment to all Debentureholders and to all holders of marketable securities in which it
acts or will act as a fiduciary agent, note agent or escrow agent, complying with the guarantees, obligations and
specific rights attributed to the respective holders of securities of each issue or series; and

     
	32 

    	 

 

    

 

		XIII.	on the date of execution of this Deed of Issue and
based on the organizational chart sent by the Issuer, the Fiduciary agent declares, for the purposes of RCVM 17, that it does not
provide the services of a fiduciary agent and/or a note agent in the issuance of securities of the Issuer, an affiliate, subsidiary or
parent company or a company member of the same economic group as the Issuer, as per Annex II of this Deed of Issue.

 

		9.2.	The Fiduciary agent will perform its functions from
the date of execution of this Deed of Issue, and shall remain in the exercise of its functions until the full discharge of all obligations
under this Deed of Issue or until its replacement.

 

		9.3.	In the event of impediments, resignation, dismissal,
intervention, judicial or extrajudicial liquidation or any other case of vacancy of the Fiduciary agent, it must be replaced within a
period of up to thirty (30) days, upon resolution of the General Meeting, provided that:

 

		I.	the Debentureholders may replace the Fiduciary agent
and appoint its replacement at any time during the term of the Debentures, at a General Meeting specially convened for this purpose;

		II.	if the Fiduciary agent cannot continue to perform
its functions due to circumstances arising from this Deed of Issue, it must immediately communicate the fact to the Issuer and the Debentureholders,
by calling a General Meeting, requesting its replacement;

		III.	if the Fiduciary agent resigns from its functions,
it shall remain in the exercise of its functions until a substitute institution is appointed by the Issuer and approved by the General
Meeting and effectively assumes its functions;

		IV.	a General Meeting will be held, within no later
than thirty (30) days counted from the date of the event that determines it pursuant to Clause 9.3 above, for the choice of a new
fiduciary agent, which shall be called by the very Fiduciary agent to be replaced, and may be called by Debentureholders representing,
at least, 10% (ten percent) of the Outstanding Debentures; in the event that the call does not occur within a period of up to 15 (fifteen)
days before the end of the period set forth herein, the Issuer will be responsible for carrying it out; in exceptional cases, the CVM
may convene the General Meeting to choose the new fiduciary agent or appoint a provisional substitute;

		V.	the replacement of the Fiduciary agent must be communicated
to the CVM within a period of up to 7 (seven) Business Days from the registration of the amendment to this Deed of Issue pursuant to Clause 2.1
together with the declaration and other information required in article 7, caput and paragraph 1, of RCVM 17;

		VI.	the payments to the replaced Fiduciary agent will
be carried out in compliance with the proportionality to the period of effective provision of the services, in compliance with the provisions
of Clause 9.4 below;

     
	33 

    	 

 

    

 

		VII.	the substitute fiduciary agent will be entitled
to the same compensation received by the previous one, if (a) the Issuer has not agreed with the new amount of the trustee’s compensation
proposed by the General Meeting referred to in item IV above; or (b) the General Meeting referred to in item IV above do not
deliberate on the matter;

		VIII.	if the CVM appoints a provisional substitute, the
substitute fiduciary agent shall, immediately after its appointment, notify the Issuer and the Debentureholders pursuant to Clauses 6.23.
and 13.2; and

		IX.	the rules and precepts issued by the CVM apply to
the hypotheses of replacement of the Fiduciary agent.

 

		9.4.	For the performance of the duties and attributions
that are incumbent upon it, under the terms of the law and this Deed of Issue, the Fiduciary agent, or the institution that may replace
it in this capacity:

 

		I.	The Fiduciary agent will be due fees for the performance
of its duties and attributions, under the terms of the legislation in force and this Deed of Issue, corresponding to annual installments
of R$ 5,000.00 (five thousand reais). The first payment is due until the 30th (thirtieth) consecutive day after the signature
date of the deed of issue, and the following ones on the same day of the subsequent years, calculated pro rata die, if necessary.

		II.	The first installment of fees will be due even if
the operation is not paid in, for structuring and implementation purposes;

		III.	In case of need to hold a General Meeting of Debentureholders,
or execute amendments or legal instruments related to the issue, the Fiduciary agent will be due an additional compensation equivalent
to R$ 450.00 (four hundred and fifty reais) per man-hour dedicated to the activities related to the issue, to be paid within thirty
(30) days after submission, by the Fiduciary agent, to the Issuer of the time report. For the purpose of the concept of the General Meeting
of Debentureholders, it encompasses all the activities related to the meeting and not only the analysis of the minutes and attendance
at it in person or virtually. Thus, these activities include, but are not limited to (a) notice analysis; (b) participation in calls or
meetings; (c) quorum conference prior to the meeting; (d) conference of power of attorney prior to the meeting and (d) amendments and
contracts resulting from the meeting. For clarification purposes, “time report” is the material to be sent by the Fiduciary
agent indicating the task performed (for example, analysis of a certain document or attendance in a meeting), the Trustee’s employee,
the time spent in the function, and the value relative to time. The installments mentioned above will be readjusted annually by the accumulated
IPCA/IBGE variation, or in the absence of it, or even in the impossibility of its use, by the index that will replace it, from the date
of the first payment, until the following payment dates, calculated pro rata die, if necessary. The compensation will be due even
after the final maturity of the Debentures, if the Fiduciary agent is still performing activities inherent in its function in relation
to the issuance, and this compensation will be calculated pro rata die.

     
	34 

    	 

 

    

 

		IV.	The installments mentioned in the items above will
be increased by ISS (Service Tax), PIS (Social Integration Program), COFINS (Contribution to Social Security Financing), CSLL (Social
Contribution on Net Profit), and IRRF (Withholding Income Tax) and any other taxes that may be levied on the Trustee’s compensation
at the rates in force on the dates of each payment.

		V.	In case of late payment of any amount due, a contractual
fine of 1% (one percent) on the amount of the debt will be levied on overdue debts, as well as default interest equivalent to the variation
of the SELIC rate of the Central Bank of Brazil, published by Anbima and calculated pro rata die on the days elapsed, incurring
from the date of default until the date of actual payment.

		VI.	The compensation of the Fiduciary agent, in the event
that the Issuer remains in default with respect to its payment for a period exceeding thirty (30) days, will be borne by the Debentureholders,
as well as the reimbursable expenses.

		VII.	Expenses: The compensation does not include expenses
considered necessary for the performance of the function of fiduciary agent during the implementation and duration of the service, which
will be covered by the Issuer, upon payment of the respective charges accompanied by the respective vouchers, issued directly on behalf
of the Issuer or upon reimbursement, after, whenever possible, prior approval, which are: publications in general, notifications, extraction
of certificates, notarial expenses, photocopies, scans, sending of documents, trips, meals and stays, expenses with specialists, such
as auditing and/or inspection, among others, or legal advice to debentureholders; and the reimbursement referred to in the Clause above
will be made within thirty (30) calendar days after the respective rendering of accounts to the Issuer and sending of a copy of the respective
proof of payment.

		VIII.	All expenses arising from legal procedures, including
administrative expenses, which Pentágono may incur to protect the interests of debentureholders must be, whenever possible, previously
approved and advanced by the debentureholders and, subsequently, as provided by law, reimbursed by the Issuer. Such expenses to be advanced
by the debentureholders correspond to deposits, costs, and court fees in the lawsuits proposed by Pentágono, as a representative
of the debentureholders’ pool. The fees for loss of suit in lawsuits will also be borne by the debentureholders, as well as the
Pentágono’s compensation in the event that the Issuer remains in default with respect to its payment for a period exceeding
thirty (30) days, and Pentágono may request a guarantee from the debentureholders to cover the risk of loss of suit.

		IX.	The Fiduciary agent will not advance funds for the
payment of expenses arising from the Issue, given that such funds will always be due and anticipated by the Issuer or by the Debentureholders,
as the case may be.

 

		9.5.	In addition to others provided for by law, in the CVM
regulations and in this Deed of Issue, the Trustee’s duties and attributions are:

     
	35 

    	 

 

    

 

		I.	to carry out its activities with good faith, transparency
and loyalty towards the Debentureholders;

		II.	protect rights and interests of debentureholders,
applying the care and diligence that any active and honest man normally applies when managing his/her own assets;

		III.	resign from the position, in the event of a conflict
of interest or any other type of incapacity, and immediately convene the General Meeting provided for in article 7 of RCVM 17
to resolve on its replacement;

		IV.	keep in good custody all documentation relating to the exercise of its functions;

		V.	verify, at the time of accepting the role, the consistency
of the information contained in this Deed of Issue, endeavoring to remedy the omissions, failures or defects of which it is aware;

		VI.	make arrangements with the Issuer so that this Deed
of Issue and its amendments are registered under the terms of Clause 2.4. above, adopting, in the event of the Issuer’s omission,
the measures eventually provided for by law;

		VII.	monitor the provision of periodic information by
the Issuer and alert the Debentureholders, in the annual report referred to in item XVI below, about inconsistencies or omissions of which
it is aware;

		VIII.	give an opinion on the sufficiency of the information
provided in the proposals for modifying the conditions of the Debentures;

		IX.	request, when deemed necessary for the faithful performance
of its functions, updated certificates of the Issuer, before public bodies and entities and public registry offices, civil distributors,
Public Treasury courts, protest offices, Labor Courts and the Public Treasury Attorney’s Office, of the locality of domicile or
where the headquarters of the Issuer is located;

		X.	request, when deemed necessary, an external audit of the Issuer;

		XI.	call, when necessary, a General Meeting pursuant
to the Brazilian Corporation Law and Clause 10;

		XII.	attend the General Meetings in order to provide the
information requested;

		XIII.	keep the list of the Debentureholders and their
addresses updated, including through dealings with the Issuer, the Bookkeeping Agent, the Settlement Bank and B3, and, for purposes of
compliance with the provisions in this item, the Issuer and the Debentureholders, as soon as they subscribe and pay-in or acquire the
Debentures, expressly authorize, as of now, the Bookkeeping Agent, the Settlement Bank and B3 to meet any requests made by the Fiduciary
agent, including regarding the disclosure, at any time, of the positions of the Debentures, and their respective Debentureholders;

