We advised Pague Menos on the offering

Davis Polk advised Empreendimentos Pague Menos S.A. (Pague Menos) in connection with its follow-on offering of 69,565,218 common shares for an aggregate amount of R$243.5 million (approximately $45.5 million), of which 40,000,000 shares were issued and sold by Pague Menos and 29,565,218 shares were sold by entities affiliated with General Atlantic as the selling shareholders. The common shares trade on the São Paulo Stock Exchange. Common shares sold in the international offering were placed under Rule 144A and Regulation S.

Headquartered in Ceará, Brazil, Pague Menos is the second-largest drugstore chain in Brazil in number of stores.

The Davis Polk corporate team included partner Manuel Garciadiaz, counsel Konstantinos Papadopolous and associate Lucas Pignaton Fenyves. Partner Kara L. Mungovan, counsel Yixuan Long and associate Carter Ballentine Allison provided tax advice. Counsel Leon E. Salkin and associate Alex Brod provided Investment Act advice. Members of the Davis Polk team are based in the São Paulo and New York offices.

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