Document:

EX-10.6

 Exhibit 10.6 
  

 
  

BYLAWS 
 OF 

CREDIT RIGHTS INVESTMENT FUND (FIDC) 

– BANCOS EMISSORES DE CARTÃO DE CRÉDITO – STONE 

CNPJ/MF No. 24.068.675/0001-30 

June 25, 2018 
  

 
  

 TABLE OF CONTENTS 
  

					
	 CHAPTER ONE – DEFINITIONS
	  	 	3	 
	 CHAPTER TWO – FORM OF INCORPORATION, DURATION AND PURPOSE
	  	 	17	 
	 CHAPTER THREE – TARGET AUDIENCE
	  	 	18	 
	 CHAPTER FOUR – INVESTMENT POLICY AND PORTFOLIO COMPOSITION
	  	 	18	 
	 CHAPTER FIVE – ELIGIBILITY CRITERIA AND ASSIGNMENT CONDITIONS
	  	 	20	 
	 CHAPTER SIX – RISK FACTORS
	  	 	23	 
	 CHAPTER SEVEN – ADMINISTRATOR AND FUND SERVICE PROVIDER REMUNERATION
	  	 	31	 
	 CHAPTER EIGHT – OUTSOURCING
	  	 	33	 
	 CHAPTER NINE – ADMINISTRATOR AND INVESTMENT MANAGEMENT COMPANY REPLACEMENT AND
RESIGNATION
	  	 	36	 
	 CHAPTER TEN – ORIGINATING CREDIT RIGHTS PROCESS AND CREDIT GRANTING POLICY
	  	 	37	 
	 CHAPTER ELEVEN – ELIGIBLE CREDIT RIGHTS ASSIGNMENT, PAYMENT, AND SETTLEMENT
	  	 	38	 
	 CHAPTER TWELVE – ASSIGNED CREDIT RIGHTS DUNNING PROCEDURES
	  	 	42	 
	 CHAPTER THIRTEEN – CRITERIA FOR ASSESSING THE ELIGIBLE CREDIT RIGHTS AND FINANCIAL ASSETS
COMPRISING THE PORTFOLIO
	  	 	43	 
	 CHAPTER FOURTEEN – COMPOSITION OF FUND NAV AND ISSUANCE OF SHARES
	  	 	44	 
	 CHAPTER FIFTEEN – CHARACTERISTICS, RIGHTS, AND CONDITIONS FOR THE ISSUANCE, SUBSCRIPTION
AND SETTLEMENT OF SHARES
	  	 	45	 
	 CHAPTER SIXTEEN – GENERAL MEETING
	  	 	48	 
	 CHAPTER SEVENTEEN – AMORTIZATION AND REDEMPTION OF SHARES
	  	 	51	 
	 CHAPTER EIGHTEEN – CASE SCENARIOS AND PROCEDURES TO REDEEM SHARES UPON DELIVERY OF
ELIGIBLE CREDIT RIGHTS AND FINANCIAL ASSETS AS PAYMENT
	  	 	53	 
	 CHAPTER NINETEEN – EXTRAORDINARY AMORTIZATION FOR THE PURPOSE OF REFRAMING THE
SUBORDINATION RATIO, MINIMUM INVESTMENT ALLOCATION AND INVESTMENT POLICY
	  	 	54	 
	 CHAPTER TWENTY – ASSESSMENT EVENTS
	  	 	55	 
	 CHAPTER TWENTY-ONE – FUND LIQUIDATION
	  	 	56	 
	 CHAPTER TWENTY-TWO – FUND CHARGES AND EXPENSES
	  	 	58	 
	 CHAPTER TWENTY-THREE – ALLOCATING RESOURCES TO SETTLE FUND EXPENSES
	  	 	58	 
	 CHAPTER TWENTY-FOUR – DISCLOSURE AND DELIVERY OF DOCUMENTS
	  	 	59	 
	 CHAPTER TWENTY-FIVE – FINANCIAL STATEMENTS
	  	 	60	 
	 CHAPTER TWENTY-SIX – FINAL PROVISIONS
	  	 	61	 
	 ANNEX I – CREDIT RIGHTS CHARACTERISTICS FILE TEMPLATE
	  	 	62	 
	 ANNEX II – TERM OF ACCEPTANCE AND RISK AWARENESS FOR CREDIT RIGHTS INVESTMENT FUND –
BANCOS EMISSORES DE CARTÃO DE CRÉDITO – STONE
	  	 	63	 
	 ANNEX III – AMENDMENT TEMPLATE
	  	 	65	 
	 ANNEX IV – CRITERIA AND PARAMETERS FOR THE VERIFICATION OF SUPPORTING DOCUMENTS
	  	 	66	 
	 ANNEX V – OPEN ASSIGNMENTS TO THIRD PARTIES REPORT TEMPLATE
	  	 	68	 
	 ANNEX VI – PAYMENT FLOW OF CREDIT RIGHTS CHART
	  	 	71	 

  
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 BYLAWS OF CREDIT RIGHTS INVESTMENT FUND (FIDC) 

– BANCOS EMISSORES DE CARTÃO DE CRÉDITO – STONE 

CNPJ/MF No. 24.068.675/0001-30 

CHAPTER ONE – DEFINITIONS 
 1.1 Except as
defined in other sections of the Bylaws, terms and expressions beginning with capital letters, whether singular or plural, shall have the meanings ascribed to them, as set out below: 

 

			
	Administrator	  	is Oliveira Trust Distribuidora de Títulos e Valores Mobiliários S.A., a corporation duly authorized by the CVM to manage investment funds and securities portfolios by means of Declaratory Act No. 6.696,
dated February 21, 2002, registered under the CPNJ/MF No. 36.113.876/0001-91, headquartered in the city and state of Rio de Janeiro, at Avenida das Américas, no 3.434, Bloco 07, sala 201,
Centro Empresarial Mario Henrique Simonsen, Barra da Tijuca, CEP 22640-102.
		
	Risk Rating Agency	  	is Fitch Ratings Brazil Ltda., a credit rating agency headquartered in the city and state of Rio de Janeiro, at Praça XV de Novembro, n.o 20, sala 401 B, CEP 20.010-010,
registered under the CPNJ/MF No. 01.813.375/0001-33.
		
	Minimum Allocation	  	is defined in Article 4.2 of these Bylaws.
		
	Extraordinary Amortization	  	is the Extraordinary Amortization of Shares, solely for the purpose of framing the Net Asset Value (NAV) to the Minimum Allocation, the Subordination Ratio and/or to comply with the investment policy described in Chapter Four of
these Bylaws, as foreseen in Chapter Seventeen herein.
		
	Scheduled Amortization	  	is the amortization of the Senior Shares principal performed on corresponding Senior Shares Scheduled Amortization Dates, along with the Remuneration payment, according to the schedule defined in their corresponding
Amendments and as set forth in these Bylaws.
		
	ANBIMA	  	is the Brazilian Financial and Capital Markets Association.
		
	Payment Method	  	is the set of rules and procedures established by the Card Brand that regulates the provision of certain payment services to the public, such as the activities of issuing Payment Instruments and accrediting Accredited Outlets,
as

  
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		  	well as defines the use of operational and safety standards associated with these activities, in accordance with the applicable legislation, in particular Law No. 12.865/13, CMN Resolution No. 4.282/13 and BACEN
Information Circular No. 3.683/13.
		
	Additional Credit Rights Files	  	electronic records standardized by the Stone System, containing information on Credit Rights characteristics and allowing their individualized identification, as described in Annex I attached herein.
		
	Delivery File	  	is defined in Article 11.1.1 of these Bylaws.
		
	Return File	  	is defined in Article 11.1.1, item (ii) of these Bylaws.
		
	General Meeting	  	is the General Shareholders’ Meeting, held in accordance with the provisions of Chapter Sixteen herein.
		
	Financial Assets	  	are (i) Brazilian National Treasury Bonds; (ii) BACEN bonds; (iii) repo operations backed by the securities listed in items “(i)” and “(ii)” above, whose counterparty is a top tier financial
institution with “AAA” ratings on the Brazilian national credit ratings scale issued by Fitch Ratings Brasil Ltda.; and (iv) shares of investment funds classified as referenced to the DI (Interbank Deposit) rate or investment funds
with shares of investment funds referenced to a fixed income indicator, provided that they are not administered or managed by the Administrator, with low-risk ANBIMA classification, and, in any case, with
daily liquidity.
		
	Independent Auditor	  	is the company that will perform audit services on the financial statements and the other Fund accounts.
		
	BACEN	  	is the Central Bank of Brazil.
		
	Depository Banks	  	means: (i) BANCO VOTORANTIM S.A., financial institution headquartered in the city and state of São Paulo, at Avenida das Nações Unidas, No. 14, 171, Tower A, 18th Floor, registered under CNPJ /
MF No. 59.588.111 / 0001-03, a financial institution in which the Assignor maintains a Centralizing Account of the Assignor; (ii) BANCO SAFRA S.A., a financial institution headquartered in the
city and state of São Paulo, at Avenida Paulista, No. 2,100, registered under CNPJ / MF under No. 58.160.789 / 0001-28, financial institution in which the Assignor maintains a Centralizing
Account of the Assignor; and / or (iii) any other financial institution that comes to be contracted by the Seller to maintain a Centralizer Account of the Assignor, which may be contracted without the need for approval by the General Assembly,
provided that the financial institution contracted is a Pre-Approved Depositary Bank.

  
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	Pre-Approved Depositary Banks	  	are the following financial institutions, which can be contracted to become a Depositary Bank (as defined above), regardless of its rating and without approval by the General Assembly: (i) Itaú Unibanco S.A .; (ii)Banco
Bradesco S.A .; (iii) Banco Santander (Brazil) S.A .; (iv) Banco Citibank S.A .; (v) BankVotorantim S.A .; and (vi) Banco Safra S.A.
		
	Settlement Banks	  	means: (i) BANCO VOTORANTIM S.A., financial institution headquartered in the city and state of São Paulo, at Avenida das Nações Unidas, 14,171, Torre A,
18th floor, registered under the CPNJ/MF No. 59.588.111/0001-03, responsible for the liquidation of Payment Transactions originated by Visa Brand
Cards; (ii) BANCO SAFRA S.A., financial institution headquartered in the city and state of São Paulo, at Avenida Paulista, no 2.100, registered under the CPNJ/MF
No. 58.160.789/0001-28, responsible for the receipt of liquidation of Payment Transactions originated by Mastercard Brand Cards; and/or (iii) any other financial institution that might be
hired by Transferor to be responsible for the liquidation of Payment Transactions originated by Brand Cards (na CIP), that may be hired without the approval of the general Assembly, provided that the hired financial institution is a Pre-Approved Settlement Bank and has a credit rating equal to or higher than the replaced Settlement Bank on the date it was hired, on the Brazilian national credit ratings scale issued by Fitch Ratings Brasil
Ltda.
		
	Pre-Approved Settlement Banks	  	are the following financial institutions, which may be contracted by the Transferor to be the Settlement Bank (as defined above), regardless of their rating and without the need for approval by the General Assembly:
(i) Itaú Unibanco S.A.; (ii) Banco Bradesco S.A.; (iii) Banco Santander Brazil S.A. (iv) Bank Citibank S.A.; (v) Bank Votorantim S.A.; E (vi) Bank Harvest S.A.
		
	Hiper Brand Card	  	is the “Hiper” Payment Method established by Banco Itaucard S.A., an anonymous company headquartered In the city of Poá, in the state of São Paulo, at Alameda Pedro Calil, No. 43, centre, registered
under the CNPJ/MF 17.192.451/0001-70, in the condition of Payment Arrangement settlor under Law 12,865 of 9 October 2013 and the Circular BACEN
3.682/13.

  
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	MasterCard Brand Card	  	is the Payment Method established by MasterCard Brasil Soluções de Pagamento Ltda., a limited liability company headquartered in the city and state of São Paulo, at Avenida das Nações Unidas,
no 14.171, 19o e 20o andares, Crystal Tower, Edifício Rochaverá, CEP 04794- 000, registered under the CNPJ/MF No. 05.577.343/0001-37, as Payment Arrangement settlor under Law
12.865, dated October 9, 2013 and from BACEN Information Circular No. 3.682/13.
		
	Visa Brand Card	  	is the Payment Method established by Visa do Brasil Empreendimentos Ltda., a limited liability company headquartered in the city and state of São Paulo, at Av. Brigadeiro Faria Lima, 3729 – 3o andar, registered
under the CNPJ/MF No. 31.551.765/0001-43, as Payment Arrangement settlor under Law 12.865, dated October 9, 2013 and from BACEN Information Circular No. 3.682/13.
		
	Card Brands	  	are, together, Hiper Brand Card, MasterCard Brand Card and Visa Brand Card, the institutions responsible for Payment Methods (Payment Method settlors) and, when appropriate, for the use of the brand associated with the Payment
Method, holders of property rights and/or franchisers of their brands and logos that identify the Payment Instruments, which are responsible for regulating and supervising the issuance of Payment Instruments, the accreditation of Accredited Outlets,
and the use of operational and security standards, in accordance with applicable regulations.
		
	Senior Benchmark	  	is defined in Article 15.3, item (v) herein.
		
	B3	  	is the B3 S.A. – Brazil, Bolsa, Balcão.
		
	Card	  	is the Payment Instrument presented in the form of a plastic or virtual card, with credit and/or debit features, among others, issued by the Issuer and endowed with its own number, security code, End User name (Payment Instrument
holder), expiration date and the card brand logo, brands, names or logos accepted in the Stone System, which will be used for Payment Transactions in the corresponding systems.
		
	Assignor	  	is Stone, which, from time to time, under the Assignment Agreement, assigns all or part of their corresponding Eligible Credit Rights to the Fund and, to this end, will perform the corresponding Electronic Assignments.
		
	Chargeback	  	means the disputing of Payment Transactions, whether in whole or in part, by End Users, Accredited Outlets, Card Brands and/or Issuers, which may result in the non-completion of transfers or
in the corresponding reversal of credit(s) to the Assignor.

  
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	CIP	  	is the Brazilian Interbank Payment Clearing House, or any other interbank payment clearing house that comes to replace it.
		
	BACEN Information Circular No. 3.682/13	  	means the BACEN Information Circular No. 3.682/13, issued on November 4, 2013, as amended, or any other regulation replacing it.
		
	BACEN Information Circular No. 3.683/13	  	means the BACEN Information Circular No. 3.683/13, issued on November 4, 2013, as amended, or any other regulation replacing it.
		
	CNPJ/MF	  	is the Corporate Taxpayer Registry of the Brazilian Ministry of Finance.
		
	Civil Code of Brazil	  	means Law No. 10.406, dated January 10, 2002, as amended, or any other regulation replacing it.
		
	Affiliates	  	means, with respect to a specific Entity, any other Entity that controls, is directly controlled by or is under common direct control with such specific Entity. For the purposes of this definition, the term “control”, when
used in relation to a specific Entity, means the power of management and direction of such Entity’s policies, directly or indirectly, whether through holding securities with voting rights, by virtue of an agreement or otherwise. The terms
“controlled” and “controller” will have meanings related to the definitions above.
		
	Assignment Conditions	  	is defined in Article 5.3 of these Bylaws.
		
	Fund Authorized Account	  	means the current account held by the Fund at Itaú Unibanco S.A. (to be informed by the Fund in due course), to which, upon instructions forwarded by the Custodian, or as applicable, instructions forwarded by the Depositary
Bank, according to the terms of this Agreement, the payments will be transferred referring to Credit Rights deposited in the Assignor’s Centralized Accounts and related to the payment of Assigned Credit Rights.
		
	Assignor’s Centralized Accounts	  	are the following accounts held by the Assignor, with restricted transactions, to which the Settlement Bank will transfer payments referring to Assigned Credit Rights, as well as other Credit Rights (not assigned to the Fund) held
by the Assignor and/or other third parties that have acquired Credit Rights from the Assignor: (i) account held

  
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		  	by Stone at Banco Safra S.A., to be informed by the Assignor in due course; and (ii) account held by Stone at Banco Votorantim S.A., to be informed by the Assignor in due course; or (iii) any other restricted movement
account to be maintained by the Transferor in the financial institution that is to be hired by the Transferor for the Depository Bank service, respecting the flow of payments and bank functions of the Depositary Banks described in this
regulation.
		
	Full Operation Account	  	is the current account with unrestricted transactions, held by the Assignor, to which the payments will be transferred related to Credit Rights deposited in the Assignor’s Centralized Accounts that are not related to payments
of the Fund’s Assigned Credit Rights.
		
	Assignment Agreement	  	is the “Credit Rights Assignment and Purchase Promissory Agreement and Other Covenants for the Credit Rights Investment Fund – Bancos Emissores de Cartão de Crédito—Stone,” to be
entered into by and between the Assignor, the Fund, as assignee, the Investment Management Company, the Administrator, and the Custodian.
		
	Centralized Account Agreements	  	are the following private instruments when taken together: (i) “Custodian Bank Services Agreement,” to be signed by and between the Assignor and Banco Votorantim S.A.; and (ii) “Deposit Agreement and Other Covenants
(Escrow Account),” to be signed by and between the Assignor and Banco Safra S.A., which regulate the Assignor’s Centralized Accounts transactions; and/or (iii) any other contract signed between the Assignor and the Depositary Bank
hired by the Assignor to regulate the Assignor’s Centralized Account. The Fund will accept the Centralized Account Agreements mentioned above, without prejudice to other rights and obligations set forth in these agreements.
		
	Accreditation Agreement	  	is the “Agreement for Accreditation and Affiliation of Establishments to the Stone System”, originally filed on February 12, 2016 at the 6th Registry of Deeds and
Documents of the city of São Paulo, under No. 1.790.342, as amended and/or replaced from time to time, through which Accredited Outlets accept the general terms and conditions of services provided by Stone.
		
	Custody Agreement	  	is the “Credit Rights Investment Funds Qualified Custodian Services Private Agreement and Other Covenants,” signed by and between the Administrator, on behalf of the Fund, and the
Custodian.

  
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	Assets Manager	  	is Oliveira Trust Servicer S.A., a stock corporation headquartered in the city and State of Rio de Janeiro, at Avenida das Américas, no 3.434, Bloco 07, sala 202, Centro Empresarial Mario Henrique Simonsen, CEP 22640-102, Barra da Tijuca, registered under the CNPJ/MF No. 02.150.453/0001-20, providing controllership services for the Fund assets.
		
	Shares	  	are the Fund’s Senior and Subordinate Shares.
		
	Senior Shares	  	are the Fund’s Senior Shares, individually named “Senior Share,” whose characteristics and rights, as well as all conditions for the issuance, subscription, settlement, remuneration, amortization and redemption are
described in Chapter Fifteen of these Bylaws and its corresponding Amendments.
		
	Subordinate Shares	  	are the Fund’s Subordinate Shares, individually named “Subordinate Share,” whose characteristics and rights, as well as all conditions for the issuance, subscription, settlement, compensation, amortization and
redemption are described in Chapter Fifteen of these Bylaws herein.
		
	Shareholder	  	is the holder of Shares issued by the Fund.
		
	Senior Shareholder	  	is the holder of Senior Shares, collectively referred to as “Senior Shareholders.”
		
	Subordinate Shareholder	  	is Stone, and/or its controllers, affiliates or subsidiaries, or any other societies of Stone’s economic group, which will be the sole holders of all subordinated quotas until the full redemption of the senior quotas.
		
	Accrediting Institution	  	means Stone.
		
	Eligibility Criteria	  	are the criteria that any and all Credit Rights should meet, cumulatively, in order to be acquired by the Fund, as defined in Article 5.1 of these Bylaws.
		
	Custodian	  	is the Administrator.
		
	CVM	  	is the Securities and Exchange Commission of Brazil.
		
	Bidding Date	  	is defined in Article 11.1.1 of these Bylaws.
		
	Scheduled Amortization Date	  	is each amortization date scheduled for the principal and the payment of Senior Share Remuneration, according to the timeline defined in the corresponding Amendment, and as set forth in these Bylaws, after the end of the Grace
Period.

  
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	Issuance Date	  	is each Share issuance date, as defined in the corresponding Amendment for each Senior Share series, which must be, necessarily, a Business Day, whereas all Senior Shares in the same series will have the same Issuance
Date.
		
	Remuneration Payment Date	  	are the corresponding Remuneration payment dates for each Senior Share series, as determined in its corresponding Amendment, during the Grace Period.
		
	Senior Shares Redemption Dates	  	are the corresponding redemption dates for each Senior Share series, as determined in their corresponding Amendment, whereas all Senior Shares in the same Series will have the same Senior Shares Redemption Date.
		
	Debtors	  	for all the Fund purposes, are the Approved Issuers.
		
	Business Day or Business Days	  	means any day other than Saturday, Sunday, or holiday deemed as national, or, moreover, days in which, for any reason, there are no banking hours in the Federative Republic of Brazil.
		
	Credit Rights	  	are the Credit Rights held from time to time by the Assignor in the face of Debtors, according to Payment Methods rules, resulting from Payment Transactions performed by End Users through Payment Instruments operationalized by the
Stone System, for the purchase of goods or services in Accredited Outlets, equivalent to the remaining value of Payment Transactions after the deduction of Applicable Fees.
		
	Assigned Credit Rights	  	are the Eligible Credit Rights, in compliance with the Fund Investment Policy, assigned to the Fund by the Assignor, under the Assignment Agreement terms and the corresponding Assignment Terms and Electronic Assignment
Finalizations.
		
	Defaulted Assigned Credit Rights	  	are the Assigned Credit Rights whose corresponding Debtors have not fulfilled their corresponding agreement obligations in due time.
		
	Eligible Credit Rights	  	are the Credit Rights that meet the Eligibility Criteria.
		
	Additional Documentation	  	are (a) agreements signed by and between the Assignor and the Visa Brand Card, the MasterCard Brand Card and/or the Hiper Brand Card as the case may be; and (b) other documentation additional to the Supporting Documents,
which may prove necessary when discussing the existence of Assigned Credit Rights. Additional Documentation will be available to the Administrator and/or the Custodian whenever requested, within the time frame stipulated in the Assignment
Agreement.

  
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	Supporting Documents	  	are documents that prove the Credit Rights financial support, including: (i) daily reports made available to the Assignor by Visa, MasterCard or Hiper Brand Cards, as the case may be, confirming the Payment Transactions before
Debtors, through the Stone System; and (ii) the Credit Rights Additional Files.
		
	Assignor’s Authorized Emails	  	are the email addresses indicated in the Assignment Agreement, which are authorized to communicate the Assignor’s will and for the acceptance of obligations by the Assignor.
		
	Custodian’s Authorized Emails	  	are the email addresses indicated in the Assignment Agreement, which are authorized to communicate the Custodian’s will and for the acceptance of obligations by the Custodian.
		
	Fund’s Authorized Emails	  	are the email addresses indicated in the Assignment Agreement, which are authorized to communicate the Fund’s will and for the acceptance of obligations by the Fund.
		
	Issuers	  	are the Entities (financial institutions and/or payment institutions) duly authorized by BACEN and licensed by the Card Brands to issue electronic currency and/or Payment Instruments (including Cards), which are valid in Brazil, in
accordance with CMN and BACEN applicable legislation.
		
	Approved Issuers	  	are the following Issuers: (i) Itaú Unibanco S.A.; (ii) Banco Bradesco S.A.; (iii) Banco Citibank S.A.; (iv) Banco Santander (Brazil) S.A.; (v) Banco do Brasil S.A.; and (vi) Caixa Econômica Federal, as well
as other financial institutions and/or payment institutions belonging to corporate groups integrated by Issuers listed in items “(i)” to “(vi)” above.
		
	Bookkeeper	  	is the Custodian.
		
	Accredited Outlets	  	are the commercial outlets or self-employed professionals, located in Brazil, duly accredited by Stone, as the Accrediting Institution, and that have accepted and agreed to the Accreditation Agreement.
		
	Assessment Events	  	are the events defined and listed in Article 20.1 of these Bylaws, which generate the need to consult with the Shareholders, at a Shareholders’ General Meeting, regarding the continuity or
non-continuity of the Fund.

  
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	Liquidation Events	  	are the events that lead to an early liquidation of the Fund, as defined and set forth in Article 21.1 herein, ensuing the consequent holding of a General Shareholders’ Meeting to discuss the procedures that will be adopted in
order to preserve Shareholders’ rights and interests.
		
	FGC	  	is the Credits Guarantor Fund.
		
	Electronic Assignment Agreement	  	are the emails, documents and files exchanged between the Assignor’s Authorized Emails and the Fund’s Authorized Emails to unequivocally certify the acceptance of an Assignment Term and/or Return File, as applicable, in
accordance with the procedures set forth in the Assignment Agreement.
		
	Fund	  	as defined in Article 2.1 herein, is the Credit Rights Investment Fund – Bancos Emissores de Cartão de Crédito— Stone, governed by these Bylaws and by applicable laws and regulations.
		
	Fundos21	  	is the Funds Module Fundos21, managed and operationalized by B3.
		
	Investment Management Company	  	Oliveira Trust Servicer S.A., a stock corporation headquartered in the city and State of Rio de Janeiro, at Avenida das Américas, no 3.434, Bloco 07, sala 202, Condomínio Mario Henrique Simonsen, CEP 22640-102, Barra da Tijuca, duly authorized by CVM to manage securities portfolios, through the Declaratory Act No. 7.446, dated October 13, 2003, registered under the CNPJ/MF No. 02.150.453/0001-20.
		
	IGP-M	  	is the General Index of Market Prices, the Brazilian Inflation Index calculated by Fundação Getúlio Vargas (FVG), or any other index that might replace it.
		
	CVM Law No. 356/01	  	means Law No. 356, dated December 17, 2001, as amended, or any other regulation replacing it.
		
	CVM Law No. 476/09	  	means Law No. 476, dated January 16, 2009, as amended.
		
	CVM Law No. 539/13	  	means Law No. 539, dated November 13, 2013, as amended, or any other regulation replacing it.
		
	Payment Instruments	  	means all and any device(s) and set(s) of procedures (including physical or electronic payment instrument(s) and Cards, among others), which will be accepted in Payment Transactions through the Stone
System.

  
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	Investors	  	means the Professional Investors, together with the Qualified Investors.
		
	Professional Investors	  	mean professional investors, according to applicable rules, in particular CVM Law No. 539/13.
		
	Qualified Investors	  	mean qualified investors, according to applicable rules, in particular CVM Law No. 539/13.
		
	Liquidation Windows	  	is defined in Article 11.1.2 of these Bylaws.
		
	Law No. 12.865/13	  	means Law No. 12.865, dated October 9, 2013, as amended, or any other regulation replacing it.
		
	Batch	  	is defined in Article 11.1.1 of these Bylaws.
		
	MDA	  	is the Assets Distribution Module managed and operationalized by B3.
		
	Restricted Bidding	  	is any and all public distribution of Senior Shares with restricted placement efforts to be carried out during the Fund’s duration, in accordance with CVM Law N0. 476/09, which (i) will be made exclusively to Professional
Investors; (ii) will be intermediated by corporations belonging to the securities distribution system; and (iii) will be given an ANBIMA waiver and an automatic CVM registration waiver, pursuant to CVM Law No. 476/09, and to ANBIMA
analysis.
		
	Transfer order	  	as defined in the Centralized Account Agreement, means: (i) the notification must be forwarded by the Depositary Bank and must be confirmed by the Custodian, or, if any discrepancy, presented by the Custodian; or (ii) the
notification will be forwarded by the Custodian to the respective Depositary Bank, which shall have, at least and under the Centralizing Account Agreement, the total amount to be transferred to the Fund Authorized Account on the date the Eligible
Credit Rights expire, according to Assigned Credit Rights amounts and maturity dates, including any amounts due by the Assignor to the Fund on account of an Assignment Settlement.
		
	Authorized Equity	  	shall mean the authorized Fund NAV in the amount of BRL 10,000,000,000.00 (10 billion Brazilian reais), which represents the BRL amount corresponding to the new series of Senior Shares that may be issued by the Fund after the
closure of the First Issuance, at the Administrator’s discretion, regardless of General Meeting’s approval.

  
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	Net Asset Value (NAV)	  	is defined in Article 13.1 of these Bylaws.
		
	Grace Period	  	means the period of time, to be determined in each Amendment, during which Senior Shareholders will be entitled only to their Senior Shares’ corresponding Remuneration distribution. The Grace Period shall begin on the Issuance
Date of the corresponding Senior Shares series and end at the beginning of the corresponding Amortization Period, or upon the occurrence of a Liquidation Event.
		
	Amortization Period	  	shall mean the period starting at the end of the grace period and ending at the corresponding Senior Shares Redemption Date or upon the occurrence of a Liquidation Event, during which a Senior Shares Series should be fully amortized
(i.e. redeemed).
		
	Entity	  	means any private individual or legal entity, corporation, association, joint venture, stock corporations, investment funds, organizations, or entities without legal personality, or government authority.
		
	Authorized Persons	  	are individuals who were granted the necessary powers to legally represent their corresponding Entity in practicing the aforementioned acts, under their corporate documents and/or power of attorney terms, as applicable.
		
	Billing Policy	  	is the billing policy adopted by the Fund and Custodian, as set forth in Chapter Twelve of these Bylaws.
		
	Investment Policy	  	is the Fund investment policy, as defined in Chapter Four of these Bylaws.
		
	Duration	  	is defined in Article 2.2 of these Bylaws.
		
	Redemption Period	  	is the term for the compulsory and full redemption of Shares, as determined by the General Meeting that discusses the liquidation of the Fund.
		
	Acquisition Price	  	with respect to Credit Rights, is the price to be paid by the Fund to the Assignor as a result of the acquisition of such Credit Rights, as set forth in the Assignment Agreement and its corresponding Assignment Term and/or Return
File, as applicable.
		
	Issuance Price	  	is the corresponding issuance price for each Share of the Senior Shares series, according to their corresponding Amendments.
		
	First Issuance	  	is defined in Article 14.1.3 of these Bylaws.

  
 14 

			
	First Liquidation Window	  	is defined in Article 11.1.2 of these Bylaws.
		
	Bid Processing	  	is defined in Article 11.1.1 of these Bylaws.
		
	Subordination Ratio	  	9.75% (nine point seventy-five percent), corresponding to the minimum ratio of Subordinate Shares issued and settled in relation to the NAV of the Fund, under these Bylaws.
		
	Remuneration	  	means the cumulative compensation of Fund Shares; for Senior Shares, this will be equivalent to the Benchmark Target for the corresponding Senior Shares.
		
	Bylaws	  	as defined in Article 2.1, means these Fund Bylaws, as well as their corresponding amendments.
		
	Electronic Means of Payment Regulation	  	Means Law No. 12.865/13, CMN Resolution No. 4.282/13, BACEN Information Circular No. 3.682/13, and BACEN Information Circular No. 3.683/13, as well as all supplementary regulations published by BACEN and CMN, as
amended or replaced.
		
	Open Assignments to Third Parties Report	  	is defined in Article 5.3.2, item “(ii)” herein.
		
	Capital reserve	  	is the portion of the NAV of the Fund equivalent to the value forecast by the Administrator, for the purpose of distribution to Senior Shareholders (whether Remuneration or amortization of principal), to be accumulated with:
(i) a minimum 30 (thirty) days in advance in relation to the next Scheduled Amortization Date provided for in the corresponding Amendment (payment of principal and its corresponding Remuneration); and (ii) a minimum 15 (fifteen) days in
advance in relation to the next Remuneration Payment Date provided for in the corresponding Amendment.
		
	Liquidity Reserve	  	means a liquidity reserve equivalent to at least BRL 500,000.00 (five hundred thousand Brazilian reais) to be set up and controlled by the Administrator, which will be updated after every 12 (twelve)-month period, counted from the
date in which the Fund began operating, or in the shorter periodicity possible admitted by Law, and according to the IGP-M index, or, in its absence, by any index replacing it, for the purpose of covering
charges and expenses of the Fund, complying with the provisions of these Bylaws.
		
	CMN Resolution No. 4.282/13	  	means the CMN Resolution No. 4.282/13, issued on November 4, 2013, as amended, or any other regulation replacing it.

  
 15 

			
		
	Second Liquidation Window	  	is defined in Article 11.1.2 of these Bylaws.
		
	SF	  	is the Funds Module – SF, managed and operationalized by B3.
		
	Stone System	  	means the set of people, technologies and procedures provided by Stone, as the Accrediting Institution, required for enabling Accrediting Outlets, accepting Payment Instruments, for capture, transmission, processing and liquidation
of Payment Transactions and for the acceptance and implementation of other products and services related to such activities.
		
	Stone	  	STONE PAGAMENTOS S.A., stock corporation headquartered in the city and State of São Paulo, at Rua Fidêncio Ramos, no 308, Torre A, conjunto 102, Vila Olímpia, CEP
04551-902, registered under CNPJ/MF No. 16.501.555/0001-57.
		
	Supplement	  	is the Fund’s supplement relating to the series of Senior Shares of the Fund, in the form attached hereto as Annex III.
		
	Applicable Fees	  	means the fees that constitute the remuneration of Issuers (interchange), and/or other fees/amounts that are part of the Accreditation Institution’s and/or Card Brands’ remuneration, as eventually applicable, provided for
in Payment Methods rules.
		
	Administration Fee	  	means the fee to which the Administrator shall be entitled for the provision of its Fund administration services, calculated as set forth in Article 7.3 of these Bylaws.
		
	DI Rate	  	means the variation of DI (Interbank Deposit) average rates extra group overnight – one-day Interfinancial Deposits, daily calculated and published by B3, in their Daily Newsletter,
available in their website at (http://www.B3.com.br), based on 252 (two hundred fifty-two) Business Days, in annual percentage form.
		
	Term of Acceptance	  	is the document through which Shareholders accept these Bylaws, which and should be undersigned when they enter the Fund, under the terms of Annex II herein.
		
	Assignment Term	  	is the “Credit Rights Assignment Term” that identifies the assignment of Assigned Credit Rights to the Fund by the Assignor, under the Assignment Agreement.

  
 16 

			
	Consolidated Assignment Term	  	is the “Consolidated Credit Rights Assignment Term,” which consolidates the assignment of Assigned Credit Rights by the Assignor to the Fund every 15 (fifteen) days, in the form set forth in the Assignment
Agreement.
		
	Payment Transaction	  	means the payment transaction, performed by the End User, for the acquisition of goods, products and/or services from the Accredited Outlet, through the use of any Payment Instruments, within the scope of one or more Payment
Methods.
		
	End Users	  	are private individuals or legal entities that use a Card Brand Payment Instrument to carry out a Payment Transaction.
		
	Nominal Value Unit	  	has the meaning attributed to it in section 14.1.3 of this Regulation.

 CHAPTER TWO – FORM OF INCORPORATION, DURATION AND PURPOSE 

2.1. Form of Incorporation The Credit Rights Investment Fund – Bancos Emissores de Cartão de Crédito—Stone
(“Fund”), duly established as a closed-end fund, with Duration defined in Article 2.2 below, governed by Motion No. 2.907, issued by the CMN, on November 29, 2001, by CVM Law 356/01,
issued by CVM, and other applicable legal and regulatory provisions, will be governed by these Bylaws (“Bylaws”). 
 2.2.
Duration The duration of the Fund is 20 (twenty) years after the first Fund Shares’ Issuance Date, except in case of the occurrence of any Liquidation Event, as defined in Article 21.1 herein (“Duration”). 

2.2.1. The Shareholders may decide to extend the Duration during a Shareholders’ General Meeting. 

2.2.2. If the Duration ends on any day other than a Business Day, the liquidation of the Fund will be performed on the first subsequent Business Day.

 2.2.3. The end of the Duration will not affect the fulfillment of any Fund obligations that became a liability up to and including the last day of
the Duration. 
 2.3. Purpose. The Fund is a community of resources predominantly intended for the acquisition of Eligible Credit Rights and
other Financial Assets during its duration, in accordance with the Investment Policy described in Chapter Four herein, and as per CVM Law No. 356/01. 

2.4. The Fund will begin operating on date of the first payment of Shares. 

2.5. The NAV of the Fund will comprise two classes of shares – Senior Shares and Subordinate Shares – as per Article 12 of CVM Law
No. 356/01. Senior Shares may be issued in multiple series, as established herein. 

  
 17 

 2.5.1. The characteristics and rights, as well as all conditions for the issuance, subscription,
settlement, remuneration, amortization and redemption of Shares are described in Chapters Fifteen to Eighteen of these Bylaws and in their corresponding Amendments (as appropriate), established in Annex III herein. 

CHAPTER THREE – TARGET AUDIENCE 
 3.1.
Target Audience. The Senior Shares of the Fund will be the subject of a public offering, subject to the registration requirements of the CVM or pursuant to an automatic exemption from any such registration requirements, and may be
distributed with or without restricted placement efforts, and may only be subscribed and settled by Qualified and/or Professional Investors, as applicable. 

3.1.1. Subordinate Shares will be issued privately and subscribed to and settled in cash, in national currency or Eligible Credit Rights, under the
terms of Chapter Fifteen of these Bylaws, outside the scope of B3, through Stone’s exclusive Private Placement and by its controllers, affiliates or subsidiaries, or any other societies of the same economic group, with no sales efforts on the
part of any institution forming the security distribution system. New Subordinate Shares may be issued to maintain the Subordination Ratio. 
 CHAPTER
FOUR – INVESTMENT POLICY AND PORTFOLIO COMPOSITION 
 4.1. The Objective of the Fund. The objective of the Fund is to provide
Shareholders with the Appreciation of their Shares by investing its NAV in the acquisition of: (i) Credit Rights, formalized through Supporting Documents, which meet the Eligibility Criteria and Assignment Conditions established in Chapter Five
of the Bylaws; and (ii) Financial Assets, in compliance with the composition and diversification indices of the Fund’s Portfolio, as set out herein. 

4.1.1. Origin of Credit Rights. Credit Rights originate from payments owed by Debtors to the Assignor, arising from Payment Transactions carried
out by End-Users, within the Stone System, as described below: 
 (i) Accredited Outlets, from time to time, provide
services and sell goods and products to End Users, who may use Payment Instruments under any Card Brand and Issuer, within the Stone System, generating Payment Transactions; 

(ii) in accordance with the legislation in force, such Payment Transactions generate multiple credit relations, and for the purpose of the Fund’s
operation, the following are the most relevant: (a) the Issuer’s credit before the End-User; (b) Stone’s credit (as the Accrediting Institution) before the Issuer; and (c) the credit
of the Accredited Outlet before Stone (as the Accrediting Institution); 
 (iii) as a result of item (ii) above, each Payment Transaction originates one
or more Credit Rights, and Stone becomes the owner of such Receivables before the Issuer of the Card used in the respective Payment Transaction; and 
 (iv)
therefore, the Fund will acquire from Stone all Credit Rights from Debtors (which are the Issuers) of Visa, MasterCard or Hiper Brand Cards (noting Article 5.1.1 in regards to Hiper Brand Card). 

4.1.2. Fulfillment of the Eligibility Criteria and Assignment Conditions. The Fund must only acquire Credit Rights which meet the Eligibility
Criteria, as verified on the corresponding dates of acquisition, also acting in accordance with all Assignment Conditions. 

  
 18 

 4.1.3. Assignment of All Rights connected with Eligible Credit Rights. In accordance with
Articles 287 and 893 of the Civil Code of Brazil, and as set forth herein and in the Cession Contract, the transfer of Credit Rights, by the Assignor to the Fund, will consider not only Credit Rights but also all they represent, including monetary
adjustments, interest and charges, as well as all rights, shares, co-obligations and guarantees, granted by third parties, ensured to the Assignor as per the Credit Rights, under the terms of all corresponding
Supporting Documents and Additional Documentation. 
 4.1.4. Payment of the Acquisition Price. The Fund must pay the Assignor, for each
acquisition of Eligible Credit Rights formalized through an Electronic Assignment, the Fund will pay to the Assignor the corresponding Acquisition Price as established in the Assignment Agreement and corresponding Assignment Term and/or Return File,
as applicable. 
 4.1.5. Financial Assets Registration. All Financial Assets must be registered, placed under custody or kept in a deposit
account under the name of the Fund, as applicable, in specific accounts open at SELIC—Special System for Settlement and Custody, at the registration and financial settlement system administered by B3, or at institutions or entities authorized
by BACEN or by CVM to render such services. 
 4.1.6. No Right of Recourse or Co-obligation. The Fund
will acquire Eligible Credit Rights as well as all and any rights, prerogatives, guarantees and relevant accessory rights, in a definite manner and without any right of recourse against the Assignor and/or a
co-obligation of this Assignor, complying with, in any event: 
 (i) the other terms and conditions of these Bylaws;

 (ii) the terms, conditions and procedures set forth in the Assignment Agreement and in the respective Assignment Terms; 

(iii) all procedures relevant to the acquisition of Credit Rights and the Eligibility Criteria and Assignment Conditions defined herein; and 

(iv) the Investment Policy detailed in this Chapter. 
 4.1.7.
Assignor’s Responsibility Regarding Credit Rights. The Assignor must not be liable for the respective Debtor’s solvency, but only for the right formalization, the correct incorporation, existence, liquidity and surety of these
Credit Rights acquired by the Fund, under the Assignment Agreement. 
 4.2. Minimum Allocation. The Fund must have, after 90 (ninety) days of
the beginning of its activities, at least 50% (fifty per cent) of its resources allocated (“Minimum Allocation”), and no more than 100% (one hundred per cent) of its NAV, in Eligible Credit Rights, pursuant to Article 40 of CVM Law
No. 356/01. 
 4.3. Financial Assets. The NAV of the Fund which is not allocated in Eligible Credit Rights may be invested in Financial
Assets. 
 4.4. Prohibition of Derivative Operations. The Fund must not invest in the derivatives market, except for the purpose of hedging
cash positions, up to their limit. 
 4.5. Percentages of Portfolio Composition and Diversification. The Administrator will control, on a daily
basis, the percentages of the Fund’s portfolio composition and diversification indicated in this Chapter, based on the Fund’s NAV of the immediately preceding Business Day. 

  
 19 

 4.5.1. The Fund’s portfolio composition will not impose any diversification requirements in
addition to those provided for in this Chapter. 
 4.6. Concentration Limit by Debtor. The Fund may acquire Eligible Credit Rights and
Financial Assets from Debtors, or Co-obligation Financial Assets from the same Person, without being subject to the limit of 20% (twenty per cent) of its NAV set forth in Article
40-A of CVM Law No. 356/01, provided that all requirements established in Paragraph 1 of Article 40-A of CVM Law No. 356/01 are fulfilled. 

4.6.1. The possibility to increase the 20% (twenty per cent) limit to invest in other assets of the same Debtor, provided for in Article 4.6 above, does
not apply to co-obligation assets or assets issued by the Administrator or the Investment Management Company, or parties related to them, as defined by the accounting rules that cover this topic, for whom the
limit must be fulfilled. 
 4.7. Operations requested by the Administrator. The Administrator, in compliance with the provisions of this
Chapter and the Fund Investment Policy, may freely request any operations to be carried out for the composition of the Fund’s portfolio, in which the Administrator, controlled and controlling companies, affiliate companies and/or subsidiaries
of the Administrator appear as a counterpart, provided that its only purpose is the Fund’s cash and liquidity management (including, without limitation, all operations listed in item (v) of the Financial Assets definition above). 

4.8. The segregation of the Administrator’s Activities. The Administrator holds mechanisms and segregation systems in place regarding the
activities it performs in the management of third-party resources, as per the regulation in force. Due to such segregation, there is no possibility of conflicts of interest in the event the Fund operates in accordance with Article 4.7 above. 

4.9. Possibility of Operations that Risk the Fund’s NAV. Fund investment choices may put at risk all or part of its NAV, pursuant to item
III of paragraph 1 of article 24 of CVM Law No. 356/01. Among the several risks for the Fund’s portfolio are, for example, the ones analyzed in Chapter Six below. The Professional Investor must read this Chapter Six very carefully before
acquiring Fund Shares. 
 4.10. Lack of Guarantees. Fund investments lack the guarantee from: (i) the Administrator; (ii) the
Investment Management Company; (iii) the Assignor; (iv) the Custodian; (v) any insurance mechanism; or (vi) the FGC. 
 4.11.
Voting policy. This Fund’s Investment Management Company adopts a voting rights policy at general meetings, that regulates the general principles, the decision-making process and required relevant matters for exercising the right to
vote. Such policy guides the Investment Management Company’s decisions at general meetings that grant Shareholders and securities holders the right to vote. 

4.11.1. The complete Investment Management Company’s voting policy is available on-line at
www.oliveiratrust.com.br. 
 CHAPTER FIVE – ELIGIBILITY CRITERIA AND ASSIGNMENT CONDITIONS 

5.1. Eligibility Criteria. The Fund is allowed to purchase only those Credit Rights that, on their corresponding acquisition dates, meet the
following eligibility criteria (“Eligibility Criteria” and “Eligible Credit Rights”, respectively), individually and cumulatively: 

  
 20 

 (i) Credit Rights must originate from payments due to the Assignor by the Debtors, arising out of
“credit” Payment Transactions performed by End Users through the Stone System, with exclusive Payment Instruments from Visa, MasterCard and/or Hiper Brand Cards (noting Article 5.1.1 below in regards to Hiper Brand Card) to acquire goods,
products and services at Accredited Outlets, after the deduction of Applicable Fees; 
 (ii) Credit Rights must be exclusively expressed in national
currency; 
 (iii) all Debtors payments due to the Fund on account of Assigned Credit Rights must be timely paid; 

(iv) Credit Rights may not have maturities longer than those of Senior Shares, or than 365 (three hundred sixty-five) days, whichever is shorter; 

(v) the weighted average term of open Fund’s Portfolio (i.e. Assigned Credit Rights that have not matured), jointly considered with the terms of Credit
Rights assigned to the Fund by the Assignor, calculated on the respective Bidding Date, should be of a maximum of 100 (one hundred) days; and 
 (vi) Credit
Rights must have a maturity of at least 7 (seven) days from the respective Bidding Date. 
 5.1.1. Notwithstanding the obligation to fulfill each of
the Eligibility Criteria, the Fund will not be permitted to acquire Credit Rights from payments owed by the Obligors to the Assignor, resulting from the Payment Transactions carried out by the End Users using Hiper Brand Cards, as verified by the
Custodian, so long as the following conditions are not fully satisfied: 
 (i) the Assignor must have contracted a Settlement Bank responsible for the
receipt of settlement Payment Transactions originated by Hiper Brand payment instruments, according to this Regulation; 
 (ii) the Assignor must have an
Assignor’s Centralized Account opened with a Depositary Bank, where the total Credit Rights from Payment Transactions originated by hiper Brand payment instruments will be transferred to; and 

(iii) the Hiper Brand must be able to effectively issue and make available to the Assignor a report that confirms the Payment Transactions with the Debtors,
through the Stone System, in order to allow the Administrator and the Custodian to verify the amount of Credit Rights respective to the Payment Transactions originated by Hiper Brand Cards for the next 365 (three hundred and sixty-five) days
following the release of such report by the Hiper Brand. 
 5.1.2. Failure to Comply with Eligibility Criteria. In the event that Eligible
Credit Rights cease to comply with any of the Eligibility Criteria described above after their acquisition by the Fund, Shareholders will not hold the right of recourse against the Administrator, the Investment Management Company, the Custodian
and/or the Assignor, except when there is proof of bad faith, willful misconduct or fault of the parties, and in compliance with the Assignment Agreement and its respective Assignment Terms, as applicable. 