		XIV.	supervise compliance with the clauses contained
in this Deed of Issue, including those imposing obligations to do and not to do;

		XV.	communicate to the Debentureholders any default,
by the Issuer, of financial obligations assumed in this Deed of Issue, including obligations related to contractual clauses intended to
protect the interest of the Debentureholders and that establish conditions that must not be breached
by the Issuer, indicating the consequences for the Debentureholders and the measures it intends to take on the matter, within a period
of up to 7 (seven) Business Days from the date of knowledge, by the Fiduciary agent, of the default;

     
	36 

    	 

 

    

 

		XVI.	within a period of up to four (4) months from the
end of the Issuer’s fiscal year, disclose, on its website, and send to the Issuer for disclosure in the manner provided for in the
specific regulation, an annual report intended for Debentureholders, pursuant to article 68, paragraph 1, item (b), of
the Brazilian Corporation Law and article 15 of RCVM 17, describing the material facts that occurred during the year related
to the Debentures, in accordance with the minimum content established in article 15 of RCVM 17;

		XVII.	keep the annual report referred to in item XVI available
for public consultation on its website for a period of three (3) years;

		XVIII.	keep available on its website an updated list of
issues in which it performs the function of fiduciary agent, note agent or escrow agent;

		XIX.	disclose on its website the information provided
for in article 16 of RCVM 17 and keep it available for public consultation on its website for a period of three (3) years;

		XX.	maintain, for a minimum period of 5 (five) years,
or for a longer period as expressly determined by the CVM, all documents and information required by RCVM 17, and such documents
and information may be stored in physical or electronic media, assuming replacing documents with their scanned images.

 

		9.6.	In the event of default, by the Issuer, of any of
its obligations set forth in this Deed of Issue, the Fiduciary agent shall use any and all measures provided for by law or in this Deed
of Issue to protect the rights or defend the interests of the Debentureholders, pursuant to article 68, paragraph 3, of the
Brazilian Corporation Law and article 12 of RCVM 17, including:

 

		I.	to declare, in compliance with the conditions of
this Deed of Issue, that the obligations under the Debentures have expired in advance, and to collect their principal and accessories;

		II.	take any other measures necessary for the Debentureholders
to realize their credits; and

		III.	represent the Debentureholders under bankruptcy,
judicial recovery, extrajudicial recovery or, if applicable, intervention or extrajudicial liquidation of the Issuer.

 

		9.7.	The Fiduciary agent will rely on the information
made available by the Issuer to monitor compliance with the Financial Ratio.

 

		9.8.	The acts or manifestations on the part of the
                                                                                                         Fiduciary agent, which create liability for the Debentureholders and/or exempt third parties from obligations towards them, as well
                                                                                                         as those related to the due fulfillment of the obligations
assumed in this instrument, will only be valid when previously resolved by the Debentureholders gathered at the General Meeting.

     
	37 

    	 

 

    

 

 

		9.9.	The performance of the Fiduciary agent is limited
to the scope of RCVM 17, the applicable articles of the Brazilian Corporation Law, and this Deed of Issue, and the Fiduciary agent
is exempt, in any form or pretext, from any additional liability that has not arisen from the applicable legal and regulatory provisions
and this Deed of Issue.

 

		10.	GENERAL MEETING OF DEBENTUREHOLDERS

 

		10.1.	The Debentureholders may, at any time, meet in a
general meeting, in accordance with the provisions of article 71 of the Brazilian Corporation Law, in order to resolve matters of
interest to the Debentureholders (“General Meeting”).

 

		10.1.1.	Exclusively and/or partially digital Shareholders’
Meetings will be allowed, subject to the provisions of CVM Instruction 625, of May 14, 2020, as amended.

 

		10.2.	The General Meetings may be called by the Fiduciary
agent, the Issuer, or by Debentureholders representing at least 10% (ten percent) of the Outstanding Debentures, or by the CVM.

 

		10.3.	The General Meetings shall be convened by means
of an announcement published at least three (3) times, at least thirty (30) days in advance, for the first call, and eight (8) days after
the publication of the announcement of the second call, for the second call, pursuant to Clause 6.23. in compliance with the other rules
related to the publication of the announcement of the call for general meetings, contained in the Brazilian Corporation Law, in the applicable
regulations, and in this Deed of Issue, and the call is exempted in case all Debentureholders are present.

 

		10.4.	The attendance of any person who is not a Party
to this Deed of Issue or who does not prove their status as Debentureholder or agent, upon prior presentation of regular identification
documents, corporate documents, and powers of attorney, will not be admitted at the General Meeting of the Debentureholders.

 

		10.5.	The General Meetings will be installed, on the first
call, with the presence of holders of at least 50% (fifty percent) of the Outstanding Debentures, and, on the second call, with any quorum.

 

		10.6.	For the purposes of establishing the quorum of this
Deed of Issue, “Outstanding Debentures” means all subscribed and paid-in and not redeemed Debentures, excluding the
Debentures held in treasury and, additionally, for the purpose of constituting a quorum, excluding the Debentures belonging,
directly or indirectly, (i) to the Issuer; (ii) to any parent company, any subsidiary (if any), and/or any affiliate (if any) of any of
the persons indicated in this item and in the previous item; or (iii) to any officer, director, spouse, partner or relative up to the
3rd (third) degree of any of the persons referred to herein.

     
	38 

    	 

 

    

 

 

		10.7.	The chairmanship of the General Meetings of Debentureholders
shall be the responsibility of the person elected by the Debentureholders or those appointed by the CVM.

 

		10.8.	The attendance of the Company’s legal representatives
will be mandatory at the meetings of Debentureholders called by the Company, while at the meetings called by the Debentureholders or by
the Fiduciary agent, the attendance of the Company’s legal representatives will be optional unless it is requested by the Debentureholders
or by the Fiduciary agent, as the case may be, in which case it will be mandatory. The Fiduciary agent must attend the General Meetings
and provide the Debentureholders with the information requested.

 

		10.9.	As for discussions at general meetings, each outstanding
debenture must receive one vote, and a proxy, either debentureholder or not, may be appointed. Except as provided for in Clause 10.10
below or by the other quorums expressly provided for in other items of this Deed of Issue, the resolutions to be taken at the General
Meeting will depend on the approval of Debentureholders representing at least 50% (fifty percent) plus one outstanding Debenture, on the
first call, or the majority of Debentureholders attending, on the second call, following the minimum attendance of Debentureholders representing
20% (twenty percent) of the outstanding Debenture at said General Meeting on the second call, including: (i) with respect to changes in
the clauses or conditions provided for in this Deed of Issue that do not present another specific quorum; (ii) temporary forgiveness and/or
waiver of any of the events of early maturity established in this Deed of Issue; (iii) amendment of the Issuer’s additional obligations
established in Clause 8 above; and/or (iv) change of the Trustee’s obligations, established in Clause 9 above.

 

		10.10.	The following are not included in the quorum referred to in Clause 10.9 above:

 

		a)	the quorums expressly provided for in other Clauses of this Deed of Issue;
and

 

		b)	the changes, which must be approved by Debentureholders
representing at least 90% (ninety percent) of the Outstanding Debentures, which are (i) the provisions established in this Clause 10,
as well as the quorums provided for in this Deed of Issue; (ii) the Compensatory Interest and Monetary Adjustment (except with regard
to the specific quorum provided for in the event of IPCA Unavailability) of the Debentures;

(iii)  to
any payment dates of any amounts provided for in this Deed of Issue; (iv) the maturity term of the Debentures; (v) the type of
Debentures; (vi) the creation of a renegotiation event, (vii) the Debentures principal amounts and amortization dates, and/or (viii) change
of any of the cases of early maturity established in this Deed of Issue, except in the case of temporary waiver or forgiveness, which
must comply with the provisions of Clause 10.9 above.

     
	39 

    	 

 

    

 

 

		10.11.	A General Meeting to resolve on (i) the correction
of a gross, typing or arithmetic error is hereby waived; (ii) changes to this Deed of Issue already expressly permitted under the terms
of this Deed of Issue; (iii) amendments to this Deed of Issue as a result of requirements formulated by the CVM, B3, or ANBIMA; or

(iv) 
changes to this Deed of Issue as a result of updating the registration data of the Parties, such
as changes in the corporate name, address, and telephone number, among others, provided that the changes or corrections referred to in
items (i), (ii), (iii) and (iv) above may not cause any loss to the Debentureholders and/or the Issuer or any change in the flow of Debentures,
and provided that there is no additional cost or expense for the Debentureholders.

 

		10.12.	The provisions of the Brazilian Corporation Law on
the shareholders’ general meeting apply to General Meetings, where applicable.

 

		10.13.	The resolutions taken by the
Debentureholders at the general meetings of Debentureholders within the scope of their legal competence, in compliance with the quorums
in this Deed of Issue, will bind the Company and will oblige all holders of Outstanding Debentures, regardless of whether they attended
the general meeting of Debentureholders or the vote given at the respective general meetings of Debentureholders.

