Santos Brasil Participações S.A. (BOVESPA:STBP3) announces a share repurchase program. Under the program, the company will repurchase up to 85,000,000 common shares, representing 9.9% of its issued share capital. The shares will be repurchased at prices more than 10% higher, in the case of acquisition, or more than 10% lower, in the case of sell, than the average quote weighted by the 10 previous trading sessions' volume.

The repurchases will be funded from the profit reserves and capital reserves. The objective of the program is to maximize value for its shareholders. The common shares acquired in the context of the buyback program will be held in treasury, and may later be canceled and/or sold, and/or meet the company's obligations within the scope of stock-based long-term incentive plans and programs, whose beneficiaries are company's key executives, without reducing the company's capital stock.

The program will be carried out for 18 months till September 8, 2023. As of March 9, 2022, the company had 858,610,421 outstanding common shares and 419,248 shares held in treasury.