5.2. Eligibility Criteria Verification. The Custodian will be the institution responsible for verifying Credit Rights compliance with the
Eligibility Criteria in the Fund’s acquisition of Credit Rights. 
 5.2.1. Final Verification. Under the terms and conditions of these
Bylaws, the Custodian’s verification of compliance with the Eligibility Criteria will be considered as final. 

  
 21 

 5.2.2. Verification Methodology of Credit Rights Financial Support. In light of the
significant amount of Credit Rights assigned to the Fund, the Custodian, or the company hired to act on its behalf as described in paragraph 6 of article 38 of CVM Law No. 356, will perform a random verification of Credit Rights financial
support on a quarterly basis, or as requested by Senior Shareholders gathered in a General Meeting, in accordance with the methodology described in Annex IV herein. 

5.2.3. Credit Rights Financial Support Verification by Third Parties. Without prejudice to his responsibility, the Custodian may hire a third
party to perform Assigned Credit Rights financial support verification, consistent with paragraph 6 of Article 38 of CVM Instruction 356, provided that such third party is not the originator of the Credit Rights, the Assignor, the Investment
Management Company or any expert consultant hired by the Administrator to act within the scope of the Fund, and its respective related parties, as defined by the relevant applicable accounting rules, as long as the hiring of any third parties to
verify the Assigned Credit Rights financial support has the Subordinate Shareholder’s prior approval, under Article 15.4, item “viii” below. Any irregularities identified in this audit will be reported to the Administrator, the
Investment Management Company, the Independent Auditor, and the Shareholder(s). 
 5.2.4. Verification of Defaulted Assigned Credit Rights.
Assigned Credit Rights defaulted in a given quarter shall be, for any given quarter, subject to a full and exclusive check by the Custodian or any hired third party to act on its behalf, in which case the methodology provided for in Article 5.2.2
above will not apply. 
 5.3. Assignment Conditions. Any and all Credit Rights offered by the Assignor to the Fund should cumulatively comply
with the following assignment conditions, which must be verified by the Assignor, on the Offering Date, as provided below (“Assignment Conditions”): 

(a) the Assignor cannot be defaulted on its obligations to the Fund; 

(b) Credit Rights shall be free and clear of any liens, encumbrances or restrictions of any kind on the date of its assignment to the Fund; and 

(c) the Debtors of Credit Rights must have a credit rating greater or equal to “AA-/F1+(bra)” on the
Brazilian national credit ratings scale issued by Fitch Ratings Brazil Ltda. 
 5.3.1. Under the terms of art. 34, subparagraph IX of CVM Law
No. 356/01, the Administrator has written and verifiable rules and appropriate procedures, which allows for the verification of the Assignor’s compliance with the obligation of validating the Credit Rights in relation to the Assignment
Conditions set forth in these Bylaws. 
 5.3.2. For the purpose of verifying the Assignor’s compliance with the Assignment Condition described in
Article 5.3, items “(b)” and “(c)”, the Administrator should be based on: 
 (i) the Supporting Documents; 

(ii) the Administrator’s daily reports, produced according to the template set forth in Annex V herein (each one an “Open
Assignment to Third Parties Report”), exclusively based on Assignment Notifications (as defined in the Assignment Agreement) forwarded by the Assignor and received by the Administrator (with a copy to the corresponding Depository Banks),
under the terms of the Assignment Agreement; 
 (iii) the Assignor’s declaration that no encumbrance or additional Credit Rights assignment
mentioned in the corresponding Open Assignment to Third Parties Report, and that might affect the Credit Rights offered to the Fund, had taken place, under the Assignment Agreement; and 

  
 22 

 (iv) the Assignor’s declaration that the Debtors of Credit Rights offered to the Fund had a
credit rating greater or equal to “AA-/F1+(bra)” on the Brazilian national credit ratings scale issued by Fitch Ratings Brasil Ltda. at the moment of the corresponding assignments, under the
Assignment Agreement. 
 5.3.2.1. The Administrator will obtain from Depository Banks the written confirmation regarding Open Assignment to Third
Parties Report, under the corresponding Centralized Accounts Agreement, according to the Term of Acceptance to be entered into by the Fund. 
 5.3.2.2.
If, following the assignment of Credit Rights, any Depository Bank identifies any error in the Open Assignment to Third Parties Report, the Administrator must act accordingly, requiring the Assignor’s confirmation that the Eligible Credit
Rights acquired by the Fund complied with the Assignment Condition under article 5.3, item “(b)”; and, if the Administrator concludes that the Fund has acquired any Eligible Credit Rights that failed to comply with the Assignment
Conditions, the Assignment Settlement provided for in Article 11.5 below shall apply, in addition to the provisions of these Bylaws. 
 CHAPTER SIX
– RISK FACTORS 
 6.1. The Fund’s portfolio (Credit Rights and Financial Assets) and, consequently, its NAV, are subject to several
risks that can generate losses as high as the amount of hired and not yet settled operations. Some of these risks are highlighted below. The complete elimination of possible losses for the Fund and the Shareholders cannot be assured, and in no
circumstance the Debtors, the Assignor, the Administrator, the Investment Management Company, and the Custodian, or any of its affiliates, can be held responsible, among other events, for any depreciation or loss of value of assets comprising the
Fund’s portfolio, due to the lack of a secondary market for the Fund portfolio’s Credit Rights and Financial Assets, or to any losses incurred by Shareholders when paid for their Shares’ Remuneration, amortization or redemption, under
these Bylaws. Prior to acquiring Shares, Professional Investors must carefully read this Chapter, thus holding themselves responsible for their investment in the Fund. 

6.2. Market Risks 
 6.2.1. Fluctuation of
Financial Assets Prices – The value of Fund’s Portfolio Financial Assets may increase or decrease according to the fluctuation of market’s prices and quotations. If the value of Financial Assets decreases, the Fund’s NAV
might be affected, and, consequently, the Fund resources may become insufficient to pay the Senior Benchmark established for Senior Shares. There is no guarantee that the decrease in prices for the Financial Assets comprising the Fund’s
portfolio will not extend for long and/or undetermined periods. 
 6.2.2. Profitability Mismatch – The income distribution of the
Fund’s portfolio profits to the Shares may obey different parameters from those used for the Credit Rights’ purchase price. Fund’s resources may be insufficient to pay Shares’ amortization and part or all of the income due to
Shareholders. The Assignor, the Custodian, the Investment Management Company, the Fund and the Administrator do not promise or ensure profitability to the Shareholder. 

6.2.3. Effects of Brazilian Government Economic Policy – Are macroeconomic factors risks, such as the effects of Brazilian government
economic policy and other exogenous variables, such as extraordinary facts, or special market situations, or political, economic, regulatory or financial events occurring in Brazil or abroad, which exert relevant influence on the Brazilian financial
market. Brazilian government measures to 

  
 23 

 
control inflation and implement economic and monetary policies in the recent past involved interest rate changes, currency devaluation, exchange rates, tariffs and industry control, legislative
changes (including, but not limited to the impact of new taxes of any kind on Fund operations and/or an increase in brackets or amounts of taxes already in place at the date of these Bylaws), among others These policies, as well as other conditions,
have significant impact on the economy and on financial and stock markets in Brazil. Fund operations may be impacted by the adoption of measures that might influence the current fiscal policy, and result in currency fluctuation, indexing of the
economy, price instability and higher interest rates. The Fund or any other entity, including the Administrator, will not incur in any fines or penalties of any kind if Shareholders suffer any loss or damage resulting from such events. 

6.3. Credit Risks 
 6.3.1. Macroeconomic
factors — The way the Fund will invest its resources, mainly in Eligible Credit Rights, will depend on the Eligible Credit Rights origination and on their corresponding Debtors solvency regarding income distribution to Shareholders. The
Eligible Credit Rights origination and Debtors’ solvency might be affected by economy-related macroeconomic factors in Brazil, such as increasing inflation and interest rates, low economic growth rates and/or impacts on their origination, etc.
Therefore, if one or more of these events occur, they might imply an increase on Eligible Credit Rights default and/or impact their origination, thus negatively affecting the Fund’s results and/or causing asset losses to the Fund and to the
Shareholder(s). 
 6.3.2. Judicial and extra-judicial collection – In case Debtors default their respective payment obligations regarding
Eligible Credit Rights assigned to the Fund, there is no guarantee that, in the context of possible judicial and/or extrajudicial collection of defaulted amounts and applicable surcharges, this collection will reach the desired results and return
the owed amounts to the Fund, which might cause NAV losses to the Fund. 
 6.3.3. Origination Risk – Credits Modification by Judicial
Decision – Assigned Credit Rights originate in payments due by the Debtors to the Assignor, arising from Payment Transactions carried out within the scope of Payment Methods, involving Payment Instruments used by End Users to purchase
goods, products and services in Accredited Outlets, which have been captured, processed and liquidated by the Stone System, and which may, eventually, have their conditions questioned in court by the corresponding End Users. The possibility of End
Users’ success in their litigation cannot be ruled out. In this scenario, Assigned Credit Rights may be canceled, have their value diminished or even considered void by court decision, which would, in any case, affect the Fund’s NAV. In
addition, End Users may dispute Payment Transactions extrajudicially, through the so-called Chargebacks. Chargebacks for operations related to Assigned Credit Rights, or the Assignor’s possible
insolvency in the scenarios described above, may negatively affect the Fund and result in losses for Shareholders and Fund results. 
 6.3.4.
Assignor’s Default Risks in Assignment Settlement Scenarios – Under the Assignment Agreement and Article 11.5 of these Bylaws, there are scenarios in which an Assignment Settlement may occur, generating the Assignor’s
obligation to pay the price established in the Assignment Agreement to the Fund. In these Assignment Settlement scenarios, the Assignor might not comply, for any reason, with its obligation to pay the agreed price, which might affect negatively the
Fund results and/or cause asset losses to the Fund and to the Shareholder(s). 
 6.4. Liquidity risks 

6.4.1. Closed Fund and Secondary Market – The Fund was established as a closed co-ownership, and
Senior Shares may only be redeemed at the end of each series duration. Therefore, if, by any reason, Shareholders decide to divest their Shares before this term, they will have to do it in the Secondary Market.

  
 24 

 
The Secondary Market for investment fund Shares can have low liquidity, which may hinder Shares sales or cause a selling price to result in equity losses for the Shareholder. If Shareholders need
to sell their Shares, there may not be buyers, or Shares sale price may reflect this lack of liquidity, causing equity losses to Shareholders. 
 6.4.2.
Risk of Investing in Credit Rights – The Fund must invest its resources mainly in Eligible Credit Rights. However, by their very nature, when compared to usual investments of most investment funds, investing in Eligible Credit Rights
has its peculiarities. For example, there’s no active market with liquidity for the trade of Eligible Credit Rights in Brazil. Therefore, if the sale of the Fund’s portfolio Assigned Credit Rights is required, as in liquidation scenarios
provided for in these Bylaws, there may not be buyers, or the trading price of such Eligible Credit Rights may reflect this lack of liquidity, causing equity losses to the Fund. 

6.4.3. Insufficient Resources at the Time of Fund Liquidation – The Fund can be liquidated in advance in some scenarios contemplated in
these Bylaws, specifically those provided for in Chapter Twenty-One below. In the event of an early liquidation, the Fund may not have enough resources to pay the Shareholder(s). In this case scenario,
(a) Shareholders may have their Shares traded for Assigned Credit Rights; or (b) Shares redemption would depend on Debtors paying the corresponding installments related to Assigned Credit Rights, or on Assigned Credit
Rights sale to third parties, risking a negative goodwill that might compromise the Fund’s NAV. In such situations, the Shareholder(s) may suffer asset losses. 

6.4.4. Financial Assets Lack of Liquidity – The portion of the Fund’s NAV not invested in Credit Rights may be invested in Financial
Assets. Financial Assets can become illiquid (whether by the absence of an active secondary market, or due to any possible payment delay by the relevant issuer and/or debtor), which could, eventually, affect the payment of Shares Remuneration,
amortization and/or redemption. 
 6.5. Operational Risks 

6.5.1. Access to Supporting Documents and Electronic Systems failures – Given the operational complexity of Credit Rights investment funds,
there’s no guarantee that the Custodian and the Fund will have unrestricted access to Eligible Credit Rights Supporting Documents, or that the information exchange between corresponding electronic systems will be error free. If any of these
risks materialize, the collection and/or settlement of Eligible Credit Rights can be adversely affected, hurting the Fund performance. 
 6.5.2.
Assignor or Third-Party Systems May Fail Due to Factors Beyond the Assignor’s and the Administrator’s Control – Assignor’s operations rely on its information technology systems, software, data centers and
telecommunications networks, as well as on third-party systems. The Assignor’s or third-party systems may be exposed to damage or interruption due to several factors that are beyond the Assignor’s and the Administrator’s control,
including fire, natural disasters, power failure, failure of telecommunication systems, and virus or violation of information technology systems, among others, which may also affect the origination of Eligible Credit Rights and their assignment to
the Fund. 
 6.5.3. Reconciliation of Credit Rights Payments
Vis-à-Vis Supporting Documents – Provided that Credit Rights listed in daily reports made available to the Assignor by Visa or MasterCard Brand
Cards, as the case may be, proving Payment Transactions before Debtors through the Stone System (which are Supporting Documents) can include not only Fund-Assigned Credit Rights, but also: (i) other Credit Rights held by the Assignor or by
third-party assignees in the face of Debtors; and (ii) the Applicable Fees, which are not necessarily expressed in Supporting Documents, it may be difficult for the Custodian to perform the reconciliation of payments made by Debtors regarding
Assigned Credit Rights vis-à-vis Supporting Documents. In such case, the Custodian may exceptionally request additional clarification from the Assignor to
perform such reconciliation, and both the Fund and the Custodian cannot assure the Shareholders that clarifications provided by the Assignor will be correct and sufficient, and thus operational errors may occur when conducting these extraordinary
reconciliations. 

  
 25 

 6.5.4. Blocked resources in Assignor’s Centralized Accounts. Any third parties that have
acquired Credit Rights from the Assignor may enter Centralized Accounts Agreements for the purpose of sending transfer orders to Depository Banks, which, on their turn, will transfer back the amounts of Credit Rights assigned to them, under the
Centralized Accounts Agreements, without the Depository Banks’ responsibility to verify the validity, veracity and/or accuracy of these aforementioned transfer orders, or, still, the reconciliation of Assigned Credit Rights payments. In
specific situations provided for in Centralized Accounts Agreements, especially in the case that a Credit Rights assignee had mistakenly forwarded a notification requesting the transfer of resources in a greater amount than that of its acquired
Credit Rights, it is possible that the corresponding Depository Bank does not transfer the resources deposited in the Assignor’s Centralized Accounts until the issue is resolved, which may cause losses to Shareholders. 

6.5.5. Failure to Collect Defaulted Assigned Credit Rights – The collection of Defaulted Assigned Credit Rights depends on the
Custodian’s diligent performance. It is the Custodian’s responsibility to see that resources are received correctly and to verify the default. Therefore, any failure of Custodian’s procedures may result in receiving lower amounts of
funds owed by Debtors. This would cause the Fund’s profitability to drop, or even the loss of assets. 
 6.5.6. Documentation Guardianship
– Under these Bylaws, the Custodian will also act as a depository, being responsible for the Supporting Documents guardianship. Part of the Supporting Documents will be kept by the Custodian in electronic format, generated and shared daily with
the Custodian. If random events outside the Custodian’s control cause loss or damage to these Supporting Documents, it may be difficult for the Custodian to verify the Assigned Credit Rights composition and performance, whether these rights are
due or not, possibly causing losses to the Fund, and, consequently, to the Shareholder(s). 
 6.5.7. Additional Documentation Guardianship
– Additional Documentation related to Assigned Credit Rights will be kept by the Assignor, which will make them available to the Fund and/or the Custodian upon request. It is possible that failure or delay in providing access to the
Additional Documentation will occur, which may hamper the collection and even the identification of Assigned Credit Rights, thus causing losses to the Fund and its Shareholders. 

6.5.8. Credit Rights Financial Support Verification after Their Assignment to the Fund – At the time of their assignment to the Fund, the
Fund’s portfolio may contain Eligible Credit Rights with irregular documentation, which could limit the Fund’s full exercise of its prerogatives deriving from Credit Rights ownership. Supporting Documents and other documents will be
audited as set forth in these Bylaws. In any of the cases above, judicial decision may be required to ensure Debtors’ payments regarding such Assigned Credit Rights. The Fund may suffer losses, whether for the delay, or for not receiving the
corresponding resources, as a result of an unfavorable ruling. 
 6.5.9. Operational failures in the Ordinary Collection of Credit Rights. The
payment form for the clearing and settlement of Assigned Credit Rights, as described in Article 12.1 below, depends on actions by the Card Brands, by CIP, by Settlement and Depository Banks and by the Custodian. There’s no guarantee that
operational failures, which can affect the timely receipt of Assigned Credit Rights payments by the Fund, will not occur. If operational failures described herein occur, they could generate losses to the Fund and its Shareholders, including, but not
limited to, a possible change in the Fund’s tax classification from long to short term, due to the delay in transferring resources to the Fund Authorized Account. 

  
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 6.6. Risks of Discontinuity 

6.6.1. Early Liquidation – The Fund may be liquidated in advance for several reasons, as mentioned in Chapter
Twenty-One of these Bylaws. Even if the Fund owns resources to pay the Shareholder(s) (which is not guaranteed by the Administrator, the Investment Management Company, the Custodian, the Assignor or by any
third party), it is possible that there are no available financial investments in the market with the same terms, risks and profitability, which would frustrate the Professional Investor’s expectations from the time he acquired his Shares. 

6.6.2. Observance of Minimum Allocation – The Fund shall mainly acquire Credit Rights. However, there’s no guarantee that the Assignor
will want, or be able to originate and assign enough Credit Rights to meet the Minimum Allocation requirements. The existence of the Fund overtime will depend on maintaining the flow of Credit Rights origination and assignment. 

6.6.3. Interruption of Services by Providers Hired by the Fund – Possible interruption of services by providers hired by the Fund, including
if they are replaced, for any reason, could affect the Fund’s regular operation. This fact may cause losses to the Fund, or even its early liquidation. 

6.7. Other Risks 
 6.7.1. Cost of Credit
Rights Collection – The costs of judicial or extrajudicial procedures necessary for the collection of Defaulted Assigned Credit Rights and other Financial Assets comprising the Fund’s portfolio, and for safeguarding the rights,
interests or guarantees of joint owners, are the Fund’s sole and exclusive responsibility, and should be supported to the extent of its total NAV, always complying with the Shareholders decision in the General Meeting. The Administrator, the
Investment Management Company, the Custodian, the Assignor and any of their corresponding controlling entities, or companies directly or indirectly controlled by them, or affiliated companies, or other companies under common control, are not liable,
jointly or separately, for adopting or maintaining those procedures. 
 6.7.2. By Investing in the Fund, Investors are Exposed to the Risks to
Which the Fund is Subject, Which may Cause Losses to the Shareholder(s) - There’s no guarantee of completely eliminating the possibility of losses to the Fund and the Shareholder. In adverse market conditions, the risk management system for
the Fund’s investments held by the Administrator and the Investment Management Company may have their efficiency reduced. 
 6.7.3. Absence of
the Assignor’s Liability for Defaulting Credit Rights – The Assignor is only responsible for the existence, surety, enforceability and good formalization of the corresponding Assigned Credit Rights, and does not assume, under the
Assignment Agreement or the Assignment Terms, any responsibility for their payment or the Debtors’ solvency before the Fund, under these Bylaws. In this way, in the event of default, in whole or in part, by part of the Debtors in the payment of
Defaulted Assigned Credit Rights, a resulting impact may arise from the non-payment of Eligible Credit Rights, causing damage to the Fund and, consequently, to the Shareholders. 

6.7.4. Changes Outside of the Administrator’s Control – the Fund may also be subject to other risks arising from reasons beyond or
outside the Administrator’s control, such as a moratorium, defaulting payments, change in rules applicable to the Financial Assets, changes imposed to the Fund’s portfolio’s Financial Assets, change in monetary policy, investments or
significant redemptions, which may generate losses to the Fund, and, consequently, to the Shareholder(s). 
  

  
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 6.7.5. Risk of Irregularities in Credit Rights Assignment Formalization—In light of the
volume of operations of Credit Rights assignment, and the possibility of Supporting Documents electronic guardianship, the Assignment Terms shall not be registered in the corresponding Registry of Deeds and Documents, and Consolidated Assignment
Term will only be registered therein in case of (i) express requirement of governmental or judiciary authority; (ii) specific discussion at the General Meeting; (iii) declaration of the Assignor’s intervention, liquidation,
bankruptcy, or other similar events, pursuant to applicable laws and regulations; (iv) default of any Assigned Credit Rights Debtor; or (v) in case of supervening legislation requiring this registry for the assignments’ existence or
validity, which can affect the collection of Fund-Assigned Credit Rights, including the collection and receipt of Defaulted Assigned Credit Rights. The absence of physical daily formalization of Assignment Terms and/or the timely registration of
Consolidated Assignment Terms, in accordance with Article 130 of Law No. 6.015, dated December 31, 1973, as amended (Public Records Law), may cause Credit Rights assignment effectiveness before third parties to be questioned, which may
result in delay or non-payment of the corresponding Assigned Credit Rights to the Fund, and which, in turn, can impact the Share’s profitability. Moreover, the Assignor’s obligations or the possible
start of any bankruptcy, insolvency, debts renegotiation, dissolution, liquidation, or judicial or extrajudicial recovery procedures, or similar legal benefits, in any jurisdiction, at any time, may eventually affect the Assigned Credit Rights whose
assignment has not yet been physically formalized through the Consolidated Assignment Term and/or whose Consolidated Assignment Term has not yet been registered in the corresponding Registry of Deeds and Documents, thus failing to describe a perfect
and finished assignment, which may bring losses to the Fund if third parties, based on these circumstances, are able to challenge or question the Credit Rights assignment to the Fund. 

6.7.6. Supporting Documents and/or Additional Documentation Irregularities—Supporting Documents and/or Additional Documentation may contain
irregularities (including in form or content), such as flaws in their preparation and material errors, which might make the receipt of resources arising from Defaulted Assigned Credit Rights discussed in court less expedite than usual, which can
cause assets losses. 
 6.7.7. Late Payment of Shares Remuneration, Amortization and/or Redemption – Payment of the Fund’s Shares
Remuneration, Amortization and/or Redemption may be delayed, mainly due to the performance of Assigned Credit Rights, which may generate losses to the Fund and, consequently, to the Shareholder(s). 

6.7.8. Credit Rights Assignment Invalidity or Ineffectiveness – Credit assignments can be invalidated or become ineffective by court and/or
administrative decision. Therefore, the Fund may incur the risk of Credit Rights being affected by obligations assumed by the Assignor and/or by Debtors, of resources arising from their corresponding payments being blocked and/or redirected to pay
other debts arising from the Assignor’s and/or the Debtor’s obligations, including as a result of intervention, judicial or extrajudicial recovery, bankruptcy, extrajudicial liquidation or special schemes requests, as the case may be, of
the Assignor and/or the Debtors, or another procedure of a similar nature, as applicable. The Administrator, the Custodian and the Investment Management Company are not responsible for prior or posterior verification of certain causes of
Fund-Assigned Credit Rights invalidity or ineffectiveness. With respect to the Assignor, the assignment of Credit Rights might be invalidated or declared ineffective, negatively impacting the Fund’s NAV, if it were held in: 

(a) fraud against creditors, including the bankrupt company assets, if, at the time of assignment, the Assignor was insolvent or if, due to this assignment, it
was declared insolvent; 
  

  
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 (b) enforcement fraud, if (1) at the time of assignment, the Assignor was the passive subject of
lawsuit liabilities capable of causing insolvency; or (2) a lawsuit liability founded in real law affected the Credit Rights; and 
 (c) tax foreclosure
fraud, if the Assignor, at the time of the Credit Rights assignment, being a taxable person in debt to the tax authorities, due to a tax credit regularly registered as active debt, had no assets to pay the total tax debt. 

6.7.9. Possible Encumbrance on Credit Rights. The assignment of Credit Rights could also be affected by the existence of encumbrances on Assigned
Credit Rights, which had been applied prior to their assignment and without the Fund’s knowledge (that would have happened in the event of the Assignor’s non-compliance with the declaration regarding
the absence of encumbrances or liens on the Assigned Credit Rights, under the Assignment Agreement). The Fund is subject to the risk of Assigned Credit Rights being blocked or redirected to pay other debts of the Assignor or its respective Debtors,
including as a result of requests for judicial recovery, bankruptcy, extrajudicial recovery plans, special schemes or other similar procedures, as applicable. 

6.7.10. Legal or Regulatory Restrictions – Any legal or regulatory restrictions may adversely affect the validity and/or the effectiveness
of constituting and assigning Credit Rights to the Fund, the behavior of Assigned Credit Rights, and the corresponding cash flows to be generated. 

6.7.11. Fungibility Risk – Intervention, Liquidation, Bankruptcy, or Application of Similar Schemes to the Custodian. In the event of
intervention in the Custodian, the transfer of resources from Assigned Credit Rights could be halted and would remain unenforceable while the intervention lasted. In the event of liquidation, bankruptcy or similar schemes applied to the Custodian,
it is possible that the resources deposited therein are blocked and may only be retrieved via refund request. In both cases, the Fund’s NAV could suffer losses and the Shares profitability could be negatively affected. 

6.7.12. Risk of Intervention, Liquidation, Bankruptcy, or Application of Similar Schemes to Settlement or Depository Banks. In the event of
intervention in Settlement and Depository Banks, the transfer of resources as set forth in Article 12.1 below could be halted and would remain unenforceable while the intervention lasted. In the event of liquidation, bankruptcy or similar
schemes applied to the Settlement and Depository Banks, it is possible that the resources deposited therein are blocked and may only be retrieved via refund request. In both cases, the Fund’s NAV could suffer losses and the Shares
profitability could be negatively affected. 
 6.7.13. Laws and regulations that may be edited to change the Regulation of Electronic Means of
Payment in Brazil and/or the development of different interpretations about them may cause an adverse effect on the Assignor and the Fund – Rules that may change the Regulation of Electronic Means of Payment can be edited, as well as
different interpretations about them can be developed, which can affect the Assignor’s activities in an adverse and relevant way, thus affecting the origination of Eligible Credit Rights, especially considering that BACEN and the Brazilian
government are discussing the Regulation of Electronic Means of Payment. The eventual amendment and/or interpretation of this regulation may restrict the origination of Eligible Credit Rights and change the characteristics of Assigned Credit Rights
already assigned or to be originated, creating obstacles to the attendance of Eligibility Criteria and/or restricting the possibility of assigning them to the Fund, negatively impacting the Fund results and its Shares profitability. 

6.7.14. Assignor and Credit Rights are subject to Brand Cards Regulations. Card Brands Regulations must be approved by BACEN – The Assignor
shall perform its operations in accordance with the regulations set forth by the Card Brand, which establish policies and rules related to Payment Methods operation. In this way, the terms and conditions of Eligible Credit Rights are subject to the
rules set forth by Card Brands. Moreover, in accordance with the Regulation of Electronic Means of Payment, Card Brands’ regulations must be subject to BACEN’s review and approval, which may require changes and adjustments. The approval of
regulations, or any significant changes in regulations, policies and Card Brands’ rules may negatively impact the Fund’s portfolio’s Assigned Credit Rights, and, therefore, the Fund’s results and the Share’s profitability.

  
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 6.7.15. Maintenance of Licenses by Card Brands – The Assignor’s activities, and,
consequently, the origination of Eligible Credit Rights to be assigned to the Fund rely on licenses granted by the Card Brands to the Assignor, as the Accrediting Institution’s delegate. The termination of such licenses, set forth in the
corresponding agreements with Card Brands, may negatively affect the origination of Eligible Credit Rights, impacting Fund’s Shares profitability. 

6.7.16. Lack of Administrator’s Accountability for the Depreciation of Portfolio’s Assets – As a result of the factors set forth
in this Chapter, the Administrator shall not be liable for any depreciation of portfolio’s assets, nor for any loss or damage that may be incurred by the Fund and by the Shareholder(s) that do not derive from the Administrator’s deceit,
fraud or bad faith. 
 6.7.17. Limitation Risk of Discount Rates Applied to Credit Rights at the Time of Their Acquisition by the Fund - The
Fund is not a financial institution, and, therefore, does not have the authority to grant loans or finance goods with interest rates greater than those established by Decree No. 22.626, dated April 7, 1933, according to sparse decisions of
the Judiciary. Because the Fund is not a financial institution, it is possible that the discount rate it applies to the purchase of Eligible Credit Rights will be questioned, if such discount exceeds the maximum rate established by Decree
No. 22.626, dated April 7, 1933. If such discount is questioned and/or limited by court order, Shares profitability could be negatively affected. 

6.7.18. Risk of concentration in one Assignor—Credit Rights to be acquired by the Fund shall be provided exclusively by Stone. The
acquisition of Credit Rights exclusively originated by Stone can compromise the Fund’s continuity, depending on Stone’s lack of capacity to originate Eligible Credit Rights or on the reduced supply of Eligible Credit Rights to the Fund.

 6.7.19. Risk of Debtors Concentration – The risk of investing in the Fund bears a strong relationship with the concentration
(i) of Credit Rights, due by the same Debtor or by groups of Debtors; and (ii) in Financial Assets, issued by the same entity, and the higher the concentration, the greater the chance of the Fund suffering significant asset losses that
negatively affect the Shares profitability. 
 6.7.20. Risk of Conditioned Amortization—The primary Fund’s sources of resources for
its Shares’ amortization result from the liquidation of (i) Assigned Credit Rights, or (ii) the Financial Assets comprising the Fund’s portfolio. In this way, if Assigned Credit Rights and Financial Assets default, after the
exhaustion of all reasonable means for judicial or extrajudicial collection of such assets the Fund will not have any other values to perform its Shares amortization and/or redemption in national currency. 

6.7.21. Risk of Shares Depreciation to the Extent of Liquidation of Assets Comprising the Fund’s Portfolio and the Absence of a Secondary Market
for Credit Rights—The Fund is exposed to certain risks inherent to Credit Rights and Financial Assets comprising its portfolio, and, as the case may be, to the markets in which they are traded, including the existence of restrictions and/or
an eventual impossibility of alienating Fund-Assigned Credit Rights by the Administrator. As a result of the risk identified above, and considering that the Fund shall only proceed to the Shares’ amortization or redemption, in national
currency, to the extent that the Assigned Credit Rights owned by the Fund are properly paid, and that the received funds are deposited in the Fund’s account, the Administrator is unable to determine the time frame required for the Shares’
amortization or redemption. The amortization value of Senior Shares will continue to be updated until the date of effective payment, always up to the NAV’s limit, and no penalty or fine will be due by the Fund or any other entity, including the
Assignor, the Administrator and the Custodian, if the 

  
 30 

 
aforementioned event continues for an indeterminate period, or cannot, for any reason, be performed. Moreover, the Shares’ redemption at the end of the term set forth in the corresponding
Amendment may be done through giving Credit Rights as payment, in compliance with the procedures set forth in these Bylaws. In this scenario, Shareholders may find it difficult to divest the Credit Rights received as payment and/or collect the
amounts owed by Debtors. 
 6.7.22. Risk of Unscheduled Amortization of Senior Shares—In compliance with the procedures set forth in these
Bylaws, Senior Shares may be amortized by the Fund in advance. In this case, Senior Shares holders could suffer losses if, for example, they are unable to reinvest the resources paid by the Fund, resulting from the early amortization of its Shares,
under the same terms and conditions of the corresponding Shares. Moreover, the event identified above may affect the management of the Fund cash flow, and, consequently, the payments to Shares holders. 

6.7.23. Risk of Subordinate Shares Reduction – the Fund will have a minimum permissible ratio of its NAV to the value of Subordinate Shares
of 9.75% (nine point seven five percent). For several reasons, such as the Debtors default and problems in transferring resources to the Fund, the Subordinate Shares may have their value decreased. If the Subordinate Shares’ value is reduced to
zero, the Senior Shares will bear any Fund losses, which may cause a loss of equity to its holders. 
 6.7.24. Assignment
Notification—Debtors will not be notified about the assignment of Assigned Credit Rights to the Fund, as set forth in Article 290 of the Civil Code of Brazil. In this case, there’s no guarantee that the assignment of Assigned Credit
Rights will be considered effective before the Debtors, which may generate losses to the Fund, consequently, to the Shareholder(s). 
 6.7.25. Risk
of Regulation Amendment – As a result of legal or regulatory standards, or of rules determined by CVM, these Bylaws can be changed independently of the holding of a General Meeting, pursuant to Article 16.2 below. Such changes may affect
the operation of the Fund and cause equity losses to Shareholders. 
 6.7.26. Risk from the Use of Derivatives – The Fund may invest in
the derivatives market, exclusively for the purpose of protecting cash positions, up to their limit. Even for the Fund, which uses derivatives exclusively for protection of cash positions, there is a risk that the position does not represent a hedge
that is perfect, or enough to avoid Fund losses. 
 CHAPTER SEVEN – ADMINISTRATOR AND FUND SERVICE PROVIDER REMUNERATION 

7.1. Fund Administration. The Fund shall be administered by Oliveira Trust Distribuidora de Títulos e Valores Mobiliários
S.A., a corporation duly authorized by CVM to manage investment funds and securities portfolios by means of the Declaratory Act No. 6.696 dated February 21, 2002, registered under CNPJ/MF
No. 36.113.876/0001-91, in the city and State of Rio de Janeiro, at Avenida das Américas, no 3.434, Bloco 07, sala 201, Centro Empresarial Mario Henrique Simonsen, CEP 22640-102, Barra da Tijuca. 
 7.2. Administrator’s Powers. The Administrator, subject to the
limitations laid down in these Bylaws and in other legal and regulatory provisions in force, has broad and general powers to perform all acts necessary for the administration of the Fund and to exercise the rights concerning the Assigned Credit
Rights and the Securities that comprise the Fund’s portfolio. 
  

  
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 7.2.1. Administrator’s Tasks. The Administrator’s tasks are those set out in Article
34, subparagraphs I to X of CVM Law No. 356/01 and its subsequent amendments, and the legal restriction are those set out in Articles 35 and 36 of CVM Instruction 356/01, including obtaining and granting loans or financing to any person,
including, but not limited to, Accredited Outlets, without prejudice of the applicable law and corresponding regulations. 
 7.2.2. Restrictions
Applicable to the Administrator, the Investment Management Company and the Custodian. The Administrator, the Investment Management Company, the Custodian or related parties, as defined by accounting rules concerning that matter, cannot directly
or indirectly assign or originate Credit Rights to the Fund. 
 7.2.3. Verification of Compliance with the Obligations by Service Providers.
The Administrator has rules and procedures, as set forth in the corresponding service agreements entered into with third parties hired to provide services to the Fund, allowing it to verify compliance with the obligations undertaken by the hired
service providers, which will be published and kept up to date on the Administrator’s website (www.oliveiratrust.com.br), along with the other information discussed in Article 53-A of CVM Law
No. 356/01. 
 7.3. Administration Fee. The Administrator shall charge, for its administration and
non-discretionary management services of the Fund’s portfolio a management fee corresponding to 0.07% (seven hundredths of a percent) of the NAV per annum, up to the limit of BRL 200,000,000.00 (two
hundred million Brazilian reais), plus (i) 0.05% (five hundredths of a percent) per annum of the NAV exceeding BRL 200,000,000.00 (two hundred million Brazilian reais) up to the limit of BRL 500,000,000.00 (five hundred million Brazilian
reais); and (ii) 0.04% (four hundredths of a percent) per annum of the NAV exceeding BRL 500,000,000.00 (five hundred million Brazilian reais), of the NAV, payable monthly at a rate of 1/12
(one-twelfth), calculated on the NAV on the last Business Day of the month that relates to the provision of such services. The Administration Fee provisioned for in this Article shall have the amount floor of
BRL 22,500.00 (twenty-two thousand five hundred Brazilian reais) per month (“Administration Fee”). 

7.3.1. The amount of the Administration Fee shall be divided between the Administrator and the Investment Management Company in the ratio of 50% (fifty
percent) for each, and the Investment Management Company remuneration shall be paid directly by the Fund pursuant to article 7.6 below. 
 7.3.2. In
the addition to the provisions of Articles 7.3 and 7.3.1, will be added to the Administration Fee and due to the Assets Manager and to the Custodian, in the amount of 50% (fifty percent) to each, an amount equal to 0.08% (eight hundredths of a
percent) per annum of NAV up to BRL 200,000,000.00 (two hundred million Brazilian reais), plus (i) 0.07% (seven thousandths of a percent) per annum of NAV exceeding BRL 200,000,000.00 (two hundred million Brazilian reais) up to the limit of
BRL 500,000,000.00 (five hundred million Brazilian reais); and (ii) 0.06% (six hundredths of a percent) per annum of NAV exceeding BRL 500,000,000.00 (five hundred million Brazilian reais) of the NAV, payable monthly at a rate of 1/12 (one-twelfth), calculated on the NAV on the last Business Day of each month, in regard to the provision of services. The amount provided for in this Article will have the amount floor of BRL 27,500.00 (twenty seven
thousand and five hundred Brazilian reais) per month, payable on the same date and in the form provided for on Articles 7.4 and 7.5 below. 
 7.3.3.
For the participation and implementation of the decisions made in formal assembly or General Meeting, an additional remuneration shall be payable to the Administrator, in the amount of BRL 600.00 (six hundred Brazilian reais) per man-hour of work dedicated to such activities, paid 5 (five) days after proof of delivery, by the administrator, of an “hours report” sent to Shareholders. 

 

  
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 7.3.4. It will be added to the remuneration of the Custodian (i) the amount of BRL 1,750.00 (one
thousand seven hundred and fifty Brazilian reais) per month for the Fund’s Bookkeeping services and (ii) BRL 5,000.00 (five thousand Brazilian reais) per month in regard to the confirmation of the Credit Rights Transferred to the members
of the Fund’s portfolio. In both cases, the amounts will be paid on the same set dates in Articles 7.4 and 7.5 below. 
 7.3.5. the amounts
expressed in Brazilian reais set forth in articles 7.3.2 and 7.3.4 above shall be updated every 12 (twelve) months, starting on the day which the Fund starts its activities, or in the shortest periodicity allowed by Law, by IGP-M, or by any index that comes to replace it. 
 7.3.6. Imposing taxes (ISS, PIS, COFINS CSLL and IRRF, and
others that are eventually imposed) will be added monthly to the remuneration described above, according to the tax brackets in effect on respective dates of payment. 

7.4. Payment of the Administration Fee. The compensation referred to in Article 7.3 above shall be paid by the Fund on a monthly basis on the 5th (fifth) Business Day of the month following the provision of services, starting on the month in which the first pay-up of Shares is made, being prohibited any
sharing of profits earned by the Fund, including, without limitation, the collection of any performance fee. The amount in Brazilian reais set forth in Article 7.3 above will be updated at every 12 (twelve)-month period as of the starting date of
the Fund activities or at the lowest frequency permitted by law, by the IGPM or, in its absence, by the index replacing it. 
 7.5. Payment of the
Installment of the Administration Fee to the Fund’s Service Providers. The Administrator may establish that installments of the Administration Fee is paid directly by the Fund to the hired service providers, provided that the sum of these
installments does not exceed the total amount of the Administration Fee. 
 7.6. Transfer of Administration Fee Installment. The amount
equivalent to 50% (fifty percent) of the Administration Fee installment (to be transferred directly to the Administrator, i.e. after deducting any payments due to other service providers of the Fund as set forth in Articles 7.3.1 and 7.5 above)
shall be paid directly by the Fund to the Investment Management Company, on the same dates set forth in this Chapter for payment of the Administration Fee, without any additional costs to the Fund, noting that the Administration Fee owed to the
Administrator, for services described in Articles 8.1 and 8.1.1 below, shall be deducted from said amount. 
 7.7. No Additional Fees. The
Administrator shall not charge any entering, performance or withdrawal fees. 
 CHAPTER EIGHT – OUTSOURCING 

8.1. Fund Management. The services related to the management of the Fund’s portfolio shall be performed by the Investment Management
Company, hired pursuant to item II of Article 39 of CVM Law No. 356/01. 
 8.1.1. In addition to managing the Financial Assets, the Investment
Management Company shall provide to the Administrator ancillary services to the administration of the Fund, including, but not limited to (i) control and collection of the documentation necessary for the administration of the Fund, including
the preparation of management reports deliverable to CVM which are the Administrator’s responsibility; and (ii) developing and updating the website where all information concerning the Fund will be made available to Shareholders. 

  
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 8.2. Fund Custody. The services related to the qualified custody of Fund Credit Rights and
other Financial Assets shall be performed by the Custodian. 
 8.2.1. Custody Services. The services related to qualified custody, bookkeeping
of Fund Shares, as indicated in Article 8.2 above, shall be provided by the Custodian pursuant to these Bylaws and to the applicable legislation and regulation. 

8.2.2. Controllership Services. Controllership services for the Fund assets shall be provided by the Assets Manager. 

8.3. The Custodian’s Duties. Without prejudice to other duties and obligations defined in CVM Law No. 356/01, the Custodian, directly
or through its representatives, shall be responsible for the following activities: 
 (i) validate the Credit Rights in relation to the Eligibility Criteria
established in these Bylaws; 
 (ii) receive and verify, by statistical sampling, documentation showing the Eligible Credit Rights financial support
originating in payments due by the Debtors to the Assignor, arising from Payment Transactions performed by End Users, represented by financial, commercial and operations services; 

(iii) carry out, directly or indirectly, through a clearing and settlement chamber duly authorized by BACEN, the physical and financial settlement of Eligible
Credit Rights, evidenced by the corresponding Electronic Assignment and Supporting Documents related to the transactions, as well as by Additional Documentation, when necessary; 

(iv) carry out, directly or indirectly, the custody, ordinary collection and guardianship of documentation relating to Assigned Credit Rights and Financial
Assets comprising the Fund’s portfolio; 
 (v) arrange, at its own expense, the guardianship, up to date and in perfect order, of the Supporting
Documents related to Assigned Credit Rights, with pre-established methodology and free access to independent auditors hired by the Fund and regulatory agencies, operationalizing and implementing all procedures
and routines defined set forth these Bylaws that are its responsibility; and 
 (vi) collect and receive, paid by and on behalf of the Shareholder(s),
payments, redemption of securities or any other income related to securities under custody, depositing the received amounts directly in the Fund’s Authorized Account and/or escrow account. 

8.4. Guardianship of Supporting Documents. The Custodian will maintain under its direct guardianship the copies of Supporting Documents relating
to Assigned Credit Rights, under the terms and for the purposes of articles 627 et seq. of the Civil Code of Brazil, being responsible for the guardianship on behalf of the Fund during the period of duration of the Fund. The Custodian may also, as
deemed necessary for the exercise of its activities and/or as required by applicable law and/or regulations in force, make physical and/or electronic copies of aforementioned Supporting Documents, and, in this case, the Custodian will act also as a
depository agent for the guardianship of the totality of copies of Supporting Documents it has generated, in accordance with the legislation and regulations in force and in compliance with other provisions of these Bylaws. In cases where the
Assigned Credit Rights are object of judicial collection action and, consequently, are covered by Supporting Documents that must remain in the court records of the judicial recovery proceedings, the Custodian shall not keep such Supporting
Documents, pursuant to the regulations in force. Additional Documentation related to Assigned Credit Rights will be kept by the Assignor, which will make them available to the Custodian and/or the Administrator whenever requested by them, under the
terms of the Assignment Agreement. 

  
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 8.4.1. Control Procedures Adopted by the Custodian in Respect to the Custody of Supporting
Documents. The Custodian has written and verifiable rules and procedures, that will allow the effective control of the guardianship, conservation and handling of the Supporting Documents under its guardianship, as well as ensure compliance with
its obligations under of these Bylaws. Such rules and procedures will remain available for consultation and updated on the Administrator’s website (www.oliveiratrust.com.br), along with other information set forth in Article 53-A of CVM Law No. 356/01. 
 8.4.2. Maintenance of the Custodian’s Responsibility for the Supporting
Documents Guardianship. Pursuant to Article 38 of CVM Law No. 356/01, the appointment of any third party responsible for the guardianship of Eligible Credit Rights assigned to the Fund does not exclude the Custodian’s responsibility.
The Custodian shall pay for the costs of hiring any third parties specialized in storing and keeping the Supporting Documents, and this cost is included in the compensation payable to the Custodian. 

8.5. Receipt of Resources Deriving from the Efforts Made by the Custodian. The collections relating to Assigned Credit Rights and/or Defaulted
Assigned Credit Rights resulting from the Custodian’s efforts shall be received directly in the Fund’s Authorized Account through the Transfer of Immediately Available Resources—TED. 

8.6. Verification of Supporting Documents by the Custodian. Due to the significant number of Payment Transactions and significant volume of
Credit Rights to be assigned, the verification of Supporting Documents will be shall be carried out by the Custodian, or by a hired third party, through periodic audit held at least on a quarterly basis (or in shorter basis, depending on the request
of Senior Shareholders gathered in a General Meeting), by sampling and in accordance with the criteria and parameters set forth in Annex IV of these Bylaws, and, if a third party is hired to verify the Supporting Documents, the
Custodian shall remain responsible for ensuring compliance with the obligations undertaken by the hired party, through procedures provided for in the corresponding service agreement, observing the provisions set forth in paragraphs 3rd and 6th of Article 38 of CVM Law No. 356/01. Any irregularities identified in such audit shall be reported by the Custodian to the
Administrator and to the Investment Management Company, which shall take the appropriate actions. 
 8.6.1. Notwithstanding the provisions set out in
Article 8.6 above, the Custodian, or a hired third party, shall review all Defaulted Assigned Credit Rights and /or replaced (if applicable) in the corresponding quarter, pursuant to Article 38, paragraph 13, II, of CVM Law No. 356/01. 

8.6.2. Without prejudice to his responsibility, and subject to the veto of Subordinate Shareholders under the terms of Article 15.4, item
“(viii)”, the Custodian may hire a third party to perform the financial support verification for Assigned Credit Rights, provided that such third party is not the originator of the Assigned Credit Rights, the Assignor, the Investment
Management Company or any expert consultant hired by the Administrator to act within the scope of the Fund, and its respective related parties, as defined by the accounting rules concerning this matter and under the terms of Article 5.2.3 and
Chapter Fifteen of these Bylaws. Any irregularities identified in this audit will be reported to the Administrator, the Investment Management Company, the independent auditor, and the Shareholders. 

8.6.3. The Custodian shall pay for the costs of hiring any third parties for the purpose of verifying the Supporting Documents, and this cost is
included in the compensation payable to the Custodian, as set forth in the Custody Agreement. 
  

  
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 8.7. Absence of Conflict of Interest Involving the Administrator. The Administrator declares
that he is not in a conflict of interest with the Investment Management Company and the Custodian in the exercise of their tasks, as well as expresses its independence in the activities described in these Bylaws and in any assignment of Credit
Rights to the Fund, since the Fund may include credits owned by the Administrator or its controlled and affiliated companies and subsidiaries. 
 8.8.
The Custodian Replacement: The Custodian may be replaced upon written notification by the Administrator to the Custodian about the occurrence of any of the following events: 

(i) discussion at the General Meeting, under these Bylaws; 
 (ii)
breach of any of the obligations undertaken by the Custodian under these Bylaws; 
 (iii) establishment of any administrative and/or judicial proceedings in
face of the Custodian that, at the free discretion of the Shareholders, regardless of their scope, might justify the Custodian’s replacement; 
 (iv) de-accreditation, insolvency, intervention, liquidation or bankruptcy of the Custodian, as well as any other similar procedures; or 

(v) resignation of the Custodian, upon written notice of at least 45 (forty-five) days to the Administrator. 