 

		11.	ISSUER’S REPRESENTATIONS AND WARRANTIES

 

		11.1.	The Issuer hereby represents and warrants that:

 

		(i)	is a company duly organized, incorporated and existing
in the form of a joint stock company, in accordance with Brazilian law;

 

		(ii)	is registered as a securities issuer with the CVM;

 

		(iii)	the Issuer’s publicly-held company registration
is updated with the CVM as required by CVM Instruction 480, of December 7, 2009, as amended (“CVM Instruction 480”),
and its information contained therein and made public is updated as required by CVM Instruction 480;

 

		(iv)	is fully capable of complying with all (financial
and non-financial) obligations provided for in this Deed of Issue and in any other documents of the Issue;

 

		(v)	is duly authorized and has obtained all authorizations,
including, as applicable, legal, corporate, regulatory and third-party authorizations, necessary for the execution of this Deed of Issue
and any other documents of the Issue to which it is a party, and the fulfillment of all obligations set forth
herein and the completion of the Issue and the Offering, with all legal, corporate, regulatory and third-party requirements necessary
to do so having been duly met;

     
	40 

    	 

 

    

 

 

		(vi)	the Issuer’s legal representatives who sign
this Deed of Issue, the Distribution Agreement and any other documents of the Issue have, as the case may be, corporate and/or delegated
powers to assume, on behalf of the Issuer, the obligations set forth herein and therein and, as representatives, they have the powers
legitimately granted, and the respective mandates are in full force and effect;

 

		(vii)	this Deed of Issue, the Distribution Agreement and
any other documents of the Issue, and the obligations set forth herein, constitute lawful, valid, binding and effective obligations of
the Issuer, enforceable in accordance with its terms and conditions, effective as an extrajudicial document valid to commence execution
process pursuant to article 784 of Law 13105, of March 16, 2015, as amended (“Civil Procedure Code”), on
this date in force;

 

		(viii)	the information provided at the time of the Issue
and in the notices of material act or fact disclosed by the Company are true, consistent, accurate, complete, correct and sufficient,
allowing investors to make an informed decision regarding the Issue;

 

		(ix)	except as shown in the Company’s financial
statements and/or in the reference form prepared by the Issuer under the terms of CVM Instruction 480 (“Reference Form”)
in relation to judicial and administrative proceedings classified as probable or possible loss, it is not aware of any lawsuit, administrative
or arbitration proceedings, inquiry or other governmental investigation procedure that may affect the Issue or the Company’s ability
to honor its obligations under this Deed of Issue or the Company’s reputation;

 

		(x)	the Company’s consolidated financial statements
for the fiscal years ended on December 31, 2018, 2019 and 2020, correctly represent the Company’s consolidated equity and financial
position on those dates and for those periods and were duly prepared in accordance with the accounting principles determined by the applicable
regulations;

 

		(xi)	(a) it complies and enforces, as well as its parent
companies, subsidiaries, affiliates, companies under common control, managers and employees comply, with the Anti-Corruption Laws, (b)
it has measures aimed at complying with the Anti-Corruption Laws, to the extent that (1) it maintains internal policies and procedures
that ensure full compliance with such standards and (2) it gives full knowledge of such standards to all professionals with whom it may
have a relationship, prior to the start of its performance; (c) it refrains from committing
acts of corruption and from acting in a manner harmful to the national and foreign public administration, in its interest or for its benefit,
exclusive or not; and (d) it makes best efforts so that its eventual subcontractors undertake to comply with the provisions herein;

     
	41 

    	 

 

    

 

 

		(xii)	complies with current legislation, in particular
labor legislation and regulations, so that (a) they do not use, directly or indirectly, slavery-like or child labor; (b) the workers are
duly registered under the terms of the legislation in force; (c) comply with the obligations arising from the respective employment contracts
and the labor and social security legislation in force;

 

		(xiii)	(a) complies with the legislation in force, in particular
environmental legislation and regulations, including, but not limited to, the Brazilian Environmental Policy, the Resolutions of CONAMA
- Brazilian Council on the Environment, as well as other supplementary environmental legislation and regulations, adopting preventive
or remedial measures and actions aimed at avoiding or correcting possible environmental damage resulting from the exercise of the activities
described in its corporate purpose, as well as to health and safety at work; (b) holds all permissions, licenses, authorizations, and
approvals necessary for the regular exercise of its activities, in accordance with applicable environmental legislation, subject to the
provisions of item (xi) of Clause 8.1. above; and (c) has all the necessary records, in compliance with the applicable civil
and environmental legislation, except in cases where (1) the said non-compliance is, directly or indirectly, remedied or compensated for
within the period indicated by the competent authority or, in the absence of a specific period, within thirty (30) days of the non-compliance
and there is proof to this effect; and/or (2) said non-compliance is being discussed in good faith, in the administrative and/or arbitration
and/or judicial levels; and/or (c) does not cause a Material Adverse Effect.

		(xiv)	the documents, information and informative materials
provided to the Fiduciary agent and/or the Debentureholders are true, consistent, correct and sufficient, are updated up to the date they
were provided and include the documents and information relevant to the investment decision-making on the Debentures, also providing information
on the Company’s relevant operations, as well as on the relevant rights and obligations arising therefrom;

 

		(xv)	the execution of this instrument, the terms and
conditions of this Deed of Issue, the fulfillment of the obligations set forth herein and the Issue (a) do not infringe its bylaws; (b)
do not violate any legal provision, contract or instrument to which the Company is a party; (c) do not violate any administrative, judicial
or arbitration order, decision or sentence against the Company; and (d) will not result in (i) early maturity of any obligation set forth
in any such contract or instrument; (ii) creation of any lien or encumbrance on any asset of the Company; or (iii) termination of any
such agreement or instrument;

     
	42 

    	 

 

    

 

 

		(xvi)	except for laws, regulations, administrative rules
and determinations which are being challenged in good faith in the administrative and/or judicial levels or whose non-compliance would
not have a Material Adverse Effect on the Company’s ability to honor its obligations under this Deed of Issue or the Company’s
reputation, is complying with the laws, regulations, administrative rules and determinations of the governmental agencies, autarchies
or courts necessary for the conduct of its business;

 

		(xvii)	except for obligations that are being challenged
in good faith at the administrative and/or judicial levels or whose non-compliance would not have a Material Adverse Effect on the Company’s
ability to honor its obligations under this Deed of Issue or is not material enough to impact the decision-making by investors in relation
to the investment in the Debentures and the Offering, is up to date with payment of all pecuniary obligations of a tax (municipal, state
and federal), labor, social security, environmental and any other obligations imposed by law;

 

		(xviii)	there is no lawsuit, judicial or extrajudicial proceedings,
inquiry or any other type of governmental investigation, in any of the cases of this item, aiming to annul, change, invalidate, question
or in any way affect this Deed of Issue;

 

		(xix)	there is no connection between the Company and the
Fiduciary agent that prevents the Fiduciary agent from fully exercising its functions;

 

		(xx)	the Reference Form (a) contains, at a minimum, and
without prejudice to the relevant legal and regulatory provisions, all relevant information necessary for investors to know about the
Issuer and its activities and economic-financial situation, the risks inherent in its activities, and any other relevant information;
and (b) was prepared in accordance with the relevant rules, including CVM Instruction 480;

 

		(xxi)	the information contained in the Reference Form and
in the notices of material act or fact disclosed by the Issuer since the date of the last presentation of the Reference Form, are true,
consistent, correct and sufficient; and

 

		(xxii)	the Project was duly classified under the terms of
Law 12431 and considered as a priority under the terms of the Ordinance;

 

		11.2.	The Issuer undertakes to notify the Fiduciary agent,
within 2 (two) Business Days from the date on which it becomes aware, if any of the statements made under the terms of Clause 11.1. above
become untrue, inconsistent, inaccurate, incomplete, incorrect, or insufficient.

     
	43 

    	 

 

    

 

 

		12.	EXPENSES

 

		12.1.	All costs incurred with the Offering and with the
structuring, issuance, formalization, registration, and execution of the Debentures will be borne by the Issuer, including publications,
enrollments, registrations, hiring of the Fiduciary agent, the Bookkeeping Agent, the Settlement Bank, the Depository Bank, the legal
advisor and other service providers, and any other costs related to the Debentures.

 

		13.	SUNDRY PROVISIONS

 

		13.1.	Any tolerance, partial exercise, or concession between
the Parties will always be considered mere liberality, and will not constitute a waiver or loss of any right, faculty, privilege, prerogative,
or powers conferred (including mandate), nor will it imply novation, alteration, compromise, remission, modification or reduction of the
rights and obligations arising therefrom.

 

		13.2.	All communications made pursuant to this Deed of
Issue must always be made in writing to the addresses below. Communications will be considered received when delivered, under the protocol,
or upon “receipt notice” issued by Empresa Brasileira de Correios e Telégrafos, or by electronic mail at the addresses
below. Communications made by electronic mail will be considered received on the date they are sent, provided that their receipt is confirmed
by means of a callsign (receipt issued by the machine used by the sender). The change of any of the addresses below must be communicated
to the other parties by the party that has its address changed.

 

		(i)	to the Issuer: Tim S.A.

Avenida Joao Cabral de Mello Neto, no 850, Bloco 01, Salas 501 a
1208, Barra da Tijuca neighborhood, City and State of Rio de Janeiro, CEP 22775-057

Attn:Treasury

Telephone:+55 (21) 4109-3100

Email: babordin@timbrasil.com.br gcrahim@timbrasil.com.br

 

		(ii)	to the Fiduciary agent:

Avenida das Américas, no 4.200,
Bloco 08, Ala B, Salas 302, 303 e 304 CEP 22640-102, Rio de Janeiro, RJ

Attn: Mrs. Marcelle Motta Santoro, Mrs. Karolina Vangelotti and Mr.
Marco Aurélio Ferreira Phone: +55 (21) 3385-4565

E-mail: assembleias@pentagonotrustee.com

 

     
	44 

    	 

 

    

 

		(iii)	to B3:

B3 S.A. – BRASIL, BOLSA, BALCÃO –
BALCÃO B3

Praça Antônio Prado, 48, 4o andar CEP: 01010-901,
São Paulo, SP

Attn: Superintendence of Corporate Securities and Fund Offerings -
SCF Telephone: +55 (11) 2565-5061

E-mail: valores.mobiliarios@b3.com.br

 

		13.3.	The change of any of the above addresses must be
immediately communicated to all Parties by the Fiduciary agent or the Issuer.

