| Date of grant | Weighted average price of shares on the date of grant | Volatility | Expected useful life of the option | Annual interest rate without risk |
| 2011 Grant | R$8.31 | 51.73% p.a | 6 years | 11.94% p.a |
| 2012 Grant | R$8.96 | 50.46% p.a | 6 years | 8.89% p.a |
| 2013 Grant | R$8.13 | 48.45% p.a | 6 years | 10.66% p.a |
| 2014 Grant | R$13.42 | 44.60% p.a | 6 years | 10.66% p.a |
| 2015 Grant | R$8.45 | 35.50% p.a | 6 years | 16.10% p.a |
| 2016 Grant | R$8.10 | 36.70% p.a | 6 years | 11.73% p.a |