8.9. In the event of occurrence of any of the events listed in Article 8.8 above, the Custodian shall make all Fund information and documents under its
custody available to the new Custodian, according to instruction of the Administrator. 
 8.10. When it fits, the same rules and obligations
concerning the replacement provided for in Articles 8.8 and 8.9 above will apply to the Assets Manager. 
 CHAPTER NINE – ADMINISTRATOR AND
INVESTMENT MANAGEMENT COMPANY REPLACEMENT AND RESIGNATION 
 9.1. Administrator’s Resignation. Upon notice published on the Fund
Administrator’s website used for disclosing Fund information, or published on the Monitor Mercantil newsletter, or by electronic means or letter with confirmation of delivery addressed to the Shareholder(s), the Administrator may resign
from the Fund administration, provided that it convenes, in the same act, a Shareholders’ General Meeting to decide its replacement or early settlement, pursuant to the legislation in force and the provisions set forth in Chapter Sixteen,
below. 
 9.2. Permanence in the exercise of its duties in the event of the Administrator’s resignation. In case of resignation, the
Administrator shall remain in office until its effective replacement, which shall occur within 45 (forty-five) days from the date in which the Shareholders’ General Meeting is held, subject to, after such period, the right of the Administrator
to request CVM to appoint a temporary administrator. 
 9.3. Responsibility in case of the Administrator’s Replacement. In the cases of
the Administrator’s Replacement and early settlement of the Fund, as the case allows, the existing rules concerning the civil or criminal liability of administrators, directors and managers of financial institutions shall apply, notwithstanding
the rules governing the Administrator’s civil liability. 
  

  
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 9.4. Administrator’s Replacement. The Administrator can be replaced, at the sole
discretion of the Fund Shareholders, if any of the following events occur, subject to the requirements set forth in Article 15.4 (iii) below: 
 (i)
discussion at the General Meeting, under these Bylaws; 
 (ii) breach of any of the obligations undertaken by the Administrator under these Bylaws and/or the
Assignment Agreement. 
 (iii) establishment of any administrative and/or judicial proceedings in face of the Administrator that, at the free discretion of
the Shareholders, regardless of their scope, might justify the Administrator’s replacement; or 
 (iv)
de-accreditation, insolvency, intervention, liquidation or bankruptcy of the Administrator, as well as any other similar procedures. 

9.5. When it fits, the same rules and obligations concerning the replacement and resignation provided for in this Chapter Nine will apply to the
Investment Management Company. 
 CHAPTER TEN – ORIGINATING CREDIT RIGHTS PROCESS AND CREDIT GRANTING POLICY 

10.1. The origination of Eligible Credit Rights arises from Payment Transactions performed by End Users through the Stone System for the acquisition of
goods, products and services offered on the network of Accredited Outlets using Payment Instruments, giving rise to Debtors’ payment obligations in face of the Assignor, in compliance with the relations and operations described below: 

(i) the Card Brands are institutions responsible for establishing a set of rules and procedures that regulates the provision of certain payment services to the
public, called the Payment Method, holders of property rights and/or franchisers of their brands and logos that identify the Payment Instruments, and are also responsible for regulating and supervising the issuance of Payment Instruments, the use of
operational and security standards, in accordance with applicable regulations; 
 (ii) within the scope of Payment Methods, established by the Card Brands,
Issuers are financial and/or payment institutions duly authorized to issue electronic currency and/or Payment Instruments (including Cards) valid in Brazil, in accordance with CMN and BACEN applicable legislation; 

(iii) accreditation entities enable commercial outlets or self-employed professionals, through providing devices and systems, the acceptance of Payment
Instruments issued by Issuers, within the scope of Payment Methods established by the Card Brands, as a means of payment; 
 (iv) once the Payment
Instruments have been used and the corresponding transaction has been authorized, a credit is generated to the commercial outlets or self-employed professionals against the accreditation entities, which, on the other hand, own a credit against the
Issuers; 
 (v) Stone is the Accrediting Institution, which, through the acceptance of the Accreditation Agreement by commercial outlets or self-employed
professionals, enables commercial outlets or self-employed professionals to receive Payment Instruments, issued by the Issuers (including Debtors), within the scope of Payment Methods established by the Card Brands, as a means of payment; 

  
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 (vi) in the normal course of their business, Accredited Outlets engage in several operations selling goods,
products and/or services to End Users, who may use Payment Instruments under any Card Brand and Issuer, within the Stone System, thus generating Payment Transactions; 

(vii) as a result of Payment Transactions carried out between Accredited Outlets and End Users, Stone from time to time, holds Credit Rights in face of the
Issuers (including Debtors); 
 (viii) in this way, Stone may, at its sole discretion, offer and assign to the Fund Credit Rights that are in accordance with
the Eligibility Criteria, as set forth in these Bylaws and the in the Assignment Agreement, in order to advance receivables owned by the Assignor against the Issuers (including Debtors). 

10.2. The acquisition of Credit Rights by the Fund will be held based upon the rules, conditions and procedures set forth in the Assignment Agreement,
as well as in accordance with the Eligibility Criteria. 
 CHAPTER ELEVEN – ELIGIBLE CREDIT RIGHTS ASSIGNMENT, PAYMENT, AND SETTLEMENT 

11.1 Assignment of Eligible Credit Rights. As a general rule, each assignment of Eligible Credit Rights to the Fund will be considered formalized
and regular after the cumulative verification of the events described in Article 11.1.1 and subsections below, without prejudice to any other specific procedures provided for in the Assignment Agreement and to proof of payment of the Purchase Price.

 11.1.1 The electronic file filled out according to the template annexed to the Assignment Agreement (“Delivery File”), displaying
the Credit Rights offered to the Fund on a given Business Day (each, a “Bidding Date”), separated in batches and classified by Issuer, Card Brand, amount and due date (each, a “Batch”), which will only contemplate
individualized Eligible Credit Rights should be sent, in the form agreed in the Assignment Agreement, by the Assignor to the Custodian (alongside the delivery, in the form agreed with the Custodian, of the applicable Additional Credit Rights File),
for approval by the Custodian and acquisition by the Fund, noting the following timetable limits and procedures, which should be performed in sequential order (“Processing of the Bid”): 

(i) (a) up to 11:00 (eleven) am on the Bidding Date, if the settlement should occur in the First Liquidation Window (as defined below); or
(b) until 2:30 (two-thirty) p.m. (14 hours and 30 minutes) on the Bidding Date, if the settlement should occur in the Second Liquidation Window (as defined below), the Assignor may forward to the
Custodian up to 3 (three) Delivery Files (alongside the delivery of the applicable Additional Credit Rights File), listing the totality of Credit Rights offered for settlement on the Bidding Date; 

(ii) in up to 20 (twenty) minutes from the receipt of each of the Delivery Files, to allow the settlement to occur in either of the Liquidation Windows,
the Custodian shall: (1) check the Eligibility Criteria for the Credit Rights included in the Delivery File(s) forwarded by the Assignor on the corresponding date; (2) identify the Credit Rights offered to Fund that meet the Eligibility
Criteria and are in accordance with the Fund’s purchase financial availabilities on such date; and (3) forward to the Assignor, as agreed in the Assignment Agreement, as the case may be: (a) if applicable, the electronic file that
identifies the Eligible Credit Rights selected for purchase by the Fund and the Credit Rights rejected by Custodian, as well as the reason of rejection, if applicable, populated along the lines of the template annex to the Assignment Agreement,
which will separate in Batches the Eligible Credit Rights selected for purchase by the Fund 

  
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(“Return File”); or (b) the Assignment Term, already filled out according to the template set forth in an annex to the Assignment Agreement (which will separate the Eligible
Credit Rights selected for purchase by the Fund in Batches), via electronic mail that has as the sender any of the Custodian’s authorized emails, in both cases leaving expressed those Credit Rights that have met the Eligibility Criteria and
which are in accordance with the Fund’s financial purchase availabilities and that, therefore, may be purchased by the Fund 
 (iii) in up to 20
(twenty) minutes from the receipt of the Assignment Terms or the Return Files, as applicable, pursuant to item (ii) above, regardless of which Liquidation Window the settlement should occur, the Assignor shall verify whether or not it is in
accordance with the terms and conditions of each Assignment Term and/or Return File (as applicable) forwarded by the Custodian, being that: 
 (iii.
1) if it is in accordance with all terms and conditions of each Assignment Term and/or Return File (as applicable), the Assignor shall send its acceptance to the Custodian with a copy to the Administrator, via electronic mail that has as the
sender any of the Assignor’s Authorized Emails, as follows: “Stone Pagamentos S.A., registered under CNPJ/MF No. 16.501.555/0001-57, through this act, affirms for all purposes
of fact and law that it agrees to the terms and conditions of the attached Assignment Term [and in the Return File(s) named [•]], forwarded by Oliveira Trust Distribuidora de Títulos e Valores Mobiliários S.A., and is in
accordance with the assignment to the Fund of its Investment in Credit Rights – Bancos Emissores de Cartão de Crédito – Stone of the totality of Credit Rights identified therein, under the terms of the Credit Rights
Assignment and Purchase Promissory Agreement and Other Covenants for the Credit Rights Investment Fund – Bancos Emissores de Cartão de Crédito—Stone, by the total purchase price of BRL [•] ([•]
Brazilian reais).”; 
 (iii. 2) if it is not in accordance with all terms and conditions of each Assignment Term and/or Return file (s), the
Assignor may, at its sole discretion: (a) totally reject, without any penalty, the offer of Credit Rights listed in the corresponding Assignment Term and/or Return File (as applicable), in which case the Assignor shall send its refusal
to the Custodian with a copy to the Administrator, via electronic mail that has as the sender any of the Assignor’s Authorized Emails, as follows: “Stone Pagamentos S.A., registered under CNPJ/MF No. 16.501.555/0001-57, through this act, affirms for all purposes of fact and law that it refuses and rejects the Credit Rights offer listed in the attached Assignment Term [and in the Return File(s) named
•]], forwarded by Oliveira Trust Distribuidora de Títulos e Valores Mobiliários S.A., and, thus, does not conclude the assignment of Credit Rights indicated therein.”; or (b) change the
original offer accomplished by means of the Delivery File, exclusively through the exclusion of one or more Batches listed in the corresponding Assignment Term and/or Return File (as applicable). In this case, the Assignor shall indicate the
rejected Batches contained in the corresponding Assignment Term and/or Return File received (as applicable), as the case may be, and forward these documents to the Custodian with a copy to the Administrator, in any case sending, at the same time,
the updated Additional Credit Rights File, listing only the Eligible Credit Rights rejected by the Assignor, by email, as follows: “Stone Pagamentos S.A., registered under CNPJ/MF
No. 16.501.555/0001-57 (“Stone”), through this act, affirms for all purposes of fact and law that it agrees to the terms and conditions of the attached Assignment Term [and in the
Return File(s) named [•]], forwarded by Stone, and is in accordance with the assignment to the Fund of its Investment in Credit Rights – Bancos Emissores de Cartão de Crédito – Stone of the Credit Rights
identified therein, observed the respective Batch deletions already reflected in the corresponding Assignment Term [and updated Return File],under the terms of the Credit Rights Assignment and Purchase Promissory Agreement and Other Covenants for
the Credit Rights Investment Fund – Bancos Emissores de Cartão de Crédito—Stone, by the total purchase price of BRL [•] ([•])”. 

  
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 (iv) in up to 20 (twenty) minutes from the total or partial acceptance by the Assignor, pursuant to
items “(iii. 1)” or “(iii. 2 b)” above, if the Fund conforms to each Assignment Term, and/or Return File, as applicable (with any Batch rejections pursuant to item “(iii .2 b)” above), the Fund, represented by the
Administrator, should send its acceptance to Assignor, with copy to the Custodian, as well as authorize the Custodian to carry out the purchase of the Eligible Credit Rights listed in the corresponding Assignment Term and/or Return File (as
applicable), upon payment of the Purchase Price under the Assignment Agreement, via electronic mail or File Exchange System (as defined in the contract of Assignment) that has as the sender any of the Fund’s Authorized Emails, sent in the same
chain of emails in which was sent the aforementioned total or partial acceptance by the Assignor, and the Administrator’s email must have the following: “The Credit Rights Investment Fund – Bancos Emissores de Cartão de
Crédito – Stone, hereby represented by Oliveira Trust Distribuidora de Títulos e Valores Mobiliários S.A., registered under CNPJ/MF No. 36.113.876/0001-91, confirms for
all purposes of fact and law that it agrees to the acquisition of Credit Rights, pursuant to the terms indicated by Stone Payments S.A. by the Purchase Price of BRL [•], according to the email below. Oliveira Trust Distribuidora de
Títulos e Valores Mobiliários S.A., authorizes the payment of the Purchase Price indicated herein.” 
 11.1.2 Exclusively upon
completion of the processing of the offer (with the consequent conclusion of Electronic Assignment(s) within the respective Liquidation Window, according to the procedures above), the Custodian shall carry out the payment of the Purchase Price
agreed with the Assignor, by depositing this amount, on behalf of the Fund, through the Transfer of Immediately Available Resources (TED), or by another form of funds transfer authorized by the Central Bank of Brazil, on the Full Operation Account,
completing the ownership transfer of Eligible Credit Rights, and the payment will occur within 2 (two) liquidation windows, being (i) the first before 12:30 (twelve-thirty) p.m. (“First Liquidation Window”), concerning
Electronic Assignments carried out up to 12:20 (twelve-twenty) p.m.; and (ii) the second, till 4:00 (four) p.m., concerning Electronic Assignments carried out up to 3:50 (three-fifty) p.m. (“Second Liquidation Window” and, when
alongside the First Liquidation Window, “Liquidation Windows”). 
 11.1.2.1 In the case the transfer of Eligible Credit Rights is
used for the pay-up of Fund Subordinate Shares (under these Bylaws), as reported by the Assignor to the Fund: (a) the payment form provided for in Article 11.1.2 above shall not apply; and
(b) the payment of the Purchase Price will be done through delivering to the Assignor Subordinate Shares with the closing unit value of the Business Day preceding the pay-up. In this case, to
implement and formalize the assignment, the procedures set forth in Article 11.1.1 above shall apply, always respecting the time limits for the Second Liquidation Window set forth in its sub-items, as
applicable. 
 11.1.3 The forwarding of the Delivery File pursuant to Article 11.1.1 above will feature irrevocable and irretrievable assignment
bidding of the Credit Rights listed in the corresponding Delivery File by the Assignor, without prejudice to the possibility that the Assignor will reject certain Batches upon receipt of the Return File or the Assignment Term in accordance with
Article 11.1.1, item “(iii. 2)” above. 
 11.1.4 If the Processing of the Bid is not completed within the time limit of the intended
Liquidation Window, and/or the Custodian does not pay of the Purchase Price of the Eligible Credit Rights offered by the Assignor within the intended Liquidation Window, as applicable: (a) Return File(s) forwarded by the Assignor shall
be considered canceled, and the bidding of the corresponding Eligible Credit Rights will be automatically revoked; or (b) the Electronic Assignment will be considered as canceled for all purposes of fact and law, without the need for the
adoption of any additional procedures by the Assignor and/or the Fund, as the case may be. 
 11.2 Payment of Eligible Credit Rights. the
Assigned Credit Rights shall be paid to the Fund in compliance with the Centralized Account Agreement and Assignment Agreement as follows (and exemplified in the flow chart in Annex VI) as follows: 

  
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 (i) the deposit of the amounts for payment of the Credit Rights, in accordance with the clearing and
settlement procedures described in Article 12.1 below, shall be made in the Assignor’s Centralized Account, and such deposit shall comprise Credit Rights owned by the Assignor, Credit Rights owned by other assignees that had acquired Credit
Rights from the Assignor, if applicable, and Assigned Credit Rights, that is, owned by the Fund; 
 (ii) the Transfer Order will contain the total
amount that should be transferred to the Fund’s Authorized Account, according to the amounts and maturity dates of the Assigned Credit Rights, under the conditions set forth in the corresponding Centralized Accounts Agreements, including any
values that are owed by the Assignor on account of Assignment Settlement; 
 (iii) the corresponding Depository Bank will transfer the exact amount
indicated in the Transfer Order to the Fund’s Authorized Account, if in compliance with the requirements set forth in the corresponding Centralized Accounts Agreement, thus formalizing the payment of the Assigned Credit Rights maturing on the
deposit date, and, if applicable, of the relevant Assignment Settlement Price (as defined in the Assignment Agreement); and 
 (iv) the Custodian will
perform the reconciliation of these deposits, in order to verify the settlement of all Assigned Credit Rights due on the corresponding deposit date, based upon the Supporting Documents and Additional Documentation. 

11.2.1. If, for any reason, the Custodian has difficulties in reconciling the Assigned Credit Rights, or in identifying individual Assigned Credit
Rights owned by each third-party assignees that had acquired Credit Rights from the Assignor and their binding with each payment conducted by the corresponding Fund Debtors, the Assignor shall make its best efforts to assist the Custodian in the
reconciliation, identification, and/or linking with Debtors payments, and, of course, it will be the responsibility of the Custodian the final assessment that the related reconciliation, identification, and/or linking with Debtors payments was duly
completed. 
 11.3 Electronic Assignment. The Electronic Assignment will be carried out through the acceptance by the Administrator referred to
in item “(iv)” of Article 11.1.1 above, and the Assignment Terms and/or Return files (observed any rejections of certain Batches in accordance with Article 11.1.1, item “(iii. 2 b)” above) assigned on a given Business Day will be
incorporated into the Assignment Agreement for all intents and purposes after their corresponding Electronic Assignment. 
 11.4 Consolidated
Assignment Term. Every 15 (fifteen) days, the Fund Authorized Persons and the Assignor Authorized Persons shall enter into a Consolidated Assignment Term substantially produced in the form of an Assignment Agreement, consolidating all Electronic
Assignments carried out on the last 15 (fifteen) days. 
 11.4.1 The Consolidated Assignment Terms will only be registered in the relevant Registry of
Deeds and Documents in the scenarios provided for in the Assignment Agreement. 
 11.5 Assignment Settlement. In the event of
(a) absence of the corresponding Supporting Documents or Additional Documentation due to poor formalization or defect, in the form of Article 295 of the Civil Code of Brazil, including the chance of Chargeback for one or more Assigned
Credit Rights; 

  
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 (b) the Custodian verifying, after the acquisition of Credit Rights by the Fund, that one or more
Assigned Credit Rights did not meet the Eligibility Criteria prior to their purchase by the Fund; (c) the acquisition, by the Fund, of a Credit Right that may be claimed by a third party demonstrably holding a lien, encumbrance or
charge on such Credit Right prior to its acquisition by the Fund; or (d) the acquisition, by the Fund, of Credit Rights in discordance with the Assignment Conditions, or as a result of misrepresentation or incorrect affirmation made by
the Assignor, there will be a settlement of the corresponding assignment of the Assignment Agreement subject to any of the assumptions described above, as the case may be, and the Assignor must undertake the payment of the Assignment Settlement
Price (as defined in the Assignment Agreement) related to the relevant Assigned Credit Right, provided that the above scenarios have been verified prior to the payment in full of the corresponding Fund-Assigned Credit Right, according to the terms
and conditions set forth in the Assignment Agreement. 
 11.6 Poor Formalization or Defect after the Payment of an Assigned Credit Right. If
established that, due to poor formalization or defect, there are no Assigned Credit Rights, as provided for in Article 11.5 above, after the date of full payment or settlement of the Credit Right before the Fund: (i) the Assignor will be solely
responsible for the payment of any amounts possibly due to third parties (including the Issuers); (ii) the Assignor shall exempt the Fund of any liabilities that might be incurred as a result of such scenario; and (iii) the Fund will not have
any rights against the Assignor on account of the occurrence of such scenario, including any right to indemnity and/or penalty against the Assignor. 

CHAPTER TWELVE – ASSIGNED CREDIT RIGHTS DUNNING PROCEDURES 

12.1 Ordinary Receipt of Credit Rights. The form of clearing and settlement of Credit Rights will be held as follows: (i) the Card Brands
incorporate the settlement order of the corresponding credit at CIP; (ii) CIP will carry out the debit of the amount indicated by the Card Brands in the reserve account kept by the corresponding Debtors at CIP, through the SILOC (System for
Deferred Settlement of Interbank Transfers of Credit Orders or any other system that may come to replace it) process, crediting the reserve accounts kept by the Settlement Banks at CIP; (iii) the corresponding Settlement Bank will carry out the
transfer of the corresponding amounts credited to its account to the Assignor’s Centralized Account; and (iv) the Depository Banks will perform the clearing and settlement of the Assigned Credit Rights by means of crediting an account or
other equivalent transfer mechanism of the corresponding amount to the Fund’s Authorized Account on the date of the corresponding provision of resources, related to the Assigned Credit Right(s), pursuant to Article 11.2 above. 

12.2 Collection of Defaulted Assigned Credit Rights. In the event of non-payment in full by the
corresponding Debtor of the Assigned Credit Rights, the Custodian shall observe the following procedure for administrative collection of Defaulted Assigned Credit Rights: 

(i) except in the event of intervention, settlement, bankruptcy, or other similar events of any Debtors, when the Custodian should immediately take the
measures set forth in item (ii) below, up to 1 (one) Business Day after the maturity date of the Assigned Credit Rights, there will be no efforts for administrative and/or judicial collection of the Defaulted Assigned Credit Rights by the
Custodian; and 
 (ii) from the 2nd (second) Business Day (included) after the corresponding maturity
date of the Defaulted Assigned Credit Right, the Custodian shall take all measures it deems necessary and appropriate to the collection of amounts due and not paid by the corresponding Debtor, including, but not limited to, where appropriate, the
presentation of a request/petition to the court administrator/intervenor and/or similar entity to ensure that the amounts required for the payment of Defaulted Assigned Credit Rights are properly transferred to the Fund. 

  
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 12.2.1 Additional Contribution to the Collection of Defaulted Assigned Credit Rights. All
costs and expenses incurred by the Fund to safeguard its rights and privileges and/or with judicial collection of Defaulted Assigned Credit Rights, beyond the initial total amount contributed by the Shareholders to the Fund under the pay-up of Shares and the Liquidity Reserve resources, shall be the sole responsibility of the Fund or of the Shareholder(s), in this latter case through a new contribution of resources to the Fund (through the
subscription of new Shares) by the Shareholder(s), in proportion to the Shareholder(s)’ participation in the composition of the Fund’s NAV, as approved in the Shareholders’ General Meeting pursuant to Chapter Sixteen below, whereby
the Administrator, Investment Management Company, Custodian, or the Assignors shall not in any way be liable for the advance or payment to the Fund of the amounts necessary for the collection of such Assigned Credit Rights. The Administrator, the
Investment Management Company, the Custodian, or the Assignor shall not be liable for any costs, fees, expenses, charges, attorneys’ fees, expert fees, or any other charges related to the collection procedures. 

12.2.2 Amounts Contributed to the Collection of Defaulted Assigned Credit Rights. All amounts contributed by the Shareholders to the Fund in
accordance with Article 12.2.1 above shall be made in national currency, free and clear of any fees, taxes, contributions and/or charges, present or future, applicable or that may become applicable on those amounts, including the costs related to
taxes or contributions (including financial transactions) applicable on intermediate payments, regardless of the contributing party and the method in which the Fund receives these monies for their full and original amounts, plus the amounts
necessary for the Fund to fully honor its obligations on the corresponding payment dates, without any discount or deduction, being expressly prohibited any form of compensation. 

12.3 Reconciliation of Credit Rights Payments. The Custodian shall perform the reconciliation of payments of Assigned Credit Rights in the
Fund’s Authorized Account, pursuant to the Article 11.2 above. 
 CHAPTER THIRTEEN – CRITERIA FOR ASSESSING THE ELIGIBLE CREDIT RIGHTS AND
FINANCIAL ASSETS COMPRISING THE PORTFOLIO 
 13.1 Fund’s NAV. The Fund’s Net Asset Value (NAV) is the algebraic sum of the
amounts corresponding to the Eligible Credit Rights and Financial Assets comprising the Fund portfolio, minus the Fund’s liabilities (“NAV”). 

13.1.1 All resources that the Fund should receive, at any time, from the Assignor and/or of any third party, by way of, among others, fines, damages or
compensation funds will be added to NAV. 
 13.2 Calculation of the Credit Rights Value. The Assigned Credit Rights becoming due and the
Defaulted Assigned Credit Rights shall have their value calculated every Business Day, pursuant to the terms set forth in the legislation in force, and the provisions and losses deriving from these Assigned Credit Rights becoming due and Defaulted
Assigned Credit Rights comprising the Fund’s portfolio shall be made or recognized in accordance with the legislation and regulations in force, as described in the Custodian manual (available on the website
http://www.oliveiratrust.com.br/portal/docs/ManualdePrecificacaodeAtivos_MTM.pdf). 
 13.3 Calculation of the Value of Financial Assets. The
appreciation of other Financial Assets that comprise the Fund’s portfolio will be made based upon the rules described on the Custodian manual (available on http://www.oliveiratrust.com.br/portal/docs/ManualdePrecificacaodeAtivos_MTM.pdf), as
well as in BACEN’s and CVM’s applicable rules. 

  
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 CHAPTER FOURTEEN – COMPOSITION OF FUND NAV AND ISSUANCE OF SHARES 

14.1 Classes of Shares. The Fund’s NAV is represented by 2 (two) classes of shares, the Senior Shares and the Subordinate Shares. The
characteristics, rights, and conditions of issuance, distribution, underwriting, payment, compensation, amortization and redemption of each class of Shares are described in Chapters Fifteen, Seventeen, Eighteen and Nineteen of these Bylaws, and in
the Amendment regarding every issuance of Senior Shares. 
 14.1.1 The first Fund’s Restricted Bidding shall include the issuance of Senior
Shares. 
 14.1.2 The Senior Shares must be fully subscribed until the closing date of the corresponding Restricted Bidding. 

14.1.3 Issuance of Senior Shares. The first issuance of Senior Shares will be comprised of up to 1,000,000 (one million) of Senior Shares of the
1st series, with Nominal Unit Value of BRL 1,000.00 (one thousand Brazilian reais), in a total amount no greater than BRL 1,000,000,000.00 (one billion Brazilian reais) on the corresponding
issuance date, and will be the object of a Restricted Bidding with a best efforts distribution scheme (“First Issuance”). 
 14.1.3.1
At the time of the subscription of Senior Shares in the primary market, each Shareholder must sign the Term of Acceptance of the Regulation and Risk Awareness, indicating a responsible representative, stating his/her corresponding email address
for receiving communications to be sent by the Administrator, under these Bylaws, and also stating his/her Professional Investor condition. 
 14.1.3.2
When subscribing the Senior Shares, the Subscriber will (i) sign the subscription newsletter (which will be also signed by the Administrator and/or hired distributor), and (ii) pay-up the Senior
Shares subscribed in cash, as provided for in Article 15.7 below and the corresponding Distribution Amendment, respected all other conditions provided for in these Bylaws. 

14.1.3.3 The deposit account statement issued by the Custodian will be the proper document to prove (i) the Administrator’s obligation, before
the Senior Shareholder, to comply with the requirements of these Bylaws and other rules applicable to the Fund; and (ii) the ownership of the number of Shares owned by each Senior Shareholder. 

14.1.3.4 The issued Senior Shares that are not subscribed by Professional Investors at the end of the placement term shall be canceled by the
Administrator for all purposes of fact and law. 
 14.1.4 After the closure of the First Issuance and up to the limit of the Authorized NAV, new
series of Senior Shares may be issued, at the discretion of the Administrator, without the need of approval by the General Meeting. Each new series of Senior Shares to be issued by the Fund will be subject to a specific Amendment to these Bylaws,
which must contain the information set forth in Annex III. 
 14.1.5 Under the corresponding Amendment, each new series of Senior
Shares will have an Issuance Date, a specific Redemption Date of Senior Shares (maturity), on which all the Senior Shares of a given series shall be redeemed. 

14.1.6 Provided that, for the purpose of restoring the Subordination Ratio, or by request of Subordinate Shareholders, the Fund may issue new
Subordinate Shares, which will be subscribed and paid-up exclusively by Stone. 

  
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 14.2 Issuance Price of Senior Shares. The Issuance Price of Senior Shares that may be issued
by the Fund shall be stated in the relevant Amendment. 
 14.3 Issuance of Subordinate Shares. The Fund will issue Subordinate Shares,
in an amount to be set by the Administrator, and shall maintain the minimum percentage of 9.75% (nine and seven five hundredths percent) of Subordinate Shares in relation to the Fund’s NAV, with the characteristics, benefits, rights and
obligations referred to in Article 15.4 below. 
 14.3.1 If the administrator uses the resources arising from the subscription of Subordinate Shares
in the scenario provided for in Article 15.11.5 below, so that they reach the minimum amount established in the caput of this Article 14.3, the Administrator shall take the necessary measures to ensure that the number of Subordinate Shares is
equal or greater than the percentage provided for in the caput of this Article 14.3. 
 14.4 Subject to the provisions of these Bylaws, the
Shares are transferable and will have book-entry form, being kept in deposit accounts on behalf of their owners. 
 CHAPTER FIFTEEN –
CHARACTERISTICS, RIGHTS, AND CONDITIONS FOR THE ISSUANCE, SUBSCRIPTION AND SETTLEMENT OF SHARES 
 Shares Characteristics: 

15.1 The shares correspond to ideal fractions of the Fund’s NAV. 

15.2 All Shares shall have book-entry form and will be kept by the Custodian in a deposit account on behalf of Shareholders. 

15.2.1 Under the Article 8.2.1 above, the Shares will be entered electronically by the Custodian, as a Bookkeeping Agent. 

Property Rights: 
 15.3 The Senior Shares issued by
the Fund have the following characteristics, benefits, rights and obligations: 
 (i) priority of distribution of Remuneration, amortization of principal
and/or redemption in respect to Subordinate Shares, subject to the provisions of these Bylaws; 
 (ii) their unit value is calculated on every Business Day,
for the purpose of establishing their amortization or redemption value, in compliance with the criteria set forth in these Bylaws; 
 (iii) voting rights
with respect to all and any matter that is object of discussion at General Meetings, and each Senior Share will be entitled to 1 (one) vote; 
 (iv) the
rights of holders of Senior Shares against the NAV, in the event of an Extraordinary Amortization or a Redemption of Senior Shares, under these Bylaws, are pari passu amongst themselves, in the absence of any kind of preference, priority or
subordination among holders of outstanding Senior Shares; and 
 (v) the Senior Shares will have as their target profitability the remuneration set forth in
the corresponding Amendment (“Senior Benchmark”). 

  
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 15.4 The Subordinate Shares, to be subscribed and paid-up
solely by the Assignor and/or its controlled and controlling companies, affiliate companies, or subsidiaries, or any other companies belonging to the corporate group, in an amount equivalent, at least, to the Subordination Ratio, will have the
following characteristics, benefits, rights and obligations: 
 (i) will be subordinated to Senior Shares for the purposes of return payment, amortization of
principal and redemption; 
 (ii) can only be amortized and/or redeemed after the full redemption of Senior Shares, pursuant to Article 17.2, “(v)”
below, allowing for the redemption upon payment in Credit Rights; 
 (iii) can only get paid by way of return after the payment of Remuneration to Senior
Shares on each Remuneration Payment Dates or Scheduled Amortization Date, as applicable, pursuant to articles 17.2 and 17.1.2, item “(v)” below; 

(iv) can only be subscribed, paid-up or acquired by the Assignor, its controlled and controlling companies, affiliate
companies, or subsidiaries and/or any other entities belonging to the Assignor’s corporate group, and shall be transferable exclusively between such entities; 

(v) on the Issuance Date of the First Issuance, they will have the unit value of BRL 1,000.00 (one thousand Brazilian reais); 

(vi) their unit value is calculated on every Business Day, for the purpose of establishing their redemption value, in compliance with the criteria set forth in
these Bylaws; 
 (vii) will have voting rights only with respect to matters that are object of discussion at General Meetings that, in any way, change the
rights of Subordinate Shares, as provided for in Article 16.6 below, and each Subordinate Share shall be entitled to 1 (one) vote, and that Subordinate Shares will have no right to vote in discussions related to the liquidation of the Fund, as
provided for in Article 16.1, “items (vii) and (viii)” below; 
 (viii) shall have the right of veto with respect to outsourcing services to
the Fund and to the Custodian, except: (a) in cases where the Assignor is in default with non-pecuniary obligations undertaken before the Fund, provided that such breach results in an adverse effect
relevant to the Fund; (b) in cases where the Assignor is in default with pecuniary obligations before the Fund that are not remedied within the applicable time limit; (c) if the judicial or extrajudicial recovery or bankruptcy of the
Assignor has been decreed by the competent authority; or (d) if there is any ongoing Assessment and/or Liquidation Event; and 
 (ix) shall have the
right to veto in regards to the issuance of Senior Shares by the Fund, deliberated by the General Assembly as per Article 16.1 (xiii) herein. 
 Target
Audience. 
 15.5 The Senior Shares will be solely intended to Professional and/or Qualified Investors, as applicable. The Subordinate Shares
shall be subscribed exclusively by Stone and/or its controlled and controlling companies, affiliate companies, or subsidiaries, any other entities belonging to the Stone corporate group. 

  
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 Shares Subscription and Pay-Up: 

15.6 The Senior Shares must be subscribed until the closing of the corresponding bidding. 

15.7 The Senior Shares will be paid-up in cash, when subscribed, by their Nominal Unit Value defined in the
corresponding Amendment, plus the Senior Benchmark foreseen in the corresponding Amendment, calculated pro rata temporis, from the date of the first Senior Shares subscription of that series, to the date of effective pay-up, and pursuant to Article 15.10 below. 
 15.8 Before the Senior Shares
pay-up, pursuant to Article 15.7 above, a number of new Subordinate Shares necessary to compose the Subordination Ratio should be subscribed and paid by the Subordinated Shareholders. 

15.8.1 Additionally, if the total value of the Subordinate Shares subscribed and paid-up by Subordinate
Shareholders is, at any time, less than the Subordination Ratio, the Subordinate Shareholders, upon relevant request of the Administrator, should subscribe to and pay-up new Subordinate Shares, by the unit
value set forth in Article 15.11.3 below, in order to attain a ratio equal to the Subordination Ratio. The subscription and pay-up of new Subordinate Shares, to attain the Subordination Ratio, should be
carried out in cash, in national currency or in Eligible Credit Rights under these Bylaws and the Assignment Agreement. 
 15.9 Upon the subscription
of Senior Shares, the subscriber will (i) sign the individual newsletter subscription and payment receipt, which will be authenticated by the Administrator, (ii) receive an updated copy of these Bylaws, when he shall declare, by signing
the Term of Acceptance, his/her condition as a Professional or Qualified Investor, as applicable, and certify he or she is aware 
 (a) of the provisions set
forth in these Bylaws, (b) that the Restricted Bidding was not registered before CVM and/or ANBIMA, if applicable, (c) that the Shares are subject to trading restrictions provided for in these Bylaws and in applicable rules, as the case
may be, and (d) of the risks inherent to the investment in the Fund, as described in these Bylaws. 
 15.10 The Senior Shares are paid-up in national currency through: 
 (i) the MDA managed and operated by B3; or (ii) credit of the respective
value in resources available in the Fund’s Authorized Account, through any transfer of resources mechanism authorized by BACEN. 
 Criteria for
Determining the Shares’ Value: 
 15.11 From the first Business Day following the corresponding Shares
pay-up, each Share will have their unit value calculated at the closing of each Business Day, pursuant to this item, for payment of Remuneration, amortization or redemption. 

15.11.1 Every Business Day, provided that the Fund’s NAV allows it, and after payment or provisioning of the Fund’s expenses and charges, the
amount corresponding to the Share’s appreciation, limited to the Senior Benchmark, will be incorporated into the value of each Senior Share, as distribution of results of the Fund’s portfolio related to the immediately preceding Business
Day, as provided for in the corresponding Amendment, in pro rata basis among the multiple series of Senior Shares, if applicable. 
 15.11.2
The Senior Benchmark has the purpose of defining which portion of the Fund’s NAV should be preferably allocated to Senior Shareholders and does not represent nor should be regarded as a promise, warranty or suggestion of profitability to
Shareholders. 

  
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 15.11.3 The Fund’s Subordinate Shares will have their unit value calculated every Business Day.
For this purpose, after the incorporation of the Senior Shares results, limited to the corresponding Senior Benchmark, pursuant to Articles 15.11.1 and 15.11.2 above, any surplus should be divided by the number of outstanding Subordinate Shares.

 15.11.3.1 Every Business Day, after the calculation of the Shares value under this Article 15.11, the Administrator shall confirm the fulfillment
of the Subordination Ratio. In case of non-compliance with the Subordination Ratio, the Administrator must, within 1 (one) Business Day, notify the Assignor of the said breach, for the pay-up of new Subordinate Shares in a sufficient amount to meet the Subordination Ratio, observed, in any event, the provisions of Articles 20.1 and 21.1 below. 

15.11.4 The article 15.11.2 above is not a promise of income, and merely sets forth an incorporation limit, into the Senior Shares value, of the results
of the Fund’s portfolio. Therefore, the Shareholders will receive income only if the results of the Fund’s portfolio allow it. 
 15.11.5 If
the existing resources in the Fund’s Authorized Account are not sufficient to carry out the payment of Remuneration and/or amortization of the Senior Shares principal on the Business Day immediately prior to the payment in question, funds from
the Cash Reserve will be used, and later, if necessary, the values relating to Subordinated Shares, subject to the provisions of Article 14.3.1 above. 

Negotiation of Shares: 
 15.12 The Senior Shares
will be deposited for (i) the primary distribution through MDA – Assets Distribution Module; and (ii) the secondary trading through Fundos21, both managed and operated by B3, and the distribution and settled negotiations and Shares
electronically held at B3 – UTVM CETIP Segment, will be conditional on the compliance by the Fund with the requirements as set forth in Article 17 of CVM Law No. 476/09. If distributed through a Restricted Bidding, the Senior Shares will
be subject to trading restrictions provided for in articles 13 to 15 of CVM Law No. 476/09. Once the deposit for trading in the secondary market is carried out, and observed the restrictions set forth in Law No. 476/09, the Shareholders
may negotiate their Senior Shares exclusively among Qualified Investors, and will be responsible for the payment of any and all costs, taxes or fees incurred in the trade and transfer of their Shares. 

Shares Credit Rating: 
 15.13 The Senior Shares
will be subject to credit rating by the Credit Rating Agency, and must have a minimum “AA+” credit rating at the Issuance Date, in a local scale, as attributed by the Credit Rating Agency. 

15.13.1 The credit rating for Senior Shares should be reviewed on a quarterly basis by the Credit Rating Agency, which shall inform the Administrator of
the new credit rating, if applicable. 
 15.13.2 Any change in Senior Shares’ credit ratings should be communicated to Shareholders through
electronic correspondence addressed to each of the Fund’s Shareholders. 
 CHAPTER SIXTEEN – GENERAL MEETING 

16.1 Authority of the Shareholders’ General Meeting. The private authority of the Shareholders’ General Meeting includes: 

(i) obtain the Fund accounts and examine its financial statements annually, within 4 (four) months of the fiscal year close; 

  
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 (ii) amend these Bylaws, in addition to the specific cases for amending these Bylaws mentioned in the
following items, which are subject to specific discussion quorums; 
 (iii) discuss the replacement of the Administrator, the Investment Management Company,
and/or the Assets Manager; 
 (iv) elect and remove any representative(s) of Shareholders; 

(v) discuss the increase of the Administration Fee, including the possibility of its reinstatement if it has been object of reduction; 

(vi) discuss the incorporation, merger, split, or extension of the Fund; 

(vii) discuss the liquidation of the Fund, under circumstances other than those described in item (viii) below; 

(viii) decide whether, in case of any Assessment Events, such Assessment Events must ensure the liquidation of the Fund; 

(ix) approve the additional contribution Account resources on the Fund for CVM adoption of Dunning Procedures, if necessary; 

(x) without prejudice Custodian is set forth in these Bylaws, change the criteria and procedures for partial or total amortization and redemption of Shares;

 (xi) discuss the procedures to surrender Assigned Credit Rights and/or the Financial Assets comprising the Fund’s portfolio as a method of payment
for the redemption of Shares to Shareholders, at the Fund’s liquidation, subject to the provisions set forth in Chapter Seventeen of these Bylaws; 

(xii) change the quorum of discussion of Shareholders’ General Meetings, as set forth in this Chapter; 

(xiii) approve the issuance of new Senior Shares series in an amount greater than the Authorized Equity, subject to the provisions of these Bylaws; 

(xiv) change the Fund investment policy described in Chapter Four above; 

(xv) approve any change in the Collection Policy; 
 (xvi) change
the rights and obligations assigned to each class of Shares, subject to the provisions of Article 16.6 of these Bylaws; and 
 (xvii) discuss the possibility
of Extraordinary Amortization set forth in Chapter Nineteen of these Bylaws, except in the event of non-compliance with the Minimum Allocation for insufficient assignment of Credit Rights, situation in which a
General Meeting’s approval is not required. 
 16.1.1 Shareholders Voting Rights. Senior Shares entitle their owners to the voting right
at General Meetings in reference to all matters subject of discussion, whereby each Senior Share shall allow its holder to participate with 1 (one) vote. 

  
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 16.2 Possibility of Amending the Bylaws regardless of the Shareholders’ General Meeting.
These Bylaws, as a result of legal or regulatory standards determined by CVM or BACEN, can be changed independently of the General Meeting, provided that the fact is disclosed to Shareholders within a maximum of 30 (thirty) days, by electronic means
or by means of a letter with confirmation of delivery addressed to each Shareholder. 
 16.3 Possibility of Appointing Representatives of the
Shareholders. The General Meeting may, at any time, appoint one or more representatives to carry out the supervisory functions and managerial control of the Fund investments, in defense of the rights and interests of the Shareholders. 

16.3.1 Only individuals or legal entities that meet the following requirements may carry out the functions of representative of the Shareholders: 

(i) be a Shareholder or a professional specially hired to protect the interests of the Shareholders; and 

(ii) not hold a position or duty at the Administrator’s or its controlling company, in companies directly or indirectly controlled by it, or in affiliates
or other companies under common control, or the Assignor’s. 
 16.4 Convening of the General Meeting. In addition to the annual
accountability meeting, a General Meeting can be held if convened by the Administrator or Shareholders representing at least 5% (five percent) of the total Shares issued, in accordance with the legislation in force. 

16.5 Authorized Representatives at the General Meeting. Only Shareholders and their legal representatives or attorneys legally constituted less
than a year ago can vote at the Shareholders’ General Meeting. 
 16.6 Discussions that Affect a Given Class of Shares.
Discussions that alter the rights of one or more classes of shares, in any way, are subject to prior approval by the holders of more than half of the Shares of the affected class. 

16.7 Disclosure of the General Meeting Decisions. The General Meeting decisions must be disclosed to Shareholders no later than 30 (thirty) days
after they took place, by electronic means or by letter with confirmation of delivery addressed to each Shareholder. 
 16.8 General Meeting
Convening Format. The convening of the General Meeting shall be made by publication in the Monitor Mercantil newsletter, through letter with confirmation of delivery addressed to each Shareholder or by electronic means, provided that it
is formally proven the receipt by the Shareholder, which will show the day, time and place in which the General Meeting will be held, and succinctly the subjects to be discussed. 

16.8.1 The convening of the General Meeting shall be made within at least 10 (ten) days of the publication date of the first convening notice, or of the
send date of the letter with confirmation of delivery, or the proof of delivery to each Shareholder after the sending of an electronic message, subject to the provisions of these Bylaws. 

16.8.2 If the General Meeting is adjourned, a second convening notice shall be published, again in the aforementioned newsletter, or a letter with
confirmation of delivery shall be sent to each Shareholder, or another electronic message sent, provided there is proof of delivery to each Shareholder, with a minimum 5 (five) days in advance. 

  
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 16.9 For the purposes of Article 16.8.2, it is set forth that the second General Meeting convening
may be provided along with the first convening notice or letter or electronic message. 
 16.10 Regardless of the formalities provided for in Articles
16.8.1 and 16.8.2 above, shall be considered regular the General Meeting attended by all Shareholders. 
 16.11 General Meeting Location.
Unless prevented by force majeure, the General Meeting will be held at the Administrator’s head office, and may, as appropriate, be held by videoconference. When a General Meeting is not held at the Administrator’s head office, the
convening notices sent to Shareholders or published in accordance with Article 16.8 above should indicate clearly the location of the meeting. 
 16.12
Resolutions that Require a Simple Majority Quorum. At the General Meeting, to be opened with the attendance of at least one Senior Shareholder, decisions must be made by the majority of Senior Shares in attendance, one vote for each
corresponding Senior Shareholder, subject to the provisions of Article 16.6 above. 
 16.13 Resolutions that Require Qualified Quorum. The
decisions relating to matters provided for in Article 16.1, item (ii), (iii), (v), (vi), (vii), (viii), (x), (xii), (xiv) and (xvi) of these Bylaws shall be made, on first call, by 75% (seventy-five percent) of issued Senior Shares and, on
second call, by the majority of issued Senior Shares. 
 16.14 Resolutions that Require Unanimous Decisions. The decisions on the matter
provided for in Article 16.1, item (xi) of these Bylaws shall be taken by 100% (a hundred percent) of issued Senior Shares. 
 16.15
Resolutions that Require Deliberations from the Subordinated Shareholders. Without prejudice to the provided in Article 15.4, items (viii) and (ix) and Articles 16.12 to 16.14 above, shall be the responsibility of the holders of the
majority of the Subordinated Shares, as established in Article 16.1, item (xiii) above, the approval of which shall depend, at first, on the affirmative votes of holders of the majority of the Subordinated Shares, and, following, on the
affirmative votes of the majority of Subordinated Shares present. 
 CHAPTER SEVENTEEN – AMORTIZATION AND REDEMPTION OF SHARES 

17.1. Amortization of Shares: The Fund’s Senior Shares must be amortized on each Scheduled Amortization Date during the Amortization Period,
in accordance with the corresponding Amendment, being paid to Senior Shareholders on the same date. The Senior Shares must be redeemed at the time of the last amortization installment payment, within the Amortization Period. 

17.1.1. Payments during the Grace Period. During the Grace Period, the Shareholders shall only be entitled to receive Remuneration regarding
their corresponding Senior Shares, on the applicable Remuneration Payment Dates, in compliance with the provisions set forth in each Amendment, and after the payment of fees and expenses incurred by the Fund, as the payment order provided for in
Article 23.1 below. 
 17.1.2. During the Grace Period, the Subordinate Shareholders shall only be entitled to receive, as return, the amount that
exceeds the Subordination Ratio, 2 (two) Business Days after the applicable Remuneration Payment Dates, after the payment of Remuneration to Senior Shareholders, if there are resources available in the Fund’s Authorized Account. 