 

		13.4.	The Parties recognize this Deed of Issue and the
Debentures as an extrajudicial document valid to commence the execution process pursuant to article 784, items I to III, of
the Civil Procedure Code.

 

		13.4.1.	For the purposes of this Deed of Issue, the Parties
may, at their sole discretion, request the specific performance of the obligations assumed herein, pursuant to articles 497, 815
et seq. of the Civil Procedure Code, without prejudice to the right to declare early maturity obligations under the Debentures, pursuant
to this Deed of Issue.

 

		13.5.	The obligations assumed in this Deed of Issue are
irrevocable and irreversible, obliging the Parties and their successors, in any capacity, to fully comply with them.

 

		13.6.	The invalidity or nullity, in whole or in part,
of any of the clauses of this Deed of Issue, will not affect the others, which will remain valid and effective until the Parties fulfill
all their obligations hereunder. In the event of a declaration of invalidity or nullity of any clause of this Deed of Issue, the Parties
undertake to negotiate, in good faith, within the shortest possible time, in place of the clause declared invalid or null, the inclusion,
in this Deed of Issue, of valid terms and conditions that reflect the terms and conditions of the invalidated or void clause, complying
with the intention and objective of the Parties when negotiating the invalidated or void clause and the context in which it is inserted.

 

		13.7.	Any amendment to this Deed of Issue will only be
considered valid if formalized in writing, in a proper instrument signed by all Parties, which must be duly registered with JUCERJA, in
compliance with the formalities provided for in Clauses 2.5 of this Deed of Issue.

 

		13.8.	This Deed of Issue is governed by the laws of the Federative Republic of Brazil.

 

		13.9.	The jurisdiction of the district of the City of São
Paulo, State of São Paulo, is elected, to the exclusion of any other, however privileged it may be, to settle the issues that may
result from this Deed of Issue.

 

		13.10.	If this Deed of Issue is executed digitally, the Parties (a)

     
	45 

    	 

 

    

 

acknowledge that the declarations of the will
of the Contracting Parties, by means of a digital signature, are presumed to be true in relation to the signatories when the certification
process provided by the Brazilian Public Key Infrastructure - ICP-Brasil is used, constituting an extrajudicial document valid to commence
execution process for all purposes of right, and (b) waive the right of challenge referred to in article 225 of the Brazilian Civil
Code. Subject to the provisions of this Clause, this Deed of Issue may be digitally signed electronically

 

In witnesses whereof, the Parties sign this Deed of Issue, in electronic,
digital, and computerized form, together with two (2) witnesses, who also sign it.

 

Rio de Janeiro, June 10, 2021.

 

(Signatures follow on the following pages.)
(Remainder of this page intentionally left blank.)

     
	46 

    	 

 

    

 

 

Signature Page of the “Private Deed for
the Second Issue of Simple, Unsecured and Non-Convertible Debentures, in a Single Series, for Public Distribution with Restricted Efforts,
of Tim S.A.” entered into between TIM S.A. and Pentágono S.A. Distribuidora de Títulos e Valores Mobiliários.

 

TIM S.A.

 

 

	Name: Position:	 	Name: Position:

     
	47 

    	 

 

    

 

Signature Page of the “Private Deed for
the Second Issue of Simple, Unsecured and Non-Convertible Debentures, in a Single Series, for Public Distribution with Restricted Efforts,
of Tim S.A.” entered into between TIM S.A. and Pentágono S.A. Distribuidora de Títulos e Valores Mobiliários.

 

 

PENTÁGONO S.A. DISTRIBUIDORA DE
TÍTULOS E VALORES MOBILIÁRIOS

 

 

 

 

	Name:

                                                                                Position:

	 	

                                                                                

                                                                                

 

 

 

WITNESSES:

 

 

	Name:

                                                                                CPF

                                                                                [SSN]:
	 	Name:

                                                                                CPF

                                                                                [SSN]:

     
	48 

    	 

 

    

ANNEX 4

 

ORDINANCE

FEDERAL
OFFICIAL GAZETTE;

Published
on: 04/23/2021 | Edition: 75 | Section:
1 | Page: 88

Body: Ministry
of Communications/Minister’s Office

MCOM
ORDINANCE 2447, APRIL 22, 2021

It
approves an infrastructure investment project in the telecommunications sector, considering it a priority for the purpose of issuing debentures,
pursuant to art. 2 of Law 12431, of June 24, 2011.

THE
STATE MINISTER OF COMMUNICATIONS, in the use of the powers conferred on him/her by art. 87, sole paragraph, items II and IV,
of the Constitution, in view of the provisions of Law 12431, of June 24, 2011, Decree 8874, of October 11, 2016, and Ordinance 502,
of September 1, 2020, resolves:

Art. 1
Approve the telecommunications infrastructure investment project described in the Annex to this Ordinance, considering it a priority for
the purpose of issuing debentures, pursuant to art. 2, Law 12431, June 24, 2011.

Art. 2
In order to comply with the provisions of §5, art. 2, Law 12431, of June 24, 2011, the legal entity that owns the investment
project must:

I
- keep the following items updated, with the Ministry of Communications:

a)
the list of legal entities that comprise it; or

b)
identification of the parent company, in the case of a legal entity holding the project incorporated as a publicly-held company with securities
admitted to trading on the stock market;

II
- highlight, upon the public issue of the debentures, on the first page of the Prospectus and the Distribution Beginning Announcement
or, in the case of distribution with restricted efforts, the Closing Notice and the disclosure material, the number and date of publication
of the approval ordinance and the commitment to allocate the funds obtained in the approved priority project;

III
- forward to the Ministry of Communications by April 30 of each year the information contained in art. 7, items I to IV, of
MCOM Ordinance 502, September 1, 2020;

IV
- send the final report provided for in art. 7, §2, MCOM Ordinance 502, September 1, 2020, within ninety (90) days
after the use of all the amount raised in the investment project; and

V
- maintain documentation relating to the use of funds raised, up to five years after the maturity of the debentures or certificates of
real estate receivables or after the closing of the credit rights investment fund, for consultation and inspection by the supervision
bodies.

Sole
Paragraph. The obligation provided for in item II of the head provision must also be complied with, as applicable, in the event of
public issue of certificates of real estate receivables or shares of investment funds in credit rights, and their administrator will be
responsible for complying with this obligation.

Art. 3
The Ministry of Communications:

I
- shall inform the unit of the Special Department of the Federal Revenue Service with authority over the head office of the legal entity
holding the project, when it becomes aware of the occurrence of situations that show the non-implementation of the priority project in
the form approved in this Ordinance; and

II
- shall keep the records of the project analysis case archived, in electronic media, and available for consultation and inspection by
the supervision bodies, for five years, counted from the date of completion of the project.

Art. 4
This Ordinance becomes effective on the date of its publication and is valid for five (5) years.

     
	49 

    	 

 

    

ANNEX 5

FÁBIO
FARIA

ANNEX

	 
	I. Legal Entity - Holder (Issuer):	TIM S.A. (CNPJ [EIN] 02.421.421/0001-11).
	II. Legal Entity - Executing Party (Authorized):	TIM S.A. (CNPJ [EIN] 02.421.421/0001-11).
	III. Description of project	The purpose of the project is to implement, expand, maintain, recover, adapt and/or modernize transportation network, fixed and mobile access network, data center, machine-to-machine communication network, 5G or higher network, and infrastructure for telecommunication network virtualization, improving the quality and availability of the services offered.
	IV. Industry:	Telecommunications.
	V. State:	AC, AL, AM, AP, BA, CE, DF, ES, GO, MA, MG, MS, MT, PA, PB, PE, PI, PR, RJ, RN, RO, RR, RS, SC, SE, SP and TO.
	VI. Maximum amount authorized for issue of debentures:	R$ 5,753,207,065.97.
	VII. Process:	53115.006065/2021-71.

This
content does not replace that published in the certified version.

 

 

 

     
	50 

    	 

 

    

ANNEX 5

ISSUES | FIDUCIARY AGENT

 

	Type	Issuer	IF code	Amount	Quantity	Remuneration	Issue	Series	Issue date	Maturity	Guarantees
	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

     
	51 

    	 

 

    

ANNEX III ESG ASPECTS

Through this Issue, the Company will commit to
certain sustainable development goals (“MDS”), which will be measured through key sustainable performance indicators
or key performance indicators (“KPIs”), on a pre-defined schedule and at certain verification locations as described
below:

 

	
     

    Sustainable Development Goal - MDS
	
     

    Key Performance Indicators - KPIs
	
     

    2019

    (basis line)
	
     

    Verification Date

	
    Reach 100% (one hundred percent) 4G presence in
    Brazilian municipalities by December 2023 (“Presence Goal”)

    4G”).
	Percentage (%) of 4G presence (“4G Presence KPI”)	

3,477 municipalities (62%)
	

December 2023

	Reach more than 80% (eighty percent) of Eco-efficiency in data traffic by December 2025 (“Eco-Efficiency Goal”).	

Eco-efficiency in data traffic (bit/Joule) (“Eco-Efficiency
    KPI”)
	

9,827
	

December 2025

 

Definitions

 

For the purposes of this Annex, the following definitions apply:

 

“4G presence percentage”: is an indicator
that measures the total number of municipalities served by TIM compared to the total number of Brazilian municipalities. For information
on the number of existing Brazilian municipalities, the Company may consult the official government and IBGE websites. Localities that
are not formally recognized as a municipality and that do not have the IBGE code will not be considered for the purpose of verifying the
goal.

 

“Eco-efficiency in data traffic”
is an energy efficiency indicator that establishes the relationship between the service offered to the customer (bits transmitted) and
the company’s impact on the environment (joules of energy consumed). The factors that make up this indicator are data and voice
traffic from fixed and mobile networks, and energy consumption on a yearly average.

