Management Compensation

At the Annual Shareholders’ Meeting held on April 28th, 2017, the overall annual compensation for the Company’s management was fixed at R$ 19,000,000.00 (Nineteen million reais) for 2017.

Despite having had R$ 19,000,000.00 (Nineteen million reais) approved as an upper limit for the year of 2016, management fee expenses for that year totaled R$11,615,536.40 (Eleven million, six-hundred and fifteen thousand, and five-hundred and thirty-six reais, and forty centavos), divided between R$10,039,371.40 (Ten million, thirty-nine thousands, and three hundred and seventy one reais, and forty centavos) of fixed income and R$1,576,166.00 (One million, five-hundred and seventy-six thousand, and one-hundred and sixty-six reais) of variable income.