  
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 17.1.3. During the Grace Period, no values will be distributed to Senior Shareholders as amortization
of principal or redemption of their corresponding Senior Shares. 
 17.2. Order of Priority in distributions to Shareholders during the
Amortization Period. The Amortization Period starts on the date immediately after the expiration of the Grace Period and ends on the Senior Shares Redemption Date, or when a Liquidation Event occurs. On each Scheduled Amortization Date during
the Amortization Period, the amortization and the payment of Shares Remuneration/return, as applicable, shall observe the following order of priority: 
 (i)
first, to the extent necessary for the payment of fees and expenses incurred by the Fund, the amounts received in the Fund’s Authorized Account shall be withheld and paid to their beneficiaries in their corresponding respective due date(s);

 (ii) second, to the extent necessary for the maintenance of the Cash Reserve, the values received in the Fund’s Authorized Account will be withheld
therein, in value equivalent to the Cash Reserve; 
 (iii) third, to the extent necessary for the maintenance of the Liquidity Reserve, the values received
in the Fund’s Authorized Account will be withheld therein, in value equivalent to the Liquidity Reserve; 
 (iv) fourth, the remaining values in the
Fund’s Authorized Account shall be distributed to Senior Shareholders to the extent necessary for the payment of (a) any distribution (i.e. Remuneration and amortization of principal) of the Fund owed in respect to Senior Shares to become
accrued on the Scheduled Amortization Date, as applicable, and (b) scheduled to be held in relation to Senior Shares in any previous Scheduled Amortization Date that has not yet been carried out. If there is more than one series of outstanding
Senior Shares at any given time, the allocation of resources deposited in the Fund’s Authorized Account among the several series should be calculated pro rata; and 

(v) fifth, unless otherwise instructed by Subordinate Shareholders in accordance with Article 17.2.1 below: (i) in the case of a Scheduled Amortization
Date that does not coincide with the Senior Shares Redemption Date, the remaining values in Fund’s Authorized Account shall be distributed to the Subordinate Shareholders to the extent required to the exclusive payment of return, in the amount
that exceeds the Subordination Ratio and to the limit of resources deposited in the Fund’s Authorized Account; the payment will occur in the 2nd (second) Business Day immediately following
the Remuneration Payment Date; and (ii) in the case of a Scheduled Amortization Date that matches the Senior Shares Redemption Date, after the redemption of all the Senior Shares of the respective series, the remaining values in Fund’s
Authorized Account shall be distributed to the Subordinate Shareholders for amortization and payment of return of Subordinate Shares, up to the necessary value to maintain the Subordination Ratio (if applicable); the payment will occur on the 2nd (second) Business Day immediately following the Scheduled Amortization Date. 
 17.2.1. The
Subordinate Shareholder may, upon request to the Administrator, up to 2 (two) Business Days before the Scheduled Amortization Date, request that the return payment and/or amortization of principal of their Subordinate Shares, provided for in item
“(v)” of Article 17.2 above, does not occur. In this case, the Subordinate Shares will have their eventual return paid and/or will be amortized, as applicable, only after the subsequent Scheduled Amortization Date, observed the order of
priority set forth in Article 17.2 above. 
 17.3. Distribution to Shareholders. The distribution of principal and payment of return to
Shareholders will be made in accordance with the provisions set forth in this Chapter Seventeen, and in Chapters Eighteen and Nineteen below. 

  
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 17.3.1. For the purpose of clarity, the distribution of the Shares principal on Scheduled
Amortization Dates will always be carried out alongside the payment of the Shares-related Remuneration/return accumulated since the last Scheduled Amortization Date. 

17.4. Payment of Accumulated Returns and Amortizations to Shareholders. The payments of Remuneration and amortizations of the Shares’
principal shall be made in national currency, based on the Share’s closing price on the Business Day immediately before the payment date, calculated under these Bylaws, upon deposit on the Shareholders’ current accounts, thereby considered
the owners of the Shares on the Business Day immediately prior to the payment date, through any transfer mechanism authorized by BACEN, or through B3, if the Shares are held at B3. 

17.5. Redemption in Assigned Credit Rights and/or Financial Assets. Within the scope of the Fund’s liquidation, Shareholders may receive
Eligible Credit Rights and/or Financial Assets comprising the Fund’s portfolio as payment for the redemption of their Shares, according to the provisions set forth in Chapter Eighteen of these Bylaws. 

17.6. Amortization on Days that are not Business Days. In the event of any Remuneration Payment Date or Scheduled Amortization Date matching a
day that is not a Business Day, the distribution of Remuneration and/or the amortization of principal must occur on the first Business Day following such date, and there will be no addition to the values to be paid to Shareholders by way of
amortization due to such change. 
 CHAPTER EIGHTEEN – CASE SCENARIOS AND PROCEDURES TO REDEEM SHARES UPON DELIVERY OF ELIGIBLE CREDIT RIGHTS AND
FINANCIAL ASSETS AS PAYMENT 
 18.1. Delivery of Credit Rights and Financial Assets to Shareholders. Subject to the provisions of Article
18.2 below, if the Fund, at the time of its liquidation, does not hold sufficient resources in national currency to pay the full redemption of outstanding Shares, the outstanding Shares may be redeemed upon delivery of all Assigned Credit Rights and
Financial Assets comprising the Fund’s portfolio in payment to Shareholders, and this operation must be carried out outside the scope of B3, according to a General Meeting decision. 

18.1.1. Any delivery of Assigned Credit Rights and/or Financial Assets, for purposes of redemption payment to Shareholders, should be conducted through
the use of an apportionment procedure, according to the ratio of the number of Shares held by each Shareholder at the time of apportionment to the Fund’s NAV, subject to the exact terms of the procedures set forth in this Chapter. 

18.2. Discussion of Delivery Procedures for Credit Rights and Financial Assets. The General Meeting shall decide the delivery procedures for
Assigned Credit Rights and Financial Assets comprising the Fund’s portfolio as payment to Shareholders for the redemption of their Shares, subject to the deliberative quorum set forth in Chapter Sixteen of these Bylaws, to the following
subsections and to applicable regulations. 
 18.2.1. If the General Meeting referred to in Article 18.2 above does not reach consensus regarding
delivery procedures for Assigned Credit Rights and/or the Financial Assets comprising the Fund’s portfolio as a method of payment to Shareholders for the redemption of their Shares, or it is not possible to deliver Assigned Credit Rights to any
Shareholder for any reason, the Administrator should wait for the maturity of the Assigned Credit Rights and/or Financial assets, as applicable, and the corresponding payment by Debtors to allow that the values are prorated among the Shareholders,
thus delaying the liquidation of the Fund until the complete liquidation of the Assigned Credit Rights and/or redemption of Financial Assets. 

  
 53 

 18.2.2. If the General Meeting referred to in Article 18.2 above decides the delivery of Assigned
Credit Rights and Financial Assets to Shareholders, except if different procedures are set forth at the General Meeting, the Assigned Credit Rights and Financial Assets will be delivered in payment to Shareholders by the formation of a co-ownership, whose ideal fraction assigned to each Shareholder will be calculated according to the ratio of Shares held by each Shareholder to the total value of outstanding Shares at that time. After the formation
of the co-ownership mentioned above, the Administrator will be exempt of the responsibilities set forth in these Bylaws, being therefore authorized to liquidate the Fund before competent authorities. 

18.2.2.1. The Administrator shall notify the Shareholders by means of electronic mail addressed to each Shareholder, so that they elect an administrator
for the aforementioned co-ownership of Assigned Credit Rights and Financial Assets, as set forth in Article 1.323 of the Civil Code of Brazil, stating the ratio of Assigned Credit Rights and Financial Assets
suited to each Shareholder, without any responsibility of the Administrator to the Shareholders after the formation of such co-ownership. 

18.2.2.2. If the Shareholders do not elect an Administrator for the co-ownership within 10 (ten) days of the
notification referred to above, this position will be occupied by the Shareholder who holds the largest number of outstanding Shares. 
 18.2.2.3. The
Custodian will keep custody of Assigned Credit Rights and their corresponding Supporting Documents and Financial Assets by a non-extendable period of 30 (thirty) days of the notification referred to in Article
18.2.2.1 above, within which the co-ownership Administrator elected by Shareholders, or whomever this position has been assigned to, in accordance with Article 18.2.2.2 above, will inform the Custodian a time
and place for delivering the corresponding Assigned Credit Rights, Supporting Documents and Financial Assets. Once this period has expired, the Administrator can promote the consignment of Assigned Credit Rights, Supporting Documents and Financial
Assets, as set forth in Article 334 of the Civil Code of Brazil. 
 CHAPTER NINETEEN – EXTRAORDINARY AMORTIZATION FOR THE PURPOSE OF REFRAMING THE
SUBORDINATION RATIO, MINIMUM INVESTMENT ALLOCATION AND INVESTMENT POLICY 
 19.1. Extraordinary Amortization. The Administrator may perform
an Extraordinary Amortization of outstanding Senior Shares, if so decided by the Shareholders’ General Meeting (subject to the provisions of clause 19.1.1 below), by their updated value on date of the Extraordinary Amortization, calculated in
accordance with the provisions of these Bylaws, solely for the purpose of framing the Fund’s NAV to the Minimum Allocation, at the Subordination Ratio and/or the investment policy described in Chapter Four of these Bylaws, provided that they
are not solved within 10 (ten) business days. 
 19.1.1. The Extraordinary Amortization of Senior Shares as a result of
non-compliance with the Minimum Allocation for insufficient assignment of Credit Rights does not depend on approval by the General Meeting. 

19.2. Communication to Shareholders. In the event of a vote for the Extraordinary Amortization of Senior Shares under this Chapter, according to
the quorum set forth in Article 16.12, or in the case provided for in Article 19.1.1 above, all Shareholders will be previously notified by the Administrator, for written, with at least 5 (five) Business Days in advance, including of the total
expected amount involving each Extraordinary Amortization. 

  
 54 

 CHAPTER TWENTY – ASSESSMENT EVENTS 

20.1. Assessment Events. Are assessment events (“Assessment events”): 

(i) if the Fund stop paying: (i) the full amount of any Scheduled Amortizations of Senior Shares, on the respective Scheduled Amortization Date,
(ii) the full amount of Senior Shares Redemptions, on the corresponding Senior Shares Redemption Date, and/or (iii) the Senior Benchmark in their corresponding Remuneration Payment Dates, and if not regularized within 1 (one) Business Day.

 (ii) if the credit rating of Senior Shares is downgraded in 2 (two) notes on local scale, duly assigned by the Credit Rating Agency, regarding the note
attributed to Senior Shares by the Credit Rating Agency on the Issuance Date; 
 (iii) if 30 (thirty) days prior to any Scheduled Amortization Date, the
value of the reserved resources in the Cash Reserve does not correspond at least to the value of the next Scheduled Amortization, as provided for in the relevant Amendments; 

(iv) if 15 (fifteen) days prior to any Remuneration Payment Date, as set forth in each Amendment, the value of the reserved resources in the Cash Reserve does
not correspond at least to the value of the next Senior Shares Remuneration payment, as provided for in the relevant Amendments; 
 (v) if the Fund stops
meeting the Subordination Ratio, as set forth in Article 15.8.1 above, after the Assignor has been notified by the Administrator to pay-up new Subordinate Shares, in a sufficient amount to meet the
Subordination Ratio, and has not carried out such pay-up within 5 (five) calendar days; 
 (vi) in the event that
payments of amortization of principal and/or remuneration of Subordinate Shares are made in discordance with the provisions of these Bylaws; 
 (vii)
verification, by the Administrator (on its own account or at the request of Senior Shareholders), of supervening legal and/or regulatory norms (including, but not limited to, the imposition of new taxes of any kind on the Fund and its operations,
and/or a substantial increase of tax brackets and/or of the amount of taxes already imposed) and/or substantial changes in the relevant market conditions and/or substantial changes of social or political character (including, but not limited to,
strikes, acts of terrorism, armed conflicts, wars, epidemics, utility outages, international embargoes, political crises, social convulsions), which impede the operations of the Fund and/or the performance of the Assignor, and of debtors of Eligible
Credit Rights; For the purposes of this item, if a Senior Shareholder identify any situation described herein, the Senior Shareholder should communicate the Administrator, in order to convene the General Meeting for the discussion provided for in
Article 16.1, item (viii) above; 
 (viii) non-compliance by the Administrator of its duties and obligations
under these Bylaws, verified by Shareholders, provided that, once notified by Shareholders to remove or justify the breach, the Administrator does not do so within 5 (five) business days of the date of such notification receipt; 

(ix) non-compliance by the Custodian of its duties and obligations under these Bylaws and regarding the corresponding
custodian agreement, provided that, once notified by the Administrator to remove or justify the breach, the Custodian does not do so within 10 (ten) Business Days of the date of such notification receipt; 

(x) acquisition by the Fund, more than once, of Credit Rights in discordance with the Eligibility Criteria and/or the Assignment Conditions; 

  
 55 

 (xi) in case of failure of the Depository Bank in transferring any values to the Fund’s Authorized
Account, in accordance with the corresponding agreements entered into with the Depository Bank, provided that it is not remedied within a period of 2 (two) Business Days; 

(xii) in case of declaration of intervention, liquidation, bankruptcy, or Special Temporary Administration Scheme (RAET) of any Settlement or Depository Bank;
and 
 (xiii) if the funds arising from the settlement of the Credit Rights originated through the use of payment instruments in the form of
“credit” are not fully transferred to the Assignor Centralized Accounts (either due to the supervenience of legal and/or regulatory standards – including the functioning of the single grid of the CIP –in regards to a change in
the structure of payments of the Credit Rights described herein by voluntary action on the Assignor’s part) in order to substantially increase the risk of transferring the payment of Issuers, related to Credit Rights, to third-parties, instead
of transferring such payment to Assignor’s Centralized Accounts in accordance with Article 12.1 above. 
 20.1.1. In the event of any Assessment
Event, a General Meeting shall be convened, in accordance with the provisions of Chapter Sixteen, to assess to what degree the Fund activities have been compromised on account of that event, and the General Meeting may decide (i) the non-liquidation of the Fund; or (ii) that the Assessment Event that ensued the General Meeting constitutes a Liquidation Event, setting forth the procedures for the liquidation of the Fund, regardless of the
convening of a new General Meeting, pursuant to Chapter Sixteen above. 
 20.1.2. The discussion provided for in Article 20.1.1, subparagraph
(ii) above (that is, determining if the Assessment Event that gave cause to the General Meeting constitutes a Liquidation Event) requires a qualified quorum of discussion of 75% (seventy-five percent) of Senior Shareholders, in accordance with
Article 16.13 above. 
 20.1.3. It is also established that, if any Assessment Event described above occurs, the Administrator shall convene a General
Meeting within 1 (one) Business Day of the Assessment Event, which shall make a decision on the subject. 
 20.1.4. Specifically in relation to the
Assessment Event provided for in Article 20.1. item (xiii) herein, the Administrator shall, without prejudice to the General Assembly as provided for in Article 20.1.3 above, shall immediately take all measures applicable to the Assignor to
defend the interests of the Fund’s Shareholders to mitigate the risks of payments of Issuers relating to Credit Rights, being transferred to third parties. 

CHAPTER TWENTY-ONE – FUND LIQUIDATION 

21.1 Liquidation Events. Are events that lead to an early liquidation of the Fund (“Liquidation Events”): 

(i) the legal prohibition of acquiring Credit Rights that meet the Eligibility Criteria set forth in these Bylaws; 

(ii) if it is decided at a General Meeting that as Assessment Event is a Liquidation Event; 

(iii) if the Subordination Ratio stays below the percentage of 9.25% (nine and twenty-five hundredths percent), provided that they are not remedied by the
Assignor within 10 (ten) Business Days; 

  
 56 

 (iv) non-replacement of the Administrator in the event of
resignation or the possibility provided for in item “(iv)” of Article 9.4 above, in accordance with these Bylaws; 
 (v) declaration of
intervention, liquidation, bankruptcy, or other similar events of the Assignor, in accordance with applicable laws and regulations; and 
 (vi) if, for any
reason, the Assignment Agreement ends or is terminated. 
 21.1.1 Procedures to be followed by the Administrator in case of a Liquidation
Event. The Administrator shall, if any Liquidation Events occur: (i) inform Shareholders of such fact; (ii) immediately suspend the purchase of new Eligible Credit Rights; (iii) initiate early Fund liquidation procedures, as set
forth in these Bylaws and in the legislation in force; and (iv) if an insufficiency of resources for the full payment of Shares is verified, the Administrator may convene the Shareholders’ General Meeting to discuss the possibility of
redeeming such Shares as Assigned Credit Rights, under the terms and conditions of the legislation in force, as set forth in these Bylaws. 
 21.1.2
Liquidation Procedures. Once the early liquidation of the Fund is confirmed, the Fund will forcibly redeem all the Shares within the Redemption Period, based on the Share price on the Business Day prior to the day of payment, calculated
in accordance with these Bylaws, observing the following: 
 (i) during the Redemption Period, the Shares will be redeemed in national currency, to the
extent that the Fund has available resources in national currency; 
 (ii) without prejudice to the provisions of these Bylaws, if, on the last Business Day
of the Redemption Period, all the Shares have not been redeemed by means of payment in national currency, the Shareholders will receive Eligible Credit Rights and Financial Assets comprising the Fund’s portfolio as payment for the redemption of
their Shares, whose delivery will be held outside the scope of B3; and 
 (iii) if, in any case scenario, the Administrator performs the Shares redemption
payment upon delivery of Eligible Credit Rights and/or Financial Assets comprising the Fund’s portfolio in payment for the redemption of its Shares, the payment will be held outside the scope of B3. 

21.1.3 Existence of Assigned Credit Rights pending maturity in case of an Early Liquidation. Notwithstanding the foregoing, if Assigned Credit
Rights pending maturity exist, the General Meeting may determine that the Administrator adopts the following procedures: 
 (i) wait for the maturity of such
Assigned Credit Rights and the corresponding payment by Debtors so that their values are prorated among the Shareholders; or 
 (ii) deliver the Assigned
Credit Rights to Shareholders as payment for their assets, upon a payment instrument; and, if, for any reason, any Senior Shareholder cannot receive the Assigned Credit Rights, the procedure provided for in item “(i)” above shall apply to
all Assigned Credit Rights. 

  
 57 

 CHAPTER TWENTY-TWO – FUND CHARGES AND EXPENSES 

22.1. Fund Charges and Expenses. Are Fund charges, in addition to the Administration Fee provided for in Article 7.3, the following expenses:

 (i) fees, federal, State, municipal or council taxes or contributions, which are or will be imposed on the assets, rights and obligations of the Fund;

 (ii) fees and expenses of the auditor in charge of reviewing the financial statements and the Fund accounts; 

(iii) emoluments and commissions paid on Fund operations; 
 (iv)
attorneys’ fees, costs and related expenses made in the best interest of the Fund, in court, including the value of the conviction, if the same will be defeated; 

(v) any costs in respect to the Fund incorporation or liquidation or to the holding of Shareholders’ General Meetings; 

(vi) custodial fee for the Fund assets; 
 (vii) expenses
concerning the hiring of a Credit Rating Agency, as applicable; and 
 (viii) expenses regarding a professional especially hired to watch over the
Shareholders’ interests, in accordance with item (I) of Article 31, of CVM Law No. 356/01. 
 22.1.1. The expenses not provided for in
these Bylaws as Fund charges should be assigned to the Administrator. 
 22.1.2. Expenses laid down in Article 22.1 above can be paid directly by the
Fund to the hired person. 
 22.1.3. The Fund shall not charge any Shareholders’ entering, performance or withdrawal fees. 

CHAPTER TWENTY-THREE – ALLOCATING RESOURCES TO SETTLE FUND EXPENSES 

23.1. The Administrator should use Fund availabilities to meet the liabilities of the Fund, in the following, mandatory order of preference: 

(i) payment of Fund charges and expenses, in accordance with Article 22.1 of these Bylaws; 

(ii) creation, maintenance and restoration of Cash Reserve; 

(iii) creation, maintenance and restoration of Liquidity Reserve; 

(iv) payment of remuneration, amortization and/or Senior Shares redemption; 

(v) payment of remuneration, amortization and/or Subordinate Shares redemption. 

23.2. Liquidity Reserve. The Fund should establish a Liquidity Reserve of at least BRL 500,000.00 (five hundred thousand Brazilian reais), which
will be updated every 12 (twelve)-month period, counted from the start date of the Fund activities, or in the lower frequency permitted by law, by the IGP-M, or, in its absence, by any index replacing it. The
Liquidity Reserve shall be established upon the pay-up of the Fund Shares, and will be funded by resources received by the Fund. The resources held in Liquidity Reserve shall be invested in Securities. The
Fund shall hold all the rights related to Financial Assets and all cash values held in Liquidity Reserve, being that the profits from Financial Assets shall revert in benefit of the Shareholders. 

  
 58 

 CHAPTER TWENTY-FOUR – DISCLOSURE AND DELIVERY OF DOCUMENTS 

24.1. Disclosure of relevant facts. The Administrator is obliged to disclose, widely and immediately, any act or relevant fact related to the
Fund, to ensure Shareholders access to information that may, directly or indirectly, influence their decisions regarding their respective stay in the Fund, if applicable. 

24.1.1. Without prejudice to other Fund-related occurrences, the following are examples of relevant facts: 

(i) the occurrence of subsequent events that have affected or could affect the composition and limiting criteria of the Fund’s portfolio diversification,
as well as the behavior of the Assigned Credit Rights portfolio, regarding the payment history; and 
 (ii) the occurrence of delays in the distribution of
income to the Fund Shareholders. 
 24.1.2. The disclosure of the information provided for in this Article shall be made by way of publication on the
Fund Administrator’s website, through publication in the Monitor Mercantil newsletter, by electronic means or letter with confirmation of delivery addressed to Shareholders and kept available to Shareholders at the Administrator’s
head office and branches. 
 24.1.3. The Administrator must always publish the announcements provided for in these Bylaws on the Fund
Administrator’s website, and any change must be preceded by a notice to Shareholders. 
 24.2. Documents Delivery System. The
Administrator should send a monthly report to CVM, through the Documents Delivery System available on CVM’s website, according to the template and content provided for on such website, observed the period of 15 (fifteen) days after the close of
each civil calendar month, based on the last Business Day of that month, in accordance with article 45 of CVM Law No. 356/01. 
 24.3.
Delivery of Financial Statements. The Administrator should send to CVM, through the Documents Delivery System available on CVM’s website, within a time frame of 90 (ninety) days after the close of the corresponding fiscal year, the
annual financial statements of the Fund, in accordance with article 48 of CVM Law No. 356/01. 
 24.4. Preparation of Quarterly
Statements. The Administrator, through its Director or an appointed administrator, without prejudice to the fulfillment of the provisions set forth by the regulation in force, must prepare quarterly statements highlighting or displaying the
following, in relation to the corresponding quarter: 
 (i) that operations carried out by the Fund are in line with the Investment Policy provided for in
these Bylaws and with the composition and diversification limits applicable to the Fund; 
 (ii) that operations performed by the Fund were carried out at
market rates; 
 (iii) information about (a) the nature of the Credit Rights to be acquired and of the legal instruments, agreements or other documents
representing credit; (b) the description of originating processes of Credit Rights and of the assignment policies of corresponding credits; and (c) a description of the mechanisms and 

  
 59 

 
procedures for the collection of Credit Rights, including the Defaulted Assigned Credit Rights, and collection and payment/apportionment of these expenses among the Shareholders, if it is so
determined by these Bylaws, in accordance with Article 8th, paragraph 3rd, subparagraph V, subheadings (a) and (b) of CVM Law
No. 356/01; 
 (iv) possible effects of the changes listed in item (iii) above concerning the portfolio’s profitability; 

(v) in relation to a given Assignor individually representing 10% (ten percent) or more of the Fund’s portfolio in the quarter, the provisions of the
applicable regulations should apply; 
 (vi) possible changes to the existing guarantees for the set of assets; 

(vii) how the assignment of Credit Rights to the Fund was processed, including: (a) description of relevant agreements entered into for this purpose, if
any; and (b) designation of the definite nature, or not, of this assignment; 
 (viii) impact of pre-payment
events on the NAV and on the portfolio’s profitability; 
 (ix) analysis of pre-payment events impact described
in item (viii) above; 
 (x) conditions of divestiture, in any capacity, including by sale or exchange, of Credit Rights, including: (a) time of
divestiture (before or after the maturity date); and (b) motive of divestiture; 
 (xi) impact on the value of the NAV and on the profitability of the
portfolio of a possible disruption in Credit Rights disposal operations carried out: (a) by the Assignor; (b) for institutions that, directly or indirectly, provide services to the Fund; or (c) for persons working with the
institutions laid out in these items (a) and (b); 
 (xii) analysis of the impact of such divestiture disruption described in item (xi) above; 

(xiii) any events specified in agreements entered into to structure the operation that led to the early amortization of Fund-Assigned Credit Rights; 

(xiv) percentage of Assigned Credit Rights that were subject to Chargeback; and 

(xv) information about past events that affected the regularity of foreseen payment flows. 

24.4.1. The disclosure of the information provided for in these Bylaws shall be made by way of publication on the Fund Administrator’s
website, by letter with confirmation of delivery addressed to Shareholders or by electronic mail, except when dealing with relevant fact or act, in which case the provisions of Article 24.1 of these Bylaws shall apply. Any changes with respect to
such a policy should be preceded by notice to the Shareholders. 
 CHAPTER TWENTY-FIVE – FINANCIAL STATEMENTS 

25.1. Bookkeeping and Financial Statements. The Fund will have its own bookkeeping. The Fund’s annual financial statements shall be audited
by an Independent auditor registered with CVM and shall be subject to the provisions of the legislation in force. 

  
 60 

 25.2. Auditing of Financial Statements. The Fund financial statements shall be audited
annually by the Independent Auditor. In compliance with the applicable legal provisions, the following items must be part of each audit report: 
 (i)
opinion stating if the examined financial statements adequately reflect the financial position of the Fund, in accordance with applicable rules; 
 (ii) the
Fund financial statements, containing the analytical balance and the evolution of its NAV, detailed in accordance with the legislation in force; and 
 (iii)
explanatory notes containing information considered by the Independent Auditor as indispensable to the interpretation of financial statements. 
 25.2.1.
From the 2nd (second) month of the Fund’s operation, the Administrator shall verify the occurrence of absence, due to poor formalization or defect, of the corresponding Supporting
Documents or Additional Documentation, including the possibility of Chargebacks in order to establish evidence of reduction in the value of the Assigned Credit Rights due to such facts. From the end of the 2nd (second) month of the Fund’s operation, the Administrator may make provisions for losses because of these situations (including Chargebacks), if applicable, in accordance with the relevant
accounting standards, also taking into account the Administrator’s Manual of Provision for Losses on Credit Assets, available on the website www.oliveiratrust.com.br, observed, however, the Assignment Settlement concerning Assigned
Credit Rights by reason of absence, according to the terms and conditions provided for in the Assignment Agreement. 
 25.3. Fiscal Year. The
Fund fiscal year has the duration of one year, ending on December 31 of each year. 
 25.4. Rules for the preparation and disclosure of financial
statements and accounting criteria of recognition, classification and measurement of assets and liabilities, as well as the recognition of revenue and expense appropriation of the Fund shall be, respectively, performed or recognized in compliance
with the rules and procedures defined by CVM. 
 CHAPTER TWENTY-SIX – FINAL PROVISIONS 

26.1. Bylaws Registration. These Bylaws and its amendments will be registered on the 1st
Registry of Deeds and Documents and Civil of Corporate Entities of the city and State of Rio de Janeiro, located at the Administrator’s headquarters. 

26.2. Jurisdiction. Any dispute or claim relating to these Bylaws will be resolved by the Court of the District of São Paulo, State of
São Paulo. 

                          
                                   Rio de Janeiro, June 25, 2018. 

/s/ Rafael Magalhães Morgado 

/s/ Alan Russo Najman 

 
 OLIVEIRA TRUST
DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS S.A. 
 ADMINISTRATOR 

  
 61 

 ANNEX I – CREDIT RIGHTS CHARACTERISTICS FILE TEMPLATE 

 

																																					
	
Credit Right’s Buyer
Identifying Code
	 	Card Brand	 	 	Debtor’s
corporate name	 	 	Credit Right’s
face value, after
the deduction
of Applicable
Fees	 	 	Credit Right’s
due date	 	 	Transaction’s
Identifying Code
before the Card
Brand	 	 	Issuer’s
Authorization Code
at the Card Brand	 	 	Authorization
Date	 	 	Number of
Assigned
Installment	 	 	Number of
Installments in
the
Transaction	 
	 [•]
	 	 	[	•] 	 	 	[	•] 	 	 	[	•] 	 	 	[	•] 	 	 	[	•] 	 	 	[	•] 	 	 	[	•] 	 	 	[	•] 	 	 	[	•] 

  
 - 62 - 

 ANNEX II – TERM OF ACCEPTANCE AND RISK AWARENESS FOR CREDIT RIGHTS 

INVESTMENT FUND – BANCOS EMISSORES DE CARTÃO DE
CRÉDITO - STONE 
 By this term of acceptance and for all legal purposes, the undersigned
investor, in compliance with the provisions of article 23, paragraph 1, of Law No. 356, dated December 17, 2001, as amended (“CVM Law No. 356/01”), issued by the Securities and Exchange Commission of
Brazil (“CVM”), and other legal and regulatory provisions applicable to the kind, expressly accepts the terms of the Credit Rights Investment Fund – Bancos Emissores de Cartão de Crédito - Stone
(“Fund”), registered under CNPJ/MF 24.068.675/0001-30, Bylaws (“Bylaws”), whose contents he declares to know and accept in full. 

Unless defined otherwise in this term of acceptance, the terms and expressions used herein have the meanings respectively assigned to them in the Bylaws. 

Under this term, the undersigned investor declares: 
 (a) to be a
[professional/ qualified] investor, in accordance with CVM Law No. 539, dated November 13, 2013 and its subsequent amendments; 
 (b) to have
received a copy of the Fund Bylaws, as well as to know and recognize its norms as valid and binding, formally accepting its provisions in this Act; 
 (c) to
have total awareness of the provisions contained in the Fund Bylaws, including the risks inherent to the investment in the Fund; 
 (d) to have total
knowledge of the Fund Investment Policy and the degree of risk of this type of investment due to the characteristics of its financial assets, as provided for in Chapter Four of these Bylaws, and to be aware that a total loss of the capital invested
in the Fund may occur; 
 (e) to be aware that the Fund purpose does not represent a profitability guarantee; 

(f) to be aware that the Fund operations lack the guarantee from: (i) the Administrator; (ii) the Assignor; (iii) the Investment Management
Company; (iv) the Custodian; (v) any insurance mechanism; or (vi) the FGC; 
 (g) to be aware that, in the exercise of its activities, the
Administrator and the Investment Management Company have powers to perform all the necessary acts for the administration and management of the Fund’s assets portfolio, according to the provisions of the Bylaws, to the legislation in force, and
may define how to act within the possibilities and market; 
 (h) that he is aware of the possibility of amending the Bylaws as a result of legal or
regulatory standards, or by determination of CVM, independently of the holding of a General Meeting, in accordance with article 26, Sole Paragraph, of CVM Law No. 356/01; 

(i) to be aware of possibility of losses arising from the characteristics of the Credit Rights that comprise the Fund’s NAV; 

(j) to be aware of a waiver concerning the elaboration of a prospectus for the Fund and/or [In the case of a Senior Shareholder: the distribution
of their Shares, in accordance with the applicable rules] {OR} [In the case of a Subordinate Shareholder: placement of shares]; 

  
 - 63 - 

 (k) [In the case of a Senior Shareholder and public biding with restricted efforts: Be aware that the
Restricted Bidding of his Shares has received a CVM registration waiver [and/or at ANBIMA, and the Shares Restricted Bidding will be registered with ANBIMA, provided that specific guidelines from the Regulation and Best Practices Council have been
issued];] {OR} [In the case of a Subordinated Shareholder: Be aware that the placing of his Shares is not subject to registration with CVM and/or ANBIMA,]; 

(l) be aware that their Shares are subject to the trading restrictions provided for in the Fund Bylaws [In the case of a Senior Shareholder and public
bidding with restricted efforts: And in CVM Law No. 476/09]; 
 (m) be aware that, in accordance with the applicable rules, and as set forth in
Articles 4.6.1 et seq. of the Bylaws, the Fund may acquire Eligible Credit Rights and Financial Assets from one Debtor, or in co-obligation with one person or entity, in a limit above 20% (twenty percent) of
its NAV; 
 (n) be aware that Stone Pagamentos S.A. may replace Settlement Banks without the approval of the General Assembly, provided that the financial
institution hired is a Pre-Approved Settlement Bank or has a rating equal to or better than the replaced Settlement Bank on the date of its contracting, nationwide, issued by Fitch Ratings Brasil Ltda; 

(o) be aware that Stone Pagamentos S.A. may replace Depositary Banks without the approval of the General Assembly, provided that the financial institution
hired is either a Pre-Approved Depositary Bank or has a “AAA” rating, nationwide, issued by Fitch Ratings Brasil Ltda; and 

(p) to accept and receive information through the following email addresses [insert the subscriber’s email], as provided for in Article 60 of CVM
Law No. 356/01, which admits the use of electronic means as a valid format of communication between the Administrator and the Fund Shareholders, provided that the corresponding systems are properly evaluated and certified by an audit performed
by an entity of recognized technical capacity. 
 [Location], [•] [•], 2018 

 

	
	  

 Investor’s name: [•] 

CNPJ /CPF: [•] 
 Email: [•] 

Witnesses: 
  

					
	  
 Name:

CPF:
	  	         
	  	  
 Name:

CPF:

  
 - 64 - 

 ANNEX III – AMENDMENT TEMPLATE 

AMENDMENT TO THE BYLAWS OF 

CREDIT RIGHTS INVESTMENT FUND - BANCOS EMISSORES DE CARTÃO DE CRÉDITO – STONE 

REFERRING TO THE [•]th ([•]) SENIOR SHARES SERIES 

CNPJ/MF No. 24.068.675/0001-30 

The [•]th ([•]) Senior Shares Series of the Credit Rights Investment Fund – Bancos
Emissores de Cartão de Crédito—Stone (the “Fund”), issued under the Fund’s Bylaws, registered on [•] [•], [•] at the city and State of Rio de Janeiro 1st Registry of Deeds and Documents, under No. [•] (the “Bylaws”), will have the following characteristics: 

a) [•]th Senior Shares Series Amount BRL [•] ([•]); 

b) Number of Senior Shares in the [•]th Series: [•] ([•]); 

c) Nominal Unit Value: BRL [•] ([•]) on the issuance date (as defined below); 

d) Pay-up Method: In cash, in the national currency, at the time of subscription. 

e) Pay-up Price: Nominal Unit Value, plus the Senior Benchmark, calculated pro rata temporis, from the date of
the first Senior Shares subscription of that series, to the date of effective pay-up. 
 f) Issuance Date: [•]
[•], [•]; 
 g) Redemption Date (maturity): [•] [•], [•]; 

h) [Target Benchmark: [•] ([•]) of the DI Rate variation per annum;] 

i) [Dates of Remuneration Payment (during the Grace Period): [•];] 

j) Grace Period: from the Issuance Date until [•]; 
 k)
Scheduled Amortization Dates (Scheduled Amortization Timeline): [•]; 
 l) Type of bid and distribution scheme: [•]; 

m) Shares Bookkeeper: [•] 
 n) l) Bid Lead Coordinator:
[•] 
 The terms used in this Amendment that are not defined herein have the meaning assigned to them in the Bylaws. 

[Rio de Janeiro], [•] [•], [•]. 

  
 - 65 - 

 ANNEX IV – CRITERIA AND PARAMETERS FOR THE VERIFICATION OF SUPPORTING DOCUMENTS

 1. The verification of the Assigned Credit Rights financial support will be performed by the Custodian, or outsourced under its responsibility, in
quarterly intervals; and, after the first verification, only the Fund-Assigned Credit Rights transferred within the time frame between the base date of the last verification and the base date of the verification to be performed will be considered.

 2. The analysis of the documentation will be performed according to the agreed procedures of sampling verification, through an independent audit or other
procedure previously validated by the Administrator and the Custodian. The verification will be performed through the analysis of the Supporting Documents under the Custodian custody. If there’s any sign of inconsistency in the assessment of
Supporting Documents, and at the end of each quarter, the Custodian may request, in writing, access of the Assignor to the Stone System, for the purpose of verification of the Additional Documentation (except for the Credit Rights Additional Files,
which will be sent by the Assignor at the time of the transfer of the corresponding Eligible Credit Rights). 
 3. The financial support verification process
by sampling will consist of: 
 (i) Custodian’s access to analytical data containing a list of the Assigned Credit Rights comprising the Fund’s
portfolio, as well as access to Supporting Documents under the Custodian’s guardianship; 
 (ii) using a simple probabilistic random sample, access to
the Stone System granted to the Custodian, containing the list of Assigned Credit Rights comprising the Fund’s portfolio, with direct access to the following information relating to each Assigned Credit Right randomly selected:
(a) confirmation of registration with the Stone System of the Credit Rights owned by the Fund vis-à-vis the reports prepared by the Administrator and
confirmed by the Depository Banks and Card Brand reports proving the execution of Payment Transactions; (b) verification of the Credit Rights face value analytically
vis-à-vis the Fund’s portfolio; and (c) verification regarding the origination of the Credit Rights by the Stone System, with the checking of the
Card Brand confirmations to confirm that the transaction took place through the rules of the Payment Method alongside with the Stone System; and 
 (iii)
using a simple probabilistic random sample, selected by non-defective lottery draw, the financial support auditor will reconcile the total gross amount of Payment Transactions relating to Fund-Assigned Credit
Rights and the total amount paid by the Fund to the Assignor with the Fund’s accounting portfolio, through the analysis of sets of electronic credits assigned to the Fund grouped by maturity date, amounts and Issuers. 

5. Are Supporting Documents that prove the financial support: (i) daily reports made available to the Assignor by the Card Brands confirming the Payment
Transactions carried out before the Debtors, through the Stone System; and (ii) the Credit Rights Additional Files. 
 6. Notwithstanding the above,
will be considered as Additional Documentation and will be available to the Custodian and the financial support auditor for verification, every time that any checking inconsistency occurs and once every quarter they can request access to or view of
the following documents: (a) agreements entered into by and between the Assignor and the Visa Brand Card, MasterCard Brand Card, and/or Hiper Brand Card as the case may be; and (b) other documents additional to the Supporting Documents,
which might prove necessary when discussing the existence and executability of Assigned Credit Rights. 

  
 - 66 - 

 7. The universe covered by the sampling to be used shall include exclusively the Assigned Credit Rights
assigned after the last review. The selection of the Assigned Credit Rights to be verified will be obtained by simple, random, statistical sampling. 
 8.
For the Defaulted or replaced Assigned Credit Rights (if applicable) the verification procedures by sampling will not be enforced. In these cases, the verification should be of the entirety of the Credit Rights. 

  
 - 67 - 

 ANNEX V – OPEN ASSIGNMENTS TO THIRD PARTIES REPORT TEMPLATE 

This template can be used in two situations: 
 1 -
Portfolio’s open amounts between Credit Rights assignees and the Assignor 
 2 - Information about transfers from Credit Rights assignees to the
Depository Banks 
 The file name should be in the following format: CESSAO-{AAAAMMDD on which the file is being generated}-FRCON-{file daily number}.ret

  

					
	Example:	  	CESSAO-20160605-FRCON-001.rem	  	CESSAO-
		  	      20180312-FRCON-002.rem	  	CESSAO-
		  	      20191229-FRCON-001.rem	  	

 Header 
  

											
	 	  	 	  	 	  	Positions	  	 
	 Field
	  	 Meaning
	  	 Format
	  	FROM	  	TO	  	 Rule

	 MessageType
	  	Message type identifier	  	N(2)	  	1	  	2	  	10
						
	 Field
	  	Unique file identifier	  	AN(10)	  	3	  	12	  	At the discretion of the sender
						
	 FileType
	  	Identifies the file type	  	AN(5)	  	13	  	17	  	 In case of notification of assignment, should have ASNT value.

 
 If desired to display pending maturities, should have DUDA
value.
  
 If an order Transfer, should have ORTR
value.

						
	 OperationDate
	  	Date of reconciliation	  	N(8)	  	18	  	25	  	YYYYMMDD Format
						
	 BlankField1
	  	Blank field	  	AN(30)	  	26	  	55	  	Blank

  
 - 68 - 

											
	 SenderName
	  	File sender’s name (suggestion: corporate name)	  	AN(40)	  	56	  	95	  	At the discretion of the sender
						
	 SenderDocument
	  	Sender’s CNPJ	  	N(14)	  	96	  	109	  	At the discretion of the sender
						
	 ReceiverName
	  	File receiver’s name (suggestion: corporate name)	  	AN(40)	  	110	  	149	  	At the discretion of the sender
						
	 ReceiverDocument
	  	Receiver’s CNPJ	  	N(14)	  	150	  	163	  	At the discretion of the sender
						
	 BlankField2
	  	Blank field	  	AN(29)	  	164	  	192	  	Blank

 Record 
  

											
	 	  	 	  	 	  	Positions	  	 
	 Field
	  	 Meaning
	  	 Format
	  	FROM	  	TO	  	 Rule

	 MessageType
	  	Message type identifier	  	N(2)	  	1	  	2	  	20
						
	 SellerTradingName
	  	Assignor’s corporate name	  	AN(40)	  	3	  	42	  	To be filled by the sender
						
	 SellerDocument
	  	Assignor’s CNPJ	  	N(14)	  	43	  	56	  	 To be

filled by the sender

						
	 BuyerTradingName
	  	Assignee’s corporate name	  	AN(40)	  	57	  	96	  	To be filled by the sender
						
	 BuyerDocument
	  	Assignor’s CNPJ	  	N(14)	  	97	  	110	  	To be filled by the sender

  
 - 69 - 

											
	 BrandCode
	  	Card Brand identifier	  	N(2)	  	111	  	112	  	 Detailed in Annex XIII of the Assignment

Agreement, “A”

						
	 IssuerCode
	  	Issuer identifier	  	N(2)	  	113	  	114	  	 Detailed in Annex XIII of the Assignment

Agreement, “D”

						
	 MaturityDate
	  	Credit Right Rights	  	N(8)	  	115	  	122	  	YYYYMMDD Format
						
	 MaturityAmount
	  	Credit Right total Rights	  	N(14,2)	  	123	  	136	  	To be filled by the sender
						
	 BlankField1
	  	Blank field	  	N(56)	  	137	  	192	  	Blank

 Trailer 
  

											
	 	  	 	  	 	  	Positions	  	 
	 Field
	  	 Meaning
	  	 Format
	  	FROM	  	TO	  	 Rule

	 MessageType
	  	Message type identifier	  	N(2)	  	1	  	2	  	30
						
	 BlankField1
	  	Blank field	  	N(83)	  	3	  	85	  	Blank
						
	 TotalFileLines
	  	Must display the total number of lines in the file	  	N(10)	  	86	  	95	  	 To be filled by the

sender

						
	 TotalAmount
	  	Sum of all amounts in the TotalAmount field	  	N(14,2)	  	96	  	109	  	 To be filled by the

sender

						
	 BlankField2
	  	Blank field	  	N(83)	  	110	  	192	  	Blank

  
 - 70 - 

 ANNEX VI – PAYMENT FLOW OF CREDIT RIGHTS CHART 

 
 

 

  
 - 71 -EX-10.7

 Exhibit 10.7 
  

 
  

BYLAWS 
 OF 

CREDIT RIGHTS INVESTMENT FUND (FIDC) 

– BANCOS EMISSORES DE CARTÃO DE CRÉDITO – STONE II 

CNPJ/MF No. 28.528.235/001-70 

June 28, 2018 
  

 
  

 TABLE OF CONTENTS 
  

					
	CHAPTER ONE - DEFINITIONS	  	 	3	 
		
	CHAPTER TWO – FORM OF INCORPORATION, DURATION AND PURPOSE	  	 	17	 
		
	CHAPTER THREE – TARGET AUDIENCE	  	 	18	 
		
	CHAPTER FOUR – INVESTMENT POLICY AND PORTFOLIO COMPOSITION	  	 	18	 
		
	CHAPTER FIVE – ELIGIBILITY CRITERIA AND ASSIGNMENT CONDITIONS	  	 	21	 
		
	CHAPTER SIX – RISK FACTORS	  	 	23	 
		
	CHAPTER SEVEN – ADMINISTRATOR AND FUND SERVICE PROVIDER REMUNERATION	  	 	33	 
		
	CHAPTER EIGHT – OUTSOURCING	  	 	35	 
		
	CHAPTER NINE – ADMINISTRATOR AND INVESTMENT MANAGEMENT COMPANY REPLACEMENT AND RESIGNATION	  	 	38	 
		
	CHAPTER TEN – ORIGINATING CREDIT RIGHTS PROCESS AND CREDIT GRANTING POLICY	  	 	39	 
		
	CHAPTER ELEVEN – ELIGIBLE CREDIT RIGHTS ASSIGNMENT, PAYMENT, AND SETTLEMENT	  	 	40	 
		
	CHAPTER TWELVE – ASSIGNED CREDIT RIGHTS DUNNING PROCEDURES	  	 	44	 
		
	CHAPTER THIRTEEN – CRITERIA FOR ASSESSING THE ELIGIBLE CREDIT RIGHTS AND FINANCIAL ASSETS COMPRISING THE PORTFOLIO	  	 	45	 
		
	CHAPTER FOURTEEN – COMPOSITION OF FUND NAV AND ISSUANCE OF SHARES	  	 	46	 
		
	CHAPTER FIFTEEN – CHARACTERISTICS, RIGHTS, AND CONDITIONS FOR THE ISSUANCE, SUBSCRIPTION AND SETTLEMENT OF SHARES	  	 	47	 
		
	CHAPTER SIXTEEN – GENERAL MEETING	  	 	51	 
		
	CHAPTER SEVENTEEN – AMORTIZATION AND REDEMPTION OF SHARES	  	 	54	 
		
	CHAPTER EIGHTEEN – CASE SCENARIOS AND PROCEDURES TO REDEEM SHARES UPON DELIVERY OF ELIGIBLE CREDIT RIGHTS AND FINANCIAL ASSETS AS PAYMENT	  	 	55	 
		
	CHAPTER NINETEEN – EXTRAORDINARY AMORTIZATION FOR THE PURPOSE OF REFRAMING THE SUBORDINATION RATIO, MINIMUM INVESTMENT ALLOCATION AND INVESTMENT POLICY	  	 	57	 
		
	CHAPTER TWENTY – ASSESSMENT EVENTS	  	 	57	 
		
	CHAPTER TWENTY-ONE – FUND LIQUIDATION	  	 	59	 
		
	CHAPTER TWENTY-TWO – FUND CHARGES AND EXPENSES	  	 	60	 
		
	CHAPTER TWENTY-THREE – ALLOCATING RESOURCES TO SETTLE FUND EXPENSES	  	 	61	 
		
	CHAPTER TWENTY-FOUR – DISCLOSURE AND DELIVERY OF DOCUMENTS	  	 	61	 
		
	CHAPTER TWENTY-FIVE – FINANCIAL STATEMENTS	  	 	63	 
		
	CHAPTER TWENTY-SIX – FINAL PROVISIONS	  	 	64	 
		
	ANNEX I - CREDIT RIGHTS CHARACTERISTICS FILE TEMPLATE	  	 	65	 
		
	ANNEX II – TERM OF ACCEPTANCE AND RISK AWARENESS FOR CREDIT RIGHTS INVESTMENT FUND – BANCOS EMISSORES DE CARTÃO DE CRÉDITO – STONE II	  	 	66	 
		
	ANNEX III – AMENDMENT TEMPLATE	  	 	68	 
		
	ANNEX IV – CRITERIA AND PARAMETERS FOR THE VERIFICATION OF SUPPORTING DOCUMENTS	  	 	69	 
		
	ANNEX V – OPEN ASSIGNMENTS TO THIRD PARTIES REPORT TEMPLATE	  	 	71	 
		
	ANNEX VI – PAYMENT FLOW OF CREDIT RIGHTS CHART	  	 	74	 

  
 2 

 BYLAWS OF CREDIT RIGHTS INVESTMENT FUND (FIDC) 

– BANCOS EMISSORES DE CARTÃO DE CRÉDITO – STONE II 

CNPJ/MF No. 28.528.235/0001-70 

CHAPTER ONE - DEFINITIONS 
 1.1 Except as defined
in other sections of the Bylaws, terms and expressions beginning with capital letters, whether singular or plural, shall have the meanings ascribed to them, as set out below: 
  

			
	Administrator	  	is Oliveira Trust Distribuidora de Títulos e Valores Mobiliários S.A., a corporation duly authorized by the CVM to manage investment funds and securities portfolios by means of Declaratory Act No. 6.696,
dated February 21, 2002, registered under the CPNJ/MF No. 36.113.876/0001-91, headquartered in the city and state of Rio de Janeiro, at Avenida das Américas, no 3.434, Bloco 07, sala 201,
Centro Empresarial Mario Henrique Simonsen, Barra da Tijuca, CEP 22640-102.
		