 

“Eco-Efficiency KPI Verification Site”
TIM will verify compliance with the eco-efficiency goal in all of its direct, existing operations (in 2019, in the baseline), organically
expanded or implemented, in compliance with the exclusions and calibrations provided for in the Framework disclosed by the Company on
its investor relations website.

     
	52 

    	 

 

    

“4G Presence KPI Verification Date”
means December 31, 2023 (“4G Presence KPI Verification Date”), which will be the base date for the Company to comply
with the MDS, as verified by the External Verifier. The consolidation of data and the issuance of the Annual ESG Report must take place
by June 11, 2024, so that the Company can comply with the obligations set forth in the Deed of Issue.

 

“Eco-Efficiency KPI Verification Date”
means December 31, 2025 (“Eco-Efficiency KPI Verification Date”), which will be the base date for the Company to comply
with the MDS, as verified by the External Verifier. The consolidation of data and the issuance of the Annual ESG Report must take place
by June 10, 2026, so that the Company can comply with the obligations set forth in the Deed of Issue, in compliance with the exclusions
and calibrations provided for in the Framework disclosed by the Company on its investor relations website.

 

“External Verifier” means the
specialized and independent company, with renowned recognition in the area of sustainability, appointed by the Company for the annual
verification of the MDS as measured by the ICDS and disclosed in its Annual ESG Report.

 

“Annual ESG Report” means the report
to be released annually by the Company, which includes its performance in relation to the MDS as measured by the ICDS and verified by
the External Verifier.

 

***

 

 

	53EXHIBIT
4.6

 

DESCRIPTION
OF SECURITIES

 

Pursuant to our amended and restated certificate
of incorporation, our authorized capital stock consists of 500,000,000 shares of Class A common stock, $0.0001 par value, 50,000,000 shares
of Class B common stock $0.0001 par value and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description
summarizes the material terms of our capital stock. Because it is only a summary, it may not contain all the information that is important
to you.

 

Units

 

Each
unit consists of one share of Class A common stock and one-third of one redeemable public warrant. Each whole warrant entitles the holder
thereof to purchase one share of our Class A common stock at a price of  $11.50 per share, subject to adjustments as described
set forth in the warrant agreement. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number
of shares of our Class A common stock. This means only a whole warrant may be exercised at any given time by a warrant holder. No fractional
warrants have been issued upon separation of the units and only whole warrants are traded.

 

The
common stock and warrants constituting the units began separate trading on April 26, 2021.

 

Common
Stock 

 

As
of March 15, 2021, a total of 50,000,000 shares of our common stock are outstanding, including:

 

		●	40,000,000
                                            shares of our Class A common stock;

 

		●	9,975,000
                                            shares of Class B common stock held by M3-Brigade Sponsor II LP (“sponsor”);
                                            and

 

		●	25,000
                                            shares of Class B common stock held by one of our directors.

 

Common
stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of our Class
B common stock will have the right to elect all of our directors prior to the consummation of our initial business combination. Holders
of our public shares will not be entitled to vote on the election of directors during such time. These provisions of our amended and
restated certificate of incorporation may only be amended by a resolution passed by a majority of our shares of Class B common stock.
On any other matter submitted to a vote of our stockholders, holders of our Class B common stock and holders of our Class A common stock
will vote together as a single class, except as required by applicable law or stock exchange rule. Our amended and restated certificate
of incorporation provides that any of its provisions related to pre-business combination activity may be amended if approved by holders
of 65% of our common stock, and corresponding provisions of the trust agreement governing the release of funds from our trust account
may be amended if approved by holders of 65% of our common stock. Unless specified in our amended and restated certificate of incorporation
or bylaws, or as required by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority
of our shares of common stock that are voted is required to approve any such matter voted on by our stockholders.

 

Directors
are divided into three classes, each of which will generally serve for a term of three years with only one class elected in each year.
There is no cumulative voting with respect to the election of directors. Our stockholders are entitled to receive ratable dividends when,
as and if declared by the board of directors out of funds legally available therefor.

 

Because
our amended and restated certificate of incorporation authorizes the issuance of up to 500,000,000 shares of Class A common stock, if
we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase
the number of shares of common stock which we are authorized to issue at the same time as our stockholders vote on the business combination
to the extent we seek stockholder approval in connection with our initial business combination.

 

    1

     

    

 

In
accordance with the New York Stock Exchange (the “NYSE”) corporate governance requirements, we are not required to hold an
annual meeting until not later than one year after our first fiscal year end following our listing on the NYSE. Under Section 211(b)
of the Delaware General Corporation Law (the “DGCL”), we are, however, required to hold an annual meeting of stockholders
for the purposes of electing directors in accordance with our bylaws unless such election is made by written consent in lieu of such
a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business
combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our
stockholders want us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force
us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL.

 

We
will provide our public stockholders with the opportunity to redeem all or a portion of their shares upon the completion of our initial
business combination at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of
two business days prior to the consummation of our initial business combination, including interest (which interest shall be net of taxes
payable and working capital released to us), divided by the number of then outstanding public shares, subject to the limitations described
herein. The amount in the trust account is $10.00 per public share. The per share amount we will distribute to investors who properly
redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. The redemption right
will include the requirement that any beneficial owner on whose behalf a redemption right is being exercised must identify itself in
order to validly redeem its shares. Our initial stockholders have entered into a letter agreement with us, pursuant to which they have
agreed to waive their redemption rights with respect to any founder shares and any public shares held by them in connection with the
completion of our initial business combination. Permitted transferees of our sponsor, officers or directors are subject to the same obligations.
Unlike many blank check companies that hold stockholder votes and conduct proxy solicitations in conjunction with their initial business
combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even
when a vote is not required by applicable law or stock exchange listing requirements, if a stockholder vote is not required by applicable
law or stock exchange listing requirements and we do not decide to hold a stockholder vote for business or other reasons, we will, pursuant
to our amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the Securities
and Exchange Commission (the “SEC”), and file tender offer documents with the SEC prior to completing our initial business
combination. Our amended and restated certificate of incorporation requires these tender offer documents to contain substantially the
same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s
proxy rules. If, however, a stockholder approval of the transaction is required by applicable law or stock exchange rules, or we decide
to obtain stockholder approval for business or other reasons, we will, like many blank check companies, offer to redeem shares in conjunction
with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, unless
a different vote is required by applicable law or stock exchange rules, we will complete our initial business combination only if a majority
of the outstanding shares of common stock voted are voted in favor of the business combination. However, the participation of our sponsor,
officers, directors, advisors or any of their respective affiliates in privately-negotiated transactions (as described in the initial
public offering (“IPO”) prospectus)), if any, could result in the approval of our initial business combination even if a
majority of our public stockholders’ vote, or indicate their intention to vote, against such business combination. For purposes
of seeking approval of the majority of our outstanding shares of common stock, non-votes will have no effect on the approval of our initial
business combination once a quorum is obtained. Our bylaws will require that we give at least 10 days prior notice of any such meeting,
if required, at which a vote shall be taken to approve our initial business combination.

 

If
we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder,
together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group”
(as defined under Section 13 of the Securities Exchange Act of 1934, as amended, or the “Exchange Act”), will be restricted
from redeeming more than an aggregate of 15% of the shares sold in the IPO, without our prior consent, which we refer to as the “Excess
Shares.” However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares)
for or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence
over our ability to complete our initial business combination, and such stockholders could suffer a material loss in their investment
if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with respect
to the Excess Shares if we complete the business combination. And, as a result, such stockholders will continue to hold that number of
shares exceeding 15% and, in order to dispose such shares would be required to sell their stock in open market transactions, potentially
at a loss.

 

    2

     

    

 

If
we seek stockholder approval in connection with our initial business combination, our sponsor, officers and directors have (and their
permitted transferees, as applicable, will agree) agreed to vote any founder shares and any public shares held by them in favor of our
initial business combination. As a result, in addition to our sponsor’s founder shares, we would need 15,000,001, or 37.5%, of
the 40,000,000 public shares sold in the IPO to be voted in favor of our initial business combination in order to have such initial business
combination approved. Additionally, each public stockholder may elect to redeem its public shares without voting, and if they do vote,
irrespective of whether they vote for or against the proposed transaction.

 

Pursuant
to our amended and restated certificate of incorporation, if we are unable to complete our initial business combination within the completion
window, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but no more than
ten business days thereafter, subject to lawfully available funds therefor, redeem the public shares, at a per share price, payable in
cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay
dissolution expenses and which interest shall be net of taxes payable), divided by the number of then outstanding public shares, which
redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating
distributions, if any), subject to applicable law; and (3) as promptly as reasonably possible following such redemption, subject to the
approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under
Delaware law to provide for claims of creditors and the requirements of other applicable law. Our sponsor, officers and directors have
entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the
trust account with respect to any founder shares held by them if we fail to complete our initial business combination within the completion
window. However, if our sponsor or any of our officers or directors acquires public shares after the IPO, they will be entitled to liquidating
distributions from the trust account with respect to such public shares if we fail to complete our initial business combination within
the completion window.

 

In
the event of a liquidation, dissolution or winding up of the company after a business combination, our stockholders are entitled to share
ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each
class of stock, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There
are no sinking fund provisions applicable to the common stock, except that we will provide our stockholders with the opportunity to redeem
their public shares for cash equal to their pro rata share of the aggregate amount on deposit in the trust account as of two business
days prior to the consummation of our initial business combination, including interest (less up to $100,000 of interest to pay dissolution
expenses and which interest shall be net of taxes payable), upon the completion of our initial business combination, subject to the limitations
described herein.

