PUT OPTION ON THE GOLD SPOT CONTRACT

1. Definitions

Purchase of a contract: A transaction where the participant is the holder,

that is, the participant has the right to sell the
underlying asset at the strike price.

Sale of a contract: A transaction where the participant is the writer,

that is, if exercised by the holder it has the
obligation of buying the underlying asset at the
strike price.

Series: A set of characteristics of the option contract

which determine its expiration date and strike
price, identified by the specific code established
by B3.

B3: B3 S.A. – Brasil, Bolsa, Balcão

2. Underlying asset
Gold in bars, cast by a refiner and kept in a depository institution, both formally
accredited by B3.

3. Trading and Settlement

The put option contract is accepted for trading at the exchange market
operated by B3 and settled at the BM&FBOVESPA Clearinghouse, by
multilateral net settlement.

4. Price quotation
Option premium in Brazilian Reals per gram to three decimal places.

5. Tick Size
BRL0.001 per gram.

6. Contract size
250 grams of fine gold.

7. Strike price
B3 establishes and publishes the strike prices, in Brazilian Reals per gram for
each contract month.

8. Contract months
All months.
9. Expiration date
Third Friday of the contract month or on the previous business day if there is
no trading session on that date.

10. Last trading day

The trading session preceding the expiration date.

11. Option style

This is a European option, which means that it may be exercised by the holder
only on the expiration date.

12. Option exercise

Exercise shall occur when requested by the holder. If the exercise is not
requested, the option will lapse, automatically extinguishing the rights of the
holder and the obligations of the writer.

The option may be exercised even if the price of the underlying asset is lower
than the strike price, upon authorization by B3.

The settlement of exercised positions shall occur upon sale of the underlying
asset by the holder and the purchase of the underlying asset by the writer at
the strike price.

13. Settlement

13.1. Premium cash settlement

Receipt and payment of premiums shall occur on the business day following
the trade’s day and the values shall be calculated by the following formula:

𝐕𝐋 = 𝐏 × 𝟐𝟓𝟎
where:

VL = the premium cash settlement value per contract;

P = the option premium.

13.2. Settlement of the exercised position by physical delivery

Physical delivery shall be made by the holder on the business day following
the exercise, by delivering 249.75 grams of gold contained in 250 gram or 1
kilogram gold bars, assaying not less than .999 fineness, or in 100 or 400
troy ounce gold bars, assaying not less than .995 fineness.

13.3. Cash settlement of the exercised position

Cash settlement shall be made by the writer on the business day following
the exercise, and its value shall be calculated by the following formula:

𝐕𝐋 = 𝐏𝐄 × 𝟐𝟒𝟗. 𝟕𝟓

where:
VL = the cash settlement value per contract;
PE = premium cash settlement per gram.
14. Margin
Margin shall be required for the writer, as established in the BM&FBOVESPA
Clearinghouse Risk Management Manual and in the BM&FBOVESPA
Clearinghouse Operating Procedures Manual.

15. Applicable legislation, rules and internal procedures

This contract is governed and interpreted in compliance with the prevailing
legislation of the Federative Republic of Brazil, as well as the specific rules
and regulations set forth by Brazilian governmental authorities that may affect
the terms herein stated, and by rules, regulations and procedures published
by B3, in particular those defined in its Bylaws, Operating Rules, and Circular
Letters, in accordance, furthermore, with the BM&FBOVESPA Clearinghouse
Risk Management Manual and the BM&FBOVESPA Clearinghouse
Operating Procedures Manual.

In the case of situations not foreseen in this Contract, or of government

measures or any other fact that impacts on the formation, manner of
calculation, or the publication of its variables, or which entails its
discontinuation, B3 shall take the measures it judges necessary, at its sole
discretion, seeking the settlement of the Contract or its continuation on
equivalent bases.