	Risk Rating Agency	  	is Fitch Ratings Brazil Ltda., credit rating agency headquartered in the city and state of Rio de Janeiro, at Praça XV de Novembro, n.o 20, sala 401 B, CEP 20.010-010,
registered under the CPNJ/MF No. 01.813.375/0001-33, or Moody’s América Latina Ltda., or Standard & Poor’s Ratings do Brazil Ltda., if these are contracted by the Fund for
monitoring and issuing rating reports relative to the Senior Shares as, subject to the provisions in Articles 15.13.3 and 15.3.3.1 below.
		
	Minimum Allocation	  	is defined in Article 4.2 of these Bylaws.
		
	Extraordinary Amortization	  	is the Extraordinary Amortization of Shares, solely for the purpose of framing the Net Asset Value (NAV) to the Minimum Allocation, the Subordination Ratio and/or to comply with the investment policy described in Chapter Four of
these Bylaws, as foreseen in Chapter Seventeen herein.
		
	Scheduled Amortization	  	is the amortization of the Senior Shares principal performed on corresponding Senior Shares Scheduled Amortization Dates, along with the Remuneration payment, according to the schedule defined in their corresponding
Amendments and as set forth in these Bylaws.
		
	ANBIMA	  	is the Brazilian Financial and Capital Markets Association.

  
 3 

			
	Payment Method	  	is the set of rules and procedures established by the Card Brand that regulates the provision of certain payment services to the public, such as the activities of issuing Payment Instruments and accrediting Accredited Outlets, as
well as defines the use of operational and safety standards associated with these activities, in accordance with the applicable legislation, in particular Law No. 12.865/13, CMN Resolution No. 4.282/13 and BACEN Information Circular
No. 3.683/13.
		
	Additional Credit Rights Files	  	electronic records standardized by the Stone System, containing information on Credit Rights characteristics and allowing their individualized identification, as described in Annex I attached herein.
		
	Delivery File	  	is defined in Article 11.1.1 of these Bylaws.
		
	Return File	  	is defined in Article 11.1.1, item (ii) of these Bylaws.
		
	General Meeting	  	is the General Shareholders’ Meeting, held in accordance with the provisions of Chapter Sixteen herein.
		
	Financial Assets	  	are (i) Brazilian National Treasury Bonds; (ii) BACEN bonds; (iii) repo operations backed by the securities listed in items “(i)” and “(ii)” above, whose counterparty is a top tier financial
institution with “AAA” ratings on the Brazilian national credit ratings scale issued by Fitch Ratings Brasil Ltda., or similar nationwide rating by Moody’s América Latina Ltda or Standard & Poor’s Ratings do
Brasil Ltda.; and (iv) shares of investment funds classified as referenced to the DI (Interbank Deposit) rate or investment funds with shares of investment funds referenced to a fixed income indicator, provided that they are not administered or
managed by the Administrator, with low-risk ANBIMA classification, and, in any case, with daily liquidity.
		
	Independent Auditor	  	is the company that will perform audit services on the financial statements and the other Fund accounts.
		
	BACEN	  	is the Central Bank of Brazil.
		
	Depository Banks	  	means: (i) BANCO VOTORANTIM S.A., financial institution headquartered in the city and state of São Paulo, at Avenida das Nações Unidas, No. 14, 171, Tower A, 18th Floor, registered under CNPJ /
MF No. 59.588.111 / 0001-03, a financial institution in which the Assignor maintains a Centralizing Account of the Assignor; (ii) BANCO SAFRA S.A., a financial institution headquartered in the
city and state of São Paulo, at Avenida Paulista, No. 2,100,

  
 4 

			
		  	registered under CNPJ / MF under No. 58.160.789 / 0001-28, financial institution in which the Assignor maintains a Centralizing Account of the Assignor; and / or (iii) any other
financial institution that comes to be contracted by the Seller to maintain a Centralizer Account of the Assignor, which may be contracted without the need for approval by the General Assembly, provided that the financial institution contracted is a
Pre-Approved Depositary Bank or if it has a “AAA” rating, nationwide, by Fitch Ratings Brasil Ltda., or similar nationwide rating by Moody’s América Latina Ltda., or Standard &
Poor’s Ratings do Brasil Ltda.
		
	Pre-Approved Depositary Banks	  	are the following financial institutions, which can be contracted to become a Depositary Bank (as defined above), regardless of its rating and without approval by the General Assembly: (i) Itaú Unibanco S.A .; (ii)Banco
Bradesco S.A .; (iii) Banco Santander (Brazil) S.A .; (iv) Banco Citibank S.A .; (v) BankVotorantim S.A .; and (vi) Banco Safra S.A.
		
	Settlement Banks	  	means: (i) BANCO VOTORANTIM S.A., financial institution headquartered in the city and state of São Paulo, at Avenida das Nações Unidas, 14,171, Torre A,
18th floor, registered under the CPNJ/MF No. 59.588.111/0001-03, responsible for the liquidation of Payment Transactions originated by Visa Brand
Cards; (ii) BANCO SAFRA S.A., financial institution headquartered in the city and state of São Paulo, at Avenida Paulista, no 2.100, registered under the CPNJ/MF
No. 58.160.789/0001-28, responsible for the receipt of liquidation of Payment Transactions originated by Mastercard Brand Cards; and/or (iii) any other financial institution that might be
hired by Transferor to be responsible for the liquidation of Payment Transactions originated by Brand Cards (na CIP), that may be hired without the approval of the general Assembly, provided that the hired financial institution is a Pre-Approved Settlement Bank and has a credit rating equal to or higher than the replaced Settlement Bank on the date it was hired, on the Brazilian national credit ratings scale issued by Fitch Ratings Brasil
Ltda., or similar nationwide rating by Moody’s América Latina Ltda., or Standard & Poor’s Ratings do Brasil Ltda.
	Pre-Approved Settlement Banks	  	are the following financial institutions, which may be contracted by the Transferor to be the Settlement Bank (as defined above), regardless of their rating and without the need for approval by the General Assembly:
(i) Itaú Unibanco S.A.; (ii) Banco Bradesco S.A.; (iii) Banco Santander Brazil S.A. (iv) Bank Citibank S.A.; (v) Bank Votorantim S.A.; E (vi) Bank Harvest S.A.

  
 5 

			
		
	Hiper Brand Card	  	 is the “Hiper” Payment Method established by Banco Itaucard S.A., an anonymous company headquartered In the city of Poá, in
the state of São Paulo, at Alameda Pedro Calil, No. 43, centre, registered under the CNPJ/MF 17.192.451/0001-70, in the condition of Payment Arrangement settlor under Law 12,865 of
9 October
 2013 and the Circular BACEN 3.682/13.

		
	MasterCard Brand Card	  	is the Payment Method established by MasterCard Brasil Soluções de Pagamento Ltda., a limited liability company headquartered in the city and state of São Paulo, at Avenida das Nações Unidas,
no 14.171, 19o e 20o andares, Crystal Tower, Edifício Rochaverá, CEP 04794- 000, registered under the CNPJ/MF No. 05.577.343/0001-37, as Payment Arrangement settlor under Law
12.865, dated October 9, 2013 and from BACEN Information Circular No. 3.682/13.
		
	Visa Brand Card	  	is the Payment Method established by Visa do Brasil Empreendimentos Ltda., a limited liability company headquartered in the city and state of São Paulo, at Av. Brigadeiro Faria Lima, 3729 – 3o andar, registered
under the CNPJ/MF No. 31.551.765/0001-43, as Payment Arrangement settlor under Law 12.865, dated October 9, 2013 and from BACEN Information Circular No. 3.682/13.
		
	Card Brands	  	are, together, Hiper Brand Card, MasterCard Brand Card and Visa Brand Card, the institutions responsible for Payment Methods (Payment Method settlors) and, when appropriate, for the use of the brand associated with the Payment
Method, holders of property rights and/or franchisers of their brands and logos that identify the Payment Instruments, which are responsible for regulating and supervising the issuance of Payment Instruments, the accreditation of Accredited Outlets,
and the use of operational and security standards, in accordance with applicable regulations.
		
	Senior Benchmark	  	is defined in Article 15.3, item (v) herein.
		
	B3	  	is the B3 S.A. – Brazil, Bolsa, Balcão.
		
	Card	  	is the Payment Instrument presented in the form of a plastic or virtual card, with credit and/or debit features, among others, issued by the Issuer and endowed with its own number, security code, End User name (Payment Instrument
holder), expiration date and the card brand logo, brands, names or logos accepted in the Stone System, which will be used for Payment Transactions in the corresponding systems.

  
 6 

			
	Assignor	  	is Stone, which, from time to time, under the Assignment Agreement, assigns all or part of their corresponding Eligible Credit Rights to the Fund and, to this end, will perform the corresponding Electronic Assignments.
		
	Chargeback	  	means the disputing of Payment Transactions, whether in whole or in part, by End Users, Accredited Outlets, Card Brands and/or Issuers, which may result in the non-completion of transfers or
in the corresponding reversal of credit(s) to the Assignor.
		
	CIP	  	is the Brazilian Interbank Payment Clearing House, or any other interbank payment clearing house that comes to replace it.
		
	BACEN Information Circular No. 3.682/13	  	means the BACEN Information Circular No. 3.682/13, issued on November 4, 2013, as amended, or any other regulation replacing it.
		
	BACEN Information Circular No. 3.683/13	  	means the BACEN Information Circular No. 3.683/13, issued on November 4, 2013, as amended, or any other regulation replacing it.
		
	CNPJ/MF	  	is the Corporate Taxpayer Registry of the Brazilian Ministry of Finance.
		
	Civil Code of Brazil	  	means Law No. 10.406, dated January 10, 2002, as amended, or any other regulation replacing it.
		
	Affiliates	  	means, with respect to a specific Entity, any other Entity that controls, is directly controlled by or is under common direct control with such specific Entity. For the purposes of this definition, the term “control”, when
used in relation to a specific Entity, means the power of management and direction of such Entity’s policies, directly or indirectly, whether through holding securities with voting rights, by virtue of an agreement or otherwise. The terms
“controlled” and “controller” will have meanings related to the definitions above.
		
	Assignment Conditions	  	is defined in Article 5.3 of these Bylaws.
		
	Fund Authorized Account	  	means the current account held by the Fund at Itaú Unibanco S.A. (to be informed by the Fund in due course), to which, upon instructions forwarded by the Custodian, or as applicable, instructions forwarded by the Depositary
Bank, according to the terms of this Agreement, the payments will be transferred referring to Credit Rights deposited in the Assignor’s Centralized Accounts and related to the payment of Assigned Credit
Rights.

  
 7 

			
	Assignor’s Centralized Accounts	  	are the following accounts held by the Assignor, with restricted transactions, to which the Settlement Bank will transfer payments referring to Assigned Credit Rights, as well as other Credit Rights (not assigned to the Fund) held
by the Assignor and/or other third parties that have acquired Credit Rights from the Assignor: (i) account held by Stone at Banco Safra S.A., to be informed by the Assignor in due course; and (ii) account held by Stone at Banco Votorantim
S.A., to be informed by the Assignor in due course; or (iii) any other restricted movement account to be maintained by the Transferor in the financial institution that is to be hired by the Transferor for the Depository Bank service, respecting
the flow of payments and bank functions of the Depositary Banks described in this regulation.
		
	Full Operation Account	  	is the current account with unrestricted transactions, held by the Assignor, to which the payments will be transferred related to Credit Rights deposited in the Assignor’s Centralized Accounts that are not related to payments
of the Fund’s Assigned Credit Rights.
		
	Assignment Agreement	  	is the “Credit Rights Assignment and Purchase Promissory Agreement and Other Covenants for the Credit Rights Investment Fund – Bancos Emissores de Cartão de Crédito – Stone II,”
to be entered into by and between the Assignor, the Fund, as assignee, the Investment Management Company, the Administrator, and the Custodian.
		
	Centralized Account Agreements	  	are the following private instruments when taken together: (i) “Custodian Bank Services Agreement,” to be signed by and between the Assignor and Banco Votorantim S.A.; and (ii) “Deposit Agreement and Other Covenants
(Escrow Account),” to be signed by and between the Assignor and Banco Safra S.A., which regulate the Assignor’s Centralized Accounts transactions; and/or (iii) any other contract signed between the Assignor and the Depositary Bank
hired by the Assignor to regulate the Assignor’s Centralized Account. The Fund will accept the Centralized Account Agreements mentioned above, without prejudice to other rights and obligations set forth in these
agreements.

  
 8 

			
	Accreditation Agreement	  	is the “Agreement for Accreditation and Affiliation of Establishments to the Stone System”, originally filed on February 12, 2016 at the 6th Registry of Deeds and
Documents of the city of São Paulo, under No. 1.790.342, as amended and/or replaced from time to time, through which Accredited Outlets accept the general terms and conditions of services provided by Stone.
		
	Custody Agreement	  	is the “Credit Rights Investment Funds Qualified Custodian Services Private Agreement and Other Covenants,” signed by and between the Administrator, on behalf of the Fund, and the Custodian.
		
	Assets Manager	  	is Oliveira Trust Servicer S.A., a stock corporation headquartered in the city and State of Rio de Janeiro, at Avenida das Américas, no 3.434, Bloco 07, sala 202, Centro Empresarial Mario Henrique Simonsen, CEP 22640-102, Barra da Tijuca, registered under the CNPJ/MF No. 02.150.453/0001-20, providing controllership services for the Fund assets.
		
	Shares	  	are the Fund’s Senior and Subordinate Shares.
		
	Senior Shares	  	are the Fund’s Senior Shares, individually named “Senior Share,” whose characteristics and rights, as well as all conditions for the issuance, subscription, settlement, remuneration, amortization and redemption are
described in Chapter Fifteen of these Bylaws and its corresponding Amendments.
		
	Subordinate Shares	  	are the Fund’s Subordinate Shares, individually named “Subordinate Share,” whose characteristics and rights, as well as all conditions for the issuance, subscription, settlement, compensation, amortization and
redemption are described in Chapter Fifteen of these Bylaws herein.
		
	Shareholder	  	is the holder of Shares issued by the Fund.
		
	Senior Shareholder	  	is the holder of Senior Shares, collectively referred to as “Senior Shareholders.”
		
	Subordinate Shareholder	  	is Stone, and/or its controllers, affiliates or subsidiaries, or any other societies of Stone’s economic group, which will be the sole holders of all subordinated quotas until the full redemption of the senior quotas.
		
	Accrediting Institution	  	means Stone.
		
	Eligibility Criteria	  	are the criteria that any and all Credit Rights should meet, cumulatively, in order to be acquired by the Fund, as defined in Article 5.1 of these Bylaws.

  
 9 

			
	Custodian	  	is the Administrator.
		
	CVM	  	is the Securities and Exchange Commission of Brazil.
		
	Bidding Date	  	is defined in Article 11.1.1 of these Bylaws.
		
	Scheduled Amortization Date	  	is each amortization date scheduled for the principal and the payment of Senior Share Remuneration, according to the timeline defined in the corresponding Amendment, and as set forth in these Bylaws, after the end of the Grace
Period.
		
	Issuance Date	  	is each Share issuance date, as defined in the corresponding Amendment for each Senior Share series, which must be, necessarily, a Business Day, whereas all Senior Shares in the same series will have the same Issuance
Date.
		
	Remuneration Payment Date	  	are the corresponding Remuneration payment dates for each Senior Share series, as determined in its corresponding Amendment, during the Grace Period.
		
	Senior Shares Redemption Dates	  	are the corresponding redemption dates for each Senior Share series, as determined in their corresponding Amendment, whereas all Senior Shares in the same Series will have the same Senior Shares Redemption Date.
		
	Debtors	  	for all the Fund purposes, are the Approved Issuers.
		
	Business Day or Business Days	  	means any day other than Saturday, Sunday, or holiday deemed as national, or, moreover, days in which, for any reason, there are no banking hours in the Federative Republic of Brazil.
		
	Credit Rights	  	are the Credit Rights held from time to time by the Assignor in the face of Debtors, according to Payment Methods rules, resulting from Payment Transactions performed by End Users through Payment Instruments operationalized by the
Stone System, for the purchase of goods or services in Accredited Outlets, equivalent to the remaining value of Payment Transactions after the deduction of Applicable Fees.
		
	Assigned Credit Rights	  	are the Eligible Credit Rights, in compliance with the Fund Investment Policy, assigned to the Fund by the Assignor, under the Assignment Agreement terms and the corresponding Assignment Terms and Electronic Assignment
Finalizations.

  
 10 

			
	Defaulted Assigned Credit Rights	  	are the Assigned Credit Rights whose corresponding Debtors have not fulfilled their corresponding agreement obligations in due time.
		
	Eligible Credit Rights	  	are the Credit Rights that meet the Eligibility Criteria.
		
	Additional Documentation	  	are (a) agreements signed by and between the Assignor and the Visa Brand Card, the MasterCard Brand Card and/or the Hiper Brand Card as the case may be; and (b) other documentation additional to the Supporting Documents,
which may prove necessary when discussing the existence of Assigned Credit Rights. Additional Documentation will be available to the Administrator and/or the Custodian whenever requested, within the time frame stipulated in the Assignment
Agreement.
		
	Supporting Documents	  	are documents that prove the Credit Rights financial support, including: (i) daily reports made available to the Assignor by Visa, MasterCard or Hiper Brand Cards, as the case may be, confirming the Payment Transactions before
Debtors, through the Stone System; and (ii) the Credit Rights Additional Files.
		
	Assignor’s Authorized Emails	  	are the email addresses indicated in the Assignment Agreement, which are authorized to communicate the Assignor’s will and for the acceptance of obligations by the Assignor.
		
	Custodian’s Authorized Emails	  	are the email addresses indicated in the Assignment Agreement, which are authorized to communicate the Custodian’s will and for the acceptance of obligations by the Custodian.
		
	Fund’s Authorized Emails	  	are the email addresses indicated in the Assignment Agreement, which are authorized to communicate the Fund’s will and for the acceptance of obligations by the Fund.
		
	Issuers	  	are the Entities (financial institutions and/or payment institutions) duly authorized by BACEN and licensed by the Card Brands to issue electronic currency and/or Payment Instruments (including Cards), which are valid in Brazil, in
accordance with CMN and BACEN applicable legislation.
		
	Approved Issuers	  	are the following Issuers: (i) Itaú Unibanco S.A.; (ii) Banco Bradesco S.A.; (iii) Banco Citibank S.A.; (iv) Banco Santander (Brazil) S.A.; (v) Banco do Brasil S.A.; and (vi) Caixa Econômica Federal, as well
as other financial institutions and/or payment institutions belonging to corporate groups integrated by Issuers listed in items “(i)” to “(vi)” above.

  
 11 

			
	Bookkeeper	  	is the Custodian.
		
	Accredited Outlets	  	are the commercial outlets or self-employed professionals, located in Brazil, duly accredited by Stone, as the Accrediting Institution, and that have accepted and agreed to the Accreditation Agreement.
		
	Assessment Events	  	are the events defined and listed in Article 20.1 of these Bylaws, which generate the need to consult with the Shareholders, at a Shareholders’ General Meeting, regarding the continuity or
non-continuity of the Fund.
		
	Liquidation Events	  	are the events that lead to an early liquidation of the Fund, as defined and set forth in Article 21.1 herein, ensuing the consequent holding of a General Shareholders’ Meeting to discuss the procedures that will be adopted in
order to preserve Shareholders’ rights and interests.
		
	FGC	  	is the Credits Guarantor Fund.
		
	Electronic Assignment Agreement	  	are the emails, documents and files exchanged between the Assignor’s Authorized Emails and the Fund’s Authorized Emails to unequivocally certify the acceptance of an Assignment Term and/or Return File, as applicable, in
accordance with the procedures set forth in the Assignment Agreement.
		
	Fund	  	as defined in Article 2.1 herein, is the Credit Rights Investment Fund – Bancos Emissores de Cartão de Crédito – Stone II, governed by these Bylaws and by applicable laws and
regulations.
		
	Fundos21	  	is the Funds Module Fundos21, managed and operationalized by B3.
		
	Investment Management Company	  	Oliveira Trust Servicer S.A., a stock corporation headquartered in the city and State of Rio de Janeiro, at Avenida das Américas, no 3.434, Bloco 07, sala 202, Condomínio Mario Henrique Simonsen, CEP 22640-102, Barra da Tijuca, duly authorized by CVM to manage securities portfolios, through the Declaratory Act No. 7.446, dated October 13, 2003, registered under the CNPJ/MF No. 02.150.453/0001-20.
		
	IGP-M	  	is the General Index of Market Prices, the Brazilian Inflation Index calculated by Fundação Getúlio Vargas (FVG), or any other index that might replace
it.

  
 12 

			
	CVM Law No. 356/01	  	means Law No. 356, dated December 17, 2001, as amended, or any other regulation replacing it.
		
	CVM Law No. 476/09	  	means Law No. 476, dated January 16, 2009, as amended.
		
	CVM Law No. 539/13	  	means Law No. 539, dated November 13, 2013, as amended, or any other regulation replacing it.
		
	Payment Instruments	  	means all and any device(s) and set(s) of procedures (including physical or electronic payment instrument(s) and Cards, among others), which will be accepted in Payment Transactions through the Stone System.
		
	Investors	  	Means the Professional Investors, together with the Qualified Investors.
		
	Professional Investors	  	mean professional investors, according to applicable rules, in particular CVM Law No. 539/13.
		
	Qualified Investors	  	mean qualified investors, according to applicable rules, in particular CVM Law No. 539/13.
		
	Liquidation Windows	  	is defined in Article 11.1.2 of these Bylaws.
		
	Law No. 12.865/13	  	means Law No. 12.865, dated October 9, 2013, as amended, or any other regulation replacing it.
		
	Batch	  	is defined in Article 11.1.1 of these Bylaws.
		
	MDA	  	is the Assets Distribution Module managed and operationalized by B3.
		
	Restricted Bidding	  	is any and all public distribution of Senior Shares with restricted placement efforts to be carried out during the Fund’s duration, in accordance with CVM Law N0. 476/09, which (i) will be made exclusively to Professional
Investors; (ii) will be intermediated by corporations belonging to the securities distribution system; and (iii) will be given an ANBIMA waiver and an automatic CVM registration waiver, pursuant to CVM Law No. 476/09, and to ANBIMA
analysis.
		
	Transfer order	  	Means the Transfer Order of the amounts in respect to the payment of Assigned Credit Rights, from the Centralized Account, to the Fund’s Authorized Account, containing the amount to be transferred, the values and expiration
dates of the Assigned Credit Rights, under the terms set forth in the Centralized Account Agreement, including any amount due by the Assignor to the Fund resulting from the Assignment

  
 13 

			
		  	Resolution, and which must be sent (i) by the Custodian to the Depositary Bank to transfer amounts, and/or alternatively, sent by (ii) the Depositary Bank to the Custodian, who shall confirm or contest (presenting the
divergence), so then the Depositary Bank shall execute the transfer of amounts, and in both cases, a notification must be sent, confirmed and/or challenged no later than the last business day immediately preceding the due date for the maturities and
payments of the Assigned Credit Rights, in order to execute the transfer through the Depositary Bank on the same day of each maturity and payment, following Article 12.1, (iv) below.
		
	Authorized Equity	  	shall mean the authorized Fund NAV in the amount of BRL 20,000,000,000.00 (twenty billion Brazilian reais), which represents the BRL amount corresponding to the new series of Senior Shares that may be issued by the Fund after the
closing of the Restricted Bidding in regard to the Senior Shares of the First Issuance, subject to the Subordinate Shareholder’s request, regardless of General Assembly’s approval and without any preemptive right to subscribe for the new
Senior Shares issued to the current Shareholders of the Fund.
		
	Net Asset Value (NAV)	  	is defined in Article 13.1 of these Bylaws.
		
	Grace Period	  	means the period of time, to be determined in each Amendment, during which Senior Shareholders will be entitled only to their Senior Shares’ corresponding Remuneration distribution. The Grace Period shall begin on the Issuance
Date of the corresponding Senior Shares series and end at the beginning of the corresponding Amortization Period, or upon the occurrence of a Liquidation Event.
		
	Amortization Period	  	shall mean the period starting at the end of the grace period and ending at the corresponding Senior Shares Redemption Date or upon the occurrence of a Liquidation Event, during which a Senior Shares Series should be fully amortized
(i.e. redeemed).
		
	Entity	  	means any private individual or legal entity, corporation, association, joint venture, stock corporations, investment funds, organizations, or entities without legal personality, or government authority.
		
	Authorized Persons	  	are individuals who were granted the necessary powers to legally represent their corresponding Entity in practicing the aforementioned acts, under their corporate documents and/or power of attorney terms, as
applicable.

  
 14 

			
	Billing Policy	  	is the billing policy adopted by the Fund and Custodian, as set forth in Chapter Twelve of these Bylaws.
		
	Investment Policy	  	is the Fund investment policy, as defined in Chapter Four of these Bylaws.
		
	Duration	  	is defined in Article 2.2 of these Bylaws.
		
	Redemption Period	  	is the term for the compulsory and full redemption of Shares, as determined by the General Meeting that discusses the liquidation of the Fund.
		
	Acquisition Price	  	with respect to Credit Rights, is the price to be paid by the Fund to the Assignor as a result of the acquisition of such Credit Rights, as set forth in the Assignment Agreement and its corresponding Assignment Term and/or Return
File, as applicable.
		
	Issuance Price	  	is the corresponding issuance price for each Share of the Senior Shares series, according to their corresponding Amendments.
		
	First Issuance	  	is defined in Article 14.1.3 of these Bylaws.
		
	First Liquidation Window	  	is defined in Article 11.1.2 of these Bylaws.
		
	Bid Processing	  	is defined in Article 11.1.1 of these Bylaws.
		
	Subordination Ratio	  	9.75% (nine point seventy-five percent), corresponding to the minimum ratio of Subordinate Shares issued and settled in relation to the NAV of the Fund, under these Bylaws.
		
	Remuneration	  	means the cumulative compensation of Fund Shares; for Senior Shares, this will be equivalent to the Benchmark Target for the corresponding Senior Shares.
		
	Bylaws	  	as defined in Article 2.1, means these Fund Bylaws, as well as their corresponding amendments.
		
	Electronic Means of Payment Regulation	  	Means Law No. 12.865/13, CMN Resolution No. 4.282/13, BACEN Information Circular No. 3.682/13, and BACEN Information Circular No. 3.683/13, as well as all supplementary regulations published by BACEN and CMN, as
amended or replaced.
		
	Open Assignments to Third Parties Report	  	is defined in Article 5.3.2, item “(ii)” herein.

  
 15 

			
	Capital reserve	  	is the portion of the NAV of the Fund equivalent to the value forecast by the Administrator, for the purpose of distribution to Senior Shareholders (whether Remuneration or amortization of principal), to be accumulated with:
(i) a minimum 30 (thirty) days in advance in relation to the next Scheduled Amortization Date provided for in the corresponding Amendment (payment of principal and its corresponding Remuneration); and (ii) a minimum 15 (fifteen) days in
advance in relation to the next Remuneration Payment Date provided for in the corresponding Amendment.
		
	Liquidity Reserve	  	means a liquidity reserve equivalent to at least BRL 500,000.00 (five hundred thousand Brazilian reais) to be set up and controlled by the Administrator, which will be updated after every 12 (twelve)-month period, counted from the
date in which the Fund began operating, or in the shorter periodicity possible admitted by Law, and according to the IGP-M index, or, in its absence, by any index replacing it, for the purpose of covering
charges and expenses of the Fund, complying with the provisions of these Bylaws.
		
	CMN Resolution No. 4.282/13	  	means the CMN Resolution No. 4.282/13, issued on November 4, 2013, as amended, or any other regulation replacing it.
		
	Second Liquidation Window	  	is defined in Article 11.1.2 of these Bylaws.
		
	SF	  	is the Funds Module – SF, managed and operationalized by B3.
		
	Stone System	  	means the set of people, technologies and procedures provided by Stone, as the Accrediting Institution, required for enabling Accrediting Outlets, accepting Payment Instruments, for capture, transmission, processing and liquidation
of Payment Transactions and for the acceptance and implementation of other products and services related to such activities.
		
	Stone	  	STONE PAGAMENTOS S.A., stock corporation headquartered in the city and State of São Paulo, at Rua Fidêncio Ramos, no 308, Torre A, conjunto 102, Vila Olímpia, CEP
04551-902, registered under CNPJ/MF No. 16.501.555/0001-57.
		
	Supplement	  	is the Fund’s supplement relating to the series of Senior Shares of the Fund, in the form attached hereto as Annex III.

  
 16 

			
	Applicable Fees	  	means the fees that constitute the remuneration of Issuers (interchange), and/or other fees/amounts that are part of the Accreditation Institution’s and/or Card Brands’ remuneration, as eventually applicable, provided for
in Payment Methods rules.
		
	Administration Fee	  	means the fee to which the Administrator shall be entitled for the provision of its Fund administration services, calculated as set forth in Article 7.3 of these Bylaws.
		
	DI Rate	  	means the variation of DI (Interbank Deposit) average rates extra group overnight – one-day Interfinancial Deposits, daily calculated and published by B3, in their Daily Newsletter,
available in their website at (http://www.B3.com.br), based on 252 (two hundred fifty-two) Business Days, in annual percentage form.
		
	Term of Acceptance	  	is the document through which Shareholders accept these Bylaws, which and should be undersigned when they enter the Fund, under the terms of Annex II herein.
		
	Assignment Term	  	is the “Credit Rights Assignment Term” that identifies the assignment of Assigned Credit Rights to the Fund by the Assignor, under the Assignment Agreement.
		
	Consolidated Assignment Term	  	is the “Consolidated Credit Rights Assignment Term,” which consolidates the assignment of Assigned Credit Rights by the Assignor to the Fund every 15 (fifteen) days, in the form set forth in the Assignment
Agreement.
		
	Payment Transaction	  	means the payment transaction, performed by the End User, for the acquisition of goods, products and/or services from the Accredited Outlet, through the use of any Payment Instruments, within the scope of one or more Payment
Methods.
		
	End Users	  	are private individuals or legal entities that use a Card Brand Payment Instrument to carry out a Payment Transaction.
		
	Nominal Value Unit	  	has the meaning attributed to it in section 14.1.3 of this Regulation.

 CHAPTER TWO – FORM OF INCORPORATION, DURATION AND PURPOSE 

2.1. Form of Incorporation The Credit Rights Investment Fund – Bancos Emissores de Cartão de Crédito – Stone II
(“Fund”), duly established as a closed-end fund, with Duration defined in Article 2.2 below, governed by Motion No. 2.907, issued by the CMN, on November 29, 2001, by CVM Law 356/01,
issued by CVM, and other applicable legal and regulatory provisions, will be governed by these Bylaws (“Bylaws”). 

  
 17 

 2.2. Duration The duration of the Fund is 20 (twenty) years after the first Fund Shares’
Issuance Date, except in case of the occurrence of any Liquidation Event, as defined in Article 21.1 herein. (“Duration”). 
 2.2.1.
The Shareholders may decide to extend the Duration during a Shareholders’ General Meeting. 
 2.2.2. If the Duration ends on any day other than a
Business Day, the liquidation of the Fund will be performed on the first subsequent Business Day. 
 2.2.3. The end of the Duration will not affect
the fulfillment of any Fund obligations that became a liability up to and including the last day of the Duration. 
 2.3. Purpose. The Fund is
a community of resources predominantly intended for the acquisition of Eligible Credit Rights and other Financial Assets during its duration, in accordance with the Investment Policy described in Chapter Four herein, and as per CVM Law
No. 356/01. 
 2.4. The Fund will begin operating on date of the first payment of Shares. 

2.5. The NAV of the Fund will comprise two classes of shares – Senior Shares and Subordinate Shares – as per Article 12 of CVM Law
No. 356/01. Senior Shares may be issued in multiple series, as established herein. 
 2.5.1. The characteristics and rights, as well as all
conditions for the issuance, subscription, settlement, remuneration, amortization and redemption of Shares are described in Chapters Fifteen to Eighteen of these Bylaws and in their corresponding Amendments (as appropriate), established in
Annex III herein. 
 CHAPTER THREE – TARGET AUDIENCE 

3.1. Target Audience. The Senior Shares of the Fund will be the subject of a public offering, subject to the registration requirements of the CVM
or pursuant to an automatic exemption from any such registration requirements, and may be distributed with or without restricted placement efforts, and may only be subscribed and settled by Qualified and/or Professional Investors, as applicable.

 3.1.1. Subordinate Shares will be issued privately and subscribed to and settled in cash, in national currency or Eligible Credit Rights, under the
terms of Chapter Fifteen of these Bylaws, outside the scope of B3, through Stone’s exclusive Private Placement and by its controllers, affiliates or subsidiaries, or any other societies of the same economic group, with no sales efforts on the
part of any institution forming the security distribution system. New Subordinate Shares may be issued to maintain the Subordination Ratio. 
 CHAPTER
FOUR – INVESTMENT POLICY AND PORTFOLIO COMPOSITION 
 4.1. The Objective of the Fund. The objective of the Fund is to provide
Shareholders with the Appreciation of their Shares by investing its NAV in the acquisition of: (i) Credit Rights, formalized through Supporting Documents, which meet the Eligibility Criteria and Assignment Conditions established in Chapter Five
of the Bylaws; and (ii) Financial Assets, in compliance with the composition and diversification indices of the Fund’s Portfolio, as set out herein. 

  
 18 

 4.1.1. Origin of Credit Rights. Credit Rights originate from payments owed by Debtors to the
Assignor, arising from Payment Transactions carried out by End-Users, within the Stone System, as described below: 

(i) Accredited Outlets, from time to time, provide services and sell goods and products to End Users, who may use Payment Instruments under any Card Brand and
Issuer, within the Stone System, generating Payment Transactions; 
 (ii) in accordance with the legislation in force, such Payment Transactions generate
multiple credit relations, and for the purpose of the Fund’s operation, the following are the most relevant: (a) the Issuer’s credit before the End-User; (b) Stone’s credit (as the
Accrediting Institution) before the Issuer; and (c) the credit of the Accredited Outlet before Stone (as the Accrediting Institution); 
 (iii) as a
result of item (ii) above, each Payment Transaction originates one or more Credit Rights, and Stone becomes the owner of such Receivables before the Issuer of the Card used in the respective Payment Transaction; and 

(iv) therefore, the Fund will acquire from Stone all Credit Rights from Debtors (which are the Issuers) of Visa, MasterCard or Hiper Brand Cards (noting
Article 5.1.1 in regards to Hiper Brand Card). 
 4.1.2. Fulfillment of the Eligibility Criteria and Assignment Conditions. The Fund must only
acquire Credit Rights which meet the Eligibility Criteria, as verified on the corresponding dates of acquisition, also acting in accordance with all Assignment Conditions. 

4.1.3. Assignment of All Rights connected with Eligible Credit Rights. In accordance with Articles 287 and 893 of the Civil Code of Brazil, and
as set forth herein and in the Cession Contract, the transfer of Credit Rights, by the Assignor to the Fund, will consider not only Credit Rights but also all they represent, including monetary adjustments, interest and charges, as well as all
rights, shares, co-obligations and guarantees, granted by third parties, ensured to the Assignor as per the Credit Rights, under the terms of all corresponding Supporting Documents and Additional
Documentation. 
 4.1.4. Payment of the Acquisition Price. The Fund must pay the Assignor, for each acquisition of Eligible Credit Rights
formalized through an Electronic Assignment, the Fund will pay to the Assignor the corresponding Acquisition Price as established in the Assignment Agreement and corresponding Assignment Term and/or Return File, as applicable. 

4.1.5. Financial Assets Registration. All Financial Assets must be registered, placed under custody or kept in a deposit account under the name
of the Fund, as applicable, in specific accounts open at SELIC—Special System for Settlement and Custody, at the registration and financial settlement system administered by B3, or at institutions or entities authorized by BACEN or by CVM to
render such services. 
 4.1.6. No Right of Recourse or Co-obligation. The Fund will acquire Eligible
Credit Rights as well as all and any rights, prerogatives, guarantees and relevant accessory rights, in a definite manner and without any right of recourse against the Assignor and/or a co-obligation of this
Assignor, complying with, in any event: 
 (i) the other terms and conditions of these Bylaws; 

(ii) the terms, conditions and procedures set forth in the Assignment Agreement and in the respective Assignment Terms; 

(iii) all procedures relevant to the acquisition of Credit Rights and the Eligibility Criteria and Assignment Conditions defined herein; and 

  
 19 

 (iv) the Investment Policy detailed in this Chapter. 

4.1.7. Assignor’s Responsibility Regarding Credit Rights. The Assignor must not be liable for the respective Debtor’s solvency, but
only for the right formalization, the correct incorporation, existence, liquidity and surety of these Credit Rights acquired by the Fund, under the Assignment Agreement. 

4.2. Minimum Allocation. The Fund must have, after 90 (ninety) days of the beginning of its activities, at least 50% (fifty per cent) of its
resources allocated (“Minimum Allocation”), and no more than 100% (one hundred per cent) of its NAV, in Eligible Credit Rights, pursuant to Article 40 of CVM Law No. 356/01. 

4.3. Financial Assets. The NAV of the Fund which is not allocated in Eligible Credit Rights may be invested in Financial Assets. 

4.4. Prohibition of Derivative Operations. The Fund must not invest in the derivatives market, except for the purpose of hedging cash positions,
up to their limit. 
 4.5. Percentages of Portfolio Composition and Diversification. The Administrator will control, on a daily basis, the
percentages of the Fund’s portfolio composition and diversification indicated in this Chapter, based on the Fund’s NAV of the immediately preceding Business Day. 

4.5.1. The Fund’s portfolio composition will not impose any diversification requirements in addition to those provided for in this Chapter. 

4.6. Concentration Limit by Debtor. The Fund may acquire Eligible Credit Rights and Financial Assets from Debtors, or Co-obligation Financial Assets from the same Person, without being subject to the limit of 20% (twenty per cent) of its NAV set forth in Article 40-A of CVM Law
No. 356/01, provided that all requirements established in Paragraph 1 of Article 40-A of CVM Law No. 356/01 are fulfilled. 

4.6.1. The possibility to increase the 20% (twenty per cent) limit to invest in other assets of the same Debtor, provided for in Article 4.6 above, does
not apply to co-obligation assets or assets issued by the Administrator or the Investment Management Company, or parties related to them, as defined by the accounting rules that cover this topic, for whom the
limit must be fulfilled. 
 4.7. Operations requested by the Administrator. The Administrator, in compliance with the provisions of this
Chapter and the Fund Investment Policy, may freely request any operations to be carried out for the composition of the Fund’s portfolio, in which the Administrator, controlled and controlling companies, affiliate companies and/or subsidiaries
of the Administrator appear as a counterpart, provided that its only purpose is the Fund’s cash and liquidity management (including, without limitation, all operations listed in item (v) of the Financial Assets definition above). 

4.8. The segregation of the Administrator’s Activities. The Administrator holds mechanisms and segregation systems in place regarding the
activities it performs in the management of third-party resources, as per the regulation in force. Due to such segregation, there is no possibility of conflicts of interest in the event the Fund operates in accordance with Article 4.7 above. 

4.9. Possibility of Operations that Risk the Fund’s NAV. Fund investment choices may put at risk all or part of its NAV, pursuant to item
III of paragraph 1 of article 24 of CVM Law No. 356/01. Among the several risks for the Fund’s portfolio are, for example, the ones analyzed in Chapter Six below. The Professional Investor must read this Chapter Six very carefully before
acquiring Fund Shares. 

  
 20 

 4.10. Lack of Guarantees. Fund investments lack the guarantee from: (i) the
Administrator; (ii) the Investment Management Company; (iii) the Assignor; (iv) the Custodian; (v) any insurance mechanism; or (vi) the FGC. 

4.11. Voting policy. This Fund’s Investment Management Company adopts a voting rights policy at general meetings, that regulates the general
principles, the decision-making process and required relevant matters for exercising the right to vote. Such policy guides the Investment Management Company’s decisions at general meetings that grant Shareholders and securities holders the
right to vote. 
 4.11.1. The complete Investment Management Company’s voting policy is available on-line
at www.oliveiratrust.com.br. 
 CHAPTER FIVE – ELIGIBILITY CRITERIA AND ASSIGNMENT CONDITIONS 

5.1. Eligibility Criteria. The Fund is allowed to purchase only those Credit Rights that, on their corresponding acquisition dates, meet the
following eligibility criteria (“Eligibility Criteria” and “Eligible Credit Rights”, respectively), individually and cumulatively: 

(i) Credit Rights must originate from payments due to the Assignor by the Debtors, arising out of “credit” Payment Transactions performed by End
Users through the Stone System, with exclusive Payment Instruments from Visa, MasterCard and/or Hiper Brand Cards (noting Article 5.1.1 below in regards to Hiper Brand Card) to acquire goods, products and services at Accredited Outlets, after the
deduction of Applicable Fees; 
 (ii) Credit Rights must be exclusively expressed in national currency; 

(iii) all Debtors payments due to the Fund on account of Assigned Credit Rights must be timely paid; 

(iv) Credit Rights may not have maturities longer than those of Senior Shares, or than 365 (three hundred sixty-five) days, whichever is shorter; 

(v) the weighted average term of open Fund’s Portfolio (i.e. Assigned Credit Rights that have not matured), jointly considered with the terms of Credit
Rights assigned to the Fund by the Assignor, calculated on the respective Bidding Date, should be of a maximum of 100 (one hundred) days; and 
 (vi) Credit
Rights must have a maturity of at least 7 (seven) days from the respective Bidding Date. 
 5.1.1. Notwithstanding the obligation to fulfill each of
the Eligibility Criteria, the Fund will not be permitted to acquire Credit Rights from payments owed by the Obligors to the Assignor, resulting from the Payment Transactions carried out by the End Users using Hiper Brand Cards, as verified by the
Custodian, so long as the following conditions are not fully satisfied: 
 (i) the Assignor must have contracted a Settlement Bank responsible for the
receipt of settlement Payment Transactions originated by Hiper Brand payment instruments, according to this Regulation; 
 (ii) the Assignor must have an
Assignor’s Centralized Account opened with a Depositary Bank, where the total Credit Rights from Payment Transactions originated by hiper Brand payment instruments will be transferred to; and 

  
 21 

 (iii) the Hiper Brand must be able to effectively issue and make available to the Assignor a report that
confirms the Payment Transactions with the Debtors, through the Stone System, in order to allow the Administrator and the Custodian to verify the amount of Credit Rights respective to the Payment Transactions originated by Hiper Brand Cards for the
next 365 (three hundred and sixty-five) days following the release of such report by the Hiper Brand. 
 5.1.2. Failure to Comply with Eligibility
Criteria. In the event that Eligible Credit Rights cease to comply with any of the Eligibility Criteria described above after their acquisition by the Fund, Shareholders will not hold the right of recourse against the Administrator, the
Investment Management Company, the Custodian and/or the Assignor, except when there is proof of bad faith, willful misconduct or fault of the parties, and in compliance with the Assignment Agreement and its respective Assignment Terms, as
applicable. 
 5.2. Eligibility Criteria Verification. The Custodian will be the institution responsible for verifying Credit Rights
compliance with the Eligibility Criteria in the Fund’s acquisition of Credit Rights. 
 5.2.1. Final Verification. Under the terms and
conditions of these Bylaws, the Custodian’s verification of compliance with the Eligibility Criteria will be considered as final. 
 5.2.2.
Verification Methodology of Credit Rights Financial Support. In light of the significant amount of Credit Rights assigned to the Fund, the Custodian, or the company hired to act on its behalf as described in paragraph 6 of article 38 of CVM
Law No. 356, will perform a random verification of Credit Rights financial support on a quarterly basis, or as requested by Senior Shareholders gathered in a General Meeting, in accordance with the methodology described in Annex
IV herein. 
 5.2.3. Credit Rights Financial Support Verification by Third Parties. Without prejudice to his responsibility, the
Custodian may hire a third party to perform Assigned Credit Rights financial support verification, consistent with paragraph 6 of Article 38 of CVM Instruction 356, provided that such third party is not the originator of the Credit Rights, the
Assignor, the Investment Management Company or any expert consultant hired by the Administrator to act within the scope of the Fund, and its respective related parties, as defined by the relevant applicable accounting rules, as long as the hiring of
any third parties to verify the Assigned Credit Rights financial support has the Subordinate Shareholder’s prior approval, under Article 15.4, item “viii” below. Any irregularities identified in this audit will be reported to the
Administrator, the Investment Management Company, the Independent Auditor, and the Shareholder(s). 
 5.2.4. Verification of Defaulted Assigned
Credit Rights. Assigned Credit Rights defaulted in a given quarter shall be, for any given quarter, subject to a full and exclusive check by the Custodian or any hired third party to act on its behalf, in which case the methodology provided for
in Article 5.2.2 above will not apply. 
 5.3. Assignment Conditions. Any and all Credit Rights offered by the Assignor to the Fund should
cumulatively comply with the following assignment conditions, which must be verified by the Assignor, on the Offering Date, as provided below (“Assignment Conditions”): 

(a) the Assignor cannot be defaulted on its obligations to the Fund; 

(b) Credit Rights shall be free and clear of any liens, encumbrances or restrictions of any kind on the date of its assignment to the Fund; and 

  
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 (c) the Debtors of Credit Rights must have a credit rating greater or equal to “AA-/F1+(bra)” on the Brazilian national credit ratings scale issued by Fitch Ratings Brazil Ltda., or similar nationwide rating by Moody’s América Latina Ltda., or Standard &
Poor’s Ratings do Brasil Ltda. 
 5.3.1. Under the terms of art. 34, subparagraph IX of CVM Law No. 356/01, the Administrator has written
and verifiable rules and appropriate procedures, which allows for the verification of the Assignor’s compliance with the obligation of validating the Credit Rights in relation to the Assignment Conditions set forth in these Bylaws. 