 

Founder
Shares

 

The
founder shares are identical to the shares of Class A common stock included in the units, except that: (1) only holders of the founder
shares have the right to vote on the election of directors prior to our initial business combination; (2) the founder shares are subject
to certain transfer restrictions, as described in more detail below; (3) our sponsor, officers and directors have entered into a letter
agreement with us, pursuant to which they have agreed to: (a) waive their redemption rights with respect to any founder shares and any
public shares held by them in connection with the completion of our initial business combination, (b) waive their redemption rights with
respect to any founder shares and public shares held by them in connection with a stockholder vote to approve an amendment to our amended
and restated certificate of incorporation to modify the substance or timing of our obligation to provide for the redemption of our public
shares in connection with an initial business combination or to redeem 100% of our public shares if we have not consummated our initial
business combination within the completion window; and (c) waive their rights to liquidating distributions from the trust account with
respect to any founder shares held by them if we fail to complete our initial business combination within the completion window (although
they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete
our initial business combination within the completion window); (4) the founder shares are automatically convertible into shares of our
Class A common stock at the time of our initial business combination on a one-for-one basis, subject to adjustment pursuant to certain
anti-dilution rights, as described herein; and (5) the holders of founder shares are entitled to registration rights. If we submit our
initial business combination to our public stockholders for a vote, our sponsor, officers and directors have agreed (and their permitted
transferees, as applicable, will agree) to vote any founder shares and any public shares held by them in favor of our initial business
combination.

 

    3

     

    

 

The
shares of Class B common stock will automatically convert into shares of Class A common stock at the time of our initial business combination
on a one-for-one basis, subject to adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked
securities, are issued or deemed issued in excess of the amounts sold in the IPO and related to the closing of our initial business combination,
the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders
of a majority of the outstanding shares of Class B common stock agree to waive such anti-dilution adjustment with respect to any such
issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common
stock will equal, in the aggregate, on an as-converted basis, 20% of the total number of all shares of common stock outstanding plus
all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with our initial business combination.

 

With
certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors and
other persons or entities affiliated with our sponsor and other permitted transferees, each of whom are subject to the same transfer
restrictions) until the earlier of  (A) one year after the completion of our initial business combination, (B) subsequent to our
initial business combination, if the closing price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after our initial business combination, and (C) following the completion of our initial business combination, such
future date on which we complete a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all
of our public stockholders having the right to exchange their shares of common stock for cash, securities or other property.

 

Preferred
Stock

 

Our
amended and restated certificate of incorporation provides that 1,000,000 shares of preferred stock may be issued from time to time in
one or more series. Our board of directors are authorized to fix the voting rights, if any, designations, powers, preferences, the relative,
participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares
of each series. Our board of directors are able to, without stockholder approval, issue preferred stock with voting and other rights
that could adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects.
The ability of our board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring
or preventing a change of control of us or the removal of existing management. We have no preferred stock outstanding at the date hereof.
Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.

 

Warrants

 

Public
Stockholders’ Warrants

 

Each
whole warrant entitles the registered holder to purchase one share of our Class A common stock at a price of  $11.50 per share,
subject to adjustment as discussed below, at any time commencing 30 days after the completion of our initial business combination. Pursuant
to the warrant agreement, a public warrant holder may exercise its public warrants only for a whole number of shares of Class A common
stock. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants have been issued
upon separation of the units and only whole warrants are traded. Accordingly, unless you purchase at least three units, you will not
be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial business combination,
at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We
will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a public warrant and will have no obligation
to settle such public warrant exercise unless a registration statement under the Securities Act of 1933, as amended, (the “Securities
Act”) with respect to the shares of Class A common stock underlying the public warrants is then effective and a current prospectus
relating to those shares of Class A common stock is available, subject to our satisfying our obligations described below with respect
to registration. No public warrant will be exercisable for cash or on a cashless basis, and we will not be obligated to issue any shares
to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under
the securities laws of the state of the exercising holder, or an exemption from registration is available. In the event that the conditions
in the two immediately preceding sentences are not satisfied with respect to a public warrant, the holder of such public warrant will
not be entitled to exercise such public warrant and such public warrant may have no value and expire worthless. In no event will we be
required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the
purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common
stock underlying such unit.

 

    4

     

    

 

We
have agreed that as soon as practicable, but in no event later than 20 business days after the closing of our initial business combination,
we will use our commercially reasonable best efforts to file with the SEC, and within 60 business days following our initial business
combination to have declared effective, a registration statement covering the issuance of the shares of Class A common stock issuable
upon exercise of the warrants and to maintain a current prospectus relating to those shares of Class A common stock until the warrants
expire or are redeemed. Notwithstanding the above, if our Class A common stock is at the time of any exercise of a warrant not listed
on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of
the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless
basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file
or maintain in effect a registration statement, but will use our reasonable best efforts to qualify the shares under applicable blue
sky laws to the extent an exemption is not available.

 

We
have agreed that as soon as practicable, but in no event later than thirty (30) days, after the closing of our initial business combination,
we will use our commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities
Act, of the shares of Class A common stock issuable upon exercise of the warrants. We will use our commercially reasonable efforts to
cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating
thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement
covering the shares of Class A common stock issuable upon exercise of the warrants is not effective within 90 days after the closing
of our initial business combination, warrant holders may, under the circumstances specified in the warrant agreement and until such time
as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration
statement, exercise warrants on a cashless basis.

 

Redemption
of Warrants for Cash. Once the public warrants become exercisable, we may call the warrants for redemption:

 

		●	in
                                            whole and not in part;

 

		●	at
                                            a price of  $0.01 per public warrant;

 

		●	upon
                                            a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption
                                            period, to each warrant holder; and

 

		●	if,
                                            and only if, the closing price of our Class A common stock equals or exceeds $18.00 per share
                                            (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the
                                            like) for any 10 trading days within a 20-trading day period ending on the third trading
                                            day prior to the date on which we send the notice of redemption to the public warrant holders.

 

If
and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the
underlying securities for sale under all applicable state securities laws.

 

    5

     

    

 

We
have established the last of the redemption criteria discussed above to prevent a redemption call unless there is at the time of the
call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption
of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However,
the price of the Class A common stock may fall below the $18.00 redemption trigger price as well as the $11.50 warrant exercise price
after the redemption notice is issued.

 

Redemption
Procedures and Cashless Exercise. If we call the warrants for redemption as described above, our management has the option to
require all holders that wish to exercise warrants to do so on a “cashless basis.” In determining whether to require all
holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position,
the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class
A common stock issuable upon the exercise of our warrants. In such event, each holder would pay the exercise price by surrendering the
warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of
shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value” (defined below)
over the exercise price of the warrants by (y) the fair market value. For this purpose, the “fair market value” shall mean
the average closing price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which
the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption
will contain the information necessary to calculate the number of shares of Class A common stock to be received upon exercise of the
warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number
of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option
to us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call our warrants for
redemption and our management does not take advantage of this option, our sponsor and its permitted transferees are still entitled to
exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders
would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in
more detail below.

 

A
holder of a public warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have
the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s
affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder
may specify) of the shares of Class A common stock outstanding immediately after giving effect to such exercise.

 

Anti-Dilution
Adjustments. If the number of outstanding shares of Class A common stock is increased by a stock dividend payable in shares of
Class A common stock, or by a split-up of shares of Class A common stock or other similar event, then, on the effective date of such
stock dividend, split-up or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be
increased in proportion to such increase in the outstanding shares of Class A common stock. A rights offering to holders of Class A common
stock entitling holders to purchase shares of Class A common stock at a price less than the fair market value will be deemed a stock
dividend of a number of shares of Class A common stock equal to the product of  (1) the number of shares of Class A common stock
actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible
into or exercisable for Class A common stock) multiplied by (2) one minus the quotient of (x) the price per share of Class A common stock
paid in such rights offering divided by (y) the fair market value. For these purposes (1) if the rights offering is for securities convertible
into or exercisable for Class A common stock, in determining the price payable for Class A common stock, there will be taken into account
any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (2) fair market
value means the volume weighted average price of Class A common stock as reported during the ten trading day period ending on the trading
day prior to the first date on which the shares of Class A common stock trade on the applicable exchange or in the applicable market,
regular way, without the right to receive such rights.

 

In
addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities
or other assets to the holders of Class A common stock on account of such shares of Class A common stock (or other shares of our capital
stock into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends of which are dividends
up to $0.50 per share per year, (c) to satisfy the redemption rights of the holders of Class A common stock in connection with a proposed
initial business combination, (d) as a result of the repurchase of shares of Class A common stock by the company if the proposed initial
business combination is presented to the stockholders of the company for approval, or (e) in connection with the redemption of our public
shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately
after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on
each share of Class A common stock in respect of such event. No other adjustments will be required to be made including for issuing Class
A common stock at below market price and/or exercise price.

 

    6

     

    

 

If
the number of outstanding shares of our Class A common stock is decreased by a consolidation, combination, reverse stock split or reclassification
of shares of Class A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock
split, reclassification or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased
in proportion to such decrease in outstanding shares of Class A common stock.

 

Whenever
the number of shares of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant
exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the
numerator of which will be the number of shares of Class A common stock purchasable upon the exercise of the warrants immediately prior
to such adjustment, and (y) the denominator of which will be the number of shares of Class A common stock so purchasable immediately
thereafter.

 

In
addition, if (x) we issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection
with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per ordinary share
(with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such
issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as
applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent
more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the
date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price
of our Class A common stock during the 20 trading day period starting on the trading day prior to the day on which we consummate our
initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants
will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00
per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market
Value and the Newly Issued Price.