5.3.2. For the purpose of verifying the Assignor’s compliance with the Assignment Condition described in Article 5.3, items “(b)” and
“(c)”, the Administrator should be based on: 
 (i) the Supporting Documents; 

(ii) the Administrator’s daily reports, produced according to the template set forth in Annex V herein (each one an “Open
Assignment to Third Parties Report”), exclusively based on Assignment Notifications (as defined in the Assignment Agreement) forwarded by the Assignor and received by the Administrator (with a copy to the corresponding Depository Banks),
under the terms of the Assignment Agreement; 
 (iii) the Assignor’s declaration that no encumbrance or additional Credit Rights assignment
mentioned in the corresponding Open Assignment to Third Parties Report, and that might affect the Credit Rights offered to the Fund, had taken place, under the Assignment Agreement; and 

(iv) the Assignor’s declaration that the Debtors of Credit Rights offered to the Fund had a credit rating greater or equal to “AA-/F1+(bra)” on the Brazilian national credit ratings scale issued by Fitch Ratings Brasil Ltda. or similar nationwide rating by Moody’s América Latina Ltda. or Standard &
Poor’s Ratings do Brasil Ltda., at the moment of the corresponding assignments, under the Assignment Agreement. 
 5.3.2.1. The Administrator
will obtain from Depository Banks the written confirmation regarding Open Assignment to Third Parties Report, under the corresponding Centralized Accounts Agreement, according to the Term of Acceptance to be entered into by the Fund. 

5.3.2.2. If, following the assignment of Credit Rights, any Depository Bank identifies any error in the Open Assignment to Third Parties Report, the
Administrator must act accordingly, requiring the Assignor’s confirmation that the Eligible Credit Rights acquired by the Fund complied with the Assignment Condition under article 5.3, item “(b)”; and, if the Administrator concludes
that the Fund has acquired any Eligible Credit Rights that failed to comply with the Assignment Conditions, the Assignment Settlement provided for in Article 11.5 below shall apply, in addition to the provisions of these Bylaws. 

CHAPTER SIX – RISK FACTORS 
 6.1. The
Fund’s portfolio (Credit Rights and Financial Assets) and, consequently, its NAV, are subject to several risks that can generate losses as high as the amount of hired and not yet settled operations. Some of these risks are highlighted below.
The complete elimination of possible losses for the Fund and the Shareholders cannot be assured, and in no circumstance the Debtors, the Assignor, the Administrator, the Investment Management Company, and the Custodian, or any of its affiliates, can
be held responsible, among other events, for any depreciation or loss of value of assets comprising the Fund’s portfolio, due to the lack of a secondary market for the Fund portfolio’s Assigned Credit Rights and Financial Assets, or to any
losses incurred by Shareholders when paid for their Shares’ Remuneration, amortization or redemption, under these Bylaws. Prior to acquiring Shares, Professional Investors must carefully read this Chapter, thus holding themselves responsible
for their investment in the Fund. 

  
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 6.2. Market Risks 

6.2.1. Fluctuation of Financial Assets Prices – The value of Fund’s Portfolio Financial Assets may increase or decrease according to
the fluctuation of market’s prices and quotations. If the value of Financial Assets decreases, the Fund’s NAV might be affected, and, consequently, the Fund resources may become insufficient to pay the Senior Benchmark established for
Senior Shares. There is no guarantee that the decrease in prices for the Financial Assets comprising the Fund’s portfolio will not extend for long and/or undetermined periods. 

6.2.2. Profitability Mismatch – The income distribution of the Fund’s portfolio profits to the Shares may obey different parameters
from those used for the Credit Rights’ purchase price. Fund’s resources may be insufficient to pay Shares’ amortization and part or all of the income due to Shareholders. The Assignor, the Custodian, the Investment Management Company,
the Fund and the Administrator do not promise or ensure profitability to the Shareholder. 
 6.2.3. Effects of Brazilian Government Economic
Policy – Are macroeconomic factors risks, such as the effects of Brazilian government economic policy and other exogenous variables, such as extraordinary facts, or special market situations, or political, economic, regulatory or financial
events occurring in Brazil or abroad, which exert relevant influence on the Brazilian financial market. Brazilian government measures to control inflation and implement economic and monetary policies in the recent past involved interest rate
changes, currency devaluation, exchange rates, tariffs and industry control, legislative changes (including, but not limited to the impact of new taxes of any kind on Fund operations and/or an increase in brackets or amounts of taxes already in
place at the date of these Bylaws), among others These policies, as well as other conditions, have significant impact on the economy and on financial and stock markets in Brazil. Fund operations may be impacted by the adoption of measures that might
influence the current fiscal policy, and result in currency fluctuation, indexing of the economy, price instability and higher interest rates. The Fund or any other entity, including the Administrator, will not incur in any fines or penalties of any
kind if Shareholders suffer any loss or damage resulting from such events. 
 6.3. Credit Risks 

6.3.1. Macroeconomic factors — The way the Fund will invest its resources, mainly in Eligible Credit Rights, will depend on the Eligible
Credit Rights origination and on their corresponding Debtors solvency regarding income distribution to Shareholders. The Eligible Credit Rights origination and Debtors’ solvency might be affected by economy-related macroeconomic factors in
Brazil, such as increasing inflation and interest rates, low economic growth rates and/or impacts on their origination, etc. Therefore, if one or more of these events occur, they might imply an increase on Eligible Credit Rights default and/or
impact their origination, thus negatively affecting the Fund’s results and/or causing asset losses to the Fund and to the Shareholder(s). 

6.3.2. Credit Risk Relating to Debtors and Absence of Legal Diligence of Debtors—Debtors must honor their commitments on time and in
full. The Fund may be impacted by any defaults on Credit Rights held in the portfolio that are expired and unpaid and by the Obligors’ failure to meet their obligations to the Fund. Consequently, the Fund may only amortize the Shares in
national currency to the extent that it has sufficient resources to do so, arising from the payments of Assigned Credit Rights by the Debtors, and there may not be a full redemption of the Shares in accordance with the provisions herein and in the
respective Supplement, as applicable. In such cases, no fine or penalty of any kind shall be payable by the Assignor, the Fund, the Administrator, the Manager and the Custodian. 

  
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 In addition, the Assignor has no responsibility for the payment of the Assigned Credit Rights or for the
Solvency of the Debtors. 
 In addition, no legal diligence procedure was performed on the Debtors with the purpose of verifying their exposure to legal
risks, such as the lack of authorizations and licenses that may influence the development of their activities, as well as litigation that may impact the Debtors’ ability to meet their obligations. 

6.3.3. Absence of Notice of Assignment to Debtors - Debtors shall not be notified of the assignment to the Assigned Credit Rights Fund, pursuant
to Article 290 of the Brazilian Civil Code. In this case, there is no guarantee that the assignment of the Assigned Credit Rights will be considered effective before the Debtors, that is, the Fund will not have any recourse against the Debtors,
including the collection of the Credit Rights, if the Debtors, for any reason, to pay the Credit Rights directly to the Assignor or in an environment other than the CIP, and may generate losses to the Fund and, consequently, to the Shareholder (s).

 6.3.4. Judicial and extra-judicial collection – In case Debtors default their respective payment obligations regarding Eligible Credit
Rights assigned to the Fund, there is no guarantee that, in the context of possible judicial and/or extrajudicial collection of defaulted amounts and applicable surcharges, this collection will reach the desired results and return the owed amounts
to the Fund, which might cause NAV losses to the Fund. 
 6.3.5. Credit Risk Relating to Financial Assets—This results from the ability of
Debtors and/or issuers of Financial Assets and/or Fund counterparties to honor their transactions with Financial Assets. Changes in the macroeconomic scenario that may compromise the ability to pay represented by a particular Financial Asset, as
well as changes in the financial conditions of the issuers of such assets and/or in the market perception about such issuers or the quality of the credits, can materially impact the prices and liquidity of the Financial Assets of these issuers,
causing losses to the Fund and to the Shareholders. In addition, the lack of capacity and/or willingness to pay by any of the issuers of the Financial Assets or the counterparties in the transactions that relate to the Fund’s portfolio, can
cause losses to the Fund; the Fund may in turn also incur certain costs for the purpose of recovering its credits. 
 6.3.6. Origination Risk
– Credits Modification by Judicial Decision – Assigned Credit Rights originate in payments due by the Debtors to the Assignor, arising from Payment Transactions carried out within the scope of Payment Methods, involving Payment
Instruments used by End Users to purchase goods, products and services in Accredited Outlets, which have been captured, processed and liquidated by the Stone System, and which may, eventually, have their conditions questioned in court by the
corresponding End Users. The possibility of End Users’ success in their litigation cannot be ruled out. In this scenario, Assigned Credit Rights may be canceled, have their value diminished or even considered void by court decision, which
would, in any case, affect the Fund’s NAV. In addition, End Users may dispute Payment Transactions extrajudicially, through the so-called Chargebacks. Chargebacks for operations related to Assigned
Credit Rights, or the Assignor’s possible insolvency in the scenarios described above, may negatively affect the Fund and result in losses for Shareholders and Fund results. 

6.3.7. Assignor’s Default Risks in Assignment Settlement Scenarios – Under the Assignment Agreement and Article 11.5 of these Bylaws,
there are scenarios in which an Assignment Settlement may occur (as defined in the Assignment Agreement), generating the Assignor’s obligation to pay the price established in the Assignment Agreement to the Fund. In these Assignment Settlement
scenarios, the Assignor might not comply, for any reason, with its obligation to pay the agreed price, which might affect negatively the Fund results and/or cause asset losses to the Fund and to the Shareholder(s). 

  
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 6.3.8. Failure to comply with the Eligibility Criteria after the Assignment of Credit Rights to
the Fund—Eligible Credit Rights may fail to comply with any of the Eligibility Criteria as set forth in Article 5.1.1 above after their respective acquisition by the Fund. In this case, as set forth in Article 5.1.2 above, there shall be no
right of return by the Shareholders against the Administrator, the Manager, the Custodian and / or the Assignor, subject to the provisions of the Assignment Agreement and the respective Terms of Assignment, as applicable. 

6.3.9. Absence of Minimum Performance Guarantee—The performance Indicator adopted by the Fund for the profitability of its Shares is only a
goal established by the Fund, and does not constitute the Benchmark Target minimum guarantee of profitability to investors, either by the Administrator, Custodian, Manager, by the FGC or by any other party. If the assets of the Fund, including the
Credit Rights, do not constitute sufficient equity for the valuation of the Senior Shares, based on the Target Benchmark, the Shareholders’ profitability will be lower than the target indicated in the respective Supplement. Past performance
data with respect to any investment fund in credit rights in the market, or the Fund itself, do not represent a guarantee of future profitability. 

6.3.10. Financial Sector Risk—Debtors are financial institutions, and are subject to extensive and continuous regulatory oversight by the
Brazilian government. This regulation is exercised mainly by the Central Bank of Brazil, CVM and the National Monetary Council (CMN), which monitor the banking sector and may impose disciplinary sanctions. These regulations are related to the
following areas, among others: (i) minimum capital requirements; (ii) minimum coverage; (iii) compulsory deposits; (iv) requirements related to investments in fixed income; (v) credit restrictions, including compulsory
allocations; (vi) limits and other restrictions related to tariffs; and (vii) provisioning policies. The Brazilian government may implement regulations that negatively affect financial institutions, including the implementation of specific
economic policies. As a result, the Brazilian government may change laws and regulations in a way that adversely affects liquidity, solvency, funding strategy, credit, costs or other aspects of the business. Moreover, the regulations issued by the
Central Bank of Brazil do not go through the legislative process, so that its enactment and implementation can take place in a short period of time, affecting the activities of Debtors in an unforeseen and sudden manner. Finally, the financial
sector is highly competitive, facing significant competition from other major Brazilian and foreign public and private banks and insurers in all major areas of operation, since Brazilian regulations do not make a clear distinction between commercial
and investment banks, national or foreign, and insurers. 
 6.4. Liquidity risks 

6.4.1. Closed Fund and Secondary Market – The Fund was established as a closed co-ownership, and
Senior Shares may only be redeemed at the end of each series duration. Therefore, if, by any reason, Shareholders decide to divest their Shares before this term, they will have to do it in the Secondary Market, after 90 (ninety) days have elapsed
since the subscription or acquisition by the Shareholders and, exclusively with respect to Qualified Investors, in accordance with applicable regulations. The Secondary Market for investment fund Shares can have low liquidity, which may hinder
Shares sales or cause a selling price to result in equity losses for the Shareholder. If Shareholders need to sell their Shares, there may not be buyers, or Shares sale price may reflect this lack of liquidity, causing equity losses to Shareholders.

 6.4.2. Risk of Investing in Credit Rights – The Fund must invest its resources mainly in Eligible Credit Rights. However, by their very
nature, when compared to usual investments of most investment funds, investing in Eligible Credit Rights has its peculiarities. For example, there’s no active market with liquidity for the trade of Eligible Credit Rights in Brazil. Therefore,
if the sale of the Fund’s portfolio Assigned Credit Rights is required, as in liquidation scenarios provided for in these Bylaws, there may not be buyers, or the trading price of such Eligible Credit Rights may reflect this lack of liquidity,
causing equity losses to the Fund. 

  
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 6.4.3. Insufficient Resources at the Time of Fund Liquidation – The Fund can be
liquidated in advance in some scenarios contemplated in these Bylaws, specifically those provided for in Chapter Twenty-One below. In the event of an early liquidation, the Fund may not have enough resources
to pay the Shareholder(s). In this case scenario, (a) Shareholders may have their Shares traded for Assigned Credit Rights; or (b) Shares redemption would depend on Debtors paying the corresponding installments related
to Assigned Credit Rights, or on Assigned Credit Rights sale to third parties, risking a negative goodwill that might compromise the Fund’s NAV. In such situations, the Shareholder(s) may suffer asset losses. 

6.4.4. Financial Assets Lack of Liquidity – The portion of the Fund’s NAV not invested in Credit Rights may be invested in Financial
Assets. Financial Assets can become illiquid (whether by the absence of an active secondary market, or due to any possible payment delay by the relevant issuer and/or debtor), which could, eventually, affect the payment of Shares Remuneration,
amortization and/or redemption. 
 6.5. Operational Risks 

6.5.1. Access to Supporting Documents and Electronic Systems failures – Given the operational complexity of Credit Rights investment funds,
there’s no guarantee that the Custodian and the Fund will have unrestricted access to Eligible Credit Rights Supporting Documents, or that the information exchange between corresponding electronic systems will be error free. If any of these
risks materialize, the collection and/or settlement of Eligible Credit Rights can be adversely affected, hurting the Fund performance. 
 6.5.2.
Assignor or Third-Party Systems May Fail Due to Factors Beyond the Assignor’s and the Administrator’s Control – Assignor’s operations rely on its information technology systems, software, data centers and
telecommunications networks, as well as on third-party systems. The Assignor’s or third-party systems may be exposed to damage or interruption due to several factors that are beyond the Assignor’s and the Administrator’s control,
including fire, natural disasters, power failure, failure of telecommunication systems, and virus or violation of information technology systems, among others, which may also affect the origination of Eligible Credit Rights and their assignment to
the Fund. 
 6.5.3. Reconciliation of Credit Rights Payments
Vis-à-Vis Supporting Documents – Provided that Credit Rights listed in daily reports made available to the Assignor by Visa, MasterCard and/or
Hiper Brand Cards, as the case may be, proving Payment Transactions before Debtors through the Stone System (which are Supporting Documents) can include not only Fund-Assigned Credit Rights, but also: (i) other Credit Rights held by the
Assignor or by third-party assignees in the face of Debtors; and (ii) the Applicable Fees, which are not necessarily expressed in Supporting Documents, it may be difficult for the Custodian to perform the reconciliation of payments made by
Debtors regarding Assigned Credit Rights vis-à-vis Supporting Documents. In such case, the Custodian may exceptionally request additional clarification
from the Assignor to perform such reconciliation, and both the Fund and the Custodian cannot assure the Shareholders that clarifications provided by the Assignor will be correct and sufficient, and thus operational errors may occur when conducting
these extraordinary reconciliations. 
 6.5.4. Blocked resources in Assignor’s Centralized Accounts. Any third parties that have acquired
Credit Rights from the Assignor may enter Centralized Accounts Agreements for the purpose of sending transfer orders or able to confirm that transfer order was sent, to Depository Banks, which, on their turn, will transfer back the amounts of Credit
Rights assigned to them and inform the Depositary Bank of any divergences, under the Centralized Accounts Agreements, as the Depositary Banks might come to have the responsibility to verify the validity, veracity and/or accuracy of these
aforementioned transfer orders, or, still, the reconciliation of Assigned Credit Rights payments, as each Centralized Account Agreement specifies. In specific situations provided for in Centralized Accounts Agreements, especially in the case that a
Credit Rights assignee had mistakenly requested transfer of resources, or, specifically for an Assignor of Credit Rights had mistakenly informed divergences in acquired Credit Rights, it is possible that the corresponding Depository Bank does not
transfer the resources deposited in the Assignor’s Centralized Accounts until the issue is resolved, which may cause losses to Shareholders. 

  
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 6.5.5. Failure to Collect Defaulted Assigned Credit Rights – The collection of Defaulted
Assigned Credit Rights depends on the Custodian’s diligent performance. It is the Custodian’s responsibility to see that resources are received correctly and to verify the default. Therefore, any failure of Custodian’s procedures may
result in receiving lower amounts of funds owed by Debtors. This would cause the Fund’s profitability to drop, or even the loss of assets. 

6.5.6. Documentation Guardianship – Under these Bylaws, the Custodian will also act as a depository, being responsible for the Supporting
Documents guardianship. Part of the Supporting Documents will be kept by the Custodian in electronic format, generated and shared daily with the Custodian. If random events outside the Custodian’s control cause loss or damage to these
Supporting Documents, it may be difficult for the Custodian to verify the Assigned Credit Rights composition and performance, whether these rights are due or not, possibly causing losses to the Fund, and, consequently, to the Shareholder(s). 

6.5.7. Additional Documentation Guardianship – Additional Documentation related to Assigned Credit Rights will be kept by the Assignor,
which will make them available to the Fund and/or the Custodian upon request. It is possible that failure or delay in providing access to the Additional Documentation will occur, which may hamper the collection and even the identification of
Assigned Credit Rights, thus causing losses to the Fund and its Shareholders. 
 6.5.8. Credit Rights Financial Support Verification after Their
Assignment to the Fund – At the time of their assignment to the Fund, the Fund’s portfolio may contain Eligible Credit Rights with irregular documentation, which could limit the Fund’s full exercise of its prerogatives deriving
from Credit Rights ownership. In any of the cases above, judicial decision may be required to ensure Debtors’ payments regarding such Assigned Credit Rights. The Fund may suffer losses, whether for the delay, or for not receiving the
corresponding resources, as a result of an unfavorable ruling. 
 6.5.9. Operational failures in the Ordinary Collection of Credit Rights. The
payment form for the clearing and settlement of Assigned Credit Rights, as described in Article 12.1 below, depends on actions by the Card Brands, by CIP, by Settlement and Depository Banks and by the Custodian. There’s no guarantee that
operational failures, which can affect the timely receipt of Assigned Credit Rights payments by the Fund, will not occur. If operational failures described herein occur, they could generate losses to the Fund and its Shareholders, including, but not
limited to, a possible change in the Fund’s tax classification from long to short term, due to the delay in transferring resources to the Fund Authorized Account. 

6.6. Risks of Discontinuity 
 6.6.1.
Early Liquidation – The Fund may be liquidated in advance for several reasons, as mentioned in Chapter Twenty-One of these Bylaws. Even if the Fund owns resources to pay the Shareholder(s) (which
is not guaranteed by the Administrator, the Investment Management Company, the Custodian, the Assignor or by any third party), it is possible that there are no available financial investments in the market with the same terms, risks and
profitability, which would frustrate the Investor’s expectations from the time he acquired his Shares. 
 6.6.2. Observance of Minimum
Allocation – The Fund shall mainly acquire Eligible Credit Rights. However, there’s no guarantee that the Assignor will want, or be able to originate and assign enough Eligible Credit Rights to meet the Minimum Allocation requirements.
The existence of the Fund overtime will depend on maintaining the flow of Eligible Credit Rights origination and assignment. 

  
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 6.6.3. Interruption of Services by Providers Hired by the Fund – Possible interruption of
services by providers hired by the Fund, including if they are replaced, for any reason, could affect the Fund’s regular operation. This fact may cause losses to the Fund, or even its early liquidation. 

6.7. Other Risks 
 6.7.1. Cost of Credit
Rights Collection – The costs of judicial or extrajudicial procedures necessary for the collection of Defaulted Assigned Credit Rights and other Financial Assets comprising the Fund’s portfolio, and for safeguarding the rights,
interests or guarantees of joint owners, are the Fund’s sole and exclusive responsibility, and should be supported to the extent of its total NAV, always complying with the Shareholders decision in the General Meeting. The Administrator, the
Investment Management Company, the Custodian, the Assignor and any of their corresponding controlling entities, or companies directly or indirectly controlled by them, or affiliated companies, or other companies under common control, are not liable,
jointly or separately, for adopting or maintaining those procedures. 
 6.7.2. By Investing in the Fund, Investors are Exposed to the Risks to
Which the Fund is Subject, Which may Cause Losses to the Shareholder(s) - There’s no guarantee of completely eliminating the possibility of losses to the Fund and the Shareholder. In adverse market conditions, the risk management system for
the Fund’s investments held by the Administrator and the Investment Management Company may have their efficiency reduced. 
 6.7.3. Absence of
the Assignor’s Liability for Defaulting Assigned Credit Rights – The Assignor is only responsible for the existence, surety, enforceability and good formalization of the corresponding Assigned Credit Rights, and does not assume, under
the Assignment Agreement or the Assignment Terms, any responsibility for their payment or the Debtors’ solvency before the Fund, under these Bylaws. In this way, in the event of default, in whole or in part, by part of the Debtors in the
payment of Defaulted Assigned Credit Rights, a resulting impact may arise from the non-payment of Eligible Credit Rights, causing damage to the Fund and, consequently, to the Shareholders. 

6.7.4. Changes Outside of the Administrator’s Control – the Fund may also be subject to other risks arising from reasons beyond or
outside the Administrator’s control, such as a moratorium, defaulting payments, change in rules applicable to the Financial Assets, changes imposed to the Fund’s portfolio’s Financial Assets, change in monetary policy, investments or
significant redemptions, which may generate losses to the Fund, and, consequently, to the Shareholder(s). 
 6.7.5. Risk of Irregularities in
Credit Rights Assignment Formalization—In light of the volume of operations of Credit Rights assignment, and the possibility of Supporting Documents electronic guardianship, the Assignment Terms shall not be registered in the corresponding
Registry of Deeds and Documents, and Consolidated Assignment Term will only be registered therein in case of (i) express requirement of governmental or judiciary authority; (ii) specific discussion at the General Meeting;
(iii) declaration of the Assignor’s intervention, liquidation, bankruptcy, or other similar events, pursuant to applicable laws and regulations; (iv) default of any Assigned Credit Rights Debtor; or (v) in case of supervening
legislation requiring this registry for the assignments’ existence or validity, which can affect the collection of Fund-Assigned Credit Rights, including the collection and receipt of Defaulted Assigned Credit Rights. The absence of physical
daily formalization of Assignment Terms and/or the timely registration of Consolidated Assignment Terms, in accordance with Article 130 of Law No. 6.015, dated December 31, 1973, as amended (Public Records Law), may cause Credit Rights
assignment effectiveness before third parties to be questioned, which may result in delay or non-payment of the corresponding Assigned Credit Rights to the 

  
 29 

 
Fund, and which, in turn, can impact the Share’s profitability. Moreover, the Assignor’s obligations or the possible start of any bankruptcy, insolvency, debts renegotiation,
dissolution, liquidation, or judicial or extrajudicial recovery procedures, or similar legal benefits, in any jurisdiction, at any time, may eventually affect the Assigned Credit Rights whose assignment has not yet been physically formalized through
the Consolidated Assignment Term and/or whose Consolidated Assignment Term has not yet been registered in the corresponding Registry of Deeds and Documents, thus failing to describe a perfect and finished assignment, which may bring losses to the
Fund if third parties, based on these circumstances, are able to challenge or question the Credit Rights assignment to the Fund. 
 6.7.6.
Supporting Documents and/or Additional Documentation Irregularities—Supporting Documents and/or Additional Documentation may contain irregularities (including in form or content), such as flaws in their preparation and material errors,
which might make the receipt of resources arising from Defaulted Assigned Credit Rights discussed in court less expedite than usual, which can cause assets losses. 

6.7.7. Late Payment of Shares Remuneration, Amortization and/or Redemption – Payment of the Fund’s Shares Remuneration, Amortization
and/or Redemption may be delayed, mainly due to the performance of Assigned Credit Rights, which may generate losses to the Fund and, consequently, to the Shareholder(s). 

6.7.8. Credit Rights Assignment Invalidity or Ineffectiveness – Credit assignments can be invalidated or become ineffective by court and/or
administrative decision. Therefore, the Fund may incur the risk of Assigned Credit Rights being affected by obligations assumed by the Assignor and/or by Debtors, of resources arising from their corresponding payments being blocked and/or redirected
to pay other debts arising from the Assignor’s and/or the Debtor’s obligations, including as a result of intervention, judicial or extrajudicial recovery, bankruptcy, extrajudicial liquidation or special schemes requests, as the case may
be, of the Assignor and/or the Debtors, or another procedure of a similar nature, as applicable. The Administrator, the Custodian and the Investment Management Company are not responsible for prior or posterior verification of certain causes of
Fund-Assigned Credit Rights invalidity or ineffectiveness. With respect to the Assignor, the assignment of Credit Rights might be invalidated or declared ineffective, negatively impacting the Fund’s NAV, if it were held in: 

(a) fraud against creditors, including the bankrupt company assets, if, at the time of assignment, the Assignor was insolvent or if, due to this assignment, it
was declared insolvent; 
 (b) enforcement fraud, if (1) at the time of assignment, the Assignor was the passive subject of lawsuit liabilities capable
of causing insolvency; or (2) a lawsuit liability founded in real law affected the Credit Rights; and 
 (c) tax foreclosure fraud, if the Assignor, at
the time of the Credit Rights assignment, being a taxable person in debt to the tax authorities, due to a tax credit regularly registered as active debt, had no assets to pay the total tax debt. 

6.7.9. Possible Encumbrance on Credit Rights. The assignment of Credit Rights can be affected by the existence of encumbrances on Assigned Credit
Rights, which have been applied prior to their assignment and without the Fund’s knowledge (that would have happened in the event of the Assignor’s non-compliance with the declaration regarding the
absence of encumbrances or liens on the Assigned Credit Rights, under the Assignment Agreement). The Fund is subject to the risk of Assigned Credit Rights being blocked or redirected to pay other debts of the Assignor or its respective Debtors,
including as a result of requests for judicial recovery, bankruptcy, extrajudicial recovery plans, special schemes or other similar procedures, as applicable. 

  
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 6.7.10. Legal or Regulatory Restrictions – Any legal or regulatory restrictions may
adversely affect the validity and/or the effectiveness of constituting and assigning Credit Rights to the Fund, the behavior of Assigned Credit Rights, and the corresponding cash flows to be generated. 

6.7.11. Fungibility Risk – Intervention, Liquidation, Bankruptcy, or Application of Similar Schemes to the Custodian. In the event of
intervention in the Custodian, the transfer of resources from Assigned Credit Rights could be halted and would remain unenforceable while the intervention lasted. In the event of liquidation, bankruptcy or similar schemes applied to the Custodian,
it is possible that the resources deposited therein are blocked and may only be retrieved via refund request. In both cases, the Fund’s NAV could suffer losses and the Shares profitability could be negatively affected. 

6.7.12. Risk of Intervention, Liquidation, Bankruptcy, or Application of Similar Schemes to Settlement or Depository Banks. In the event of
intervention in Settlement and Depository Banks, the transfer of resources as set forth in Article 12.1 below could be halted and would remain unenforceable while the intervention lasted. In the event of liquidation, bankruptcy or similar
schemes applied to the Settlement and Depository Banks, it is possible that the resources deposited therein are blocked and may only be retrieved via refund request. In both cases, the Fund’s NAV could suffer losses and the Shares
profitability could be negatively affected. 
 6.7.13. Laws and regulations that may be edited to change the Regulation of Electronic Means of
Payment in Brazil and/or the development of different interpretations about them may cause an adverse effect on the Assignor and the Fund – Rules that may change the Regulation of Electronic Means of Payment can be edited, as well as
different interpretations about them can be developed, which can affect the Assignor’s activities in an adverse and relevant way, thus affecting the origination of Eligible Credit Rights, especially considering that BACEN and the Brazilian
government are discussing the Regulation of Electronic Means of Payment. The eventual amendment and/or interpretation of this regulation may restrict the origination of Eligible Credit Rights and change the characteristics of Assigned Credit Rights
already assigned or to be originated, creating obstacles to the attendance of Eligibility Criteria and/or restricting the possibility of assigning them to the Fund, negatively impacting the Fund results and its Shares profitability. 

6.7.14. Assignor and Credit Rights are subject to Brand Cards Regulations. Card Brands Regulations must be approved by BACEN – The Assignor
shall perform its operations in accordance with the regulations set forth by the Card Brand, which establish policies and rules related to Payment Methods operation. In this way, the terms and conditions of Eligible Credit Rights are subject to the
rules set forth by Card Brands. Moreover, in accordance with the Regulation of Electronic Means of Payment, Card Brands’ regulations must be subject to BACEN’s review and approval, which may require changes and adjustments. The approval of
regulations, or any significant changes in regulations, policies and Card Brands’ rules may negatively impact the Fund’s portfolio’s Assigned Credit Rights, and, therefore, the Fund’s results and the Share’s profitability.

 6.7.15. Maintenance of Licenses by Card Brands – The Assignor’s activities, and, consequently, the origination of Eligible Credit
Rights to be assigned to the Fund rely on licenses granted by the Card Brands to the Assignor, as the Accrediting Institution. The termination of such licenses, set forth in the corresponding agreements with Card Brands, may negatively affect the
origination of Eligible Credit Rights, impacting Fund’s Shares profitability. 
 6.7.16. Lack of Administrator’s Accountability for the
Depreciation of Portfolio’s Assets – As a result of the factors set forth in this Chapter, the Administrator shall not be liable for any depreciation of portfolio’s assets, nor for any loss or damage that may be incurred by the
Fund and by the Shareholder(s) that do not derive from the Administrator’s deceit, fraud or bad faith. 

  
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 6.7.17. Limitation Risk of Discount Rates Applied to Credit Rights at the Time of Their
Acquisition by the Fund - The Fund is not a financial institution, and, therefore, does not have the authority to grant loans or finance goods with interest rates greater than those established by Decree No. 22.626, dated April 7,
1933, according to sparse decisions of the Judiciary. If the discount applied by the Fund to the Eligible Credit Rights exceeds the maximum established by Decree No. 22,626 of April 7, 1933, the Fund may be questioned because it is not a
financial institution. If questioned and/or limited by judicial decision, the profitability of Shares could be adversely affected. 
 6.7.18. Risk
of concentration in one Assignor—Credit Rights to be acquired by the Fund shall be provided exclusively by Stone. The acquisition of Credit Rights exclusively originated by Stone can compromise the Fund’s continuity, depending on
Stone’s lack of capacity to originate Eligible Credit Rights or on the reduced supply of Eligible Credit Rights to the Fund. 
 6.7.19. Risk
of Debtors Concentration – The risk of investing in the Fund bears a strong relationship with the concentration (i) of Credit Rights, due by the same Debtor or by groups of Debtors; and (ii) in Financial Assets, issued by the same
entity, and the higher the concentration, the greater the chance of the Fund suffering significant asset losses that negatively affect the Shares profitability. 

6.7.20. Risk of Conditioned Amortization—The primary Fund’s sources of resources for its Shares’ amortization result from the
liquidation of (i) Assigned Credit Rights, or (ii) the Financial Assets comprising the Fund’s portfolio. In this way, if Assigned Credit Rights and Financial Assets default, after the exhaustion of all reasonable means for judicial or
extrajudicial collection of such assets the Fund will not have any other values to perform its Shares amortization and/or redemption in national currency. 

6.7.21. Risk of Shares Depreciation to the Extent of Liquidation of Assets Comprising the Fund’s Portfolio and the Absence of a Secondary Market
for Credit Rights—The Fund is exposed to certain risks inherent to Assigned Credit Rights and Financial Assets comprising its portfolio, and, as the case may be, to the markets in which they are traded, including the existence of
restrictions and/or an eventual impossibility of alienating Fund-Assigned Credit Rights by the Administrator. As a result of the risk identified above, and considering that the Fund shall only proceed to the Shares’ amortization or redemption,
in national currency, to the extent that the Assigned Credit Rights owned by the Fund are properly paid, and that the received funds are deposited in the Fund’s account, the Administrator is unable to determine the time frame required for the
Shares’ amortization or redemption. The amortization value of Senior Shares will continue to be updated until the date of effective payment, always up to the NAV’s limit, and no penalty or fine will be due by the Fund or any other entity,
including the Assignor, the Administrator and the Custodian, if the aforementioned event continues for an indeterminate period, or cannot, for any reason, be performed. Moreover, the Shares’ redemption at the end of the term set forth in the
corresponding Amendment may be done through giving Credit Rights as payment, in compliance with the procedures set forth in these Bylaws. In this scenario, Shareholders may find it difficult to divest the Credit Rights received as payment and/or
collect the amounts owed by Debtors. 
 6.7.22. Risk of Unscheduled Amortization of Senior Shares—In compliance with the procedures set
forth in these Bylaws, Senior Shares may be amortized by the Fund in advance. In this case, Senior Shares holders could suffer losses if, for example, they are unable to reinvest the resources paid by the Fund, resulting from the early amortization
of its Shares, under the same terms and conditions of the corresponding Shares. Moreover, the event identified above may affect the management of the Fund cash flow, and, consequently, the payments to Shares holders. 

  
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 6.7.23. Risk of Subordinate Shares Reduction – the Fund will have a minimum permissible
ratio of its NAV to the value of Subordinate Shares of 9.75% (nine and seventy five hundredths percent). For several reasons, such as the Debtors default and problems in transferring resources to the Fund, the Subordinate Shares may have their value
decreased. If the Subordinate Shares’ value is reduced to zero, the Senior Shares will bear any Fund losses, which may cause a loss of equity to its holders. 

6.7.24. Risk Related to the Issuance of New Series of Senior Shares – Subject to the procedures defined herein, new series, up to the amount
equivalent to the Fund’s Authorized Shareholders’ Equity, may be issued at the request of the holders of the Subordinated Shares, pursuant to Article 14.1.1 of this Regulation. In the event of issuance of new series of Senior Shares,
holders of series of Senior Shares that have already been issued by the Fund may have their political rights diluted, with the risk of modifying the power status quo then existing among the Fund’s Shareholders. In addition, the new series of
Senior Shares may have terms and conditions different from the series of Senior Shares already issued by the Fund, including the amortization and redemption periods distinct from the series of Senior Shares already issued by the Fund. 

6.7.25. Risk of Regulation Amendment – As a result of legal or regulatory standards, or of rules determined by CVM, these Bylaws can be
changed independently of the holding of a General Meeting, pursuant to Article 16.2 below. Such changes may affect the operation of the Fund and cause equity losses to Shareholders. 

6.7.26. Risk from the Use of Derivatives – The Fund may invest in the derivatives market, exclusively for the purpose of protecting cash
positions, up to their limit. Even for the Fund, which uses derivatives exclusively for protection of cash positions, there is a risk that the position does not represent a hedge that is perfect, or enough to avoid Fund losses. 

6.7.27. Risk of Changes in Settlement Form Via CIP—CIP may change its settlement structure for Credit Rights. As a result of such
alteration, it may be necessary for the Assignor to make adjustments to its current financial settlement structure, which may generate impacts on the form and flow of settlement of Credit Rights In particular, it is possible that the alteration of
the settlement structure of the Credit Rights will cause payments from the Issuers in regards to the Assigned Credit Rights to be transferred to third parties instead of being transferred to the Assignor Centralized Accounts, in accordance with
Article 12.1 below, thus characterizing an Evaluation Event (as provided for in Chapter Twenty of this Regulation). This situation may cause difficulties in receiving Assigned Credit Rights by the Fund and consequent equity losses to the
Shareholders. 
 CHAPTER SEVEN – ADMINISTRATOR AND FUND SERVICE PROVIDER REMUNERATION 

7.1. Fund Administration. The Fund shall be administered by Oliveira Trust Distribuidora de Títulos e Valores Mobiliários
S.A., a corporation duly authorized by CVM to manage investment funds and securities portfolios by means of the Declaratory Act No. 6.696 dated February 21, 2002, registered under CNPJ/MF
No. 36.113.876/0001-91, in the city and State of Rio de Janeiro, at Avenida das Américas, no 3.434, Bloco 07, sala 201, Centro Empresarial Mario Henrique Simonsen, CEP 22640-102, Barra da Tijuca. 
 7.2. Administrator’s Powers. The Administrator, subject to the
limitations laid down in these Bylaws and in other legal and regulatory provisions in force, has broad and general powers to perform all acts necessary for the administration of the Fund and to exercise the rights concerning the Assigned Credit
Rights and the Securities that comprise the Fund’s portfolio. 

  
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 7.2.1. Administrator’s Tasks. The Administrator’s tasks are those set out in Article
34, subparagraphs I to X of CVM Law No. 356/01 and its subsequent amendments, and the legal restriction are those set out in Articles 35 and 36 of CVM Instruction 356/01, including obtaining and granting loans or financing to any person,
including, but not limited to, Accredited Outlets, without prejudice of the applicable law and corresponding regulations. 
 7.2.2. Restrictions
Applicable to the Administrator, the Investment Management Company and the Custodian. The Administrator, the Investment Management Company, the Custodian or related parties, as defined by accounting rules concerning that matter, cannot directly
or indirectly assign or originate Credit Rights to the Fund. 
 7.2.3. Verification of Compliance with the Obligations by Service Providers.
The Administrator has rules and procedures, as set forth in the corresponding service agreements entered into with third parties hired to provide services to the Fund, allowing it to verify compliance with the obligations undertaken by the hired
service providers, which will be published and kept up to date on the Administrator’s website (www.oliveiratrust.com.br), along with the other information discussed in Article 53-A of CVM Law
No. 356/01. 
 7.3. Administration Fee. The Administrator shall charge, for its administration and
non-discretionary management services of the Fund’s portfolio a management fee corresponding to 0.07% (seven hundredths of a percent) of the NAV per annum, up to the limit of BRL 200,000,000.00 (two
hundred million Brazilian reais), plus (i) 0.05% (five hundredths of a percent) per annum of the NAV exceeding BRL 200,000,000.00 (two hundred million Brazilian reais) up to the limit of BRL 500,000,000.00 (five hundred million Brazilian
reais); and (ii) 0.04% (four hundredths of a percent) per annum of the NAV exceeding BRL 500,000,000.00 (five hundred million Brazilian reais), of the NAV, payable monthly at a rate of 1/12
(one-twelfth), calculated on the NAV on the last Business Day of the month that relates to the provision of such services. The Administration Fee provisioned for in this Article shall have the amount floor of
BRL 25,000.00 (twenty-five thousand Brazilian reais) per month (“Administration Fee”). 
 7.3.1. The amount of the Administration Fee
shall be divided between the Administrator and the Investment Management Company in the ratio of 50% (fifty percent) for each, and the Investment Management Company remuneration shall be paid directly by the Fund pursuant to article 7.6 below. 

7.3.2. In the addition to the provisions of Articles 7.3 and 7.3.1, will be added to the Administration Fee and due to the Assets Manager and to the
Custodian, in the amount of 50% (fifty percent) to each, an amount equal to 0.08% (eight hundredths of a percent) per annum of NAV up to BRL 200,000,000.00 (two hundred million Brazilian reais), plus (i) 0.07% (seven thousandths of a percent)
per annum of NAV exceeding BRL 200,000,000.00 (two hundred million Brazilian reais) up to the limit of BRL 500,000,000.00 (five hundred million Brazilian reais); and (ii) 0.06% (six hundredths of a percent) per annum of NAV exceeding BRL
500,000,000.00 (five hundred million Brazilian reais) of the NAV, payable monthly at a rate of 1/12 (one-twelfth), calculated on the NAV on the last Business Day of each month, in regard to the provision of
services. The amount provided for in this Article will have the amount floor of BRL 30,000.00 (thirty thousand Brazilian reais) per month, payable on the same date and in the form provided for on Articles 7.4 and 7.5 below. 

7.3.3. For the participation and implementation of the decisions made in formal assembly or General Meeting, an additional remuneration shall be payable
to the Administrator, in the amount of BRL 600.00 (six hundred Brazilian reais) per man-hour of work dedicated to such activities, paid 5 (five) days after proof of delivery, by the administrator, of an
“hours report” sent to Shareholders. 

  
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 7.3.4. It will be added to the remuneration of the Custodian (i) the amount of BRL 1,750.00 (one
thousand seven hundred and fifty Brazilian reais) per month for the Fund’s Bookkeeping services and (ii) BRL 5,000.00 (five thousand Brazilian reais) per month in regard to the confirmation of the Credit Rights transferred to the members
of the Fund’s portfolio. In both cases, the amounts will be paid on the same set dates in Articles 7.4 and 7.5 below. 
 7.3.5. the amounts
expressed in Brazilian reais set forth in Articles 7.3.2 and 7.3.4 above shall be updated every 12 (twelve) months, starting on the day which the Fund starts its activities, or in the shortest periodicity allowed by Law, by IGP-M, or by any index that comes to replace it. 
 7.3.6. Imposing taxes (ISS, PIS, COFINS CSLL and IRRF, and
others that are eventually imposed) will be added monthly to the remuneration described above, according to the tax brackets in effect on respective dates of payment. 

7.4. Payment of the Administration Fee. The compensation referred to in Article 7.3 above shall be paid by the Fund on a monthly basis, starting
on the 2th (second) Business Day of the month following the first payment of quotas and the remaining shall be paid on the 2nd (second)
Business Day, following the provision of services, being prohibited any sharing of profits earned by the Fund, including, without limitation, by means of the collection of any performance fee. The amount in Brazilian reais set forth in Article 7.3
above will be updated at every 12 (twelve)-month period as of the starting date of the Fund activities or at the lowest frequency permitted by law, by the IGPM or, in its absence, by the index replacing it. 

7.5. Payment of the Installment of the Administration Fee to the Fund’s Service Providers. The Administrator may establish that installments
of the Administration Fee is paid directly by the Fund to the hired service providers, provided that the sum of these installments does not exceed the total amount of the Administration Fee. 

7.6. Transfer of Administration Fee Installment. The amount equivalent to 50% (fifty percent) of the Administration Fee installment to be
transferred directly to the Administrator (i.e. after deducting any payments due to other service providers of the Fund as set forth in Articles 7.3.1 and 7.5) shall be paid directly by the Fund to the Investment Management Company, on the same
dates set forth in this Chapter for payment of the Administration Fee, without any additional costs to the Fund, noting that the Administration Fee owed to the Administrator, for services described in Articles 8.1 and 8.1.1 below, shall be deducted
from said amount. 
 7.7. No Additional Fees. The Administrator shall not charge any entering, performance or withdrawal fees. 

CHAPTER EIGHT – OUTSOURCING 
 8.1. Fund
Management. The services related to the management of the Fund’s portfolio shall be performed by the Investment Management Company, hired pursuant to item II of Article 39 of CVM Law No. 356/01. 

8.1.1. In addition to managing the Financial Assets, the Investment Management Company shall provide to the Administrator ancillary services to the
administration of the Fund, including, but not limited to (i) control and collection of the documentation necessary for the administration of the Fund, including the preparation of management reports deliverable to CVM which are the
Administrator’s responsibility; and (ii) developing and updating the website where all information concerning the Fund will be made available to Shareholders. 

  
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 8.2. Fund Custody. The services related to the qualified custody of Fund Credit Rights and
other Financial Assets shall be performed by the Custodian. 
 8.2.1. Custody Services. The services related to qualified custody, bookkeeping
of Fund Shares, as indicated in Article 8.2 above, shall be provided by the Custodian pursuant to these Bylaws and to the applicable legislation and regulation. 

8.2.2. Controllership Services. Controllership services for the Fund assets shall be provided by the Assets Manager. 

8.3. The Custodian’s Duties. Without prejudice to other duties and obligations defined in CVM Law No. 356/01, the Custodian, directly
or through its representatives, shall be responsible for the following activities: 
 (i) validate the Credit Rights in relation to the Eligibility Criteria
established in these Bylaws; 
 (ii) receive and verify, by statistical sampling, documentation showing the Eligible Credit Rights financial support
originating in payments due by the Debtors to the Assignor, arising from Payment Transactions performed by End Users, represented by financial, commercial and operations services; 

(iii) carry out, directly or indirectly, through a clearing and settlement chamber duly authorized by BACEN, the physical and financial settlement of Eligible
Credit Rights, evidenced by the corresponding Electronic Assignment and Supporting Documents related to the transactions, as well as by Additional Documentation, when necessary; 

(iv) carry out, directly or indirectly, the custody, ordinary collection and guardianship of documentation relating to Assigned Credit Rights and Financial
Assets comprising the Fund’s portfolio; 
 (v) arrange, at its own expense, the guardianship, up to date and in perfect order, of the Supporting
Documents related to Assigned Credit Rights, with pre-established methodology and free access to independent auditors hired by the Fund and regulatory agencies, operationalizing and implementing all procedures
and routines defined set forth these Bylaws that are its responsibility; and 
 (vi) collect and receive, paid by and on behalf of the Shareholder(s),
payments, redemption of securities or any other income related to securities under custody, depositing the received amounts directly in the Fund’s Authorized Account and/or escrow account. 

8.4. Guardianship of Supporting Documents. The Custodian will maintain under its direct guardianship the copies of Supporting Documents relating
to Assigned Credit Rights, under the terms and for the purposes of articles 627 et seq. of the Civil Code of Brazil, being responsible for the guardianship on behalf of the Fund during the period of duration of the Fund. The Custodian may also, as
deemed necessary for the exercise of its activities and/or as required by applicable law and/or regulations in force, make physical and/or electronic copies of aforementioned Supporting Documents, and, in this case, the Custodian will act also as a
depository agent for the guardianship of the totality of copies of Supporting Documents it has generated, in accordance with the legislation and regulations in force and in compliance with other provisions of these

  
 36 

 
Bylaws. In cases where the Assigned Credit Rights are object of judicial collection action and, consequently, are covered by Supporting Documents that must remain in the court records of the
judicial recovery proceedings, the Custodian shall not keep such Supporting Documents, pursuant to the regulations in force. Additional Documentation related to Assigned Credit Rights will be kept by the Assignor, which will make them available to
the Custodian and/or the Administrator whenever requested by them, under the terms of the Assignment Agreement. 
 8.4.1. Control Procedures
Adopted by the Custodian in Respect to the Custody of Supporting Documents. The Custodian has written and verifiable rules and procedures, that will allow the effective control of the guardianship, conservation and handling of the Supporting
Documents under its guardianship, as well as ensure compliance with its obligations under of these Bylaws. Such rules and procedures will remain available for consultation and updated on the Administrator’s website
(www.oliveiratrust.com.br), along with other information set forth in Article 53-A of CVM Law No. 356/01. 