 

In
case of any reclassification or reorganization of the outstanding shares of Class A common stock (other than those described above or
that solely affects the par value of such shares of Class A common stock), or in the case of any merger or consolidation of us with or
into another entity or conversion of the company into another type of entity (other than a consolidation or merger in which we are the
continuing corporation and that does not result in any reclassification or reorganization of our outstanding shares of Class A common
stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety
or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right
to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the shares of our
Class A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind
and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received
if such holder had exercised their warrants immediately prior to such event. However, if such holders were entitled to exercise a right
of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind
and amount of securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average
of the kind and amount received per share by such holders in such consolidation or merger that affirmatively make such election, and
if a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption
offer made by the company in connection with redemption rights held by stockholders of the company as provided for in the company’s
amended and restated certificate of incorporation or as a result of the redemption of shares of Class A common stock by the company if
a proposed initial business combination is presented to the stockholders of the company for approval) under circumstances in which, upon
completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1)
under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning
of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially
(within the meaning of Rule 13d-3 under the Exchange Act) securities representing more than 50% of the aggregate voting power, including
the power to vote on the election of our directors, of our issued and outstanding equity securities, and (for the avoidance of doubt)
such tender offer results in a change of control of us, the holder of a public warrant will be entitled to receive the highest amount
of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such warrant holder
had exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class A common
stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation
of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement. Additionally,
if less than 70% of the consideration receivable by the holders of Class A common stock in such a transaction is payable in the form
of Class A common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established
over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of
the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price
will be reduced as specified in the warrant agreement based on the per share consideration minus Black-Scholes Warrant Value (as defined
in the warrant agreement) of the warrant.

 

    7

     

    

 

The
warrants have been issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant
agent, and us. The warrant agreement has been filed as an exhibit to the IPO registration statement and contains the description of the
terms and conditions applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended without
the consent of any holder to cure any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement
to the description of the terms of the warrants and the warrant agreement set forth in IPO registration statement, or to correct any
defective provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change
that adversely affects the interests of the registered holders of public warrants. A change affecting the terms of the private placement
warrants will require the approval of holders of at least 50% of the private placement warrants.

 

The
public warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full
payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number
of warrants being exercised. The public warrant holders do not have the rights or privileges of holders of Class A common stock and any
voting rights until they exercise their warrants and receive shares of Class A common stock. After the issuance of shares of Class A
common stock upon exercise of the public warrants, each holder will be entitled to one vote for each share held of record on all matters
to be voted on by stockholders.

 

The
public warrants may be exercised only for a whole number of shares of Class A common stock. No fractional shares will be issued upon
exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share,
we will, upon exercise, round down to the nearest whole number the number of shares of Class A common stock to be issued to the warrant
holder. As a result, warrant holders not purchasing an even number of warrants must sell any odd number of warrants in order to obtain
full value from the fractional interest that will not be issued.

 

Private
Placement Warrants

 

The
private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) will not be
transferable, assignable or salable until 30 days after the completion of our initial business combination (except, among other limited
exceptions as described under the IPO registration statement’s section entitled “Principal Stockholders — Transfers
of Founder Shares and Private Placement Warrants,” to our officers and directors and other persons or entities affiliated with
our sponsor) and they will not be redeemable by us. Otherwise, the private placement warrants have terms and provisions that are identical
to those of the warrants sold as part of the units in the IPO. If the private placement warrants are held by holders other than the sponsor
or its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis
as the public warrants.

 

    8

     

    

 

If
holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number
of shares of Class A common stock underlying the warrants, multiplied by the excess of the “sponsor fair market value” (defined
below) over the exercise price of the private placement warrants by (y) the fair market value. The “sponsor fair market value”
shall mean the average closing price of the Class A common stock for the 10 trading days ending on the third trading day prior to the
date on which the notice of warrant exercise is sent to the warrant agent. We expect to have policies in place that prohibit insiders
from selling our securities except during specific periods of time. Even during such periods of time when insiders will be permitted
to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly,
unlike public stockholders who could exercise their public warrants and sell the shares of Class A common stock received upon such exercise
freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such
securities. As a result, we believe that allowing the holders to exercise the private placement warrants on a cashless basis is appropriate.

 

In
order to finance transaction costs in connection with an intended initial business combination, our sponsor, an affiliate of our sponsor
or our officers and directors may, but none of them is obligated to, loan us funds as may be required. If we complete our initial business
combination, we would repay such loaned amounts out of the proceeds of the trust account released to us. In the event that our initial
business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned
amounts but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible
into warrants at a price of  $1.50 per warrant at the option of the lender. The warrants would be identical to the private placement
warrants, including as to exercise price, exercisability and exercise period. Except for the foregoing, the terms of such loans, if any,
have not been determined and no written agreements exist with respect to such loans.

 

Dividends

 

We
have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of our initial
business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements
and general financial condition subsequent to completion of our initial business combination. The payment of any cash dividends subsequent
to a business combination will be within the discretion of our board of directors at such time. In addition, our board of directors is
not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any
indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

 

Our
Transfer Agent and Warrant Agent

 

The
transfer agent for our common stock and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed
to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of
its stockholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable counsel fees that
may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence,
willful misconduct or bad faith of the indemnified person or entity.

 

    9

     

    

 

Our
Amended and Restated Certificate of Incorporation

 

Our
amended and restated certificate of incorporation contains certain requirements and restrictions from the time of the IPO that will apply
to us until the completion of our initial business combination. These provisions cannot be amended without the approval of the holders
of at least 65% of our common stock and then only if we allow dissenting holders the opportunity to redeem their pro-rata interest from
the trust account. Our sponsor, who collectively and beneficially own 20% of our common stock, may participate in any vote to amend our
amended and restated certificate of incorporation and has the discretion to vote in any manner it chooses. Prior to an initial business
combination, we may not issue additional securities that can vote on amendments to our amended and restated certificate of incorporation.
Specifically, our amended and restated certificate of incorporation provides, among other things, that:

 

		●	if
                                            we are unable to complete our initial business combination within the completion window,
                                            we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as
                                            reasonably possible but not more than ten business days thereafter, subject to lawfully available
                                            funds therefor, redeem 100% of the public shares, at a per share price, payable in cash,
                                            equal to the aggregate amount then on deposit in the trust account, including interest (less
                                            up to $100,000 of interest to pay dissolution expenses and which interest shall be net of
                                            taxes payable), divided by the number of then outstanding public shares, which redemption
                                            will completely extinguish public stockholders’ rights as stockholders (including the
                                            right to receive further liquidating distributions, if any), subject to applicable law; and
                                            (3) as promptly as reasonably possible following such redemption, subject to the approval
                                            of our remaining stockholders and our board of directors, dissolve and liquidate, subject
                                            in each case to our obligations under Delaware law to provide for claims of creditors and
                                            the requirements of other applicable law;

 

		●	prior
                                            to our initial business combination, we may not issue additional shares of capital stock
                                            that would entitle the holders thereof to: (1) receive funds from the trust account; or (2)
                                            vote on any initial business combination;

 

		●	although
                                            we do not intend to enter into a business combination with a target business that is affiliated
                                            with our sponsor, our directors or our officers, we are not prohibited from doing so. In
                                            the event we enter into such a transaction, we, or a committee of independent directors,
                                            will obtain an opinion from an independent investment banking firm which is a member of FINRA
                                            or a qualified independent accounting firm that such a business combination is fair to our
                                            company from a financial point of view;

 

		●	if
                                            a stockholder vote on our initial business combination is not required by applicable law
                                            or stock exchange rules and we do not decide to hold a stockholder vote for business or other
                                            reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation
                                            14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing
                                            our initial business combination which contain substantially the same financial and other
                                            information about our initial business combination and the redemption rights as is required
                                            under Regulation 14A of the Exchange Act;

 

		●	our
                                            initial business combination must be with one or more operating businesses or assets with
                                            a fair market value equal to at least 80% of the net assets held in the trust account (excluding
                                            the amount of any deferred underwriting commissions and taxes payable on the income earned
                                            on the trust account) at the time of the agreement to enter into the initial business combination;

 

		●	if
                                            our stockholders approve an amendment to our amended and restated certificate of incorporation
                                            to modify the substance or timing of our obligation to redeem 100% of our public shares if
                                            we do not complete our initial business combination within the completion window, we will
                                            provide our public stockholders with the opportunity to redeem all or a portion of their
                                            shares of Class A common stock upon such approval at a per share price, payable in cash,
                                            equal to the aggregate amount then on deposit in the trust account, including interest (which
                                            interest shall be taxes payable), divided by the number of then outstanding public shares;
                                            and

 

		●	we
                                            will not effectuate our initial business combination with another blank check company or
                                            a similar company with nominal operations.

 

In
addition, our amended and restated certificate of incorporation provides that under no circumstances will we redeem our public shares
in an amount that would cause our net tangible assets upon consummation of our initial business combination to be less than $5,000,001.

 

    10

     

    

 

Certain
Anti-Takeover Provisions of Delaware Law and our Amended and Restated Certificate of Incorporation and Bylaws

 

We
have elected to be exempt from the restrictions imposed under Section 203 of the DGCL. However, our certificate of incorporation contains
similar provisions providing that we may not engage in certain “business combinations” with any “interested stockholder”
for a three-year period following the time that such stockholder becomes an interested stockholder unless:

 

		●	prior
                                            to such time, our board of directors approved either the business combination or the transaction
                                            which resulted in the stockholder becoming an interested stockholder;

 

		●	upon
                                            consummation of the transaction which resulted in the stockholder becoming an “interested
                                            stockholder,” the interested stockholder owned at least 85% of our voting stock outstanding
                                            at the time the transaction commenced (excluding certain shares); or

 

		●	on
                                            or subsequent to such time, the business combination is approved by our board of directors
                                            and by the affirmative vote of at least two-third of the outstanding voting stock not owned
                                            by the interested stockholder.

 

Generally,
a “business combination” includes a merger, asset or stock sale or certain other transactions resulting in a financial benefit
to the interested stockholder. Subject to certain exceptions, an “interested stockholder” is a person who, together with
that person’s affiliates and associates, owns, or within the previous three years owned, 15% or more of our voting stock.

 

Under
some circumstances, this provision will make it more difficult for a person who is an interested stockholder to effect various business
combinations with us for a three-year period.

 

Our
amended and restated certificate of incorporation provides that our sponsor and its various affiliates, any of their respective direct
or indirect successors and transferees of at least 15% of our outstanding common stock, and any group as to which such persons are party
to, will not be deemed to be “interested stockholders” for purposes of this provision.

 

Our
authorized but unissued common stock and preferred stock are available for future issuances without stockholder approval and could be
utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit
plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage
an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Exclusive
Forum For Certain Lawsuits

 

Our
amended and restated certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in
our name, actions against directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only
in the Court of Chancery in the State of Delaware and, if brought outside of the State of Delaware, the stockholder bringing such suit
will be deemed to have consented to service of process on such stockholder’s counsel. Although we believe these provisions benefit
us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provisions
may have the effect of discouraging lawsuits against our directors and officers.

 

In
addition, our amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative
forum, the federal district courts of the United States of America shall, to the fullest extent permitted by law, be the exclusive forum
for the resolution of any complaint asserting a cause of action arising under the Securities Act against us or our directors, officers,
other employees or agents. Although we believe this provision benefits us by providing increased consistency in the application of Delaware
law in the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it is
enforceable, the provision may have the effect of discouraging lawsuits against our directors, officers, other employees or stockholders,
although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations
thereunder.

 

    11

     

    

 

Notwithstanding
the foregoing, our amended and restated certificate of incorporation provides that the exclusive forum provision will not apply to suits
brought to enforce a duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.
Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created
by the Exchange Act or the rules and regulations thereunder. Although we believe this provision benefits us by providing increased consistency
in the application of Delaware law in the types of lawsuits to which it applies, the provision may limit our stockholders’ ability
to obtain a favorable judicial forum for disputes with us and may have the effect of discouraging lawsuits against our directors and
officers. Any person or entity purchasing or otherwise acquiring any interest in any shares of our capital stock shall be deemed to have
notice of and to have consented to the forum provisions in our amended and restated certificate of incorporation. If any action the subject
matter of which is within the scope of the forum provisions is filed in a court other than a court located within the State of Delaware
(a “foreign action”) in the name of any stockholder, such stockholder shall be deemed to have consented to: (x) the personal
jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in any such court
to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such stockholder in
any such enforcement action by service upon such stockholder’s counsel in the foreign action as agent for such stockholder.

 

Special
Meeting of Stockholders

 

Our
bylaws provide that special meetings of our stockholders may be called only by a majority vote of our board of directors, by our chief
executive officer or by our chairman, if any.

 

Advance
Notice Requirements for Stockholder Proposals and Director Nominations

 

Our
bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election
as directors at our annual meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder’s
notice will need to be received by the secretary to our principal executive offices not later than the close of business on the 90th
day nor earlier than the opening of business on the 120th day prior to the scheduled date of the annual meeting of stockholders. If our
annual meeting is called for a date that is not within 45 days before or after such anniversary date, a stockholder’s notice will
need to be received not earlier than the opening of business on the 120th day before the meeting and not later than the later of (x)
the close of business on the 90th day before the meeting or (y) the close of business on the 10th day following the day on which we first
publicly announce the date of the annual meeting.

 

Our
bylaws also specify certain requirements as to the form and content of a stockholder’s notice for an annual meeting. Specifically,
a stockholder’s notice must include: (i) a brief description of the business desired to be brought before the annual meeting, the
text of the proposal or business and the reasons for conducting such business at the annual meeting, (ii) the name and record address
of such stockholder and the name and address of the beneficial owner, if any, on whose behalf the proposal is made, (iii) the class or
series and number of shares of our capital stock owned beneficially and of record by such stockholder and by the beneficial owner, if
any, on whose behalf the proposal is made, (iv) a description of all arrangements or understandings between such stockholder and the
beneficial owner, if any, on whose behalf the proposal is made and any other person or persons (including their names) in connection
with the proposal of such business by such stockholder, (v) any material interest of such stockholder and the beneficial owner, if any,
on whose behalf the proposal is made in such business and (vi) a representation that such stockholder intends to appear in person or
by proxy at the annual meeting to bring such business before such meeting. These notice requirements will be deemed satisfied by a stockholder
as to any proposal (other than nominations) if the stockholder has notified us of such stockholder’s intention to present such
proposal at an annual meeting in compliance with Rule 14a-8 of the Exchange Act, and such stockholder has complied with the requirements
of such rule for inclusion of such proposal in the proxy statement we prepare to solicit proxies for such annual meeting. Pursuant to
Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement must comply with the notice periods contained
therein. The foregoing provisions may limit our stockholders’ ability to bring matters before our annual meeting of stockholders
or from making nominations for directors at our annual meeting of stockholders.

 

    12

     

    

 

Action
by Written Consent

 

Any
action required or permitted to be taken by our common stockholders must be effected by a duly called annual or special meeting of such
stockholders and may not be effected by written consent of the stockholders other than with respect to our Class B common stock.

 

Classified
Board of Directors

 

Our
board of directors will initially be divided into three classes, Class I, Class II and Class III, with members of each class serving
staggered three-year terms. Our amended and restated certificate of incorporation provides that the authorized number of directors may
be changed only by resolution of the board of directors. Prior to our initial business combination, only holders of our founder shares
have the right to vote on the election of directors. Holders of our public shares are not be entitled to vote on the election of directors
during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares
may remove a member of the board of directors for any reason. These provisions of our amended and restated certificate of incorporation
may only be amended by a resolution passed by a majority of our shares of Class B common stock. With respect to any other matter submitted
to a vote of our stockholders, including any vote in connection with our initial business combination, except as required by law or the
applicable rules of NYSE then in effect, holders of our founder shares and holders of our public shares will vote together as a single
class, with each share entitling the holder to one vote. Any vacancy on our board of directors, including a vacancy resulting from an
enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office.

 

Class
B Common Stock Consent Right

 

For
so long as any shares of Class B common stock remain outstanding, we may not, without the prior vote or written consent of the holders
of a majority of the shares of Class B common stock then outstanding, voting separately as a single class, amend, alter or repeal any
provision of our certificate of incorporation, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal
would alter or change the powers, preferences or relative, participating, optional or other or special rights of the Class B common stock.
Any action required or permitted to be taken at any meeting of the holders of Class B common stock may be taken without a meeting, without
prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders
of the outstanding Class B common stock having not less than the minimum number of votes that would be necessary to authorize or take
such action at a meeting at which all shares of Class B common stock were present and voted.

 

Securities
Eligible for Future Sale

 

We
have 40,000,000 shares of Class A common stock outstanding. All of these shares are freely tradable without restriction or further registration
under the Securities Act, except for any shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities
Act. All of the 10,000,000 Class B founder shares and all 7,500,000 private placement warrants are restricted securities under Rule 144,
in that they were issued in private transactions not involving a public offering, and are subject to transfer restrictions as set forth
in the IPO prospectus.

 

Rule
144

 

Pursuant
to Rule 144, a person who has beneficially owned restricted shares of our common stock or warrants for at least six months would be entitled
to sell their securities provided that: (1) such person is not deemed to have been one of our affiliates at the time of, or at any time
during the three months preceding, a sale; and (2) we are subject to the Exchange Act periodic reporting requirements for at least three
months before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such
shorter period as we were required to file reports) preceding the sale.

 

Persons
who have beneficially owned restricted shares of our common stock or warrants for at least six months but who are our affiliates at the
time of, or at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such person
would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:

 

    13

     

    

 

		●	1%
                                            of the total number of shares of Class A common stock then outstanding, which will equal
                                            400,000 shares; or

 

		●	the
                                            average weekly reported trading volume of the common stock during the four calendar weeks
                                            preceding the filing of a notice on Form 144 with respect to the sale.

 

Sales
by our affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current
public information about us.

 

Restrictions
on the Use of Rule 144 by Shell Companies or Former Shell Companies

 

Rule
144 is not available for the resale of securities initially issued by shell companies (other than a business combination related shell
companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to
this prohibition if the following conditions are met:

 

		●	the
                                            issuer of the securities that was formerly a shell company has ceased to be a shell company;

 

		●	the
                                            issuer of the securities is subject to the reporting requirements of Section 13 or 15(d)
                                            of the Exchange Act;

 

		●	the
                                            issuer of the securities has filed all Exchange Act reports and material required to be filed,
                                            as applicable, during the preceding 12 months (or such shorter period that the issuer was
                                            required to file such reports and materials), other than Current Reports on Form 8-K; and

 

		●	at
                                            least one year has elapsed from the time that the issuer filed current Form 10 type information
                                            with the SEC reflecting its status as an entity that is not a shell company.

 

As
a result, our initial stockholders will be able to sell their founder shares pursuant to Rule 144 without registration one year after
we have completed our initial business combination.

 

Registration
Rights

 

The
holders of the founder shares, private placement warrants and warrants that may be issued upon conversion of working capital loans (and
any Class A common stock issuable upon the exercise of the private placement warrants and warrants that may be issued upon conversion
of working capital loans) will be entitled to registration rights pursuant to a registration and stockholder rights agreement requiring
us to register such securities for resale (in the case of the founder shares, only after conversion into shares of Class A common stock).
The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that we register
such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements
filed subsequent to our completion of our initial business combination and rights to require us to register for resale such securities
pursuant to Rule 415 under the Securities Act. We will bear the expenses incurred in connection with the filing of any such registration
statement.

 

In
addition, pursuant to the registration and stockholder rights agreement, our sponsor, upon consummation of an initial business combination,
is entitled to nominate one person for election to our board of directors.

 

Listing
of Securities

 

We
have listed our units, Class A common stock and warrants on the NYSE under the symbols “MBAC.U”, “MBAC” and “MBAC
WS”, respectively. The common stock and warrants constituting the units began separate trading on April 26, 2021.

 

 

14

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