8.4.2. Maintenance of the Custodian’s Responsibility for the Supporting Documents Guardianship. Pursuant to Article 38 of CVM Law
No. 356/01, the appointment of any third party responsible for the guardianship of Eligible Credit Rights assigned to the Fund does not exclude the Custodian’s responsibility. The Custodian shall pay for the costs of hiring any third
parties specialized in storing and keeping the Supporting Documents, and this cost is included in the compensation payable to the Custodian. 
 8.5.
Receipt of Resources Deriving from the Efforts Made by the Custodian. The collections relating to Assigned Credit Rights and/or Defaulted Assigned Credit Rights resulting from the Custodian’s efforts shall be received directly in the
Fund’s Authorized Account through the Transfer of Immediately Available Resources—TED. 
 8.6. Verification of Supporting Documents by
the Custodian. Due to the significant number of Payment Transactions and significant volume of Credit Rights to be assigned, the verification of Supporting Documents will be shall be carried out by the Custodian, or by a hired third party,
through periodic audit held at least on a quarterly basis (or in shorter basis, depending on the request of Senior Shareholders gathered in a General Meeting), by sampling and in accordance with the criteria and parameters set forth in Annex
IV of these Bylaws, and, if a third party is hired to verify the Supporting Documents, the Custodian shall remain responsible for ensuring compliance with the obligations undertaken by the hired party, through procedures provided for in the
corresponding service agreement, observing the provisions set forth in paragraphs 3rd and 6th of Article 38 of CVM Law No. 356/01. Any
irregularities identified in such audit shall be reported by the Custodian to the Administrator and to the Investment Management Company, which shall take the appropriate actions. 

8.6.1. Notwithstanding the provisions set out in Article 8.6 above, the Custodian, or a hired third party, shall review all Defaulted Assigned Credit
Rights and /or replaced (if applicable) in the corresponding quarter, pursuant to Article 38, paragraph 13, II, of CVM Law No. 356/01. 
 8.6.2.
Without prejudice to his responsibility, and subject to the veto of Subordinate Shareholders under the terms of Article 15.4, item “(viii)”, the Custodian may hire a third party to perform the financial support verification for Assigned
Credit Rights, provided that such third party is not the originator of the Assigned Credit Rights, the Assignor, the Investment Management Company or any expert consultant hired by the Administrator to act within the scope of the Fund, and its
respective related parties, as defined by the accounting rules concerning this matter and under the terms of Article 5.2.3 and Chapter Fifteen of these Bylaws. Any irregularities identified in this audit will be reported to the Administrator, the
Investment Management Company, the independent auditor, and the Shareholders. 

  
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 8.6.3. The Custodian shall pay for the costs of hiring any third parties for the purpose of verifying
the Supporting Documents, and this cost is included in the compensation payable to the Custodian, as set forth in the Custody Agreement. 
 8.7.
Absence of Conflict of Interest Involving the Administrator. The Administrator declares that he is not in a conflict of interest with the Investment Management Company and the Custodian in the exercise of their tasks, as well as expresses its
independence in the activities described in these Bylaws and in any assignment of Credit Rights to the Fund, since the Fund may include credits owned by the Administrator or its controlled and affiliated companies and subsidiaries. 

8.8. The Custodian Replacement: The Custodian may be replaced upon written notification by the Administrator to the Custodian about the
occurrence of any of the following events: 
 (i) discussion at the General Meeting, under these Bylaws; 

(ii) breach of any of the obligations undertaken by the Custodian under these Bylaws; 

(iii) establishment of any administrative and/or judicial proceedings in face of the Custodian that, at the free discretion of the Shareholders, regardless of
their scope, might justify the Custodian’s replacement; 
 (iv) de-accreditation, insolvency, intervention,
liquidation or bankruptcy of the Custodian, as well as any other similar procedures; or 
 (v) resignation of the Custodian, upon written notice of at least
45 (forty-five) days to the Administrator. 
 8.9. In the event of occurrence of any of the events listed in Article 8.8 above, the Custodian shall
make all Fund information and documents under its custody available to the new Custodian, according to instruction of the Administrator. 
 8.10. When
it fits, the same rules and obligations concerning the replacement provided for in Articles 8.8 and 8.9 above will apply to the Assets Manager. 

CHAPTER NINE – ADMINISTRATOR AND INVESTMENT MANAGEMENT COMPANY REPLACEMENT AND RESIGNATION 

9.1. Administrator’s Resignation. Upon notice published on the Fund Administrator’s website used for disclosing Fund information, or
published on the Monitor Mercantil newsletter, or by electronic means or letter with confirmation of delivery addressed to the Shareholder(s), the Administrator may resign from the Fund administration, provided that it convenes, in the same
act, a Shareholders’ General Meeting to decide its replacement or early settlement, pursuant to the legislation in force and the provisions set forth in Chapter Sixteen, below. 

9.2. Permanence in the exercise of its duties in the event of the Administrator’s resignation. In case of resignation, the Administrator
shall remain in office until its effective replacement, which shall occur within 45 (forty-five) days from the date in which the Shareholders’ General Meeting is held, subject to, after such period, the right of the Administrator to request CVM
to appoint a temporary administrator. 

  
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 9.3. Responsibility in case of the Administrator’s Replacement. In the cases of the
Administrator’s Replacement and early settlement of the Fund, as the case allows, the existing rules concerning the civil or criminal liability of administrators, directors and managers of financial institutions shall apply, notwithstanding the
rules governing the Administrator’s civil liability. 
 9.4. Administrator’s Replacement. The Administrator can be replaced, at the
sole discretion of the Fund Shareholders, if any of the following events occur, subject to the requirements set forth in Article 15.4 (iii) below: 
 (i)
discussion at the General Meeting, under these Bylaws; 
 (ii) breach of any of the obligations undertaken by the Administrator under these Bylaws and/or the
Assignment Agreement. 
 (iii) establishment of any administrative and/or judicial proceedings in face of the Administrator that, at the free discretion of
the Shareholders, regardless of their scope, might justify the Administrator’s replacement; or 
 (iv)
de-accreditation, insolvency, intervention, liquidation or bankruptcy of the Administrator, as well as any other similar procedures. 

9.5. When it fits, the same rules and obligations concerning the replacement and resignation provided for in this Chapter Nine will apply to the
Investment Management Company. 
 CHAPTER TEN – ORIGINATING CREDIT RIGHTS PROCESS AND CREDIT GRANTING POLICY 

10.1. The origination of Eligible Credit Rights arises from Payment Transactions performed by End Users through the Stone System for the acquisition of
goods, products and services offered on the network of Accredited Outlets using Payment Instruments, giving rise to Debtors’ payment obligations in face of the Assignor, in compliance with the relations and operations described below: 

(i) the Card Brands are institutions responsible for establishing a set of rules and procedures that regulates the provision of certain payment services to the
public, called the Payment Method, holders of property rights and/or franchisers of their brands and logos that identify the Payment Instruments, and are also responsible for regulating and supervising the issuance of Payment Instruments, the use of
operational and security standards, in accordance with applicable regulations; 
 (ii) within the scope of Payment Methods, established by the Card Brands,
Issuers are financial and/or payment institutions duly authorized to issue electronic currency and/or Payment Instruments (including Cards) valid in Brazil, in accordance with CMN and BACEN applicable legislation; 

(iii) accreditation entities enable commercial outlets or self-employed professionals, through providing devices and systems, the acceptance of Payment
Instruments issued by Issuers, within the scope of Payment Methods established by the Card Brands, as a means of payment; 
 (iv) once the Payment
Instruments have been used and the corresponding transaction has been authorized, a credit is generated to the commercial outlets or self-employed professionals against the accreditation entities, which, on the other hand, own a credit against the
Issuers; 

  
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 (v) Stone is the Accrediting Institution, which, through the acceptance of the Accreditation Agreement by
commercial outlets or self-employed professionals, enables commercial outlets or self-employed professionals to receive Payment Instruments, issued by the Issuers (including Debtors), within the scope of Payment Methods established by the Card
Brands, as a means of payment; 
 (vi) in the normal course of their business, Accredited Outlets engage in several operations selling goods, products and/or
services to End Users, who may use Payment Instruments under any Card Brand and Issuer, within the Stone System, thus generating Payment Transactions; 

(vii) as a result of Payment Transactions carried out between Accredited Outlets and End Users, Stone from time to time, holds Credit Rights in face of the
Issuers (including Debtors); 
 (viii) in this way, Stone may, at its sole discretion, offer and assign to the Fund Credit Rights that are in accordance with
the Eligibility Criteria, as set forth in these Bylaws and the in the Assignment Agreement, in order to advance receivables owned by the Assignor against the Issuers (including Debtors). 

10.2. The acquisition of Credit Rights by the Fund will be held based upon the rules, conditions and procedures set forth in the Assignment Agreement,
as well as in accordance with the Eligibility Criteria. 
 CHAPTER ELEVEN – ELIGIBLE CREDIT RIGHTS ASSIGNMENT, PAYMENT, AND SETTLEMENT 

11.1 Assignment of Eligible Credit Rights. As a general rule, each assignment of Eligible Credit Rights to the Fund will be considered formalized
and regular after the cumulative verification of the events described in Article 11.1.1 and subsections below, without prejudice to any other specific procedures provided for in the Assignment Agreement and to proof of payment of the Purchase Price.

 11.1.1 The electronic file filled out according to the template annexed to the Assignment Agreement (“Delivery File”), displaying
the Credit Rights offered to the Fund on a given Business Day (each, a “Bidding Date”), separated in batches and classified by Issuer, Card Brand, amount and due date (each, a “Batch”), which will only contemplate
individualized Eligible Credit Rights should be sent, in the form agreed in the Assignment Agreement, by the Assignor to the Custodian (alongside the delivery, in the form agreed with the Custodian, of the applicable Additional Credit Rights File),
for approval by the Custodian and acquisition by the Fund, noting the following timetable limits and procedures, which should be performed in sequential order (“Processing of the Bid”): 

(i) (a) up to 12:30 (12 hours and 30 minutes) p.m on the Bidding Date, if the settlement should occur on the Bidding Date, if the settlement should
occur in the First Liquidation Window (as defined below); or (b) until 4:00 (four) p.m on the Bidding Date, if settlement should occur in the Second Liquidation Window (as defined below), the Assignor may forward to the Custodian up to 3
(three) Delivery Files (alongside the delivery of the applicable Additional Credit Rights File), listing the totality of Credit Rights offered for settlement on the Bidding Date; 

(ii) in up to 20 (twenty) minutes from the receipt of each of the Delivery Files, to allow the settlement to occur in either of the Liquidation Windows,
the Custodian shall: (1) check the Eligibility Criteria for the Credit Rights included in the Delivery File(s) forwarded by the Assignor on the corresponding date; (2) identify the Credit Rights offered to Fund that meet the Eligibility
Criteria and are in accordance with the Fund’s purchase financial availabilities on such date; and (3) forward to the Assignor, as agreed in the Assignment Agreement, as the case may be: (a) if applicable, the electronic file that
identifies the Eligible 

  
 40 

 
Credit Rights selected for purchase by the Fund and the Credit Rights rejected by Custodian, as well as the reason of rejection, if applicable, populated along the lines of the template annex to
the Assignment Agreement, which will separate in Batches the Eligible Credit Rights selected for purchase by the Fund (“Return File”); or (b) the Assignment Term, already filled out according to the template set forth in an
annex to the Assignment Agreement (which will separate the Eligible Credit Rights selected for purchase by the Fund in Batches), via electronic mail that has as the sender any of the Custodian’s authorized emails, in both cases leaving
expressed those Credit Rights that have met the Eligibility Criteria and which are in accordance with the Fund’s financial purchase availabilities and that, therefore, may be purchased by the Fund 

(iii) in up to 20 (twenty) minutes from the receipt of the Assignment Terms or the Return Files, as applicable, pursuant to item (ii) above,
regardless of which Liquidation Window the settlement should occur, the Assignor shall verify whether or not it is in accordance with the terms and conditions of each Assignment Term and/or Return File (as applicable) forwarded by the Custodian,
being that: 
 (iii. 1) if it is in accordance with all terms and conditions of each Assignment Term and/or Return File (as applicable), the Assignor
shall send its acceptance to the Custodian with a copy to the Administrator, via electronic mail that has as the sender any of the Assignor’s Authorized Emails, as follows: “Stone Pagamentos S.A., registered under CNPJ/MF
No. 16.501.555/0001-57, through this act, affirms for all purposes of fact and law that it agrees to the terms and conditions of the attached Assignment Term [and in the Return File(s) named
[•]], forwarded by Oliveira Trust Distribuidora de Títulos e Valores Mobiliários S.A., and is in accordance with the assignment to the Fund of its Investment in Credit Rights – Bancos Emissores de Cartão de
Crédito – Stone II of the totality of Credit Rights identified therein, under the terms of the Credit Rights Assignment and Purchase Promissory Agreement and Other Covenants for the Credit Rights Investment Fund – Bancos
Emissores de Cartão de Crédito – Stone II, by the total purchase price of BRL [•] ([•] Brazilian reais).”; 

(iii. 2) if it is not in accordance with all terms and conditions of each Assignment Term and/or Return file (s), the Assignor may, at its sole
discretion: (a) totally reject, without any penalty, the offer of Credit Rights listed in the corresponding Assignment Term and/or Return File (as applicable), in which case the Assignor shall send its refusal to the Custodian with a
copy to the Administrator, via electronic mail that has as the sender any of the Assignor’s Authorized Emails, as follows: “Stone Pagamentos S.A., registered under CNPJ/MF
No. 16.501.555/0001-57, through this act, affirms for all purposes of fact and law that it refuses and rejects the Credit Rights offer listed in the attached Assignment Term [and in the
Return File(s) named •]], forwarded by Oliveira Trust Distribuidora de Títulos e Valores Mobiliários S.A., and, thus, does not conclude the assignment of Credit Rights indicated therein.”; or
(b) change the original offer accomplished by means of the Delivery File, exclusively through the exclusion of one or more Batches listed in the corresponding Assignment Term and/or Return File (as applicable). In this case, the
Assignor shall indicate the rejected Batches contained in the corresponding Assignment Term and/or Return File received (as applicable), as the case may be, and forward these documents to the Custodian with a copy to the Administrator, in any case
sending, at the same time, the updated Additional Credit Rights File, listing only the Eligible Credit Rights rejected by the Assignor, by email, as follows: “Stone Pagamentos S.A., registered under CNPJ/MF No. 16.501.555/0001-57 (“Stone”), through this act, affirms for all purposes of fact and law that it agrees to the terms and conditions of the attached Assignment Term [and in the Return File(s) named
[•]], forwarded by Stone, and is in accordance with the assignment to the Fund of its Investment in Credit Rights – Bancos Emissores de Cartão de Crédito – Stone II of the Credit Rights identified therein,
observed the respective Batch deletions already reflected in the corresponding Assignment Term [and updated Return File],under the terms of the Credit Rights Assignment and Purchase Promissory Agreement and Other Covenants for the Credit Rights
Investment Fund – Bancos Emissores de Cartão de Crédito – Stone II, by the total purchase price of BRL [•] ([•])”. 

  
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 (iv) in up to 20 (twenty) minutes from the total or partial acceptance by the Assignor, pursuant to
items “(iii. 1)” or “(iii. 2 b)” above, if the Fund conforms to each Assignment Term, and/or Return File, as applicable (with any Batch rejections pursuant to item “(iii .2 b)” above), the Fund, represented by the
Administrator, should send its acceptance to Assignor, with copy to the Custodian, as well as authorize the Custodian to carry out the purchase of the Eligible Credit Rights listed in the corresponding Assignment Term and/or Return File (as
applicable), upon payment of the Purchase Price under the Assignment Agreement, via electronic mail or File Exchange System (as defined in the contract of Assignment) that has as the sender any of the Fund’s Authorized Emails, sent in the same
chain of emails in which was sent the aforementioned total or partial acceptance by the Assignor, and the Administrator’s email must have the following: “The Credit Rights Investment Fund – Bancos Emissores de Cartão de
Crédito – Stone II, hereby represented by Oliveira Trust Distribuidora de Títulos e Valores Mobiliários S.A., registered under CNPJ/MF No. 36.113.876/0001-91,
confirms for all purposes of fact and law that it agrees to the acquisition of Credit Rights, pursuant to the terms indicated by Stone Payments S.A. by the Purchase Price of BRL [•], according to the email below. Oliveira Trust
Distribuidora de Títulos e Valores Mobiliários S.A., authorizes the payment of the Purchase Price indicated herein.” 
 11.1.2
Exclusively upon completion of the processing of the offer (with the consequent conclusion of Electronic Assignment(s) within the respective Liquidation Window, according to the procedures above), the Custodian shall carry out the payment of the
Purchase Price agreed with the Assignor, by depositing this amount, on behalf of the Fund, through the Transfer of Immediately Available Resources (TED), or by another form of funds transfer authorized by the Central Bank of Brazil, on the Full
Operation Account, completing the ownership transfer of Eligible Credit Rights, and the payment will occur within 2 (two) liquidation windows, being (i) the first before 14:00 (fourteen) p.m. (“First Liquidation Window”),
concerning Electronic Assignments carried out up to 13:30 (thirteen and thirty minutes) p.m.; and (ii) the second, till 17:30 (seventeen and thirty minutes) p.m., concerning Electronic Assignments carried out up to 17:00 (seventeen) p.m.
(“Second Liquidation Window” and, when alongside the First Liquidation Window, “Liquidation Windows”). 
 11.1.2.1
In the case the transfer of Eligible Credit Rights is used for the pay-up of Fund Subordinate Shares (under these Bylaws), as reported by the Assignor to the Fund: (a) the payment form provided for
in Article 11.1.2 above shall not apply; and (b) the payment of the Purchase Price will be done through delivering to the Assignor Subordinate Shares with the closing unit value of the Business Day preceding the pay-up. In this case, to implement and formalize the assignment, the procedures set forth in Article 11.1.1 above shall apply, always respecting the time limits for the Second Liquidation Window set forth in its sub-items, as applicable. 
 11.1.3 The forwarding of the Delivery File pursuant to Article 11.1.1 above will
feature irrevocable and irretrievable assignment bidding of the Credit Rights listed in the corresponding Delivery File by the Assignor, without prejudice to the possibility that the Assignor will reject certain Batches upon receipt of the Return
File or the Assignment Term in accordance with Article 11.1.1, item “(iii. 2)” above. 
 11.1.4 If the Processing of the Bid is not
completed within the time limit of the intended Liquidation Window, and/or the Custodian does not pay of the Purchase Price of the Eligible Credit Rights offered by the Assignor within the intended Liquidation Window, as applicable:
(a) Return File(s) forwarded by the Assignor shall be considered canceled, and the bidding of the corresponding Eligible Credit Rights will be automatically revoked; or (b) the Electronic Assignment will be considered as
canceled for all purposes of fact and law, without the need for the adoption of any additional procedures by the Assignor and/or the Fund, as the case may be. 

  
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 11.2 Payment of Eligible Credit Rights. the Assigned Credit Rights shall be paid to the Fund
in compliance with the Centralized Account Agreement and Assignment Agreement as follows (and exemplified in the flow chart in Annex VI) as follows: 

(i) the deposit of the amounts for payment of the Credit Rights, in accordance with the clearing and settlement procedures described in Article 12.1
below, shall be made in the Assignor’s Centralized Account, and such deposit shall comprise Credit Rights owned by the Assignor, Credit Rights owned by other assignees that had acquired Credit Rights from the Assignor, if applicable, and
Assigned Credit Rights, that is, owned by the Fund; 
 (ii) the Transfer Order will contain the total amount that should be transferred to the
Fund’s Authorized Account, according to the amounts and maturity dates of the Assigned Credit Rights, under the conditions set forth in the corresponding Centralized Accounts Agreements, including any values that are owed by the Assignor on
account of Assignment Settlement; 
 (iii) the corresponding Depository Bank will transfer the exact amount indicated in the Transfer Order to the
Fund’s Authorized Account, if in compliance with the requirements set forth in the corresponding Centralized Accounts Agreement, thus formalizing the payment of the Assigned Credit Rights maturing on the deposit date, and, if applicable, of the
relevant Assignment Settlement Price (as defined in the Assignment Agreement); and 
 (iv) the Custodian will perform the reconciliation of these
deposits, in order to verify the settlement of all Assigned Credit Rights due on the corresponding deposit date, based upon the Supporting Documents and Additional Documentation. 

11.2.1. If, for any reason, the Custodian has difficulties in reconciling the Assigned Credit Rights, or in identifying individual Assigned Credit
Rights owned by each third-party assignees that had acquired Credit Rights from the Assignor and their binding with each payment conducted by the corresponding Fund Debtors, the Assignor shall make its best efforts to assist the Custodian in the
reconciliation, identification, and/or linking with Debtors payments, and, of course, it will be the responsibility of the Custodian the final assessment that the related reconciliation, identification, and/or linking with Debtors payments was duly
completed. 
 11.3 Electronic Assignment. The Electronic Assignment will be carried out through the acceptance by the Administrator referred to
in item “(iv)” of Article 11.1.1 above, and the Assignment Terms and/or Return files (observed any rejections of certain Batches in accordance with Article 11.1.1, item “(iii. 2 b)” above) assigned on a given Business Day will be
incorporated into the Assignment Agreement for all intents and purposes after their corresponding Electronic Assignment. 
 11.4 Consolidated
Assignment Term. Every 15 (fifteen) days, the Fund Authorized Persons and the Assignor Authorized Persons shall enter into a Consolidated Assignment Term substantially produced in the form of an Assignment Agreement, consolidating all Electronic
Assignments carried out on the last 15 (fifteen) days. 
 11.4.1 The Consolidated Assignment Terms will only be registered in the relevant Registry of
Deeds and Documents in the scenarios provided for in the Assignment Agreement. 

  
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 11.5 Assignment Settlement. In the event of (a) absence of the corresponding
Supporting Documents or Additional Documentation due to poor formalization or defect, in the form of Article 295 of the Civil Code of Brazil, including the chance of Chargeback for one or more Assigned Credit Rights; 

(b) the Custodian verifying, after the acquisition of Credit Rights by the Fund, that one or more Assigned Credit Rights did not meet the Eligibility
Criteria prior to their purchase by the Fund; (c) the acquisition, by the Fund, of a Credit Right that may be claimed by a third party demonstrably holding a lien, encumbrance or charge on such Credit Right prior to its
acquisition by the Fund; or (d) the acquisition, by the Fund, of Credit Rights in discordance with the Assignment Conditions, or as a result of misrepresentation or incorrect affirmation made by the Assignor, there will be a settlement
of the corresponding assignment of the Assignment Agreement subject to any of the assumptions described above, as the case may be, and the Assignor must undertake the payment of the Assignment Settlement Price (as defined in the Assignment
Agreement) related to the relevant Assigned Credit Right, provided that the above scenarios have been verified prior to the payment in full of the corresponding Fund-Assigned Credit Right, according to the terms and conditions set forth in the
Assignment Agreement. 
 11.6 Poor Formalization or Defect after the Payment of an Assigned Credit Right. If established that, due to poor
formalization or defect, there are no Assigned Credit Rights, as provided for in Article 11.5 above, after the date of full payment or settlement of the Credit Right before the Fund: (i) the Assignor will be solely responsible for the payment
of any amounts possibly due to third parties (including the Issuers); (ii) the Assignor shall exempt the Fund of any liabilities that might be incurred as a result of such scenario; and (iii) the Fund will not have any rights against the
Assignor on account of the occurrence of such scenario, including any right to indemnity and/or penalty against the Assignor. 
 CHAPTER TWELVE –
ASSIGNED CREDIT RIGHTS DUNNING PROCEDURES 
 12.1 Ordinary Receipt of Credit Rights. The form of clearing and settlement of Credit Rights
will be held as follows: (i) the Card Brands incorporate the settlement order of the corresponding credit at CIP; (ii) CIP will carry out the debit of the amount indicated by the Card Brands in the reserve account kept by the corresponding
Debtors at CIP, through the SILOC (System for Deferred Settlement of Interbank Transfers of Credit Orders or any other system that may come to replace it) process, crediting the reserve accounts kept by the Settlement Banks at CIP; (iii) the
corresponding Settlement Bank will carry out the transfer of the corresponding amounts credited to its account to the Assignor’s Centralized Account; and (iv) the Depository Banks will perform the clearing and settlement of the Assigned
Credit Rights by means of crediting an account or other equivalent transfer mechanism of the corresponding amount to the Fund’s Authorized Account on the date of the corresponding provision of resources, related to the Assigned Credit Right(s),
pursuant to Article 11.2 above. 
 12.2 Collection of Defaulted Assigned Credit Rights. In the event of
non-payment in full by the corresponding Debtor of the Assigned Credit Rights, the Custodian shall observe the following procedure for administrative collection of Defaulted Assigned Credit Rights: 

(i) except in the event of intervention, settlement, bankruptcy, or other similar events of any Debtors, when the Custodian should immediately take the
measures set forth in item (ii) below, up to 1 (one) Business Day after the maturity date of the Assigned Credit Rights, there will be no efforts for administrative and/or judicial collection of the Defaulted Assigned Credit Rights by the
Custodian; and 

  
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 (ii) from the 2nd (second) Business Day (included)
after the corresponding maturity date of the Defaulted Assigned Credit Right, the Custodian shall take all measures it deems necessary and appropriate to the collection of amounts due and not paid by the corresponding Debtor, including, but not
limited to, where appropriate, the presentation of a request/petition to the court administrator/intervenor and/or similar entity to ensure that the amounts required for the payment of Defaulted Assigned Credit Rights are properly transferred to the
Fund. 
 12.2.1 Additional Contribution to the Collection of Defaulted Assigned Credit Rights. All costs and expenses incurred by the Fund to
safeguard its rights and privileges and/or with judicial collection of Defaulted Assigned Credit Rights, beyond the initial total amount contributed by the Shareholders to the Fund under the pay-up of Shares
and the Liquidity Reserve resources, shall be the sole responsibility of the Fund or of the Shareholder(s), in this latter case through a new contribution of resources to the Fund (through the subscription of new Shares) by the Shareholder(s), in
proportion to the Shareholder(s)’ participation in the composition of the Fund’s NAV, as approved in the Shareholders’ General Meeting pursuant to Chapter Sixteen below, whereby the Administrator, Investment Management Company,
Custodian, or the Assignors shall not in any way be liable for the advance or payment to the Fund of the amounts necessary for the collection of such Assigned Credit Rights. The Administrator, the Investment Management Company, the Custodian, or the
Assignor shall not be liable for any costs, fees, expenses, charges, attorneys’ fees, expert fees, or any other charges related to the collection procedures. 

12.2.2 Amounts Contributed to the Collection of Defaulted Assigned Credit Rights. All amounts contributed by the Shareholders to the Fund in
accordance with Article 12.2.1 above shall be made in national currency, free and clear of any fees, taxes, contributions and/or charges, present or future, applicable or that may become applicable on those amounts, including the costs related to
taxes or contributions (including financial transactions) applicable on intermediate payments, regardless of the contributing party and the method in which the Fund receives these monies for their full and original amounts, plus the amounts
necessary for the Fund to fully honor its obligations on the corresponding payment dates, without any discount or deduction, being expressly prohibited any form of compensation. 

12.3 Reconciliation of Credit Rights Payments. The Custodian shall perform the reconciliation of payments of Assigned Credit Rights in the
Fund’s Authorized Account, pursuant to the Article 11.2 above. 
 CHAPTER THIRTEEN – CRITERIA FOR ASSESSING THE ELIGIBLE CREDIT RIGHTS AND
FINANCIAL ASSETS COMPRISING THE PORTFOLIO 
 13.1 Fund’s NAV. The Fund’s Net Asset Value (NAV) is the algebraic sum of the
amounts corresponding to the Eligible Credit Rights and Financial Assets comprising the Fund portfolio, minus the Fund’s liabilities (“NAV”). 

13.1.1 All resources that the Fund should receive, at any time, from the Assignor and/or of any third party, by way of, among others, fines, damages or
compensation funds will be added to NAV. 
 13.2 Calculation of the Credit Rights Value. The Assigned Credit Rights becoming due and the
Defaulted Assigned Credit Rights shall have their value calculated every Business Day, pursuant to the terms set forth in the legislation in force, and the provisions and losses deriving from these Assigned Credit Rights becoming due and Defaulted
Assigned Credit Rights comprising the Fund’s portfolio shall be made or recognized in accordance with the legislation and regulations in force, as described in the Custodian manual (available on the website
http://www.oliveiratrust.com.br/portal/docs/ManualdePrecificacaodeAtivos_MTM.pdf). 

  
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 13.3 Calculation of the Value of Financial Assets. The appreciation of other Financial Assets
that comprise the Fund’s portfolio will be made based upon the rules described on the Custodian manual (available on http://www.oliveiratrust.com.br/portal/docs/ManualdePrecificacaodeAtivos_MTM.pdf), as well as in BACEN’s and CVM’s
applicable rules. 
 CHAPTER FOURTEEN – COMPOSITION OF FUND NAV AND ISSUANCE OF SHARES 

14.1 Classes of Shares. The Fund’s NAV is represented by 2 (two) classes of shares, the Senior Shares and the Subordinate Shares. The
characteristics, rights, and conditions of issuance, distribution, underwriting, payment, compensation, amortization and redemption of each class of Shares are described in Chapters Fifteen, Seventeen, Eighteen and Nineteen of these Bylaws, and in
the Amendment regarding every issuance of Senior Shares. 
 14.1.1 The first Fund’s Restricted Bidding shall include the issuance of Senior
Shares. 
 14.1.2 The Senior Shares must be fully subscribed until the closing date of the corresponding Restricted Bidding. 

14.1.3 Issuance of Senior Shares. The first issuance of Senior Shares will be comprised of up to 1,500,000 (one million and five hundred
thousand) of Senior Shares of the 1st series, with Nominal Unit Value of BRL 1,000.00 (one thousand Brazilian reais) (“Nominal Unit Value”), in a total amount no greater than BRL
1,500,000,000.00 (one billion and five hundred thousand Brazilian reais) on the corresponding issuance date, and will be the object of a Restricted Bidding, with limited placement efforts, under a mixed commitment of a firm guarantee and best
efforts, with a firm guarantee of placement of an amount up to BRL 500,000,000.00 (five hundred million Brazilian reais) (“First Issuance”). 

14.1.3.1 At the time of the subscription of Senior Shares in the primary market, each Shareholder must sign the Term of Acceptance of the Regulation and
Risk Awareness, indicating a responsible representative, stating his/her corresponding email address for receiving communications to be sent by the Administrator, under these Bylaws, and also stating his/her Professional Investor condition. 

14.1.3.2 When subscribing the Senior Shares, the Subscriber will (i) sign the subscription newsletter (which will be also signed by the
Administrator and/or hired distributor), and (ii) pay-up the Senior Shares subscribed in cash, as provided for in Article 15.7 below and the corresponding Distribution Amendment, respected all other
conditions provided for in these Bylaws. 
 14.1.3.3 The deposit account statement issued by the Custodian will be the proper document to prove
(i) the Administrator’s obligation, before the Senior Shareholder, to comply with the requirements of these Bylaws and other rules applicable to the Fund; and (ii) the ownership of the number of Shares owned by each Senior
Shareholder. 
 14.1.3.4 The issued Senior Shares that are not subscribed by Professional Investors at the end of the placement term shall be canceled
by the Administrator for all purposes of fact and law. 
 14.1.4 After the closure of the Restricted Bidding in regards to Senior Shares of First
Issuance and up to the limit of the Authorized NAV, new series of Senior Shares may be issued, at the request of the Subordinated Shareholder, without the need of approval by the General Meeting. Each new series of Senior Shares to be issued by the
Fund will be subject to a specific Amendment to these Bylaws, which must contain the information set forth in Annex III. 

  
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 14.1.5 Under the corresponding Amendment, each new series of Senior Shares will have an Issuance
Date, a specific Redemption Date of Senior Shares (maturity), on which all the Senior Shares of a given series shall be redeemed. 
 14.1.6 Provided
that, for the purpose of restoring the Subordination Ratio, or by request of Subordinate Shareholders, the Fund may issue new Subordinate Shares, which will be subscribed and paid-up exclusively by Stone. 

14.2 Issuance Price of Senior Shares. The Issuance Price of Senior Shares that may be issued by the Fund shall be stated in the relevant
Amendment. 
 14.3 Issuance of Subordinate Shares. The Fund will issue Subordinate Shares, in an amount to be set by the Administrator,
and shall maintain the minimum percentage of 9.75% (nine and seven five hundredths percent) of Subordinate Shares in relation to the Fund’s NAV, with the characteristics, benefits, rights and obligations referred to in Article 15.4 below. 

14.3.1 If the administrator uses the resources arising from the subscription of Subordinate Shares in the scenario provided for in Article 15.11.5
below, so that they reach the minimum amount established in the caput of this Article 14.3, the Administrator shall take the necessary measures to ensure that the number of Subordinate Shares is equal or greater than the percentage provided
for in the caput of this Article 14.3. 
 14.4 Subject to the provisions of these Bylaws, the Shares are transferable and will have book-entry
form, being kept in deposit accounts on behalf of their owners. 
 CHAPTER FIFTEEN – CHARACTERISTICS, RIGHTS, AND CONDITIONS FOR THE ISSUANCE,
SUBSCRIPTION AND SETTLEMENT OF SHARES 
 Shares Characteristics: 

15.1 The shares correspond to ideal fractions of the Fund’s NAV. 

15.2 All Shares shall have book-entry form and will be kept by the Custodian in a deposit account on behalf of Shareholders. 

15.2.1 Under the Article 8.2.1 above, the Shares will be entered electronically by the Custodian, as a Bookkeeping Agent. 

Property Rights: 
 15.3 The Senior Shares issued by
the Fund have the following characteristics, benefits, rights and obligations: 
 (i) priority of distribution of Remuneration, amortization of principal
and/or redemption in respect to Subordinate Shares, subject to the provisions of these Bylaws; 
 (ii) their unit value is calculated on every Business Day,
for the purpose of establishing their amortization or redemption value, in compliance with the criteria set forth in these Bylaws; 

  
 47 

 (iii) voting rights with respect to all and any matter that is object of discussion at General Meetings, and
each Senior Share will be entitled to 1 (one) vote; 
 (iv) the rights of holders of Senior Shares against the NAV, in the event of an Extraordinary
Amortization or a Redemption of Senior Shares, under these Bylaws, are pari passu amongst themselves, in the absence of any kind of preference, priority or subordination among holders of outstanding Senior Shares; and 

(v) the Senior Shares will have as their target profitability the remuneration set forth in the corresponding Amendment (“Senior Benchmark”).

 15.4 The Subordinate Shares, to be subscribed and paid-up solely by the Assignor and/or its controlled and
controlling companies, affiliate companies, or subsidiaries, or any other companies belonging to the corporate group, in an amount equivalent, at least, to the Subordination Ratio, will have the following characteristics, benefits, rights and
obligations: 
 (i) will be subordinated to Senior Shares for the purposes of return payment, amortization of principal and redemption; 

(ii) can only be amortized and/or redeemed after the full redemption of Senior Shares, pursuant to Article 17.2, “(v)” below, allowing for the
redemption upon payment in Credit Rights; 
 (iii) can only get paid by way of return after the payment of Remuneration to Senior Shares on each Remuneration
Payment Dates or Scheduled Amortization Date, as applicable, pursuant to articles 17.2 and 17.1.2, item “(v)” below; 
 (iv) can only be
subscribed, paid-up or acquired by the Assignor, its controlled and controlling companies, affiliate companies, or subsidiaries and/or any other entities belonging to the Assignor’s corporate group, and
shall be transferable exclusively between such entities; 
 (v) on the Issuance Date of the First Issuance, they will have the unit value of BRL 1,000.00
(one thousand Brazilian reais); 
 (vi) their unit value is calculated on every Business Day, for the purpose of establishing their redemption value, in
compliance with the criteria set forth in these Bylaws; 
 (vii) will have voting rights only with respect to matters that are object of discussion at
General Meetings that, in any way, change the rights of Subordinate Shares, as provided for in Article 16.6 below, and each Subordinate Share shall be entitled to 1 (one) vote, and that Subordinate Shares will have no right to vote in discussions
related to the liquidation of the Fund, as provided for in Article 16.1, “items (vii) and (viii)” below; 
 (viii) shall have the right of
veto with respect to outsourcing services to the Fund and to the Custodian, except: (a) in cases where the Assignor is in default with non-pecuniary obligations undertaken before the Fund, provided that
such breach results in an adverse effect relevant to the Fund; (b) in cases where the Assignor is in default with pecuniary obligations before the Fund that are not remedied within the applicable time limit; (c) if the judicial or
extrajudicial recovery or bankruptcy of the Assignor has been decreed by the competent authority; or (d) if there is any ongoing Assessment and/or Liquidation Event; and 

  
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 (ix) shall have the right to veto in regards to the issuance of Senior Shares by the Fund, deliberated by
the General Assembly as per Article 16.1 (xiii) herein. 
 Target Audience. 

15.5 The Senior Shares will be solely intended to Professional and/or Qualified Investors, as applicable. The Subordinate Shares shall be subscribed
exclusively by Stone and/or its controlled and controlling companies, affiliate companies, or subsidiaries, any other entities belonging to the Stone corporate group. 

Shares Subscription and Pay-Up: 

15.6 The Senior Shares must be subscribed until the closing of the corresponding bidding. 

15.7 The Senior Shares will be paid-up in cash, when subscribed, by their Nominal Unit Value defined in the
corresponding Amendment, plus the Senior Benchmark foreseen in the corresponding Amendment, calculated pro rata temporis, from the date of the first Senior Shares subscription of that series, to the date of effective pay-up, and pursuant to Article 15.10 below. 
 15.8 Before the Senior Shares
pay-up, pursuant to Article 15.7 above, a number of new Subordinate Shares necessary to compose the Subordination Ratio should be subscribed and paid by the Subordinated Shareholders. 

15.8.1 Additionally, if the total value of the Subordinate Shares subscribed and paid-up by Subordinate
Shareholders is, at any time, less than the Subordination Ratio, the Subordinate Shareholders, upon relevant request of the Administrator, should subscribe to and pay-up new Subordinate Shares, by the unit
value set forth in Article 15.11.3 below, in order to attain a ratio equal to the Subordination Ratio. The subscription and pay-up of new Subordinate Shares, to attain the Subordination Ratio, should be
carried out in cash, in national currency or in Eligible Credit Rights under these Bylaws and the Assignment Agreement. 
 15.9 Upon the subscription
of Senior Shares, the subscriber will (i) sign the individual newsletter subscription and payment receipt, which will be authenticated by the Administrator, (ii) receive an updated copy of these Bylaws, when he shall declare, by signing
the Term of Acceptance, his/her condition as a Professional or Qualified Investor, as applicable, and certify he or she is aware (a) of the provisions set forth in these Bylaws, (b) that the Restricted Bidding was not registered before CVM
and/or ANBIMA, if applicable, (c) that the Shares are subject to trading restrictions provided for in these Bylaws and in applicable rules, as the case may be, and (d) of the risks inherent to the investment in the Fund, as described in
these Bylaws. 
 15.10 The Senior Shares are paid-up in national currency through: 

(i) the MDA managed and operated by B3; or (ii) credit of the respective value in resources available in the Fund’s Authorized Account, through any
transfer of resources mechanism authorized by BACEN. 
 Criteria for Determining the Shares’ Value: 

15.11 From the first Business Day following the corresponding Shares pay-up, each Share will have their unit
value calculated at the closing of each Business Day, pursuant to this item, for payment of Remuneration, amortization or redemption. 

  
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 15.11.1 Every Business Day, provided that the Fund’s NAV allows it, and after payment or
provisioning of the Fund’s expenses and charges, the amount corresponding to the Share’s appreciation, limited to the Senior Benchmark, will be incorporated into the value of each Senior Share, as distribution of results of the Fund’s
portfolio related to the immediately preceding Business Day, as provided for in the corresponding Amendment, in pro rata basis among the multiple series of Senior Shares, if applicable. 

15.11.2 The Senior Benchmark has the purpose of defining which portion of the Fund’s NAV should be preferably allocated to Senior Shareholders and
does not represent nor should be regarded as a promise, warranty or suggestion of profitability to Shareholders. 
 15.11.3 The Fund’s
Subordinate Shares will have their unit value calculated every Business Day. For this purpose, after the incorporation of the Senior Shares results, limited to the corresponding Senior Benchmark, pursuant to Articles 15.11.1 and 15.11.2 above, any
surplus should be divided by the number of outstanding Subordinate Shares. 
 15.11.3.1 Every Business Day, after the calculation of the Shares value
under this Article 15.11, the Administrator shall confirm the fulfillment of the Subordination Ratio. In case of non-compliance with the Subordination Ratio, the Administrator must, within 1 (one) Business
Day, notify the Assignor of the said breach, for the pay-up of new Subordinate Shares in a sufficient amount to meet the Subordination Ratio, observed, in any event, the provisions of Articles 20.1 and 21.1
below. 
 15.11.4 The article 15.11.2 above is not a promise of income, and merely sets forth an incorporation limit, into the Senior Shares value, of
the results of the Fund’s portfolio. Therefore, the Shareholders will receive income only if the results of the Fund’s portfolio allow it. 

15.11.5 If the existing resources in the Fund’s Authorized Account are not sufficient to carry out the payment of Remuneration and/or amortization
of the Senior Shares principal on the Business Day immediately prior to the payment in question, funds from the Cash Reserve will be used, and later, if necessary, the values relating to Subordinated Shares, subject to the provisions of Article
14.3.1 above. 
 Negotiation of Shares: 
 15.12
The Senior Shares will be deposited for (i) the primary distribution through MDA – Assets Distribution Module; and (ii) the secondary trading through Fundos21, both managed and operated by B3, and the distribution and settled
negotiations and Shares electronically held at B3 – UTVM CETIP Segment, will be conditional on the compliance by the Fund with the requirements as set forth in Article 17 of CVM Law No. 476/09. If distributed through a Restricted Bidding,
the Senior Shares will be subject to trading restrictions provided for in articles 13 to 15 of CVM Law No. 476/09. Once the deposit for trading in the secondary market is carried out, and observed the restrictions set forth in Law
No. 476/09, the Shareholders may negotiate their Senior Shares exclusively among Qualified Investors, and will be responsible for the payment of any and all costs, taxes or fees incurred in the trade and transfer of their Shares. 

Shares Credit Rating: 
 15.13 The Senior Shares will
be subject to credit rating by the Credit Rating Agency, and must have a minimum “AA+” credit rating at the Issuance Date, in a local scale, as attributed by the Credit Rating Agency. 

15.13.1 The credit rating for Senior Shares should be reviewed on a quarterly basis by the Credit Rating Agency, which shall inform the Administrator of
the new credit rating, if applicable. 
 15.13.2 Any change in Senior Shares’ credit ratings should be communicated to Shareholders through
electronic correspondence addressed to each of the Fund’s Shareholders. 

  
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 15.13.3 The substitution of the Risk Rating Agency may take place without the need for the a General
Assembly provided that: (a) the equivalent national rating classification grade assigned to the Senior Shares by the risk rating agency to be contracted is equal or greater than the risk rating attributed to the Senior Shares on the date of
their replacement by the Risk Rating Agency then contracted by the Fund; and (b) the Risk Rating Agency contracted by the Fund to rate the Senior Shares is one of the following rating agencies: Fitch Ratings Brasil Ltda., Moody’s
América Latina Ltda. or Standard & Poor’s Ratings do Brasil Ltda. 
 15.13.4 Under the terms of the Assignment Agreement, the
Assignor shall bear the costs of preparing the 1st (first) risk classification note issued by the risk rating agency that replaces the Risk Rating Agency then contracted by the Fund. 

CHAPTER SIXTEEN – GENERAL MEETING 
 16.1
Authority of the Shareholders’ General Meeting. The private authority of the Shareholders’ General Meeting includes: 
 (i) obtain the Fund
accounts and examine its financial statements annually, within 4 (four) months of the fiscal year close; 
 (ii) amend these Bylaws, in addition to the
specific cases for amending these Bylaws mentioned in the following items, which are subject to specific discussion quorums; 
 (iii) discuss the replacement
of the Administrator, the Investment Management Company, and/or the Assets Manager; 
 (iv) elect and remove any representative(s) of Shareholders; 

(v) discuss the increase of the Administration Fee, including the possibility of its reinstatement if it has been object of reduction; 

(vi) discuss the incorporation, merger, split, or extension of the Fund; 

(vii) discuss the liquidation of the Fund, under circumstances other than those described in item (viii) below; 

(viii) decide whether, in case of any Assessment Events, such Assessment Events must ensure the liquidation of the Fund; 

(ix) approve the additional contribution Account resources on the Fund for CVM adoption of Dunning Procedures, if necessary; 

(x) without prejudice Custodian is set forth in these Bylaws, change the criteria and procedures for partial or total amortization and redemption of Shares;

 (xi) discuss the procedures to surrender Assigned Credit Rights and/or the Financial Assets comprising the Fund’s portfolio as a method of payment
for the redemption of Shares to Shareholders, at the Fund’s liquidation, subject to the provisions set forth in Chapter Seventeen of these Bylaws; 

  
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 (xii) change the quorum of discussion of Shareholders’ General Meetings, as set forth in this Chapter;

 (xiii) approve the issuance of new Senior Shares series, subject to the provisions of these Bylaws; 

(xiv) change the Fund investment policy described in Chapter Four above; 

(xv) approve any change in the Collection Policy; 
 (xvi) change
the rights and obligations assigned to each class of Shares, subject to the provisions of Article 16.6 of these Bylaws; and 
 (xvii) discuss the possibility
of Extraordinary Amortization set forth in Chapter Nineteen of these Bylaws, except in the event of non-compliance with the Minimum Allocation for insufficient assignment of Credit Rights, situation in which a
General Meeting’s approval is not required. 
 16.1.1 Shareholders Voting Rights. Senior Shares entitle their owners to the voting right
at General Meetings in reference to all matters subject of discussion, whereby each Senior Share shall allow its holder to participate with 1 (one) vote. 

16.2 Possibility of Amending the Bylaws regardless of the Shareholders’ General Meeting. These Bylaws, as a result of legal or regulatory
standards determined by CVM or BACEN, can be changed independently of the General Meeting, provided that the fact is disclosed to Shareholders within a maximum of 30 (thirty) days, by electronic means or by means of a letter with confirmation of
delivery addressed to each Shareholder. 
 16.3 Possibility of Appointing Representatives of the Shareholders. The General Meeting may, at any
time, appoint one or more representatives to carry out the supervisory functions and managerial control of the Fund investments, in defense of the rights and interests of the Shareholders. 

16.3.1 Only individuals or legal entities that meet the following requirements may carry out the functions of representative of the Shareholders: 

(i) be a Shareholder or a professional specially hired to protect the interests of the Shareholders; and 

(ii) not hold a position or duty at the Administrator’s or its controlling company, in companies directly or indirectly controlled by it, or in affiliates
or other companies under common control, or the Assignor’s. 
 16.4 Convening of the General Meeting. In addition to the annual
accountability meeting, a General Meeting can be held if convened by the Administrator or Shareholders representing at least 5% (five percent) of the total Shares issued, in accordance with the legislation in force. 

16.5 Authorized Representatives at the General Meeting. Only Shareholders and their legal representatives or attorneys legally constituted less
than a year ago can vote at the Shareholders’ General Meeting. 
 16.6 Discussions that Affect a Given Class of Shares.
Discussions that alter the rights of one or more classes of shares, in any way, are subject to prior approval by the holders of more than half of the Shares of the affected class. 

  
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 16.7 Disclosure of the General Meeting Decisions. The General Meeting decisions must be
disclosed to Shareholders no later than 30 (thirty) days after they took place, by electronic means or by letter with confirmation of delivery addressed to each Shareholder. 

16.8 General Meeting Convening Format. The convening of the General Meeting shall be made by publication in the Monitor Mercantil
newsletter, through letter with confirmation of delivery addressed to each Shareholder or by electronic means, provided that it is formally proven the receipt by the Shareholder, which will show the day, time and place in which the General
Meeting will be held, and succinctly the subjects to be discussed. 
 16.8.1 The convening of the General Meeting shall be made within at least 10
(ten) days of the publication date of the first convening notice, or of the send date of the letter with confirmation of delivery, or the proof of delivery to each Shareholder after the sending of an electronic message, subject to the provisions of
these Bylaws. 
 16.8.2 If the General Meeting is adjourned, a second convening notice shall be published, again in the aforementioned newsletter, or
a letter with confirmation of delivery shall be sent to each Shareholder, or another electronic message sent, provided there is proof of delivery to each Shareholder, with a minimum 5 (five) days in advance. 

16.9 For the purposes of Article 16.8.2, it is set forth that the second General Meeting convening may be provided along with the first convening notice
or letter or electronic message. 
 16.10 Regardless of the formalities provided for in Articles 16.8.1 and 16.8.2 above, shall be considered regular
the General Meeting attended by all Shareholders. 
 16.11 General Meeting Location. Unless prevented by force majeure, the General
Meeting will be held at the Administrator’s head office, and may, as appropriate, be held by videoconference. When a General Meeting is not held at the Administrator’s head office, the convening notices sent to Shareholders or published in
accordance with Article 16.8 above should indicate clearly the location of the meeting. 
 16.12 Resolutions that Require a Simple Majority
Quorum. At the General Meeting, to be opened with the attendance of at least one Senior Shareholder, decisions must be made by the majority of Senior Shares in attendance, one vote for each corresponding Senior Shareholder, subject to the
provisions of Article 16.6 above. 
 16.13 Resolutions that Require Qualified Quorum. The decisions relating to matters provided for in Article
16.1, item (ii), (iii), (v), (vi), (vii), (viii), (x), (xii), (xiv) and (xvi) of these Bylaws shall be made, on first call, by 75% (seventy-five percent) of issued Senior Shares and, on second call, by the majority of issued Senior Shares. 

16.14 Resolutions that Require Unanimous Decisions. The decisions on the matter provided for in Article 16.1, item (xi) of these Bylaws
shall be taken by 100% (a hundred percent) of issued Senior Shares. 

  
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 16.15 Resolutions that Require Deliberations from the Subordinated Shareholders. Without
prejudice to the provided in Article 15.4, items (viii) and (ix) and Articles 16.12 to 16.14 above, shall be the responsibility of the holders of the majority of the Subordinated Shares, as established in Article 16.1, item (xiii) above,
the approval of which shall depend, at first, on the affirmative votes of holders of the majority of the Subordinated Shares, and, following, on the affirmative votes of the majority of Subordinated Shares present. 

CHAPTER SEVENTEEN – AMORTIZATION AND REDEMPTION OF SHARES 

17.1. Amortization of Shares: The Fund’s Senior Shares must be amortized on each Scheduled Amortization Date during the Amortization Period,
in accordance with the corresponding Amendment, being paid to Senior Shareholders on the same date. The Senior Shares must be redeemed at the time of the last amortization installment payment, within the Amortization Period. 

17.1.1. Payments during the Grace Period. During the Grace Period, the Shareholders shall only be entitled to receive Remuneration regarding
their corresponding Senior Shares, on the applicable Remuneration Payment Dates, in compliance with the provisions set forth in each Amendment, and after the payment of fees and expenses incurred by the Fund, as the payment order provided for in
Article 23.1 below. 
 17.1.2. During the Grace Period, the Subordinate Shareholders shall only be entitled to receive, as return, the amount that
exceeds the Subordination Ratio, 2 (two) Business Days after the applicable Remuneration Payment Dates, after the payment of Remuneration to Senior Shareholders, if there are resources available in the Fund’s Authorized Account. 

17.1.3. During the Grace Period, no values will be distributed to Senior Shareholders as amortization of principal or redemption of their corresponding
Senior Shares. 
 17.2. Order of Priority in distributions to Shareholders during the Amortization Period. The Amortization Period starts on
the date immediately after the expiration of the Grace Period and ends on the Senior Shares Redemption Date, or when a Liquidation Event occurs. On each Scheduled Amortization Date during the Amortization Period, the amortization and the payment of
Shares Remuneration/return, as applicable, shall observe the following order of priority: 
 (i) first, to the extent necessary for the payment of fees and
expenses incurred by the Fund, the amounts received in the Fund’s Authorized Account shall be withheld and paid to their beneficiaries in their corresponding respective due date(s); 

(ii) second, to the extent necessary for the maintenance of the Cash Reserve, the values received in the Fund’s Authorized Account will be withheld
therein, in value equivalent to the Cash Reserve; 
 (iii) third, to the extent necessary for the maintenance of the Liquidity Reserve, the values received
in the Fund’s Authorized Account will be withheld therein, in value equivalent to the Liquidity Reserve; 
 (iv) fourth, the remaining values in the
Fund’s Authorized Account shall be distributed to Senior Shareholders to the extent necessary for the payment of (a) any distribution (i.e. Remuneration and amortization of principal) of the Fund owed in respect to Senior Shares to become
accrued on the Scheduled Amortization Date, as applicable, and (b) scheduled to be held in relation to Senior Shares in any previous Scheduled Amortization Date that has not yet been carried out. If there is more than one series of outstanding
Senior Shares at any given time, the allocation of resources deposited in the Fund’s Authorized Account among the several series should be calculated pro rata; and 

  
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 (v) fifth, unless otherwise instructed by Subordinate Shareholders in accordance with Article 17.2.1 below:
(i) in the case of a Scheduled Amortization Date that does not coincide with the Senior Shares Redemption Date, the remaining values in Fund’s Authorized Account shall be distributed to the Subordinate Shareholders to the extent required
to the exclusive payment of return, in the amount that exceeds the Subordination Ratio and to the limit of resources deposited in the Fund’s Authorized Account; the payment will occur in the
2nd (second) Business Day immediately following the Remuneration Payment Date; and (ii) in the case of a Scheduled Amortization Date that matches the Senior Shares Redemption Date, after the
redemption of all the Senior Shares of the respective series, the remaining values in Fund’s Authorized Account shall be distributed to the Subordinate Shareholders for amortization and payment of return of Subordinate Shares, up to the
necessary value to maintain the Subordination Ratio (if applicable); the payment will occur on the 2nd (second) Business Day immediately following the Scheduled Amortization Date. 

17.2.1. The Subordinate Shareholder may, upon request to the Administrator, up to 2 (two) Business Days before the Scheduled Amortization Date,
request that the return payment and/or amortization of principal of their Subordinate Shares, provided for in item “(v)” of Article 17.2 above, does not occur. In this case, the Subordinate Shares will have their eventual return paid
and/or will be amortized, as applicable, only after the subsequent Scheduled Amortization Date, observed the order of priority set forth in Article 17.2 above. 

17.3. Distribution to Shareholders. The distribution of principal and payment of return to Shareholders will be made in accordance with the
provisions set forth in this Chapter Seventeen, and in Chapters Eighteen and Nineteen below. 
 17.3.1. For the purpose of clarity, the distribution
of the Shares principal on Scheduled Amortization Dates will always be carried out alongside the payment of the Shares-related Remuneration/return accumulated since the last Scheduled Amortization Date. 

17.4. Payment of Accumulated Returns and Amortizations to Shareholders. The payments of Remuneration and amortizations of the Shares’
principal shall be made in national currency, based on the Share’s closing price on the Business Day immediately before the payment date, calculated under these Bylaws, upon deposit on the Shareholders’ current accounts, thereby considered
the owners of the Shares on the Business Day immediately prior to the payment date, through any transfer mechanism authorized by BACEN, or through B3, if the Shares are held at B3. 

17.5. Redemption in Assigned Credit Rights and/or Financial Assets. Within the scope of the Fund’s liquidation, Shareholders may receive
Eligible Credit Rights and/or Financial Assets comprising the Fund’s portfolio as payment for the redemption of their Shares, according to the provisions set forth in Chapter Eighteen of these Bylaws. 

17.6. Amortization on Days that are not Business Days. In the event of any Remuneration Payment Date or Scheduled Amortization Date matching a
day that is not a Business Day, the distribution of Remuneration and/or the amortization of principal must occur on the first Business Day following such date, and there will be no addition to the values to be paid to Shareholders by way of
amortization due to such change. 
 CHAPTER EIGHTEEN – CASE SCENARIOS AND PROCEDURES TO REDEEM SHARES UPON DELIVERY OF ELIGIBLE CREDIT RIGHTS AND
FINANCIAL ASSETS AS PAYMENT 

  
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 18.1. Delivery of Credit Rights and Financial Assets to Shareholders. Subject to the
provisions of Article 18.2 below, if the Fund, at the time of its liquidation, does not hold sufficient resources in national currency to pay the full redemption of outstanding Shares, the outstanding Shares may be redeemed upon delivery of all
Assigned Credit Rights and Financial Assets comprising the Fund’s portfolio in payment to Shareholders, and this operation must be carried out outside the scope of B3, according to a General Meeting decision. 

18.1.1. Any delivery of Assigned Credit Rights and/or Financial Assets, for purposes of redemption payment to Shareholders, should be conducted through
the use of an apportionment procedure, according to the ratio of the number of Shares held by each Shareholder at the time of apportionment to the Fund’s NAV, subject to the exact terms of the procedures set forth in this Chapter. 

18.2. Discussion of Delivery Procedures for Credit Rights and Financial Assets. The General Meeting shall decide the delivery procedures for
Assigned Credit Rights and Financial Assets comprising the Fund’s portfolio as payment to Shareholders for the redemption of their Shares, subject to the deliberative quorum set forth in Chapter Sixteen of these Bylaws, to the following
subsections and to applicable regulations. 
 18.2.1. If the General Meeting referred to in Article 18.2 above does not reach consensus regarding
delivery procedures for Assigned Credit Rights and/or the Financial Assets comprising the Fund’s portfolio as a method of payment to Shareholders for the redemption of their Shares, or it is not possible to deliver Assigned Credit Rights to any
Shareholder for any reason, the Administrator should wait for the maturity of the Assigned Credit Rights and/or Financial assets, as applicable, and the corresponding payment by Debtors to allow that the values are prorated among the Shareholders,
thus delaying the liquidation of the Fund until the complete liquidation of the Assigned Credit Rights and/or redemption of Financial Assets. 

18.2.2. If the General Meeting referred to in Article 18.2 above decides the delivery of Assigned Credit Rights and Financial Assets to Shareholders,
except if different procedures are set forth at the General Meeting, the Assigned Credit Rights and Financial Assets will be delivered in payment to Shareholders by the formation of a co-ownership, whose ideal
fraction assigned to each Shareholder will be calculated according to the ratio of Shares held by each Shareholder to the total value of outstanding Shares at that time. After the formation of the co-ownership
mentioned above, the Administrator will be exempt of the responsibilities set forth in these Bylaws, being therefore authorized to liquidate the Fund before competent authorities. 

18.2.2.1. The Administrator shall notify the Shareholders by means of electronic mail addressed to each Shareholder, so that they elect an administrator
for the aforementioned co-ownership of Assigned Credit Rights and Financial Assets, as set forth in Article 1.323 of the Civil Code of Brazil, stating the ratio of Assigned Credit Rights and Financial Assets
suited to each Shareholder, without any responsibility of the Administrator to the Shareholders after the formation of such co-ownership. 

18.2.2.2. If the Shareholders do not elect an Administrator for the co-ownership within 10 (ten) days of the
notification referred to above, this position will be occupied by the Shareholder who holds the largest number of outstanding Shares. 
 18.2.2.3. The
Custodian will keep custody of Assigned Credit Rights and their corresponding Supporting Documents and Financial Assets by a non-extendable period of 30 (thirty) days of the notification referred to in Article
18.2.2.1 above, within which the co-ownership Administrator elected by Shareholders, or whomever this position has been assigned to, in accordance with Article 18.2.2.2 above, will inform the Custodian a time
and place for delivering the corresponding Assigned Credit Rights, Supporting Documents and Financial Assets. Once this period has expired, the Administrator can promote the consignment of Assigned Credit Rights, Supporting Documents and Financial
Assets, as set forth in Article 334 of the Civil Code of Brazil. 

  
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 CHAPTER NINETEEN – EXTRAORDINARY AMORTIZATION FOR THE PURPOSE OF REFRAMING THE SUBORDINATION RATIO,
MINIMUM INVESTMENT ALLOCATION AND INVESTMENT POLICY 
 19.1. Extraordinary Amortization. The Administrator may perform an Extraordinary
Amortization of outstanding Senior Shares, if so decided by the Shareholders’ General Meeting (subject to the provisions of clause 19.1.1 below), by their updated value on date of the Extraordinary Amortization, calculated in accordance with
the provisions of these Bylaws, solely for the purpose of framing the Fund’s NAV to the Minimum Allocation, at the Subordination Ratio and/or the investment policy described in Chapter Four of these Bylaws, provided that they are not solved
within 10 (ten) business days. 
 19.1.1. The Extraordinary Amortization of Senior Shares as a result of
non-compliance with the Minimum Allocation for insufficient assignment of Credit Rights does not depend on approval by the General Meeting. 

19.2. Communication to Shareholders. In the event of a vote for the Extraordinary Amortization of Senior Shares under this Chapter, according to
the quorum set forth in Article 16.12, or in the case provided for in Article 19.1.1 above, all Shareholders will be previously notified by the Administrator, for written, with at least 5 (five) Business Days in advance, including of the total
expected amount involving each Extraordinary Amortization. 
 CHAPTER TWENTY – ASSESSMENT EVENTS 

20.1. Assessment Events. Are assessment events (“Assessment events”): 

(i) if the Fund stop paying: (i) the full amount of any Scheduled Amortizations of Senior Shares, on the respective Scheduled Amortization Date,
(ii) the full amount of Senior Shares Redemptions, on the corresponding Senior Shares Redemption Date, and/or (iii) the Senior Benchmark in their corresponding Remuneration Payment Dates, and if not regularized within 1 (one) Business Day.

 (ii) if the credit rating of Senior Shares is downgraded in 2 (two) notes on local scale, duly assigned by the Credit Rating Agency, regarding the note
attributed to Senior Shares by the Credit Rating Agency on the Issuance Date; 
 (iii) if 30 (thirty) days prior to any Scheduled Amortization Date, the
value of the reserved resources in the Cash Reserve does not correspond at least to the value of the next Scheduled Amortization, as provided for in the relevant Amendments; 

(iv) if 15 (fifteen) days prior to any Remuneration Payment Date, as set forth in each Amendment, the value of the reserved resources in the Cash Reserve does
not correspond at least to the value of the next Senior Shares Remuneration payment, as provided for in the relevant Amendments; 
 (v) if the Fund stops
meeting the Subordination Ratio, as set forth in Article 15.8.1 above, after the Assignor has been notified by the Administrator to pay-up new Subordinate Shares, in a sufficient amount to meet the
Subordination Ratio, and has not carried out such pay-up within 5 (five) calendar days; 
 (vi) in the event that
payments of amortization of principal and/or remuneration of Subordinate Shares are made in discordance with the provisions of these Bylaws; 

  
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 (vii) verification, by the Administrator (on its own account or at the request of Senior Shareholders), of
supervening legal and/or regulatory norms (including, but not limited to, the imposition of new taxes of any kind on the Fund and its operations, and/or a substantial increase of tax brackets and/or of the amount of taxes already imposed) and/or
substantial changes in the relevant market conditions and/or substantial changes of social or political character (including, but not limited to, strikes, acts of terrorism, armed conflicts, wars, epidemics, utility outages, international embargoes,
political crises, social convulsions), which impede the operations of the Fund and/or the performance of the Assignor, and of debtors of Eligible Credit Rights; For the purposes of this item, if a Senior Shareholder identify any situation described
herein, the Senior Shareholder should communicate the Administrator, in order to convene the General Meeting for the discussion provided for in Article 16.1, item (viii) above; 

(viii) non-compliance by the Administrator of its duties and obligations under these Bylaws, verified by Shareholders,
provided that, once notified by Shareholders to remove or justify the breach, the Administrator does not do so within 5 (five) business days of the date of such notification receipt; 

(ix) non-compliance by the Custodian of its duties and obligations under these Bylaws and regarding the corresponding
custodian agreement, provided that, once notified by the Administrator to remove or justify the breach, the Custodian does not do so within 10 (ten) Business Days of the date of such notification receipt; 

(x) acquisition by the Fund, more than once, of Credit Rights in discordance with the Eligibility Criteria and/or the Assignment Conditions; 

(xi) in case of failure of the Depository Bank in transferring any values to the Fund’s Authorized Account, in accordance with the corresponding
agreements entered into with the Depository Bank, provided that it is not remedied within a period of 2 (two) Business Days; 
 (xii) in case of declaration
of intervention, liquidation, bankruptcy, or Special Temporary Administration Scheme (RAET) of any Settlement or Depository Bank; and 
 (xiii) if the funds
arising from the settlement of the Credit Rights originated through the use of payment instruments in the form of “credit” are not fully transferred to the Assignor Centralized Accounts (either due to the supervenience of legal and/or
regulatory standards – including the functioning of the single grid of the CIP –in regards to a change in the structure of payments of the Credit Rights described herein by voluntary action on the Assignor’s part) in order to
substantially increase the risk of transferring the payment of Issuers, related to Credit Rights, to third-parties, instead of transferring such payment to Assignor’s Centralized Accounts in accordance with Article 12.1 above. 

20.1.1. In the event of any Assessment Event, a General Meeting shall be convened, in accordance with the provisions of Chapter Sixteen, to assess to
what degree the Fund activities have been compromised on account of that event, and the General Meeting may decide (i) the non-liquidation of the Fund; or (ii) that the Assessment Event that ensued
the General Meeting constitutes a Liquidation Event, setting forth the procedures for the liquidation of the Fund, regardless of the convening of a new General Meeting, pursuant to Chapter Sixteen above. 

20.1.2. The discussion provided for in Article 20.1.1, subparagraph (ii) above (that is, determining if the Assessment Event that gave cause to the
General Meeting constitutes a Liquidation Event) requires a qualified quorum of discussion of 75% (seventy-five percent) of Senior Shareholders, in accordance with Article 16.13 above. 

  
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 20.1.3. It is also established that, if any Assessment Event described above occurs, the
Administrator shall convene a General Meeting within 1 (one) Business Day of the Assessment Event, which shall make a decision on the subject. 

20.1.4. Specifically in relation to the Assessment Event provided for in Article 20.1. item (xiii) herein, the Administrator shall, without
prejudice to the General Assembly as provided for in Article 20.1.3 above, shall immediately take all measures applicable to the Assignor to defend the interests of the Fund’s Shareholders to mitigate the risks of payments of Issuers relating
to Credit Rights, being transferred to third parties. 
 CHAPTER TWENTY-ONE – FUND LIQUIDATION 

21.1 Liquidation Events. Are events that lead to an early liquidation of the Fund (“Liquidation Events”): 

(i) the legal prohibition of acquiring Credit Rights that meet the Eligibility Criteria set forth in these Bylaws; 

(ii) if it is decided at a General Meeting that as Assessment Event is a Liquidation Event; 

(iii) if the Subordination Ratio stays below the percentage of 9.25% (nine and twenty-five hundredths percent), provided that they are not remedied by the
Assignor within 10 (ten) Business Days; 
 (iv) non-replacement of the Administrator in the event of resignation or
the possibility provided for in item “(iv)” of Article 9.4 above, in accordance with these Bylaws; 
 (v) declaration of intervention, liquidation,
bankruptcy, or other similar events of the Assignor, in accordance with applicable laws and regulations; and 
 (vi) if, for any reason, the Assignment
Agreement ends or is terminated. 
 21.1.1 Procedures to be followed by the Administrator in case of a Liquidation Event. The Administrator
shall, if any Liquidation Events occur: (i) inform Shareholders of such fact; (ii) immediately suspend the purchase of new Eligible Credit Rights; (iii) initiate early Fund liquidation procedures, as set forth in these Bylaws and in
the legislation in force; and (iv) if an insufficiency of resources for the full payment of Shares is verified, the Administrator may convene the Shareholders’ General Meeting to discuss the possibility of redeeming such Shares as Assigned
Credit Rights, under the terms and conditions of the legislation in force, as set forth in these Bylaws. 
 21.1.2 Liquidation Procedures. Once
the early liquidation of the Fund is confirmed, the Fund will forcibly redeem all the Shares within the Redemption Period, based on the Share price on the Business Day prior to the day of payment, calculated in accordance with these Bylaws,
observing the following: 
 (i) during the Redemption Period, the Shares will be redeemed in national currency, to the extent that the Fund has available
resources in national currency; 

  
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 (ii) without prejudice to the provisions of these Bylaws, if, on the last Business Day of the Redemption
Period, all the Shares have not been redeemed by means of payment in national currency, the Shareholders will receive Eligible Credit Rights and Financial Assets comprising the Fund’s portfolio as payment for the redemption of their Shares,
whose delivery will be held outside the scope of B3; and 
 (iii) if, in any case scenario, the Administrator performs the Shares redemption payment upon
delivery of Eligible Credit Rights and/or Financial Assets comprising the Fund’s portfolio in payment for the redemption of its Shares, the payment will be held outside the scope of B3. 

21.1.3 Existence of Assigned Credit Rights pending maturity in case of an Early Liquidation. Notwithstanding the foregoing, if Assigned Credit
Rights pending maturity exist, the General Meeting may determine that the Administrator adopts the following procedures: 
 (i) wait for the maturity of such
Assigned Credit Rights and the corresponding payment by Debtors so that their values are prorated among the Shareholders; or 
 (ii) deliver the Assigned
Credit Rights to Shareholders as payment for their assets, upon a payment instrument; and, if, for any reason, any Senior Shareholder cannot receive the Assigned Credit Rights, the procedure provided for in item “(i)” above shall apply to
all Assigned Credit Rights. 
 CHAPTER TWENTY-TWO – FUND CHARGES AND EXPENSES 

22.1. Fund Charges and Expenses. Are Fund charges, in addition to the Administration Fee provided for in Article 7.3, the following expenses:

 (i) fees, federal, State, municipal or council taxes or contributions, which are or will be imposed on the assets, rights and obligations of the Fund;

 (ii) fees and expenses of the auditor in charge of reviewing the financial statements and the Fund accounts; 

(iii) emoluments and commissions paid on Fund operations; 
 (iv)
attorneys’ fees, costs and related expenses made in the best interest of the Fund, in court, including the value of the conviction, if the same will be defeated; 

(v) any costs in respect to the Fund incorporation or liquidation or to the holding of Shareholders’ General Meetings; 

(vi) custodial fee for the Fund assets; 
 (vii) expenses
concerning the hiring of a Credit Rating Agency, as applicable; and 
 (viii) expenses regarding a professional especially hired to watch over the
Shareholders’ interests, in accordance with item (I) of Article 31, of CVM Law No. 356/01. 
 22.1.1. The expenses not provided for in
these Bylaws as Fund charges should be assigned to the Administrator. 

  
 60 

 22.1.2. Expenses laid down in Article 22.1 above can be paid directly by the Fund to the hired
person. 
 22.1.3. The Fund shall not charge any Shareholders’ entering, performance or withdrawal fees. 

CHAPTER TWENTY-THREE – ALLOCATING RESOURCES TO SETTLE FUND EXPENSES 

23.1. The Administrator should use Fund availabilities to meet the liabilities of the Fund, in the following, mandatory order of preference: 

(i) payment of Fund charges and expenses, in accordance with Article 22.1 of these Bylaws; 

(ii) creation, maintenance and restoration of Cash Reserve; 

(iii) creation, maintenance and restoration of Liquidity Reserve; 

(iv) payment of remuneration, amortization and/or Senior Shares redemption; 

(v) payment of remuneration, amortization and/or Subordinate Shares redemption. 

23.2. Liquidity Reserve. The Fund should establish a Liquidity Reserve of at least BRL 500,000.00 (five hundred thousand Brazilian reais), which
will be updated every 12 (twelve)-month period, counted from the start date of the Fund activities, or in the lower frequency permitted by law, by the IGP-M, or, in its absence, by any index replacing it. The
Liquidity Reserve shall be established upon the pay-up of the Fund Shares, and will be funded by resources received by the Fund. The resources held in Liquidity Reserve shall be invested in Securities. The
Fund shall hold all the rights related to Financial Assets and all cash values held in Liquidity Reserve, being that the profits from Financial Assets shall revert in benefit of the Shareholders. 

CHAPTER TWENTY-FOUR – DISCLOSURE AND DELIVERY OF DOCUMENTS 

24.1. Disclosure of relevant facts. The Administrator is obliged to disclose, widely and immediately, any act or relevant fact related to the
Fund, to ensure Shareholders access to information that may, directly or indirectly, influence their decisions regarding their respective stay in the Fund, if applicable. 

24.1.1. Without prejudice to other Fund-related occurrences, the following are examples of relevant facts: 

(i) the occurrence of subsequent events that have affected or could affect the composition and limiting criteria of the Fund’s portfolio diversification,
as well as the behavior of the Assigned Credit Rights portfolio, regarding the payment history; and 
 (ii) the occurrence of delays in the distribution of
income to the Fund Shareholders. 
 24.1.2. The disclosure of the information provided for in this Article shall be made by way of publication on the
Fund Administrator’s website, through publication in the Monitor Mercantil newsletter, by electronic means or letter with confirmation of delivery addressed to Shareholders and kept available to Shareholders at the Administrator’s
head office and branches. 

  
 61 

 24.1.3. The Administrator must always publish the announcements provided for in these Bylaws on the
Fund Administrator’s website, and any change must be preceded by a notice to Shareholders. 
 24.2. Documents Delivery System. The
Administrator should send a monthly report to CVM, through the Documents Delivery System available on CVM’s website, according to the template and content provided for on such website, observed the period of 15 (fifteen) days after the close of
each civil calendar month, based on the last Business Day of that month, in accordance with article 45 of CVM Law No. 356/01. 
 24.3.
Delivery of Financial Statements. The Administrator should send to CVM, through the Documents Delivery System available on CVM’s website, within a time frame of 90 (ninety) days after the close of the corresponding fiscal year, the
annual financial statements of the Fund, in accordance with article 48 of CVM Law No. 356/01. 
 24.4. Preparation of Quarterly
Statements. The Administrator, through its Director or an appointed administrator, without prejudice to the fulfillment of the provisions set forth by the regulation in force, must prepare quarterly statements highlighting or displaying the
following, in relation to the corresponding quarter: 
 (i) that operations carried out by the Fund are in line with the Investment Policy provided for in
these Bylaws and with the composition and diversification limits applicable to the Fund; 
 (ii) that operations performed by the Fund were carried out at
market rates; 
 (iii) information about (a) the nature of the Credit Rights to be acquired and of the legal instruments, agreements or other documents
representing credit; (b) the description of originating processes of Credit Rights and of the assignment policies of corresponding credits; and (c) a description of the mechanisms and procedures for the collection of Credit Rights,
including the Defaulted Assigned Credit Rights, and collection and payment/apportionment of these expenses among the Shareholders, if it is so determined by these Bylaws, in accordance with Article
8th, paragraph 3rd, subparagraph V, subheadings (a) and (b) of CVM Law No. 356/01; 

(iv) possible effects of the changes listed in item (iii) above concerning the portfolio’s profitability; 

(v) in relation to a given Assignor individually representing 10% (ten percent) or more of the Fund’s portfolio in the quarter, the provisions of the
applicable regulations should apply; 
 (vi) possible changes to the existing guarantees for the set of assets; 

(vii) how the assignment of Credit Rights to the Fund was processed, including: (a) description of relevant agreements entered into for this purpose, if
any; and (b) designation of the definite nature, or not, of this assignment; 
 (viii) impact of pre-payment
events on the NAV and on the portfolio’s profitability; 
 (ix) analysis of pre-payment events impact described
in item (viii) above; 
 (x) conditions of divestiture, in any capacity, including by sale or exchange, of Credit Rights, including: (a) time of
divestiture (before or after the maturity date); and (b) motive of divestiture; 

  
 62 

 (xi) impact on the value of the NAV and on the profitability of the portfolio of a possible disruption in
Credit Rights disposal operations carried out: (a) by the Assignor; (b) for institutions that, directly or indirectly, provide services to the Fund; or (c) for persons working with the institutions laid out in these items (a) and
(b); 
 (xii) analysis of the impact of such divestiture disruption described in item (xi) above; 

(xiii) any events specified in agreements entered into to structure the operation that led to the early amortization of Fund-Assigned Credit Rights; 

(xiv) percentage of Assigned Credit Rights that were subject to Chargeback; and 

(xv) information about past events that affected the regularity of foreseen payment flows. 

24.4.1. The disclosure of the information provided for in these Bylaws shall be made by way of publication on the Fund Administrator’s
website, by letter with confirmation of delivery addressed to Shareholders or by electronic mail, except when dealing with relevant fact or act, in which case the provisions of Article 24.1 of these Bylaws shall apply. Any changes with respect to
such a policy should be preceded by notice to the Shareholders. 
 CHAPTER TWENTY-FIVE – FINANCIAL STATEMENTS 

25.1. Bookkeeping and Financial Statements. The Fund will have its own bookkeeping. The Fund’s annual financial statements shall be audited
by an Independent auditor registered with CVM and shall be subject to the provisions of the legislation in force. 
 25.2. Auditing of Financial
Statements. The Fund financial statements shall be audited annually by the Independent Auditor. In compliance with the applicable legal provisions, the following items must be part of each audit report: 

(i) opinion stating if the examined financial statements adequately reflect the financial position of the Fund, in accordance with applicable rules; 

(ii) the Fund financial statements, containing the analytical balance and the evolution of its NAV, detailed in accordance with the legislation in force; and

 (iii) explanatory notes containing information considered by the Independent Auditor as indispensable to the interpretation of financial statements. 

25.2.1. From the 2nd (second) month of the Fund’s operation, the Administrator shall verify
the occurrence of absence, due to poor formalization or defect, of the corresponding Supporting Documents or Additional Documentation, including the possibility of Chargebacks in order to establish evidence of reduction in the value of the Assigned
Credit Rights due to such facts. From the end of the 2nd (second) month of the Fund’s operation, the Administrator may make provisions for losses because of these situations (including
Chargebacks), if applicable, in accordance with the relevant accounting standards, also taking into account the Administrator’s Manual of Provision for Losses on Credit Assets, available on the website www.oliveiratrust.com.br, observed,
however, the Assignment Settlement concerning Assigned Credit Rights by reason of absence, according to the terms and conditions provided for in the Assignment Agreement. 

  
 63 

 25.3. Fiscal Year. The Fund fiscal year has the duration of one year, ending on
December 31 of each year. 
 25.4. Rules for the preparation and disclosure of financial statements and accounting criteria of recognition,
classification and measurement of assets and liabilities, as well as the recognition of revenue and expense appropriation of the Fund shall be, respectively, performed or recognized in compliance with the rules and procedures defined by CVM. 

CHAPTER TWENTY-SIX – FINAL PROVISIONS 

26.1. Bylaws Registration. These Bylaws and its amendments will be registered on the 2st
Registry of Deeds and Documents and Civil of Corporate Entities of the city and State of Rio de Janeiro, located at the Administrator’s headquarters. 

26.2. Jurisdiction. Any dispute or claim relating to these Bylaws will be resolved by the Court of the District of São Paulo, State of
São Paulo. 
 Rio de Janeiro, June 28, 2018. 

/s/ Rafael Magalhães Morgado 

/s/ Alan Russo Najman 

 
 OLIVEIRA TRUST
DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS S.A. 
 ADMINISTRATOR 

  
 64 

 ANNEX I - CREDIT RIGHTS CHARACTERISTICS FILE TEMPLATE 

 

																			
	 Credit Right’s Buyer
Identifying Code
	  	 Card Brand
	  	 Debtor’s
corporate name
	  	 Credit Right’s
face
value,
after the deduction
of Applicable Fees
	  	 Credit
Right’s
due date
	  	 Transaction’s
Identifying
Code
before
the Card Brand
	  	 Issuer’s Authorization
Code at the
Card
Brand
	  	 Authorization
Date
	  	 Number of
Assigned
Installment
	  	 Number
of
Installments
in the Transaction

	 [•]
	  	[•]	  	[•]	  	[•]	  	[•]	  	[•]	  	[•]	  	[•]	  	[•]	  	[•]

  
 - 65 - 

 ANNEX II – TERM OF ACCEPTANCE AND RISK AWARENESS FOR CREDIT 

RIGHTS INVESTMENT FUND – BANCOS EMISSORES DE CARTÃO DE
CRÉDITO – STONE II 
 By this term of acceptance and for all legal purposes, the
undersigned investor, in compliance with the provisions of article 23, paragraph 1, of Law No. 356, dated December 17, 2001, as amended (“CVM Law No. 356/01”), issued by the Securities and Exchange
Commission of Brazil (“CVM”), and other legal and regulatory provisions applicable to the kind, expressly accepts the terms of the Credit Rights Investment Fund – Bancos Emissores de Cartão de Crédito –
Stone II (“Fund”), registered under CNPJ/MF 28.528.235/0001-70, Bylaws (“Bylaws”), whose contents he declares to know and accept in full. 

Unless defined otherwise in this term of acceptance, the terms and expressions used herein have the meanings respectively assigned to them in the Bylaws. 

Under this term, the undersigned investor declares: 
 (a) to be a
[professional/ qualified] investor, in accordance with CVM Law No. 539, dated November 13, 2013 and its subsequent amendments; 
 (b) to have
received a copy of the Fund Bylaws, as well as to know and recognize its norms as valid and binding, formally accepting its provisions in this Act; 
 (c) to
have total awareness of the provisions contained in the Fund Bylaws, including the risks inherent to the investment in the Fund; 
 (d) to have total
knowledge of the Fund Investment Policy and the degree of risk of this type of investment due to the characteristics of its financial assets, as provided for in Chapter Four of these Bylaws, and to be aware that a total loss of the capital invested
in the Fund may occur; 
 (e) to be aware that the Fund purpose does not represent a profitability guarantee; 

(f) to be aware that the Fund operations lack the guarantee from: (i) the Administrator; (ii) the Assignor; (iii) the Investment Management
Company; (iv) the Custodian; (v) any insurance mechanism; or (vi) the FGC; 
 (g) to be aware that, in the exercise of its activities, the
Administrator and the Investment Management Company have powers to perform all the necessary acts for the administration and management of the Fund’s assets portfolio, according to the provisions of the Bylaws, to the legislation in force, and
may define how to act within the possibilities and market; 
 (h) that he is aware of the possibility of amending the Bylaws as a result of legal or
regulatory standards, or by determination of CVM, independently of the holding of a General Meeting, in accordance with article 26, Sole Paragraph, of CVM Law No. 356/01; 

(i) to be aware of possibility of losses arising from the characteristics of the Credit Rights that comprise the Fund’s NAV; 

(j) to be aware of a waiver concerning the elaboration of a prospectus for the Fund and/or [In the case of a Senior Shareholder: the distribution of
their Shares, in accordance with the applicable rules] {OR} [In the case of a Subordinate Shareholder: placement of shares]; 

  
 - 66 - 

 (k) [In the case of a Senior Shareholder and public biding with restricted efforts: Be aware that the
Restricted Bidding of his Shares has received a CVM registration waiver [and/or at ANBIMA, and the Shares Restricted Bidding will be registered with ANBIMA, provided that specific guidelines from the Regulation and Best Practices Council have been
issued];] {OR} [In the case of a Subordinated Shareholder: Be aware that the placing of his Shares is not subject to registration with CVM and/or ANBIMA,]; 

(l) be aware that their Shares are subject to the trading restrictions provided for in the Fund Bylaws [In the case of a Senior Shareholder and public
bidding with restricted efforts: And in CVM Law No. 476/09]; 
 (m) be aware that, in accordance with the applicable rules, and as set forth in
Articles 4.6.1 et seq. of the Bylaws, the Fund may acquire Eligible Credit Rights and Financial Assets from one Debtor, or in co-obligation with one person or entity, in a limit above 20% (twenty percent) of
its NAV; 
 (n) be aware that Stone Pagamentos S.A. may replace Settlement Banks without the approval of the General Assembly, provided that the financial
institution hired is a Pre-Approved Settlement Bank or has a rating equal to or better than the replaced Settlement Bank on the date of its contracting, nationwide, issued by Fitch Ratings Brasil Ltda; or
equivalent nationwide rating issued by Moody’s América Latina Ltda., or Standard & Poor’s Ratings do Brasil Ltda.; 
 (o) be aware
that Stone Pagamentos S.A. may replace Depositary Banks without the approval of the General Assembly, provided that the financial institution hired is either a Pre-Approved Depositary Bank or has a
“AAA” rating, nationwide, issued by Fitch Ratings Brasil Ltda; or equivalent nationwide rating issued by Moody’s América Latina Ltda., or Standard & Poor’s Ratings do Brasil Ltda.; and 

(p) to accept and receive information through the following email addresses [insert the subscriber’s email], as provided for in Article 60 of CVM
Law No. 356/01, which admits the use of electronic means as a valid format of communication between the Administrator and the Fund Shareholders, provided that the corresponding systems are properly evaluated and certified by an audit performed
by an entity of recognized technical capacity. 
 [Location], [•] [•], 2018 

 

							
	  
	  		  		  	
				
	Investor’s name: [•]	  		  		  	
				
	CNPJ /CPF: [•]	  		  		  	
				
	Email: [•]	  		  		  	
				
	Witnesses:	  		  		  	
			
	  
	  		  	  

	Name:	  		  	Name:	  	
				
	CPF:	  		  	CPF:	  	

  
 - 67 - 

 ANNEX III – AMENDMENT TEMPLATE 

AMENDMENT TO THE BYLAWS OF 

CREDIT RIGHTS INVESTMENT FUND - BANCOS EMISSORES DE CARTÃO DE CRÉDITO – STONE II 

REFERRING TO THE [•]th ([•]) SENIOR SHARES SERIES 

CNPJ/MF No. 28.528.235/0001-70 

The [•]th ([•]) Senior Shares Series of the Credit Rights Investment Fund – Bancos
Emissores de Cartão de Crédito – Stone II (the “Fund”), issued under the Fund’s Bylaws, registered on [•] [•], [•] at the city and State of Rio de Janeiro 2st Registry of Deeds and Documents, under No. [•] (the “Bylaws”), will have the following characteristics: 

a) [•]th Senior Shares Series Amount BRL [•] ([•]); 

b) Number of Senior Shares in the [•]th Series: [•] ([•]); 

c) Nominal Unit Value: BRL [•] ([•]) on the issuance date (as defined below); 

d) Pay-up Method: In cash, in the national currency, at the time of subscription. 

e) Pay-up Price: Nominal Unit Value, plus the Senior Benchmark, calculated pro rata temporis, from the date of
the first Senior Shares subscription of that series, to the date of effective pay-up. 
 f) Issuance Date: [•]
[•], [•]; 
 g) Redemption Date (maturity): [•] [•], [•]; 

h) [Target Benchmark: [•] ([•]) of the DI Rate variation per annum;] 

i) [Dates of Remuneration Payment (during the Grace Period): [•];] 

j) Grace Period: from the Issuance Date until [•]; 
 k)
Scheduled Amortization Dates (Scheduled Amortization Timeline): [•]; 
 l) Type of bid and distribution scheme: [•]; 

m) Shares Bookkeeper: [•] 
 n) Bid Lead Coordinator: [•]

 The terms used in this Amendment that are not defined herein have the meaning assigned to them in the Bylaws. 

[Rio de Janeiro], [•] [•], [•]. 

  
 - 68 - 

 ANNEX IV – CRITERIA AND PARAMETERS FOR THE VERIFICATION OF SUPPORTING DOCUMENTS

 1. The verification of the Assigned Credit Rights financial support will be performed by the Custodian, or outsourced under its responsibility, in
quarterly intervals; and, after the first verification, only the Fund-Assigned Credit Rights transferred within the time frame between the base date of the last verification and the base date of the verification to be performed will be considered.

 2. The analysis of the documentation will be performed according to the agreed procedures of sampling verification, through an independent audit or other
procedure previously validated by the Administrator and the Custodian. The verification will be performed through the analysis of the Supporting Documents under the Custodian custody. If there’s any sign of inconsistency in the assessment of
Supporting Documents, and at the end of each quarter, the Custodian may request, in writing, access of the Assignor to the Stone System, for the purpose of verification of the Additional Documentation (except for the Credit Rights Additional Files,
which will be sent by the Assignor at the time of the transfer of the corresponding Eligible Credit Rights). 
 3. The financial support verification process
by sampling will consist of: 
 (i) Custodian’s access to analytical data containing a list of the Assigned Credit Rights comprising the Fund’s
portfolio, as well as access to Supporting Documents under the Custodian’s guardianship; 
 (ii) using a simple probabilistic random sample, access to
the Stone System granted to the Custodian, containing the list of Assigned Credit Rights comprising the Fund’s portfolio, with direct access to the following information relating to each Assigned Credit Right randomly selected:
(a) confirmation of registration with the Stone System of the Credit Rights owned by the Fund vis-à-vis the reports prepared by the Administrator and
confirmed by the Depository Banks and Card Brand reports proving the execution of Payment Transactions; (b) verification of the Credit Rights face value analytically
vis-à-vis the Fund’s portfolio; and (c) verification regarding the origination of the Credit Rights by the Stone System, with the checking of the
Card Brand confirmations to confirm that the transaction took place through the rules of the Payment Method alongside with the Stone System; and 
 (iii)
using a simple probabilistic random sample, selected by non-defective lottery draw, the financial support auditor will reconcile the total gross amount of Payment Transactions relating to Fund-Assigned Credit
Rights and the total amount paid by the Fund to the Assignor with the Fund’s accounting portfolio, through the analysis of sets of electronic credits assigned to the Fund grouped by maturity date, amounts and Issuers. 

5. Are Supporting Documents that prove the financial support: (i) daily reports made available to the Assignor by the Card Brands confirming the Payment
Transactions carried out before the Debtors, through the Stone System; and (ii) the Credit Rights Additional Files. 
 6. Notwithstanding the above,
will be considered as Additional Documentation and will be available to the Custodian and the financial support auditor for verification, every time that any checking inconsistency occurs and once every quarter they can request access to or view of
the following documents: (a) agreements entered into by and between the Assignor and the Visa Brand Card, MasterCard Brand Card, and/or Hiper Brand Card as the case may be; and (b) other documents additional to the Supporting Documents,
which might prove necessary when discussing the existence and executability of Assigned Credit Rights. 

  
 - 69 - 

 7. The universe covered by the sampling to be used shall include exclusively the Assigned Credit Rights
assigned after the last review. The selection of the Assigned Credit Rights to be verified will be obtained by simple, random, statistical sampling. 
 8.
For the Defaulted or replaced Assigned Credit Rights (if applicable) the verification procedures by sampling will not be enforced. In these cases, the verification should be of the entirety of the Credit Rights. 

  
 - 70 - 

 ANNEX V – OPEN ASSIGNMENTS TO THIRD PARTIES REPORT TEMPLATE 

This template can be used in two situations: 
 1 -
Portfolio’s open amounts between Credit Rights assignees and the Assignor 
 2 - Information about transfers from Credit Rights assignees to the
Depository Banks 
 The file name should be in the following format: CESSAO-{AAAAMMDD on which the file is being generated}-FRCON-{file daily number}.ret

 Example: CESSAO-20160605-FRCON-001.rem     CESSAO- 

20180312-FRCON-002.rem              
        CESSAO- 
 20191229-FRCON-001.rem 

Header 
  

											
	 	  	 	  	 	  	Positions	  	 
	 Field
	  	 Meaning
	  	 Format
	  	 FROM
	  	 TO
	  	 Rule

	MessageType	  	Message type identifier	  	N(2)	  	1	  	2	  	10
						
	Field	  	Unique file identifier	  	AN(10)	  	3	  	12	  	At the discretion of the sender
						
	FileType	  	Identifies the file type	  	AN(5)	  	13	  	17	  	 In case of notification of assignment, should have ASNT value.

 
 If desired to display pending maturities, should have DUDA
value.
  
 If an order Transfer, should have ORTR
value.

						
	OperationDate	  	Date of reconciliation	  	N(8)	  	18	  	25	  	YYYYMMDD Format
						
	BlankField1	  	Blank field	  	AN(30)	  	26	  	55	  	Blank
						
	 SenderName
	  	File sender’s name (suggestion: corporate name)	  	AN(40)	  	56	  	95	  	At the discretion of the sender
						
	 SenderDocument
	  	Sender’s CNPJ	  	N(14)	  	96	  	109	  	At the discretion of the sender
						
	 ReceiverName
	  	File receiver’s name (suggestion: corporate name)	  	AN(40)	  	110	  	149	  	At the discretion of the sender
						
	 ReceiverDocument
	  	Receiver’s CNPJ	  	N(14)	  	150	  	163	  	At the discretion of the sender
						
	 BlankField2
	  	Blank field	  	AN(29)	  	164	  	192	  	Blank

  
 - 71 - 

 Record 
  

											
	 	  	 	  	 	  	Positions	  	 
	 Field
	  	 Meaning
	  	 Format
	  	 FROM
	  	 TO
	  	 Rule

	 MessageType
	  	Message type identifier	  	N(2)	  	1	  	2	  	20
						
	 SellerTradingName
	  	Assignor’s corporate name	  	AN(40)	  	3	  	42	  	To be filled by the sender
						
	 SellerDocument
	  	 Assignor’s
 CNPJ
	  	N(14)	  	43	  	56	  	 To be

filled by the sender

						
	 BuyerTradingName
	  	Assignee’s corporate name	  	AN(40)	  	57	  	96	  	To be filled by the sender
						
	 BuyerDocument
	  	 Assignor’s
 CNPJ
	  	N(14)	  	97	  	110	  	To be filled by the sender
						
	 BrandCode
	  	Card Brand identifier	  	N(2)	  	111	  	112	  	 Detailed in Annex XIII of the Assignment

Agreement, “A”

  
 - 72 - 

											
	IssuerCode	  	Issuer identifier	  	N(2)	  	113	  	114	  	 Detailed in Annex XIII of the Assignment

Agreement, “D”

						
	MaturityDate	  	 Credit Right
 Rights
	  	N(8)	  	115	  	122	  	YYYYMMDD Format
						
	MaturityAmount	  	 Credit Right total
 Rights
	  	N(14,2)	  	123	  	136	  	To be filled by the sender
						
	BlankField1	  	Blank field	  	N(56)	  	137	  	192	  	Blank

 Trailer 
  

											
	 	  	 	  	 	  	Positions	  	 
	 Field
	  	 Meaning
	  	Format	  	FROM	  	TO	  	Rule
	MessageType	  	Message type identifier	  	N(2)	  	1	  	2	  	30
						
	BlankField1	  	Blank field	  	N(83)	  	3	  	85	  	Blank
						
	TotalFileLines	  	Must display the total number of lines in the file	  	N(10)	  	86	  	95	  	To be
filled
 by thesender

						
	TotalAmount	  	Sum of all amounts in the TotalAmount field	  	N(14,2)	  	96	  	109	  	To be
filled
 by thesender

						
	BlankField2	  	Blank field	  	N(83)	  	110	  	192	  	Blank

  
 - 73 - 

 ANNEX VI – PAYMENT FLOW OF CREDIT RIGHTS CHART 

 
 

 
  
 

 

  
 - 74 -

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